Annual Report 2011 - Mandarin Oriental Hotel Group
Annual Report 2011 - Mandarin Oriental Hotel Group
Annual Report 2011 - Mandarin Oriental Hotel Group
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
64 <strong>Mandarin</strong> <strong>Oriental</strong> International Limited<br />
Notes to the Financial Statements Continued<br />
17 Borrowings<br />
<strong>2011</strong> <strong>2011</strong> 2010 2010<br />
Carrying Fair Carrying Fair<br />
amount value amount value<br />
US$m US$m US$m US$m<br />
Current<br />
– Bank overdrafts 1.0 1.0 0.4 0.4<br />
Current portion of long-term borrowings<br />
– Bank loans 2.7 3.1 2.6 3.1<br />
– Other borrowings 0.3 0.3 0.3 0.3<br />
3.0 3.4 2.9 3.4<br />
Current borrowings 4.0 4.4 3.3 3.8<br />
Long-term borrowings<br />
– Bank loans 568.3 568.3 564.0 564.2<br />
– Other borrowings 8.5 8.5 8.8 8.8<br />
– Tax increment financing (refer note 18) 1.7 1.7 1.7 1.7<br />
Long-term borrowings 578.5 578.5 574.5 574.7<br />
582.5 582.9 577.8 578.5<br />
The fair values are estimated using the expected future payments discounted at market interest rate of 1.3% (2010: 1.9%)<br />
per annum.<br />
<strong>2011</strong> 2010<br />
US$m US$m<br />
Secured 541.1 542.0<br />
Unsecured 41.4 35.8<br />
582.5 577.8<br />
Borrowings of US$541.1 million (2010: US$542.0 million) are secured against the tangible fixed assets of<br />
certain subsidiaries. The book value of these tangible fixed assets as at 31st December <strong>2011</strong> was US$639.5 million<br />
(2010: US$643.3 million).
Change language