Vtech 2010 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 of the 2010 Vtech annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

38 VTech Holdings Ltd Annual Report 2010
Consolidated Financial Statements
Balance Sheet of the Company
As at 31 March 2010
2010 2009
Note US$ million US$ million
Non-current assets
Investments in subsidiaries 24 227.5 227.5
Current assets
Amounts due from
subsidiaries 24 356.9 479.9
Cash and cash equivalents 0.3 0.1
357.2 480.0
Current liabilities
Amounts due to
subsidiaries 24 (206.2) (319.7)
Creditors and accruals (1.8) (1.6)
(208.0) (321.3)
Net current assets 149.2 158.7
Net assets 376.7 386.2
Capital and reserves
Share capital 18 12.4 12.3
Reserves 19 364.3 373.9
Total equity 376.7 386.2
Approved and authorised for issue by the Board of Directors on
14 June 2010.
Allan WONG Chi Yun PANG King Fai
Director Director
Consolidated Cash Flow Statement
For the year ended 31 March 2010
2010 2009
Note US$ million US$ million
Operating activities
Operating profit 224.1 154.3
Depreciation of
tangible assets 2 36.6 31.7
Amortisation of leasehold
land payments 2 0.1 0.1
Loss on disposal of
tangible assets 2 – 0.4
Impairment loss on
construction in progress 2 6.9 –
(Increase)/decrease in stocks (31.3) 4.4
(Increase)/decrease in debtors,
deposits and prepayments (21.2) 39.0
Increase/(decrease) in creditors
and accruals 40.0 (29.2)
Increase/(decrease) in provisions 0.6 (4.6)
Cash generated from
operations 255.8 196.1
Interest received 1.4 4.7
Taxes paid (12.4) (22.9)
Net cash generated from
operating activities 244.8 177.9
Investing activities
Purchase of tangible assets (20.3) (27.1)
Proceeds from disposal of
tangible assets 0.3 –
Capital injection to a subsidiary (3.0) –
Purchase of financial assets 13 – (5.0)
Proceeds received upon
maturity of financial assets 13 5.0 15.0
Placement of bank deposits
with maturity greater
than three months 14 (140.7) (45.0)
Net cash used in investing
activities (158.7) (62.1)
Financing activities
Proceeds from shares
issued upon exercise
of share options 18 & 19 5.8 6.9
Dividends paid 5 (140.7) (154.9)
Net cash used in
financing activities (134.9) (148.0)
Effect of exchange rate
changes 3.5 (11.0)
Decrease in cash and
cash equivalents (45.3) (43.2)
Cash and cash equivalents
at beginning of the year 242.2 285.4
Cash and cash equivalents
at end of the year 14 196.9 242.2
Analysis of the balance of
cash and cash equivalents
Deposits and cash in the
consolidated balance sheet 14 382.6 287.2
Less: Bank deposits with
maturity greater than
three months 14 (185.7) (45.0)
Cash and cash equivalents
in the consolidated
cash flow statement 14 196.9 242.2
The notes and principal accounting policies on pages 39 to 65 form part of these financial statements.