Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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50 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 10 Associates and joint ventures continued MANDARIN ORIENTAL INTERNATIONAL LIMITED Restated 2005 2004 US$m US$m The Group’s share of assets and liabilities and results of associates and joint ventures is summarized below: Non-current assets 374.8 433.2 Current assets 26.8 30.6 Current liabilities (32.7) (47.2) Non-current liabilities (194.9) (188.0) 174.0 228.6 Revenue 130.2 121.3 Profit before tax 10.3 13.1 Net profit 8.7 12.6 Capital commitments 4.7 3.5 Contingent liabilities – – Movements of share of attributable net assets for the year: At 1st January – as previously reported 255.5 240.2 – prior period adjustments 3.1 3.1 – as restated 258.6 243.3 Net exchange translation differences (3.9) 4.1 Share of results 8.7 12.6 Investments in and loans to associates and joint ventures 1.0 5.7 Dividends received (17.6) (9.6) Share of property revaluation net of tax 4.6 10.6 Repayment of loans to an associate (4.1) (7.2) Disposal of associates (refer note 26d) (35.7) – Others (6.6) (0.9) At 31st December 205.0 258.6
11 Loan receivable Balance represents an interest-bearing mezzanine loan of US$12.0 million (2004: nil) provided in respect of the Boston hotel project. 12 Pension plans The Group has a number of defined benefit pension plans, covering all the main territories in which it operates with the major plans relating to employees in Hong Kong and South East Asia. Most of the pension plans are final salary defined benefit plans and are funded.The assets of the funded plans are held independently of the Group’s assets in separate trustee administered funds.The Group’s major plans are valued by independent actuaries annually using the projected unit credit method. The principal actuarial assumptions used for accounting purposes at 31st December are as follows: 2005 2004 Weighted Weighted average average % % Discount rate applied to pension obligations 5.5 5.5 Expected return on plan assets 6.0 6.0 Future salary increases 6.0 5.0 The expected return on plan assets is determined based on the expected long-term average returns on global equities of 6% to 9% per annum and global bonds of 3.5% to 5.5% per annum, and the long-term benchmark allocation of assets between equities and bonds in each plan. ANNUAL REPORT 2005 51
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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