Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

More documents

Recommendations

Info

4 HIGHLIGHTS MANDARIN ORIENTAL INTERNATIONAL LIMITED • Increasing room rates drive earnings growth • Gains from sale of ownership - Hawaii hotel in 2005 - The Mark, New York in 2006 • Eight new hotels under development Results MANDARIN ORIENTAL INTERNATIONAL LIMITED Restated 2005 2004 Change US$m US$m % Combined total revenue of hotels under management 815.4 667.3 22 Earnings before interest, tax, depreciation and amortization 1 124.0 99.0 25 Profit attributable to shareholders – excluding gain on Hawaii disposal 41.1 28.5 44 Profit attributable to shareholders 77.2 28.5 171 Funds from operations 2 90.4 40.6 123 US¢ US¢ % Earnings per share – excluding gain on Hawaii disposal 4.33 3.35 29 Earnings per share 8.14 3.35 143 Funds from operations per share 2 9.53 4.77 100 Dividend per share 1.50 1.00 50 US$ US$ % Net asset value per share 0.87 0.80 9 Net asset value per share with leasehold properties at valuation 3 1.50 1.37 9 1 EBITDA does not include gains on disposal and the impact of property revaluations. 2 Funds from operations (‘FFO’) figures have been presented to provide additional information to investors to facilitate comparison with other hotel companies with substantial real estate interests. FFO is defined as profit attributable to shareholders excluding depreciation of hotel buildings, net of relevant deferred tax and minority interests. 3 The net asset value per share with leasehold properties at valuation has been presented after adjusting for the market value of the Group’s leasehold interests. <strong>International</strong> Financial Reporting Standards (‘IFRS’) do not permit leasehold interests of owner-occupied land to be carried at valuation.The Group considers that the IFRS treatment does not reflect the economic substance of its underlying property investments.Therefore, the Group has presented the net asset value per share taking into account the fair market value of leasehold interests as supplementary financial information in addition to the net asset value per share in accordance with IFRS.
Combined total revenue by geographical area Combined total revenue by type of business EBITDA and net interest expense Net debt/ adjusted equity 05 04 03 02 01 05 04 03 02 01 05 04 03 02 01 US$m 0 100 200 300 400 500 600 700 800 900 US$m Hong Kong & Macau Other Asia The Americas Europe 0 100 200 300 400 500 600 700 800 900 Rooms Food & beverage Others 0 20 40 60 80 100 120 140 05 04 03 02 01 21.5% 41.6% 46.0% 44.1% 53.9% 0 300 600 900 1200 1500 Adjusted equity Net debt ANNUAL REPORT 2005 5
Page 1: MANDARIN ORIENTAL INTERNATIONAL LIM
Page 4 and 5: 2 CONTENTS 01 Corporate Overview 03
Page 8 and 9: 6 CHAIRMAN’S STATEMENT OVERVIEW M
Page 10 and 11: 8 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 56 and 57:
54 NOTES TO THE FINANCIAL STATEMENT
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
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
show all

Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

Create successful ePaper yourself

Delete template?

Save as template?