Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

Notes to the Financial Statements Continued
25 Notes to consolidated cash flow statement
a) Non-cash items
70 Mandarin Oriental International Limited
2008 2007
US$m US$m
Realization of exchange gain arising on repatriation of capital from
a foreign subsidiary undertaking and an associate (0.7 ) (8.3 )
Net foreign exchange (gain)/loss (0.3 ) 1.4
Share-based payment 4.2 2.7
Other – 0.3
b) Movements in working capital
3.2 (3.9 )
Decrease/(increase) in stocks 0.5 (0.4 )
Decrease in debtors and prepayments 3.2 0.5
(Decrease)/increase in creditors and accruals (3.2 ) 5.2
c) Proceeds on disposal related to an associate
0.5 5.3
Net assets disposed of – 13.7
Gain on disposal (refer note 5) – 25.0
– 38.7
Repayment of mezzanine loan and interest – 41.0
Tax – (9.0 )
Net cash flow – 70.7
d) The Group received repayment from its shareholder loans previously provided to Mandarin Oriental, Kuala
Lumpur and Mandarin Oriental, Miami of US$8.9 million and US$13.5 million, respectively. The Group also
received capital distribution of US$0.8 million from Mandarin Oriental, New York.
e) Analysis of balances of cash and cash equivalents
Cash at bank 514.9 492.4
Bank overdrafts (0.2 ) (0.3 )
514.7 492.1
The weighted average effective interest rate on short-term bank deposits included in cash at bank was 2.5%
(2007: 4.8%).