Vtech 2005 Annual Report Download - page 49

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Notes to the Financial Statements
47
VTech Holdings Ltd Annual Report 2005
18 Borrowings
2005 2004
US$ million US$ million
Bank loans and finance lease
obligations
Repayable by instalments, any one
of which is due for repayment after
five years:
Secured bank loans —1.0
Repayable by instalments, all of which
are due for repayment within
five years:
Secured bank loans 0.1 1.4
Obligations under finance leases
(Note) 0.1 0.2
0.2 1.6
Less: amounts due within one year
included under current liabilities:
Secured bank loans —(0.5)
Obligations under finance leases
(Note) (0.1) (0.1)
(0.1) (0.6)
0.1 2.0
Bank loans and finance lease
obligations are repayable as follows:
Between one and two years —0.4
Between two and five years 0.1 0.6
In more than five years —1.0
0.1 2.0
Note: The amounts are net of future finance charges of less than US$0.1 million
(2004: US$ 0.1 million).
Details of the bank loans and overdrafts are as follows:
2005 2004
US$ million US$ million
Euro
Secured bank loans at an average
fixed interest rate of 5.1%
(2004: 5.4%) 0.1 2.4
19 Share Capital, Share Options and Warrants
Share Capital
2005 2004
US$ million US$ million
Authorised
Ordinary shares:
400,000,000 (2004 : 400,000,000)
of US$0.05 each 20.0 20.0
2005 2005 2004 2004
No of shares US$ million No of shares US$ million
Issued and fully paid
Ordinary shares of
US$0.05 each:
Balance as at 1st April 225,527,133 11.3 225,527,133 11.3
Exercise of share options
(Note 1) 100,000 ———
Balance as at 31st March 225,627,133 11.3 225,527,133 11.3
Note 1: In April 2004, 100,000 ordinary shares were issued upon the exercise of 100,000
share options undertaken in March 2004 at the exercise price of HK$10.20 per
share. The average closing price of the Company’s shares traded on the Hong
Kong Stock Exchange for the five business days immediately before the date of
which options were exercised, was HK$13.58 per share.
Note 2: As at 22nd June 2005, the issued and fully paid share capital of the Company
was increased to 227,494,133 ordinary shares upon the exercise of 1,867,000
share options since April 2005 at the exercise price of HK$10.20 per share.
Share Options
(i) The 2001 Scheme Pursuant to the share option
scheme adopted on 10th August 2001 (the “2001 Scheme”), the
directors are authorised, at any time during the 10 years from
the date of approval of the 2001 Scheme, to grant options to
certain employees of the Company or subsidiaries of the Group,
including executive directors (but excluding non-executive
directors) to subscribe for shares in the Company at prices to be
determined by the directors in accordance with the terms of the
2001 Scheme.