REG - Mandarin Oriental Jardine Matheson Hdg Jardine Strategic - 2015 Preliminary Announcement of Results <Origin Href="QuoteRef">JARD.SI</Origin> <Origin Href="QuoteRef">JSH.SI</Origin> <Origin Href="QuoteRef">MOIL.SI</Origin> - Part 2
03/03/2016 09:10
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Net current assets 254.2 55.1
Long-term borrowings (note 9) (436.2) (510.7)
Deferred tax liabilities (59.8) (62.3)
Other non-current liabilities (3.0) (3.0)
1,231.7 961.4
Total equity
Share capital 62.8 50.2
Share premium 490.3 188.2
Revenue and other reserves 673.6 718.0
Shareholders' funds 1,226.7 956.4
Non-controlling interests 5.0 5.0
1,231.7 961.4
Mandarin Oriental International LimitedConsolidated Statement of Changes in Equityfor the year ended 31st December 2015
SharecapitalUS$m SharepremiumUS$m CapitalreservesUS$m RevenuereservesUS$m HedgingreservesUS$m ExchangereservesUS$m Attributable to shareholders of the CompanyUS$m Attributable to non-controlling interestsUS$m Totalequity US$m
2015
At 1st January 50.2 188.2 283.1 495.6 (2.7) (58.0) 956.4 5.0 961.4
Total comprehensive income - - - 84.2 - (54.9) 29.3 - 29.3
Dividends paid by the Company - - - (75.3) - - (75.3) - (75.3)
Issue of shares 12.6 301.4 - - - - 314.0 - 314.0
Employee share option schemes - - 2.3 - - - 2.3 - 2.3
Transfer - 0.7 (0.9) 0.2 - - - - -
At 31st December 62.8 490.3 284.5 504.7 (2.7) (112.9) 1,226.7 5.0 1,231.7
2014
At 1st January 50.2 186.6 282.1 473.6 (6.0) 2.5 989.0 5.7 994.7
Total comprehensive income - - - 92.2 3.3 (60.5) 35.0 (0.7) 34.3
Dividends paid by the Company - - - (70.2) - - (70.2) - (70.2)
Issue of shares - - - - - - - - -
Employee share option schemes - - 2.6 - - - 2.6 - 2.6
Transfer - 1.6 (1.6) - - - - - -
At 31st December 50.2 188.2 283.1 495.6 (2.7) (58.0) 956.4 5.0 961.4
Total comprehensive income included in revenue reserves comprises
profit attributable to shareholders of the Company of US$89.3 million
(2014: US$97.0 million). There is no fair value loss on other investments in
2015 (2014: net fair value loss on other investments of US$0.1 million).
_______________________________________________________________________________________________________________________________
Mandarin Oriental International LimitedConsolidated Cash Flow Statementfor the year ended 31st December 2015
2015US$m 2014US$m
Operating activities
Operating profit (note 3) 107.3 120.8
Depreciation 50.6 62.4
Amortization of intangible assets 2.3 2.6
Other non-cash items 2.2 1.5
Movements in working capital (1.6) 2.2
Interest received 2.0 2.6
Interest and other financing charges paid (12.1) (24.4)
Tax paid (18.5) (21.4)
132.2 146.3
Dividends and interest from associates 8.0 13.2
Cash flows from operating activities 140.2 159.5
Investing activities
Purchase of tangible assets (50.0) (29.4)
Purchase of intangible assets (1.5) (2.9)
Payment on Munich expansion (note 11) - (16.9)
Acquisition of Hotel Ritz, Madrid (note 12) (73.3) -
Purchase of other investments (0.9) (1.0)
Advance to joint ventures (0.1) -
Repayment of loans to associates 0.6 4.3
Sale of tangible assets - 0.3
Sale of other investments 0.8 -
Cash flows from investing activities (124.4) (45.6)
Financing activities
Issue of shares (note 13) 314.0 -
Drawdown of borrowings - 512.5
Repayment of borrowings (261.5) (540.8)
Dividends paid by the Company (note 14) (75.3) (70.2)
Cash flows from financing activities (22.8) (98.5)
Net (decrease)/increase in cash and cash equivalents (7.0) 15.4
Cash and cash equivalents at 1st January 324.3 315.7
Effect of exchange rate changes (8.7) (6.8)
Cash and cash equivalents at 31st December 308.6 324.3
Mandarin Oriental International Limited
Notes
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
The financial information contained in this announcement has been based on the
preliminary results for the year ended 31st December 2015 which have been
prepared in conformity with International Financial Reporting Standards,
including International Accounting Standards and Interpretations adopted by
the International Accounting Standards Board.
