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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:0654O Mandarin Oriental International Ld 29 July 2003 ---------------------------------------------------------------------------------------- Mandarin Oriental International Limited Notes ---------------------------------------------------------------------------------------- 1. ACCOUNTING POLICIES AND BASIS OF PREPARATION The unaudited interim condensed financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting. There have been no changes to the accounting policies described in the 2002 annual financial statements. As in 2002, the Group is required to account for leasehold land at amortized cost in order to comply with IFRS. 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 on pages 4 to 7 prepared in accordance with IFRS as modified by the revaluation of leasehold properties. The Directors continue to review the appropriateness of the Group's accounting policies and disclosures in the light of developments in IFRS. 2. REVENUE Prepared in accordance with IFRS Six months ended 30th June 2003 2002 US$m US$m ------------- ------------- By geographical area: Hong Kong & Macau 39.4 59.1 Southeast Asia 11.7 13.8 Europe 25.4 23.1 The Americas 14.1 15.8 ------------- ------------- 90.6 111.8 ------------- ------------- 3. OPERATING PROFIT Prepared in accordance with IFRS Six months ended 30th June 2003 2002 US$m US$m ------------- ------------- By geographical area: Hong Kong & Macau 0.1 8.6 Southeast Asia 0.3 2.2 Europe 3.0 3.9 The Americas 0.4 6.1 ------------- ------------- 3.8 20.8 ------------- ------------- The following items have been credited in arriving at operating profit: Insurance proceeds 2.5 - Release of provision relating to development costs of Manadarin Oriental, Washington D.C. - 4.8 ------------- ------------- 4. SHARE OF OPERATING RESULTS OF ASSOCIATES AND JOINT VENTURES Prepared in accordance with IFRS Six months ended 30th June 2003 2002 US$m US$m ------------- ------------- By geographical area: Hong Kong & Macau 0.8 1.3 Southeast Asia 2.5 5.3 Europe 0.3 1.2 The Americas 0.4 0.8 ------------- ------------- 4.0 8.6 ------------- ------------- 5. TAX Prepared in accordance with IFRS Six months ended 30th June 2003 2002 US$m US$m ------------- ------------- Company and subsidiaries - 2.5 Associates and joint ventures 0.5 0.9 ------------- ------------- 0.5 3.4 ------------- ------------- Tax on profits has been calculated at rates of taxation prevailing in the territories in which the Group operates. No United Kingdom tax charge has been provided (2002: tax charge of US$5,000). 6. (LOSS)/EARNINGS PER SHARE Basic earnings per share are calculated on the net loss of US$6.7 million (2002: net profit of US$11.8 million) and on the weighted average number of 851.5 million (2002: 851.5 million) shares in issue during the period. The weighted average number excludes the Company's shares held by the Trustee under the Company's Senior Executive Share Incentive Schemes. Diluted earnings per share are calculated on the weighted average number of shares after adjusting for the number of shares which are deemed to be issued for no consideration under the Senior Executive Share Incentive Schemes based on the average share price during the period. The convertible bonds are anti-dilutive and therefore are ignored in calculating diluted earnings per share. Ordinary shares in millions 2003 2002 ------------- ------------- Weighted average number of shares in issue 851.5 851.5 Adjustment for shares deemed to be issued for no consideration - 0.1 ------------- ------------- Weighted average number of shares for diluted earnings per share 851.5 851.6 ------------- ------------- 7. TANGIBLE ASSETS AND CAPITAL COMMITMENTS Prepared in accordance with IFRS Year ended 31st Six months ended 30th June December 2003 2002 2002 US$m US$m US$m ---------- ----------- ----------- Opening net book value 548.1 491.7 491.7 Translation differences 10.9 16.8 27.9 Additions 35.0 28.6 45.9 Disposals - - (2.1) Depreciation (8.0) (7.6) (15.3) ---------- ----------- ----------- Closing net book value 586.0 529.5 548.1 ---------- ----------- ----------- Tangible assets at 30th June 2003 include a property under development of US$62.4 million (2002: US$25.1 million), which is stated net of tax increment financing of US$33.0 million (2002: US$10.3 million) (refer note 10). At 31st At 30th June December 2003 2002 2002 US$m US$m