NOTES TO THE FINANCIAL STATEMENTS at 31 December 2004 Group Accumulated 2004 2003 Cost/ depreciation/ Carrying Carrying valuation amortisation value value R000 R000 R000 R000 1. SHIPS,  PROPERTY,  PLANT AND EQUIPMENT Freehold and leasehold properties Opening balance 109 358 (4 669) 104 689 59 115 Translation loss (280) – (280) (640) Additions and improvements 3 076 – 3 076 81 745 Disposals (315) 315 – (33 349) Depreciation/amortisation – (4 684) (4 684) (2 182) Closing balance 111 839 (9 038) 102 801 104 689 Ships Opening balance 408 597 (22 570) 386 027 562 144 Translation loss (74 700) 3 276 (71 424) (26 516) Consolidation of  joint venture – – – 86 762 Transfer from ships under construction 469 475 – 469 475 – Additions 318 405 – 318 405 – Onerous contract provision (16 800) – (16 800) – Disposals – – – (219 240) Depreciation – (30 866) (30 866) (17 123) Closing balance 1 104 977 (50 160) 1 054 817 386 027 Ships under construction Opening balance 157 475 – 157 475 16 801 Translation loss (21 032) – (21 032) (1 768) Additions 417 314 – 417 314 136 278 Onerous contract provision (26 300) – (26 300) – Finance costs capitalised 2 145 – 2 145 6 164 Transfer to ships (469 475) – (469 475) – Closing balance 60 127 – 60 127 157 475 Leased ships Opening balance 223 688 (75 036) 148 652 406 834 Translation loss (33 351) 12 517 (20 834) (61 200) Disposals – – – (179 557) Depreciation – (10 462) (10 462) (17 425) Closing balance 190 337 (72 981) 117 356 148 652 Equipment, plant and vehicles Opening balance 162 133 (19 224) 142 909 19 069 Translation loss (94) 38 (56) (42) Additions 54 073 – 54 073 135 685 Reclassification from leased assets 1 935 (450) 1 485 – Finance costs capitalised – – – 6 228 Impairment – – – (750) Disposals (6 771) 3 345 (3 426) (2 064) Depreciation – (28 787) (28 787) (15 217) Closing balance 211 276 (45 078) 166 198 142 909