28th July 2023
The following announcement was issued today to a Regulatory Information Service approvedby the Financial Conduct Authority in the United Kingdom.
MANDARIN ORIENTAL INTERNATIONAL LIMITEDHALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2023
HIGHLIGHTS
 Underlying profit of US$28 million in first half, more than double 2019
 Record fee income in Management Business, with particular strength in Europe and the
Middle East Robust pipeline with several new openings scheduled in 2023
 Dividend payments recommence with interim dividend of US¢1.50 per share“Mandarin Oriental performed well in the first half of 2023. There was particularly strong
operating and financial performance by the Management Business, which is well set for further
growth. The strength of the Group’s brand, together with its existing portfolio of properties
and strong pipeline, give the Board confidence in the future success of Mandarin Oriental.”
Ben Keswick
ChairmanRESULTS

Combined total revenue of hotels under management(1)Revenue
Underlying EBITDA (Earnings before interest, tax,
depreciation, and amortisation)(2)Underlying profit/(loss) attributable to shareholders(3)Revaluation (loss)/gain on investment properties
Gain on sale of a subsidiary
Loss attributable to shareholders
Underlying earnings/(loss) per share(3)Loss per share
Interim dividend per share
Net asset value per share(4)Adjusted net asset value per share(4)(5)
Net debt/shareholders’ funds(4)Net debt/adjusted shareholders’ funds(4)(5)(unaudited)
Six months ended 30th June
2023
2022
US$m
US$m
881.5
679.4
260.7
198.4
76.7
27.8
(140.2)43.2(69.2)
US¢
2.20(5.48)
1.50
US$
2.58
3.83
7%
5%

28.4
(21.0)
2.7(18.3)
US¢(1.66)(1.45)
US$
2.61
3.87
11%
8%

Change
%
+30
+31
+170
n/a
n/a
n/a
–278
%
n/a
–278
n/a
%
–1
–1

(1) Combined revenue includes turnover of the Group’s subsidiary hotels in addition to 100% of revenue from associate, joint venture, and managed
hotels.
(2) EBITDA of subsidiaries plus the Group’s share of EBITDA of associates and joint ventures.
(3) The Group uses ‘underlying profit/loss’ in its internal financial reporting to distinguish between ongoing business performance and non-trading
items, as more fully described in note 7 to the condensed financial statements. Management considers this to be a key measure which provides
additional information to enhance understanding of the Group’s underlying business performance.
(4) At 30th June 2023 and 31st December 2022, respectively.
(5) The Group’s investment properties are carried at fair value on the basis of valuations carried out by independent valuers at 30th June 2023 and31st December 2022. The other freehold and leasehold interests are carried at amortised cost in the consolidated balance sheet. Both theadjusted net asset value per share and net debt/adjusted shareholders’ funds for 30th June 2023 and 31st December 2022 have included themarket value of the Group’s freehold and leasehold interests which were appraised as at 31st December 2022.
The interim dividend of US¢1.50 per share will be payable on 11th October 2023 to shareholders on the register of members at the close of business on 18th August 2023.

- more -Page 2
MANDARIN ORIENTAL INTERNATIONAL LIMITEDHALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2023
OVERVIEWThe Group performed strongly in the first six months of 2023, recording an underlying profit
of US$28 million, a significant improvement compared to the underlying loss in the first halfof 2022 and more than double 2019. The Group’s portfolio of managed hotels continues togrow, with several new openings planned in 2023 and significant additions made in the period
to the pipeline.
MANAGEMENT BUSINESS PERFORMANCEThe Group’s combined Revenue per Available Room (‘RevPAR’) was well ahead of both 2022
and 2019. The Group continued to deliver strong rates in many locations, with resorts
performing especially well. Occupancy also strengthened significantly across all regions
compared to the first half of 2022.
Particular strength was seen in Europe and the Middle East where almost all of the hotels
achieved record rates and strong occupancies, with RevPAR well above both 2022 and 2019
levels. In America, hotels also delivered higher RevPAR than in prior years, driven by
improved occupancy. In Asia, RevPAR performance from the Chinese mainland hotels
improved significantly from 2022 and 2019 levels, due to the relaxation of travel restrictions.
Hong Kong continued its recovery after the relaxation of travel restrictions in early 2023.
Mandarin Oriental, Hong Kong saw higher numbers of both international and Chinese
mainland visitors, leading to robust improvements in both rate and occupancy from 2022 levels.
The combined total revenue of hotels under management in the first half of 2023 was
US$882 million, representing a 30% increase compared to the same period last year, and 38%
higher than 2019.

- more -Page 3
NEW DEVELOPMENTS
The growth of the Management Business continues at pace, with several new openings
scheduled in the second half of 2023, comprising:-four new hotels: a beachfront retreat in Costa Navarino, a second London hotel in Mayfair,a resort in Muscat and the opening of a landmark hotel in Zurich;-a rebranding in Riyadh; and-a standalone residences project on Fifth Avenue in New York.