Amendments effective in 2015 which are relevant to the Group's operations:
Amendments to IAS 19 Defined Benefit Plans: Employee
Contributions
Annual Improvements to IFRSs 2010 - 2012 Cycle
2011 - 2013 Cycle
The adoption of these amendments does not have a material impact on the
Group's accounting policies and disclosures.
Amendments to IAS 19 'Employee Benefits' clarify the accounting for defined
benefit plans that require employees or third parties to contribute towards
the cost of the benefits. The objective of the amendments is to simplify the
accounting for contributions that are independent of the number of years of
employee service, for example, employee contributions that are calculated
according to a fixed percentage of salary.
Annual Improvements to IFRSs 2010 - 2012 Cycle and 2011 - 2013 Cycle comprise
a number of amendments to IFRSs. The amendments which are relevant to the
Group's operations include the followings:
Amendment to IFRS 2 'Share-based Payment' clarifies the definition of a
'vesting condition' and separately defines 'performance condition' and
'service condition'.
Amendment to IFRS 3 'Business Combinations' clarifies that an obligation to
pay contingent consideration which meets the definition of a financial
instrument is classified as a financial liability or as equity, on the basis
of the definitions in IAS 32 'Financial Instruments: Presentation'. The
standard is further amended to clarify that all non-equity contingent
consideration, both financial and non-financial, is measured at fair value at
each reporting date, with changes in fair value recognized in profit and loss.
It also clarifies that IFRS 3 does not apply to the accounting for the
formation of any joint arrangement under IFRS 11.
Amendment to IFRS 8 'Operating Segments' requires disclosure of the judgements
made by management in aggregating operating segments. This includes a
description of the segments which have been aggregated and the economic
indicators which have been assessed in determining that the aggregated
segments share similar economic characteristics.
Amendment to IAS 24 'Related Party Disclosures' requires the reporting entity
to disclose the fees paid for key management personnel services from another
entity ('the management entity'). The reporting entity is not required to
disclose the compensation paid by the management entity to the management
entity's employees or directors.
Amendment to IFRS 13 'Fair Value Measurement' clarifies that the portfolio
exception in IFRS 13, which allows an entity to measure the fair value of a
group of financial assets and financial liabilities on a net basis, applies to
all contracts within the scope of IAS 39 or IFRS 9.
The Group has not early adopted any standard, interpretation or amendment that
has been issued but is not yet effective.
