Annual Report 2011 - Goodbaby International Holdings Limited

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Revenue by Products The table below sets out our revenue by product lines for the periods indicated. gb international Growth analysis For the year ended 31 December 2011 vs 2011 2010 2010 Sales % of sales Sales % of sales Growth (HK$ (HK$ million) million) Strollers and accessories 1,933.6 49.1% 1,825.3 49.1% 5.9% Car safety seats and accessories 421.5 10.7% 473.6 12.7% -11.0% Other durable juvenile products 1,586.6 40.2% 1,423.0 38.2% 11.5% Total 3,941.7 100.0% 3,721.9 100.0% 5.9% Revenue from strollers and accessories increased by approximately 5.9% to approximately HK$1,933.6 million for the year ended 31 December 2011 from approximately HK$1,825.3 million for the year ended 31 December 2010. This increase was attributable to the increase in revenue from China market, European market and Other Overseas Markets, partially offset by the decrease in revenue from North America market. Revenue from car safety seats and accessories decreased by approximately 11.0% to approximately HK$421.5 million for the year ended 31 December 2011 from approximately HK$473.6 million for the year ended 31 December 2010. This decrease was attributable to the decrease in revenue from North America as a result of the shift of some orders to internal production by one of the Company’s major customers, partially offset by the increase in revenue from European Market and China. Although the Group’s total revenue from car safety seats and accessories decreased, revenue from the self-developed car safety seats of the Group increased significantly by approximately 88.7% to approximately HK$63.2 million in 2011 from approximately HK$33.5 million in 2010. Revenue from other durable juvenile products increased by approximately 11.5% to approximately HK$1,586.6 million for the year ended 31 December 2011 from approximately HK$1,423.0 million for the year ended 31 December 2010. This increase was attributable to the overall increase in revenue of all geographical regions.
Cost of Sales, Gross Profit and Gross Profit Margin Our cost of sales increased by approximately 9.7% from approximately HK$2,979.3 million for the year ended 31 December 2010 to approximately HK$3,268.0 million for the year ended 31 December 2011. This increase was primarily due to the increase in labor costs and raw material prices and the appreciation of Renminbi. As a percentage of sales, the cost of sales increased from approximately 80.0% for the year ended 31 December 2010 to approximately 82.9% for the year ended 31 December 2011. Our gross profit decreased by approximately 9.3% from approximately HK$742.6 million for the year ended 31 December 2010 to approximately HK$673.7 million for the same period in 2011. Our gross profit margin decreased from approximately 20.0% for the year ended 31 December 2010 to approximately 17.1% for the year ended 31 December 2011. The decrease in gross profit and gross profit margin was mainly due to the increase in cost of sales, partially offset by the increase in unit sales price of the Group’s products and the improvement in production efficiency. Overseas Markets For our overseas markets, our gross profit margin decreased from approximately 18.8% for the year ended 31 December 2010 to approximately 14.7% for the same period in 2011. This was primarily attributable to the increase in labor costs and raw / 21 material prices and the appreciation of Renminbi, partially offset by the increase in unit sales price of the Group’s products and the improvement in production efficiency. In addition, the Company entered into a forward contract in relation to the U.S. dollars receivables from overseas sales for the current year in 2011 to alleviate the impact of appreciation of Renminbi on the gross profit. Revenue in this respect, amounting to approximately HK$33.6 million, was included in “other income and gains”, accounted for approximately 1.1% of the revenue from overseas markets for 2011, and partially offset the effect of appreciation of Renminbi on gross profit margin. China In China, the gross profit margin for the years ended 31 December 2010 and 2011 remained relatively stable. The impact due to the increase in labor costs and raw material prices on the gross profit margin was fully offset by the increase in sales price of the Company’s products and the improvement in production efficiency. Other Income and Gains Our other income increased by approximately 222.5% or approximately HK$73.2 million from approximately HK$32.9 million for the year ended 31 December 2010 to approximately HK$106.1 million for the year ended 31 December 2011. This increase was mainly attributable to the gain on forward exchange contract, translation gain on overseas Renminbi deposits and the increase in government subsidies.
Page 2 and 3: gbinternational.com.hk
Page 4 and 5: CORPORATE INFORMATION gb internatio
Page 6 and 7: CORPORATE INFORMATION DIRECTORS Exe
Page 9 and 10: 7 Chairman’s Statement
Page 11 and 12: Dear Shareholders, I wish to presen
Page 13: Looking forward, the Group will con
Page 16: OVERVIEW For the financial year end
Page 19 and 20: ) Our OBM model was systematically
Page 21: FINANCIAL REVIEW — CONTINUING OPE
Page 25 and 26: Income Tax Expense Our income tax e
Page 27: Pledge of Assets As at 31 December
Page 40 and 41: gb international
Page 42 and 43: The Board is pleased to present thi
Page 44 and 45: development efforts of the Company
Page 46 and 47: Specific enquiry has been made of a
Page 48 and 49: The key elements of the Group’s i
Page 50 and 51: gb international
Page 52: The Directors are pleased to presen
Page 55 and 56: pursuant to which each of the Coven
Page 57 and 58: Directors’ Interest in the Shares
Page 61 and 62: During the year under review, the t
Page 63 and 64: DISCLOSURE UNDER RULE 13.20 OF THE
Page 65 and 66: INDEPENDENT AUDITORS’ REPORT We b
Page 67 and 68: CONSOLIDATED STATEMENT OF COMPREHEN
Page 69 and 70: CONSOLIDATED STATEMENT OF FINANCIAL
Page 71 and 72: 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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FINANCIAL SUMMARY ASSETS, LIABILITI
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Annual Report 2011 - Goodbaby International Holdings Limited

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