Our hotel in Singapore remains on track to reopen in September 2023, following acomprehensive renovation.
The Group’s pipeline continues to grow, with four new hotel management contracts and astandalone residences project in Madrid announced in the first half of the year. The new hotelmanagement contracts include a beach resort in Mallorca, a new landmark hotel and residencesin Athens, a hotel and residences in Bankside – reinforcing the brand’s strong position in
London – and a redevelopment of our hotel in Miami. These developments expand the Group’s
pipeline to 27 hotels – 14 of which have residences – and two standalone residences over the
next five years.
FINANCIAL PERFORMANCE
Underlying profit for the first half of 2023 was US$28 million, substantially improved
compared to an underlying loss of US$21 million in the equivalent period in 2022, driven by
the recovery of key owned hotels in Asia. The result also exceeded 2019 levels, due to theincreasing scale and record level of profitability of the Management Business, particularly inEurope and the Middle East, although this was slightly offset by the more gradual recovery ofbusiness in Hong Kong and the temporary closure of the Singapore hotel in March 2023 forrefurbishment.

- more -Page 4The Group sold its Jakarta property during the period. The hotel will continue to be managed
as a Mandarin Oriental hotel. This transaction generated a post-tax gain on disposal of
US$43 million. The valuation of the Causeway Bay site under development decreased between
31st December 2022 and 30th June 2023, resulting in a non-trading loss for the Group of
US$141 million. Total losses attributable to shareholders were US$69 million in the first halfof 2023, compared to losses of US$18 million in the same period last year.
Net debt fell to US$233 million at 30th June 2023, from US$376 million at the end of 2022.
The Group remains well funded, with headroom of US$840 million in its available cash andcommitted facilities. Gearing as a percentage of adjusted shareholders’ funds was 5% at theend of June 2023, taking into account the market value of the Group’s properties.
An interim dividend of US¢1.50 per share has been declared.
PEOPLE
Laurent Kleitman will succeed James Riley as Group Chief Executive with effect from
1st September 2023. Laurent joins the Group from Parfums Christian Dior, the largest luxury
fashion beauty business of LVMH. We want to thank James for his seven years as Group Chief
Executive.

He has been instrumental in continuing to expand Mandarin Oriental’s

development pipeline, elevating the Mandarin Oriental brand globally and driving a wide rangeof sustainability initiatives across the Group.
OUTLOOK
Mandarin Oriental performed well in the first half of 2023. There was particularly strong
operating and financial performance by the Management Business, which is well set for further
growth. The strength of the Group’s brand, together with its existing portfolio of properties
and strong pipeline, give the Board confidence in the future success of Mandarin Oriental.

Ben Keswick
Chairman- more -Page 5Mandarin Oriental International Limited
Consolidated Profit and Loss Accountfor the six months ended 30th June 2023
(unaudited)
Six months ended 30th June
2023

2022
Total
US$m

Underlying
business
performance
US$m

Non-trading
Items
US$m

Total
US$m

-

260.7
(152.8)107.9(13.7)(57.8)-

198.4(150.0)48.4(11.7)(52.5)
3.5

-

198.4
(150.0)48.4(11.7)(52.5)
3.5

454.1(302.7)151.4(27.0)(109.2)
5.7

-

454.1
(302.7)151.4(27.0)(109.2)5.7-(140.2)(140.2)

-

2.7

2.7

-

(104.1)(104.1)

Operating (loss)/profit (note 3)

36.4

45.7
(94.5)

45.7(58.1)

198.4(12.3)

2.7-

198.4
(9.6)

20.9

40.6
(63.5)

40.6(42.6)

Financing charges
Interest income

(9.3)
2.4

-

(9.3)
2.4

(6.7)
0.6

-

(6.7)
0.6

(16.7)
2.3-(16.7)
2.3

Net financing charges
Share of results of associates andjoint ventures (note 4)

(6.9)

-

(6.9)

(6.1)

-

(6.1)

(14.4)-(14.4)

1.0
30.5
(2.6)
27.9

(94.5)(2.5)(97.0)

1.0(64.0)(5.1)(69.1)(1.0)(19.4)(1.6)(21.0)

2.72.7(1.0)(16.7)(1.6)(18.3)

9.7
16.2
(8.5)
7.7

(63.5)
6.4(57.1)

9.7(47.3)(2.1)(49.4)

27.8
0.1
27.9

(97.0)(97.0)(69.2)
0.1(69.1)(21.0)(21.0)

2.7
2.7(18.3)(18.3)

7.6
0.1
7.7

(57.1)(57.1)(49.5)
0.1(49.4)

US¢

US¢

US¢

US¢

US¢

US¢

2.20
2.20

(5.48)(5.48)(1.66)(1.66)(1.45)(1.45)

0.60
0.60(3.92)(3.92)

Revenue (note 2)
Cost of sales
Gross profit
Selling and distribution costs
Administration expenses
Other operating income
Change in fair value ofinvestment properties
Gains on sale of a subsidiary/
asset disposals (notes 10 & 11)(Loss)/profit before tax
Tax (note 5)(Loss)/profit after tax
Attributable to:Shareholders of the Company(notes 6 & 7)
Non-controlling interests(Loss)/earnings per share (note 6)- basic- diluted

