Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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Independent Auditor’s Report To the members of Mandarin Oriental International Limited We have audited the accompanying consolidated financial statements of Mandarin Oriental International Limited and its subsidiaries (the ‘Group’) which comprise the consolidated balance sheet as of 31st December 2008 and the consolidated profit and loss account, consolidated statement of recognized income and expense and consolidated cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes. Directors’ Responsibility for the Financial Statements The Company’s Directors are responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards and with the requirements of Section 90 of the Bermuda Companies Act. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31st December 2008, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and with the requirements of the Bermuda Companies Act. Other Matters This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 90 of the Bermuda Companies Act and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP London United Kingdom 5th March 2009 76 Mandarin Oriental International Limited
Five Year Summary Consolidated Profit and Loss Account 2004 2005 2006 2007 2008 US$m US$m US$m US$m US$m Revenue 336.8 399.2 404.6 529.5 530.0 Operating profit 43.4 60.4 121.9 107.7 86.2 Net financing charges (27.5 ) (22.4 ) (15.2 ) (16.4 ) (17.0 ) Share of results of associates and joint ventures 12.6 8.7 13.0 22.9 15.3 Gains on disposal of associates – 52.3 – 16.0 – Profit before tax 28.5 99.0 119.7 130.2 84.5 Tax (4.8 ) (24.8 ) (39.5 ) (22.8 ) (18.3 ) Profit for the year 23.7 74.2 80.2 107.4 66.2 Profit attributable to shareholders 28.5 77.2 80.0 108.2 67.1 Profit/(Loss) attributable to minority interests (4.8 ) (3.0 ) 0.2 (0.8 ) (0.9 ) 23.7 74.2 80.2 107.4 66.2 Earnings per share (US¢) 3.35 8.14 8.28 11.16 6.84 Dividends per share (US¢) 1.00 1.50 3.00 6.00 7.00 Consolidated Balance Sheet Intangible assets 223.4 218.1 219.7 223.4 232.3 Tangible assets 752.1 684.0 882.5 995.0 860.8 Associates and joint ventures 258.6 174.0 190.0 204.6 155.5 Other investments 2.4 2.5 2.7 3.1 3.9 Loans receivable – 43.0 12.0 3.4 4.8 Pension assets 22.9 22.8 27.1 34.0 6.6 Deferred tax assets 7.8 9.9 27.4 27.5 16.5 Other non-current assets – 5.5 2.9 0.2 – Net current assets/(liabilities) (32.3 ) 202.1 289.8 443.7 490.0 Long-term borrowings (497.1 ) (471.6 ) (575.1 ) (663.9 ) (653.9 ) Deferred tax liabilities (38.2 ) (49.8 ) (72.9 ) (107.7 ) (85.8 ) Pension liabilities (1.7 ) (1.7 ) (1.5 ) (0.1 ) – Other non-current liabilities (6.0 ) – (0.2 ) (2.9 ) (19.2 ) Net operating assets 691.9 838.8 1,004.4 1,160.3 1,011.5 Share capital 42.6 48.3 48.4 48.7 49.2 Share premium 89.0 158.8 160.3 163.5 168.9 Revenue and other reserves 552.1 628.0 792.0 940.1 788.3 Shareholders’ funds 683.7 835.1 1,000.7 1,152.3 1,006.4 Minority interests 8.2 3.7 3.7 8.0 5.1 Capital employed 691.9 838.8 1,004.4 1,160.3 1,011.5 Net asset value per share (US$) 0.80 0.87 1.03 1.18 1.02 Consolidated Cash Flow Statement Cash flows from operating activities 47.1 72.6 62.4 129.5 123.9 Cash flows from investing activities (28.4 ) 43.3 (38.0 ) 38.4 (57.3 ) Net cash flow before financing activities 18.7 115.9 24.4 167.9 66.6 Cash flow per share from operating activities (US¢) 5.53 7.65 6.46 13.35 12.63 Annual Report 2008 77
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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
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International Recognition Continued
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Financial Review Continued In 2008,
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Financial Review Continued Cash flo
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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 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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