1999 Annual Report - Four Seasons Hotels and Resorts

More documents

Recommendations

Info

FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS Our Goals, Our Beliefs, Our Principles Who we are We have chosen to specialize within the hospitality industry, by offering only experiences of exceptional quality. Our objective is to be recognized as the company that manages the finest hotels, resorts, residence clubs and other residential projects wherever we locate. We create properties of enduring value using superior design and finishes, and support them with a deeply instilled ethic of personal service. Doing so allows Four Seasons to satisfy the needs and tastes of our discriminating customers, and to maintain our position as the world’s premier luxury hospitality company. What we believe Our greatest asset, and the key to our success, is our people. We believe that each of us needs a sense of dignity, pride and satisfaction in what we do. Because satisfying our guests depends on the united efforts of many, we are most effective when we work together cooperatively, respecting each other’s contribution and importance. How we behave We demonstrate our beliefs most meaningfully in the way we treat each other and by the example we set for one another. In all our interactions with our guests, business associates and colleagues, we seek to deal with others as we would have them deal with us. How we succeed We succeed when every decision is based on a clear understanding of and belief in what we do and when we couple this conviction with sound financial planning. We expect to achieve a fair and reasonable profit to ensure the prosperity of the company, and to offer long-term benefits to our hotel owners, our shareholders, our customers and our employees. FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS FOUR SEASONS HOTELS AND RESORTS
Table of Contents Message to Our Shareholders 2 Management Committee Round Table 4 Four Seasons Worldwide Locations 10 Financial Table of Contents 12 Annual Information Form 13 Management’s Discussion and Analysis 31 Corporate Information 51 Consolidated Financial Statements 54 Corporate Governance 76 Corporate Directory IBC Five-Year Review 28 Financial Highlights (In millions of Canadian dollars except per share amounts) 1999 1998 1997 Revenues under management $ 2,370.2 $ 2,270.7 $ 2,119.4 EBITDA (1) $ 97.5 $ 88.0 $ 79.1 Net earnings $ 86.5 $ 69.7 $ 40.8 Earnings per share $ 2.52 $ 2.06 $ 1.24 Cash provided by operations $ 106.8 $ 75.8 $ 64.8 Long-term debt $ 187.1 $ 165.0 $ 140.2 Cash reserves $ 222.2 $ 17.6 $ 25.3 (1) Earnings before other operating items, interest and taxes. Forward-looking Statements When used in the Annual Information Form, the Message to Our Shareholders, and the Management Committee Round Table, the words “believes,” “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, projected or implied, including, without limitation: competition within each of the Corporation’s business segments, the balance between supply of and demand for hotel rooms and interval or fractional ownership units, the Corporation’s continued ability to obtain new operating contracts on advantageous terms, the Corporation’s relations with current and potential hotel owners and clients, the effect of international, national and regional economic conditions, and the availability of capital to fund further investments in the Corporation’s businesses. Given these uncertainties, readers are cautioned not to place undue reliance on these statements. The Corporation also undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. All amounts referred to in this document are in Canadian dollars unless otherwise noted. Four Seasons Hotels Inc. one
Page 1: FOUR SEASONS HOTELS AND RESORTS FOU
Page 5 and 6: The fourth key decision was a low-r
Page 7 and 8: Kathleen Taylor President and Chief
Page 9 and 10: Barbara M. Talbott Executive Vice P
Page 11 and 12: Although Four Seasons stock has con
Page 13 and 14: 58 56 59 60 52 63 62 61 54 55 57 53
Page 15 and 16: As of March 1, 2000 Business of Fou
Page 17 and 18: Management Focus Four Seasons is pr
Page 19 and 20: RevPAR Statistics—Core Hotels (in
Page 21 and 22: Industry Awards Four Seasons has ga
Page 23 and 24: Approximate Approximate Hotel/Resor
Page 25 and 26: Expected Approximate Scheduled Capi
Page 27 and 28: Sales and Marketing Four Seasons is
Page 29 and 30: Intellectual Property In the highly
Page 31 and 32: (1) Consolidated revenues are compr
Page 33 and 34: Management’s Discussion and Analy
Page 35 and 36: Operational and Financial Review an
Page 37 and 38: Four Seasons Hotel Berlin In 1991 F
Page 39 and 40: On a US dollar basis, the Corporati
Page 41 and 42: Income Tax Expense The Corporation
Page 43 and 44: Net Earnings and Earnings per Share
Page 45 and 46: Fixed Asset Additions and Improveme
Page 47 and 48: Operating Risks The business of the
Page 49 and 50: Risk Associated with Expansion, Gro
Page 51 and 52: Political Risk Four Seasons current
Page 53 and 54:
Corporate Information Market for Se
Page 55 and 56:
Additional information relating to
Page 57 and 58:
Years ended December 31, 1999 and 1
Page 59 and 60:
Consolidated Statements of Cash Pro
Page 61 and 62:
Years ended December 31, 1999 and 1
Page 63 and 64:
abandoned, any deferred charges are
Page 65 and 66:
(a) The cash flow bond, which is du
Page 67 and 68:
voting interest in these two compan
Page 69 and 70:
10. Long-term debt: 1999 1998 Unsec
Page 71 and 72:
Unlimited Unlimited Unlimited Issue
Page 73 and 74:
13. Income taxes: Income tax expens
Page 75 and 76:
espect to the financing. The Corpor
Page 77 and 78:
Under its ownership operations segm
Page 79 and 80:
management, including the appointme
Page 81 and 82:
The Corporate Governance Committee
Page 83 and 84:
Corporate Directory Corporate Offic
show all

1999 Annual Report - Four Seasons Hotels and Resorts

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?