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## 14. Property, Plant and Equipment (Non-Current) 

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## Valuations 

Valuations of land and buildings were made by directors of the parent entity as at 30 June 2003 on the basis of fair value. The valuations used for 2002 comparatives were made by directors of the parent entity as at 30 June 2002 on the basis of fair value. All properties are valued at fair value which has been calculated using the capitalisation method of valuation and having regard to the highest and best use of the land and buildings. 

The capitalisation rate is selected to reflect such factors as the quality of construction, age of improvements and strength of the tenure of external tenants and Harvey Norman Franchisees. 