2. REVENUE
2015US$m 2014US$m
By geographical area:
Hong Kong 238.6 249.5
Other Asia 100.1 118.9
Europe 204.9 249.6
The Americas 63.7 61.9
607.3 679.9
3. EBITDA FROM SUBSIDIARIES (EARNINGS BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTIZATION)
2015US$m 2014US$m
By geographical area:
Hong Kong 83.2 85.1
Other Asia 27.8 29.9
Europe 44.5 67.6
The Americas 5.2 3.2
Underlying EBITDA from subsidiaries 160.7 185.8
Non-trading items- acquisition-related costs (note 7) (0.5) -
EBITDA from subsidiaries 160.2 185.8
Less depreciation and amortization (52.9) (65.0)
Operating profit 107.3 120.8
4. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES
EBITDAUS$m Depreciationand amortizationUS$m OperatingprofitUS$m NetfinancingchargesUS$m TaxUS$m Net profit/(loss)US$m
2015
By geographical area:
Other Asia 21.1 (7.7) 13.4 (1.4) (2.2) 9.8
Europe 1.5 (0.3) 1.2 - (0.3) 0.9
The Americas 5.1 (2.8) 2.3 (2.1) 0.1 0.3
27.7 (10.8) 16.9 (3.5) (2.4) 11.0
Non-trading items- acquisition-related costs (note 7) (0.5) - (0.5) - - (0.5)
27.2 (10.8) 16.4 (3.5) (2.4) 10.5
2014
By geographical area:
Other Asia 25.9 (9.2) 16.7 (1.4) (2.9) 12.4
Europe - - - - - -
The Americas 5.6 (2.9) 2.7 (2.1) (0.7) (0.1)
31.5 (12.1) 19.4 (3.5) (3.6) 12.3
Non-trading items- acquisition-related costs (note 7) - - - - - -
31.5 (12.1) 19.4 (3.5) (3.6) 12.3
5. TAX
2015US$m 2014US$m
Tax (charged)/credited to profit and loss is analyzed as follows:
Current tax (17.9) (18.8)
Deferred tax 1.3 (0.2)
(16.6) (19.0)
By geographical area:
Hong Kong (10.7) (11.6)
Other Asia (1.7) (3.0)
Europe (4.1) (6.5)
The Americas (0.1) 2.1
(16.6) (19.0)
Tax relating to components of other comprehensive income is analyzed as
follows:
Remeasurements of defined benefit plans 0.9 0.9
Cash flow hedges - (0.7)
0.9 0.2
Tax on profits has been calculated at rates of taxation prevailing in the
territories in which the Group operates.
Share of tax of associates and joint ventures of US$2.4 million (2014:
US$3.6million) is included in share of results of associates and joint
ventures (note 4).
6. EARNINGS PER SHARE
Basic earnings per share are calculated on the profit attributable to
shareholders of US$89.3 million (2014: US$97.0 million) and on the weighted
average number of 1,199.6 million (2014: 1,044.7 million after adjusting for
the rights issue completed in April 2015) shares in issue during the year.
Diluted earnings per share are calculated on profit attributable to
shareholders of US$89.3 million (2014: US$97.0 million) and on the weighted
average number of 1,204.5 million (2014: 1,048.8 million after adjusting for
the rights issue completed in April 2015) shares after adjusting for the
number of shares which are deemed to be issued for no consideration under the
share-based long-term incentive plans based on the average share price during
the year.
The weighted average number of shares is arrived at as follows:
Ordinary shares in millions
2015 2014
Weighted average number of shares for basic earnings 1,199.6 1,044.7
per share calculation
Adjustment for shares deemed to be issued for no consideration under the share-based long-term incentive plans 4.9 4.1
Weighted average number of shares for diluted earnings 1,204.5 1,048.8
per share calculation
Additional basic and diluted earnings per share are also calculated based on
underlying profit attributable to shareholders. A reconciliation of earnings
is set out below:
2015 2014
US$m Basicearningsper shareUS¢ Dilutedearningsper shareUS¢ US$m Basicearningsper shareUS¢ Dilutedearningsper shareUS¢
Profit attributable to shareholders 89.3 7.44 7.41 97.0 9.29 9.25
Non-trading items (note 7) 1.0 -
Underlying profit attributable to shareholders 90.3 7.53 7.50 97.0 9.29 9.25
The basic and diluted earnings per share for the year ended 31st December 2014
have been adjusted to reflect the effect of the rights issue completed in
April 2015.
7. NON-TRADING ITEMS
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include gains and losses arising from the sale of
businesses, investments and properties; impairment of non-depreciable
intangible assets and other investments; provisions for the closure of
businesses; acquisition-related costs in business combinations; provisions
against asset impairment and writebacks; and other credits and charges of a
non-recurring nature that require inclusion in order to provide additional
insight into underlying business performance.
An analysis of non-trading items after interest, tax and non-controlling
interests is set out below:
2015US$m 2014US$m
Acquisition-related costs
- administration expenses 0.5 -
- share of results of associates and joint ventures 0.5 -
1.0 -
8. TANGIBLE ASSETS
2015US$m 2014US$m
Opening net book value 1,315.1 1,440.5
Exchange differences (59.1) (91.8)
Additions 49.9 29.2
Disposals (0.3) (0.4)
Depreciation charge (50.6) (62.4)
Closing net book value 1,255.0 1,315.1
Freehold properties include a property of US$104.6 million (2014: US$96.2
million), which is stated net of tax increment financing of US$23.0 million
(2014: US$23.9 million) (note 10).
