Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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62 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 22 Revenue and other reserves 2005 At 1st January MANDARIN ORIENTAL INTERNATIONAL LIMITED Revenue Capital Hedging Exchange reserves reserves reserves reserves Total US$m US$m US$m US$m US$m – as previously reported 222.0 409.8 (6.0) (66.7) 559.1 – prior period adjustments* (7.9) 3.1 – (2.2) (7.0) – as restated 214.1 412.9 (6.0) (68.9) 552.1 Revaluation of properties – net revaluation surplus – 35.6 – – 35.6 – deferred tax – (9.7) – – (9.7) Defined benefit pension plans – actuarial gain 0.6 – – – 0.6 – deferred tax (0.1) – – – (0.1) Net exchange translation differences – – – (30.5) (30.5) Fair value gain on cash flow hedges – – 11.5 – 11.5 Share-based payments – 0.9 – – 0.9 Profit attributable to shareholders 77.2 – – – 77.2 Transfer between reserves 11.9 (11.9) – – – Dividends (refer note 25) (9.6) – – – (9.6) At 31st December 2005 294.1 427.8 5.5 (99.4) 628.0 Of which: – Company 67.0 6.0 – – 73.0 – Associates and joint ventures (21.0) 97.9 – (75.6) 1.3
22 Revenue and other reserves continued 2004 At 1st January Revenue Capital Hedging Exchange reserves reserves reserves reserves Total US$m US$m US$m US$m US$m – as previously reported 189.0 378.7 (4.1) (87.9) 475.7 – prior period adjustments* (8.6) 3.1 – (1.2) (6.7) – as restated 180.4 381.8 (4.1) (89.1) 469.0 Revaluation of properties – net revaluation surplus – 51.1 – – 51.1 – deferred tax – (17.4) – – (17.4) Defined benefit pension plans – actuarial gain 4.4 – – – 4.4 – deferred tax (0.8) – – – (0.8) Net exchange translation differences – – – 20.2 20.2 Fair value loss on financial assets (1.3) – – – (1.3) Fair value loss on cash flow hedges – – (1.9) – (1.9) Share-based payments – 0.3 – – 0.3 Profit attributable to shareholders 28.5 – – – 28.5 Transfer between reserves 2.9 (2.9) – – – Dividends (refer note 25) – – – – – At 31st December 2004 214.1 412.9 (6.0) (68.9) 552.1 Of which: – Company 61.2 5.0 – – 66.2 – Associates and joint ventures (15.0) 104.0 (0.4) (71.8) 16.8 * In 2005, the Group conducted a comprehensive review of the deferred taxation across the Group’s hotel properties to ensure full compliance with IAS 12 Income Taxes. As a result, certain prior period adjustments have been made to conform more fully to IFRS. These adjustments are primarily to provide for deferred tax arising from fair value adjustments which had not previously been provided. In 2004, these adjustments resulted in an increase to profit attributable to shareholders of US$0.7 million. Revenue reserves include US$0.1 million of fair value losses in respect of financial assets (2004: loss of US$0.1 million). Capital reserves include property revaluation reserves of US$167.8 million net of attributable deferred tax of US$43.7 million (2004: US$150.8 million net of attributable deferred tax of US$40.0 million) which are not distributable in certain jurisdictions in which the Group operates. ANNUAL REPORT 2005 63
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MANDARIN ORIENTAL INTERNATIONAL LIM
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2 CONTENTS 01 Corporate Overview 03
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4 HIGHLIGHTS MANDARIN ORIENTAL INTE
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6 CHAIRMAN’S STATEMENT OVERVIEW M
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8 GROUP CHIEF EXECUTIVE’S REVIEW
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10 GROUP CHIEF EXECUTIVE’S REVIEW
Page 14 and 15: 12 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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