Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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Notes to the Financial Statements Continued 13 Deferred tax (assets)/liabilities 58 Mandarin Oriental International Limited Unremitted Provisions earnings in and other Accelerated tax Asset Pension associates & temporary depreciation revaluation plans joint venture differences Losses Total US$m US$m US$m US$m US$m US$m US$m 2008 At 1st January 37.5 60.0 5.6 1.9 (11.0 ) (13.8 ) 80.2 Exchange differences Charged/(credited) to consolidated profit (0.7 ) (11.0 ) 0.1 (0.3 ) – 0.4 (11.5 ) and loss account 10.7 – – – (1.2 ) 2.1 11.6 Charged/(credited) to equity – (20.2 ) (4.6 ) – 0.1 – (24.7 ) Transfer to current tax asset – – – – 13.7 – 13.7 At 31st December 47.5 28.8 1.1 1.6 1.6 (11.3 ) 69.3 2007 At 1st January 25.6 37.3 4.3 1.6 (11.8 ) (11.5 ) 45.5 Exchange differences Charged/(credited) to consolidated profit 0.9 0.7 (0.1 ) 0.3 0.2 (0.2 ) 1.8 and loss account 11.0 – – – 0.6 (2.1 ) 9.5 Charged to equity – 22.0 1.4 – – – 23.4 At 31st December 37.5 60.0 5.6 1.9 (11.0 ) (13.8 ) 80.2 2008 2007 US$m US$m Deferred tax assets (16.5 ) (27.5 ) Deferred tax liabilities 85.8 107.7 Deferred tax balances predominantly comprise non-current items. 69.3 80.2 Deferred tax assets of US$31.8 million (2007: US$29.7 million) have not been recognized in relation to unused tax losses in subsidiaries as it is uncertain when these losses will be utilized. Expiry dates for deferred tax assets not recognized in relation to unused tax losses: 2008 2007 US$m US$m Within one year – 0.1 Between one and five years 6.9 0.3 Over five years 6.6 5.7 With no expiry dates 18.3 23.6 31.8 29.7 Deferred tax assets of US$7.3 million (2007: US$4.6 million) have not been recognized in relation to temporary differences in subsidiaries. Deferred tax liabilities on temporary differences associated with investments in subsidiary undertakings have not been recognized as there is no current intention of remitting the retained earnings to the holding companies.
14 Debtors and prepayments 2008 2007 US$m US$m Trade debtors – third parties 31.2 38.9 – associates and joint venture 3.3 3.8 34.5 42.7 – provision for impairment (1.2 ) (0.6 ) 33.3 42.1 Other debtors – third parties 26.4 24.8 – associates and joint venture 1.6 2.4 28.0 27.2 – provision for impairment – – 28.0 27.2 61.3 69.3 Other debtors are further analyzed as follows: Prepayments 7.7 10.4 Amounts due from associates and joint venture 1.6 2.4 Rental and other deposits 2.7 1.8 Derivative financial instruments – 0.1 Other 16.0 12.5 28.0 27.2 Analysis by geographical area of operation Hong Kong and Macau 16.7 20.6 Other Asia 10.3 11.5 Europe 21.8 21.7 The Americas 12.5 15.5 61.3 69.3 The fair value of debtors and prepayments approximate their carrying amounts. Annual Report 2008 59
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Mandarin Oriental International Lim
Page 4 and 5:
Contents 1 Corporate Overview 3 Cor
Page 6 and 7:
Highlights Mandarin Oriental Intern
Page 8 and 9:
Chairman’s Statement Overview Des
Page 10 and 11: Group Chief Executive’s Review Bu
Page 12 and 13: Group Chief Executive’s Review Co
Page 14 and 15: Group Chief Executive’s Review Co
Page 16 and 17: Operating Summary There are 23 hote
Page 18 and 19: Development Portfolio Mandarin Orie
Page 20 and 21: International Recognition Continued
Page 22 and 23: Financial Review Continued In 2008,
Page 24 and 25: Financial Review Continued Cash flo
Page 26 and 27: Financial Review Continued Treasury
Page 28 and 29: Directors’ Profiles Continued Lor
Page 30 and 31: Consolidated Balance Sheet as at 31
Page 32 and 33: Consolidated Cash Flow Statement fo
Page 34 and 35: Principal Accounting Policies Conti
Page 42 and 43: Financial Risk Management A Financi
Page 44 and 45: Financial Risk Management Continued
Page 46 and 47: Critical Accounting Estimates and J
Page 48 and 49: Notes to the Financial Statements 1
Page 50 and 51: Notes to the Financial Statements C
Page 76 and 77: Principal Subsidiaries, Associates,
Page 78 and 79: Independent Auditor’s Report To t
Page 80 and 81: Responsibility Statement The Direct
Page 82 and 83: Corporate Governance Continued Dire
Page 84 and 85: Corporate Governance Continued Dire
Page 86 and 87: Principal Risks and Uncertainties C
Page 88 and 89: Mandarin Oriental Hotel Group Conta
Page 90 and 91: Sales and Reservations Offices Mand
Page 92: Mandarin Oriental International Lim
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