Underlying
business
performance
US$m

Non-trading
Items
US$m

260.7
(152.8)107.9(13.7)(57.8)-

Year ended 31st December
2022
Underlying
Non-tradingbusiness
Items
performance
US$m
US$m

- more -

Total
US$m

Page 6

Mandarin Oriental International Limited
Consolidated Statement of Comprehensive Income
for the six months ended 30th June 2023
(unaudited)
Six months ended
30th June
2023
2022
US$m
US$m
Loss for the period
Other comprehensive income/(expense)

Year ended
31st
December2022
US$m(69.1)(18.3)(49.4)

-

-

(2.1)

-

-

79.8
0.3

-

-

78.0

14.7
33.0

(82.4)-(58.2)-(11.1)
0.5

12.2
(1.5)

16.6
(2.4)

(1.9)

(1.0)

0.7

35.2

(72.7)(43.3)

Other comprehensive income/(expense) for theperiod, net of tax

35.2(72.7)

34.7

Total comprehensive expense for the period(33.9)(91.0)(14.7)

Attributable to:Shareholders of the Company
Non-controlling interests(34.1)
0.2(90.8)(0.2)(14.7)-(33.9)(91.0)(14.7)

Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans
Revaluation surplus of right-of-use assets before
transfer to investment properties
Tax on items that will not be reclassified
Items that may be reclassified subsequently to
profit or loss:
Net exchange translation differences- net gain/(loss) arising during the period- transfer to profit and loss
Cash flow hedges- net (loss)/gain arising during the period
Tax relating to items that may be reclassified
Share of other comprehensive (expense)/incomeof associates and joint ventures- more -Page 7

Mandarin Oriental International Limited
Consolidated Balance Sheetat 30th June 2023
(unaudited)
At 30th June
2023
2022
US$m
US$m

At 31stDecember2022
US$m

Net assets
Intangible assets
Tangible assets
Right-of-use assets
Investment properties (note 8)
Associates and joint ventures
Other investments
Deferred tax assets
Pension assets
Non-current debtors

40.2
920.8
229.6
2,354.2
158.6
13.8
12.1
2.2
11.1

46.4
1,011.4
248.3
2,459.5
188.2
14.1
12.9
6.7
17.1

45.7
916.3
242.4
2,472.6
203.8
14.0
14.2
3.0
12.2

Non-current assets

3,742.6

4,004.6

3,924.2

StocksCurrent debtors
Current tax assets
Bank and cash balances

5.2
84.3
1.7
349.3

4.7
64.5
1.9
179.0

5.0
90.5
6.8
226.2

Current assets

440.5

250.1

328.5

Current creditors
Current borrowings (note 9)
Current lease liabilities
Current tax liabilities(155.8)(581.4)(4.4)(16.9)(147.9)(65.3)(5.4)(8.9)(159.1)(2.2)(5.9)(18.4)

Current liabilities(758.5)(227.5)(185.6)

Net current (liabilities)/assets(318.0)

22.6

142.9

Long-term borrowings (note 9)
Non-current lease liabilities
Deferred tax liabilities
Pension liabilities
Non-current creditors(0.6)(112.5)(42.6)(4.7)(632.8)(123.0)(49.8)(0.3)-(599.8)(123.5)(41.6)(0.1)(4.5)

Non-current liabilities(160.4)(805.9)(769.5)3,264.2

3,221.3

3,297.6

Total equity
Share capital
Share premium
Revenue and other reserves

63.2
500.9
2,695.3

63.2
500.7
2,654.1

63.2
500.7
2,730.2

Shareholders’ funds
Non-controlling interests

3,259.4
4.8

3,218.0
3.3

3,294.1
3.5

3,264.2

3,221.3

3,297.6- more -Page 8Mandarin Oriental International Limited
Consolidated Statement of Changes in Equity
for the six months ended 30th June 2023

Six months ended 30th June 2023 (unaudited)
At 1st January 2023
Total comprehensive income
Subsidiary disposed ofTransfer
At 30th June 2023
Six months ended 30th June 2022 (unaudited)
At 1st January 2022
Total comprehensive income
Transfer
At 30th June 2022
Year ended 31st December 2022
At 1st January 2022
Total comprehensive income
Transfer
At 31st December 2022

Attributable
to Attributable
to nonshareholders
Exchangeof the controlling
reserves
interests
Company
US$m
US$m
US$m

Share
capitalUS$m

Sharepremium
US$m

Capitalreserves
US$m

Asset
Revenue revaluation
reserves
reserves
US$m
US$m

63.2
63.2

500.7
0.2
500.9

258.9
(0.6)
(0.2)
258.1

(428.8)(69.2)(498.0)3,023.2
3,023.2

15.4(10.6)
4.8(138.5)45.7(92.8)

3,294.1(34.1)(0.6)
3,259.4

3.5
0.2
1.1
4.8

3,297.6(33.9)
0.5
3,264.2

63.2
63.2

500.5
0.2
500.7

259.1
(0.2)
258.9

(377.7)(18.3)(396.0)2,943.4
2,943.4

0.9
11.0
11.9

(80.6)(83.5)(164.1)

