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