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6VTech Holdings Ltd Annual Report 2013
Management Discussion and Analysis Financial Review
Selling and distribution costs rose
by 2.0% from US$255.0 million in the
previous financial year to US$260.0
million in the financial year 2013. The
increase was mainly attributable to
the increased spending on advertising
and promotional activities by the
Group during the financial year. As a
percentage of Group revenue, selling
and distribution costs decreased from
14.3% to 14.0%.
Administrative and other operating
expenses increased from US$49.1 million
to US$56.0 million over the same period
last year. It was mainly due to the higher
employee related costs and the lower
net exchange gain compared with the
last financial year. The net exchange
gain arising from the Group’s global
operations in the ordinary course of
business was US$0.4 million in the
financial year 2013. This compared with
a net exchange gain of US$1.6 million
in the last financial year. Administrative
and other operating expenses as a
percentage of Group revenue increased
from 2.8% to 3.0%.
During the financial year 2013, the
research and development expense was
US$57.1 million, a decrease of 0.2% over
the previous financial year. Research and
development expense as a percentage
of Group revenue decreased from 3.2%
to 3.1%.
Profit Attributable to
Shareholders and Earnings
per Share
Profit attributable to shareholders of the
Company for the year ended 31 March
2013 was US$202.3 million, an increase
of US$10.4 million as compared to the
last financial year. Net profit margin also
increased from 10.8% to 10.9%.
Taxation charges increased from
US$19.7 million in the last financial
year to US$24.1 million in the financial
year 2013. The effective tax rate also
rose from 9.3% to 10.6%. This was
primarily due to increase in profit from
overseas subsidiaries and utilisation of
deferred tax asset in respect of tax losses
previously recognised.
Basic earnings per share for the year
ended 31 March 2013 were US80.9 cents
as compared to US77.0 cents in the
previous financial year.
Dividends
During the financial year 2013, the Group declared and paid an interim dividend
of US16.0 cents per share, which aggregated to US$40.1 million. The directors
have proposed a final dividend of US64.0 cents per share, which is estimated to be
US$160.2 million.
2013 2012
US cents US cents
Dividend per share
Interim 16.0 16.0
Final* 64.0 60.0
Total 80.0 76.0
* Final dividend proposed after the balance sheet date
Group R&D Expenditure
in Last 5 Years
Basic Earnings per Share
in Last 5 Years
Dividend per Share
in Last 5 Years
70
60
50
40
30
20
10
0
100
80
60
40
20
0
100
80
60
40
20
0
US$ million
US cents
US cents
09
09
09
10
10
10
11
11
11
12
12
12
13
13
13
56.9
58.5
53.0
56.8
83.7
78.0
56.8
81.5
78.0
57.2
77.0
76.0
57.1
80.9
80.0
vtech.indb 6 13年5月29日 上午3:17