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Annual Report 2003 49
VTech in the Last Five Years
Consolidated statement of net assets as at 31st March
1999 2000 2001 2002 2003
Note US$ million US$ million US$ million US$ million US$ million
Non-current assets
Tangible assets (i) 100.6 165.9 95.9 58.0 48.0
Leasehold land payments (ii) 7.1 7.1 7.0 3.1 2.7
Negative goodwill — (32.2 ) — — —
Other non-current assets 5.6 6.1 4.5 4.7 4.1
113.3 146.9 107.4 65.8 54.8
Current assets
Stocks 91.9 256.8 187.5 94.4 84.0
Debtors and prepayments (iii) 148.0 244.5 255.6 165.3 139.9
Cash and cash equivalents 97.3 79.6 56.2 63.3 70.4
Other current assets 2.2 3.1 34.0 27.5 9.5
339.4 584.0 533.3 350.5 303.8
Current liabilities (iii), (iv) & (v) (154.6 ) (262.0 ) (421.4 ) (259.7 ) (227.3 )
Net current assets 184.8 322.0 111.9 90.8 76.5
Total assets less current liabilities 298.1 468.9 219.3 156.6 131.3
Long-term liabilities
Borrowings (14.1 ) (169.7 ) (136.9 ) (65.2 ) (2.2 )
Deferred tax liabilities (1.7 ) (1.4 ) (1.3 ) (1.2) (0.8 )
(15.8 ) (171.1 ) (138.2 ) (66.4 ) (3.0 )
Minority interest (0.7 ) (0.8 ) (0.9 ) (0.8) (0.8 )
Net assets/shareholders’ funds 281.6 297.0 80.2 89.4 127.5
(i) Tangible assets have been adjusted in accordance
with IAS 40 by the following amounts: (8.5 ) (6.9 ) (6.9) — —
(ii) Leasehold land payments have been adjusted in accordance with IAS
40 by the following amounts: 7.1 7.1 7.0 — —
(iii) Debtors and prepayments and current liabilities have been adjusted
to include pension assets in accordance with IAS 19 (revised 1998)
by the following amounts:
Debtors and prepayments 1.4 — — — —
Current liabilities (0.8 ) — — — —
(iv) Current liabilities have been adjusted to exclude the final dividend proposed
in accordance with IAS 10 (revised 1999) by the following amounts: 26.5 — — — —
(v) Current liabilities have been adjusted to reflect the fair value of the derivative
financial instruments in accordance with IAS 39: — — 0.3 — —