2003 Annual Report - NOTES TO THE FINANCIAL STATEMENTS

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2003 Annual Report

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NOTES TO THE FINANCIAL STATEMENTS

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11. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

The Group	Freehold land and buildings RM'000	Land, buildings and improvements under long lease RM'000	Land, buildings and improvements under short lease RM'000	Machinery and equipment RM'000	Furniture, fixtures and fittings and office equipment RM'000	Vehicles RM'000	Construction in progress RM'000	Total RM'000
COST/VALUATION
Balance at 1.1.2003
At valuation	4,113	13,936	3,275	-	-	-	-	21,324
At cost	32,010	37,750	20,752	182,852	21,749	11,434	5,589	312,136
	36,123	51,686	24,027	182,852	21,749	11,434	5,589	333,460
Additions	-	18	92	800	1,844	452	4,827	8,033
Disposals/write off	-	-	-	(2,940)	(72)	(3,854)	(35)	(6,901)
Reclassification	476	713	-	5,203	133	(3)	(6,522)	-
Translation differences	-	-	-	921	(1)	-	-	920

Balance at 31.12.2003
At valuation	4,113	13,936	3,275	-	-	-	-	21,324
At cost	32,486	38,481	20,844	186,836	23,653	8,029	3,859	314,188
	36,599	52,417	24,119	186,836	23,653	8,029	3,859	335,512



ACCUMULATED DEPRECIATION
Balance at 1.1.2003	12,505	23,478	10,819	107,017	18,232	10,360	-	182,411
Charge for the year	1,016	1,650	835	9,448	1,425	332	-	14,706
Disposals/write off	-	-	-	(1,763)	(68)	(3,568)	-	(5,399)
Reclassification	-	-	-	3	-	(3)	-	-
Translation differences	-	-	-	155	-	-	-	155

Balance at 31.12.2003	13,521	25,128	11,654	114,860	19,589	7,121	-	191,873

NET BOOK VALUE At 31.12.2003	23,078	27,289	12,465	71,976	4,064	908	3,859	143,639

NET BOOK VALUE At 31.12.2002	23,618	28,208	13,208	75,835	3,517	1,074	5,589	151,049

Depreciation charge for 2002	1,012	1,711	786	10,647	1,518	881	-	16,555

The Company	Freehold land and buildings RM'000	Land, buildings and improvements under long lease RM'000	Machinery and equipment RM'000	Furniture, fixtures and fittings and office equipment RM'000	Vehicles RM'000	Construction in progress RM'000	Total RM'000

COST/VALUATION
Balance at 1.1.2003
At valuation	2,223	11,327	-	-	-	-	13,550
At cost	24,830	37,199	102,757	12,456	1,965	3,656	182,863
	27,053	48,526	102,757	12,456	1,965	3,656	196,413
Additions	-	18	414	1,675	452	4,611	7,170
Disposals/write off	-	-	(1,867)	(2)	(671)	-	(2,540)
Transfer in / (out)	-	-	-	(9)	121	-	112
Reclassification	476	596	5,203	133	(3)	(6,405)	-

Balance at 31.12.2003
At valuation	2,223	11,327	-	-	-	-	13,550
At cost	25,306	37,813	106,507	14,253	1,864	1,862	187,605
	27,529	49,140	106,507	14,253	1,864	1,862	201,155

ACCUMULATED DEPRECIATION
Balance at 1.1.2003	12,399	21,461	73,378	10,577	1,623	-	119,438
Charge for the year	1,016	1,608	5,483	863	155	-	9,125
Disposals/write off	-	-	(793)	-	(461)	-	(1,254)
Transfer in/(out)	-	-	-	(4)	60	-	56
Reclassification	-	-	3	-	(3)	-	-

Balance at 31.12.2003	13,415	23,069	78,071	11,436	1,374	-	127,365

NET BOOK VALUE
At 31.12.2003	14,114	26,071	28,436	2,817	490	1,862	73,790
At 31.12.2002	14,654	27,065	29,379	1,879	342	3,656	76,975

Depreciation charge for 2002	1,012	1,636	6,267	989	246	-	10,150

As of 31st December, 2003, included in property, plant and equipment of the Group, are landed properties with net carrying values totalling about RM9,572,000 (RM9,731,000 in 2002) which are currently not in active use.

The land and buildings were revalued in the respective years based on the valuation reports of independent firms of professional valuers. The valuations of these properties were based on fair market values as follows:-

		The Group		The Company
		2003 RM'000	2002 RM'000	2003 RM'000	2002 RM'000
Freehold land and buildings:
	At 1980 Valuation	3,873	3,873	2,223	2,223
	At 1974 and 1977 Valuation	240	240	-	-
Land, buildings and improvements under long lease:
	At 1980 Valuation	11,327	11,327	11,327	11,327
	At 1977 Valuation	2,609	2,609	-	-
Land, buildings and improvements under short lease:
	At 1981 Valuation	1,210	1,210	-	-
	At 1980 Valuation	2,065	2,065	-	-

		21,324	21,324	13,550	13,550

The historical costs and carrying values of the revalued land and buildings are as follows:

		The Group		The Company
		2003 RM'000	2002 RM'000	2003 RM'000	2002 RM'000
Cost: Freehold land and buildings:
	At 1980 Valuation	857	857	837	837
	At 1974 and 1977 Valuation	240	240	-	-
Land, buildings and improvements under long lease:
	At 1980 Valuation	7,482	7,482	7,482	7,482
	At 1977 Valuation	1,387	1,387	-	-
Land, buildings and improvements under short lease:
	At 1981 Valuation	433	433	-	-
	At 1980 Valuation	1,160	1,160	-	-

		11,559	11,559	8,319	8,319
Accumulated Depreciation: Freehold land and buildings:
	At 1980 Valuation	138	104	138	104
Land, buildings and improvements under long lease:
	At 1980 Valuation	5,932	5,633	5,932	5,633
	At 1977 Valuation	1,146	1,090	-	-
Land, buildings and improvements under short lease:
	At 1981 Valuation	322	300	-	-
	At 1980 Valuation	957	910	-	-
		8,495	8,037	6,070	5,737

Net Book Values		3,064	3,522	2,249	2,582

The net book values of property, plant and equipment under hire-purchase arrangements are as follows:

	The Group		The Company
	2003 RM'000	2002 RM'000	2003 RM'000	2002 RM'000
Machinery and equipment	33	37	33	37
Vehicles	-	425	-	180

	33	462	33	217

Included in property, plant and equipment of the Group and of the Company are fully depreciated plant and machinery which are still in use, with cost amounting to approximately RM95,354,000 (RM83,271,000 in 2002).

YEO HIAP SENG (MALAYSIA) BERHAD. 2004 (co.NO.3405-X)