Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Mandarin Oriental International Limited - Mandarin Oriental Hotel ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
27 Financial instruments continued<br />
The positive/(negative) fair values of derivative financial instruments at 31st December are as follows:<br />
Interest rate swaps and caps – designated as cash flow hedges<br />
2005 2004<br />
US$m US$m<br />
At 1st January (6.0) (4.1)<br />
Changes in fair value in the year 11.5 (1.9)<br />
At 31st December 5.5 (6.0)<br />
The notional principal amounts of the outstanding derivative financial instruments at 31st December 2005 were<br />
US$313.8 million (2004: US$362.3 million).<br />
The due dates of outstanding derivative financial instruments at 31st December were as follows:<br />
– Within one year 59.5 117.1<br />
– Between two and five years 179.3 195.0<br />
– Over five years 75.0 50.2<br />
313.8 362.3<br />
At 31st December 2005, the fixed interest rates relating to interest rate swaps and caps ranged from 3.2% to 6.0%<br />
(2004: 3.2% to 6.0%).<br />
28 Contingent liabilities<br />
Guarantees in respect of facilities made available to associates and joint ventures 71.1 68.5<br />
Guarantees in respect of facilities made available to associates and joint ventures are stated at their respective<br />
contracted amounts.The Directors are of the opinion that it is not probable that such guarantees will be<br />
called upon.<br />
ANNUAL REPORT 2005 67