Vtech 2005 Annual Report Download - page 35

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Consolidated Financial Statements
33
VTech Holdings Ltd Annual Report 2005
Consolidated Income Statement
For the year ended 31st March 2005
2005 2004
Note US$ million US$ million
Revenue 11,022.0 915.2
Cost of sales (693.2) (633.9)
Gross profit 328.8 281.3
Selling and distribution costs (182.6) (150.7)
Administrative and other
operating expenses (51.7) (47.9)
Research and development
expenses (38.5) (33.2)
Net receipts from
an indemnification claim 3 6.7 —
Operating profit 1&2 62.7 49.5
Net finance income 5 1.0 0.4
Share of results of associates ——
Profit from ordinary activities
before taxation 63.7 49.9
Taxation 6 (6.8) (3.6)
Profit attributable to
shareholders 20 56.9 46.3
Interim dividend 72.3 6.8
Final dividend 727.3 15.8
Earnings per share (US cents) 8
— Basic 25.2 20.5
— Diluted 24.9 20.5
Consolidated Statement of Changes in
Shareholders’ Funds
For the year ended 31st March 2005
2005 2004
Note US$ million US$ million
Shareholders’ funds at 1st April 162.6 127.5
Exercise of share options 20 0.1 —
Realisation of hedging reserve 20 3.1 3.6
Fair value losses on hedging
during the year 20 (3.1) (3.6)
Exchange translation differences 20 1.8 0.1
Net gains and losses not
recognised in the income
statement 1.9 0.1
Profit attributable to shareholders 20 56.9 46.3
Dividends approved and
paid during the year 20 (18.1) (11.3)
Shareholders’ funds at 31st March 203.3 162.6
The notes on pages 34 to 53 form part of these financial statements.
Consolidated Balance Sheet
As at 31st March 2005
2005 2004
Note US$ million US$ million
Non-current assets
Tangible assets 9 52.6 48.7
Leasehold land payments 10 1.8 1.8
Deferred tax assets 11 2.6 3.7
Investments 12 0.2 0.2
57.2 54.4
Current assets
Stocks 13 124.2 96.1
Assets held for sale —8.0
Debtors and prepayments 14 175.7 153.9
Taxation recoverable 2.4 4.6
Cash and cash equivalents 123.9 105.2
426.2 367.8
Current liabilities
Creditors and accruals 15 (231.3) (200.3)
Provisions 16 (41.2) (40.7)
Borrowings 18 (0.1) (0.6)
Taxation payable (6.7) (14.4)
(279.3) (256.0)
Net current assets 146.9 111.8
Total assets less current liabilities 204.1 166.2
Non-current liabilities
Borrowings 18 (0.1) (2.0)
Deferred tax liabilities 11 (0.7) (1.6)
(0.8) (3.6)
Net assets 203.3 162.6
Capital and reserves
Share capital 19 11.3 11.3
Reserves 20 192.0 151.3
Shareholders’ funds 203.3 162.6
Approved and authorised for issue by the Board of Directors on
22nd June 2005.
Allan WONG Chi Yun Albert LEE Wai Kuen
Director Director