Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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10.
NON-CURRENT ASSET CLASSIFIED AS HELD FOR SALE
An analysis of the non-current asset classified as held for sale is as follows:
2006 2005
US$m US$m
Intangible assets -
Tangible assets (refer note 9) -
Associates and Joint Venture 13.7
Loan receivable 31.2
Deferred tax assets -
Current assets 9.0
Total assets 53.9
Long-term borrowings -
Current liabilities -
Total liabilities -
11. BORROWINGS
Bank loans 590.9
Other borrowings 7.9
Tax increment financing (refer note 12) 1.7
5.2
67.2
-
-
1.3
6.6
80.3
(11.0)
(3.0)
(14.0)
The Group’s 25% interest in Mandarin Oriental, New York was classified as held for
sale as at 31st December 2006, which amounted to total assets of US$53.9 million.
The sale was completed on 1st March 2007 (refer note 14) .
The Group’s 100% leasehold interest in The Mark, New York was classified as held
for sale in 2005. At 31st December 2005, total assets and total liabilities amounted to
US$80.3 million and US$14.0 million respectively. The sale was completed on
16th February 2006 for a consideration of US$150.0 million (refer note 4) .
2006 2005
US$m US$m
600.5
Current 25.4
Long-term 575.1
- more -
600.5
470.4
7.8
1.7
479.9
8.3
471.6
479.9