UOB Annual Report 2002 - United Overseas Bank

Notes to the Financial Statements
for the financial year ended 31 December 2002
34 Fixed Assets (continued)
(b) The Bank
2002 2001
Office
Office
Equipment,
Equipment,
Computers,
Computers,
Land and Fixtures and Land and Fixtures and
Buildings Other Assets Total Buildings Other Assets Total
$’000 $’000 $’000 $’000 $’000 $’000
Balances at 1 January
Cost/valuation 572,865 412,647 985,512 615,112 371,908 987,020
Accumulated depreciation (84,422) (288,541) (372,963) (88,275) (257,613) (345,888)
Provision for
diminution in value (2,417) – (2,417) (2,557) – (2,557)
Net book value 486,026 124,106 610,132 524,280 114,295 638,575
Movements during the
financial year:
Currency translation
differences 721 (128) 593 571 431 1,002
Additions 159,229 81,197 240,426 5,330 48,958 54,288
Merger of subsidiaries 327,052 62,558 389,610 – 6 6
Disposals (10,775) (17,832) (28,607) (36,412) (464) (36,876)
Depreciation charge (13,705) (66,903) (80,608) (7,933) (39,120) (47,053)
Net (charge)/write-back
of provision for
diminution in value (12,624) – (12,624) 190 – 190
Net book value
at 31 December 935,924 182,998 1,118,922 486,026 124,106 610,132
Balances at 31 December
Cost/valuation 1,052,901 592,261 1,645,162 572,865 412,647 985,512
Accumulated depreciation (100,080) (409,263) (509,343) (84,422) (288,541) (372,963)
Provision for
diminution in value (16,897) – (16,897) (2,417) – (2,417)
Net book value 935,924 182,998 1,118,922 486,026 124,106 610,132
(c)
Based on directors’ valuation, the estimated market values of the land and buildings of the Group and the Bank included in fixed
assets as at 31 December 2002 were $2,747 million and $1,629 million respectively (2001: $2,766 million and $1,202 million
respectively). The excess of the estimated market value over the net book value of the land and buildings is not recognised in the
financial statements.
(d) Included in the land and buildings of the Group and the Bank are leasehold properties with net book value at 31 December 2002
amounting to $1,130.6 million and $770.3 million respectively (2001: $1,055 million and $436.1 million respectively). The rest
of the properties are freehold.
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