Notes tothe financial statements For the financial year ended 31 December 2023 14. Property, plant and equipment (cont’d) Buildings and improvements Furniture, fixtures and office equipment Total Rp million Rp million Rp million Company Cost At 1 January 2022 and 31 December 2022 74,110 374 74,484 Additions – 255 255 At 31 December 2023 74,110 629 74,739 Accumulated depreciation At 1 January 2022 48,711 468 49,179 Depreciation charge for the year 3,628 39 3,667 Write-off – (210) (210) At 31 December 2022 and 1 January 2023 52,339 297 52,636 Depreciation charge for the year 3,629 89 3,718 At 31 December 2023 55,968 386 56,354 Net carrying amount At 31 December 2022 21,771 77 21,848 At 31 December 2023 18,142 243 18,385 Assets under construction Property, plant and equipment of the Group as at 31 December 2023 included immature bearer plants in the course of cultivation, and building and machinery in the course of construction amounting to Rp3,798.7 billion (2022: Rp3,709.0 billion). Bearer plants The Group’s bearer plants comprise mainly oil palm, rubber and sugar cane plantations. Asset held for sale On 21 December 2017, a subsidiary, Lonsum entered into a Sale and Purchase Agreement (“SPA”) with an entity under common control, PT ICBP for the sale of a parcel of its land with an area approximately of 125 hectares in the Province of Banten, Sumatra, Indonesia. In December 2022, Lonsum executed part of the SPA with total transaction value of Rp35.8 billion for 8 parcels of land, covering 12 hectares by realising part of an advance paid by PT ICBP in 2018. As of February 2024, the disposal of such parcel of land is still being processed by both parties, and therefore classified as “Asset held for sale”. 106 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Indofood Agri Resources Ltd
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