2011 - Li & Fung Limited

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NOTES TO THE ACCOUNTS (CONTINUED) 27 LONG-TERM LIABILITIES (CONTINUED) Balance of purchase consideration for acquisitions and long-term loans from non-controlling shareholders are unsecured, interest-free and not repayable within twelve months. Unsecured long-term notes issued to independent third parties in 2007 of US$497,414,000 will mature in 2017 and bear annual coupon of 5.5%. Unsecured long-term notes issued to independent third parties in 2010 of US$758,593,000 will mature in 2020 and bear annual coupon of 5.25%. The maturity of the financial liabilities is as follows: 128 LI & FUNG LIMITED | ANNUAL REPORT 2011 The Group The Company As at As at As at 31 December 1 January As at 31 December 1 January 2011 2010 2010 2011 2010 2010 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 (Restated) (Restated) (Restated) (Restated) Within 1 year 379,090 272,513 215,643 – – – Between 1 and 2 years 509,996 329,006 144,686 – – – Between 2 and 5 years 1,094,110 744,521 195,216 – – – Wholly repayable within 5 years 1,983,196 1,346,040 555,545 – – – Over 5 years 1,580,386 1,398,379 501,842 1,256,007 1,256,552 496,452 The fair values of the financial liabilities (non-current portion) are as follows: 3,563,582 2,744,419 1,057,387 1,256,007 1,256,552 496,452 The Group As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) Loans from non-controlling shareholders 4,910 4,921 4,983 Long-term bank loans – unsecured 105,489 102,040 – Long-term notes – unsecured 1,324,800 1,309,325 503,330 Balance of purchase consideration payable for acquisitions 1,646,664 920,428 292,778 License royalty payable Balance of purchase consideration payable for acquisitions to be 171,422 187,965 29,537 settled by shares issued and held by escrow agent – – 17,994 3,253,285 2,524,679 848,622
27 LONG-TERM LIABILITIES (CONTINUED) The carrying amounts of financial liabilities are denominated in the following currencies: NOTES TO THE ACCOUNTS (CONTINUED) The Group As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) Hong Kong dollar 148,120 166,261 17,360 US dollar 2,970,644 2,353,074 1,025,608 Pound sterling 193,826 209,232 12,419 Euro dollar 233,809 – 2,000 Others 17,183 15,852 – 28 POST-EMPLOYMENT BENEFIT OBLIGATIONS 3,563,582 2,744,419 1,057,387 The Group As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) Pension obligations (Note) 7,713 4,576 2,097 Long service payment liabilities 5,383 3,735 1,206 13,096 8,311 3,303 NOTE: The Group participates in a number of defined benefit plans in certain countries. Most of these pension plans are final salary defined benefit plans. The assets of the funded plans are held independently of the Group’s assets in separate trustee-administered funds. The Group’s defined benefit plans are valued by qualified actuaries annually using the projected unit credit method. LI & FUNG LIMITED | ANNUAL REPORT 2011 129
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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
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REPORT OF THE DIRECTORS (CONTINUED)
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REPORT OF THE DIRECTORS (CONTINUED)
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OPINION INDEPENDENT AUDITOR’S REP
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CONSOLIDATED PROFIT AND LOSS ACCOUN
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CONSOLIDATED BALANCE SHEET As at 31
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BALANCE SHEET As at 31 December 201
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CONSOLIDATED STATEMENT OF CHANGES I
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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 and 114: 17 AVAILABLE-FOR-SALE FINANCIAL ASS
Page 115 and 116: 19 DUE FROM/(TO) RELATED COMPANIES
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: 27 LONG-TERM LIABILITIES NOTES TO T
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
Page 164: LIFUNG TOWER 888 Cheung Sha Wan Roa
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2011 - Li & Fung Limited

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