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VTech Holdings Ltd Annual Report 2010 49
3 Directors’ Emoluments and Individuals
with Highest Emoluments (Continued)
Individuals with highest emoluments
Of the five individuals with the highest emoluments, three (2009:
three) are directors whose emoluments are set out above. The
aggregate of the emoluments in respect of the other two (2009:
two) individuals are as follows:
2010 2009
US$ million US$ million
Salaries, allowances and
benefits in kind 0.8 0.5
Discretionary bonuses 1.2 0.6
Contribution to retirement
benefit schemes – –
Share-based payments 0.1 0.2
2.1 1.3
The emoluments fell within the following bands:
2010 2009
Individuals Individuals
US$
513,001 – 577,000 – 1
641,001 – 705,000 1 –
833,001 – 897,000 – 1
1,397,001 – 1,461,000 1 –
2 2
During the years ended 31 March 2009 and 31 March 2010,
there were no amounts paid to directors and individuals for
compensation for loss of office and inducement for joining the
Group.
4 Taxation
2010 2009
Note US$ million US$ million
Current tax
– Hong Kong 17.3 10.9
– Overseas 4.2 4.5
Over-provision in
respect of prior years
– Hong Kong (0.3) (0.1)
– Overseas – (0.1)
Deferred tax
– Origination and
reversal of temporary
differences 9 (1.0) 0.6
20.2 15.8
(a) Hong Kong Profits Tax has been calculated at the rate of
16.5% (2009: 16.5%) on the estimated assessable profit for
the year.
(b) Overseas taxation has been calculated at the rates of
taxation prevailing in the countries in which the Group
operates.
(c) Reconciliation between the effective income tax rate and
the statutory domestic income tax rate
The consolidated effective income tax rate for the year ended
31 March 2010 was 9.0% (2009: 9.9%). The effective income tax
rate is reconciled to the statutory domestic income tax rate as
follows:
2010 2009
% %
Statutory domestic
income tax rate 16.5 16.5
Difference in overseas
income tax rates 0.8 1.1
Non-temporary differences (6.8) (5.0)
Tax losses not recognised – 1.4
Others (1.5) (4.1)
Effective income tax rate 9.0 9.9
(d) Included in the consolidated statement of comprehensive
income for the year ended 31 March 2009 was US$4.8
million related to surplus on revaluation of properties which
was derived at after the related tax expense of US$0.9
million.
5 Dividends
2010 2009
Note US$ million US$ million
Interim dividend of
US16.0 cents
(2009: US12.0 cents)
per share declared
and paid 19 39.5 29.5
Final dividend of
US62.0 cents
(2009: US41.0 cents)
per share proposed
after the balance
sheet date 19 153.1 100.8
The final dividend proposed after the balance sheet date has not
been recognised as a liability at the balance sheet date.
At a meeting held on 15 June 2009, the directors proposed a final
dividend of US41.0 cents per ordinary share for the year ended
31 March 2009, which was estimated to be US$100.8 million
at the time calculated on the basis of the ordinary shares in
issue as at 31 March 2009. The final dividend was approved by
shareholders at the Annual General Meeting on 7 August 2009.
As a result of shares issuance upon exercise of share options
during the period between 1 April 2009 and 7 August 2009, the
final dividend paid in respect of the year ended 31 March 2009
totaled US$101.2 million.