Vtech 2005 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2005 Vtech annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 60

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

Notes to the Financial Statements
53
VTech Holdings Ltd Annual Report 2005
25 Principal Subsidiaries
Details of the Company’s interests in those subsidiaries which
materially affect the results or assets of the Group as at
31st March 2005 are set out below:
Percentage of
Fully paid issued interest held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating
in Hong Kong:
VTech Communications Ordinary HK$1,000 *100 Design, manufacture
Limited Deferred HK$5,000,000 and sale of
electronic
equipment
VTech Electronics Limited Ordinary HK$5,000,000 *100 Design, manufacture
and distribution of
electronic products
VTech Telecommunications Ordinary HK$1,000 *100 Design, manufacture
Limited Deferred HK$5,000,000 and distribution of
telecommunication
products
Perseus Investments Limited Ordinary HK$1,000 100 Property holding
Deferred HK$1,000
Valentia Investment Limited Ordinary HK$1,000 100 Property holding
Deferred HK$1,000
Incorporated and operating
in Canada:
VTech Telecommunications Class A C$5,000 *100 Sale of
Canada Limited Class B C$195,000 *100 telecommunication
products
Incorporated and operating
in France:
VTech Electronics Europe EURO 2,067,310 *100 Sale of electronic
S.A.S. products
Incorporated and operating
in Germany:
VTech Electronics Europe EURO 2,600,000 *100 Sale of electronic
GmbH products
Incorporated and operating
in the Netherlands:
VTech Electronics Europe B.V. EURO 18,100 *100 Sale of electronic
products
Percentage of
Fully paid issued interest held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating
in Spain:
VTech Electronics Europe, S.L. EURO 500,000 *100 Sale of electronic
products
Incorporated and operating
in the United Kingdom:
VTech Electronics Europe plc GBP 500,000 *100 Sale of electronic
products
Incorporated and operating
in the United States:
VTech Electronics US$22,212,997 *100 Sale of electronic
North America, L.L.C. products
VTech Communications, Inc. US$300,000 *100 Sale of
telecommunication
products
VTech Innovation L.P. US$110,000,056 *100 Sale of
telecommunication
products
* Indirectly held by subsidiary companies
26 Related Party Transactions
With effect from 1st April 2003, the Group leases premises from
Aldenham Company Limited (“Aldenham”) for HK$250,000 per
month, to provide housing for a director in accordance with the
terms of his service contract for a term of 2 years expiring on
31st March 2005. When the lease was entered into, Aldenham
was 50% owned by the director’s spouse and 50% owned by a
trust, the beneficiaries of which were the director and his family
members. Subsequently, Aldenham became a wholly indirect
subsidiary of a trust in which the family members of the director
are beneficiaries.
On 6th April 2005, subsequent to the balance sheet date, the
Group renewed the lease with same principal terms for another
2 years commencing 1st April 2005 and expiring on
31st March 2007.
In the normal course of business and on normal commercial
terms, the Group undertake certain transactions with its
associates. None of these transactions was material to the
Group’s results.