notes to financial statements - the grande holdings limited

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The directors herein present their report and the audited financial statements of the Companyand the Group for the year ended 31 December 2003.PRINCIPAL ACTIVITIESThe principal activity of the Company is investment holding. The principal activities of thesubsidiaries and associates consisted of the design, development, manufacture anddistribution of electronic and computer products and components.report ofthe directorsSEGMENTED INFORMATIONDetails of turnover and segmented information are set out in notes 5 and 37 to the financialstatements.RESULTS AND DIVIDENDSThe Group’s results for the year ended 31 December 2003 and the state of affairs of theCompany and the Group at that date are set out in the financial statements on pages 24 to74.An interim dividend of HK10 cents per ordinary share was paid on 5 November 2003. Thedirectors recommend the payment of a final cash dividend of HK10 cents per share, togetherwith a special dividend, subject to compliance with regulatory requirements, if any, thedividend by way of a distribution in specie of one share of Sansui Electric Co., Ltd. (“SEC”),a company listed on the first section of the Tokyo Stock Exchange, for every two shares ofthe Company being held by the shareholders on the register of members on 16 June 2004.The market value at close of business on 23 April 2004 of SEC was 40 Yen per share whichequates to a special dividend of HK$1.45 per share.COMPLIANCE WITH THE CODE OF BEST PRACTICEIn the opinion of the directors, the Company has complied with the Code of Best Practice asset out in Appendix 14 of the Rules Governing the Listing of Securities on The StockExchange of Hong Kong Limited throughout the year covered by the annual report, exceptthat independent non-executive directors are subject to retirement by rotation and re-electionat the annual general meeting of the Company in accordance with the provisions of theCompany’s Bye-Laws.15
eport ofthe directorsSUMMARY FINANCIAL INFORMATIONA summary of the published results and of the assets and liabilities of the Group for the lastfive financial years, as extracted from the published audited financial statements and restatedas appropriate, is set out below:RESULTSYear ended 31 December2003 2002 2001 2000 1999HK$ HK$ HK$ HK$ HK$million million million million millionTURNOVER 7,723 6,646 7,818 8,309 5,757PROFIT/(LOSS) BEFORE TAX 445 305 532 (350) 376Tax 2 (3) (4) (13) (11)PROFIT/(LOSS) BEFORE MINORITYINTERESTS 447 302 528 (363) 365Minority interests 3 76 (71) (218) (174)NET PROFIT/(LOSS) ATTRIBUTABLETO SHAREHOLDERS (RESTATED) 450 378 457 (581) 191NET PROFIT ATTRIBUTABLETO SHAREHOLDERS(AS PREVIOUSLY REPORTED) 406 195ASSETS AND LIABILITIES31 December(Restated) (Restated) (Restated) (Restated)2003 2002 2001 2000 1999HK$ HK$ HK$ HK$ HK$million million million million millionNON-CURRENT ASSETS 3,148 3,161 2,251 2,394 2,227CURRENT ASSETS 3,487 2,639 3,593 3,964 3,296TOTAL ASSETS 6,635 5,800 5,844 6,358 5,523CURRENT LIABILITIES 2,740 2,245 2,819 3,697 3,073NON-CURRENT LIABILITIES 404 926 221 72 75TOTAL LIABILITIES 3,144 3,171 3,040 3,769 3,1483,491 2,629 2,804 2,589 2,375SHARE CAPITAL AND RESERVES 2,951 2,045 2,052 1,527 1,670MINORITY INTERESTS 540 584 752 1,062 7053,491 2,629 2,804 2,589 2,37516
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notes to financial statements - the grande holdings limited

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