9. BORROWINGS
2015US$m 2014US$m
Bank loans 434.1 718.1
Other borrowings 4.6 7.9
Tax increment financing (note 10) 1.7 1.7
440.4 727.7
Current 4.2 217.0
Long-term 436.2 510.7
440.4 727.7
10. TAX INCREMENT FINANCING
2015US$m 2014US$m
Netted off against the net book value of property (note 8) 23.0 23.9
Loan (note 9) 1.7 1.7
24.7 25.6
A development agreement was entered into between one of the Group's
subsidiaries and the District of Columbia ('District'), 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 Mandarin
Oriental, Washington D.C.
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 first sale of the hotel.
The receipt of the TIF Bonds has been treated as a government grant and netted
off against the net book value in respect of the property (note 8). The loan
of US$1.7 million (2014: US$1.7 million) is included in long-term borrowings
(note 9).
11. MUNICH EXPANSION
In March 2014, the Group announced that it had entered into an agreement with
a developer for the expansion of Mandarin Oriental, Munich. The expansion
will include new hotel rooms and facilities as part of a mixed-use complex
estimated to open in 2021. The Group's total investment in the project, which
will also include a refurbishment of the existing hotel's 73 rooms, is
estimated at E124 million (US$135 million) in today's terms. At 31st December
2015 and 2014, cumulative costs paid by the Group in relation to the expansion
project amounted to E12 million (US$16.9 million), the majority of which have
been included within Other Debtors pending transfer of title in the underlying
land.
12. Acquisition of Hotel ritz, madrid
In May 2015, the Group acquired a 50% interest in the Hotel Ritz, Madrid for
E65 million (US$73.3 million) in a joint venture with The Olayan Group, with
Mandarin Oriental managing the hotel under a long-term management agreement.
The hotel is to undergo a comprehensive renovation in 2017, currently
estimated to cost a total of some E90 million, of which the Group's share will
be E45 million (US$49 million).
13. ISSUE of SHARES
In April 2015, the Group completed a 1 for 4 rights issue with 250.9 million
new ordinary shares issued at US$1.26 per share, raising US$316.2 million of
gross proceeds. The proceeds of the issue were used to pay down debt in
advance of the proposed refurbishment of Mandarin Oriental Hyde Park, London
and to fund the Group's acquisition of a 50% interest in the Hotel Ritz,
Madrid. The Group paid expenses of US$3.6 million in connection with the
rights issue in 2015.
The Group also issued 1.3 million new ordinary shares under the share-based
long-term incentive plans with proceeds of US$1.4 million in 2015.
14. DIVIDENDS
2015US$m 2014US$m
Final dividend in respect of 2014 of US¢5.00(2013: US¢5.00) per share 50.2 50.1
Interim dividend in respect of 2015 of US¢2.00(2014: US¢2.00) per share 25.1 20.1
75.3 70.2
A final dividend in respect of 2015 of US¢3.00 (2014: US¢5.00) per share
amounting to a total of US$37.7 million (2014: US$50.2 million) is proposed by
the Board. The dividend proposed will not be accounted for until it has been
approved at the 2016 Annual General Meeting. The amount will be accounted for
as an appropriation of revenue reserves in the year ending 31st December
2016.
15. CAPITAL COMMITMENTS
At 31st December 2015, total capital commitments of the Group amounted
to US$321.4 million (2014: US$166.5 million).
16. RELATED PARTY TRANSACTIONS
In the normal course of business, the Group undertakes a variety of
transactions with certain of its associates and joint ventures.
The most significant of such transactions are management fees of US$13.2
million (2014: US$14.3 million) received from the Group's six associate and
joint venture hotels (2014: five associate hotels) which are based on
long-term management agreements on normal commercial terms.
