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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Note 11. Property, Plant and Equipment

The following changes in property, plant and equipment were recorded during the year ended December 31, 2023:


							Currency
	Opening						translation		Ending
Costs	balance		Additions		Disposals		adjustments		balance
Power plant	$	42,989	$	5	$	—	$	(1,011)	$	41,983
Equipment		2,499		14		—		(4)		2,509
Office equipment		2,311		174		(156)		23		2,352
Right-of-use assets*		1,341		—		—		6		1,347
	$	49,140	$	193	$	(156)	$	(986)	$	48,191


							Currency
	Opening						translation		Ending
Accumulated depreciation	balance		Additions		Disposals		adjustments		balance
Power plant	$	17,197	$	1,798	$	—	$	(441)	$	18,554
Equipment		1,657		358		—		(4)		2,011
Office equipment		702		242		(155)		2		791
Right-of-use assets*		713		364		—		5		1,082
		20,269	$	2,762	$	(155)	$	(438)		22,438
Net book value	$	28,871							$	25,753

* Primarily consisting of office premises.

The following changes in property, plant and equipment were recorded during the year ended December 31, 2022:


							Reclassification		Currency
	Opening						to assets		translation		Ending
Costs	balance		Additions		Disposals		held for sale		adjustments		balance
Refinery and power plants	$	65,742	$	—	$	—	$	(25,500)	$	2,747	$	42,989
Equipment		3,401		3		(903)		—		(2)		2,499
Office equipment		1,780		469		(14)		—		76		2,311
Right-of-use assets*		1,523		295		(482)		—		5		1,341
	$	72,446	$	767	$	(1,399)	$	(25,500)	$	2,826	$	49,140


							Reclassification		Currency
	Opening						to assets		translation		Ending
Accumulated depreciation	balance		Additions		Disposals		held for sale		adjustments		balance
Refinery and power plants	$	19,839	$	2,659	$	—	$	(6,363)	$	1,062	$	17,197
Equipment		2,158		371		(869)		—		(3)		1,657
Office equipment		553		124		(14)		—		39		702
Right-of-use assets*		831		349		(481)		—		14		713
		23,381	$	3,503	$	(1,364)	$	(6,363)	$	1,112		20,269
Net book value	$	49,065									$	28,871

* Primarily consisting of office premises.

Note 11. Property, Plant and Equipment (continued)

As of December 31, 2023, the Group owned a power plant which had a carrying amount of $23,429 (2022: $25,792). Pursuant to an assessment study of which the expected future cash flows were discounted at pre-tax rate of 9.1% (2022: 8.8)%, management concluded that there was no impairment loss on December 31, 2023. Numerous variables were utilized for this assessment, including inflation expectations, performance of contracts, discount rates, and maintenance costs. Any change in these assumptions and variables could have an impact on the valuation of the asset. If the discount rate had been 1.0% higher, there would have been no change to the Group’s net income for the year ended December 31, 2023.

During the years ended December 31, 2023, 2022 and 2021, no expenditures were recognized in the carrying amounts of items of property, plant and equipment in the course of their construction.