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40 VTech Holdings Limited Annual Report 2014
Consolidated Financial Statements
Consolidated Income Statement
For the year ended 31 March 2014
2014 2013
(Restated)
Note US$ million US$ million
Revenue 11,898.9 1,858.0
Cost of sales (1,264.6) (1,260.2)
Gross profit 634.3 597.8
Selling and distribution costs (286.4) (260.0)
Administrative and other
operating expenses (63.8) (56.8)
Research and development
expenses (58.0) (57.1)
Operating profit 1&2 226.1 223.9
Net finance income 1.4 1.7
Profit before taxation 227.5 225.6
Taxation 4 (24.2) (24.1)
Profit for the year and
attributable to
shareholders of
the Company 203.3 201.5
Earnings per share
(US cents) 6
– Basic 81.1 80.6
– Diluted 81.1 80.5
Consolidated Statement of Comprehensive
Income
For the year ended 31 March 2014
2014 2013
(Restated)
Note US$ million US$ million
Profit for the year 203.3 201.5
Other comprehensive
income (after tax and
reclassification
adjustments) for the year
Items that will not
be reclassified to
profit or loss:
Deficit arising on
revaluation of properties,
net of deferred tax 4(d) (1.3) (1.7)
Effect of remeasurement of
net liability of defined
benefit scheme, net of
deferred tax 4.7 2.3
3.4 0.6
Items that may be
reclassified subsequently
to profit or loss:
Fair value (losses)/gains
on hedging (4.3) 2.5
Realisation of hedging reserve (2.3) (1.5)
Exchange translation
differences 6.7 (3.6)
0.1 (2.6)
Other comprehensive income
for the year 3.5 (2.0)
Total comprehensive
income for the year 206.8 199.5
Consolidated Balance Sheet
As at 31 March 2014
31 March 31 March 1 April
2014 2013 2012
(Restated) (Restated)
Note US$ million US$ million US$ million
Non-current
assets
Tangible assets 7 85.9 88.4 91.0
Leasehold land
payments 8 5.1 5.2 5.1
Investments 0.1 0.1 0.2
Deferred tax
assets 9(b) 2.5 4.6 7.0
93.6 98.3 103.3
Current assets
Stocks 10 265.9 276.9 239.2
Debtors,
deposits and
prepayments 11 235.8 257.1 241.8
Taxation
recoverable 9(a) 0.9 0.4 0.8
Deposits and
cash 12 322.9 308.6 326.5
825.5 843.0 808.3
Current
liabilities
Creditors and
accruals 13 (304.4) (330.6) (314.9)
Provisions 14 (27.9) (28.2) (31.5)
Taxation payable 9(a) (5.1) (7.2) (4.5)
(337.4) (366.0) (350.9)
Net current
assets 488.1 477.0 457.4
Total assets
less current
liabilities 581.7 575.3 560.7
Non-current
liabilities
Net obligations
on defined
benefit
scheme 15 (2.0) (6.5) (8.2)
Deferred tax
liabilities 9(b) (4.1) (4.5) (5.8)
(6.1) (11.0) (14.0)
Net assets 575.6 564.3 546.7
Capital and
reserves
Share capital 16(a) 12.5 12.5 12.5
Reserves 563.1 551.8 534.2
Total equity 575.6 564.3 546.7
Approved and authorised for issue by the Board of Directors on
22 May 2014.
The notes and principal accounting policies on pages 43 to 66 form part of these financial statements. Details of dividends payable to
shareholders of the Company attributable to the profit for the year are set out in note 5.
Allan WONG Chi Yun PANG King Fai
Director Director