(c). The depreciation and amortisation policy is set out in Note 2.9.

(d). The island property in Nanuya Lailai Island – Yasawa, was revalued by the Directors of Blue Lagoon Cruises Limited based on  an independent valuation by Pacific Valuations Limited dated 24 June 2013. The valuation was made on the basis of recent market transactions on arm’s length terms.

(e). During the year, South Sea Cruises Limited reviewed the residual value of Cheetah and determined that it should be reduced to enable a future sale of the vessel to take place. This resulted in a reduction in residual value from $1,500,000 to $750,000 with the same expected useful life. The effect of this change on depreciation expense, recognized in operating expenses, in the current and future years is $117,348.

(f) During 2014, two properties which were previously classified as investment properties were transferred to property, plant and equipment as they were occupied by Group companies. There is no impact on profit or loss of this transfer as investment properties are held at cost less depreciation.

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