There were no other related party transactions that might be considered to
have a material effect on the financial position or performance of the Group
that were entered into or changed during the current financial year.
Amount of outstanding balances with associates and joint ventures are included
in debtors and prepayments, as appropriate.
17. Post balance sheet event
In January 2016, the Group announced that it would acquire Mandarin Oriental,
Boston for US$140 million, a hotel that the Group has managed since its
opening in 2008. The transaction is expected to close by the end of April
2016.
Mandarin Oriental International Limited
Principal Risks and Uncertainties
The Board has overall responsibility for risk management and internal control.
The process by which the Group identifies and manages risk will be set out in
more detail in the Corporate Governance section of the Company's 2015 Annual
Report (the 'Report'). The following are the principal risks and
uncertainties facing the Company as required to be disclosed pursuant to the
Disclosure Rules and Transparency Rules issued by the Financial Conduct
Authority in the United Kingdom and are in addition to the matters referred to
in the Chairman's Statement and Group Chief Executive's Review.
1. Economic and Financial Risk
The Group's business is exposed to the risk of negative developments in global
and regional economies and financial markets, either directly or through the
impact on the Group's investment partners, third-party hotel owners and
developers, bankers, suppliers or customers. These developments can result in
recession, inflation, deflation, currency fluctuations, restrictions in the
availability of credit, business failures, or increases in financing costs.
Such developments may increase operating costs, reduce revenues, lower asset
values or result in the Group being unable to meet in full its strategic
objectives. These developments could also adversely affect travel patterns
which would impact demand for the Group's products and services.
The steps taken by the Group to manage its exposure to financial risk will be
set out in the Financial Risk Management section in the Financial Statements
in the Report.
2. Commercial and Market Risk
Risks are an integral part of normal commercial practices, and where
practicable steps are taken to mitigate such risks.
The Group operates within the global hotel industry which is highly
competitive. Failure to compete effectively in terms of quality of product,
levels of service or price can have an adverse effect on earnings.
Significant pressure from competition or the oversupply of hotel rooms in any
given market may also lead to reduced margins.
The Group competes with other luxury hotel operators for new opportunities in
the areas of hotel management, residences management and residences branding.
Failure to establish and maintain relationships with hotel owners or
developers could adversely affect the Group's business. The Group also makes
investment decisions in respect of acquiring new hotel properties and
undertaking major renovations at hotels in which it has an ownership interest.
The success of these investments is measured over the longer term and as a
result is subject to market risk.
Mandarin Oriental's continued growth depends on the opening of new hotels and
branded residences. Most of the Group's new developments are controlled by
third party owners and developers and can be subject to delays due to issues
attributable to planning and construction, sourcing of finance, and the sale
of residential units. In extreme circumstances, such factors might lead to
the cancellation of a project.
3. Pandemic, Terrorism and Natural Disasters
The Group's business would be impacted by a global or regional pandemic as
this would impact travel patterns, demand for the Group's products and
services and could also affect the Group's ability to operate effectively.
The Group's hotels are also vulnerable to the effects of terrorism, either
directly through the impact of an act of terrorism or indirectly through the
impact of generally reduced economic activity in response to the threat of or
an actual act of terrorism. In addition, a number of the territories in which
the Group operates can experience from time to time natural disasters such as
typhoons, floods, earthquakes and tsunamis.
4. Key Agreements
The Group's business is reliant upon joint venture and partnership agreements,
property leasehold arrangements, management, license, branding and services
agreements or other key contracts. Cancellation, expiry or termination, or
the renegotiation of any of these key agreements and contracts, could have an
adverse effect on the financial performance of individual hotels as well as
the wider Group.
5. Intellectual Property and Value of the Brand
Brand recognition is important to the success of the Group and significant
resources have been invested in protecting its intellectual property in the
form of trade marks, logos and domain names. Any material act or omission by
any person working for or representing the Group's operations which is
contrary to its standards could impair Mandarin Oriental's reputation and the
equity value of the brand, as could any negative publicity regarding the
Group's product or services.
