Powering growth - Aztech Group Ltd - Investor Relations

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80a z t e c h a n n u a l r e p o r t 2 0 0 9F i n a n c i a l S t a t e m e n t s13 PROPERTY, PLANT AND EQUIPMENT (cont’d)ResearchandComputer Factory Office developmentand office Factory furniture and furniture equipment Software Motorequipments equipments fittings and fittings and tools applications vehicles Total$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000(b)COMPANYAt cost:At January 1, 2008 5,342 8,469 483 3,027 4,134 2,035 657 24,147Additions 30 - - - 81 15 62 188Disposals (128) (2) - - - - - (130)Write off (3,632) (4,774) (483) (2,435) (3,012) (1,567) - (15,903)At December 31, 2008 1,612 3,693 - 592 1,203 483 719 8,302Additions 83 83Disposals - (3,693) - (2) - - - (3,695)Intercompany transfer (1,176) - - - (1,140) (566) (353) (3,235)At December 31, 2009 436 - - 590 63 - 366 1,455Accumulated depreciation:At January 1, 2008 (5,156) (8,469) (483) (3,001) (3,989) (2,027) (190) (23,315)Charge for the year (69) - - (7) (81) (5) (114) (276)Disposals 127 2 - - - - - 129Write off 3,632 4,774 483 2,435 3,012 1,567 - 15,903At December 31, 2008 (1,466) (3,693) - (573) (1,058) (465) (304) (7,559)Charge for the year (60) - - (6) (25) (8) (84) (183)Disposals - 3,693 - 2 - - - 3,695Intercompany transfer 1,161 - - - 1,025 473 202 2,861At December 31, 2009 (365) - - (577) (58) - (186) (1,186)Carrying value:At December 31, 2009 71 - - 13 5 - 180 269At December 31, 2008 146 - - 19 145 18 415 743
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 98113 PROPERTY, PLANT AND EQUIPMENT (cont’d)(c)Major property of the Group is as follows:AreaCarryingDescription Location Existing use (in sq metres) Tenure of lease value2009 2008$’000 $’000Leasehold Dongguan Jiu Self use 43,146 50 years with 6,719 7,225Property * Jiang Shui Village, effect fromChang Ping Town, October 1, 2002Dong Guan City,GuangdongProvince PRC* At December 31, 2009, the Group was applying for the land use right certificate and property ownership certificates in respect of the leasehold propertyinterest of $6,719,000 (2008 : $7,225,000) from the relevant PRC government authorities.14 INVESTMENT PROPERTIESGROUP2009 2008$’000 $’000At fair value:At January 1 12,656 14,316Additions - 267Transfer to property, plant and equipment (1,208) -Net increase (decrease) in fair value adjustment 1,144 (2,650)Exchange difference (269) 723At December 31 12,323 12,656The fair values of the Group’s investment properties at December 31, 2009 have been determined on the basis of valuations carried out at theend of the reporting period by an independent valuer having an appropriate recognised professional qualification and recent experience in thelocation and category of the properties being valued. The valuations were arrived at by reference to market evidence of transaction prices forsimilar properties, and were performed in accordance with International Valuation Standards.The property rental income from the Group’s investment properties of which 91.4% (2008 : 24.4%) are leased out under operating leases,amounted to $244,000 (2008 : $83,000). Direct operating expenses (including repairs and maintenance) arising from the rental-generatinginvestment property amounted to $55,000 (2008 : $29,000). Direct operating expenses (including repairs and maintenance) arising from nonrentalgenerating investment property amounted to $43,000 (2008 : $75,000).
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