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57
VTech Holdings Ltd Annual Report 2013
7 Tangible Assets (Continued)
Land and buildings comprise:
Freehold
land and
buildings and
medium-term
leasehold land
and buildings
Short-term
leasehold
buildings Total
US$ million US$ million US$ million
Cost or valuation
At 1 April 2011 21.7 42.0 63.7
Revaluation (note (i)) 7.2 – 7.2
Effect of changes in exchange rates (0.8) 0.5 (0.3)
At 31 March 2012 and 1 April 2012 28.1 42.5 70.6
Disposals – (0.4) (0.4)
Revaluation (note (i)) (2.5) – (2.5)
Effect of changes in exchange rates (0.4) 0.2 (0.2)
At 31 March 2013 25.2 42.3 67.5
Accumulated depreciation
At 1 April 2011 3.4 25.3 28.7
Charge for the year 0.4 1.4 1.8
Revaluation (note (i)) (3.8) – (3.8)
Effect of changes in exchange rates – 0.1 0.1
At 31 March 2012 and 1 April 2012 – 26.8 26.8
Charge for the year 0.7 1.3 2.0
Written back on disposals – (0.4) (0.4)
Revaluation (note (i)) (0.2) – (0.2)
Effect of changes in exchange rates – 0.1 0.1
At 31 March 2013 0.5 27.8 28.3
Net book value at 31 March 2013 24.7 14.5 39.2
Net book value at 31 March 2012 28.1 15.7 43.8
Cost or valuation of tangible assets is analysed as follows:
At cost – 42.3 42.3
At professional valuation (note (i)) 25.2 – 25.2
25.2 42.3 67.5
Net book value of land and buildings comprises:
Hong Kong
Medium-term leasehold land and buildings (less than 50 years
but not less than 10 years) 15.0 – 15.0
Overseas
Freehold land and buildings 9.7 – 9.7
Short-term leasehold buildings – 14.5 14.5
9.7 14.5 24.2
Net book value of revalued land and buildings had the assets
been carried at cost less accumulated depreciation 5.5 – 5.5
Note: (i) Revaluation of properties
The medium-term leasehold land and buildings held by the Group for own use was revalued as at 31 March 2012 on a market value basis by reference to recent
market transactions in comparable properties. The valuations were carried out by independent qualified firms of surveyors, Vigers Appraisal & Consulting Limited
who is an associate member of the Hong Kong Institute of Surveyors with recent experience in the location and category of property being valued.
The freehold land and buildings held by the Group for own use was revalued as at 31 March 2013 on a market value basis by reference to recent market transactions
in comparable properties. The valuations were carried out by independent qualified firms of surveyors Habets & Straten Makelaars/Taxateurs o.g. with recent
experience in the location and category of property being valued.
The revaluation deficit of US$2.3 million (2012: surplus US$11.0 million) have been recognised in other comprehensive income for the year ended 31 March 2013 and
accumulated in the property revaluation reserve of the Group (note 17(c)), net of deferred tax (note 9(b)).