Annual Report - Mandarin Oriental Hotel Group

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Corporate Information Directors Simon Keswick Chairman A J L Nightingale Managing Director Edouard Ettedgui Group Chief Executive Jonathan Gould Mark Greenberg Julian Hui Henry Keswick R C Kwok Lord Leach of Fairford Dr Richard Lee Robert Léon Sydney S W Leong Lord Powell of Bayswater KCMG James Watkins Percy Weatherall John R Witt Company Secretary and Registered Office C H Wilken Jardine House 33–35 Reid Street Hamilton, Bermuda Mandarin Oriental Hotel Group International Limited Directors A J L Nightingale Chairman Edouard Ettedgui Group Chief Executive Jonathan Gould Mark Greenberg A R R Hirst M H Hobson W Hültner L R Lambert James Riley T L Stinson John R Witt Chief Financial Officer Corporate Secretary N M McNamara Annual Report 2007 3
Highlights Mandarin Oriental International Limited u Strong contribution from Hong Kong hotels u Eight new hotel projects announced, including Beijing and Paris u Full-year dividend per share increased by 100% to US¢6.00 Results 2007 2006 Change US$m US$m % Combined total revenue of hotels under management 1 1,007.7 850.3 19 Earnings before interest, tax, depreciation and amortization 2 190.2 116.4 63 Profit attributable to shareholders 108.2 80.0 35 Profit attributable to shareholders – excluding gains on disposal and writeback of impairment of an associate 87.1 45.0 94 US¢ US¢ % Earnings per share 11.16 8.28 35 Earnings per share – excluding gains on disposal and writeback of impairment of an associate 8.98 4.66 93 Dividends per share 6.00 3.00 100 US$ US$ % Net asset value per share 1.18 1.03 15 Net asset value per share with leasehold properties at valuation 3 2.34 1.78 31 1 Combined revenue includes turnover of the Group’s subsidiary hotels in addition to 100% of revenue from associate, joint venture and managed hotels. 2 EBITDA does not include gains on disposal and writeback of impairment of an associate. 3 The net asset value per share with leasehold properties at valuation has been presented after adjusting for the market value of the Group’s leasehold interests. International Financial Reporting Standards (‘IFRS’) do not permit leasehold interests of owner-occupied land to be carried at valuation. The Group considers that the IFRS treatment does not reflect the economic substance of its underlying property investments. Therefore, the Group has presented the net asset value per share taking into account the fair market value of leasehold interests as supplementary financial information in addition to the net asset value per share in accordance with IFRS. 4 Mandarin Oriental International Limited
Page 2 and 3: Mandarin Oriental Hotel Group is an
Page 6 and 7: Combined total revenue by geographi
Page 8 and 9: Developments The Group announced ei
Page 10 and 11: Finally Mandarin Oriental increased
Page 12 and 13: Despite the political uncertainties
Page 14 and 15: 4) Achieving a strong financial per
Page 16 and 17: E U R O P E Mandarin Oriental Hyde
Page 18 and 19: 2010 and beyond continued Mandarin
Page 20 and 21: Mandarin Oriental Hyde Park, London
Page 22 and 23: In The Americas, the Washington D.C
Page 24 and 25: Capital expenditure on existing pro
Page 26 and 27: Supplementary information Valuation
Page 28 and 29: Lord Leach of Fairford Lord Leach j
Page 30 and 31: Consolidated Balance Sheet as at 31
Page 32 and 33: Consolidated Cash Flow Statement fo
Page 34 and 35: A Basis of preparation continued IF
Page 36 and 37: E Intangible assets i) Goodwill rep
Page 38 and 39: M Cash and cash equivalents For the
Page 40 and 41: U Derivative financial instruments
Page 42 and 43: Financial Risk Management A Financi
Page 44 and 45: A Financial risk factors continued
Page 46 and 47: Critical Accounting Estimates and J
Page 48 and 49: Notes to the Financial Statements 1
Page 50 and 51: 4 Share of results of associates an
Page 52 and 53: 8 Earnings per share Basic earnings
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10 Tangible assets Freehold Leaseho
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11 Associates and joint ventures co
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13 Pension plans continued The amou
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14 Deferred tax Unremitted Provisio
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15 Debtors and prepayments continue
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17 Borrowings continued Borrowings
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20 Share capital Ordinary shares in
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23 Revenue and other reserves Reven
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24 Non-current asset classified as
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28 Derivative financial instruments
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31 Related party transactions conti
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Attributable interest % 2007 2006 I
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Five Year Summary Consolidated Prof
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The Board continued The Board is sc
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Internal control continued The Comp
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Shareholder Information Financial c
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Europe Mandarin Oriental Hotel du R
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Mandarin Oriental Hotel Group Reser
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Annual Report - Mandarin Oriental Hotel Group

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