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Annual Report 2002 47
Notes to the Financial Statements
9. TANGIBLE ASSETS
Motor vehicles,
Construction Moulds, machinery furniture and fixtures and
Land and buildings in progress and equipment leasehold improvements Total
2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
US$ million US$ million US$ million US$ million US$ million US$ million US$ million US$ million US$ million US$ million
Cost or valuation
At 1st April
— as previously reported 64.8 92.1 0.5 0.5 179.0 220.1 70.5 67.3 314.8 380.0
— effect of adopting IAS 40 and
consequential changes (6.9) (6.9 ) ——————(6.9) (6.9 )
— as restated 57.9 85.2 0.5 0.5 179.0 220.1 70.5 67.3 307.9 373.1
Additions —2.8 0.1 —8.2 18.8 5.0 9.1 13.3 30.7
Acquisition of subsidiaries —————1.0 ———1.0
Reclassifications 0.6 —(0.6) —(0.4) (0.3 ) 0.4 0.3 ——
Disposals (10.3) (4.8 ) ——(20.4) (10.5 ) (11.3) (4.1 ) (42.0) (19.4 )
Impairment charges (2.1) (3.4 ) ——(0.5) (12.4 ) —(1.4 ) (2.6) (17.2 )
Transfers from assets held for sale ————5.3 ———5.3 —
Transfers to assets held for sale (9.1) (21.2 ) ———(37.3 ) ——(9.1) (58.5 )
Effect of changes in exchange rate (0.1) (0.7 ) ———(0.4 ) (0.1) (0.7 ) (0.2 ) (1.8 )
At 31st March 36.9 57.9 —0.5 171.2 179.0 64.5 70.5 272.6 307.9
Accumulated depreciation
At 1st April
— as previously reported 14.6 12.3 ——144.0 149.2 53.4 45.7 212.0 207.2
— effect of adopting IAS 40 and
consequential changes (0.1) ———————(0.1 ) —
— as restated 14.5 12.3 ——144.0 149.2 53.4 45.7 211.9 207.2
Charge for the year 2.2 3.8 ——22.9 30.1 8.7 10.6 33.8 44.5
Reclassifications ————(0.4) (0.1 ) 0.4 0.1 ——
Disposals (0.7) (0.5 ) ——(20.4 ) (8.0 ) (9.8) (2.6 ) (30.9) (11.1 )
Transfers to assets held for sale (0.1) (1.1 ) ———(27.0 ) ——(0.1) (28.1 )
Effect of changes in exchange rate —————(0.2 ) (0.1 ) (0.4 ) (0.1) (0.6 )
At 31st March 15.9 14.5 ——146.1 144.0 52.6 53.4 214.6 211.9
Net book value at 31st March 21.0 43.4 —0.5 25.1 35.0 11.9 17.1 58.0 96.0
Cost or valuation of tangible
assets is analysed as follows:
At cost 26.4 26.8 —0.5 171.2 179.0 64.5 70.5 262.1 276.8
At professional valuation – 2000 10.5 29.6 ——————10.5 29.6
At professional valuation – 2001 —1.5 ———————1.5
36.9 57.9 —0.5 171.2 179.0 64.5 70.5 272.6 307.9
The net book value of tangible assets held under finance lease as at 31st March 2002 is US$0.5 million (2001: US$0.6 million).
The net book value of tangible assets pledged as security for borrowings at 31st March 2002 amounted to US$2.3 million (2001: US$7.0 million).
The impairment charges for land and buildings, and machinery and equipment, relating to the restructuring plan launched in March 2001,
are included in the amount as disclosed in note 3 to the financial statements.