2011 - Li & Fung Limited

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NOTES TO THE ACCOUNTS (CONTINUED) 28 POST-EMPLOYMENT BENEFIT OBLIGATIONS (CONTINUED) (i) The amount recognized in the consolidated balance sheet is determined as follows: 130 LI & FUNG LIMITED | ANNUAL REPORT 2011 The Group As at 31 December As at 1 January 2011 2010 2010 US$’000 US$’000 US$’000 (Restated) (Restated) Present value obligations 43,808 38,863 28,361 Fair value of plan assets (28,936) (28,792) (18,957) 14,872 10,071 9,404 Unrecognized actuarial losses (7,173) (5,495) (7,307) Amount not recognized as assets 14 – – Pension obligations 7,713 4,576 2,097 (ii) The amount recognized in the consolidated profit and loss account is as follows: The Group 2011 2010 US$’000 US$’000 (Restated) Current service cost 2,795 1,810 Interest cost 1,358 1,186 Expected return on plan assets (1,361) (955) Net actuarial loss recognized during the year 349 392 Gains on curtailments and settlements (75) (739) Total, included in staff costs (Note 10) 3,066 1,694
28 POST-EMPLOYMENT BENEFIT OBLIGATIONS (CONTINUED) (iii) The movements in the fair value of plan assets of the year are as follows: NOTES TO THE ACCOUNTS (CONTINUED) The Group 2011 2010 US$’000 US$’000 (Restated) At 1 January 28,792 18,957 Expected return on plan assets 1,361 955 Actuarial (losses)/gains (941) 1,283 Exchange differences (480) 737 Assets acquired in business combination – 7,719 Transferred out (113) – Employer contributions 1,676 1,392 Benefits paid (1,359) (2,251) At 31 December 28,936 28,792 (iv) Movement in the net pension obligations recognized in the consolidated balance sheet: The Group 2011 2010 US$’000 US$’000 (Restated) At 1 January 4,576 2,097 Total expense – as shown in (ii) 3,066 1,694 Contributions paid (1,821) (1,392) Exchange difference (151) 343 Liabilities acquired in business combination 426 1,834 Net actuarial loss recognized through reserve 1,617 – At 31 December 7,713 4,576 LI & FUNG LIMITED | ANNUAL REPORT 2011 131
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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
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NOTES TO THE ACCOUNTS (CONTINUED) 1
Page 81 and 82: NOTES TO THE ACCOUNTS (CONTINUED) 1
Page 93 and 94: 2 CRITICAL ACCOUNTING ESTIMATES AND
Page 95 and 96: 3 SEGMENT INFORMATION (CONTINUED) Y
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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 and 130: 27 LONG-TERM LIABILITIES NOTES TO T
Page 131: 27 LONG-TERM LIABILITIES (CONTINUED
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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