Annual Report 2011 - Mandarin Oriental Hotel Group

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18 Mandarin Oriental International Limited International Recognition Continued Mandarin Oriental Hyde Park, London This is “one of the best-located hotels in London”. It never rests on its laurels and is constantly evolving. The Independent, 2011 Mandarin Oriental, Prague Mandarin Oriental, Prague – A dose of old Bohemian splendor and a spa of epic historical proportions. Daily Candy, 2011 Mandarin Oriental, Paris For its first hotel in France, Mandarin Oriental wanted to offer the best: an amazing prime location between Place de la Concorde and Place Vendome and an experienced team, but also charm and glamour; all the necessary ingredients for the launch of a contemporary palace with an Art-Deco flair. Le Figaro, 2011 If there is one word to sum up the Mandarin Oriental, Paris, it is magnifique. About.com, 2011 Mandarin Oriental, Boston Mandarin Oriental, Boston is on sought-after Boylston Street. With its original artwork and excellent staff, it is an oasis of calm from the bustle outside. Sunday Express, 2011 Mandarin Oriental, Las Vegas Serene Asiatic flavours, sharp service; peaceful, spacious, harmonious and with an immaculate attention to detail; personalized service, green design, serenity. Condé Nast Traveller, UK, 2011 Mandarin Oriental, Miami Mandarin Oriental, Miami provides unsurpassed levels of luxury and service in Miami. Condé Nast Traveller Online, 2011 Mandarin Oriental, New York Perched stop Time Warner Center, this paragon of old-school opulent hospitality has breathtaking views of the city and the Hudson. The location is dandy, with Central Park just beyond the front door. Lincoln Center a few blocks north and Fifth Avenue shopping a mere 10-minute walk. Los Angeles Times Magazine, 2011
Financial Review Accounting policies The Directors continue to review the appropriateness of the accounting policies adopted by the Group having regard to developments in International Financial Reporting Standards (‘IFRS’). The accounting policies adopted are consistent with those of the previous year, except that the Group has adopted several new standards, amendments and interpretations to IFRS effective on 1st January 2011, as more fully detailed in the ‘Basis of preparation’ note in the financial statements. The adoption of these new standards, amendments and interpretations did not have a material impact on the Group’s financial statements. Results Overall The Group uses earnings before interest, tax, depreciation and amortization (‘EBITDA’) to analyze operating performance. Total EBITDA including the Group’s share of EBITDA from associates and joint ventures is shown below: 2011 2010 US$m US$m Subsidiaries 130.3 109.5 Associates and joint ventures 32.7 26.9 Underlying EBITDA 163.0 136.4 Subsidiaries Annual Report 2011 19 2011 2010 US$m US$m Underlying EBITDA from subsidiaries Non-trading items: 130.3 109.5 Gain on One Hyde Park lease space 10.1 – Provision against asset impairment (1.6 ) – EBITDA from subsidiaries Less depreciation and 138.8 109.5 amortization expenses (49.7 ) (44.6 ) Operating profit 89.1 64.9 In 2011, underlying EBITDA from subsidiaries increased by US$20.8 million or 19%, to US$130.3 million, from US$109.5 million in 2010. Improved operating performances by all of the Group’s Asian subsidiary hotels, except Tokyo, led to higher EBITDA contributions in 2011. In Hong Kong, strong demand for the Group’s two subsidiary hotels Mandarin Oriental, Hong Kong and The Excelsior led to increases in revenue per available room (‘RevPAR’) of 14% and 18%, respectively. As a result, the combined EBITDA contribution from both hotels increased by 22% in 2011. In Tokyo, the hotel’s performance was negatively impacted following the natural disaster in March 2011, although occupancy levels recovered towards the end of the year. The contribution from Manila increased primarily due to a strong Philippine Peso, which benefited results when translated into US dollars. In Jakarta, EBITDA improved as the hotel’s occupancy level increased in its first full year of operation after its comprehensive renovation (which completed in 2010).
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Annual Report 2011 - Mandarin Oriental Hotel Group

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