NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 Note Consolidated Company 2000 1999 2000 1999 $ $ $ $ 10. PROPERTY, PLANT AND  EQUIPMENT Leasehold buildings and improvements Independent valuation 1998 8,500,000 8,500,000 – – Accumulated depreciation (302,619) (100,319) – – 8,197,381 8,399,681 – – Leasehold buildings and improvements  under construction At cost  1,485,886 538,303 – – Accumulated depreciation (373) (373) – – 1,485,513 537,930 – – Vessels - at cost 7,748,302 4,939,456 – – Accumulated depreciation (625,559) (416,918) – – 7,122,743 4,522,538 – – Vessels - hire purchase - at cost 6,184,865 4,356,257 – – Accumulated depreciation (580,619) (179,414) – – 5,604,246 4,176,843 – – Plant and equipment - at cost  2,621,336 1,813,810 – – Accumulated depreciation (816,726) (350,918) – – 1,804,610 1,462,892 – – Plant and equipment - hire purchase  - at cost  347,785 347,785 – – Accumulated depreciation (127,314) (75,249) – – 220,471 272,536 – – Total property, plant and equipment 24,434,964 19,372,420 – – The revaluation of Leasehold buildings and improvements was performed on the basis of market value with reference to continued use and was not performed in accordance with a regular revaluation policy. Aggregate depreciation is charged directly to the profit and loss account as disclosed in Note 2. Potential capital gains tax was not taken into account in the revaluation of leasehold buildings and improvements. 45 ir