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Geographic
expansion
Annual Report 2003 7
Letter to Shareholders
Appreciation
Last but not the least, I would like to thank
my fellow directors and senior
management,as well as all VTech employees
for their continued commitment to ensuring
continued improvement for the Group.
Likewise, my thanks go out to our bankers
and business partners for their invaluable
supports.
Allan WONG Chi Yun
Chairman
Hong Kong, 25th June 2003
the calendar year 2004 is being developed,
based on the marketing skills we have
gained over the past three years with our
deep reservoir of product development
expertise in Hong Kong.We are also
exploring entirely new product categories.
During the financial year 2004, we have a
range of 16 different electronic learning
products ready to test the longer-term
China market.These products cover our
three major categories, namely electronic
infant toys, electronic pre-school toys and
ELA.They are designed to appeal to the
children aged 6 months to 11 years old and
will initially be sold in the Pearl River Delta
area in the mainland China.
CMS, meanwhile, is expected to continue
to make a solid contribution to the Group's
results, and benefit from the need of more
companies to outsource. The scope of our
product design service will be expanded
and we plan to enter more segments of the
market by attaining QS9000 and ISO13488
certifications, which will give us entry to
the production of parts for the automotive
and equipment for the medical sectors
respectively.
To strive for greater efficiency and enhanced
performance, we have launched a balanced
scorecard project on a global basis.With
this new management system, we are able
to integrate the Group's overall strategies
into operations and raise the Group's
performance to a higher level.
Depending on the resilience of consumer
demand in all major markets, we expect
steady growth in revenues and recurrent
profits in the financial year 2004. Over the
next three years, however, as the new
initiatives come to fruition, we expect to
return to a more rapid and broadly based
growth path, producing much stronger
financial results that will enable us to reward
our shareholders more fully for their
supports during the past few years.
Steady
revenue
and profit
growth