Annual Report 2011 - Mandarin Oriental Hotel Group

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56 Mandarin Oriental International Limited Notes to the Financial Statements Continued 10 Associates and joint ventures 2011 2010 US$m US$m Listed associate – OHTL PCL 16.1 16.8 Unlisted associates 62.3 61.1 Share of attributable net assets 78.4 77.9 Fair value of listed associate 76.6 80.8 The Group’s share of assets, liabilities, capital commitments, contingent liabilities and results of associates and joint ventures are summarized below: Associates Total assets 273.4 280.1 Total liabilities (195.0 ) (202.2 ) Attributable net assets 78.4 77.9 Revenue 122.8 108.2 Profit after tax 9.8 4.3 Capital commitments 8.7 8.8 Contingent liabilities – – Joint ventures Non-current assets – – Current assets – – Current liabilities – – Non-current liabilities – – Attributable net assets – – Revenue – – Profit after tax – – Capital commitments – – Contingent liabilities – – Movements of associates and joint ventures for the year: At 1st January 77.9 68.4 Share of results after tax and non-controlling interests 9.8 4.3 Share of other comprehensive income after tax and non-controlling interests (2.7 ) 8.2 Investments in and loans to associates (refer note 24c) 1.2 3.3 Dividends received (7.8 ) (6.3 ) At 31st December 78.4 77.9
11 Loans receivable Annual Report 2011 57 2011 2010 US$m US$m At 1st January 4.7 3.1 Exchange differences 0.5 (0.3 ) Addition – 2.8 Repayment (3.4 ) – Provision (1.8 ) (0.9 ) At 31st December – 4.7 As at 31st December 2011, full provision has been made against the loans receivable balance. The balances as at 31st December 2010 comprised (i) a mezzanine loan of US$3.0 million, with repayment on or before 31st December 2011 against which a full provision has been made; (ii) a loan of US$1.7 million, bearing interest at EURO LIBOR+4% with repayment on or before 12th September 2011 against which a provision of US$0.9 million has been made; (iii) a loan of US$2.4 million, bearing interest at EURO LIBOR+2% with repayment on or before 31st December 2016; and (iv) a loan of US$1.5 million, bearing interest at 10% with repayment on or before 31st December 2016. The carrying amount of the loans receivable approximates their fair values. 12 Pension plans The Group has a number of defined benefit pension plans, covering all the main territories in which it operates with the major plans relating to employees in Hong Kong and South East Asia. Most of the pension plans are final salary defined benefit plans and are funded. The assets of the funded plans are held independently of the Group’s assets in separate trustee administered funds. The Group’s major plans are valued by independent actuaries annually using the projected unit credit method. The principal actuarial assumptions used for accounting purposes at 31st December are as follows: 2011 2010 Weighted Weighted average average % % Discount rate applied to pension obligations 4.5 4.9 Expected return on plan assets 7.5 7.5 Future salary increases 5.0 5.0 The expected return on plan assets is determined on the basis of long-term average returns on global equities of 3.8% to 11.4% per annum and global bonds of 2.8% to 4.4% per annum, and the long-term benchmark allocation of assets between equities and bonds in each plan.
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