Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

9 Tangible assets continued
2008 2007
US$m US$m
Analysis of additions by geographical area
– Hong Kong and Macau 9.6 27.4
– Other Asia 20.0 5.6
– Europe 29.7 18.2
– The Americas 3.3 2.4
62.6 53.6
Analysis of additions by activity
– Hotel ownership 58.0 51.6
– Hotel management 4.6 2.0
62.6 53.6
Analysis of depreciation by geographical area
– Hong Kong and Macau (14.3 ) (14.2 )
– Other Asia (6.8 ) (8.2 )
– Europe (10.8 ) (9.9 )
– The Americas (5.9 ) (5.3 )
(37.8 ) (37.6 )
Analysis of depreciation by activity
– Hotel ownership (36.5 ) (36.4 )
– Hotel management (1.3 ) (1.2 )
(37.8 ) (37.6 )
10 Associates and joint venture
2008 2007
US$m US$m
Listed investment in OHTL PCL 60.8 75.6
Unlisted investments in other associates 82.8 113.3
Group share of attributable net assets of associates 143.6 188.9
Joint venture (refer note 31) 11.9 15.7
155.5 204.6
Market value of listed investment in OHTL PCL 70.5 81.8
The Directors have reviewed the carrying value of all operating properties owned by associates and joint venture at
31st December 2008 in consultation with the Group’s independent, professionally qualified valuers. The Group’s
share of the underlying net revaluation deficit of US$11.1 million (2007: net revaluation surplus of US$1.6 million)
has been dealt with in capital reserves.
In addition, the consolidated profit and loss account for the year ended 31st December 2007 included a
US$5.1 million writeback of an impairment previously made against the value of the Group’s 25% interest in
Mandarin Oriental, Kuala Lumpur.
Subsequent to year end, on 20th January 2009, the Group announced that it had entered into an agreement to sell its
50% interest in Mandarin Oriental, Macau as further discussed in note 31.
Annual Report 2008 53