3,308.8(90.8)
3,218.0

3.5
(0.2)
3.3

3,312.3(91.0)
3,221.3

63.2
63.2

500.5
0.2
500.7

259.1
(0.2)
258.9

(377.7)(51.1)(428.8)2,943.4
79.8
3,023.2

0.9
14.5
15.4

(80.6)(57.9)(138.5)

3,308.8(14.7)
3,294.1

3.5
3.5

3,312.3(14.7)
3,297.6

Hedging
reserves
US$m

Total
equityUS$mRevenue reserves as at 30th June 2023 included cumulative fair value losses on the investment property under development of US$861.3 million (US$613.4 million as at
30th June 2022 and US$720.2 million as at 31st December 2022).
__________________________________________________________________________________________________________________________________________- more -Page 9Mandarin Oriental International Limited
Consolidated Cash Flow Statement
for the six months ended 30th June 2023
(unaudited)
Six months ended
30th June
2023
2022
US$m
US$m

Year ended
31st
December
2022
US$m

Operating activities
Operating loss
Depreciation, amortisation and impairment
Other non-cash items
Movements in working capitalInterest received
Interest and other financing charges paid
Tax refund/(paid)(58.1)
27.3
94.4
(1.0)
3.0
(9.4)
2.0
58.2

(9.6)
31.4
(3.0)
(0.9)
1.2
(6.5)
(2.3)
10.3

(42.6)
58.2
63.5
(1.1)
2.1
(15.6)(8.0)
56.5

Dividends and interest from associates andjoint ventures

1.5

-

-

Cash flows from operating activities

59.7

10.3

56.5

Investing activities
Purchase of tangible assets
Additions to investment properties
Purchase of intangible assets
Additions to right-of-use assets
Refund on Munich expansion
Purchase of other investments
Purchase of an associate
Advance to associates and joint ventures
Repayment of loans to associates and joint ventures
Sale of a subsidiary (note 10)
Net proceeds from asset disposals (note 11)(5.4)(35.8)(0.7)(0.1)(20.7)
66.4
76.6
-

(3.4)
(13.7)
(2.4)
4.0
(0.2)
(1.0)
(0.4)
1.9
-

(12.8)(30.2)
(6.1)
(0.2)
4.0
(0.2)
(1.0)
(2.4)
4.2
131.4

Cash flows from investing activities

80.3(15.2)

86.7

Drawdown of borrowings
Repayment of borrowings
Principal elements of lease payments

38.9(60.5)(3.2)

6.4(24.1)(3.2)

23.0(139.5)(5.7)

Cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Effect of exchange rate changes
Cash and cash equivalents at end of period(24.8)
115.2
226.2
7.9
349.3

(20.9)(25.8)
212.8
(8.0)
179.0

(122.2)
21.0
212.8
(7.6)
226.2

Financing activities- more -Page 10

Mandarin Oriental International Limited
Notes to Condensed Financial Statements
1. ACCOUNTING POLICIES AND BASIS OF PREPARATIONThe condensed financial statements have been prepared in accordance with IAS 34‘Interim Financial Reporting’ and on a going concern basis. The condensed financial
statements have not been audited or reviewed by the Group’s auditors pursuant to the UK
Auditing Practices Board guidance on the review of interim financial information.
There are no changes to the accounting policies as described in the 2022 annual financial
statements. A number of amendments were effective from 1st January 2023. Those
relevant to the Group’s operations are set out below:
Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from aSingle Transaction(effective from 1st January 2023)
The amendment requires deferred tax to be recognised on transactions that, on initialrecognition, give rise to equal amounts of taxable and deductible temporary differences.
They typically apply to transactions such as leases of lessees and decommissioning
obligations and require the recognition of additional deferred tax assets and liabilities.
Amendments to IAS 12 – International Tax Reform - Pillar Two Model Rules(effective for annual reporting period commencing on or after 1st January 2023)
The amendment provides a temporary mandatory exception from deferred tax accounting
in respect of Pillar Two income taxes and certain additional disclosure requirements. The
Group is in the process of assessing the estimated impact of Pillar Two income taxes to its
consolidated financial statements and appropriate disclosures will be made in the financial
statements for the year ending 31st December 2023.
The Group has not early adopted any amendments that have been issued but not yet
effective.

- more -Page 11
2. REVENUE
Six months ended 30th June
2023
2022
US$m
US$m
By business activity:
Hotel ownership
Hotel & Residences branding and management
Less: intra-segment revenue

By geographical area:
Asia
Europe, Middle East and Africa (‘EMEA’)
America

Revenue from contracts with customers:
Recognised at a point in time
Recognised over time
Revenue from other sources:
Rental income- more -

230.9
40.2
(10.4)

177.2
27.3
(6.1)

260.7

198.4

107.2
130.4
23.1

53.8
101.9
42.7

260.7

198.4

77.8
173.7
251.5

62.0
127.2
189.2

9.2

9.2

260.7

198.4

Page 12
3. EBITDA FROM SUBSIDIARIES (EARNINGS BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION)
Six months ended 30th June
2023
2022
US$m
US$m
By business activity:
Hotel ownership
Hotel & Residences branding and management

40.5
23.2

5.7
13.4

Underlying EBITDA from subsidiaries

63.7

19.1

(140.2)
45.7

2.7
-

(94.5)

