Annual Report 2008 – Financial Section - Quilvest

Notes to the Consolidated Financial Statements (continued)
8) Property, Plant and Equipment
8.1) Schedule of changes in property, plant and equipment for the year 2008
In $ ‘000 Land Buildings Fixtures Cars EDP Total
and fittings hardware
Cost
Balance at January 1, 2008 8,063 12,134 5,593 444 2,055 28,289
Additions 554 15,746 16,393 94 466 33,253
Revaluation gains/(losses) (132) (515) - - - (647)
Disposals and derecognized assets - (1,285) (1,451) (78) (265) (3,079)
Currency differences (281) (4,867) (4,246) (30) 10 (9,414)
Balance at December 31, 2008 8,204 21,213 16,289 430 2,266 48,402
Depreciation and impairment losses
Balance at January 1, 2008 - 971 3,408 249 1,162 5,790
Depreciation charge for the year - 1,225 3,163 75 542 5,005
Disposals and derecognized assets - (323) (1,166) (69) (260) (1,818)
Currency differences - (1,248) (1,697) (9) (5) (2,959)
Balance at December 31, 2008 - 625 3,708 246 1,439 6,018
Carrying amounts
Balance at January 1, 2008 8,063 11,163 2,185 195 893 22,499
Balance at December 31, 2008 8,204 20,588 12,581 184 827 42,384
As at end of 2008, the appraised value of buildings and land of the headquarters of the French subsidiaries located Boulevard
Saint-Germain 241-243 and Rue de Lille 86 in Paris amounts to a total fair value of EUR 20.8 million (EUR 20.4 million
in 2007), including the investment property (refer to note 9).The fair value is based on the rental value of the buildings
at current market rates for similar located real estate.
The own-used part of the buildings has been revalued accordingly and the revaluation gain recognized directly in equity, i.e.
to the revaluation reserve for own-used buildings.Accumulated depreciation has been charged against the revalued amount,
taking into account an estimated economic life of 50 years.
The investment part of the property follows the same valuation, but is accounted for under a separate balance sheet heading.The
corresponding revaluation loss is booked in the income statement.
The business combinations of the controlled Private Equity investments contributed to additions of USD 17.1 million, split
into the following categories :
Buildings USD 7.8 million
Fixtures & Fittings USD 9.3 million
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