ARAUCO & CONSTITUTION PULP INC | CIK:0001004156 | 3

  • Filed: 5/9/2018
  • Entity registrant name: ARAUCO & CONSTITUTION PULP INC (CIK: 0001004156)
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    • ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory

    NOTE 7. PROPERTY, PLANT AND EQUIPMENT
     
     
     
    12-31-2017
     
    12-31-2016
     
    Property, Plant and Equipment, Net
     
    ThU.S.$
     
    ThU.S.$
     
    Construction work in progress
     
    597,351
     
    321,031
     
    Land
     
    1,008,310
     
    991,450
     
    Buildings
     
    2,135,201
     
    2,169,731
     
    Plant and equipment
     
    3,112,755
     
    3,256,348
     
    Information technology equipment
     
    22,665
     
    24,154
     
    Fixtures and fittings
     
    12,297
     
    9,880
     
    Motor vehicles
     
    15,959
     
    16,858
     
    Other property, plant and equipment
     
    129,761
     
    130,043
     
    Total Net
     
    7,034,299
     
    6,919,495
     
     
     
     
     
     
     
    Property, Plant and Equipment, Gross
     
     
     
     
     
    Construction work in progress
     
    597,351
     
    321,031
     
    Land
     
    1,008,310
     
    991,450
     
    Buildings
     
    3,926,157
     
    3,825,259
     
    Plant and equipment
     
    6,410,561
     
    6,128,494
     
    Information technology equipment
     
    82,765
     
    76,421
     
    Fixtures and fittings
     
    40,388
     
    33,613
     
    Motor vehicles
     
    49,756
     
    48,534
     
    Other property, plant and equipment
     
    159,720
     
    153,838
     
    Total Gross
     
    12,275,008
     
    11,578,640
     
     
     
     
     
     
     
    Accumulated depreciation and impairment
     
     
     
     
     
    Buildings
     
    (1,790,956)
     
    (1,655,528)
     
    Plant and equipment
     
    (3,297,806)
     
    (2,872,146)
     
    Information technology equipment
     
    (60,100)
     
    (52,267)
     
    Fixtures and fittings
     
    (28,091)
     
    (23,733)
     
    Motor vehicles
     
    (33,797)
     
    (31,676)
     
    Other property, plant and equipment
     
    (29,959)
     
    (23,795)
     
    Total
     
    (5,240,709)
     
    (4,659,145)
     
     
    Description of Property, Plant and Equipment Pledged as Security for Liabilities
     
    As of December 31, 2017, there are no significant assets pledged as collateral to be disclosed in these consolidated financial statements.
     
    Disbursements commitments for the acquisition of property, plant and equipment and disbursements for property, plant and equipment under construction.
     
     
     
    12-31-2017
     
    12-31-2016
     
     
     
    ThU.S.$
     
    ThU.S.$
     
    Amount committed for the acquisition of property, plant and equipment
     
    112,924
     
    122,757
     
     
    Reconciliation of Property, Plant and Equipment
     
    The following tables set forth the reconciliation of the carrying amount of property, plant and equipment as of December 31, 2017 and December 31, 2016:
     
     
     
    Construction
    work in
    progress
     
    Land
     
    Buildings
     
    Plant and
    equipment
     
    IT Equipment
     
    Fixtures and
    fittings
     
    Motor
    vehicles
     
    Other Property,
    Plant and
    Equipment
     
    TOTAL
     
    Movement of Property, Plant and Equipment
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    Opening Balance 01-01-2017
     
    321,031
     
    991,450
     
    2,169,731
     
    3,256,348
     
    24,154
     
    9,880
     
    16,858
     
    130,043
     
    6,919,495
     
    Changes
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Additions
     
    440,394
     
    277
     
    12,932
     
    65,938
     
    787
     
    556
     
    2,161
     
    10,788
     
    533,833
     
    Acquisitions through business combinations
     
    3,460
     
    4,009
     
    17,214
     
    46,415
     
    164
     
    986
     
    241
     
    2,022
     
    74,511
     
    Disposals
     
    -
     
    (1,878)
     
    (48)
     
    (5,492)
     
    (26)
     
    (26)
     
    (292)
     
    (262)
     
    (8,024)
     
    Retirements
     
    (1,585)
     
    (75)
     
    (3,809)
     
    (3,900)
     
    (4)
     
    (29)
     
    (127)
     
    (7,211)
     
    (16,740)
     
    Depreciation
     
    -
     
    -
     
    (125,692)
     
    (311,819)
     
    (6,080)
     
    (2,268)
     
    (3,546)
     
    (5,421)
     
    (454,826)
     
    Impairment loss recognized in profit or loss
     
    (208)
     
    -
     
    (769)
     
