Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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30 CONSOLIDATED STATEMENT OF RECOGNIZED INCOME AND EXPENSE for the year ended 31st December 2005 MANDARIN ORIENTAL INTERNATIONAL LIMITED Restated 2005 2004 US$m US$m Surplus on revaluation of properties 35.6 51.1 Actuarial gains on defined benefit pension plans 0.6 4.4 Net exchange translation differences (31.4) 20.0 Loss on financial assets – (1.3) Gain/(Loss) on cash flow hedges 11.7 (1.9) Tax on items taken directly to equity (9.8) (18.2) Net income recognized directly in equity 6.7 54.1 Profit for the year 74.2 23.7 Total recognized income and expense for the year 80.9 77.8 Attributable to: Shareholders of the Company 84.6 82.8 Minority interests (3.7) (5.0) 80.9 77.8 Effect of prior period adjustments: Shareholders of the Company (1.0) Minority interests (0.1) (1.1)
CONSOLIDATED CASH FLOW STATEMENT for the year ended 31st December 2005 Operating activities 2005 2004 Note US$m US$m Operating profit 60.4 43.4 Depreciation 9 30.0 30.7 Amortization of land use rights 8 0.6 0.6 Non-cash items 26a 3.0 0.4 Movements in working capital 26b (0.3) (1.8) Interest received 2.8 0.6 Interest and other financing charges paid (26.3) (27.4) Tax paid (13.8) (8.0) 56.4 38.5 Dividends and interest from associates and joint ventures 16.2 8.6 Cash flows from operating activities 72.6 47.1 Investing activities Purchase of tangible assets (40.0) (41.2) Investments in and loans to associates and joint ventures 26c (1.0) (5.7) Advance of loan receivable 11 (12.0) – Increase in other investments (0.9) (1.4) Purchase of minority interests (2.7) (0.5) Proceeds on disposal of other investments – 13.2 Proceeds on disposal of associates 26d 95.3 – Repayment of loans to an associate 4.1 7.2 Capital distribution from an associate 0.5 – Cash flows from investing activities 43.3 (28.4) Financing activities Issue of shares 0.3 0.1 Drawdown of borrowings 115.0 28.6 Repayment of borrowings (116.5) (51.6) Dividends paid by the Company 22 (9.6) – Capital contribution from minority interests 24 – 2.2 Cash flows from financing activities (10.8) (20.7) Effect of exchange rate changes (2.0) 1.7 Net increase/(decrease) in cash and cash equivalents 103.1 (0.3) Cash and cash equivalents at 1st January 65.7 66.0 Cash and cash equivalents at 31st December 26e 168.8 65.7 ANNUAL REPORT 2005 31
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 30 and 31: 28 CONSOLIDATED PROFIT AND LOSS ACC
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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