1998 Annual Report - Four Seasons Hotels and Resorts

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CONSOLIDATED BALANCE SHEETSDecember 31, 1998 and 1997(In thousands of dollars) 1998 1997A SSETSCurrent assets:Cash and cash equivalents $ 17,591 $ 25,335Receivables (note 3) 58,610 44,747Inventory 1,681 1,588Prepaid expenses 1,952 1,78579,834 73,455Long-term receivables (note 4) 150,866 79,672Investments in hotel partnerships and corporations (notes 2 and 5) 76,761 66,688Fixed assets (note 6) 31,464 43,416Investment in management contracts (notes 2 and 7) 131,705 105,960Investment in trademarks and trade names (note 8) 39,268 61,021Deferred income taxes 7,152 —Other assets (note 9) 28,006 23,000$ 545,056 $ 453,212L IABILITIES AND S HAREHOLDERS’ EQUITYCurrent liabilities:Accounts payable and accrued liabilities $ 49,666 $ 57,249Long-term debt due within one year (note 10) 1,062 1,29050,728 58,539Long-term debt (note 10) 163,925 138,951Deferred income taxes — 1,209Shareholders’ equity (note 11):Capital stock 300,805 298,382Contributed surplus 4,784 4,784Retained earnings (deficit) 11,236 (54,961)Equity adjustment from foreign currency translation 13,578 6,308Commitments and contingencies (note 14)330,403 254,513$ 545,056 $ 453,212See accompanying notes to consolidated financial statements.On behalf of the Board:Isadore Sharp (Signed)DirectorBenjamin Swirsky (Signed)Director62Four Seasons Hotels Inc.
CONSOLIDATED STATEMENTS OF CASH PROVIDED BY OPERATIONSYears ended December 31, 1998 and 1997(In thousands of dollars) 1998 1997C ASH P ROVIDED BY (USED IN) OPERATIONS:H OTEL M ANAGEMENT O PERATIONS:Earnings before other operating items $ 79,883 $ 63,660Items not requiring an outlay of funds 4 704Working capital provided by Hotel Management Operations 79,887 64,364H OTEL O WNERSHIP O PERATIONS:Earnings before other operating items 9,346 15,419Items not requiring (providing) an outlay (inflow) of funds (509) 2,926Working capital provided by Hotel Ownership Operations 8,837 18,34588,724 82,709Interest paid, net (3,220) (10,814)Current income tax expense (1,136) (1,421)Change in non-cash working capital (9,407) (5,680)Cash provided by operations $ 74,961 $ 64,794See accompanying notes to consolidated financial statements.63Four Seasons Hotels Inc.
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focus at all levels, including corp
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FOUR SEASONS MANAGEMENT COMMITTEE R
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We strongly believe in promotion fr
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improve our returns on capital and
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1998 Annual Report - Four Seasons Hotels and Resorts

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