Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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