Annual Report 2011 - Goodbaby International Holdings Limited

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Inventories balance increased by approximately HK$105.5 million from approximately HK$571.3 million as at 31 December 2010 to approximately HK$676.8 million as at 31 December 2011, primarily due to (i) reserve procurement of raw materials by the Group when prices were lower at the end of 2011; (ii) the increase in inventories of moulds as a result of the investment in and development of moulds by the Group in 2011 for strengthening its OPM model; (iii) the reserve of inventories for the Spring Festival and postfestival wholesales fair in different provinces. Liquidity and Financial Resources The Group generally finances its operations and future plans with cash flows generated internally by operating activities and banking facilities. As at 31 December 2011, the Group’s cash and cash equivalent were approximately HK$788.4 million (2010: approximately HK$1,024.7million). As at 31 December 2011, the Group’s interestbearing bank borrowings were approximately HK$326.5 million (2010: approximately HK$472.4 million). Out of these amounts, approximately HK$55.5 million (2010: approximately HK$242.1 million) are denominated in Renminbi, and approximately HK$271.0 million (2010: approximately HK$230.3 million) are denominated in U.S. dollars. gb international Contingent Liabilities As at 31 December 2011, the Group had no material contingent liabilities. Exchange Rate Fluctuations Our sales are mainly denominated in U.S. dollars and Renminbi. Our cost of sales and operating expenses are mainly denominated in Renminbi. Approximately 74.6% of our revenue for the year ended 31 December 2011 was denominated in U.S. dollars. Renminbi appreciated approximately 5.1% against the U.S. dollars for the year ended 31 December 2011. Our profit margins will be adversely affected if we were unable to increase the U.S.-dollar selling prices of the products we sold to our overseas customers for offsetting any appreciation of Renminbi against the U.S. dollars. During the year ended 31 December 2011, the Group entered into forward exchange contracts denominated in U.S. dollars in order to manage its risk exposure.
Pledge of Assets As at 31 December 2011, some of the Group’s interest-bearing bank borrowings were pledged by intra-group trade receivables of approximately HK$256.8 million (2010: approximately HK$167.2 million), and such trade receivables had been eliminated upon consolidation. Gearing As at 31 December 2011, the Group’s gearing ratio (calculated as net liabilities divided by the sum of the equity attributable to owners of the parent and net liabilities; net liabilities is calculated as the sum of trade and notes payables, other payables, advances from customers and accruals, interest-bearing bank borrowings (current and non-current) and amounts due to related parties minus cash and cash equivalent) was approximately 27.3% (2010: approximately 20.9%). / 25
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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 and 22: FINANCIAL REVIEW — CONTINUING OPE
Page 23 and 24: Cost of Sales, Gross Profit and Gro
Page 25: Income Tax Expense Our income tax e
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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
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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
Page 73 and 74: STATEMENT OF FINANCIAL POSITION 31
Page 75 and 76: NOTES TO FINANCIAL STATEMENTS 31 De
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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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