2.7(30.8)

21.8(27.3)(58.1)(31.4)(9.6)

By geographical area:
Asia
EMEA
America

23.3
39.8
0.6

(13.5)
28.4
4.2

Underlying EBITDA from subsidiaries

63.7

19.1

Non-trading items (note 7)
Change in fair value of investment properties
Gain on sale of a subsidiary

EBITDA from subsidiaries
Underlying depreciation and amortisation fromsubsidiaries
Operating loss

- more -Page 13
4. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES
Depreciation
andEBITDA amortisation
US$m
US$m

Six months ended
30th June 2023
By business activity:
Hotel ownership
Other

By geographical area:
Asia
EMEA
America

Six months ended
30th June 2022
By business activity:
Hotel ownership
Other

By geographical area:
Asia
EMEA
America

Operatingprofit/(loss)
US$m

Net
financingcharges
US$m

Tax
US$m

Net
profit/(loss)
US$m

12.9
0.1

(7.9)
(0.2)

5.0
(0.1)

(4.0)
(0.1)

0.2
-

1.2
(0.2)

13.0

(8.1)

4.9

(4.1)

0.2

1.0

5.8
2.8
4.4

(5.3)
(1.8)
(1.0)

0.5
1.0
3.4

(1.4)
(1.4)
(1.3)

0.2
-

(0.7)
(0.4)
2.1

13.0

(8.1)

4.9

(4.1)

0.2

1.0

9.2
0.1

(7.2)
(0.2)

2.0
(0.1)

(2.5)
(0.1)

(0.3)
-

(0.8)
(0.2)

9.3

(7.4)

1.9

(2.6)

(0.3)

(1.0)

3.5
1.6
4.2

(4.5)
(1.8)
(1.1)

(1.0)
(0.2)
3.1

(1.3)
(0.5)
(0.8)

(0.3)
-

(2.6)
(0.7)
2.3

9.3

(7.4)

1.9

(2.6)

(0.3)

(1.0)

- more -Page 14
5. TAX
Six months ended 30th June
2023
2022
US$m
US$m
Tax (charged)/credited to profit and loss is analysed as follows:
Current tax
Deferred tax

By business activity:
Hotel ownership
Hotel & Residences branding and management

By geographical area:
Asia
EMEA
America

(1.9)
(3.2)

(1.7)
0.1

(5.1)

(1.6)

(2.4)
(2.7)

(0.7)
(0.9)

(5.1)

(1.6)

(5.4)
1.0
(0.7)

(0.2)
(1.3)
(0.1)

(5.1)

(1.6)

Tax credit relating to cash flow hedges of US$0.5 million (2022: tax charge of
US$1.5 million) is included in other comprehensive income or expense.
Tax on profits has been calculated at rates of taxation prevailing in the territories in which
the Group operates.
In 2023, current tax included a non-trading capital gain tax charge of US$2.5 million in
relation to the sale of 96.9% ownership stake in P.T. Jaya Mandarin Agung, the owningcompany of Mandarin Oriental, Jakarta (note 10).
The Group has applied the exception to recognising and disclosing information about
deferred tax assets and liabilities relating to Pillar Two income taxes.
Share of tax credit of associates and joint ventures of US$0.2 million (2022: tax charge of
US$0.3 million) is included in share of results of associates and joint ventures (note 4).

- more -Page 15
6. (LOSS)/EARNINGS PER SHARE
Basic loss per share is calculated using loss attributable to shareholders of US$69.2 million(2022: US$18.3 million) and the weighted average number of 1,263.8 million(2022: 1,263.7 million) shares in issue during the period.
Diluted loss per share is calculated using loss attributable to shareholders of
US$69.2 million (2022: US$18.3 million) and the weighted average number of
1,263.8 million (2022: 1,263.8 million) shares in issue after adjusting for the number ofshares 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 period.
The weighted average number of shares is arrived at as follows:
Ordinary shares in millions
2023
2022
Weighted average number of shares for basic loss per sharecalculation
Adjustment for shares deemed to be issued for no consideration
under the share-based long-term incentive plans
Weighted average number of shares for diluted loss per sharecalculation

1,263.8

1,263.7-

0.1

1,263.8

1,263.8

Additional basic and diluted earnings/loss per share are also calculated based on underlying
profit/loss attributable to shareholders. A reconciliation of loss/earnings is set out below:
Six months ended 30th June
2023

Loss attributable toshareholders
Non-trading items(note 7)
Underlying
profit/(loss)
attributable toshareholders

2022

Basic
Diluted(loss)/(loss)/
earnings earnings
per share per share
US$m
US¢
US¢

Basic
Dilutedloss
loss
per share per share
US$m
US¢
US¢

(69.2)(18.3)(5.48)(5.48)

97.0

27.8(1.45)(1.45)(1.66)(1.66)

(2.7)

2.20

- more -2.20(21.0)

Page 16
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 fair value
gains or losses on revaluation of investment properties and investments which are measured
at fair value through profit and loss; gains and losses arising from the sale of businesses,
investments and properties; impairment of non-depreciable intangible assets and otherinvestments; provisions for the closure of businesses; acquisition-related costs in businesscombinations; 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:
Six months ended 30th June
2023
2022
US$m
US$m
Change in fair value of investment properties (note 8)
Gain on sale of a subsidiary (note 10)(140.2)
43.2

