1997 Annual Report - Four Seasons Hotels and Resorts

CONSOLIDATED BALANCE SHEETSDecember 31, 1997 and 1996(In thousands of dollars) 1997 1996A SSETSCurrent assets:Cash and cash equivalents $ 25,335 $ 15,394Receivables (note 3) 44,747 51,212Inventory 1,588 1,629Prepaid expenses 1,785 1,62573,455 69,860Long-term receivables (note 4) 79,672 41,429Investments in hotel partnerships and corporations (notes 2 and 5) 66,688 62,724Fixed assets (note 6) 43,416 33,150Investment in management contracts (note 7) 105,960 98,437Investment in trademarks and trade names (note 8) 61,021 59,999Other assets (note 9) 23,000 19,688$ 453,212 $ 385,287L IABILITIES AND S HAREHOLDERS’ EQUITYCurrent liabilities:Accounts payable and accrued liabilities $ 57,249 $ 54,670Long-term debt due within one year (note 10) 1,290 13,40358,539 68,073Long-term debt (note 10) 138,951 226,586Deferred income taxes 1,209 2,568Shareholders’ equity (note 11):Capital stock 298,382 177,757Contributed surplus 4,784 4,784Deficit (54,961) (92,278)Equity adjustment from foreign currency translation 6,308 (2,203)Commitments and contingencies (note 13)254,513 88,060$ 453,212 $ 385,287See accompanying notes to consolidated financial statements.On behalf of the Board:Isadore SharpDirectorBenjamin SwirskyDirector54Four Seasons Hotels Inc.