Lenovo 2015 Annual Report Download - page 38
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36 Lenovo Group Limited 2014/15 Annual Report
MANAGEMENT’S DISCUSSION & ANALYSIS
Deferred income tax assets
Deferred income tax assets as at March 31, 2015 amounted to US$530 million, representing an increase of 36
percent over last year, which is partly attributable to the amounts brought in from Motorola and System X totalling
US$82 million, and the temporary differences in relation to provisions, accruals and deferred revenue arising in the
normal course of business.
Available-for-sale financial assets
Available-for-sale financial assets increased 109 percent over last year, mainly attributable to the additional
investments and fair value gain during the year.
Other non-current assets
Other non-current assets amounted to US$41 million as at March 31, 2015. The decrease of 63 percent over last
year is mainly attributable to the transfer of land use right in respect of staff quarters in China to prepaid lease
payments upon receipt of land use right certificate from the authority concerned.
Current assets (US$’000) 2015 2014
Inventories 2,995,389 2,701,015
Trade receivables 5,177,840 3,171,354
Notes receivable 334,738 447,325
Derivative financial assets 184,534 61,184
Deposits, prepayments and other receivables 3,572,015 3,000,826
Income tax recoverable 136,857 65,715
Bank deposits 171,139 94,985
Cash and cash equivalents 2,855,223 3,858,144
15,427,735 13,400,548
Inventories
Inventories of the Group increased by 11 percent, which is mainly due to the amounts brought in from Motorola and
System X totalling US$499 million.
Trade receivables and Notes receivable
Trade receivables and notes receivable amounted to US$5,513 million as at March 31, 2015. The increase of
52 percent over last year is mainly attributable to the amounts brought in from Motorola and System X totalling
US$2,319 million.
Derivative financial assets/liabilities
Derivatives relate to foreign currency forward contracts that are designated as hedges for the fair value of recognized
assets or liabilities or a firm commitment, or of highly probable forecast transactions. Derivatives are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their
fair values.