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9. TANGIBLE ASSETS (Continued)
Land and buildings comprise:
Freehold and long-term
leasehold land and buildings
Short-term leasehold land and
buildings Investment properties Total
20012000 20012000 20012000 20012000
US$ million US$ million US$ million US$ million US$ million US$ million US$ million US$ million
Cost or valuation
At 1st April 62.3 29.9 26.8 26.3 3.0 3.4 92.1 59.6
Additions 2.80.4ÐÐÐÐ2.80.4
Acquisitionofsubsidiaries Ð32.5ÐÐÐÐÐ32.5
Transfer between categories Ð Ð Ð 0.6 Ð Ð Ð 0.6
Revaluation Ð (0.4) Ð Ð Ð (0.3) Ð (0.7)
Disposal (4.8)ÐÐÐÐÐ(4.8)Ð
Impairmentcharge (3.4)ÐÐÐÐÐ(3.4)Ð
Transfers to assets held for sale
(Note14) (21.2)ÐÐÐÐÐ(21.2)Ð
Effect of changes in exchange rate (0.7) (0.1) Ð (0.1) Ð (0.1) (0.7) (0.3)
At 31st March 35.0 62.3 26.8 26.8 3.0 3.0 64.8 92.1
Accumulated depreciation
At 1st April Ð 0.9 12.3 10.4 Ð Ð 12.3 11.3
Charge for the year 2.5 1.1 1.4 2.1 Ð Ð 3.9 3.2
Acquisitionofsubsidiaries ÐÐÐÐÐÐÐÐ
Transferbetweencategories ÐÐÐÐÐÐÐÐ
Revaluation Ð(2.0)ÐÐÐÐÐ(2.0)
Disposal (0.5)ÐÐÐÐÐ(0.5)Ð
Transfers to assets held for sale
(Note14) (1.1)ÐÐÐÐÐ(1.1)Ð
Effect of changes in exchange rate Ð Ð Ð (0.2) Ð Ð Ð (0.2)
At 31st March 0.9 Ð 13.7 12.3 Ð Ð 14.6 12.3
Net book value at 31st March 34.1 62.3 13.1 14.5 3.0 3.0 50.2 79.8
Cost or valuation of tangible assets is
analysed as follows:
At cost Ð Ð 26.8 26.8 Ð Ð 26.8 26.8
At professional valuation Ð 2000 35.0 62.3 Ð Ð Ð 3.0 35.0 65.3
At professional valuation Ð 2001 Ð Ð Ð Ð 3.0 Ð 3.0 Ð
35.0 62.3 26.8 26.8 3.0 3.0 64.8 92.1
Net book value of land and buildings
comprises:
Hong Kong
Long-term leasehold (not less than
50 years) 10.5 11.0 Ð Ð 3.0 3.0 13.5 14.0
Overseas
Freehold 23.6 51.3 ÐÐÐÐ23.651.3
Short-term leasehold Ð Ð 13.1 14.5 Ð Ð 13.1 14.5
23.6 51.3 13.1 14.5 Ð Ð 36.7 65.8
Net book value of revalued tangible
assets had the assets been
carried at cost less depreciation: 24.8 47.4 2.2 2.2 27.0 49.6
Investment properties were revalued at 31st March 2001 by Chung, Chan & Associates (Hong Kong),
independent professional valuers, on an open market value basis. The directors have reviewed the carrying
value of freehold and long-term leasehold land and buildings, as at 31st March 2001.
48
Notes to the Financial Statements