notes to the financial statements - Food Empire Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS (cont’d)
For the year ended 31 December 2012
12. Property, plant and equipment (cont’d)
Company
Motor
vehicle
US$’000
Cost
At 31 December 2011 and 1 January 2012 229
Exchange realignment 14
At 31 December 2012 243
Accumulated depreciation
At 31 December 2011 and 1 January 2012 8
Charge for the year 48
Exchange realignment 1
At 31 December 2012 57
Net carrying amount
At 31 December 2012 186
At 31 December 2011 221
The Group’s freehold properties included US$9,328,000 (2011: US$9,067,000) which relate to freehold land.
Based on valuations performed by independent appraisers, Allied Appraisal Consultants Pte Ltd for properties in Singapore and Henry
Butcher Malaysia (Johor) Sdn Bhd, JS Valuers Property Consultants Sdn Bhd and PA International Property Consultants Sdn Bhd for
properties in Malaysia in December 2012 and 2011, there are no impairment required for the carrying amounts of these properties.
The valuations are estimates of the amounts for which these assets could be exchanged between a knowledgeable willing buyer and
seller on an arm’s length transaction at the valuation date.
Assets held under finance leases
During the financial year, the Group acquired fixed assets with an aggregate cost of Nil (2011: US$50,000) of which Nil (2011:
US$33,000) was settled by cash and remaining Nil (2011: US$17,000) by finance lease. As at the end of the financial year, the net
book value of the fixed assets held under finance leases are US$59,000 (2011: US$40,000). The leased assets are pledged as security
for the related finance lease liabilities.
96