2011 - Li & Fung Limited

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REPORT OF THE DIRECTORS (CONTINUED) SHARE OPTIONS At the 2003 Annual General Meeting of the Company held on 12 May 2003, a share option scheme (the “Option Scheme”) of the Company was adopted by the shareholders of the Company. As at 31 December 2011, there were options (“Share 54 LI & FUNG LIMITED | ANNUAL REPORT 2011 Number of Share Options Options”) relating to 287,356,100 shares of HK$0.0125 each (“Shares”) granted by the Company pursuant to the Option Scheme which were valid and outstanding. Details of the Share Options granted under the Option Scheme and remain outstanding as at 31 December 2011 are as follows: Adjustment Exercise As at Before Share Subdivision for Share After Share Subdivision As At Price1 1/1/2011 Granted Exercised2 Cancelled Lapsed Subdivision1 Granted Exercised2 Cancelled Lapsed 31/12/2011 HK$ Grant Date Exercisable Period William Fung Kwok Lun 440,000 – (440,000) – – – – – – – – 12.77 24/1/2008 01/3/2010 – 29/2/2012 880,000 – (880,000) – – – – – – – – 12.77 24/1/2008 01/3/2011 – 28/2/2013 – 270,0003 – – – 270,000 – – – – 540,000 20.21 11/4/2011 01/5/2012 – 30/4/2015 – 270,0003 – – – 270,000 – – – – 540,000 20.21 11/4/2011 01/5/2013 – 30/4/2015 – 675,0003 – – – 675,000 – – – – 1,350,000 20.21 11/4/2011 01/5/2014 – 30/4/2016 Bruce Philip Rockowitz 225,000 – – – – 225,000 – – – – 450,000 12.77 24/1/2008 01/3/2010 – 29/2/2012 450,000 – – – – 450,000 – – – – 900,000 12.77 24/1/2008 01/3/2011 – 28/2/2013 – 270,0003 – – – 270,000 – – – – 540,000 20.21 11/4/2011 01/5/2012 – 30/4/2015 – 270,0003 – – – 270,000 – – – – 540,000 20.21 11/4/2011 01/5/2013 – 30/4/2015 – 675,0003 – – – 675,000 – – – – 1,350,000 20.21 11/4/2011 01/5/2014 – 30/4/2016 Spencer Theodore Fung 176,000 – (176,000) – – – – – – – – 12.77 24/1/2008 01/3/2009 – 28/2/2011 176,000 – – – – 176,000 – – – – 352,000 12.77 24/1/2008 01/3/2010 – 29/2/2012 176,000 – – – – 176,000 – – – – 352,000 12.77 24/1/2008 01/3/2011 – 28/2/2013 177,000 – – – – 177,000 – – – – 354,000 20.76 25/3/2010 01/3/2011 – 28/2/2013 – 180,0003 – – – 180,000 – – – – 360,000 20.21 11/4/2011 01/5/2012 – 30/4/2015 – 180,0003 – – – 180,000 – – – – 360,000 20.21 11/4/2011 01/5/2013 – 30/4/2015 – 450,0003 – – – 450,000 – – – – 900,000 20.21 11/4/2011 01/5/2014 – 30/4/2016 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2013 – 30/4/2015 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2014 – 30/4/2016 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2015 – 30/4/2017 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2016 – 30/4/2018 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2017 – 30/4/2019 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2018 – 30/4/2020 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2019 – 30/4/2021 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2020 – 30/4/2022 – – – – – – 1,000,0005 – – – 1,000,000 14.50 22/12/2011 01/5/2021 – 30/4/2023
Number of Share Options REPORT OF THE DIRECTORS (CONTINUED) Adjustment Exercise As at Before Share Subdivision for Share After Share Subdivision As At Price1 1/1/2011 Granted Exercised2 Cancelled Lapsed Subdivision1 Granted Exercised2 Cancelled Lapsed 31/12/2011 HK$ Grant Date Exercisable Period Continuous contract 1,973,600 – (1,302,600) – – 671,000 – (1,342,000) – – – 6.72 20/6/2005 20/6/2008 – 19/6/2011 Employees 5,414,200 – (2,136,200) – – 3,278,000 – (1,220,000) – – 5,336,000 6.72 20/6/2005 20/6/2009 – 19/6/2012 462,000 – (231,000) – – 231,000 – (462,000) – – – 6.86 23/1/2006 20/6/2008 – 19/6/2011 462,000 – – – – 462,000 – – – – 924,000 6.86 23/1/2006 20/6/2009 – 19/6/2012 194,000 – – – – 194,000 – (388,000) – – – 7.82 19/6/2006 20/6/2008 – 19/6/2011 260,000 – – – – 260,000 – (100,000) – – 420,000 7.82 19/6/2006 20/6/2009 – 19/6/2012 372,000 – (184,000) – – 188,000 – (248,000) – (128,000) – 12.75 02/2/2007 