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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31 December 2021
5. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
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Valuation
An independent valuation by Global Valuation Services Pty Limited of the company’s properties being the land and buildings was carried out on 30 November 2020 on the basis of open market value for existing use resulted in a valuation of $166,600,000.
As the properties are recorded at cost the valuation has not been brought to account. The directors do not believe that there has been a material movement in the fair value since the valuation.
Reconciliations
Movements in Carrying Amounts
Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year are set out below:
