Allocation Of The Total Insurance Proceeds To The Various Risks and Bases |
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Covered Risks
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Basis for Allocation (Dollars in thousands)
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Commentary
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% Allocation
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Allocation of Insurance Proceeds (Dollars in thousands)
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Property damage
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NZ$
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44,808
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Estimated replacement cost for Courtenay Central parking building, as determined by an independent construction cost consultant.
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81%
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NZ$
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29,093
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Demolition costs
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7,276
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Actual costs incurred and best estimates of remaining costs to complete the demolition activities of Courtenay Central parking building
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13%
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4,724
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Business interruption
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3,415
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Estimated lost profits during the closure period relating to our various revenue-generating components within Courtenay Central ETC (including our cinema and property operations)
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6%
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2,217
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Total
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NZ$
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55,499
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100%
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NZ$
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36,034
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Schedule Of Net Impact In Current Earnings |
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Recoverable Components
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Non-Operating Income
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Operating Income
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(mainly in New Zealand Dollars in thousands, unless otherwise stated)
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f
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Property Damage(1)
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Demolition Costs(1)
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Total
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Business Interruption(2)
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Grand Total
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Insurance Proceed Allocation
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A
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$
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29,093
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$
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4,724
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$
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33,817
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$
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2,217
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$
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36,034
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Movements in Recoverable Components
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Total expected incurred losses, November 30, 2016
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B
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14,246
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8,500
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22,746
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—
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22,746
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Less: Casualty Losses recorded in 2016 Earnings(3) - in NZ$
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C
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(795)
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(1,224)
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(2,019)
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—
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(2,019)
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- in US$
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D
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US$
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(560)
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US$
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(861)
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US$
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(1,421)
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US$
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—
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US$
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(1,421)
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Recoverable Assets, December 31, 2016(4)
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E=B-C
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$
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13,451
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$
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7,276
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$
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20,727
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$
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—
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$
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20,727
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Add: Upward changes in estimates and others
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F
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347
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—
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347
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111
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458
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Net recoverable balances charged against proceeds
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G=E+F
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13,798
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7,276
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21,074
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111
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21,185
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Casualty gain, recorded in 2017 Earnings- in NZ$
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H=A-G
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$
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15,295
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$
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(2,552)
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$
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12,743
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$
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2,106
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$
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14,849
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Casualty gain, recorded in 2017 Earnings - in US$
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I
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US$
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11,063
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US$
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(1,846)
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US$
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9,217
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US$
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1,523
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US$
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10,740
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Net Casualty gain for 2016 and 2017 Earnings - in US$
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∑(D+I)
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US$
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10,503
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US$
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(2,707)
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US$
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7,796
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US$
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1,523
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US$
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9,319
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(1)
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The net impact to 2017 earnings of $9.2 million (NZ$12.7 million) is recorded as “Casualty gain” in our Consolidated Statement of Operations. |
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(2)
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The impact to 2017 operating earnings of $1.5 million (NZ$2.1 million) is recorded as part of the applicable segment revenues in our Consolidated Statement of Operations. |
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(3)
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The casualty losses recorded in 2016 as a separate line in our Consolidated Statement of Operations is made up the following: (i) 5% deductible of $795,000 (NZ$560,000) calculated based on the estimated value of the insured damaged parking structure for insurance purposes, and (ii) $862,000 (NZ$1.2 million) of total estimated demolition costs was preliminarily assessed as expenses not reimbursable under our insurance policy and hence, we recorded in profit and loss. |
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(4)
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The recoverable asset of $9.5 million (NZ$13.6 million), net of advance payment of $5.0 million (NZ$7.1 million), as of December 31, 2016 was presented as part of “Other non-current assets” as the timing of the insurance claim receipt was not fixed nor reliably determinable as of the time of our initial assessment. |
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