Vtech 2015 Annual Report Download - page 58

VTech Holdings Limited Annual Report 2015
Notes to the Financial Statements
56
3 Directors’ Emoluments and Individuals
with Highest Emoluments (Continued)
Directors’ emoluments (Continued)
Notes:
(i) The Directors’ fee paid to each executive Director was US$30,000 (2014: US$30,000)
per annum.
(ii) The Directors' fee paid to each independent non-executive Director was US$30,000
(2014: US$30,000) per annum.
(iii) The emoluments paid to Dr. Allan WONG Chi Yun included housing benet of
HK$3,600,000 for the year ended 31 March 2015 (2014: HK$3,600,000), which was
based on the lease agreement entered by the Company with Aldenham Company
Limited (“Aldenham”). Aldenham is an indirect wholly owned subsidiary of a
discretionary trust of which Dr. Allan WONG Chi Yun, a Director, was the founder.
(iv) These represent the estimated value of share options granted to the Directors under
the Company’s share option scheme. The value of these share options is measured
according to the Group’s accounting policies for share-based payment transactions
as set out in note (S). The details of these benets in kind, including the principal terms
and number of options granted, are disclosed under the section headed “Share Option
Scheme” in the Report of the Directors and note 16(b) to the nancial statements.
Individuals with highest emoluments
Of the five individuals with the highest emoluments, three
(2014: three) are Directors whose emoluments are set out above.
The aggregate of the emoluments in respect of the other two
(2014: two) individuals are as follows:
2015
US$ million
2014
US$ million
Salaries, allowances and benefits
in kind 0.9 1.0
Discretionary bonuses 2.6 2.2
Contribution to retirement
benefit schemes 0.1 –
3.6 3.2
The emoluments fell within the following bands:
2015
Individuals
2014
Individuals
US$
961,001 – 1,025,000 11
2,241,001 – 2,305,000 –1
2,689,001 – 2,753,000 1–
22
During the years ended 31 March 2014 and 31 March 2015,
there were no amounts paid to Directors and individuals for
compensation for loss of office and inducement for joining
the Group.
Emoluments of senior management
Other than the Directors’ remuneration and emoluments of five
highest individuals disclosed above, the emoluments of the
senior management whose profiles are included in Directors and
Senior Management section of this Annual Report fell within the
following bands:
2015
Individuals
2014
Individuals
US$
256,001 – 320,000 1–
321,001 – 385,000 21
385,001 – 449,000 –1
449,001 – 513,000 21
513,001 – 577,000 12
769,001 – 833,000 1–
833,001 – 897,000 –1
76
4 Taxation
Note
2015
US$ million
2014
US$ million
Current tax
– Hong Kong 17.1 15.3
– Overseas 8.1 7.3
Under/(Over)-provision in
respect of prior years
– Hong Kong 0.3 (0.1)
Deferred tax
– Origination and reversal
of temporary differences 9(b) (1.9) 1.7
23.6 24.2
(a) Hong Kong Profits Tax has been calculated at the rate of 16.5%
(2014: 16.5%) on the estimated assessable profit for the year.
(b) Overseas taxation has been calculated at the rates of taxation
prevailing in the countries in which the Group operates.
(c) Reconciliation between the effective income tax rate and the
statutory domestic income tax rate:
The consolidated effective income tax rate for the year ended 31
March 2015 was 10.6% (2014: 10.6%). The effective income tax rate
is reconciled to the statutory domestic income tax rate as follows:
2015
%
2014
%
Statutory domestic income tax rate 16.5 16.5
Difference in overseas income tax
rates 1.1 1.4
Tax effect of non-temporary
differences (6.5) (6.8)
Others (0.5) (0.5)
Effective income tax rate 10.6 10.6
5 Dividends
Note
2015
US$ million
2014
US$ million
Interim dividend of US17.0
cents (2014: US16.0 cents)
per share declared and paid 17 42.7 40.1
Final dividend of US61.0 cents
(2014: US64.0 cents) per
share proposed after the
balance sheet date 17 153.2 160.6
The final dividend proposed after the balance sheet date has not
been recognised as a liability at the balance sheet date.
At a meeting held on 22 May 2014, the Directors proposed a final
dividend of US64.0 cents per ordinary share for the year ended 31
March 2014, which was estimated to be US$160.6 million at the
time calculated on the basis of the ordinary shares in issue as at
31 March 2014. The final dividend was approved by shareholders
at the annual general meeting on 18 July 2014. As a result of
shares issuance upon exercise of share options during the period
between 1 April 2014 and 18 July 2014, the final dividend paid in
respect of the year ended 31 March 2014 totaled US$160.8 million.