Page 72 - Inegrated Annual Report 2020-Eng

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 31 DECEMBER 2020

4.1 PROPERTY, PLANT AND EQUIPMENT

2020 2019
AED’000 AED’000
Contract costs 195,089 159,862
General and administrative expenses 5,760 5,107

200,849 164,969

5. ASSETS CLASSIFIED AS HELD FOR SALE

2020 2019
AED’000 AED’000
As at 1 January 1,478 56,553
Transfers to property, plant and equipment (note 4) (1,670) (55,075)
Impairment reversal 1,254 -

At 31 December 1,062 1,478
In 2020, the Group transferred certain dredgers and marine equipment with a carrying amount of AED 1,670
thousand (2019: AED 55,075 thousand) back to property, plant and equipment, to meet growing operational
requirements. During the year, management has reversed the impairment for the reinstated vessels that was
recognised in the previous periods.

For the remaining assets, the Group is in the process of locating buyers willing to buy at market price. The Group
is still committed to the plan, the assets are available for immediate sale in its present condition and an active
programme to locate a buyer and complete the plan have been initiated.

6. GOODWILL AND OTHER INTANGIBLE ASSETS

Other
Goodwill intangible assets Total
AED’000 AED’000 AED’000
Cost
At 1 January and 31 December 2020 36,276 - 36,276
Amortization
At 1 January and 31 December 2020 36,276 - 36,276

Cost
At 1 January 2019 36,276 19,313 55,589
Adjustment: derecognition upon adoption of

IFRS 16 - (19,313) (19,313)
At 1 January 2019 (adjusted) 36,276 - 36,276
Amortization
1 January 2019 - 5,784 5,784

Adjustment: derecognition upon adoption of
- (5,784) (5,784)
IFRS 16
Charge for the year - - -
At 31 December 2019 36,276 - 36,276

72 2020 Integrated Annual Report