Annual Report 2011 - Mandarin Oriental Hotel Group

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30 Mandarin Oriental International Limited Consolidated Cash Flow Statement for the year ended 31st December 2011 2011 2010 Note US$m US$m Operating activities Operating profit 2 89.1 64.9 Depreciation 9 47.1 42.2 Amortization of intangible assets 8 2.6 2.4 Other non-cash items 24a (0.4 ) 4.3 Increase in working capital 24b 18.6 5.2 Interest received 2.4 1.7 Interest and other financing charges paid (14.0 ) (13.8 ) Tax (paid)/refunded (6.9 ) 1.0 138.5 107.9 Dividends from associates and joint ventures 7.8 6.3 Cash flows from operating activities 146.3 114.2 Investing activities Purchase of tangible assets (62.4 ) (50.5 ) Purchase of intangible assets (3.8 ) (24.2 ) Investments in and loans to associates 24c (1.2 ) (3.3 ) Repayment/(advance) of mezzanine loans 3.4 (2.8 ) Purchase of other investments (1.0 ) (0.6 ) Cash flows from investing activities (65.0 ) (81.4 ) Financing activities Issue of shares 1.4 7.4 Drawdown of borrowings 10.0 25.2 Repayment of borrowings (7.0 ) (125.0 ) Dividends paid by the Company 23 (49.8 ) (69.2 ) Cash flows from financing activities (45.4 ) (161.6 ) Net increase/(decrease) in cash and cash equivalents 35.9 (128.8 ) Cash and cash equivalents at 1st January 433.1 561.2 Effect of exchange rate changes 0.1 0.7 Cash and cash equivalents at 31st December 24d 469.1 433.1
Principal Accounting Policies Annual Report 2011 31 A Basis of preparation The financial statements have been prepared in accordance with International Financial Reporting Standards, including International Accounting Standards and Interpretations adopted by the International Accounting Standards Board. The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below. Standards, amendments and interpretations effective in 2011 which are relevant to the Group’s operations Revised IAS 24 Related Party Disclosures Amendments to IFRIC 14 Prepayments of a Minimum Funding Requirement IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments Improvements to IFRSs (2010) The adoption of these standards, amendments and interpretations does not have a material impact on the Group’s accounting policies. Revised IAS 24 ‘Related Party Disclosures’ supersedes IAS 24 (as revised in 2003). It simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. Amendments to IFRIC 14 ‘Prepayments of a Minimum Funding Requirement’ require an entity to recognize an asset for a prepayment that will reduce future minimum funding contributions required by the entity. IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’ provides guidance on the application of IAS 39 and IAS 32 when an entity issues its own equity instruments to extinguish all or part of a financial liability. The Improvements to IFRSs (2010) comprise a number of non-urgent but necessary amendments to IFRSs.The amendments which are relevant to the Group’s operations include IFRS 3 (amendments) ‘Business Combinations’, IFRS 7 (amendments) ‘Financial Instruments: Disclosures’, IAS 1 (amendments) ‘Presentation of Financial Statements’ and IAS 34 (amendments) ‘Interim Financial Reporting’. IFRS 3 (amendments) ‘Business Combinations’ clarify the transition requirements for contingent consideration from business combinations that occurred before the effective date of the revised IFRS, the measurement of non-controlling interests and un-replaced and voluntarily replaced share-based payment awards. IFRS 7 (amendments) ‘Financial Instruments: Disclosures’ emphasize the interaction between qualitative and quantitative disclosures and the nature and extent of risks associated with financial instruments. IAS 1 (amendments) ‘Presentation of Financial Statements’ clarify that entities may present the required reconciliations for each component of other comprehensive income either in the statement of changes in equity or in the notes to the financial statements. IAS 34 (amendments) ‘Interim Financial Reporting’ provide guidance to illustrate how to apply disclosure principles in IAS 34 and add disclosure requirements around the circumstances likely to affect fair values of financial instruments and their classification, transfers of financial instruments between different levels of fair value hierarchy, changes in classification of financial assets and changes in contingent liabilities and assets.
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