Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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64 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 23 Non-current asset classified as held for sale An analysis of the non-current asset held for sale is as follows: MANDARIN ORIENTAL INTERNATIONAL LIMITED 2005 2004 US$m US$m Intangible assets (refer note 8) 5.2 – Tangible assets (refer note 9) 67.2 – Deferred tax assets (refer note 13) 1.3 – Current assets 6.6 – Total assets 80.3 – Long-term borrowings (11.0) – Current liabilities (3.0) – Total liabilities (14.0) – The Group’s 100% leasehold interest in The Mark, New York was classified as held for sale in 2005.At 31st December 2005, total assets and total liabilities amounted to US$80.3 million and US$14.0 million respectively.The sale was completed on 16th February 2006 for a consideration of US$150.0 million (refer note 32). 24 Minority interests At 1st January Restated 2005 2004 US$m US$m – as previously reported 10.1 13.1 – prior period adjustments (refer note 22) (1.9) (1.9) – as restated 8.2 11.2 Net exchange translation differences (0.9) (0.2) Capital contribution – 2.2 Purchase of minority interest (0.8) (0.2) Fair value gain on financial instruments 0.2 – Attributable losses (3.0) (4.8) At 31st December 3.7 8.2 25 Dividends No interim dividend was paid in respect of 2005.A final dividend of US¢1.50 per share has been proposed in respect of 2005.A final dividend of US¢1.00 per share was paid in respect of 2004.
26 Notes to consolidated cash flow statement a) Non-cash items 2005 2004 US$m US$m Pension expenses 0.8 0.7 Other 2.2 (0.3) b) Movements in working capital 3.0 0.4 Increase in stocks (0.5) (0.7) Increase in debtors and prepayments (12.1) (10.7) Increase in creditors and accruals 12.3 9.6 (0.3) (1.8) c) Increase in investments in and loans to associates and joint ventures includes the Group’s investment in <strong>Mandarin</strong> <strong>Oriental</strong>, New York. d) Proceeds on disposal of associates Net assets disposed of (refer note 10) 35.7 – Direct transaction cost 1.0 – Gains on disposal of associates (refer note 5) 52.3 – 89.0 – Repayment of deficit loan and interest 6.3 – Proceeds on disposal of associates 95.3 – In addition, the Group also received repayment of loans to an associate of US$4.1 million (refer note 5). e) Analysis of cash and cash equivalents Cash at bank 169.1 65.7 Bank overdrafts (0.3) – 168.8 65.7 The weighted average effective interest rate on short-term bank deposits included in cash at bank was 1.9% (2004: 1.7%). ANNUAL REPORT 2005 65
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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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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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