Vtech 2002 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2002 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 71

  • 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
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71

Annual Report 2002 65
Notes to the Financial Statements
26. PRINCIPAL SUBSIDIARIES (continued)
Percentage of
Fully paid issued interest held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating in the United Kingdom:
# VTech Electronics Europe plc GBP500,000 *100 Sale of electronic products
(formerly VTech Electronics (UK) plc)
Incorporated in the British Virgin Islands
and operating in the People’s Republic of China:
Asian Luck Limited US$1 *100 Manufacture of electronic &
telecommunication products
* Indirectly held by subsidiaries
# Principal subsidiaries not audited by PricewaterhouseCoopers. The aggregate net assets of these principal subsidiaries not audited by
PricewaterhouseCoopers amounted to approximately 10.8% of the Group’s net assets.
27. RELATED PARTY TRANSACTIONS
In the normal course of business and on normal commercial terms, the Group undertakes a variety of transactions with certain of its
associates. None of these transactions was material to the Group’s results.
28. POST BALANCE SHEET DATE EVENT
On 25th January 2001, the Group filed a complaint against Lucent Techologies Inc. (“Lucent”) and Lucent Technologies Consumer Products,
L.P. in the United States District Court for the Southern District of New York seeking damages and related relief arising out of the acquisition
by the Group of Lucent’s Wired Consumer Products Business in 2000.
On 7th June 2002, the Group and Lucent settled the lawsuit filed by the Group against Lucent in January 2001 in a mutually satisfactory
manner. There was no admission of wrongdoing by either party. Under the terms of the settlement, Lucent has agreed to adjust the
purchase price of the acquisition downward by US$50.0 million. Such amount, after deducting incidental expenses, will be fully settled in
cash on or before 3rd July 2002.
29. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved by the board of directors on 26th June 2002.