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VTech Holdings Ltd Annual Report 2010 51
7 Tangible Assets (Continued)
Land and buildings comprise:
Freehold land
and buildings Short-term
and long-term leasehold
leasehold buildings buildings Total
US$ million US$ million US$ million
Cost or valuation
At 1 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 31 March 2009 and 1 April 2009 17.7 40.9 58.6
Effect of changes in exchange rates 0.1 0.1 0.2
At 31 March 2010 17.8 41.0 58.8
Accumulated depreciation
At 1 April 2008 1.8 20.2 22.0
Charge for the year 0.4 2.1 2.5
Written back on disposals – (0.2) (0.2)
Revaluation (2.1) – (2.1)
Effect of changes in exchange rates (0.1) 0.1 –
At 31 March 2009 and 1 April 2009 – 22.2 22.2
Charge for the year 1.6 1.5 3.1
At 31 March 2010 1.6 23.7 25.3
Net book value at 31 March 2010 16.2 17.3 33.5
Net book value at 31 March 2009 17.7 18.7 36.4
Cost or valuation of tangible assets is analysed as follows:
At cost – 41.0 41.0
At professional valuation-2009 (note (ii)) 17.8 – 17.8
17.8 41.0 58.8
Net book value of land and buildings comprises:
Hong Kong
Long-term leasehold buildings (not less than 50 years) 3.7 – 3.7
Overseas
Freehold land and buildings 12.5 – 12.5
Short-term leasehold buildings – 17.3 17.3
12.5 17.3 29.8
Net book value of revalued land and buildings had the assets
been carried at cost less accumulated depreciation 5.1 – 5.1
Notes:
(i) At 31 March 2010, the Group assessed the recoverable amount of the construction in progress in accordance with the accounting policy set out in note (L)
and as a result, an impairment provision of US$6.9 million (2009: US$Nil) was made to the carrying amount.
(ii) Property revaluation – The amount included valuation of land and buildings which were revalued by independent valuers as at 31 March 2009 on
a market value basis.