Vtech 2003 Annual Report Download - page 34

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VTech Holdings Ltd32
Consolidated Financial Statements
CONSOLIDATED INCOME STATEMENT
For the year ended 31st March 2003
2003 2002
Note US$ million US$ million
(restated)
Revenue 1866.5 959.8
Cost of sales (577.5 ) (672.7 )
Gross profit 289.0 287.1
Selling and distribution costs (166.8 ) (153.8 )
Administrative and other operating expenses (65.7 ) (77.3 )
Research and development expenses (31.0 ) (33.0 )
Gain on settlement of a lawsuit 3 34.0 —
Operating profit 259.5 23.0
Net finance costs 5 (1.0 ) (8.6 )
Share of results of associates (0.2 ) (0.5 )
Profit from ordinary activities before taxation 58.3 13.9
Taxation 6 (17.4 ) (2.6 )
Profit from ordinary activities after taxation 40.9 11.3
Minority interest (0.1 ) (0.1 )
Profit attributable to shareholders 21 40.8 11.2
Interim dividend 73.4 —
Final dividend 74.5 —
Earnings per share (in US cents) 8
— Basic 18.1 5.0
— Diluted 18.1 5.0
The notes on pages 33 to 48 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31st March 2003
2003 2002
Note US$ million US$ million
Shareholders’ equity at 1st April 89.4 80.2
Deferred tax reversed upon disposal of
a property previously revalued 21 —0.4
Surplus/(deficit) arising on revaluation
of other properties 21 0.5 (1.6 )
Realization of hedging reserve 21 0.4 (0.3 )
Fair value losses on hedging during
the year 21 —(0.4 )
Exchange translation differences 21 (0.2 ) (0.2 )
Net gains/(losses) not recognized in the
income statement 0.7 (2.1 )
Profit attributable to shareholders 21 40.8 11.2
Dividend approved and paid during
the year 21 (3.4 ) —
Movements in share capital:
Placing of shares 21 —0.1
Shareholders’ equity at 31st March 127.5 89.4
The notes on pages 33 to 48 form part of these financial statements.
CONSOLIDATED BALANCE SHEET
As at 31st March 2003
2003 2002
Note US$ million US$ million
Non-current assets
Tangible assets 9 48.0 58.0
Leasehold land payments 10 2.7 3.1
Deferred tax assets 11 3.9 4.3
Investments 12 0.2 0.4
54.8 65.8
Current assets
Stocks 13 84.0 94.4
Assets held for sale 14 8.0 24.5
Debtors and prepayments 15 139.9 165.3
Taxation recoverable 1.5 3.0
Cash and cash equivalents 70.4 63.3
303.8 350.5
Current liabilities
Creditors and accruals 16 (171.4 ) (187.9 )
Provisions 19 (40.4 ) (39.1 )
Borrowings 17 (0.5 ) (30.6 )
Taxation payable (15.0 ) (2.1 )
(227.3 ) (259.7 )
Net current assets 76.5 90.8
Total assets less current liabilities 131.3 156.6
Non-current liabilities
Borrowings 17 (2.2 ) (65.2 )
Deferred tax liabilities 11 (0.8 ) (1.2 )
(3.0 ) (66.4 )
Minority interest (0.8 ) (0.8 )
Net assets 127.5 89.4
Capital and reserves
Share capital 20 11.3 11.3
Reserves 21 116.2 78.1
Shareholders’ funds 127.5 89.4
Approved and authorized for issue by the Board of Directors on 25th June 2003
Allan WONG Chi Yun Paddy LAW Wai Leung
Director Director
The notes on pages 33 to 48 form part of these financial statements.