2011 - Li & Fung Limited

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NOTES TO THE ACCOUNTS (CONTINUED) 41 PRINCIPAL SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED) Note Principal subsidiaries 152 LI & FUNG LIMITED | ANNUAL REPORT 2011 Place of Incorporation and operation Issued and fully paid share capital Percentage of equity held by the Company Principal activities IDS Marketing (Thailand) Limited Thailand Ordinary Baht 16,000,000 100 Distribution of consumer Preference 5,500,000 and pharmaceutical 25% paid up products IDS USA Inc. U.S.A. Common stock US$1 100 Provision of logistics services IDS USA West Inc. U.S.A. Common stock 2,000 100 Provision of logistics services Imagine POS Limited Hong Kong Ordinary “A” HK$2,000,000 Ordinary “B” HK$199,980 100 Export trading (2) International Sources LLC U.S.A. Capital contribution US$1 100 Trading of apparel International Sources Trading Limited Hong Kong Ordinary HK$2 100 Export trading Jac Tissot Solutions GmbH Germany EUR 520,000 100 Importer JV Cosmetics Company Limited Hong Kong Ordinary HK$1,000,000 100 Export trading (2) JV Cosmetics (Dongguan) Co. Ltd. The People’s HK$105,000,000 100 Manufacturing and Republic of China foreign-owned enterprise trading Jackel Cosmetics Limited Hong Kong Class “A” HK$100,000 Class “B” non-voting HK$13,890 100 Export trading (2) Jackel France SAS France Ordinary Euro 37,500 100 Export trading Jackel, Inc. U.S.A. Class A voting common stock US$1 Class B non-voting common stock US$99 100 Export trading Jackel International (Asia) Limited Hong Kong Ordinary “A” HK$346,500 Ordinary “B” HK$49,500 100 Export trading Jackel International Europe SAS France Ordinary Euro 105,000 100 Export trading Jackel International Limited Hong Kong Ordinary HK$1 100 Export trading Jackel Vision Limited Hong Kong Ordinary HK$1 100 Export trading Jimlar Corporation U.S.A. Common stock US$974.260769 100 Wholesaling JMI Sportswear Pte. Ltd. (now known as LF Fashion Pte. Ltd. with effect from 5 Jan 2012) Singapore Ordinary S$10,000 100 Export trading Just Jamie and Paulrich Limited England Ordinary GBP878 100 Wholesaling Kenas Pacific Trading (Pte.) Ltd. Singapore Ordinary S$100 100 Export trading service Kariya Industries Limited Hong Kong Ordinary HK$1,000,000 100 Manufacturing and trading KHQ Investment LLC U.S.A. Capital contribution US$1,000 100 Wholesaling
41 PRINCIPAL SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED) Note Principal subsidiaries Place of Incorporation and operation Issued and fully paid share capital NOTES TO THE ACCOUNTS (CONTINUED) Percentage of equity held by the Company Principal activities Kingsbury International Limited Hong Kong Ordinary HK$2 100 Export trading KVZ International Limited British Virgin Islands Ordinary US$1 100 Investment holding La Villa Development Limited Hong Kong Ordinary HK$1 100 Design and marketing of toys LamaLoLi GmbH Germany Euro 25,000 100 Wholesaling (2) Lenci Calzature SpA Italy Euro 206,400 100 Design, marketing and sourcing LF Accessories Group LLC U.S.A. Capital contribution US$1 100 Export trading LF Asia (Hong Kong) Limited Hong Kong Ordinary HK$146,000,000 100 Distribution of consumer (formerly known as IDS and pharmaceutical (Hong Kong) Limited) products LF Asia (Malaysia) Sdn. Bhd. Malaysia Ordinary RM14,231,002 100 Distribution of consumer, (formerly known as IDS Services pharmaceutical, and (Malaysia) Sdn. Bhd.) medical equipment products LF Asia (Singapore) Pte. Ltd. Singapore Ordinary S$300,000 100 Distribution of healthcare (formerly known as IDS Marketing (Singapore) Pte. Ltd.) Preference S$60,000 products LF Asia (Taiwan) Limited (formerly Hong Kong Ordinary HK$1 100 Retail of apparel and known as Branded Lifestyle Taiwan Holdings Limited) accessories LF Asia Sebor (Sabah) Sdn. Bhd. Malaysia Ordinary RM9,850,000 60 Distribution of consumer (formerly known as IDS Sebor Sabah Sdn. Bhd.) products LF Asia Sebor (Sarawak) Sdn. Bhd. Malaysia Ordinary RM5,000,000 67.09 Distribution of consumer (formerly known as IDS Sebor (Sarawak) Sdn. Bhd.) products LF Beauty Inc. U.S.A. Common stock US$1 100 Investment holding LF Beauty Limited Hong Kong Ordinary HK$1 100 Export trading LF Beauty Pte. Ltd. Singapore Ordinary S$10,000 100 Export trading (2) LF Beauty (Shenzhen) Ltd The People’s HK$8,500,000 100 Export trading Republic of China foreign-owned enterprise LF Beauty (UK) Limited England Ordinary GBP100 100 Design, marketing and manufacturing (2) LF Capital (II) Limited British Virgin Islands Class “A” US$185 Class “B” US$115 75 Investment holding (2) LF Capital Management Limited British Virgin Islands Ordinary US$1 100 Investment management LF Centennial Pte. Ltd. Singapore Ordinary S$100,000 100 Export trading LF Centennial Services (Hong Kong) Limited Hong Kong Ordinary HK$1 100 Export trading services LI & FUNG LIMITED | ANNUAL REPORT 2011 153
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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
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2 CRITICAL ACCOUNTING ESTIMATES AND
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3 SEGMENT INFORMATION (CONTINUED) Y
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3 SEGMENT INFORMATION (CONTINUED) N
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4 OPERATING PROFIT (CONTINUED) The
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6 TAXATION (CONTINUED) NOTES TO THE
Page 103 and 104: 10 STAFF COSTS INCLUDING DIRECTORS
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Page 107 and 108: 12 INTANGIBLE ASSETS Brand Buying a
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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 123 and 124: NOTES TO THE ACCOUNTS (CONTINUED) 2
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
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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 153: 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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