2.7
-

(97.0)

2.7

8. INVESTMENT PROPERTIES
Six months ended
30th June
2022
2023
US$m
US$m

Year ended
31st
December

2022
US$m

Fair value at beginning of period
Exchange differences
Additions
Transfer from tangible assets
Transfer from right-of-use assets(Decrease)/increase in fair value

2,472.6(12.7)
34.5(140.2)

2,462.0(15.2)
10.0
2.7

2,462.0
0.6
26.4
0.6
87.1
(104.1)

Fair value at end of period

2,354.2

2,459.5

2,472.6

In the second half of 2022, an own-use property, including tangible assets of
US$0.6 million and right-of use assets of US$87.1 million, was transferred to acompleted residential investment property following a change of its future use
determined by the Directors.
At 30th June 2023, investment properties comprised a commercial investment property
under development of US$2,266.0 million (US$2,459.5 million as at 30th June 2022 andUS$2,384.9 million as at 31st December 2022) and a completed residential investment
property of US$88.2 million (nil as at 30th June 2022 and US$87.7 million as at
31st December 2022).

- more -Page 17
9. BORROWINGSThe Group has borrowing facilities of US$752 million due to mature in the first half of2024. Based on the Group’s consistent track record of securing external financing in atimely manner, its operating performance and strong balance sheet, the Group is
confident that it will complete the refinancing of these bank facilities if necessary before
the maturity dates.
10. SALE OF A SUBSIDIARYIn June 2023, the Group completed the sale of 96.9% ownership stake in P.T. Jaya
Mandarin Agung, the owning company of Mandarin Oriental, Jakarta in Indonesia, toP.T. Astra Land Indonesia, a subsidiary of Jardine Matheson Holdings Limited, theGroup’s ultimate holding company, at a total consideration of US$85.0 million. The
Group has recognised a post-tax, non-trading gain of US$43.2 million (net of tax chargeof US$2.5 million). The Group has retained the hotel management contracts. Mandarin
Oriental, Jakarta has become a managed hotel of the Group following the sale.
Net cash inflow for the sale of P.T. Jaya Mandarin Agung is summarised as follows:
Six months ended 30th June
2023
2022
US$m
US$m

Sale of a subsidiaryNon-current assets
Currents assets
Non-current liabilities
Current liabilities
Non-controlling interests

3.7
5.3
(0.4)
(4.0)
0.4

-

Net assets
Cumulative exchange translation difference
Profit on disposal before tax

5.0
33.1
45.7

-

Sales proceeds (net of selling expenses)
Adjustment for deferred payments
Cash and cash equivalents of subsidiaries disposed of

83.8
(3.2)
(4.0)

-

Net cash inflow

76.6

-

The revenue and loss after tax in respect of the subsidiary disposed of during the six months
ended 30th June 2023 amounted to US$6.0 million and US$0.6 million, respectively.
11. ASSET DISPOSALSIn September 2022, the Group completed the sale of Mandarin Oriental, Washington D.C.,
including tangible assets and stocks of US$90.8 million, for gross proceeds of
US$139.0 million. After taking into account the selling expenses and sales related taxesof US$7.6 million, the net proceeds were US$131.4 million. As a result, the Group hasrecognised a post-tax, non-trading gain of US$47.0 million which included a net tax creditof US$6.4 million.

- more -Page 18
12. DIVIDENDS
An interim dividend in respect of 2023 of US¢1.50 (2022: nil) per share amounting to a total of
US$19.0 million (2022: nil) has been declared by the Board and will be accounted for as an
appropriation of revenue reserves in the second half of the year ending 31st December 2023.
13. CAPITAL COMMITMENTS
Total capital commitments at 30th June 2023 and 31st December 2022 amounted to
US$405.0 million and US$512.2 million, respectively.
14. FINANCIAL INSTRUMENTS
Financial instruments by category
The fair values of financial assets and financial liabilities, together with carrying amounts at
30th June 2023 and 31st December 2022 are as follows:
Fair value ofhedging
instruments
US$m

30th June 2023
Financial assets
measured at fair value
Other investments
Derivative financial
instruments

Financial assets notmeasured at fair value
Debtors
Bank and cash balances

Financial liabilities notmeasured at fair value
Borrowings
Lease liabilities
Trade and other payable
excluding non-financial
liabilities

Fair value
Financialthroughassets at
profit and loss amortised cost
US$m
US$m

Other
financialliabilities
US$m

Total
carrying
amount
US$m

Fair
value
US$m

-

13.8

-

-

13.8

13.8

6.3

-

-

-

6.3

6.3

6.3

13.8

-

-

20.1

20.1

-

-

72.4
349.3

-

72.4
349.3

72.4
349.3

-

-

421.7

-

421.7

421.7

-

-

-

(582.0)(116.9)(582.0)(116.9)(582.0)(116.9)---(134.3)(134.3)(134.3)---(833.2)(833.2)(833.2)- more -Page 19
14. FINANCIAL INSTRUMENTS (CONTINUED)
Financial instruments by category (continued)
Fair value ofhedging
instruments
US$m