US$m ---------- ----------- ----------- Capital commitments 83.9 115.3 109.9 ---------- ----------- ----------- 8. BORROWINGS Prepared in accordance with IFRS At 31st At 30th June December 2003 2002 2002 US$m US$m US$m ---------- ----------- ----------- Bank loans 437.6 392.4 408.7 6.75% convertible bonds 73.4 72.1 72.7 Finance lease 7.9 7.7 7.9 Tax increment financing (refer note 10) 1.7 1.7 1.7 ---------- ----------- ----------- 520.6 473.9 491.0 ---------- ----------- ----------- Current 4.9 5.6 8.0 Long-term 515.7 468.3 483.0 ---------- ----------- ----------- 520.6 473.9 491.0 ---------- ----------- ----------- 9.DIVIDENDS Prepared in accordance with IFRS Six months ended 30th June 2003 2002 US$m US$m ---------- ----------- No final dividend in respect of 2002 (2001: Nil) - - ---------- ----------- No interim dividend in respect of 2003 is proposed (2002: Nil). 10. TAX INCREMENT FINANCING Prepared in accordance with IFRS At 31st At 30th June December 2003 2002 2002 US$m US$m US$m ---------- --------- ------------ Netted off against the net book value in respect of a property under development (refer note 7) 33.0 10.3 29.4 Loan (refer note 8) 1.7 1.7 1.7 ---------- --------- ------------ 34.7 12.0 31.1 ---------- --------- ------------ In relation to Mandarin Oriental, Washington D.C., a development agreement was entered into with the District of Columbia ('District') by one of the Group's subsidiaries, pursuant to which the District agreed to provide certain funds to the subsidiary out of the net proceeds obtained through the issuance and sale of certain tax increment financing bonds ('TIF Bonds') for the development and construction of a 400- room luxury hotel. The District agreed to contribute to the subsidiary US$33.0 million through the issuance of TIF Bonds in addition to US$1.7 million issued in the form of a loan, bearing simple interest at an annual rate of 6.0%. The US$1.7 million loan plus all accrued interest will be due on the earlier of 10th April 2017 or the date of the consummation of the first sale of the hotel. The receipt of the TIF Bonds of US$33.0 million (2002: US$10.3 million) has been treated as a government grant and netted off against the net book value in respect of the property under development (refer note 7). The loan of US$1.7 million (2002: US$1.7 million) is included in long-term borrowings (refer note 8). - end - For further information, please contact: Mandarin Oriental Hotel Group International Limited John R Witt / Jill Kluge/ Chantal Hooper (852) 2895 9610 Matheson & Co Limited Martin Henderson (44) 20 7816 8135 Golin/Harris Forrest Debbie Chu (852) 2501 7916 Weber Shandwick Square Mile Richard Hews/ Christian San Jose (44) 20 7067 0700 This and other Group announcements can be accessed through the Internet at 'www.mandarinoriental.com'. NOTE TO EDITORS Mandarin Oriental Hotel Group is an international hotel investment and management group operating 23 deluxe and first class hotels and resorts worldwide including five under development in New York, Washington D.C., Hong Kong, Tokyo and Boston. The Group has equity interests in most of its properties and net assets of approximately US$900 million at 30th June 2003. Mandarin Oriental now operates 6,600 rooms in eleven countries with nine hotels in Asia, six in The Americas and three in Europe. The parent company, Mandarin Oriental International Limited, is incorporated in Bermuda, and has its primary share listing in London. It has further listings in Singapore and Bermuda and has a sponsored American Depositary Receipt programme. Mandarin Oriental Hotel Group International Limited, which operates from Hong Kong, manages the activities of the Group's hotels. Mandarin Oriental is a member of the Jardine Matheson Group. Mandarin Oriental's aim is to be recognized as one of the top global luxury hotel groups, providing exceptional customer satisfaction in each of its hotels. This will be achieved through a strategy of investing in facilities and people, while maximizing profitability and long-term shareholder value. The Group regularly receives recognition and awards for outstanding service and quality management. The growth strategy of the Group is to progress towards operating 10,000 rooms in major business centres and key leisure destinations around the world. This information is provided by RNS The company news service from the London Stock Exchange END IR UKUKROBRBURR
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