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VTech Holdings Ltd Annual Report 2006 43
8 Tangible Assets
Computers,
motor vehicles,
furniture and
Moulds, fixtures and
Land and machinery leasehold Construction
buildings and equipment improvements in progress Total
Note US$ million US$ million US$ million US$ million US$ million
Cost or valuation
At 1st April 2004 37.8 184.8 58.6 3.0 284.2
Additions – 10.3 8.8 2.4 21.5
Disposals – (12.5) (2.0) – (14.5)
Transfer between categories – – 3.0 (3.0) –
Effect of changes in exchange rate 0.6 1.2 0.6 – 2.4
At 31st March 2005 38.4 183.8 69.0 2.4 293.6
Additions – 21.4 8.8 1.3 31.5
Disposals – (5.0) (3.9) – (8.9)
Transfer between categories 1.0 – – (1.0) –
Transfer to leasehold land payments 9 – – – (1.4) (1.4)
Revaluation 1.0 – – – 1.0
Effect of changes in exchange rate (0.5) 0.2 0.2 – (0.1)
At 31st March 2006 39.9 200.4 74.1 1.3 315.7
Accumulated depreciation
At 1st April 2004 18.0 167.1 50.4 – 235.5
Charge for the year 2 1.1 10.3 6.8 – 18.2
Disposals – (12.2) (2.0) – (14.2)
Effect of changes in exchange rate – 1.1 0.4 – 1.5
At 31st March 2005 19.1 166.3 55.6 – 241.0
Charge for the year 2 1.0 11.3 6.7 – 19.0
Disposals – (4.6) (3.5) – (8.1)
Revaluation (1.0) – – – (1.0)
Effect of changes in exchange rate – 0.1 0.1 – 0.2
At 31st March 2006 19.1 173.1 58.9 – 251.1
Net book value at 31st March 2006 20.8 27.3 15.2 1.3 64.6
Net book value at 31st March 2005 19.3 17.5 13.4 2.4 52.6
Cost or valuation of tangible
assets is analysed as follows:
At cost 26.3 200.4 74.1 1.3 302.1
At professional valuation – 2006 (note (a)) 13.6 – – – 13.6
39.9 200.4 74.1 1.3 315.7
(a) Property revaluation
The amount included valuation of land and buildings denominated in Hong Kong dollar or Euro which were revalued by independent valuers as at 31st March 2006
on an open market value basis. The carrying value of these properties in US dollar as at 31st March 2006 is changed due to the effect of changes in exchange rates.