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