159 SWIRE PROPERTIES ANNUAL REPORT 2024 15. Property, Plant and Equipment (continued) Land and buildings HK$M Plant and equipment HK$M Total HK$M Cost: At 1st January 2024 4,537 2,312 6,849 Translation differences (75) (35) (110) Additions 4 303 307 Disposals – (133) (133) Net transfers to investment properties (note 16) (702) – (702) Transfers from properties for sale – 51 51 At 31st December 2024 3,764 2,498 6,262 Accumulated depreciation and impairment: At 1st January 2024 1,471 1,734 3,205 Translation differences (28) (24) (52) Charge for the year (note 7) 104 209 313 Disposals – (123) (123) Reversal of impairment losses (15) – (15) Transfers to investment properties (note 16) (470) – (470) At 31st December 2024 1,062 1,796 2,858 Net book value: At 31st December 2024 2,702 702 3,404 Cost: At 1st January 2023 4,165 2,012 6,177 Translation differences (45) (12) (57) Acquisition of subsidiary companies 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 At 31st December 2024, property, plant and equipment of HK$428 million (2023: HK$460 million) 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.