Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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44 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 6 Tax Company and subsidiaries MANDARIN ORIENTAL INTERNATIONAL LIMITED Restated 2005 2004 US$m US$m – Current tax 12.7 9.1 – Deferred tax (refer note 13) 12.1 (4.3) 24.8 4.8 Analysis by geographical area – Hong Kong and Macau 8.0 6.7 – Other Asia 1.7 0.6 – Europe 1.3 (2.1) – The Americas 13.8 (0.4) 24.8 4.8 Analysis by activity – Hotel ownership 22.4 3.1 – Hotel management 2.4 1.7 24.8 4.8 Reconciliation between tax expense and tax at the applicable tax rate: Tax at applicable tax rate 19.3 (4.1) Expenses not deductible for tax purposes 3.5 1.7 Tax losses not recognized 4.0 8.3 Temporary differences not recognized 4.1 3.2 Utilization of previously unrecognized tax losses (16.9) (0.4) Utilization of previously unrecognized temporary differences (2.6) (2.2) Recognition of previously unrecognized deferred tax assets (0.8) (2.4) Recognition of previously unrecognized temporary differences 12.1 (1.3) Deferred tax assets written off 0.6 0.5 Withholding tax 1.4 1.4 Under provision for prior years 0.1 0.1 24.8 4.8 The applicable tax rate represents the weighted average of the rates of taxation prevailing in the territorities in which the Group operates. Included in the 2005 taxation is a tax charge of US$14.2 million (2004: nil) arising on the disposal of the Group’s 40% investment in Kahala Mandarin Oriental, Hawaii.This tax charge is calculated after utilizing brought forward tax losses in the United States of approximately US$65.1 million and comprises current tax of US$2.5 million and deferred tax of US$11.7 million arising on temporary differences (refer note 5).
7 Earnings per share Basic earnings per share are calculated on the profit attributable to shareholders of US$77.2 million (2004: US$28.5 million) and on the weighted average number of 948.9 million shares (2004: 851.6 million shares) in issue during the year.The weighted average number excludes shares held by the Trustee of the Senior Executive Share Incentive Schemes (refer note 21). Diluted earnings per share are calculated on the weighted average number of 956.5 million shares (2004: 854.1 million shares) after adjusting for the number of shares which are deemed to be issued for no consideration under the Senior Executive Share Incentive Schemes based on the average share price during the year. The convertible bonds were anti-dilutive and therefore ignored in calculating diluted earnings per share. The number of shares for basic and diluted earnings per share is reconciled as follows: Ordinary shares in millions 2005 2004 Weighted average number of shares in issue 948.9 851.6 Adjustment for shares deemed to be issued for no consideration under the Senior Executive Share Incentive Schemes 7.6 2.5 Weighted average number of shares for diluted earnings per share 956.5 854.1 Excluding the gain on Hawaii disposal (refer note 5), the 2005 basic and diluted earning per share would be US¢4.33 and US¢4.30 respectively. The Group made certain prior period adjustments (refer note 22), the impact of which increased the 2004 basic and diluted earnings per share by US¢0.09. ANNUAL REPORT 2005 45
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 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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