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VTech Holdings Limited Annual Report 2015 55
2 Operating Profit
Operating profit is arrived at after charging/(crediting) the following:
Note
2015
US$ million
2014
(Restated)
US$ million
Staff related costs
– salaries and wages 287.6 272.9
– pension costs: defined
contribution schemes 15(a) 16.6 14.5
– pension costs: defined
benefit scheme 15(b) 1.7 2.0
– severance payments 1.2 2.5
– share-based payment
expenses 16(c) 1.3 1.4
308.4 293.3
Cost of inventories 10(b) 1,269.3 1,264.6
Depreciation of tangible
assets 731.5 30.7
Amortisation of leasehold
land payments 80.1 0.1
Gain on disposal of tangible
assets (0.2) (0.1)
Auditors’ remuneration
– audit services 0.8 0.8
– audit related services 0.1 0.1
– tax services 0.6 0.5
Note
2015
US$ million
2014
(Restated)
US$ million
Operating leases charges:
minimum lease payments
– land and buildings 15.8 16.0
– others 2.4 3.0
Impairment loss of trade
debtors 11(b) 1.4 0.6
Impairment loss of trade
debtors written back 11(b) (1.1) (0.7)
Royalties 14.1 22.2
Provision for defective goods
returns 14 24.0 26.4
Net foreign exchange loss 0.3 0.4
Net loss/(gain) on forward
foreign exchange contracts
– Net loss/(gain) on
cash flow hedging
instruments reclassified
from equity 4.4 (2.3)
– Net (gain)/loss on forward
foreign exchange
contracts (0.4) 0.5
3 Directors’ Emoluments and Individuals with Highest Emoluments
Directors’ emoluments disclosed with reference to section 161 of the predecessor Hong Kong Companies Ordinance (Cap. 32) is as follows:
Directors’ emoluments
Fees
US$ million
Salaries,
allowances
and benefits
in kind
US$ million
Discretionary
bonuses
US$ million
Contributions
to retirement
benefit
schemes
US$ million
Share-based
payments (iv)
US$ million
2015
Total
US$ million
Executive Directors (i)
Allan WONG Chi Yun (iii) –0.9 2.0 0.1 –3.0
PANG King Fai –0.5 1.5 – – 2.0
Andy LEUNG Hon Kwong –0.5 1.8 – – 2.3
Independent Non-executive
Directors (ii)
William FUNG Kwok Lun ––––––
Michael TIEN Puk Sun – – – – – –
Patrick WANG Shui Chung ––––––
WONG Kai Man ––––––
–1.9 5.3 0.1 –7.3
Fees
US$ million
Salaries,
allowances
and benefits
in kind
US$ million
Discretionary
bonuses
US$ million
Contributions
to retirement
benefit
schemes
US$ million
Share-based
payments (iv)
US$ million
2014
Total
US$ million
Executive Directors (i)
Allan WONG Chi Yun (iii) –0.9 2.0 0.1 –3.0
PANG King Fai –0.5 1.5 – – 2.0
Andy LEUNG Hon Kwong –0.5 1.7 – – 2.2
Independent Non-executive
Directors (ii)
William FUNG Kwok Lun ––––––
Michael TIEN Puk Sun ––––––
Patrick WANG Shui Chung ––––––
WONG Kai Man ––––––
–1.9 5.2 0.1 –7.2