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Insurance Recoveries On Impairment And Related Losses Due To Earthquake (Tables)
12 Months Ended
Dec. 31, 2018
Insurance Recoveries on Impairment and Related Losses Due to Earthquake [Abstract]  
Allocation Of The Total Insurance Proceeds To The Various Risks and Bases



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Covered Risks

 

Basis for
Allocation
(Dollars in
thousands)

 

Commentary

 

% Allocation

 

Allocation of
Insurance
Proceeds
(Dollars in
thousands)

Property damage

 

NZ$

44,808 

 

Estimated replacement cost for Courtenay Central parking building, as determined by an independent construction cost consultant.

 

81%

 

NZ$

29,093 

Demolition costs

 

 

7,276 

 

Actual costs incurred and best estimates of remaining costs to complete the demolition activities of Courtenay Central parking building

 

13%

 

 

4,724 

Business interruption

 

 

3,415 

 

Estimated lost profits during the closure period relating to our various revenue-generating components within Courtenay Central ETC (including our cinema and property operations)

 

6%

 

 

2,217 

Total

 

NZ$

55,499 

 

 

 

100%

 

NZ$

36,034 



Schedule Of Net Impact In Current Earnings







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

Recoverable Components



 

 

 

Non-Operating
Income

 

Operating
Income

 

 

 

(mainly in New Zealand Dollars in thousands,
unless otherwise stated)

 

f

 

Property
Damage(1)

 

Demolition
Costs(1)

 

Total

 

Business
Interruption(2)

 

Grand Total

Insurance Proceed Allocation

 

A

 

$

29,093 

 

$

4,724 

 

$

33,817 

 

$

2,217 

 

$

36,034 

Movements in Recoverable Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expected incurred losses, November 30, 2016

 

B

 

 

14,246 

 

 

8,500 

 

 

22,746 

 

 

 —

 

 

22,746 

Less: Casualty Losses recorded in 2016 Earnings(3) - in NZ$

 

C

 

 

(795)

 

 

(1,224)

 

 

(2,019)

 

 

 —

 

 

(2,019)

- in US$

 

D

 

US$

(560)

 

US$

(861)

 

US$

(1,421)

 

US$

 —

 

US$

(1,421)

Recoverable Assets, December 31, 2016(4)

 

E=B-C

 

$

13,451 

 

$

7,276 

 

$

20,727 

 

$

 —

 

$

20,727 

Add: Upward changes in estimates and others

 

F

 

 

347 

 

 

 —

 

 

347 

 

 

111 

 

 

458 

Net recoverable balances charged against proceeds

 

G=E+F

 

 

13,798 

 

 

7,276 

 

 

21,074 

 

 

111 

 

 

21,185 

Casualty gain, recorded in 2017 Earnings- in NZ$

 

H=A-G

 

$

15,295 

 

$

(2,552)

 

$

12,743 

 

$

2,106 

 

$

14,849 

Casualty gain, recorded in 2017 Earnings - in US$

 

I

 

US$

11,063 

 

US$

(1,846)

 

US$

9,217 

 

US$

1,523 

 

US$

10,740 

Net Casualty gain for 2016 and 2017 Earnings - in US$

 

∑(D+I)

 

US$

10,503 

 

US$

(2,707)

 

US$

7,796 

 

US$

1,523 

 

US$

9,319 



(1)

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.

(2)

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.

(3)

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.

(4)

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.