FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 97 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 19 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Group Freehold land RM’000 Buildings, structures and renovations RM’000 Plant and machinery RM’000 Motor vehicles RM’000 Office equipment, tools and other equipment RM’000 Assets under construction RM’000 Bearer plants and livestock RM’000 Total RM’000 2022 Cost At 1 January 2022 51,113 3,239,566 3,947,285 463,262 329,522 198,847 5,619,430 13,849,025 Additions - 17,009 69,863 104,075 56,341 259,148 280,771 787,207 Disposals (217) (9,271) (1,678) (338) (1,253) (350) - (13,107) Write offs - (8,813) (32,273) (18,277) (6,866) - (287,779) (354,008) Reclassification - 31,837 90,920 654 4,518 (127,929) - - Transfer from right-of-use assets (Note 20) - - - 5,500 - - - 5,500 Exchange differences 1,059 (3,896) 24,716 (296) 1,075 187 (3,488) 19,357 At 31 December 2022 51,955 3,266,432 4,098,833 554,580 383,337 329,903 5,608,934 14,293,974 Accumulated depreciation/impairment At 1 January 2022 184 1,155,331 1,864,429 268,938 220,968 104,461 2,560,322 6,174,633 Charge for the financial year - 129,847 227,979 49,158 58,401 - 154,575 619,960 (Reversal of impairment)/impairment loss (184) 10,363 7,480 580 155 - 59,798 78,192 Disposals - (7,081) (1,592) (329) (1,232) - - (10,234) Write offs - (7,456) (30,240) (17,801) (6,534) - (250,467) (312,498) Reclassification - (20,959) 15,262 - - 5,697 - - Transfer from right-of-use assets (Note 20) - - - 733 - - - 733 Exchange differences - (1,930) 17,530 (375) 610 - (611) 15,224 At 31 December 2022 - 1,258,115 2,100,848 300,904 272,368 110,158 2,523,617 6,566,010 Net book value at 31 December 2022 51,955 2,008,317 1,997,985 253,676 110,969 219,745 3,085,317 7,727,964 Included in the additions of property, plant and equipment were RM33,924,000 (2022: RM27,945,000) in relation to capitalised finance cost for bearer plants at average finance rate of 4.7% (2022: 3.7%) per annum and RM2,224,000 (2022: RM1,387,000) in relation to capitalised borrowing costs for other qualifying assets at average finance rate of 2.80% (2022: 2.82%) per annum. Net book value of the property, plant and equipment pledged as security to borrowings amounted to RM260,626,521 (2022: RM262,762,000).
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