Notes to the Financial Statements (continued)  14. Property, Plant and Equipment (Non-Current)  Valuations Valuations of land and buildings were made by directors of the parent entity as at 30 June 2003 on the basis of fair  value. The valuations used for 2002 comparatives were made by directors of the parent entity as at 30 June 2002 on  the basis of fair value. All properties are valued at fair value which has been calculated using the capitalisation  method of valuation and having regard to the highest and best use of the land and buildings. The capitalisation rate is selected to reflect such factors as the quality of construction, age of improvements and  strength of the tenure of external tenants and Harvey Norman Franchisees.  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003 41  CONSOLIDATED PARENT 2003  2002  2003  2002  $000  $000  $000  $000  Summary  Land At fair value 371,348  332,035  -  -  Buildings At fair value 352,843  287,043  -  -  Accumulated depreciation -  -  -  -  Total buildings  352,843  287,043  -  -  Net land and buildings  724,191  619,078  -  -  Plant and equipment  At cost 423,149  347,079  -  -  Accumulated depreciation (230,602)  (183,210)  -  -  192,547  163,869  -  -  Plant and equipment under lease  At cost 20,686  25,926  -  -  Accumulated amortisation (8,836)  (8,309)  -  -  11,850  17,617  -  -  Total plant and equipment  204,397  181,486  -  -  Total property, plant and equipment  Fair value 724,191  619,078  -  -  Cost 443,835  373,005  -  -  1,168,026  992,083  -  -  Accumulated depreciation and amortisation  (239,438)  (191,519)  -  -  Total written down amount  928,588  800,564  -  - 