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Share Name | Share Symbol | Market | Type |
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Mcdonalds Corp | TG:MDO | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.25 | -0.54% | 231.60 | 231.20 | 231.90 | 232.75 | 230.25 | 232.55 | 7,913 | 22:50:17 |
RNS Number:0653O Mandarin Oriental International Ld 29 July 2003 To: Business Editor 29th July 2003 For immediate release The following announcement was today issued to the London Stock Exchange. MANDARIN ORIENTAL INTERNATIONAL LIMITED INTERIM REPORT 2003 Highlights > Travel in Asia badly affected by SARS > European and US markets slowed by economic uncertainties > Hotel developments in New York and Washington D.C. on schedule > Group to manage new luxury hotel in Boston "Occupancy levels in Asia have started to recover, and in Europe and the United States there is an improving sentiment among travellers. Nevertheless, the overall economic environment remains uncertain making it difficult to predict the timing and extent of any sustained recovery for the Group. The results in the second half may, however, benefit from further SARS related business interruption insurance." Simon Keswick, Chairman 29th July 2003 Results Prepared in accordance with IFRS as modified (unaudited) by revaluation of leasehold properties* Six months ended 30th June 2003 2002 US$m US$m ---------------------------------------------------------------------------------- Combined total revenue of hotels under management 243 272 Profit before interest and tax 8 30 Net (loss)/profit (6) 12 ---------------------------------------------------------------------------------- USc USc ---------------------------------------------------------------------------------- (Loss)/Earnings per share (0.75) 1.43 Interim dividend per share - - ---------------------------------------------------------------------------------- *The Group's financial statements are prepared under International Financial Reporting Standards ('IFRS') which do not permit leasehold interests in land to be carried at valuation. This treatment does not reflect the generally accepted accounting practice in the territories in which the Group has significant leasehold interests, nor how management measures the performance of the Group. Accordingly, the Group has presented supplementary financial information prepared in accordance with IFRS as modified by the revaluation of leasehold properties in addition to the IFRS financial statements. The figures included in the above summary and the Chairman's Statement are based on this supplementary financial information unless otherwise stated. MANDARIN ORIENTAL INTERNATIONAL LIMITED INTERIM REPORT 2003 OVERVIEW Mandarin Oriental's results suffered badly from the unprecedented low occupancy levels in Asia from late March onwards. While the year had begun well, there was a significant reduction in travel to Asia, particularly Hong Kong and Singapore, in response to the outbreaks of SARS in the region. In the United States and Europe travel patterns were disrupted by the hostilities in Iraq and overall economic uncertainties. The Group responded by reducing costs, both at the hotel and corporate levels, and by deferring capital expenditure. PERFORMANCE Consolidated profit before interest and tax for the first six months of 2003 was US$8 million, compared with US$30 million in the same period last year which included a US$5 million write- back of development costs. The current result includes a business interruption insurance initial payment of US$2.5 million received in connection to losses suffered at the two Hong Kong hotels due to the outbreak of SARS. It is too early to assess the final outcome of claims under this insurance. Despite an increase in borrowings to fund the Group's hotels under development, the net financing charges for the period at US$14 million were unchanged from last year. The net loss for the period was US$6 million compared with a net profit of US$12 million in the first half of 2002. Loss per share was USc0.75 compared with a profit of USc1.43 per share in the first six months of last year. No interim dividend has been declared. Net debt was 49% of shareholders' funds, compared