Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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Notes to the Financial Statements Continued 22 Revenue and other reserves continued 68 Mandarin Oriental International Limited Revenue Capital Hedging Exchange reserves reserves reserves reserves Total US$m US$m US$m US$m US$m 2007 At 1st January 364.2 480.3 1.7 (54.2 ) 792.0 Revaluation of properties – net revaluation surplus – 70.3 – – 70.3 – deferred tax – (26.1 ) – – (26.1 ) Revaluation of other investments – fair value gain 0.1 – – – 0.1 Defined benefit pension plans – actuarial gain 7.6 – – – 7.6 – deferred tax (1.4 ) – – – (1.4 ) Net exchange translation differences – amount arising in year – – – 37.4 37.4 – transfer to profit and loss (note 2) – – – (8.3 ) (8.3 ) Fair value loss on cash flow hedges – – (5.2 ) – (5.2 ) Deferred tax on fair value loss – – 1.5 – 1.5 Share-based payments – 2.7 – – 2.7 Profit attributable to shareholders 108.2 – – – 108.2 Dividends (refer note 24) (38.7 ) – – – (38.7 ) At 31st December 2007 440.0 527.2 (2.0 ) (25.1 ) 940.1 Of which: – Company 91.9 10.3 – – 102.2 – Associates and joint venture (10.1 ) 114.4 – (44.7 ) 59.6 Capital reserves include property revaluation reserves of US$220.0 million net of attributable deferred tax of US$71.0 million (2007: US$262.8 million net of attributable deferred tax of US$93.7 million) which are non-distributable in certain territories in which the Group operates.
23 Minority interests 2008 2007 US$m US$m At 1st January 8.0 3.7 Net exchange translation differences (0.5 ) 0.9 Revaluation of properties – net revaluation (deficit)/surplus (3.7 ) 8.1 – deferred tax 1.8 (3.7 ) Fair value loss on financial instruments (0.2 ) (0.3 ) Deferred tax on fair value loss on financial instruments 0.1 0.1 Attributable loss less dividends (1.0 ) (0.8 ) Change in shareholding 0.6 – At 31st December 5.1 8.0 24 Dividends 2008 2007 US$m US$m Final dividend in respect of 2007 of US¢5.00 (2006: US¢3.00) per share 49.0 29.0 Interim dividend in respect of 2008 of US¢2.00 (2007: US¢1.00) per share 19.7 9.7 68.7 38.7 A final dividend in respect of 2008 of US¢5.00 (2007: US¢5.00) per share amounting to a total of US$49.1 million (2007: US$49.0 million) is proposed by the Board. The dividend proposed will not be accounted for until it has been approved at the Annual General Meeting. The amount will be accounted for as an appropriation of revenue reserves in the year ending 31st December 2009. Annual Report 2008 69
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Mandarin Oriental International Lim
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Contents 1 Corporate Overview 3 Cor
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Highlights Mandarin Oriental Intern
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Chairman’s Statement Overview Des
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Group Chief Executive’s Review Bu
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Group Chief Executive’s Review Co
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Group Chief Executive’s Review Co
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Operating Summary There are 23 hote
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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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Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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