Shangri La

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Annual report 2011

CONTENTS
2 3 4 6 11 15 15 20 22 22 23 23 24 27 27 CORPORATE INFORMATION FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT 2011 DIRECTORS AND COMPANY SECRETARY SENIOR MANAGEMENT MANAGEMENT DISCUSSION & ANALYSIS Operations Review Corporate Debt and Financial Conditions Treasury Policies Investment Properties Valuations Financial Assets Held for Trading – Trading Securities Development Programmes Acquisitions and New Joint Ventures Dilution of Interest and Project Termination Management Contracts for Hotels Owned by Third Parties 28 Prospects 162 163 70 72 65 66 67 28 28 29 51 61 63 Corporate Social Responsibility Human Resources REPORT OF THE DIRECTORS CORPORATE GOVERNANCE REPORT INDEPENDENT AUDITOR’S REPORT CONSOLIDATED STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 68 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED CASH FLOW STATEMENT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FIVE YEAR SUMMARY DEFINITIONS

CORPORATE INFORMATION
BOARD OF DIRECTORS Executive Directors Mr KUOK Khoon Ean (Chairman and CEO) Mr LUI Man Shing (Deputy Chairman) Mr Madhu Rama Chandra RAO (CFO) Mr Gregory Allan DOGAN (COO) Non-executive Directors Mr HO Kian Guan Mr KUOK Khoon Loong Edward Mr Roberto V ONGPIN Mr HO Kian Hock (alternate to Mr HO Kian Guan) Independent Non-executive Directors Mr Alexander Reid HAMILTON Mr Timothy David DATTELS Mr WONG Kai Man Mr Michael Wing-Nin CHIU Professor LI Kwok Cheung Arthur EXECUTIVE COMMITTEE Mr KUOK Khoon Ean (chairman) Mr LUI Man Shing Mr Madhu Rama Chandra RAO REMUNERATION COMMITTEE Mr WONG Kai Man (chairman) Mr KUOK Khoon Ean Mr Alexander Reid HAMILTON Professor LI Kwok Cheung Arthur AUDIT COMMITTEE Mr Alexander Reid HAMILTON (chairman) Mr WONG Kai Man Professor LI Kwok Cheung Arthur NOMINATION COMMITTEE Mr KUOK Khoon Ean (chairman) Mr Madhu Rama Chandra RAO Mr Alexander Reid HAMILTON Mr WONG Kai Man Professor LI Kwok Cheung Arthur COMPANY SECRETARY Ms TEO Ching Leun AUDITOR PricewaterhouseCoopers Certified Public Accountants 22/F Prince’s Building Central Hong Kong HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS 28/F Kerry Centre 683 King’s Road Quarry Bay Hong Kong REGISTERED ADDRESS Canon’s Court 22 Victoria Street Hamilton HM12 Bermuda BRANCH SHARE REGISTRAR IN HONG KONG Tricor Abacus Limited 26/F Tesbury Centre 28 Queen’s Road East Wanchai Hong Kong

As at 19 March 2012

PRINCIPAL SHARE REGISTRAR Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM08 Bermuda STOCK CODES HKSE 00069 Singapore-SE S07 SHALY ADR WEBSITES Corporate Business

www.ir.shangri-la.com www.shangri-la.com

KEY DATES Closure of Registers of Members for Annual General Meeting 24 May 2012 to 28 May 2012, both dates inclusive Annual General Meeting 28 May 2012 Record Date for 2011 Final Dividend 1 June 2012 Payment of 2011 Final Dividend 13 June 2012 (subject to Shareholders’ approval at the Annual General Meeting)

2

FINANCIAL HIGHLIGHTS
2011 US$ Million CONSOLIDATED Sales EBITDA Profit attributable to equity holders of the Company Dividends Total equity Net assets attributable to the Company’s equity holders Net borrowings to total equity ratio Earnings per share (in US cents) Dividends per share (in HK cents) Net assets per share attributable to the Company’s equity holders (in US dollars) Net assets (total equity) per share (in US dollars) SEGMENT RESULTS US$ Million

350 300 250 200 150 100 50 0 -50 -100
2011 2010 2009 2008 2007
33% (10%) (19%) (1%) 23% (8%) (1%) (1%) 58% 54%

2010 US$ Million 1,575 454 287 77 4,990 4,638 43.0% 9.98 20.00 1.61 1.73

2011/2010 % Change 21% 18% -12% 4% 21% 21% -19% -18% – 11% 12%

2009 US$ Million 1,230 295 255 45 4,545 4,230 40.6% 8.89 12.00 1.47 1.57

2008 US$ Million 1,353 489 166 89 4,251 3,953 34.5% 5.76 24.00 1.37 1.47

2007 US$ Million 1,219 442 341 100 4,185 3,882 20.5% 12.76 27.00 1.35 1.45

1,912 537...
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