SWIRE PROPERTIES ANNUAL REPORT 2023 15. Property, Plant and Equipment (continued) Land and Plant and buildings equipment Total HK$M HK$M HK$M Cost: At 1st January 2023 4,165 2,012 6,177 Translation differences (45) (12) (57) Acquisition of subsidiary companies (note 43) 488 144 632 Additions 9 208 217 Disposals – (40) (40) Net transfers to investment properties (note 16) (126) – (126) Revaluation surplus 46 – 46 At 31st December 2023 4,537 2,312 6,849 Accumulated depreciation and impairment: At 1st January 2023 1,398 1,614 3,012 Translation differences (11) (3) (14) Charge for the year (note 7) 114 161 275 Disposals – (38) (38) Transfers to investment properties (note 16) (30) – (30) At 31st December 2023 1,471 1,734 3,205 Net book value: At 31st December 2023 3,066 578 3,644 Cost: At 1st January 2022 4,307 1,978 6,285 Translation differences (152) (69) (221) Additions 10 115 125 Disposals – (12) (12) At 31st December 2022 4,165 2,012 6,177 Accumulated depreciation and impairment: At 1st January 2022 1,353 1,551 2,904 Translation differences (61) (51) (112) Charge for the year (note 7) 106 126 232 Disposals – (12) (12) At 31st December 2022 1,398 1,614 3,012 Net book value: At 31st December 2022 2,767 398 3,165 At 31st December 2023, property, plant and equipment of HK$460 million (2022: nil) are pledged as security for secured loans and other borrowings. Refer to the table with heading “Audited Financial Information” on page 86 for details of the Group’s capitalised interest rates and the amount of interest capitalised. 163