Page 112 - Continental Reinsurance 2022 Annual Report

110 Notes to the consolidated and separate financial statements - continued

22 Property, plant and equipment Freehold Building Motor Furniture Office Computer Total
Group property =N='000 vehicles and fittings partitioning equipment =N='000
=N='000 =N='000
Cost: =N='000 =N='000 =N='000
At 1 January 2021
Additions 1,010,935 1,279,687 452,155 325,095 184,275 202,698 3,454,846
Disposals - - 139,100 16,801 52,309 43,210 251,420
Reclassification/write-off - (136,384) (5,134) -
Exchange difference (10,277) (151,795)
At 31 December 2021 (37,886) 1,279,687 (23,080) (26,671) (9,966) -
Additions 973,049 - 431,791 310,091 226,618 (20,368)
Disposals 105,801 215,263 (117,971)
Exchange difference - - 56,217 10,948 3,436,501
At 31 December 2022 - 1,279,687 - (514) - 49,160
21,241 10,976 (10,185) 222,126
Accumulated depreciation: 994,290 548,568 10,071 5,368 (10,699)
At 1 January 2021 375,865 242,934 9,146
Charge for the year 263,384 56,802
Disposal 3,704,730
Exchange difference
At 31 December 2021 - - 209,299 89,047 25,044 108,928 432,318
Charge for the year - 25,594 89,763 33,645 19,187 31,606 199,795
Disposal - - (90,635) (2,855) (8,824) (102,314)
Exchange difference - 10,940 - 9,236
At 31 December 2022 - 25,594 219,367 7,857 4,043 32,075
- 25,594 105,944 127,693 48,274 140,946 561,875
Net book value: -- - 28,718 36,731 240,942
At 31 December 2022 - (3,792) 43,956 (9,222) (9,715)
- 51,187 321,519 (494) - (3,045) (10,549)
At 31 December 2021 (1,271) 782,554
(2,441) 75,721 165,411
168,714

994,290 1,228,500 227,049 207,151 167,213 97,974 2,922,176
973,049 1,254,093 212,424 182,398 178,343 74,317 2,874,626

Property, plant and equipment Freehold Building Motor Furniture Office Computer Total
Company property =N='000 vehicles and fittings partitioning equipment =N='000
=N='000 =N='000
=N='000 =N='000 =N='000

Cost: - 1,279,687 336,524 198,138 150,061 105,558 2,069,969
At 1 January 2021 - 139,100 4,249 - 17,066 160,415
Additions -
Reclassification - (99,883) (3,521) - (9,207)
Disposals - 1,279,687 375,741 198,866 150,061 113,417 (112,611)
At 31 December 2021 - 2,117,774
Additions - 66,100 17,589 - 39,386
Disposals - 1,279,687 - - - (9,761) 123,074
At 31 December 2022 150,061 143,042 (9,761)
441,841 216,455 2,231,087

Accumulated depreciation: - - 176,081 25,067 2,925 73,642 277,715
At 1 January 2021 - 25,594 64,264 24,899 18,758 16,740 150,255
Charge for the year - (53,900) (1,232) (7,868) (63,000)
Disposal - 25,594 186,445 48,735 - 82,513 364,970
At 31 December 2021 - 25,594 83,071 26,246 21,682 22,036 175,705
Charge for the year -- 18,758 (8,814) (8,814)
Disposal - 51,187 269,517 - 95,736 531,861
At 31 December 2022 74,981 -
40,441

Net book value:

At 31 December 2022 - 1,228,499 172,324 141,474 109,620 47,305 1,699,226

At 31 December 2021 - 1,254,093 189,296 150,132 128,379 30,904 1,752,803

During the year, the company disposed PPE with a carrying book value of N947,000 (cost was N9.8Mm and accumulated depreciation
was N8.8m) at sales price of N1.5m resulting in a disposal gain of N585,000 (see note 5).