20/6/2008 – 19/6/2011 1,472,000 – (128,000) – – 1,344,000 – – – – 2,688,000 12.75 02/2/2007 20/6/2009 – 19/6/2012 482,000 – – – – 482,000 – – (92,000) – 872,000 14.96 13/7/2007 20/6/2009 – 19/6/2012 6,931,000 – (4,568,000) (817,000) (1,546,000) – – – – – – 12.77 24/1/2008 01/3/2009 – 28/2/2011 18,325,400 – (5,255,000) – – 13,070,400 – (2,178,000) (60,000) – 23,902,800 12.77 24/1/2008 01/3/2010 – 29/2/2012 22,872,000 – (4,096,500) – – 18,775,500 – (1,620,000) (60,000) – 35,871,000 12.77 24/1/2008 01/3/2011 – 28/2/2013 922,000 – (541,000) (97,500) (283,500) – – – – – – 15.00 21/5/2008 01/3/2009 – 28/2/2011 1,020,500 – (333,500) – – 687,000 – (30,000) – – 1,344,000 15.00 21/5/2008 01/3/2010 – 29/2/2012 1,370,000 – (267,000) – – 1,103,000 – – – – 2,206,000 15.00 21/5/2008 01/3/2011 – 28/2/2013 389,200 – (173,700) (89,200) (126,300) – – – – – – 13.10 13/8/2008 01/3/2009 – 28/2/2011 1,107,900 – (294,000) – – 813,900 – (75,500) – – 1,552,300 13.10 13/8/2008 01/3/2010 – 29/2/2012 1,697,100 – (334,500) – – 1,362,600 – (122,400) – – 2,602,800 13.10 13/8/2008 01/3/2011 – 28/2/2013 794,000 – (332,000) – – 462,000 – (164,000) (76,000) – 684,000 8.61 24/2/2009 01/3/2010 – 29/2/2012 2,348,000 – (1,279,600) – – 1,068,400 – (472,800) (60,000) – 1,604,000 8.61 24/2/2009 01/3/2011 – 28/2/2013 1,274,500 – (79,300) – – 1,195,200 – (149,400) – – 2,241,000 13.90 14/8/2009 01/3/2010 – 29/2/2012 2,098,200 – (258,400) – – 1,839,800 – (63,200) – – 3,616,400 13.90 14/8/2009 01/3/2011 – 28/2/2013 2,556,100 – – – – 2,556,100 – – (599,600) – 4,512,600 20.76 25/3/2010 01/3/2011 – 28/2/2013 1,178,600 – – – – 1,178,600 – – – – 2,357,200 22.42 15/11/2010 01/3/2011 – 28/2/2013 – 15,781,0003 – – – 15,781,000 – – (142,000) – 31,420,000 20.21 11/4/2011 01/5/2012 – 30/4/2015 – 16,057,0003 – – – 16,057,000 – – (150,000) – 31,964,000 20.21 11/4/2011 01/5/2013 – 30/4/2015 – 39,922,0003 – – – 39,922,000 – – (218,000) – 79,626,000 20.21 11/4/2011 01/5/2014 – 30/4/2016 – – – – – – 2,162,0004 – (123,000) – 2,039,000 15.20 21/11/2011 01/5/2012 – 30/4/2015 – – – – – – 4,476,0004 – (248,000) – 4,228,000 15.20 21/11/2011 01/5/2013 – 30/4/2015 – – – – – – 10,011,0004 – (554,000) – 9,457,000 15.20 21/11/2011 01/5/2014 – 30/4/2016 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2013 – 30/4/2015 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2014 – 30/4/2016 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2015 – 30/4/2017 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2016 – 30/4/2018 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2017 – 30/4/2019 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2018 – 30/4/2020 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2019 – 30/4/2021 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2020 – 30/4/2022 – – – – – – 2,000,0005 – – – 2,000,000 14.50 22/12/2011 01/5/2021 – 30/4/2023 NOTES: (1) At the 2011 Annual General Meeting of the Company held on 18 May 2011, an ordinary resolution was duly passed under which each of the existing issued and unissued shares of HK$0.025 each in the share capital of the Company as of 19 May 2011 was subdivided (the “Share Subdivision”) into two shares of HK$0.0125 each. All the Share Options which were granted and remained outstanding as of 19 May 2011 were adjusted with the Share Subdivision and accordingly, the number of Share Options increased by one share for each share in the Share Options and the subscription prices per Share were adjusted by half. (2) The weighted average closing market price per Share immediately before the dates on which the Share Options were exercised was HK$20.86. (3) The closing market price per Share as at the date preceding the date on which the share options were granted was HK$20.25. (4) The closing market price per Share as at the date preceding the date on which the share options were granted was HK$15.04. (5) The closing market price per Share as at the date preceding the date on which the share options were granted was HK$14.56. (6) The above options granted are recognized as expenses in the accounts in accordance with the Company’s accounting policy as set out in Note 1.16(d) to the accounts. Other details of Share Options granted by the Company are set out in Note 25 to the accounts. LI & FUNG LIMITED | ANNUAL REPORT 2011 55
