2011 - Li & Fung Limited

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NOTES TO THE ACCOUNTS (CONTINUED) 17 AVAILABLE-FOR-SALE FINANCIAL ASSETS (CONTINUED) Available-for-sale financial assets are denominated in the following currencies: 112 LI & FUNG LIMITED | ANNUAL REPORT 2011 The Group As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) HK dollar 3,560 2,974 973 US dollar 67,000 80,000 90,000 Japanese Yen – 1,342 1,162 Pound Sterling 14 14 196 18 INVENTORIES 70,574 84,330 92,331 The Group As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) Finished goods 992,426 727,672 289,909 Raw materials 43,362 41,015 15,557 1,035,788 768,687 305,466 At 31 December 2011, inventories of US$48,250,000 (31 December 2010: US$24,194,000 and 1 January 2010: US$19,229,000) were pledged as security for the Group’s bank overdrafts (Note 24).
19 DUE FROM/(TO) RELATED COMPANIES NOTES TO THE ACCOUNTS (CONTINUED) The Group The Company As at As at As at 31 December 1 January As at 31 December 1 January 2011 2010 2010 2011 2010 2010 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 (Restated) (Restated) (Restated) (Restated) Due from: Subsidiaries – – – 3,855,441 3,650,510 2,532,192 Associated companies 9,876 8,330 12,655 – – – Related companies 7,072 4,833 – – – – 16,948 13,163 12,655 3,855,441 3,650,510 2,532,192 Due to: Associated companies 333 – – – – – Related companies 12,342 6,531 – – – – 12,675 6,531 – – – – The amounts are unsecured, interest free and repayable on demand, except for amounts due from an associated company amounting to US$9,710,000 (31 December 2010: US$7,788,000 and 1 January 2010: US$11,004,000) which are unsecured but interest bearing at approximately 5% per annum. Fair values of amounts due from related companies are approximately the same as the carrying values. 20 DERIVATIVE FINANCIAL INSTRUMENTS As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) Forward foreign exchange contracts – assets/(liabilities) (Note 38) 13,743 (1,892) 336 Gains in equity of US$9,474,000 (31 December 2010: Losses of US$752,000 and 1 January 2010: Gains of US$784,000) on forward foreign exchange contracts as of 31 December 2011 will be released to the consolidated profit and loss account at various dates between one month to one year from the balance sheet date (Note 26). For the years ended 31 December 2011 and 2010, there was no material ineffective portion recognized in the profit or loss account arising from cash flow hedges. LI & FUNG LIMITED | ANNUAL REPORT 2011 113
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LI & FUNG LIMITED (Incorporated in
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CORPORATE INFORMATION NON-EXECUTIVE
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THE AMERICAS Guatemala City Lima Ma
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CHAIRMAN’S STATEMENT Victor Fung
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CHAIRMAN’S STATEMENT (CONTINUED)
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CONSUMER NEEDS THE SUPPLY CHAIN CON
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MANAGEMENT DISCUSSION & ANALYSIS Wi
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MANAGEMENT DISCUSSION & ANALYSIS (C
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CORPORATE GOVERNANCE The Board of D
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CORPORATE GOVERNANCE (CONTINUED) In
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CORPORATE GOVERNANCE (CONTINUED) LI
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CORPORATE GOVERNANCE (CONTINUED) RI
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CORPORATE GOVERNANCE (CONTINUED) CO
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CORPORATE GOVERNANCE (CONTINUED) As
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CORPORATE GOVERNANCE (CONTINUED) Th
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CORPORATE GOVERNANCE (CONTINUED) CO
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SUSTAINABILITY OVERVIEW In 2011, we
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SUSTAINABILITY (CONTINUED) A summar
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SUSTAINABILITY (CONTINUED) WELL-BEI
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DIRECTORS AND SENIOR MANAGEMENT DIR
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DIRECTORS AND SENIOR MANAGEMENT (CO
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DIRECTORS AND SENIOR MANAGEMENT (CO
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REPORT OF THE DIRECTORS The directo
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Number of Share Options REPORT OF T
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SUBSIDIARIES Details of the Company
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DIRECTORS The directors during the
Page 63 and 64: REPORT OF THE DIRECTORS (CONTINUED)
Page 65 and 66: REPORT OF THE DIRECTORS (CONTINUED)
Page 67 and 68: OPINION INDEPENDENT AUDITOR’S REP
Page 69 and 70: CONSOLIDATED PROFIT AND LOSS ACCOUN
Page 71 and 72: CONSOLIDATED BALANCE SHEET As at 31
Page 73 and 74: BALANCE SHEET As at 31 December 201
Page 75 and 76: CONSOLIDATED STATEMENT OF CHANGES I
Page 77 and 78: NOTES TO THE ACCOUNTS 1 BASIS OF PR
Page 79 and 80: NOTES TO THE ACCOUNTS (CONTINUED) 1
Page 93 and 94: 2 CRITICAL ACCOUNTING ESTIMATES AND
Page 95 and 96: 3 SEGMENT INFORMATION (CONTINUED) Y
Page 97 and 98: 3 SEGMENT INFORMATION (CONTINUED) N
Page 99 and 100: 4 OPERATING PROFIT (CONTINUED) The
Page 101 and 102: 6 TAXATION (CONTINUED) NOTES TO THE
Page 103 and 104: 10 STAFF COSTS INCLUDING DIRECTORS
Page 105 and 106: 11 DIRECTORS’ AND SENIOR MANAGEME
Page 107 and 108: 12 INTANGIBLE ASSETS Brand Buying a
Page 109 and 110: 12 INTANGIBLE ASSETS (CONTINUED) NO
Page 111 and 112: 13 PROPERTY, PLANT AND EQUIPMENT (C
Page 113: 17 AVAILABLE-FOR-SALE FINANCIAL ASS
Page 117 and 118: 21 TRADE AND OTHER RECEIVABLES (CON
Page 119 and 120: 22 CASH AND CASH EQUIVALENTS NOTES
Page 121 and 122: 24 BANK BORROWINGS (CONTINUED) The
Page 125 and 126: 26 RESERVES (a) THE GROUP NOTES TO
Page 127 and 128: 26 RESERVES (CONTINUED) (b) THE COM
Page 129 and 130: 27 LONG-TERM LIABILITIES NOTES TO T
Page 131 and 132: 27 LONG-TERM LIABILITIES (CONTINUED
Page 133 and 134: 28 POST-EMPLOYMENT BENEFIT OBLIGATI
Page 135 and 136: 29 DEFERRED TAXATION (CONTINUED) NO
Page 137 and 138: 30 NOTES TO THE CONSOLIDATED CASH F
Page 139 and 140: 30 NOTES TO THE CONSOLIDATED CASH F
Page 141 and 142: 31 BUSINESS COMBINATIONS (CONTINUED
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Page 145 and 146: 36 FINANCIAL RISK MANAGEMENT NOTES
Page 147 and 148: 36 FINANCIAL RISK MANAGEMENT (CONTI
Page 149 and 150: 38 FAIR VALUE ESTIMATION NOTES TO T
Page 151 and 152: 41 PRINCIPAL SUBSIDIARIES AND ASSOC
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LIFUNG TOWER 888 Cheung Sha Wan Roa
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2011 - Li & Fung Limited

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