Assets held for sale and discontinued operations (Tables)

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Summary of the net assets sold and gain (loss) on Sale

The following is a summary of net assets sold and the gain recorded on sale for The Westcliff, The Observatory Hotel, Bora Bora Lagoon Resort, Keswick Hall, Hôtel de la Cité, La Cabana and Lilianfels Blue Mountains:

	The Westcliff		The Observatory Hotel		Bora Bora Lagoon Resort		Keswick Hall
	December 14, 2012		August 8, 2012		June 1, 2012		January 23, 2012
	$'000		$'000		$'000		$'000
Property, plant & equipment, net	17,911		48,096		15,827		18,590
Net working capital (deficit)/surplus	(207	)	(299	)	(720	)	401
Other assets/(liabilities)	—		—		—		(1,891	)
Deferred income taxes	—		—		—		—
Net assets	17,704		47,797		15,107		17,100
Transfer of foreign currency translation loss/(gain)	1,308		(12,147	)	(13,074	)	—
	19,012		35,650		2,033		17,100
Consideration:
Cash	26,000		30,895		3,000		12,000
Reduction in debt facility on sale of hotel	—		11,211		—		10,000
Less: Working capital adjustment	(628	)	(447	)	—		(430	)
Less: Costs to sell	(954	)	(650	)	(305	)	(513	)
	24,418		41,009		2,695		21,057
Gain/(loss) on sale	5,406		5,359		662		3,957

(continued)	Hôtel de la Cité		La Cabana		Lilianfels Blue Mountains
	August 1, 2011		May 25, 2010		January 29, 2010
	$'000		$'000		$'000
Property, plant & equipment, net	13,147		2,985		18,582
Net working capital (deficit)/surplus	266		170		66
Other assets/(liabilities)	—		43		158
Deferred income taxes	—		—		(730	)
Net assets	13,413		3,198		18,076
Transfer of foreign currency translation loss/(gain)	(3,018	)	(294	)	(7,292	)
	10,395		2,904		10,784
Consideration:
Cash	12,933		2,712		11,941
Reduction in debt facility on sale of hotel	—		—		6,726
Less: Working capital adjustment	—		—		—
Less: Costs to sell	(356	)	(268	)	(700	)
	12,577		2,444		17,967
Gain/(loss) on sale	2,182		(460	)	7,183

Summary of Results of Discontinued Operations

Summarized operating results of the properties classified as discontinued operations for the years ended December 31, 2012, 2011 and 2010 (including residual transactions relating to properties disposed of in prior periods which are recorded in “Other”) are as follows:

	Year ended December 31, 2012
	Porto Cupecoy		The Westcliff		The Observatory Hotel		Bora Bora Lagoon Resort		Keswick Hall		Total
	$'000		$'000		$'000		$'000		$'000		$'000
Revenue	8,163		9,088		9,194		—		412		26,857
Earnings/(losses) before tax, gain on sale and impairment	(5,187	)	215		(1,080	)	(166	)	(989	)	(7,207	)
Impairment	(3,166	)	—		—		—		—		(3,166	)
Gain on sale	—		5,406		5,359		662		3,957		15,384
Earnings/(losses) before tax	(8,353	)	5,621		4,279		496		2,968		5,011
Tax (provision)/benefit	—		(1,025	)	426		—		(683	)	(1,282	)
Net earnings/(losses) from discontinued operations	(8,353	)	4,596		4,705		496		2,285		3,729

	Year ended December 31, 2011
	Porto Cupecoy		The Westcliff		The Observatory Hotel		Bora Bora Lagoon Resort		Keswick Hall		Hôtel de la Cité		Other		Total
	$'000		$'000		$'000		$'000		$'000		$'000		$'000		$'000
Revenue	7,871		9,523		16,429		—		15,359		3,743		—		52,925
Losses before tax, gain on sale and impairment	(6,169	)	(585	)	(726	)	(403	)	(1,330	)	(212	)	(11	)	(9,436	)
Impairment	(38,545	)	(515	)	—		(2,150	)	(23,934	)	—		—		(65,144	)
Gain on sale	—		—		—		—		—		2,182		—		2,182
Earnings/(losses) before tax	(44,714	)	(1,100	)	(726	)	(2,553	)	(25,264	)	1,970		(11	)	(72,398	)
Tax (provision)/benefit	—		(87	)	—		—		4,506		(784	)	—		3,635
Net earnings/(losses) from discontinued operations	(44,714	)	(1,187	)	(726	)	(2,553	)	(20,758	)	1,186		(11	)	(68,763	)

	Year ended December 31, 2010
	Porto Cupecoy		The Westcliff		The Observatory Hotel		Bora Bora Lagoon Resort		Keswick Hall
	$'000		$'000		$'000		$'000		$'000
Revenue	64,019		13,257		14,271		179		11,185
Earnings/(losses) before tax, gain on sale and impairment	(3,355	)	3,015		(859	)	(137	)	(2,152	)
(Impairment)/reversal of previous impairment	(24,616	)	—		—		1,305		(1,600	)
Gain/(loss) on sale	—		—		—		—		—
Earnings/(losses) before tax	(27,971	)	3,015		(859	)	1,168		(3,752	)
Tax (provision)/benefit	266		(87	)	(6,653	)	—		(96	)
Net earnings/(losses) from discontinued operations	(27,705	)	2,928		(7,512	)	1,168		(3,848	)

(continued)	Year ended December 31, 2010
	Hôtel de la Cité		Lilianfels Blue Mountains		La Cabana		Other		Total
	$'000		$'000		$'000		$'000		$'000
Revenue	6,165		856		—		(19	)	109,913
Earnings/(losses) before tax, gain on sale and impairment	(197	)	(132	)	—		(1,419	)	(5,236	)
(Impairment)/reversal of previous impairment	(5,989	)	—		—		—		(30,900	)
Gain/(loss) on sale	—		7,183		(460	)	—		6,723
Earnings/(losses) before tax	(6,186	)	7,051		(460	)	(1,419	)	(29,413	)
Tax (provision)/benefit	1,684		—		—		—		(4,886	)
Net earnings/(losses) from discontinued operations	(4,502	)	7,051		(460	)	(1,419	)	(34,299	)

Summary of Assets and Liabilities Classified as Held-for-Sale

Assets and liabilities of the properties classified as held for sale consist of the following:

	December 31, 2012		December 31, 2011
	Porto Cupecoy		Porto Cupecoy		The Westcliff		The Observatory Hotel		Bora Bora Lagoon Resort		Keswick Hall		Total
	$’000		$’000		$’000		$’000		$’000		$’000		$’000
Current assets	—		—		87		373		45		3,260		3,765
Real estate assets	22,040		30,155		—		—		—		4,741		34,896
Property, plant and equipment, net	38		62		19,273		47,189		16,427		13,778		96,729
Total assets held for sale	22,078		30,217		19,360		47,562		16,472		21,779		135,390
Current liabilities	(2,174	)	(3,756	)	(269	)	(1,212	)	(843	)	(938	)	(7,018	)
Total liabilities held for sale	(2,174	)	(3,756	)	(269	)	(1,212	)	(843	)	(938	)	(7,018	)