Annual Report 2011 - Mandarin Oriental Hotel Group

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48 Mandarin Oriental International Limited Notes to the Financial Statements 1 Revenue 2011 2010 US$m US$m Analysis by geographical area – Hong Kong 231.2 200.3 – Other Asia 127.5 127.0 – Europe 194.7 126.5 – The Americas 60.8 59.4 614.2 513.2 Analysis by activity – Hotel ownership 570.1 487.3 – Hotel management 73.9 52.3 – Less: Intra-segment revenue (29.8 ) (26.4 ) 614.2 513.2 Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. The Group is operated on a worldwide basis in four regions: Hong Kong, Other Asia, Europe and The Americas which form the basis of its reportable segments. In addition, the Group has two distinct business activities: hotel ownership and hotel management. The Group’s segmental information for non-current assets is set out in note 19.
2 EBITDA (earnings before interest, tax, depreciation and amortization) and operating profit from subsidiaries Annual Report 2011 49 2011 2010 US$m US$m Analysis by geographical area – Hong Kong 81.0 61.5 – Other Asia 18.8 18.5 – Europe 28.8 26.2 – The Americas 1.7 3.3 Underlying EBITDA from subsidiaries 130.3 109.5 Gain on One Hyde Park lease space (refer note 7) 10.1 – Provisions against asset impairment (refer note 7) (1.6 ) – EBITDA from subsidiaries 138.8 109.5 Less depreciation and amortization (49.7 ) (44.6 ) Operating profit 89.1 64.9 Analysis by activity – Hotel ownership 106.1 91.4 – Hotel management 32.7 18.1 EBITDA from subsidiaries 138.8 109.5 – Hotel ownership 58.6 48.7 – Hotel management 30.5 16.2 Operating profit 89.1 64.9 The following items have been (credited)/charged in arriving at operating profit: Rental income (10.5 ) (10.1 ) Interest income from mezzanine loans (0.4 ) (0.5 ) Depreciation of tangible assets (refer note 9) 47.1 42.2 Amortization of intangible assets (refer note 8) 2.6 2.4 Operating lease payments 22.7 16.9 Employee benefit expense – Salaries and benefits in kind 220.2 189.2 – Defined benefit pension costs (refer note 12) 0.6 1.7 – Defined contribution pension costs 0.4 0.6 – Share-based payment 2.6 3.7 223.8 195.2 Net foreign exchange (gain)/loss (0.2 ) 0.3 Auditors’ remuneration – Audit 1.2 1.0 – Non-audit services 0.5 0.8 1.7 1.8 Operating profit included the following non-trading items – Gain on One Hyde Park lease space (refer note 7) (10.1 ) – – Provisions against asset impairment (refer note 7) 1.6 –
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Annual Report 2011 - Mandarin Oriental Hotel Group

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