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VTech Holdings Ltd
Annual Report 2007
24
The directors have pleasure to present their report and the
audited fi nancial statements of the Group for the year ended
31st March 2007.
PRINCIPAL ACTIVITY
The principal activity of the Group is the design, manufacture
and distribution of consumer electronics products.
GROUP RESULTS AND DIVIDENDS
The results of the Group for the year ended 31st March 2007
are set out in the consolidated income statement on page 30.
An interim dividend of US9.0 cents (2006: US6.0 cents) and a
special dividend of US30.0 cents (2006: Nil) per ordinary share
were paid to shareholders on 3rd January 2007. The directors
have recommended the payment of a fi nal dividend of US41.0
cents (2006: US26.0 cents) per ordinary share payable on
6th August 2007 to shareholders in respect of the year ended
31st March 2007 whose names appear on the register of
members of the Company as at the close of business on
3rd August 2007 subject to the approval of the shareholders
of the Company at the forthcoming annual general meeting.
The fi nal dividend will be paid in United States dollars save
that those shareholders with a registered address in Hong Kong
will receive the equivalent amount in Hong Kong dollars
and those registered in the United Kingdom will receive the
equivalent amount in Sterling both calculated at the rates
of exchange as quoted to the Company by The Hongkong
and Shanghai Banking Corporation Limited at its mid rate of
exchange prevailing on 25th July 2007.
COMMENTARY ON PERFORMANCE
A commentary on the performance of the Group is included in
the review of operations set out on pages 8 to 13.
GROUP FINANCIAL SUMMARY
A summary of the results and of the assets and liabilities
of the Group for the last fi ve fi nancial years is set out on
page 53.
TANGIBLE ASSETS
Details of the movements in tangible assets are shown in
note 7 to the fi nancial statements.
SHARE CAPITAL, SHARE OPTIONS AND
WARRANTS
Details of the movements in share capital, share options and
warrants of the Company during the year are set out in
note 16 to the fi nancial statements.
RESERVES
Movements in the reserves of the Group and the Company
during the year are set out in note 17 to the fi nancial
statements.
DONATIONS
During the year, the Group made charitable and other
donations in aggregate of US$162,000.
DIRECTORS
The directors who held offi ce during the year and up to
20th June 2007 were:
Allan WONG Chi Yun (Chairman and Group Chief
Executive Offi cer)
Albert LEE Wai Kuen (Deputy Chairman) – Resigned with
effect from 1st April 2007
Edwin YING Lin Kwan Appointed on 11th April 2007
PANG King Fai Appointed on 11th April 2007
Raymond CH’IEN Kuo Fung (Independent Non-executive Director)
William FUNG Kwok Lun (Independent Non-executive Director)
Michael TIEN Puk Sun (Independent Non-executive Director)
Patrick WANG Shui Chung (Independent Non-executive Director)
Mr. Raymond CH’IEN Kuo Fung and Mr. William FUNG Kwok Lun
shall retire from the Board in accordance with Bye-law 112
of the Bye-laws of the Company while Mr. Edwin YING Lin Kwan
and Mr. PANG King Fai shall also retire from the Board as the
new directors appointed by the Board in accordance with
Bye-law 94 of the Bye-laws of the Company, all of the above
directors being eligible, shall offer themselves for re-election
as directors of the Company at the forthcoming annual
general meeting.
Brief biographical details of directors and senior management
are set out on pages 20 to 23.
DIRECTORS’ SERVICE CONTRACTS
None of the directors has a service contract with any company
in the Group which is not determinable by the Group within
one year without payment of compensation, other than
statutory compensation.
The director’s service contract entered into between the
Company and Mr. Allan WONG Chi Yun in 1999 has no
expiry date, but can be terminated by the giving of 2 months’
prior notice, and is exempt from the shareholders’ approval
requirement under Rule 13.68 of the Listing Rules.
Report of the Directors
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