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52 VTech Holdings Ltd Annual Report 2012
Notes to the Financial Statements
7 Tangible Assets (Continued)
Land and buildings comprise:
Freehold
land and
buildings and
medium-term
leasehold land
and buildings
Short-term
leasehold
buildings Total
US$ million US$ million US$ million
Cost or valuation
At 1 April 2010 20.0 41.0 61.0
Revaluation (note (i)) 1.1 – 1.1
Effect of changes in exchange rates 0.6 1.0 1.6
At 31 March 2011 and 1 April 2011 21.7 42.0 63.7
Revaluation (note (i)) 7.2 – 7.2
Effect of changes in exchange rates (0.8) 0.5 (0.3)
At 31 March 2012 28.1 42.5 70.6
Accumulated depreciation
At 1 April 2010 2.2 23.7 25.9
Charge for the year 1.7 1.4 3.1
Revaluation (note(i)) (0.5) – (0.5)
Effect of changes in exchange rates – 0.2 0.2
At 31 March 2011 and 1 April 2011 3.4 25.3 28.7
Charge for the year 0.4 1.4 1.8
Revaluation (note (i)) (3.8) – (3.8)
Effect of changes in exchange rates – 0.1 0.1
At 31 March 2012 – 26.8 26.8
Net book value at 31 March 2012 28.1 15.7 43.8
Net book value at 31 March 2011 18.3 16.7 35.0
Cost or valuation of tangible assets is analysed as follows:
At cost – 42.5 42.5
At professional valuation (note (i)) 28.1 – 28.1
28.1 42.5 70.6
Net book value of land and buildings comprises:
Hong Kong
Medium-term leasehold land and buildings (less than 50 years
but not less than 10 years) 15.4 – 15.4
Overseas
Freehold land and buildings 12.7 – 12.7
Short-term leasehold buildings – 15.7 15.7
12.7 15.7 28.4
Net book value of revalued land and buildings had the assets
been carried at cost less accumulated depreciation 6.0 – 6.0
Note:
(i) Revaluation of properties
The following properties held by the Group for own use were revalued as at 31 March 2012 on a market value basis by reference to recent market
transactions in comparable properties. The valuations were carried out by independent qualified firms of surveyors, Vigers Appraisal & Consulting
Limited who is an associate member of the Hong Kong Institute of Surveyors and Habets & Straten Makelaars/Taxateurs o.g. with recent experience
in the location and category of property being valued:
2012 2011
US$ million US$ million
Medium-term leasehold land and buildings 15.4 8.4
Freehold land and buildings 12.7 13.3
28.1 21.7
The revaluation surpluses of US$11.0 million (2011: US$1.6 million) have been recognised in other comprehensive income for the year ended
31 March 2012 and accumulated in the property revaluation reserve of the Group (note 18(c)), net of deferred tax (note 10(b)).