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TNB Financial Report 2002
45
12. Property, Plant and Equipment (Continued)
The valuation of freehold land, leasehold land, buildings and civil works of the Company was based on an independent valuation by a professional
firm of valuers on the open market value basis in 1994. The net surplus on revaluation was incorporated into the financial statements
at 31 August 1996 and transferred to revaluation reserve.
The valuations of long leasehold land and buildings of a subsidiary were carried out in 1982 and 1984 respectively based on independent
valuations by professional firms of valuers on the open market value basis. The net surplus on revaluation was transferred to revaluation reserve.
The title deeds of certain lands are in the process of being registered in the Company’s and a subsidiary’s name.
The generation power plants of the Company are leased to certain wholly owned subsidiaries. The lease is an operating lease and terms are
subject to review between the parties. The property, plant and equipment under the operating lease are as follows:
Buildings
Freehold Leasehold and Plant and
land land civil works machinery Total
RM’million RM’million RM’million RM’million RM’million
2002
Cost/revalued amount 215.5 262.9 5,009.1 12,254.0 17,741.5
Less: Accumulated depreciation 0 (22.3) (1,425.4) (4,866.1) (6,313.8)
Net book value 215.5 240.6 3,583.7 7,387.9 11,427.7
Depreciation charged for the financial year 0 4.9 113.2 489.9 608.0
2001
Cost/revalued amount 220.3 250.2 4,609.8 10,010.2 15,090.5
Less: Accumulated depreciation 0 (17.4) (1,312.2) (4,376.2) (5,705.8)
Net book value 220.3 232.8 3,297.6 5,634.0 9,384.7
Depreciation charged for the financial year 0 4.5 107.6 434.8 546.9
Net book value of plant and machinery in respect of closed power stations held for disposal amounted to RM3.4 million (2001: RM5.2 million).
Interest capitalised during the financial year in capital project-in-progress amounted to RM515.4 million (2001: RM568.7 million) for the Group and
RM261.0 million (2001: RM351.2 million) for the Company.