This excerpt taken from the ELN 6-K filed Mar 30, 2009.
The net book value of property, plant and equipment held under finance leasing agreements at 31 December 2008 amounted to $5.0 million (2007: $7.0 million), which is net of $68.3 million of accumulated depreciation (2007: $66.0 million). Depreciation expense for the period amounted to $2.3 million (2007: $3.0 million).
In prior years, we disposed of plant and equipment and subsequently leased them back and also entered into an arrangement with a third-party bank, the substance of which allows us a legal right to require a net settlement of our obligations under the leases. The cash and borrowings relating to the previous sale and leaseback transactions have been offset in the Consolidated Financial Statements in the amount of $32.8 million at 31 December 2008 (2007: $37.6 million).
Notes to the Consolidated Financial Statements