Annual Report 12/2003

	Vanda Systems & Communications Holdings Limited (00757)

Cover Inside Front Cover Contents Our Vision Corporate Profile Group Network Core Business & Financial Highlights Corporate Information CEO Statement Management Discussion & Analysis Directors' Profiles Senior Management's Profiles Report of the Directors Summary of Financial Information Details of Investment Properties Report of the Auditors Consolidated Profit and Loss Account Consolidated Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Company Balance Sheet Notes to Financial Statements