31st December 2022
Financial assets
measured at fair value
Other investments
Derivative financial
instruments

Financial assets notmeasured at fair value
Debtors
Bank and cash balances

Financial liabilities notmeasured at fair value
Borrowings
Lease liabilities
Trade and other payable
excluding non-financial
liabilities

Fair value
Financialthroughassets at
profit and loss amortised cost
US$m
US$m

Other
financialliabilities
US$m

Total
carrying
amount
US$m

Fair
value
US$m

-

14.0

-

-

14.0

14.0

17.4
17.4

14.0

-

-

17.4
31.4

17.4
31.4

-

-

69.8
226.2

-

69.0
226.2

69.8
226.2

-

-

296.0

-

296.0

296.0

-

-

-

(602.0)(129.4)(602.0)(129.4)(602.0)(129.4)---(141.6)(141.6)(141.6)---(873.0)(873.0)(873.0)Fair value estimation(i) Financial instruments that are measured at fair value
For financial instruments that are measured at fair value in the balance sheet, thecorresponding fair value measurements are disclosed by level of the following fair value
measurement hierarchy:(a) Inputs other than quoted prices in active markets that are observable for the asset or
liability, either directly or indirectly (‘observable current market transactions’)
The fair values of derivative financial instruments are determined using rates quoted
by the Group’s bankers at the balance sheet date. The rates for interest rate swaps andcaps and forward foreign exchange contracts are calculated by reference to market
interest rates and foreign exchange rates.
The fair values of unlisted investments mainly include club and school debentures, aredetermined using prices quoted by brokers at the balance sheet date.

- more -Page 20
14. FINANCIAL INSTRUMENTS (CONTINUED)
Fair value estimation (continued)(i) Financial instruments that are measured at fair value (continued)(b) Inputs for assets or liabilities that are not based on observable market data(‘unobservable inputs’)
The fair values of other unlisted investments are determined using valuation techniquesby reference to observable current market transactions (including price-to earnings andprice-to book ratios of listed securities of entities engaged in similar industries) or themarket prices of the underlying investments with certain degree of entity specificestimates or discounted cash flow by projecting the cash flows from these investments.
There were no changes in valuation techniques during the six months ended 30th June 2023
and the year ended 31st December 2022.
The table below analyses financial instruments carried at fair value at 30th June 2023 and31st December 2022, by the levels in the fair value measurement hierarchy:

30th June 2023
AssetsOther investments
Derivative financial instruments at fair value- through other comprehensive income

31st December 2022
AssetsOther investments
Derivative financial instruments at fair value- through other comprehensive income

Observable
marketcurrenttransactions
US$m

Unobservable
inputs
US$m

Total
US$m

6.0

7.8

13.8

6.3
12.3

7.8

6.3
20.1

6.0

8.0

14.0

17.4

-

17.4

23.4

8.0

31.4

There were no transfers among the two categories during the six months ended
30th June 2023 and the year ended 31st December 2022.

- more -Page 21
14. FINANCIAL INSTRUMENTS (CONTINUED)
Fair value estimation (continued)(i) Financial instruments that are measured at fair value (continued)
Movement of financial instruments which are valued based on unobservable inputs
during the six months ended 30th June 2023 and the year ended 31st December 2022
are as follows:
Unlisted
investments
US$m
At 1st January 2023
Disposals

8.0
(0.2)

At 30th June 2023

7.8

At 1st January 2022
Additions
Disposals

10.5
0.2
(2.7)

At 31st December 2022

8.0(ii) Financial instruments that are not measured at fair value
The fair values of current debtors, bank and cash balances, current creditors, current
borrowings and current lease liabilities are assumed to approximate their carrying
amounts due to the short-term maturities of these assets and liabilities.
The fair values of long-term borrowings are based on market prices or are estimatedusing the expected future payments discounted at market interest rates. The fair valuesof non-current lease liabilities are estimated using the expected future payments
discounted at market interest rates.
15. RELATED PARTY TRANSACTIONS
The parent company of the Group is Jardine Strategic Limited (‘JSL’) and the ultimate
holding company of the Group is Jardine Matheson Holdings Limited (‘JMH’). Both JMH
and JSL are incorporated in Bermuda.
In the normal course of business, the Group undertakes a variety of transactions with its
associates and joint ventures and with JMH’s subsidiaries, associates and joint ventures.
The more significant of these transactions during the six months ended 30th June 2023 aredescribed below:
The Group managed six (2022: six) associate and joint venture hotels and received
management fees of US$7.0 million (2022: US$5.7 million) based on long-term
management agreements on normal commercial terms.

