Annual Report 2011 - Goodbaby International Holdings Limited

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NOTES TO FINANCIAL STATEMENTS 31 December 2011 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Continued) Estimation uncertainty (Continued) Write-down of inventories The Group’s inventories are stated at the lower of cost and net realisable value. The Group writedown of inventories based on estimates of the realisable value with reference to the age and conditions of the inventories, together with the economic circumstances on the marketability of such inventories. Inventories will be reviewed annually for written-down, if appropriate. Provisions Provisions for product warranties granted by the Group on its products are recognised based on sales volume and past experience of the level of repairs and returns, discounted to their present values as appropriate. 5. OPERATING SEGMENT INFORMATION For management purposes, the Group is organised into business units based on their products and services and has four reportable operating segments as follows: (a) Overseas – Strollers and accessories segment, which engages in the research, design, manufacturing and selling of strollers and accessories under the Group’s own brands and third parties’ brands; (b) Overseas – Other durable juvenile products segment, which engages in the research, design, manufacturing and selling of car seats and accessories, cribs and accessories and other children’s products under the Group’s own brands and third parties’ brands; (c) Domestic – Strollers and accessories segment, which engages in the sourcing and distributing of strollers; and (d) Domestic – Other durable juvenile products segment, which engages in the sourcing and distributing of durable juvenile products including car seats and accessories, cribs and accessories and other children’s products. Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment revenue. gb international
NOTES TO FINANCIAL STATEMENTS 31 December 2011 5. OPERATING SEGMENT INFORMATION (Continued) Intersegment sales are transacted with reference to the cost of the overseas – strollers and accessories and overseas – other durable juvenile products segments. Year ended 31 December 2011 Overseas Domestic Consolidated HK$’000 HK$’000 HK$’000 Other Other Strollers durable Strollers durable and juvenile and juvenile accessories products Subtotal accessories products Subtotal Segment revenue: Sales to external customers 1,514,031 1,426,815 2,940,846 419,536 581,290 1,000,826 3,941,672 Intersegment sales 169,263 276,359 445,622 – – – 445,622 / 101 3,386,468 1,000,826 4,387,294 Reconciliation: Elimination of intersegment sales (445,622) Revenue from continuing operations 3,941,672 Cost of sales (3,267,990) Other income and gains 106,109 Operating costs (572,389) Other expenses Finance income/ (5,729) (costs) - net (7,868) Profit before tax from continuing operations 193,805
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CORPORATE INFORMATION gb internatio
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CORPORATE INFORMATION DIRECTORS Exe
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7 Chairman’s Statement
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Dear Shareholders, I wish to presen
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Looking forward, the Group will con
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OVERVIEW For the financial year end
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) Our OBM model was systematically
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FINANCIAL REVIEW — CONTINUING OPE
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Cost of Sales, Gross Profit and Gro
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Income Tax Expense Our income tax e
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Pledge of Assets As at 31 December
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gb international
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The Board is pleased to present thi
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development efforts of the Company
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Specific enquiry has been made of a
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The key elements of the Group’s i
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gb international
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NOTES TO FINANCIAL STATEMENTS 31 De
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FINANCIAL SUMMARY ASSETS, LIABILITI
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Annual Report 2011 - Goodbaby International Holdings Limited

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