Vtech 2002 Annual Report Download - page 30

VTech Holdings Ltd28
Report of the Directors
The directors submit their report together with the audited financial statements for the year ended 31st March 2002.
PRINCIPAL ACTIVITY
The principal activity of the Group is the design, manufacture and distribution of consumer electronics products.
GROUP RESULTS
The results of the Group for the year ended 31st March 2002 are set out in the consolidated income statement on page 33.
DIVIDENDS
No interim dividend was paid during the year. The directors do not recommend the payment of a final dividend for the year ended 31st March 2002 to
the shareholders.
COMMENTARY ON PERFORMANCE
A commentary on the performance of the Group is included in the review of operations set out on pages 8 to 19 and the financial review set out
on page 24 respectively.
FINANCIAL SUMMARY
A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on pages 66 to 67.
TANGIBLE ASSETS
Details of the movements in tangible assets are shown in note 9 to the financial statements.
SHARE CAPITAL, SHARE OPTIONS AND WARRANTS
On 27th September 2001, 375,900 new ordinary shares of US$0.05 each of the Company were placed to Mr. James C. KRALIK, an independent third
party on that date, at a price of HK$2.075 per share (being the closing price of the shares of the Company on The Stock Exchange of Hong Kong
Limited on 26th September 2001). The placing was completed in October 2001 and 375,900 new ordinary shares were allotted and issued to the
placee, representing approximately 0.17% of the issued share capital of the Company as enlarged by the placing. The net proceeds from the placing
of approximately HK$780,000 were used by the Group for general working capital purposes.
Details of the movements in share capital, share options and warrants of the Company are shown in note 20 to the financial statements.
RESERVES
Movements in the reserves of the Group and the Company during the year are set out in note 21 to the financial statements.
DONATIONS
During the year, the Group made charitable and other donations in aggregate of US$84,000.
DIRECTORS
The board of directors of the Company as at 31st March 2002 and up to 26th June 2002 comprised:
Mr. Allan WONG Chi Yun (Chairman)
Mr. Albert LEE Wai Kuen (Deputy Chairman, effective from 28th November 2001)
Mr. Paddy LAW Wai Leung (Group Chief Executive Officer, effective from 26th June 2002)
Mr. Raymond CH’IEN Kuo Fung (Independent Non-Executive Director, appointed on 28th November 2001)
Mr. William FUNG Kwok Lun (Independent Non-Executive Director, appointed on 28th November 2001)
Mr. Michael TIEN Puk Sun (Independent Non-Executive Director, appointed on 28th November 2001)
Mr. Patrick WANG Shui Chung (Independent Non-Executive Director, appointed on 28th November 2001)
Mr. TO Cheuck Wah, Mr. William HO Mook Lam, Mr. Jack Kenneth HIRSCH, Mr. Edward Barry ARMSTRONG, Mr. Nils Erik Vilhelm MARTENSSON and
Mr. Philip Leigh TOSE resigned as directors of the Company on 28th November 2001.
Mr. Raymond CH’IEN Kuo Fung, Mr. William FUNG Kwok Lun, Mr. Michael TIEN Puk Sun and Mr. Patrick WANG Shui Chung shall retire in accordance
with bye-law 94 and bye-law 112 of the bye-laws of the Company, but 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 25 to 27.