notes to the financial statements - Far East Orchard Limited

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2008
22. Property, plant and equipment (continued)
Freehold
and
leasehold
land
Freehold
and
leasehold
buildings
Plant,
equipment,
furniture
and fittings
Motor Other
vehicles assets Total
$’000 $’000 $’000 $’000 $’000 $’000
(b) The Company
2007
Cost or valuation
Beginning of financial year
Cost - - 23,357 49 2,006 25,412
Valuation 234,774 82,781 - - - 317,555
234,774 82,781 23,357 49 2,006 342,967
Additions - - 393 - 990 1,383
Disposals
Reclassified to investment
- - (11) - - (11)
property (Note 21) (2,101) (127) - - - (2,228)
Adjustment on revaluation 83,184 1,294 - - - 84,478
End of financial year 315,857 83,948 23,739 49 2,996 426,589
Representing:
Cost - - 23,739 49 2,996 26,784
Valuation 315,857 83,948 - - - 399,805
315,857 83,948 23,739 49 2,996 426,589
Accumulated depreciation
Beginning of financial year - - 17,589 41 1,768 19,398
Depreciation charge - 2,070 1,781 8 - 3,859
Disposals - - (8) - - (8)
Adjustment on revaluation - (2,070) - - - (2,070)
End of financial year - - 19,362 49 1,768 21,179
Net book value
End of financial year 315,857 83,948 4,377 - 1,228 405,410
(c) If the freehold and leasehold land and buildings of the Group and the Company stated at valuation as at 31
December 2008 were included in the financial statements at cost less accumulated depreciation, their net book
values would have been $165,474,000 and $51,546,000 (2007: $168,706,000 and $52,802,000) respectively.
(d) At the balance sheet date, the net book value of freehold and leasehold land and buildings of the Group and the
Company pledged as security for borrowings amounted to $689,063,000 (2007: $632,636,000) and $444,395,000
(2007: $399,805,000) respectively (Note 25).
ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 61