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Notes to the Financial Statements
VTech Holdings Ltd
Annual Report 2007
40
3 DIRECTORS’ AND SENIOR EXECUTIVES’
EMOLUMENTS (continued)
Senior executives’ emoluments
The directors’ emoluments set out above exclude 3 senior
executives (2006: 3) whose emoluments were among the
fi ve highest earning employees of the Group. Details of the
emoluments in aggregate for these executives are set out below:
2007 2006
US$ million US$ million
Salaries, allowances and
benefi ts in kind 0.9 0.9
Bonuses 1.0 0.5
Contribution to retirement
benefi t schemes 0.1 0.1
Share-based payments – –
2.0 1.5
The emoluments fell within the following bands:
2007 2006
Individuals Individuals
US$
257,001 – 321,000 – 1
321,001 – 385,000 – 1
449,001 – 513,000 1 –
577,001 – 641,000 1 –
768,001 – 832,000 – 1
897,001 – 961,000 1 –
3 3
During the years ended 31st March 2006 and 31st March
2007, there were no amounts paid to directors and senior
executives above for compensation for loss of offi ce and
inducement for joining the Group.
4 TAXATION
2007 2006
Note
US$ million US$ million
Current tax
– Hong Kong 14.9 10.5
– Overseas 3.9 1.4
Under-provision in respect of
prior years
– Overseas 0.1 0.5
Deferred tax
– Origination and reversal
of temporary
differences 9 (0.3) (1.1)
18.6 11.3
Tax on profi ts has been calculated at the rates of taxation
prevailing in the countries in which the Group operates.
The consolidated effective income tax rate for the year ended
31st March 2007 was 9.2% (2006: 8.1%). The effective
income tax rate is reconciled to the statutory domestic income
tax rate as follow:
2007 2006
% %
Statutory domestic income tax rate 17.5 17.5
Difference in overseas income tax
rates 0.7 0.2
Non-temporary differences (7.0) (7.7)
Tax losses not recognised 1.2 1.4
Underprovision in prior years – 0.4
Others (3.2) (3.7)
Effective income tax rate 9.2 8.1
5 DIVIDENDS
2007 2006
Note
US$ million US$ million
Interim dividend of US9.0 cents
(2006: US6.0 cents) per share
declared and paid 17 21.5 14.3
Special dividend of US30.0 cents
(2006: Nil) per share
declared and paid 17 71.7 –
93.2 14.3
Final dividend of US41.0 cents
(2006: US26.0 cents) per
share proposed after the
balance sheet date 17 98.0 62.1
The fi nal dividend proposed after the balance sheet date has
not been recognised as a liability at the balance sheet date.
6 EARNINGS PER SHARE
The calculations of basic and diluted earnings per share are
based on the Group’s profi t attributable to shareholders of
US$182.9 million (2006: US$128.8 million).
The basic earnings per share is based on the weighted average
of 239.0 million (2006: 234.4 million) ordinary shares in issue
during the year. The diluted earnings per share is based on
243.6 million (2006: 236.9 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 under the employee share option scheme.
2007 2006
million million
Weighted average number of
ordinary shares at 31st March 239.0 234.4
Effect of deemed issue of shares
under the Company’s share option
 scheme for nil consideration 4.6 2.5
Weighted average number of
ordinary shares (diluted) at
31st March 243.6 236.9
12aVtechCFS&Notes(E).indd40 2007/7/511:43:27PM