Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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28 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31st December 2005 Restated Restated 2005 2004 Note US$m US$m Revenue 1 399.2 336.8 Cost of sales (254.3) (224.7) Gross profit 144.9 112.1 Selling & distribution costs (23.7) (22.4) Administration expenses (60.8) (46.3) Operating profit 2 60.4 43.4 Net financing charges 3 (22.4) (27.5) Share of results of associates and joint ventures excluding writeback of impairment 8.7 3.0 Writeback of impairment of an associate – 9.6 Share of results of associates and joint ventures 4 8.7 12.6 Gains on disposal of associates 5 52.3 – Profit before tax 99.0 28.5 Tax 6 (24.8) (4.8) Profit for the year 74.2 23.7 Profit attributable to shareholders 22 77.2 28.5 Loss attributable to minority interests 24 (3.0) (4.8) Earnings per share 7 MANDARIN ORIENTAL INTERNATIONAL LIMITED 74.2 23.7 US¢ US¢ – basic 8.14 3.35 – diluted 8.07 3.35
CONSOLIDATED BALANCE SHEET as at 31st December 2005 Net assets Restated 2005 2004 Note US$m US$m Intangible assets 8 215.5 219.4 Tangible assets 9 684.0 752.1 Associates and joint ventures 10 205.0 258.6 Other investments 5.1 6.4 Loan receivable 11 12.0 – Pension assets 12 22.8 22.9 Deferred tax assets 13 9.9 7.8 Other non-current assets 27 5.5 – Non-current assets 1,159.8 1,267.2 Stocks 3.1 2.9 Debtors and prepayments 14 59.0 57.9 Cash at bank 26e 169.1 65.7 231.2 126.5 Non-current asset classified as held for sale 23 80.3 – Current assets 311.5 126.5 Creditors and accruals 15 (80.3) (65.1) Current borrowings 16 (8.3) (85.7) Current tax liabilities (6.8) (8.0) (95.4) (158.8) Liabilities directly associated with non-current asset classified as held for sale 23 (14.0) – Current liabilities (109.4) (158.8) Net current assets/(liabilities) 202.1 (32.3) Long-term borrowings 16 (471.6) (497.1) Deferred tax liabilities 13 (49.8) (38.2) Pension liabilities 12 (1.7) (1.7) Other non-current liabilities 27 – (6.0) Total equity 838.8 691.9 Share capital 19 48.3 42.6 Share premium 20 158.8 89.0 Revenue and other reserves 22 628.0 552.1 Shareholders’ funds 835.1 683.7 Minority interests 24 3.7 8.2 Approved by the Board of Directors Percy Weatherall Edouard Ettedgui Directors 23rd February 2006 838.8 691.9 ANNUAL REPORT 2005 29
Page 1: MANDARIN ORIENTAL INTERNATIONAL LIM
Page 4 and 5: 2 CONTENTS 01 Corporate Overview 03
Page 6 and 7: 4 HIGHLIGHTS MANDARIN ORIENTAL INTE
Page 8 and 9: 6 CHAIRMAN’S STATEMENT OVERVIEW M
Page 10 and 11: 8 GROUP CHIEF EXECUTIVE’S REVIEW
Page 16 and 17: 14 OPERATING SUMMARY The operating
Page 18 and 19: 16 OPERATING SUMMARY CONTINUED EURO
Page 20 and 21: 18 INTERNATIONAL RECOGNITION Mandar
Page 22 and 23: 20 FINANCIAL REVIEW A CCOUNTING POL
Page 24 and 25: 22 FINANCIAL REVIEW CONTINUED Cash
Page 26 and 27: 24 FINANCIAL REVIEW CONTINUED TREAS
Page 28 and 29: 26 DIRECTORS’ PROFILES Simon Kesw
Page 32 and 33: 30 CONSOLIDATED STATEMENT OF RECOGN
Page 34 and 35: 32 PRINCIPAL ACCOUNTING POLICIES A
Page 36 and 37: 34 PRINCIPAL ACCOUNTING POLICIES CO
Page 42 and 43: 40 NOTES TO THE FINANCIAL STATEMENT
Page 72 and 73: 70 PRINCIPAL SUBSIDIARIES, ASSOCIAT
Page 74 and 75: 72 INDEPENDENT AUDITORS’ REPORT T
Page 76 and 77: 74 CORPORATE GOVERNANCE The Group
Page 78 and 79: 76 CORPORATE GOVERNANCE CONTINUED D
Page 80 and 81:
78 CORPORATE GOVERNANCE CONTINUED D
Page 82 and 83:
80 SHAREHOLDER INFORMATION Financia
Page 84 and 85:
82 MANDARIN ORIENTAL HOTEL GROUP CO
Page 86 and 87:
84 SALES AND RESERVATIONS OFFICES C
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