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NOTES TO THE FINANCIAL STATEMENTS
VTech Holdings Ltd Annual Report 2008
40
7 TANGIBLE ASSETS CONTINUED
Land and buildings comprise:
Freehold land
and buildings
and long-term
leasehold
buildings
Short-term
leasehold
buildings Total
US$ million US$ million US$ million
Cost or valuation
At 1st April 2006 13.6 26.3 39.9
Transfer between categories – 1.7 1.7
E ect of changes in exchange rates 1.1 0.6 1.7
At 31st March 2007 and 1st April 2007 14.7 28.6 43.3
E ect of changes in exchange rates 2.1 1.3 3.4
At 31st March 2008 16.8 29.9 46.7
Accumulated depreciation
At 1st April 2006 0.9 18.2 19.1
Charge for the year 0.4 0.8 1.2
E ect of changes in exchange rates – 0.1 0.1
At 31st March 2007 and 1st April 2007 1.3 19.1 20.4
Charge for the year 0.5 0.8 1.3
E ect of changes in exchange rates – 0.3 0.3
At 31st March 2008 1.8 20.2 22.0
Net book value at 31st March 2008 15.0 9.7 24.7
Net book value at 31st March 2007 13.4 9.5 22.9
Cost or valuation of tangible assets is analysed as follows:
At cost – 29.9 29.9
At professional valuation - 2006 (note (a)) 16.8 – 16.8
16.8 29.9 46.7
Net book value of land and buildings comprises:
Hong Kong
Long-term leasehold buildings (not less than 50 years) 0.9 – 0.9
Overseas
Freehold land and buildings 14.1 – 14.1
Short-term leasehold buildings – 9.7 9.7
14.1 9.7 23.8
Net book value of revalued land and buildings had the assets been carried
at cost less accumulated depreciation 6.3 – 6.3
8 LEASEHOLD LAND PAYMENTS
2008 2007
Note US$ million US$ million
Net book value at 1st April 3.7 3.7
Amortisation 2(0.1) (0.1)
E ect of changes in exchange rates 0.2 0.1
Net book value at 31st March 3.8 3.7
Leasehold land payments in respect of:
Owner-occupied properties 3.8 3.7