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VTech in the Last Five Years
54 VTech Holdings Ltd Annual Report 2005
Consolidated statement of net assets as at 31st March
2001 2002 2003 2004 2005
Note US$ million US$ million US$ million US$ million US$ million
Non-current assets
Tangible assets (i) 95.9 58.0 48.0 48.7 52.6
Leasehold land payments (ii) 7.0 3.1 2.7 1.8 1.8
Other non-current assets 4.5 4.7 4.1 3.9 2.8
107.4 65.8 54.8 54.4 57.2
Current assets
Stocks 187.5 94.4 84.0 96.1 124.2
Debtors and prepayments 255.6 165.3 139.9 153.9 175.7
Cash and cash equivalents 56.2 63.3 70.4 105.2 123.9
Other current assets 34.0 27.5 9.5 12.6 2.4
533.3 350.5 303.8 367.8 426.2
Current liabilities (iii) (421.4) (259.7) (227.3) (256.0) (279.3)
Net current assets 111.9 90.8 76.5 111.8 146.9
Total assets less current liabilities 219.3 156.6 131.3 166.2 204.1
Non-current liabilities
Borrowings (136.9) (65.2) (2.2) (2.0) (0.1)
Deferred tax liabilities (1.3) (1.2) (0.8) (1.6) (0.7)
(138.2) (66.4) (3.0) (3.6) (0.8)
Minority interest (0.9) (0.8) (0.8) ——
Net assets/shareholders’ funds 80.2 89.4 127.5 162.6 203.3
(i) Tangible assets have been adjusted in
accordance with IAS 40 by the following
amounts: (6.9) ————
(ii) Leasehold land payments have been
adjusted in accordance with IAS 40
by the following amounts: 7.0 ————
(iii) Current liabilities have been adjusted to
reflect the fair value of the derivative
financial instruments in accordance
with IAS 39: 0.3 ————
Consolidated income statement for the years ended 31st March
2001 2002 2003 2004 2005
Note US$ million US$ million US$ million US$ million US$ million
Revenue 1,334.9 959.8 866.5 915.2 1,022.0
Profit/(loss) from ordinary activities
before taxation (iv) (213.1) 13.9 58.3 49.9 63.7
Taxation (1.8) (2.6) (17.4) (3.6) (6.8)
Profit/(loss) from ordinary activities
after taxation (214.9) 11.3 40.9 46.3 56.9
Minority interest (0.1) (0.1) (0.1) ——
Profit/(loss) attributable to shareholders (215.0) 11.2 40.8 46.3 56.9
Earnings/(loss) per share (US cents) (96.7) 5.0 18.1 20.5 25.2
(iv) Loss from ordinary activities before taxation for the year ended 31st March 2001 included US$110.4 million of restructuring and
impairment charges in respect of the Group’s restructuring plan launched in March 2001. Details of the plan has been provided in the
Annual Report 2001.