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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22 Revenue and other reserves continued<br />
2004<br />
At 1st January<br />
Revenue Capital Hedging Exchange<br />
reserves reserves reserves reserves Total<br />
US$m US$m US$m US$m US$m<br />
– as previously reported 189.0 378.7 (4.1) (87.9) 475.7<br />
– prior period adjustments* (8.6) 3.1 – (1.2) (6.7)<br />
– as restated 180.4 381.8 (4.1) (89.1) 469.0<br />
Revaluation of properties<br />
– net revaluation surplus – 51.1 – – 51.1<br />
– deferred tax – (17.4) – – (17.4)<br />
Defined benefit pension plans<br />
– actuarial gain 4.4 – – – 4.4<br />
– deferred tax (0.8) – – – (0.8)<br />
Net exchange translation differences – – – 20.2 20.2<br />
Fair value loss on financial assets (1.3) – – – (1.3)<br />
Fair value loss on cash flow hedges – – (1.9) – (1.9)<br />
Share-based payments – 0.3 – – 0.3<br />
Profit attributable to shareholders 28.5 – – – 28.5<br />
Transfer between reserves 2.9 (2.9) – – –<br />
Dividends (refer note 25) – – – – –<br />
At 31st December 2004 214.1 412.9 (6.0) (68.9) 552.1<br />
Of which:<br />
– Company 61.2 5.0 – – 66.2<br />
– Associates and joint ventures (15.0) 104.0 (0.4) (71.8) 16.8<br />
* In 2005, the Group conducted a comprehensive review of the deferred taxation across the Group’s hotel properties to ensure full compliance with<br />
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<br />
provide for deferred tax arising from fair value adjustments which had not previously been provided. In 2004, these adjustments resulted in an increase<br />
to profit attributable to shareholders of US$0.7 million.<br />
Revenue reserves include US$0.1 million of fair value losses in respect of financial assets (2004: loss of<br />
US$0.1 million).<br />
Capital reserves include property revaluation reserves of US$167.8 million net of attributable deferred tax of<br />
US$43.7 million (2004: US$150.8 million net of attributable deferred tax of US$40.0 million) which are not<br />
distributable in certain jurisdictions in which the Group operates.<br />
ANNUAL REPORT 2005 63