- more -Page 22
15. RELATED PARTY TRANSACTIONS (CONTINUED)The Group provided hotel management services to Hongkong Land group (‘HKL’), a
subsidiary of JMH. Total management fees received from HKL amounted to
US$1.2 million (2022: US$0.6 million), based on long-term management agreements on
normal commercial terms.
The Group rented a property to DFI Retail Group, a subsidiary of JMH, and received rental
income of US$0.3 million (2022: US$0.3 million), based on lease agreements on normal
commercial terms.
In respect of the Causeway Bay site under development, the Group paid consultancy feesof US$0.9 million (2022: US$0.7 million) to HKL in consideration for project management
consultancy services. In addition, Gammon Construction Limited (‘GCL’), a joint ventureof JMH, completed value of works of US$22.5 million (2022: US$6.6 million). The HKL
agreement and GCL contract were arranged on normal commercial terms.
In June 2023, the Group completed the sale of 96.9% ownership stake in P.T. Jaya
Mandarin Agung, the owning company of Mandarin Oriental, Jakarta in Indonesia, toP.T. Astra Land Indonesia, a subsidiary of JMH, the Group’s ultimate holding company, at
a total consideration of US$85.0 million.
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 orchanged during the first six months of the current financial year.
The outstanding balances with associates and joint ventures are included in debtors as
appropriate.

- more -Page 23

Mandarin Oriental International Limited
Principal Risks and Uncertainties
The Board has overall responsibility for risk management and internal control. The following
have been identified previously as the areas of principal risk and uncertainty facing theCompany, and they remain relevant in the second half of the year.













Reputational Risk and Value of the Brand
Concentration Risk
Commercial Risk
Environmental and Climate Risk
Financial Strength and Funding
Governance and Misconduct
Health, Safety and Product Quality
IT and Cybersecurity
Pandemic
Political and Economic Risk
People and Talent
Compliance with and Changes to Laws and Regulations

For greater detail, please refer to pages 130 and 136 of the Company’s 2022 Annual Report, acopy of which is available on the Company’s website www.mandarinoriental.com.
Responsibility Statements
The Directors of the Company confirm to the best of their knowledge that:(a) the condensed financial statements prepared in accordance with IAS 34 ‘Interim Financial
Reporting’ give a true and fair view of the assets, liabilities, financial position and profit
and losses of the Group; and(b) the interim management report includes a fair review of all information required to bedisclosed under Rules 4.2.7 and 4.2.8 of the Disclosure Guidance and Transparency Rules
issued by the Financial Conduct Authority in the United Kingdom.
For and on behalf of the Board
James Riley
Matthew Bishop
Directors- more -Page 24

Mandarin Oriental International Limited
Dividend Information for Shareholders
The interim dividend of US¢1.50 per share will be payable on 11th October 2023 toshareholders on the register of members at the close of business on 18th August 2023. The
shares will be quoted ex-dividend on 17th August 2023, and the share registers will be closed
from 21st to 25th August 2023, inclusive.
Shareholders will receive cash dividends in United States Dollars, except when elections are
made for alternate currencies in the following circumstances.
Shareholders on the Jersey branch register
Shareholders registered on the Jersey branch register can elect for their dividends to be paid in
Sterling. These shareholders may make new currency elections for the 2023 interim dividendby notifying the United Kingdom transfer agent in writing by 22nd September 2023. The
Sterling equivalent of dividends declared in United States Dollars will be calculated byreference to a rate prevailing on 27th September 2023.
Shareholders holding their shares through CREST in the United Kingdom will receive cash
dividends in Sterling only, as calculated above.
Shareholders on the Singapore branch register who hold their shares through The Central
Depository (Pte) Limited (‘CDP’)
Shareholders who are on CDP’s Direct Crediting Service (‘DCS’)
Those shareholders on CDP’s DCS will receive their cash dividends in Singapore Dollars unlessthey opt out of CDP Currency Conversion Service, through CDP, to receive United States
Dollars.
Shareholders who are not on CDP’s DCS
Those shareholders not on CDP’s DCS 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 August 2023, must submit the relevant
documents to M & C Services Private Limited, the Singapore branch registrar, by no later than
5.00 p.m. (local time) on 17th August 2023.

- more -Page 25

Mandarin Oriental International Limited
About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is an international hotel investment and management groupwith luxury hotels, resorts and residences in sought-after destinations around the world.
Having grown from its Asian roots over 60 years ago into a global brand, the Group now
operates 36 hotels and nine residences in 24 countries and territories, with each property
reflecting the Group’s oriental heritage, local culture and unique design. Mandarin Oriental
regularly receives international recognition and awards for outstanding service and quality
management, and has a strong pipeline of hotels and residences under development. The Grouphas equity interests in a number of its properties and adjusted net assets worth approximately
US$4.8 billion as at 30th June 2023.
Mandarin Oriental continues to drive its reputation as an innovative leader in luxury hospitality,
seeking selective opportunities to expand the reach of the brand, with the aim to maximise
profitability and long-term shareholder value.
The parent company, Mandarin Oriental International Limited, is incorporated in Bermuda andhas a primary listing in the standard segment on the London Stock Exchange, 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
James Riley / Matthew Bishop
Chris Orlikowski(852) 2895 9288
(852) 2895 9167

Brunswick Group Limited
William Brocklehurst(852) 5685 9881

As permitted by the Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority in the United Kingdom, the Company will not be posting a printed version of theHalf-Year Results announcement for the six months ended 30th June 2023 to shareholders.
This Half-Year Results announcement will be made available on the Company’s website,www.mandarinoriental.com, together with other Group announcements.