with 46% at the year-end. Assuming conversion of the convertible bonds, net debt would be 38% of shareholders' funds. GROUP REVIEW The hotel market in Hong Kong suffered from the collapse in visitor arrivals, and occupancy in the first six months at Mandarin Oriental, Hong Kong was 39% compared with 68% in the same period last year. At The Excelsior, occupancy rates fell from 82% to 49%. Despite the poor conditions, average room rates remained relatively stable. The drop in occupancy also adversely affected Food & Beverage revenues, already impacted by the reduction in local patronage. Lower results at the Group's hotel in Manila also reflected the general disruption in travel patterns. In London, Mandarin Oriental Hyde Park performed well against its competitors, and while the poor market led to a fall in overall occupancy from 69% to 65% for the period, the hotel is now seeing an improvement. The Group's hotel in Munich also maintained its competitive position with satisfactory results. In the United States, The Mark, New York experienced lower occupancy and average room rates consistent with the local market. Some of the Group's associate and managed hotels also suffered a significant decrease in occupancy levels due to SARS, particularly in Singapore and Bangkok. In Geneva, the hotel's performance declined in line with the overall market. In the United States, occupancy levels were generally down, except in Miami where Mandarin Oriental achieved higher occupancy and rate levels. DEVELOPMENTS The Group's development strategy remains on track with Mandarin Oriental, New York on schedule to open in late 2003 and Mandarin Oriental, Washington D.C. in spring 2004. Since March this year, the Group has announced that it will manage a new 168-room luxury hotel in Boston, due to open in 2006. Design and construction work continue on a new 118-room deluxe hotel in Hong Kong, due to open in 2005, as well as on a 171-room hotel in Tokyo, due to open in 2006. The Group will manage and provide luxury services and facilities to the condominiums adjacent to its new hotels in New York and Boston. OUTLOOK In conclusion, the Chairman, Simon Keswick said, "Occupancy levels in Asia have started to recover, and in Europe and the United States there is an improving sentiment among travellers. Nevertheless, the overall economic environment remains uncertain making it difficult to predict the timing and extent of any sustained recovery for the Group. The results in the second half may, however, benefit from further SARS related business interruption insurance." ---------------------------------------------------------------------------------------------------------------- Mandarin Oriental International Limited Consolidated Profit and Loss Account ---------------------------------------------------------------------------------------------------------------- Prepared in accordance with Prepared in accordance IFRS as modified by revaluation with IFRS of leasehold properties* Year ended (unaudited) (unaudited) Year ended 31st Six months ended Six months ended 31st December 30th June 30th June December 2002 2002 2003 2003 2002 2002 US$m US$m US$m Note US$m US$m US$m ----------------------------------- --------------------------------------- 233.7 111.8 90.6 2 Revenue 90.6 111.8 233.7 (140.5) (67.6) (64.3) Cost of sales (64.2) (67.4) (140.1) ------------ ---------- --------- --------- ------------ ------------ 93.2 44.2 26.3 Gross profit 26.4 44.4 93.6 (16.8) (8.0) (7.5) Selling and distribution costs (7.5) (8.0) (16.8) (36.3) (15.4) (15.0) Administration expenses (14.9) (15.4) (36.3) ------------ ---------- --------- --------- ------------ ------------ 40.1 20.8 3.8 3 Operating profit 4.0 21.0 40.5 Share of operating results of 14.4 8.6 4.0 4 associates and joint ventures 4.1 8.8 14.8 ------------ ---------- --------- --------- ------------ ------------ 54.5 29.4 7.8 Profit before interest and tax 8.1 29.8 55.3 (28.9) (14.2) (14.2) Net financing charges (14.2) (14.2) (28.9) ------------ ---------- --------- --------- ------------ ------------ 25.6 15.2 (6.4) (Loss)/Profit before tax (6.1) 15.6 26.4 (7.2) (3.4) (0.5) 5 Tax (0.5) (3.4) (7.2) ------------ ---------- --------- --------- ------------ ------------ 18.4 11.8 (6.9) (Loss)/Profit after tax (6.6) 12.2 19.2 0.1 - 0.2 Minority interests 0.2 - 0.1 ------------ ---------- --------- --------- ------------ ------------ 18.5 11.8 (6.7) Net (loss)/profit (6.4) 12.2 19.3 ------------ ---------- --------- --------- ------------ ------------ ----------------------------------- --------------------------------------- USc USc USc USc USc USc ----------------------------------- --------------------------------------- 6 (Loss)/Earnings per share 2.17 1.38 (0.79) - basic (0.75) 1.43 2.27 2.17 1.38 (0.79) - diluted (0.75) 1.43 2.27 ----------------------------------- --------------------------------------- * The basis of preparation of this supplementary financial information is set out in note 1. ---------------------------------------------------------------------------------------------------------------- Mandarin Oriental International Limited Consolidated Balance Sheet ---------------------------------------------------------------------------------------------------------------- Prepared in accordance with Prepared in accordance IFRS as modified by revaluation with IFRS of leasehold properties* At 31st (unaudited) (unaudited) At 31st December At 30th June At 30th June December 2002 2002 2003 2003 2002 2002 US$m US$m US$m Note US$m US$m US$m ----------------------------------- --------------------------------------- Net operating assets 22.0 22.6 21.4 Goodwill 21.4 22.6 22.0 548.1 529.5 586.0 7 Tangible assets 1,085.5 1,029.2 1,046.9 187.6 187.5 187.4 Leasehold land payments - - - 278.1 246.8 271.7 Associates and joint ventures 290.6 265.8 297.0 26.3 24.7 27.7 Other investments 27.7 24.7 26.3 14.0 13.8 13.6 Pension assets 13.6 13.8 14.0 3.7 2.9 3.7 Deferred tax assets 3.7 2.9 3.7 ----------- ---------- --------- --------- --------- --------- 1,079.8 1,027.8 1,111.5 Non-current assets 1,442.5 1,359.0 1,409.9 2.4 2.9 2.3 Stocks 2.3 2.9 2.4 36.8 32.7 32.9 Debtors and prepayments 32.9 32.7 36.8 65.9 75.2 61.2 Cash at bank 61.2 75.2 65.9 ----------- ---------- --------- --------- --------- --------- 105.1 110.8 96.4 Current assets 96.4 110.8 105.1 ----------- ---------- --------- --------- --------- --------- (53.0) (38.6) (46.7) Creditors and accruals (46.7) (38.6) (53.0) (8.0) (5.6) (4.9) 8 Borrowings (4.9) (5.6) (8.0) (6.5) (4.8) (4.8) Current tax liabilities (4.8) (4.8) (6.5) ----------- ---------- --------- --------- --------- --------- (67.5) (49.0) (56.4) Current liabilities (56.4) (49.0) (67.5) ----------- ---------- --------- --------- --------- --------- 37.6 61.8 40.0 Net current assets 40.0 61.8 37.6 (483.0) (468.3) (515.7) 8 Long-term borrowings (515.7) (468.3) (483.0) (11.6) (10.9) (12.1) Deferred tax liabilities (14.3) (14.8) (14.1) (0.8) (0.7) (0.8) Pension liabilities (0.8) (0.7) (0.8) (5.4) (5.1) (5.8) Other non-current liabilities (5.8) (5.1) (5.4) ----------- ---------- --------- --------- --------- --------- 616.6 604.6 617.1 945.4 932.6 944.0 ----------- ---------- --------- --------- --------- --------- Capital employed 42.6 42.6 42.6 Share capital 42.6 42.6 42.6 88.7 88.7 88.7 Share premium 88.7 88.7 88.7 474.4 461.9 474.8 Revenue and other reserves 800.7 788.0 799.7 ----------- ---------- --------- --------- --------- --------- 605.7 593.2 606.1 Shareholders' funds 932.0 919.3 931.0 10.9 11.4 11.0 Minority interests 13.4 13.3 13.0 ----------- ---------- --------- --------- --------- --------- 616.6 604.6 617.1 945.4 932.6 944.0 ----------- ---------- --------- --------- --------- --------- ----------------------------------- ------------------------------------- No interim valuations of the Group's properties have been undertaken. Stated values at 30th June 2003 and 2002 reflect the values at the previous 31st December. * The basis of preparation of this supplementary financial information is set out in note 1. ---------------------------------------------------------------------------------------------------------------- Mandarin Oriental International Limited Consolidated Statement of Changes in Shareholders' Funds ---------------------------------------------------------------------------------------------------------------- Prepared in accordance with Prepared in accordance IFRS as modified by