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17. BORROWINGS
2001 2000
Note US$ million US$ million
Bank loans, overdrafts and finance lease obligations
Repayable by instalments, any one of which is due for
repayment after five years:
Secured bank loans 4.6 4.5
Repayable by instalments, all of which are due for repayment
within five years:
Unsecured bank loans and overdrafts 241.4 178.8
Secured bank loans 3.1 2.6
Obligations under finance leases 0.5 Ð
245.0 181.4
Less: amounts due within one year included under current
liabilities:
Unsecured bank loans and overdrafts (111.3) (16.2)
Secured bank loans (1.3) Ð
Obligations under finance leases 16 (0.1) Ð
(112.7) (16.2)
136.9 169.7
Bank loans, overdrafts and finance lease commitments are
repayable as follows:
Between one and two years 50.5 163.9
Betweentwoandfiveyears 81.9 1.3
In more than five years 4.5 4.5
136.9 169.7
The secured bank loans are secured against land and buildings. Bank loans and overdrafts are mainly
denominated in United States dollars, Hong Kong dollars and French Francs. Interest rates vary from 5.09% to
8.68%. (2000 : 3.43% to 8.68%)
18. PENSION SCHEMES
Total retirement benefit costs recognized in the income statement for the year ended 31st March 2001
amounted to US$2.9 million (2000: US$2.6 million). For the defined contribution schemes operated for
overseas employees, the retirement benefit cost expensed in the income statement amounted to US$1.5 million
(2000: US$0.6 million). For the defined benefit scheme (``the Scheme'') operated for Hong Kong employees,
contributions made by the Group during the year were set based on advice from Watson Wyatt Hong Kong
Limited (``Watson Wyatt''), independent actuaries and consultants. The Scheme is valued annually. The latest
actuarial valuation was completed by Watson Wyatt as at 31st March 2001 using the projected unit credit
method.
53
Notes to the Financial Statements
VTech Holdings Ltd Annual Report 2001