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VTech in the Last
Five Years
47
VTech in the
Last Five Years
VTech Holdings Ltd Annual Report 2004
Consolidated statement of net assets as at 31st March
2000 2001 2002 2003
2004
Note US$ million US$ million US$ million US$ million
US$ million
Non-current assets
Tangible assets (i) 165.9 95.9 58.0 48.0
48.7
Leasehold land payments (ii) 7.1 7.0 3.1 2.7
1.8
Negative goodwill (32.2) ———
—
Other non-current assets 6.1 4.5 4.7 4.1
3.9
146.9 107.4 65.8 54.8
54.4
Current assets
Stocks 256.8 187.5 94.4 84.0
96.1
Debtors and prepayments 244.5 255.6 165.3 139.9
153.9
Cash and cash equivalents 79.6 56.2 63.3 70.4
105.2
Other current assets 3.1 34.0 27.5 9.5
12.6
584.0 533.3 350.5 303.8
367.8
Current liabilities
(iii) (262.0) (421.4) (259.7 ) (227.3)
(256.0)
Net current assets
322.0 111.9 90.8 76.5
111.8
Total assets less current liabilities
468.9 219.3 156.6 131.3
166.2
Non-current liabilities
Borrowings (169.7) (136.9) (65.2) (2.2)
(2.0)
Deferred tax liabilities (1.4) (1.3) (1.2) (0.8)
(1.6)
(171.1) (138.2) (66.4) (3.0)
(3.6)
Minority interest
(0.8) (0.9) (0.8) (0.8)
—
Net assets/shareholders’ funds
297.0 80.2 89.4 127.5
162.6
(i) Tangible assets have been adjusted
in accordance with IAS 40
by the following amounts: (6.9 ) (6.9) ——
—
(ii) Leasehold land payments have been adjusted
in accordance with IAS 40
by the following amounts: 7.1 7.0 ——
—
(iii) Current liabilities have been adjusted to
reflect the fair value of the derivative financial
instruments in accordance with IAS 39: —0.3 ——
—
Consolidated income statement for the years ended 31st March
2000 2001 2002 2003
2004
Note US$ million US$ million US$ million US$ million
US$ million
Revenue
1,045.9 1,334.9 959.8 866.5
915.2
Profit/(loss) from ordinary activities
before taxation
(iv),(v)&(vi) 47.4 (213.1) 13.9 58.3
49.9
Taxation (2.5) (1.8) (2.6) (17.4)
(3.6)
Profit/(loss) from ordinary activities
after taxation
44.9 (214.9) 11.3 40.9
46.3
Minority interest (0.1) (0.1) (0.1) (0.1)
—
Profit/(loss) attributable to shareholders
44.8 (215.0) 11.2 40.8
46.3
Earnings/(loss) per share (US cents)
21.0 (96.7) 5.0 18.1
20.5
(iv) Depreciation on moulds for new products
that ultimately go into production for
the years ended 31st March 1998 to
31st March 1999 has now been reclassified
and included within cost of sales instead
of within research and development
expenses by the following amount: 7.8 ———
—
(v) Administrative and other operating
expenses have been
adjusted for the effect of IAS 40
by the following amount: (0.2) ———
—
(vi) Loss from ordinary activities before taxation for the year ended 31st March 2001 included US$110.4 million of restructuring and impairment charges in respect
of the Group’s restructuring plan launched in March 2001. Details of the plan has been provided in the Annual Report 2001.