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Corporate Profile
VTech is one of the world’s largest suppliers of corded and
cordless telephones and a leading supplier of electronic
learning products. It also provides highly sought-after contract
manufacturing services. Founded in 1976, the Group’s mission is
to be the most cost effective designer and manufacturer of
innovative, high quality consumer electronics products
and to distribute them to markets worldwide in the most
efficient manner.
With headquarters in the Hong Kong Special Administrative
Region and state-of-the-art manufacturing facilities in mainland
China, VTech currently has a presence in 10 countries and
approximately 22,700 employees, including around 880 R&D
professionals in R&D centres in Canada, Hong Kong SAR and
mainland China. This network allows VTech to stay abreast of
the latest technology and market trends throughout the world,
while maintaining a highly competitive cost structure.
The Group invested US$38.5 million in R&D in the financial year
2005 and launches numerous new products each year. VTech
sells its products via a strong brand platform supported by an
extensive distribution network of leading retailers in North
America, Europe and Asia. Apart from the well-known VTech
brand, the Group has the rights to use the AT&T brand in
connection with the manufacture and sale of its wireline
telephones and accessories.
In addition, VTech has license agreements with Disney,
Warner Brothers, Marvel, Nickelodeon, Sesame Street, HIT
Entertainment and Joester Loria - American Greetings that allow
it to use well-known children’s characters in the cartridges for its
popular V.Smile product range.
Shares of VTech Holdings Limited are listed on both the Hong
Kong and London stock exchanges (SEHK: 303; London SE: VTH).
Ordinary shares are also available in the form of American
Depository Receipts (ADRs) through the Bank of New York
(ADR: VTKHY).
Contents
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02
06
07
10
18
20
22
24
28
32
33
34
54
55
56
Message from
Deputy Chairman
Corporate Profile
Letter to Shareholders
VTech Holdings Ltd Annual Report 2005 01
Review of Operations
Corporate Affairs
Year in Review
Directors and Senior
Management
Consolidated
Financial Statements
Report of the
Independent Auditors
Notes to the
Financial Statements
VTech in the
Last Five Years
Corporate Information
Corporate Governance
Management Discussion
and Analysis
Report of the Directors
Information for
Shareholders