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VTech Holdings Limited Annual Report 2015 65
17 Reserves
(a) The Group
Details of the movements in reserves of the Group during the years ended 31 March 2014 and 31 March 2015 are set out in the
consolidated statement of changes in equity.
(b) The Company
Share
capital
Share
premium
Shares held
for Share
Purchase
Scheme
Exchange
reserve
Capital
reserve
Revenue
reserve
Total
equity
Note US$ million US$ million US$ million US$ million US$ million US$ million US$ million
At 1 April 2013 12.5 138.6 (0.9) (1.2) 2.2 230.3 381.5
Changes in equity for the
year ended 31 March 2014
Comprehensive income
Profit for the year – – – – – 216.4 216.4
Other comprehensive income
(after tax and reclassification
adjustments)
Exchange translation differences – – – 0.2 – – 0.2
Other comprehensive income
for the year – – – 0.2 – – 0.2
Total comprehensive income
for the year – – – 0.2 –216.4 216.6
Final dividend in respect of
the previous year –––––(160.5) (160.5)
Interim dividend in respect of
the current year 5–––––(40.1) (40.1)
Shares issued under
share option scheme 16(a) –4.7 – – – – 4.7
Equity-settled share based payments –1.2 – – (1.2) – –
Shares purchased for
Share Purchase Scheme 16(c) – – (1.0) – – – (1.0)
Vesting of shares of
Share Purchase Scheme 16(c) – – 1.4 – – – 1.4
At 31 March 2014 and
1 April 2014 12.5 144.5 (0.5) (1.0) 1.0 246.1 402.6
Changes in equity for the year
ended 31 March 2015
Comprehensive income
Profit for the year – – – – – 180.9 180.9
Total comprehensive income
for the year –––––180.9 180.9
Final dividend in respect of
the previous year 5 – – – – – (160.8) (160.8)
Interim dividend in respect of
the current year 5 – – – – – (42.7) (42.7)
Shares issued under share
option scheme 16(a) –3.4 – – – – 3.4
Equity-settled share based payments –0.9 – – (0.9) – –
Share option lapsed during the period – – – – (0.1) 0.1 –
Shares purchased for
Share Purchase Scheme 16(c) – – (1.7) –––(1.7)
Vesting of shares of
Share Purchase Scheme 16(c) – – 1.3 – – – 1.3
At 31 March 2015 12.5 148.8 (0.9) (1.0) –223.6 383.0
The consolidated profit attributable to shareholders includes a
profit of US$180.9 million (2014: US$216.4 million) which has been
dealt with in the financial statements of the Company.
Reserves of the Company available for distribution to shareholders
amounted to US$223.6 million (2014: US$246.1 million).
(c) Nature and purpose of reserves
The application of share premium account is governed by the
Companies Act 1981 of Bermuda.
The properties revaluation reserve has been set up and was dealt
with the revaluation gains or losses for land and buildings. The
Group has changed its accounting policy for own use properties
from “fair value model” to “cost model” with effect from the
accounting period from 1 April 2014. Details of the change in
accounting policy are set out in note (B).
The exchange reserve comprises exchange differences arising from
the translation of the financial statements of foreign operations.
The capital reserve comprises the fair value of the actual or
estimated number of unexercised share options granted to
employees of the company recognised in accordance with the
accounting policy adopted for share-based payments in note (S).
The hedging reserve comprises the effective portion of the
cumulative net change in fair value of hedging instruments used in
cash flow hedges pending subsequent recognition of the hedged
cash flows.