Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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