Vtech 2001 Annual Report Download - page 28

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The directors submit their report together with the audited financial statements for the year ended 31st March 2001.
PRINCIPAL ACTIVITIES
The principal activity of the Group is the design, manufacture and distribution of electronic consumer products.
GROUP RESULTS
The results of the Group for the year ended 31st March 2001 are set out in the consolidated income statement on
page 32 of the financial statements.
DIVIDENDS
The directors do not recommend the payment of a final dividend for the year ended 31st March 2001.
RESERVES
Movements in the reserves of the Group and the Company during the year are set out in note 21 to the financial
statements.
COMMENTARY ON PERFORMANCE
A commentary on the performance of the Group is included in the review of operations on pages 8 to 17.
TANGIBLE FIXED ASSETS
Details of the movements in tangible fixed assets are shown in note 9 to the financial statements.
SHARE CAPITAL
On 26th September 2000, an aggregate of 5,578,292 shares of the Company were allotted and issued to the sellers
in accordance with the terms of an agreement for the acquisition of shares in Sensei Limited.
Details of the movements in share capital of the Company are shown in note 20 to the financial statements.
DONATIONS
During the year, the Group made charitable and other donations in aggregate of US$200,000.
DIRECTORS
The board of directors of the Company as at 31st March 2001 and up to 27th June 2001 comprised:
Mr. Allan WONG Chi Yun (Chairman and Chief Executive Officer)
Mr. TO Cheuck Wah (Managing Director)
Mr. William HO Mook Lam (Managing Director)
Mr. Albert LEE Wai Kuen (Managing Director)
Mr. Paddy LAW Wai Leung (Executive Director, appointed on 28th March 2001)
Mr. Jack Kenneth HIRSCH (Executive Director)
Mr. Edward Barry ARMSTRONG (Executive Director)
Mr. Nils Erik Vilhelm MARTENSSON (Independent Non-Executive Director)
Mr. Philip Leigh TOSE (Independent Non-Executive Director)
Mr. Paul Anthony MURPHY resigned as a Managing Director of the Company on 28th February 2001.
Mr. Paddy LAW Wai Leung shall retire by rotation in accordance with bye-law 94 and bye-law 112 of the bye-laws of
the Company, but being eligible, shall offer himself for re-election as a director of the Company at the forthcoming
annual general meeting.
Brief biographical details of directors and senior management are set out on pages 21 to 25.
26
Report of the Directors