6. Regulatory and Political Risk
The Group's business is subject to a number of regulatory environments in the
territories in which it operates. Changes in the regulatory approach to such
matters as employment legislation, tax rules, foreign ownership of assets,
planning controls and exchange controls have the potential to impact the
operations and profitability of the Group's business. Changes in the political
environment, including prolonged civil unrest, could also affect the Group's
business.
Mandarin Oriental International Limited
Responsibility Statement
The Directors of the Company confirm to the best of their knowledge that:
(a) the consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards, including International
Accounting Standards and Interpretations adopted by the International
Accounting Standards Board; and
(b) the sections of the Company's 2015 Annual Report, including the
Chairman's Statement, Group Chief Executive's Review and Principal Risks and
Uncertainties, which constitute the management report include a fair review of
all information required to be disclosed by the Disclosure Rules and
Transparency Rules 4.1.8 to 4.1.11 issued by the Financial Conduct Authority
in the United Kingdom.
For and on behalf of the Board
Edouard Ettedgui
Stuart Dickie
Directors
The final dividend of US¢3.00 per share will be payable on 11th May 2016, subject to approval at the Annual General Meeting to be held on 4th May 2016, to shareholders on
the register of members at the close of business on 18th March 2016. The shares will be quoted ex-dividend on the Singapore Exchange and the London Stock Exchange on16th
and 17th March 2016, respectively. The share registers will be closed from 21st to 25th March 2016, inclusive. Shareholders will receive their cash dividends in United
States dollars, unless they are registered on the Jersey branch register where they will have the option to elect for sterling. These shareholders may make new currency
elections for the 2015 final dividend by notifying the United Kingdom transfer agent in writing by 22nd April 2016. The sterling equivalent of dividends declared in
United States dollars will be calculated by reference to a rate prevailing on 27th April 2016. Shareholders holding their shares through CREST in the United Kingdom
will receive their cash dividends only in sterling as calculated above. Shareholders holding their shares through The Central Depository (Pte) Limited ('CDP') in
Singapore will receive their cash dividends in United States dollars unless they elect, through CDP, to receive Singapore dollars. Shareholders on the Singapore branch
register who wish to deposit their shares into the CDP system by the dividend record date, being 18th March 2016, must submit the relevant documents to M & C Services
Private Limited, the Singapore branch registrar, no later than 5.00 p.m. (local time) on 17th March 2016.
Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is an international hotel investment and
management group with deluxe and first class hotels, resorts and residences in
sought-after destinations around the world. Having grown from a
well-respected Asian hotel company into a global brand, the Group now
operates, or has under development, 46 hotels representing 11,000 rooms in 24
countries, with 21 hotels in Asia, nine in The Americas and 16 in Europe,
Middle East and North Africa. In addition, the Group operates, or has under
development, 15 Residences at Mandarin Oriental connected to its properties.
The Group has equity interests in a number of its properties and adjusted net
assets worth approximately US$3.6 billion as at 31st December 2015.
Mandarin Oriental's aim is to be recognized widely as the best global luxury
hotel group, providing 21st century luxury with oriental charm in each of its
hotels. This will be achieved by investing in the Group's exceptional
facilities and its people, while maximizing profitability and long-term
shareholder value. The Group regularly receives recognition and awards for
outstanding service and quality management. The Group is committed to
exceeding its guests' expectations through exceptional levels of hospitality,
while maintaining its position as an innovative leader in the hotel industry.
The strategy of the Group is to open the hotels currently under development,
while continuing to seek further selective opportunities for expansion around
the world.
The parent company, Mandarin Oriental International Limited, is incorporated
in Bermuda and has a standard listing on the London Stock Exchange as its
primary listing, with secondary listings in Bermuda and Singapore. 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.
- end -
For further information, please contact:
Mandarin Oriental Hotel Group International Limited
Edouard Ettedgui / Stuart Dickie (852) 2895 9288
Jill Kluge / Sally de Souza (852) 2895 9167
Brunswick Group Limited
Joanna Donne (852) 3512 5070
Full text of the Preliminary Announcement of Results and the Preliminary
Financial Statements for the year ended 31st December 2015 can be accessed
through the internet at 'www.mandarinoriental.com'.
This information is provided by RNS
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