Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

15 Creditors and accruals
2008 2007
US$m US$m
Trade creditors 30.1 36.7
Accruals 45.8 55.7
Deposits accepted 13.1 10.7
Derivative financial instruments (refer note 26) 1.0 –
Other creditors 2.9 2.4
92.9 105.5
Currency
Hong Kong Dollar 38.9 48.1
Japanese Yen 11.1 10.2
Swiss Franc 9.8 7.1
United Kingdom Sterling 7.7 15.3
United States Dollar 18.0 17.2
Other 7.4 7.6
92.9 105.5
The fair value of creditors approximate their carrying amounts.
16 Borrowings
2008 2008 2007 2007
Carrying Fair Carrying Fair
amount value amount value
US$m US$m US$m US$m
Current
– Bank overdrafts 0.2 0.2 0.3 0.3
Current portion of long-term borrowings
– Bank loans 7.0 7.7 6.9 6.9
– Other borrowings 0.2 0.2 6.2 6.2
7.2 7.9 13.1 13.1
Current borrowings 7.4 8.1 13.4 13.4
Long-term borrowings
– Bank loans 643.9 644.3 660.1 660.1
– Other borrowings 8.3 8.3 2.1 2.1
– Tax increment financing (refer note 17) 1.7 1.7 1.7 1.7
Long-term borrowings 653.9 654.3 663.9 663.9
661.3 662.4 677.3 677.3
The fair values are based on the expected future payments discounted at market interest rate of 3.3% (2007: 4.7%) per
annum. The fair value of current and long-term borrowings approximate their carrying amount, as the impact of
discounting is not significant.
Annual Report 2008 61