Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

Notes to the Financial Statements Continued
10 Associates and joint venture continued
The Group’s share of assets and liabilities and results of associates and joint venture
are summarized below:
54 Mandarin Oriental International Limited
2008 2007
US$m US$m
Associates
Non-current assets 332.5 373.4
Current assets 30.1 30.6
Current liabilities (32.3 ) (33.1 )
Non-current liabilities (186.7 ) (182.0 )
Attributable net assets 143.6 188.9
Revenue 117.2 116.3
Profit before tax 16.1 23.2
Net profit 12.5 18.4
Capital commitments 6.6 5.6
Contingent liabilities – –
Joint venture
Non-current assets 22.9 24.6
Current assets 2.6 5.6
Current liabilities (6.1 ) (6.8 )
Non-current liabilities (7.5 ) (7.7 )
Attributable net assets 11.9 15.7
Revenue 17.5 20.5
Profit before tax 2.8 5.5
Net profit 2.8 4.5
Capital commitments 0.1 1.1
Contingent liabilities – –
Movements of share of attributable net assets for the year:
At 1st January 204.6 190.0
Net exchange translation differences (10.3 ) 17.4
Share of results 15.3 17.8
Writeback of impairment of an associate – 5.1
Dividends received (20.0 ) (12.8 )
Share of property revaluation net of tax (11.1 ) 1.6
Fair value loss on cash flow hedges net of tax (0.1 ) (0.1 )
Capital distribution (refer note 25d) (23.2 ) (14.4 )
Others 0.3 –
At 31st December 155.5 204.6