Vtech 2004 Annual Report Download - page 31

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Consolidated
Financial
Statements
VTech Holdings Ltd Annual Report 2004
29
Consolidated
Financial Statements
CONSOLIDATED BALANCE SHEET
As at 31st March 2004
2004
2003
Note
US$ million
US$ million
Non-current assets
Tangible assets 8
48.7
48.0
Leasehold land payments 9
1.8
2.7
Deferred tax assets 10
3.7
3.9
Investments 11
0.2
0.2
54.4
54.8
Current assets
Stocks 12
96.1
84.0
Assets held for sale
8.0
8.0
Debtors and prepayments 13
153.9
139.9
Taxation recoverable
4.6
1.5
Cash and cash equivalents
105.2
70.4
367.8
303.8
Current liabilities
Creditors and accruals 14
(200.3)
(171.4)
Provisions 15
(40.7)
(40.4)
Borrowings 17
(0.6)
(0.5)
Taxation payable
(14.4)
(15.0)
(256.0)
(227.3)
Net current assets 111.8
76.5
Total assets less current liabilities 166.2
131.3
Non-current liabilities
Borrowings 17
(2.0)
(2.2)
Deferred tax liabilities 10
(1.6)
(0.8)
(3.6)
(3.0)
Minority interest —
(0.8)
Net assets 162.6
127.5
Capital and reserves
Share capital 18
11.3
11.3
Reserves 19
151.3
116.2
Shareholders’ funds 162.6
127.5
Approved and authorised for issue by the Board of Directors
on 29th June 2004
Allan WONG Chi Yun Albert LEE Wai Kuen
Director Director
CONSOLIDATED INCOME STATEMENT
For the year ended 31st March 2004
2004
2003
Note
US$ million
US$ million
Revenue
1
915.2
866.5
Cost of sales (633.9)
(577.5)
Gross profit 281.3
289.0
Selling and distribution costs
(150.7)
(166.8)
Administrative and other
operating expenses
(47.9)
(65.7)
Research and development expenses
(33.2)
(31.0)
Gain on settlement of a lawsuit
—
34.0
Operating profit
1 & 2
49.5
59.5
Net finance income/(costs) 4
0.4
(1.0)
Share of results of associates
—
(0.2)
Profit from ordinary activities
before taxation 49.9
58.3
Taxation 5
(3.6)
(17.4)
Profit from ordinary activities
after taxation 46.3
40.9
Minority interest
—
(0.1)
Profit attributable to shareholders
19
46.3
40.8
Interim dividend
6
6.8
3.4
Final dividend
6
15.8
4.5
Earnings per share (US cents)
7
— Basic
20.5
18.1
— Diluted
20.5
18.1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31st March 2004
2004
2003
Note
US$ million
US$ million
Shareholders’ equity at 1st April
127.5
89.4
Surplus arising on revaluation of
other properties 19
—
0.5
Realisation of hedging reserve 19
3.6
0.4
Fair value losses on hedging
during the year 19
(3.6)
—
Exchange translation differences 19
0.1
(0.2)
Net gains and losses not recognised
in the income statement
0.1
0.7
Profit attributable to shareholders 19
46.3
40.8
Dividends approved and paid
during the year 19
(11.3)
(3.4)
Shareholders’ equity at 31st March
162.6
127.5
The notes on pages 30 to 46 form part of these financial statements.