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LI & FUNG LIMITED (Incorporated in
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CORPORATE INFORMATION NON-EXECUTIVE
Page 6 and 7: THE AMERICAS Guatemala City Lima Ma
Page 8 and 9: CHAIRMAN’S STATEMENT Victor Fung
Page 10 and 11: CHAIRMAN’S STATEMENT (CONTINUED)
Page 12 and 13: CONSUMER NEEDS THE SUPPLY CHAIN CON
Page 14 and 15: MANAGEMENT DISCUSSION & ANALYSIS Wi
Page 16 and 17: MANAGEMENT DISCUSSION & ANALYSIS (C
Page 26 and 27: CORPORATE GOVERNANCE The Board of D
Page 28 and 29: CORPORATE GOVERNANCE (CONTINUED) In
Page 30 and 31: CORPORATE GOVERNANCE (CONTINUED) LI
Page 32 and 33: CORPORATE GOVERNANCE (CONTINUED) RI
Page 34 and 35: CORPORATE GOVERNANCE (CONTINUED) CO
Page 36 and 37: CORPORATE GOVERNANCE (CONTINUED) As
Page 38 and 39: CORPORATE GOVERNANCE (CONTINUED) Th
Page 40 and 41: CORPORATE GOVERNANCE (CONTINUED) CO
Page 42 and 43: SUSTAINABILITY OVERVIEW In 2011, we
Page 44 and 45: SUSTAINABILITY (CONTINUED) A summar
Page 46 and 47: SUSTAINABILITY (CONTINUED) WELL-BEI
Page 48 and 49: DIRECTORS AND SENIOR MANAGEMENT DIR
Page 50 and 51: DIRECTORS AND SENIOR MANAGEMENT (CO
Page 52 and 53: DIRECTORS AND SENIOR MANAGEMENT (CO
Page 55: REPORT OF THE DIRECTORS The directo
Page 59 and 60: SUBSIDIARIES Details of the Company
Page 61 and 62: 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
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12 INTANGIBLE ASSETS Brand Buying a
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12 INTANGIBLE ASSETS (CONTINUED) NO
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13 PROPERTY, PLANT AND EQUIPMENT (C
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17 AVAILABLE-FOR-SALE FINANCIAL ASS
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19 DUE FROM/(TO) RELATED COMPANIES
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21 TRADE AND OTHER RECEIVABLES (CON
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22 CASH AND CASH EQUIVALENTS NOTES
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24 BANK BORROWINGS (CONTINUED) The
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NOTES TO THE ACCOUNTS (CONTINUED) 2
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26 RESERVES (a) THE GROUP NOTES TO
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26 RESERVES (CONTINUED) (b) THE COM
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27 LONG-TERM LIABILITIES NOTES TO T
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27 LONG-TERM LIABILITIES (CONTINUED
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28 POST-EMPLOYMENT BENEFIT OBLIGATI
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29 DEFERRED TAXATION (CONTINUED) NO
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30 NOTES TO THE CONSOLIDATED CASH F
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30 NOTES TO THE CONSOLIDATED CASH F
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31 BUSINESS COMBINATIONS (CONTINUED
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31 BUSINESS COMBINATIONS (CONTINUED
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36 FINANCIAL RISK MANAGEMENT NOTES
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36 FINANCIAL RISK MANAGEMENT (CONTI
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38 FAIR VALUE ESTIMATION NOTES TO T
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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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