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This excerpt taken from the ELN 6-K filed Mar 30, 2009. Finance
Leases
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).
Table of Contents
Notes to the
Consolidated Financial Statements
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