1999 — Page 46

Hong Kong Ferry (Holdings) Co. Ltd.

Notes on the Accounts

11. FIXED ASSETS

Company

Property, plant and equipment

Leasehold

Ferry vessels

land and

and other

buildings

crafts

HK$'000

HK$'000

Machinery,

furniture

and other

fixed assets

HK$'000

A

Total

HK$'000

Cost:

At 1 January 1999

221,721

656,764

198,491

1,076,976

Additions

30

30

Disposals

(71,787)

(71,787)

Transfer to subsidiaries

(1,742)

(219)

(1,961)

At 31 December 1999

221,721

583,265

198,272

1,003,258

Aggregate depreciation:

At 1 January 1999

23,612

548,278

40,742

612,632

Charge for the year

4,664

14,584

10,073

29,321

Written back on disposal

(71,785)

(71,785)

Transfer to subsidiaries

(1,742)

(40)

(1,782)

At 31 December 1999

28,276

489,335

50,775

568,386

Net book value:

At 31 December 1999

193,445

93,930

147,497

434,872

At 31 December 1998

198,109

108,486

157,749

464,344

(a) Investment properties held by the Group have been revalued by DTZ Debenham Tie Leung Limited at HK$188 million as at 31 December 1999 on an open market value basis, having regard to net rental income and reversionary income potential.