Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
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54<br />
NOTES TO THE FINANCIAL STATEMENTS CONTINUED<br />
13 Deferred tax<br />
MANDARIN ORIENTAL INTERNATIONAL LIMITED<br />
Unremitted<br />
earnings in Other<br />
Accelerated tax Property associates & temporary<br />
depreciation revaluation joint ventures differences Losses Total<br />
US$m US$m US$m US$m US$m US$m<br />
2005<br />
At 1st January<br />
– as previously reported (2.5) 17.9 1.0 3.4 (7.0) 12.8<br />
– prior period adjustments<br />
(refer note 22) 18.2 – – (0.6) – 17.6<br />
– as restated 15.7 17.9 1.0 2.8 (7.0) 30.4<br />
Translation differences (1.7) (2.5) – – 0.3 (3.9)<br />
Charged/(Credited) to consolidated<br />
profit and loss account 15.3 – 0.3 (2.7) (0.8) 12.1<br />
Debited to reserves – 6.5 – 0.1 – 6.6<br />
Other movements (7.3) (0.1) – 0.8 – (6.6)<br />
Classified as non-current asset<br />
held for sale (refer note 23) – – – 1.3 – 1.3<br />
At 31st December 22.0 21.8 1.3 2.3 (7.5) 39.9<br />
2004<br />
At 1st January<br />
– as previously reported (1.7) 6.3 1.0 2.9 (4.7) 3.8<br />
– prior period adjustments<br />
(refer note 22) 17.3 – – – – 17.3<br />
– as restated 15.6 6.3 1.0 2.9 (4.7) 21.1<br />
Translation differences 1.1 (0.6) – 0.1 – 0.6<br />
Charged/(Credited) to consolidated<br />
profit and loss account (1.0) – – (1.0) (2.3) (4.3)<br />
Debited to reserves – 12.2 – 0.8 – 13.0<br />
At 31st December 15.7 17.9 1.0 2.8 (7.0) 30.4<br />
Restated<br />
2005 2004<br />
US$m US$m<br />
Deferred tax assets (9.9) (7.8)<br />
Deferred tax liabilities 49.8 38.2<br />
39.9 30.4<br />
Deferred tax assets of US$18.2 million (2004: US$31.2 million) have not been recognized in relation to tax losses<br />
in subsidiaries as it is uncertain when these losses will be utilized.