Annual Report 2011 - Mandarin Oriental Hotel Group

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60 Mandarin Oriental International Limited Notes to the Financial Statements Continued 13 Deferred tax (assets)/liabilities Provisions Accelerated Unremitted and other tax Fair value Employee earnings in temporary depreciation gains/losses Losses benefits associates differences Total US$m US$m US$m US$m US$m US$m US$m 2011 At 1st January 58.7 (3.4 ) (11.2 ) 2.9 1.6 0.5 49.1 Exchange differences – – – – (0.2 ) – (0.2 ) Charged to profit and loss Credited to other 1.9 – 6.5 0.1 – 0.1 8.6 comprehensive income – (0.1 ) – (1.0 ) – – (1.1 ) At 31st December 60.6 (3.5 ) (4.7 ) 2.0 1.4 0.6 56.4 Deferred tax assets – (3.5 ) (4.7 ) (0.1 ) – (0.2 ) (8.5 ) Deferred tax liabilities 60.6 – – 2.1 1.4 0.8 64.9 60.6 (3.5 ) (4.7 ) 2.0 1.4 0.6 56.4 2010 At 1st January 53.3 (2.9 ) (12.2 ) 2.6 1.4 1.2 43.4 Exchange differences Charged/(credited) to profit 1.2 – 0.1 (0.1 ) 0.2 0.1 1.5 and loss (Credited)/charged to other 4.2 – 0.9 0.1 – (0.7 ) 4.5 comprehensive income – (0.5 ) – 0.3 – (0.1 ) (0.3 ) At 31st December 58.7 (3.4 ) (11.2 ) 2.9 1.6 0.5 49.1 Deferred tax assets – (3.4 ) (11.2 ) (0.1 ) – (0.3 ) (15.0 ) Deferred tax liabilities 58.7 – – 3.0 1.6 0.8 64.1 58.7 (3.4 ) (11.2 ) 2.9 1.6 0.5 49.1 Deferred tax balances predominantly comprise non-current items. Deferred tax assets and liabilities are netted when the taxes relate to the same taxation authority and where offsetting is allowed. Deferred tax assets of US$50.5 million (2010: US$41.8 million) arising from unused tax losses of US$216.3 million (2010: US$179.7 million) have not been recognized in the financial statements. Expiry dates for deferred tax assets not recognized in relation to unused tax losses: 2011 2010 US$m US$m Within one year 3.9 0.4 Between one and five years 7.6 14.3 Over five years 16.3 9.3 With no expiry dates 22.7 17.8 50.5 41.8 Deferred tax assets of US$5.7 million (2010: US$3.3 million) have not been recognized in relation to temporary differences in subsidiaries. Deferred tax liabilities of US$0.4 million (2010: US$0.4 million) on temporary differences associated with investments in subsidiaries of US$3.8 million (2010: US$3.8 million) have not been recognized as there is no current intention of remitting the retained earnings to the holding companies.
14 Debtors and prepayments Annual Report 2011 61 2011 2010 US$m US$m Trade debtors – third parties 33.4 32.4 – associates 3.2 2.8 36.6 35.2 – provision for impairment (1.8 ) (1.9 ) 34.8 33.3 Other debtors – third parties 28.4 27.2 – associates 2.0 2.1 30.4 29.3 – provision for impairment (4.0 ) (3.4 ) 26.4 25.9 61.2 59.2 Other debtors are further analyzed as follows: Prepayments 7.1 7.2 Amounts due from associates 2.0 2.1 Rental and other deposits 4.4 4.3 Other 12.9 12.3 26.4 25.9 Analysis by geographical area of operation: Hong Kong 19.7 18.3 Other Asia 13.2 12.3 Europe 16.4 17.0 The Americas 11.9 11.6 61.2 59.2 The fair value of debtors and prepayments approximate their carrying amounts. No debtors and prepayments have been pledged as security. The average credit period on provision of services varies among Group businesses and is not more than 30 days. Before accepting any new customer, individual Group business assesses the potential customer’s credit quality and sets credit limits by customer, using internal credit scoring systems. These limits and scoring are reviewed periodically. An allowance for impairment of trade debtors is made based on the estimated irrecoverable amount. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payment are considered indicators that the debtor is impaired.
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Annual Report 2011 - Mandarin Oriental Hotel Group

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