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Annual Report 2002 67
VTech in the Last Five Years
Consolidated statement of net assets as at 31st March
1998 1999 2000 2001 2002
Note US$ million US$ million US$ million US$ million US$ million
Non-current assets
Tangible assets (i) 103.2 100.6 165.9 96.0 58.0
Leasehold land payments (ii) 7.2 7.1 7.1 7.0 3.1
Negative goodwill ——(32.2) ——
Deferred tax assets (iii) 7.5 5.4 4.3 4.0 4.3
Investments 0.2 0.2 1.8 0.5 0.4
118.1 113.3 146.9 107.5 65.8
Current assets
Stocks 119.5 91.9 256.8 187.5 94.4
Assets held for sale ———30.4 24.5
Debtors and prepayments (iv) 119.5 148.0 244.5 255.6 165.3
Taxation recoverable 0.3 2.2 3.1 3.6 3.0
Cash at bank and deposits 55.0 97.3 79.6 56.2 63.3
294.3 339.4 584.0 533.3 350.5
Current liabilities (iv) & (v) (170.8) (154.6) (262.0) (421.7) (259.7)
Net current assets 123.5 184.8 322.0 111.6 90.8
Total assets less current liabilities 241.6 298.1 468.9 219.1 156.6
Long-term liabilities
Borrowings (6.1) (14.1) (169.7) (136.9) (65.2)
Deferred tax liabilities (iii) (1.1) (1.7) (1.4) (1.3) (1.2)
(7.2) (15.8) (171.1) (138.2) (66.4)
Minority interest (0.9) (0.7) (0.8) (0.9) (0.8)
Net assets/Shareholders’ funds 233.5 281.6 297.0 80.0 89.4
(i) Tangible assets have been adjusted in accordance
with IAS 40 by the following amounts: (9.4) (8.5) (6.9) (6.8) —
(ii) Leasehold land payments have been adjusted in
accordance with IAS 40 by the following amounts: 7.2 7.1 7.1 7.0 —
(iii) Deferred tax assets and liabilities have been adjusted
for the effect of IAS 12 (revised in 1996) by the following
amounts:
Deferred tax assets 7.5 ————
Deferred tax liabilities (1.1) ————
(iv) Debtors and prepayments and current liabilities have
been adjusted to include pension assets in accordance
with IAS 19 (revised in 1998) by the following amounts:
Debtors and prepayments 0.7 1.4 ———
Current liabilities (0.7) (0.8) ———
(v) Current liabilities have been adjusted to exclude the
final dividend proposed in accordance with IAS 10
(revised in 1999) by the following amounts: 21.2 26.5 ———