Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

10 Associates and joint ventures
Restated
2005 2004
US$m US$m
Listed investment in The Oriental Hotel (Thailand) PCL 60.1 59.8
Unlisted investments in other associates 67.4 115.2
Group share of attributable net assets of associates 127.5 175.0
Joint ventures 46.5 53.6
174.0 228.6
Amount due from a joint venture 31.0 30.0
205.0 258.6
Market value of listed investment in The Oriental Hotel (Thailand) PCL 55.6 56.1
The Directors have reviewed the carrying values of all operating properties owned by associates and joint ventures
at 31st December 2005 in consultation with the Group’s independent valuers.The Group’s share of the underlying
net revaluation surplus of US$4.6 million has been dealt with in the capital reserves (2004: net revaluation surplus
of US$10.7 million to capital reserves, and net credit of US$9.6 million to the consolidated profit and loss
account).The land and buildings owned by associates and joint ventures were revalued at 31st December 2004
by independent professionally qualified valuers on an open market basis.
The amount due from a joint venture represents a mezzanine loan of US$31.0 million (2004: US$30.0 million) to
Mandarin Oriental, New York, which is interest bearing at 13.5% per annum as from the opening of the hotel with
no fixed terms of repayment.
ANNUAL REPORT 2005 49