DF table

Notes to Financial Statements

Land &
buildings Leasehold
improvements Plant &
machinery Furniture,
equipment &
motor vehicles Total

9. TANGIBLE ASSETS US$m US$m US$m US$m US$m

1997

Net book value at 1st January 698.0 182.1 365.7 123.5 1,369.3

Exchange rate adjustments (62.6) (13.7) (58.4) (19.5) (154.2)

Additions 3.6 48.9 106.4 55.3 214.2

Disposals - (10.5) (5.6) (4.6) (20.7)

Depreciation charge (7.9) (27.5) (66.6) (39.0) (141.0)

Net book value at 31st December 631.1 179.3 341.5 115.7 1,267.6

Cost or valuation 638.1 274.2 664.9 232.9 1,810.1

Accumulated depreciation (7.0) (94.9) (323.4) (117.2) (542.5)

631.1 179.3 341.5 115.7 1,267.6

1996

Net book value at 1st January 619.8 153.8 353.0 95.2 1,221.8

Exchange rate adjustments (2.8) 2.4 13.7 3.5 16.8

Additions 15.1 59.2 109.8 59.9 244.0

Disposals (6.0) (7.8) (9.8) (2.2) (25.8)

Depreciation charge (8.5) (25.5) (62.9) (32.9) (129.8)

Repositioning provisions - - (38.1) - (38.1)

Revaluation surplus (net) 80.4 - - - 80.4

Net book value at 31st December 698.0 182.1 365.7 123.5 1,369.3

Cost or valuation 698.0 268.5 703.5 229.8 1,899.8

Accumulated depreciation - (86.4) (337.8) (106.3) (530.5)

698.0 182.1 365.7 123.5 1,369.3

1997
US$m 1996
US$m

Analysis of net book value of land and buildings:

Freehold 299.9 359.8

Long leases (50 years and over unexpired) 268.0 274.6

Other Leases 63.2 63.6

631.1 698.0

The Group's land and buildings were revalued in December 1996 by independent valuers on an open market for existing use basis. The Directors have reviewed these carrying values and are satisfied that there were no material changes to those values. In 1996, deficit on individual properties below depreciated cost of US$5.0 million were charged to the consolidated profit and loss account, while a net surplus of US$80.4 million was taken directly to capital reserves.
If the land and buildings had been included in the Financial Statements at cost less depreciation, the carrying value would have been US$333.7 million (1996: US$393.5 million).

	Land & buildings	Leasehold improvements	Plant & machinery	Furniture, equipment & motor vehicles	Total
9. TANGIBLE ASSETS	US$m	US$m	US$m	US$m	US$m

1997
Net book value at 1st January	698.0	182.1	365.7	123.5	1,369.3
Exchange rate adjustments	(62.6)	(13.7)	(58.4)	(19.5)	(154.2)
Additions	3.6	48.9	106.4	55.3	214.2
Disposals	-	(10.5)	(5.6)	(4.6)	(20.7)
Depreciation charge	(7.9)	(27.5)	(66.6)	(39.0)	(141.0)

Net book value at 31st December	631.1	179.3	341.5	115.7	1,267.6

Cost or valuation	638.1	274.2	664.9	232.9	1,810.1
Accumulated depreciation	(7.0)	(94.9)	(323.4)	(117.2)	(542.5)

	631.1	179.3	341.5	115.7	1,267.6

1996
Net book value at 1st January	619.8	153.8	353.0	95.2	1,221.8
Exchange rate adjustments	(2.8)	2.4	13.7	3.5	16.8
Additions	15.1	59.2	109.8	59.9	244.0
Disposals	(6.0)	(7.8)	(9.8)	(2.2)	(25.8)
Depreciation charge	(8.5)	(25.5)	(62.9)	(32.9)	(129.8)
Repositioning provisions	-	-	(38.1)	-	(38.1)
Revaluation surplus (net)	80.4	-	-	-	80.4

Net book value at 31st December	698.0	182.1	365.7	123.5	1,369.3

Cost or valuation	698.0	268.5	703.5	229.8	1,899.8
Accumulated depreciation	-	(86.4)	(337.8)	(106.3)	(530.5)

	698.0	182.1	365.7	123.5	1,369.3

		1997 US$m	1996 US$m
Analysis of net book value of land and buildings:
Freehold		299.9	359.8
Long leases (50 years and over unexpired)		268.0	274.6
Other Leases		63.2	63.6

		631.1	698.0

The Group's land and buildings were revalued in December 1996 by independent valuers on an open market for existing use basis. The Directors have reviewed these carrying values and are satisfied that there were no material changes to those values. In 1996, deficit on individual properties below depreciated cost of US$5.0 million were charged to the consolidated profit and loss account, while a net surplus of US$80.4 million was taken directly to capital reserves. If the land and buildings had been included in the Financial Statements at cost less depreciation, the carrying value would have been US$333.7 million (1996: US$393.5 million).