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54 VTech Holdings Ltd Annual Report 2013
Notes to the Financial Statements
2 Operating Profit
Operating profit is arrived at after charging/(crediting) the following:
2013 2012
Note US$ million US$ million
Staff related costs
– salaries and wages 267.3 228.2
– pension costs: defined
contribution schemes 15 11.4 8.3
– pension costs: defined
benefit scheme 15 1.4 0.9
– severance payments 1.0 0.8
– share-based payment
expenses 0.9 3.8
282.0 242.0
Cost of inventories 10(b) 1,260.2 1,213.7
Depreciation of tangible assets 7 29.2 27.4
Amortisation of leasehold land
payments 8 0.1 0.1
Gain on disposal of tangible
assets (0.1) (0.1)
Auditors’ remuneration
– audit services 0.8 0.8
– audit related services 0.1 0.1
– tax services 0.4 0.5
3 Directors’ Emoluments and Individuals with Highest Emoluments
Directors’ emoluments
Fees
Salaries,
allowances
and benefits
in kind Discretionary
bonuses
Contributions
to retirement
benefit
schemes Share-based
payments (vi) 2013
Total
US$ million US$ million US$ million US$ million US$ million US$ million
Executive Directors (i)
Allan WONG Chi Yun (iii) – 0.9 2.1 0.1 – 3.1
PANG King Fai – 0.5 0.7 – – 1.2
Andy LEUNG Hon Kwong – 0.5 0.8 – – 1.3
Independent Non-executive Directors (ii)
William FUNG Kwok Lun ––––––
Denis Morgie HO Pak Cho ––––––
David SUN Tak Kei (iv) ––––––
Michael TIEN Puk Sun ––––––
Patrick WANG Shui Chung ––––––
WONG Kai Man (v) ––––––
– 1.9 3.6 0.1 – 5.6
Fees
Salaries,
allowances
and benefits
in kind Discretionary
bonuses
Contributions
to retirement
benefit
schemes Share-based
payments (vi) 2012
Total
US$ million US$ million US$ million US$ million US$ million US$ million
Executive Directors (i)
Allan WONG Chi Yun (iii) – 0.8 1.9 0.1 0.7 3.5
PANG King Fai – 0.5 0.6 – 0.4 1.5
Andy LEUNG Hon Kwong – 0.5 0.8 – 0.2 1.5
Independent Non-executive Directors (ii)
William FUNG Kwok Lun – – – – – –
Denis Morgie HO Pak Cho – – – – – –
David SUN Tak Kei – – – – – –
Michael TIEN Puk Sun – – – – – –
Patrick WANG Shui Chung – – – – – –
– 1.8 3.3 0.1 1.3 6.5
2013 2012
Note US$ million US$ million
Operating leases charges:
minimum lease payments
– land and buildings 15.0 14.8
– others 2.2 2.2
Impairment loss of trade
debtors 11(b) 1.7 1.5
Impairment loss of trade
debtors written back 11(b) –(1.7)
Royalties 21.1 23.0
Provision for defective goods
returns 14 25.4 18.0
Net foreign exchange loss/(gain) 1.9 (1.3)
Net gain on forward foreign
exchange contracts
– Net gain on cash flow
hedging instruments
reclassified from equity (1.5) (0.3)
– Net gain on forward foreign
exchange contracts (0.8) –