1997 Annual Report - Four Seasons Hotels and Resorts

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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.
CONSOLIDATED STATEMENTS OF CASH PROVIDED BY OPERATIONSYears ended December 31, 1997 and 1996(In thousands of dollars) 1997 1996C ASH P ROVIDED BY (USED IN) OPERATIONS:H OTEL M ANAGEMENT O PERATIONS:Earnings before other operating items $ 63,660 $ 55,672Items not requiring an outlay of funds 704 1,260Working capital provided by Hotel Management Operations 64,364 56,932H OTEL O WNERSHIP O PERATIONS:Earnings before other operating items 15,056 8,672Items not requiring (providing) an outlay (inflow) of funds 2,926 (1,358)Working capital provided by Hotel Ownership Operations 17,982 7,31482,346 64,246Investment income 363 240Interest paid, net (10,814) (20,768)Current income tax expense (1,421) (1,730)Change in non-cash working capital (5,680) 1,673Cash provided by operations $ 64,794 $ 43,661See accompanying notes to consolidated financial statements.55Four Seasons Hotels Inc.
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FOUR SEASONS HOTELS AND RESORTS FOU
Page 3 and 4:
FINANCIAL HIGHLIGHTS(In millions of
Page 5 and 6: Growth through selective diversific
Page 7 and 8: FOUR SEASONS MANAGEMENT COMMITTEE R
Page 9 and 10: Barbara TalbottSenior Vice Presiden
Page 11 and 12: 18212317222019252428162627673548151
Page 13 and 14: ANNUAL INFORMATION FORMB U S I N E
Page 15 and 16: Superior Hotel Operating ResultsFou
Page 17 and 18: comparable data is available, was U
Page 19 and 20: I N D U S T R YA W A R D SFour Seas
Page 21 and 22: Properties Managed by Four Seasons
Page 23 and 24: H O T E L M A N A G E M E N T O P E
Page 25 and 26: and its hourly staff varies, based
Page 27 and 28: F I V E-Y E A RR E V I E W(In milli
Page 29 and 30: S U M M A R Y H O T E L O P E R A T
Page 31 and 32: December 31, 1996 to $115 million a
Page 33 and 34: Hotel Ownership OperationsHotel own
Page 35 and 36: Minority Hotel Ownership InterestsA
Page 37 and 38: primarily by the termination during
Page 39 and 40: Income Tax ExpenseThe Corporation
Page 41 and 42: L I Q U I D I T YFour Seasons gener
Page 43 and 44: During 1997, the Corporation invest
Page 45 and 46: conditions of an agreement could re
Page 47 and 48: Investments and AdvancesThe Corpora
Page 49 and 50: investment in The Regent Hong Kong
Page 51 and 52: Edmond M. Creed, Murray B. Koffler
Page 53 and 54: C O R P O R A T EC H A R TThe follo
Page 55: CONSOLIDATED STATEMENTS OF OPERATIO
Page 59 and 60: NOTES TO CONSOLIDATED FINANCIAL STA
Page 61 and 62: The recoverability of the unamortiz
Page 63 and 64: 4. L O N G- T E R M R E C E I V A B
Page 65 and 66: Current assets (including cash of $
Page 67 and 68: 10. L O N G- T E R M D E B T:1997 1
Page 69 and 70: UnlimitedUnlimitedUnlimitedThe VMVS
Page 71 and 72: 13. C O M M I T M E N T S A N D C O
Page 73 and 74: 14. F A I R V A L U E O F F I N A N
Page 75 and 76: which, in turn, are based on assump
Page 77 and 78: of action that have been taken. The
Page 79 and 80: CORPORATE DIRECTORYD IRECTORSEdmond
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