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REPORT OF THE DIRECTORS
VTech Holdings Ltd Annual Report 2009 29
The directors have pleasure to present their report and the
audited financial statements of the Group for the year ended
31st March 2009.
PRINCIPAL ACTIVITY
The principal activity of the Group is the design, manufacture
and distribution of consumer electronic products.
GROUP RESULTS AND DIVIDENDS
The results of the Group for the year ended 31st March 2009
are set out in the consolidated income statement on
page 34.
An interim dividend of US12.0 cents (2008: US12.0 cents) per
ordinary share was paid to shareholders on 24th December
2008. The directors have recommended the payment of
a final dividend of US41.0 cents (2008: US51.0 cents) per
ordinary share payable on 10th August 2009 to shareholders
in respect of the year ended 31st March 2009 whose names
appear on the register of members of the Company as at the
close of business on 7th August 2009 subject to the approval
of the shareholders of the Company at the forthcoming
annual general meeting.
The final dividend will be payable in United States dollars
save that those shareholders with a registered address in
Hong Kong will receive the equivalent amount in Hong Kong
dollars which will be calculated at the rate of exchange as
quoted to the Company by The Hongkong and Shanghai
Banking Corporation Limited at its mid rate of exchange
prevailing on 29th July 2009.
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.
GROUP 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 58.
TANGIBLE ASSETS
Details of the movements in tangible assets are shown in
note 7 to the financial statements.
SHARE CAPITAL AND SHARE OPTIONS
Details of the movements in share capital and share options
of the Company during the year are set out in note 18 to the
financial statements.
RESERVES
Movements in the reserves of the Group and the
Company during the year are set out in note 19 to the
financial statements.
DONATIONS
During the year, the Group made charitable and other
donations in aggregate of US$425,000.
DIRECTORS
The directors who held office during the year and up to
15th June 2009 were:
Executive Directors
Allan WONG Chi Yun Chairman and Group Chief Executive Officer
Edwin YING Lin Kwan (Resigned with effect from 1st January 2009)
PANG King Fai
Andy LEUNG Hon Kwong (Appointed on 1st January 2009)
Independent Non-Executive Directors
Raymond CH’IEN Kuo Fung (Retired on 5th September 2008)
William FUNG Kwok Lun
Denis Morgie HO Pak Cho (Appointed on 3rd November 2008)
Michael TIEN Puk Sun
Patrick WANG Shui Chung
Dr. Allan WONG Chi Yun shall retire by rotation in
accordance with Bye-law 112 of the Bye-laws of the
Company while Mr. Denis Morgie HO Pak Cho and Mr. Andy
LEUNG Hon Kwong shall also retire from the Board as the
new directors appointed by the Board in accordance with
Bye-law 94 of the Bye-laws of the Company, all of the above
directors being eligible, shall offer themselves for re-election
as directors of the Company at the forthcoming annual
general meeting.
Brief biographical details of directors and senior
management are set out on pages 25 to 28.
DIRECTORS’ SERVICE CONTRACTS
None of the directors has a service contract with any
company in the Group which is not determinable by the
Group within one year without payment of compensation,
other than statutory compensation.
The director’s service contract entered into between the
Company and Dr. Allan WONG Chi Yun in 1999 has no expiry
date, but can be terminated by the giving of 2 months’
prior notice, and is exempt from the shareholders’ approval
requirement under Rule 13.68 of the Listing Rules.