Annual Report 2011 - Goodbaby International Holdings Limited

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NOTES TO FINANCIAL STATEMENTS 31 December 2011 29. DEFERRED TAX (Continued) Deferred tax liabilities – Group: gb international Withholding tax on undistributed profits of Derivative the PRC financial subsidiary instruments Total (HK$’000) (HK$’000) (HK$’000) At 1 January 2010 14,539 – 14,539 Credited to statement of comprehensive income (note 12) (6,190) – (6,190) At 31 December 2010 and 1 January 2011 8,349 – 8,349 Charged to statement of comprehensive income (note 12) 9,613 2,049 11,662 Translation adjustments 618 43 661 At 31 December 2011 18,580 2,092 20,672 Pursuant to the EIT Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings generated after 31 December 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign investors. The Group is therefore liable to withholding taxes on dividends distributed by those subsidiaries established in Mainland China in respect of earnings generated from 1 January 2008. The applicable tax rate of the Group is 10%.
NOTES TO FINANCIAL STATEMENTS 31 December 2011 29. DEFERRED TAX (Continued) Deferred tax liabilities – Group: (Continued) For presentation purposes, certain deferred tax assets and liabilities have been offset in the consolidated statement of financial position. The following is an analysis of the deferred tax balances of the Group for financial reporting purposes: Group / 129 2011 2010 (HK$’000) (HK$’000) Deferred tax assets arising from: – Provision for impairment of receivables 101 91 – Write-down of inventories 3,394 3,031 – Provision 2,293 4,239 – Derivative financial instruments – 433 – Accruals – Losses available for offesting 8,692 8,118 against future taxable income 673 – 15,153 15,912 Deferred tax liabilities arising from: – Withholding tax on undistributed earnings of the PRC subsidiary (18,580) (8,349) – Derivative financial instruments (2,092) – (20,672) (8,349) Deferred tax assets, net (5,519) 7,563 Reflected in the consolidated statement of financial position: – Deferred tax assets 15,153 15,912 – Deferred tax liabilities (20,672) (8,349)
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gbinternational.com.hk
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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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The Directors are pleased to presen
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pursuant to which each of the Coven
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Directors’ Interest in the Shares
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During the year under review, the t
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DISCLOSURE UNDER RULE 13.20 OF THE
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INDEPENDENT AUDITORS’ REPORT We b
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CONSOLIDATED STATEMENT OF COMPREHEN
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CASH FLOW
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STATEMENT OF FINANCIAL POSITION 31
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NOTES TO FINANCIAL STATEMENTS 31 De
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NOTES TO FINANCIAL STATEMENTS 31 De
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