Vtech 2004 Annual Report Download - page 48

46
Notes to the
Financial Statements
VTech Holdings Ltd Annual Report 2004
24 PRINCIPAL SUBSIDIARIES Details of the Company’s
interests in those subsidiaries which materially affect the results or
assets of the Group as at 31st March 2004 are set out below:
Percentage
of interest
Fully paid issued held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating
in Hong Kong:
VTech Communications Limited Ordinary HK$1,000 *100 Design, manufacture
Deferred HK$5,000,000 and sale of
electronic
equipment
VTech Electronics Limited Ordinary HK$5,000,000 *100 Design, manufacture
and distribution of
electronic products
VTech Telecommunications Ordinary HK$1,000 *100 Design, manufacture
Limited Deferred HK$5,000,000 and distribution of
telecommunication
products
Perseus Investments Limited Ordinary HK$1,000 100 Property holding
Deferred HK$1,000
Valentia Investment Limited Ordinary HK$1,000 100 Property holding
Deferred HK$1,000
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
Incorporated and operating
in Canada:
VTech Electronics Canada Ltd. C$1 *100 Sale of electronic
products
VTech Telecommunications Class A C$5,000 *100 Sale of
Canada Ltd. Class B C$195,000 *100 telecommunication
products
Incorporated and operating in France:
VTech Electronics Europe S.A. EURO 3,048,980 *100 Sale of electronic
products
Incorporated and operating
in Germany:
VTech Electronics Europe GmbH EURO 2,600,000 *100 Sale of electronic
products
Percentage
of interest
Fully paid issued held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating
in the Netherlands:
VTech Electronics Europe B.V. EURO 18,100 *100 Sale of electronic
products
Incorporated and operating in Spain:
VTech Electronics Europe, S.L. EURO 2,322,200 *100 Sale of electronic
products
Incorporated and operating
in the United Kingdom:
VTech Electronics Europe plc GBP 500,000 *100 Sale of electronic
products
Incorporated and operating
in the United States:
VTech Electronics North America, US$22,212,997 *100 Sale of electronic
L.L.C. products
VTech Communications, Inc. US$300,000 *100 Sale of
telecommunication
products
VTech Innovation L.P. US$110,000,056 *100 Sale of
telecommunication
products
* Indirectly held by subsidiary companies
25 RELATED PARTY TRANSACTIONS With effect from 1st
April 2003, the Group leases premises from Aldenham Company
Limited (“Aldenham”) for HK$250,000 per month, to provide
housing for a director in accordance with the terms of his service
contract for a term of 2 years. When the lease was entered into,
Aldenham was 50% owned by the director’s spouse and 50%
owned by a trust, the beneficiaries of which were the director and
his family members. As at the balance sheet date, Aldenham
became wholly owned by the said trust, the beneficiaries of which
are family members of the director.
In the normal course of business and on normal commercial terms,
the Group undertakes certain transactions with its associates. None
of these transactions was material to the Group’s results.
26 POST BALANCE SHEET EVENT In April 2004, the Group
entered into a sale and purchase agreement with an independent
third party for the disposal of the land and buildings held for sale.
The consideration for the transaction was US$9.0 million.