    (8,271)
     
    (5)
     
    (310)
     
    -
     
    (338)
     
    (9,901)
     
    Increase (decrease) through net exchange differences
     
    290
     
    (2,728)
     
    961
     
    (2,394)
     
    51
     
    (31)
     
    67
     
    69
     
    (3,715)
     
    Reclassification of assets held for sale
     
    (418)
     
    -
     
    -
     
    84
     
    -
     
    -
     
    -
     
    -
     
    (334)
     
    Increase (decrease) through transfers from construction in progress
     
    (165,613)
     
    17,255
     
    64,681
     
    75,846
     
    3,624
     
    3,539
     
    597
     
    71
     
    -
     
    Total changes
     
    276,320
     
    16,860
     
    (34,530)
     
    (143,593)
     
    (1,489)
     
    2,417
     
    (899)
     
    (282)
     
    114,804
     
    Closing balance 12-31-2017
     
    597,351
     
    1,008,310
     
    2,135,201
     
    3,112,755
     
    22,665
     
    12,297
     
    15,959
     
    129,761
     
    7,034,299
     
     
     
     
    Construction
    work in
    progress
     
    Land
     
    Buildings
     
    Plant and
    equipment
     
    IT Equipment
     
    Fixtures and
    fittings
     
    Motor
    vehicles
     
    Other Property,
    Plant and
    Equipment
     
    TOTAL
     
    Movement of Property, Plant and Equipment
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    Opening Balance 01-01-2016
     
    251,519
     
    951,638
     
    2,182,643
     
    3,346,675
     
    26,210
     
    11,860
     
    16,721
     
    109,130
     
    6,896,396
     
    Changes
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Additions
     
    317,159
     
    6,350
     
    7,966
     
    59,997
     
    554
     
    269
     
    1,281
     
    25,618
     
    419,194
     
    Disposals
     
    (44)
     
    (1,107)
     
    (443)
     
    (2,382)
     
    (105)
     
    -
     
    (199)
     
    (1,607)
     
    (5,887)
     
    Retirements
     
    (1,754)
     
    (295)
     
    (926)
     
    (2,209)
     
    (24)
     
    (8)
     
    (30)
     
    (2,811)
     
    (8,057)
     
    Depreciation
     
    -
     
    -
     
    (122,257)
     
    (330,876)
     
    (5,352)
     
    (1,970)
     
    (3,969)
     
    (4,729)
     
    (469,153)
     
    Impairment loss recognized in profit or loss
     
    -
     
    -
     
    9
     
    (1,254)
     
    (7)
     
    (1)
     
    -
     
    (1,553)
     
    (2,806)
     
    Increase (decrease) through net exchange differences
     
    6,610
     
    30,514
     
    (2,388)
     
    51,224
     
    134
     
    116
     
    112
     
    3,145
     
    89,467
     
    Reclassification of assets held for sale
     
    -
     
    -
     
    -
     
    341
     
    -
     
    -
     
    -
     
    -
     
    341
     
    Increase (decrease) through transfers from construction in progress
     
    (252,459)
     
    4,350
     
    105,127
     
    134,832
     
    2,744
     
    (386)
     
    2,942
     
    2,850
     
    -
     
    Total changes
     
    69,512
     
    39,812
     
    (12,912)
     
    (90,327)
     
    (2,056)
     
    (1,980)
     
    137
     
    20,913
     
    23,099
     
    Closing balance 12-31-2016
     
    321,031
     
    991,450
     
    2,169,731
     
    3,256,348
     
    24,154
     
    9,880
     
    16,858
     
    130,043
     
    6,919,495
     
     
    The depreciation expense for the period ending December 31, 2017, 2016 and 2015 is as follows:
     
     
     
    January-December
     
     
     
    2017
     
    2016
     
    2015
     
    Depreciation for the year
     
    ThU.S.$
     
    ThU.S.$
     
    ThU.S.$
     
    Cost of sales
     
    381,725
     
    371,170
     
    365,401
     
    Administrative expenses
     
    23,005
     
    21,546
     
    19,084
     
    Other expenses
     
    3,494
     
    2,119
     
    3,707
     
    Total
     
    408,224
     
    394,835
     
    388,192
     
     
    The useful lives of property, plant and equipment are estimated based on the expected use of the assets. The average useful lives by asset class are as follow:
     
     
     
    Years of
    Useful
    Life
    (Average)
     
    Buildings
     
    58
     
    Plant and equipment
     
    30
     
    Information technology equipment
     
    8
     
    Fixtures and fittings
     
    28
     
    Motor vehicles
     
    7
     
    Other property, plant and equipment
     
    14
     
     
    See Note 12 for details of capitalized borrowing costs.