revaluation with IFRS of leasehold properties* Year ended (unaudited) (unaudited) Year ended 31st Six months ended Six months ended 31st December 30th June 30th June December 2002 2002 2003 2003 2002 2002 US$m US$m US$m Note US$m US$m US$m ----------------------------------- --------------------------------------- 565.3 565.3 605.7 At beginning of period 931.0 890.0 890.0 Net exchange translation differences 22.4 16.1 7.4 - amount arising in period 7.7 17.1 22.2 Fair value gains on financial 0.5 - 0.3 assets 0.3 - 0.5 Cash flow hedges (1.0) - (0.6) - fair value losses (0.6) - (1.0) Net gains not recognized in consolidated profit and 21.9 16.1 7.1 loss account 7.4 17.1 21.7 18.5 11.8 (6.7) Net (loss)/profit (6.4) 12.2 19.3 ----------- ---------- ---------- ---------- --------- ------------ 605.7 593.2 606.1 At end of period 932.0 919.3 931.0 ----------- ---------- ---------- ---------- --------- ------------ ------------------------------------ --------------------------------------- * The basis of preparation of this supplementary financial information is set out in note 1. ---------------------------------------------------------------------------------------------------------------- Mandarin Oriental International Limited Consolidated Cash Flow Statement ---------------------------------------------------------------------------------------------------------------- Prepared in accordance Prepared in accordance with Prepared in accordance IFRS as modified by revaluation with IFRS of leasehold properties* Year ended (unaudited) (unaudited) Year ended 31st Six months ended Six months ended 31st December 30th June 30th June December 2002 2002 2003 2003 2002 2002 US$m US$m US$m Note US$m US$m US$m ----------------------------------- --------------------------------------- Operating activities 40.1 20.8 3.8 Operating profit 4.0 21.0 40.5 15.3 7.6 8.0 Depreciation 8.0 7.6 15.3 Amortization of leasehold 0.4 0.2 0.2 land payments - - - 1.3 0.8 0.6 Amortization of goodwill 0.6 0.8 1.3 (5.0) (4.8) 0.3 Non-cash items 0.3 (4.8) (5.0) (Increase)/Decrease in 2.8 0.8 (5.8) working capital 5.8 0.8 (2.8) 1.0 0.4 0.3 Interest received 0.3 0.4 1.0 Interest and other (24.5) (12.1) (11.6) financing charges paid (11.6) (12.1) (24.5) (3.1) (1.4) (1.7) Tax paid (1.7) (1.4) (3.1) ---------- ---------- --------- --------- ------------ ------------ 28.3 12.3 (5.9) (5.9) 12.3 28.3 Dividends from associates 5.2 3.2 3.0 and joint ventures 3.0 3.2 5.2 Cash flows from operating 33.5 15.5 (2.9) activities (2.9) 15.5 33.5 Investing activities (62.5) (34.2) (35.4) Purchase of tangible assets (35.4) (34.2) (62.5) 29.4 10.3 3.6 10 Tax increment financing 3.6 10.3 29.4 Investments in and loans to (47.8) (15.6) (0.6) associates and joint ventures (0.6) (15.6) (47.8) Repayment of loan to associates 4.0 1.3 6.5 and joint ventures 6.5 1.3 4.0 Sale proceeds on disposal of 2.1 - - tangible assets - - 2.1 (0.3) - - Leasehold land premium payments - - (0.3) (0.5) (0.3) - Purchase of other investments - (0.3) (0.5) (0.5) (0.5) - Purchase of minority interests - (0.5) (0.5) Cash flows from investing (76.1) (39.0) (25.9) activities (25.9) (39.0) (76.1) Financing activities 32.6 14.7 27.5 Drawdown of borrowings 27.5 14.7 32.6 (8.7) (0.3) (3.6) Repayment of borrowings (3.6) (0.3) (8.7) Capital contribution from 5.0 4.7 - minority interests - 4.7 5.0 Cash flows from financing 28.9 19.1 23.9 activities 23.9 19.1 28.9 0.9 0.7 0.2 Effect of exchange rate changes 0.2 0.7 0.9 ---------- ---------- --------- --------- ------------ ------------ Net decrease in cash and cash (12.8) (3.7) (4.7) equivalents (4.7) (3.7) (12.8) Cash and cash equivalents 78.6 78.6 65.8 at beginning of period 65.8 78.6 78.6 ---------- ---------- --------- --------- ------------ ------------ Cash and cash equivalents at 65.8 74.9 61.1 end of period 61.1 74.9 65.8 ---------- ---------- --------- --------- ------------ ------------ --------------------------------- --------------------------------------- * The basis of preparation of this supplementary financial information is set out in note 1 This information is provided by RNS The company news service from the London Stock Exchange END IR UKUKROVRBURR
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