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VTech Holdings Ltd Annual Report 2009 45
7 TANGIBLE ASSETS (CONTINUED)
Land and buildings comprise:
Freehold land
and buildings
and long-term
leasehold buildings
Short-term
leasehold
buildings Total
US$ million US$ million US$ million
Cost or valuation
At 1st April 2007 14.7 28.6 43.3
Effect of changes in exchange rates 2.1 1.3 3.4
At 31st March 2008 and 1st April 2008 16.8 29.9 46.7
Additions 0.3 –0.3
Disposals –(0.3) (0.3)
Transfer from construction in progress –11.1 11.1
Revaluation 2.7 –2.7
Effect of changes in exchange rates (2.1) 0.2 (1.9)
At 31st March 2009 17.7 40.9 58.6
Accumulated depreciation
At 1st April 2007 1.3 19.1 20.4
Charge for the year 0.5 0.8 1.3
Effect of changes in exchange rates –0.3 0.3
At 31st March 2008 and 1st April 2008 1.8 20.2 22.0
Charge for the year 0.4 2.1 2.5
Disposals –(0.2) (0.2)
Revaluation (2.1) –(2.1)
Effect of changes in exchange rates (0.1) 0.1 –
At 31st March 2009 –22.2 22.2
Net book value at 31st March 2009 17.7 18.7 36.4
Net book value at 31st March 2008 15.0 9.7 24.7
Cost or valuation of tangible assets is analysed as follows:
At cost –40.9 40.9
At professional valuation – 2009 (note (i)) 17.7 –17.7
17.7 40.9 58.6
Net book value of land and buildings comprises:
Hong Kong
Long-term leasehold buildings (not less than 50 years) 5.1 –5.1
Overseas
Freehold land and buildings 12.6 –12.6
Short-term leasehold buildings –18.7 18.7
12.6 18.7 31.3
Net book value of revalued land and buildings had the assets been carried at
cost less accumulated depreciation 5.3 –5.3
Note (i): Property revaluation – The amount included valuation of land and buildings denominated in Hong Kong dollars or Euros which were
revalued by independent valuers as at 31st March 2009 on an open market value basis.
8 LEASEHOLD LAND PAYMENTS
2009 2008
Note US$ million US$ million
Net book value at 1st April 3.8 3.7
Amortisation 2(0.1) (0.1)
Effect of changes in exchange rates 0.1 0.2
Net book value at 31st March 3.8 3.8
Leasehold land payments in respect of:
Owner-occupied properties 3.8 3.8