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VTech Holdings Ltd42
Notes to the Financial Statements
12 INVESTMENTS
2003 2002
US$ million US$ million
i) Associates
Share of net tangible assets 0.1 0.3
ii) Other investments
Unlisted investments, at cost 0.1 0.1
0.2 0.4
13 STOCKS
2003 2002
US$ million US$ million
Telecommunication and electronic products
Raw materials 13.9 18.0
Work in progress 4.6 1.8
Finished goods 65.5 74.6
84.0 94.4
Stocks carried at net realizable value at 31st March 2003
amounted to US$16.2 million (2002: US$15.3 million).
14 ASSETS HELD FOR SALE
2003 2002
US$ million US$ million
Land and buildings
Hong Kong —4.7
Overseas 8.0 19.8
8.0 24.5
The assets have been written down to their estimated
recoverable amounts.
15 DEBTORS AND PREPAYMENTS
2003 2002
Note US$ million US$ million
Trade debtors (Net of provision for
doubtful debts of US$5.8 million
(2002: US$7.2 million)) 123.0 128.9
Other debtors and prepayments 15.1 34.1
Pension assets 18 1.8 1.8
Forward foreign exchange contracts 22 —0.5
139.9 165.3
An aging analysis of net trade debtors by transaction date is as
follows:
2003 2002
US$ million US$ million
0-30 days 54.5 75.3
31-60 days 41.6 31.6
61-90 days 10.2 8.6
>90 days 16.7 13.4
Total 123.0 128.9
The majority of the Group’s sales are on letter of credit and on
open credit with varying terms of 30 to 90 days. Certain open
credit sales are covered by credit insurance or bank guarantees.
16 CREDITORS AND ACCRUALS
2003 2002
Note US$ million US$ million
Trade creditors 59.5 76.3
Other creditors and accruals 111.9 110.7
Interest rates swaps 22 —0.9
171.4 187.9
An aging analysis of trade creditors by transaction date is as
follows:
2003 2002
US$ million US$ million
0-30 days 28.7 36.7
31-60 days 11.5 20.5
61-90 days 11.9 11.0
>90 days 7.4 8.1
Total 59.5 76.3
17 BORROWINGS
2003 2002
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 1.0 1.0
Repayable by instalments, all of which are
due for repayment within five years:
Unsecured bank loans and overdrafts —93.0
Secured bank loans 1.4 1.3
Obligations under finance leases (Note) 0.3 0.5
1.7 94.8
Less : amounts due within one year included
under current liabilities:
Unsecured bank loans and overdrafts —(30.2 )
Secured bank loans (0.4) (0.3 )
Obligations under finance leases (Note) (0.1 ) (0.1 )
(0.5) (30.6 )
2.2 65.2
Bank loans, overdrafts and finance lease
obligations are repayable as follows:
Between one and two years 0.5 63.2
Between two and five years 0.7 1.0
In more than five years 1.0 1.0
2.2 65.2
Note:
The amounts are net of future finance charges of US$0.1 million (2002: US$0.1 million).