macquarie.com.au  2014 Annual Financial Report  Macquarie Group Limited and its subsidiaries  Notes to the financial statements  for the financial year ended 31 March 2014  continued  Note 14  Property, plant and equipment  continued Reconciliation of the movement in the Consolidated Entity’s property, plant and equipment at their  written-down value:  Included in the balance of property, plant and equipment are assets pledged as security over payables to other financial institutions.  The terms preclude these assets from being sold or being used as security for further liabilities without the permission of the  financial institution. The carrying value of assets pledged is $13 million (2013: $80 million).  Assets for own use  Land and buildings  $m  Furniture,  fittings and  leasehold  improvements  $m  Equipment  $m  Infrastructure  assets  $m  Total  $m  Balance at 1 April 2012  36  374  51  13  474  Acquisitions  159  37  10  –  206  Disposals  –  (8)  (4)  –  (12)  Reclassification  –  1  (1)  –  –  Impairments  (16)  (9)  –  (1)  (26)  Foreign exchange movements  –  (7)  (2)  –  (9)  Depreciation expense (note 2)  (1)  (92)  (32)  –  (125)  Balance at 31 March 2013  178  296  22  12  508  Acquisitions  101  53  18  93  265  Disposals  –  (109)  (1)  –  (110)  Reclassification  6  (2)  –  (4)  –  Impairments  (2)  –  –  –  (2)  Foreign exchange movements  1  31  2  (4)  30  Depreciation expense (note 2)  (2)  (81)  (20)  (1)  (104)  Balance at 31 March 2014  282  188  21  96  587  Assets under operating lease  Aviation  $m  Meters $m  Rail cars  $m  Other  $m  Total  $m  Balance at 1 April 2012  3,419 655  460  227  4,761  Acquisitions  72  84  677  125  958  Disposals  (135)  –  (25)  (26)  (186)  Reclassification (33)  32  –  (3)  (4)  Foreign exchange movements  (17)  (34)  (33)  (3)  (87)  Depreciation expense (note 2)  (160)  (77)  (21)  (49)  (307)  Balance at 31 March 2013  3,146  660  1,058  271  5,135  Acquisitions  110  176  1  90  377  Disposals  (5)  (1)  (20)  (14)  (40)  Reclassification (3)  (104)  –  5  (102)  Foreign exchange movements  389  148  192  26  755  Depreciation expense (note 2)  (193)  (95)  (44)  (69)  (401)  Balance at 31 March 2014  3,444  784  1,187  309  5,724  Included in the balance of operating leases are assets pledged as security over payables to other financial institutions. The terms  preclude these assets from being sold or being used as security for further liabilities without the permission of the financial  institution. The carrying value of assets pledged is $442 million (2013: $2,289 million).  132 