Vtech 2003 Annual Report Download - page 2

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Contents
A Solid Foundation for Future Growth
Over the past two years,VTech has achieved a significant turnaround in its profitability
and financial position, creating a new foundation for future growth. In the financial year
2003, we succeeded in delivering a dramatic rise in net profit to US$40.8 million
and a strong net cash position to US$67.7 million. We will build on this solid financial
platform to achieve steady growth in both revenues and profits in financial year 2004,
and to open new horizons of opportunity beyond.
1 Corporate Profile
2 Letter to Shareholders
8 Message from Deputy Chairman
9 Message from CEO
10 Management Discussion and Analysis
14 Review of Operations
20 Year in Review
22 Corporate Affairs
25 Directors and Senior Management
28 Report of the Directors
31 Report of the Auditors
32 Consolidated Financial Statements
33 Principal Accounting Policies
37 Notes to the Financial Statements
49 VTech in the Last Five Years
51 Corporate Information
52 VTech Group of Companies