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Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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FINANCIAL REVIEW<br />

June June<br />

2004 2003<br />

US$m US$m<br />

Shareholders’ Funds – IFRS 607 564<br />

Revaluation of Leasehold Interests 378 371<br />

Adjusted Shareholders’ Funds 985 935<br />

� Economic substance of 999 year leases of HK properties not reflected in<br />

IFRS numbers

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