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VTech Holdings Ltd48
Notes to the Financial Statements
9. TANGIBLE ASSETS (continued)
Land and buildings comprise:
Freehold land and
buildings and long-term Short-term
leasehold buildings leasehold buildings Investment properties Total
2002 2001 2002 2001 2002 2001 2002 2001
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 35.0 62.3 26.8 26.8 3.0 3.0 64.8 92.1
— effect of adopting IAS 40 and
consequential changes (5.4) (5.4) ——(1.5) (1.5) (6.9) (6.9)
— as restated 29.6 56.9 26.8 26.8 1.5 1.5 57.9 85.2
Additions —2.8 —————2.8
Reclassifications ——0.6 ———0.6 —
Disposals (9.3) (4.8) (1.0) ———(10.3) (4.8)
Impairment charges (1.6) (3.4) ——(0.5) —(2.1) (3.4)
Transfers to assets held for sale (8.1) (21.2) ——(1.0) —(9.1) (21.2)
Effect of changes in
exchange rate (0.1) (0.7) ————(0.1) (0.7)
At 31st March 10.5 29.6 26.4 26.8 —1.5 36.9 57.9
Accumulated depreciation
At 1st April
— as previously reported 0.9 —13.7 12.3 ——14.6 12.3
— effect of adopting IAS 40 and
consequential changes (0.1) —————(0.1) —
— as restated 0.8 —13.7 12.3 ——14.5 12.3
Charge for the year 0.8 2.4 1.4 1.4 ——2.2 3.8
Disposals (0.5) (0.5) (0.2) ———(0.7) (0.5)
Transfers to assets held for sale (0.1) (1.1) ————(0.1) (1.1)
Effect of changes in
exchange rate ————————
At 31st March 1.0 0.8 14.9 13.7 ——15.9 14.5
Net book value at 31st March 9.5 28.8 11.5 13.1 —1.5 21.0 43.4
Cost or valuation of tangible
assets is analysed as follows:
At cost ——26.4 26.8 ——26.4 26.8
At professional valuation – 2000 10.5 29.6 ————10.5 29.6
At professional valuation – 2001 —————1.5 —1.5
10.5 29.6 26.4 26.8 —1.5 36.9 57.9
Net book value of land and
buildings comprises:
Hong Kong
Long-term leasehold buildings
(not less than 50 years) 3.1 5.2 ———1.5 3.1 6.7
Overseas
Freehold land and buildings 6.4 23.6 ————6.4 23.6
Short-term leasehold buildings ——11.5 13.1 ——11.5 13.1
6.4 23.6 11.5 13.1 ——17.9 36.7
Net book value of revalued
tangible assets had the
assets been carried
at cost less accumulated
depreciation: 6.0 19.4 ———0.6 6.0 20.0
The Group’s freehold and long-term leasehold land and buildings were last revalued during 2000. Investment properties were last revalued
during 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 land and buildings and long-term leasehold buildings, as at 31st March 2002.