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Notes to the Financial Statements
43
VTech Holdings Ltd Annual Report 2005
7 Dividends
2005 2004
Note US$ million US$ million
Interim dividend of US1.0 cent
(2004: US3.0 cents)
per share declared and paid 20 2.3 6.8
Final dividend of US12.0 cents
(2004: US7.0 cents) per share
proposed after the balance
sheet date 20 27.3 15.8
The final dividend proposed after the balance sheet date has
not been recognised as a liability at the balance sheet date.
8 Earnings Per Share
The calculations of basic and diluted earnings per share are
based on the Group’s profit attributable to shareholders of
US$56.9 million (2004: US$46.3 million).
The basic earnings per share is based on the weighted average
of 225.6 million (2004: 225.5 million) ordinary shares in issue
during the year. The diluted earnings per share is based on
228.9 million (2004: 226.0 million) ordinary shares which is the
weighted average number of ordinary shares in issue during the
year after adjusting for the number of dilutive potential ordinary
shares arising from the outstanding warrants and under the
employee share option scheme.
9 Tangible Assets
Computers,
motor vehicles,
furniture and
Moulds, fixtures and
Land and machinery leasehold Construction
buildings and equipment improvements in progress Total
US$ million US$ million US$ million US$ million US$ million
Cost or valuation
At 1st April 2004 37.8 184.8 58.6 3.0 284.2
Additions —10.3 8.8 2.4 21.5
Disposals —(12.5) (2.0) —(14.5)
Transfer between categories ——3.0 (3.0) —
Effect of changes in exchange rate 0.6 1.2 0.6 —2.4
At 31st March 2005 38.4 183.8 69.0 2.4 293.6
Accumulated depreciation
At 1st April 2004 18.0 167.1 50.4 —235.5
Charge for the year 1.1 10.3 6.8 —18.2
Disposals —(12.2) (2.0) —(14.2)
Effect of changes in exchange rate —1.1 0.4 —1.5
At 31st March 2005 19.1 166.3 55.6 —241.0
Net book value at 31st March 2005 19.3 17.5 13.4 2.4 52.6
Net book value at 31st March 2004 19.8 17.7 8.2 3.0 48.7
Cost or valuation of tangible assets is analysed as follows:
At cost 25.0 183.8 69.0 2.4 280.2
At professional valuation — 2003 (note (c)) 13.4 ———13.4
38.4 183.8 69.0 2.4 293.6
(a) Leased machinery and equipment The Group leases machinery and equipment under finance lease arrangement. At the end of the lease the Group has the option to purchase
the equipment at a beneficial price. At 31st March 2005, the net book value of tangible assets held under finance leases amounted to US$0.1 million (2004: US$0.2 million).
(b) Security The net book value of tangible assets pledged as security for borrowings at 31st March 2005 amounted to US$0.1 million (2004: US$ 2.6 million).
(c) Property revaluation The amount included valuation of land and buildings denominated in Hong Kong dollar or Euro which were revalued by independent valuers as at
31st March 2003 on an open market value basis. The carrying value of these properties in US dollar as at 31st March 2005 is changed due to the effect of changes in exchange rates.