Vtech 2004 Annual Report Download - page 26

Report of the
Directors
24
Directors and Senior Management/
Report of the Directors
VTech Holdings Ltd Annual Report 2004
Corporate Services
PANG King Fai , aged 48, Group Chief Technology Officer, joined
the Group in February 2004. Dr. PANG is responsible for
establishing and maintaining a group-wide infrastructure in order
to enhance VTech’s capability for product development and
introduction. Prior to joining VTech, he held various senior
management positions at LSI Logic Corp. in the United States. He
has also held senior engineering positions at Trident Microsystems,
Inc and Hewlett Packard Company. Dr. PANG holds a BSc (Eng)
from the University of Hong Kong, a MPhil from London University,
and a PhD (EE) from Stanford University.
CHANG Yu Wai , aged 44, Company Secretary and Chief
Compliance Officer. Joined the Group in June 2000 after spending
8 years with one of the leading international accounting firms in
Hong Kong. He has over 15 years of experience in professional
accounting and auditing. Mr. CHANG is a member of the Institute
of Chartered Accountants in England and Wales.
Shereen TONG Ka Hung , aged 35, Group Chief Financial Officer,
is responsible for the Group accounting, treasury and financial
functions. She joined the Group in 1994 and had over 14 years of
finance and accounting experience. She holds two Master degrees
in Business Administration and Information Systems from
Manchester Business School and Hong Kong Polytechnic
University. She is an associate of Chartered Institute of Bankers,
Chartered Institute of Management Accountants and Hong Kong
Society of Accountants.
Helen WONG Shuk Ying , aged 50, Group Chief Information
Officer, joined the Group in May 2003. With over 20 years of IT,
consulting and accounting experience, she has held many senior
positions in Hong Kong and Canada. Prior to joining the Group, she
was with PricewaterhouseCoopers Consulting (Hong Kong) for over
13 years, and the last position held was partner in the consulting
practice. Before that, she was a senior manager at the Hong Kong
Hospital Authority. Prior to that, she worked in Canada as a senior
systems manager in a commercial bank and a telecommunication
company. Ms. WONG holds a Bachelor of Commerce degree from
Queen’s University, and is a member of the Certified Management
Accountant (CMA) in Canada and the Hong Kong Computer
Society.
The directors have pleasure to present their report and the audited
financial statements of the Group for the year ended 31st March
2004.
PRINCIPAL ACTIVITY The principal activity of the Group is the
design, manufacture and distribution of consumer electronic
products.
GROUP RESULTS The results of the Group for the year ended
31st March 2004 are set out in the consolidated income statement
on page 29.
DIVIDENDS An interim dividend of US3.0 cents (2003: US1.5
cents) per ordinary share was paid to shareholders on 8th January
2004. The directors have recommended the payment of a final
dividend of US7.0 cents (2003: US2.0 cents) per ordinary share to
shareholders in respect of the year ended 31st March 2004 whose
names appear on the register of members of the Company as at
the close of business on 13th August 2004 subject to the approval
of the shareholders of the Company at the forthcoming annual
general meeting.
The final dividend will be payable on 31st August 2004 in United
States dollars save that those shareholders with a registered
address in Hong Kong will receive the equivalent amount in Hong
Kong dollars and those shareholders whose names appear on the
register of members of the Company in the United Kingdom will
receive the equivalent amount in sterling pounds both calculated
at the rates of exchange as quoted to the Company by The
Hongkong and Shanghai Banking Corporation Limited at its mid
rate of exchange prevailing on 23rd August 2004.
COMMENTARY ON PERFORMANCE A commentary on the
performance of the Group is included in the review of operations
set out on pages 10 to 15.
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 page 47.
TANGIBLE ASSETS Details of the movements in tangible assets
are shown in note 8 to the financial statements.