Four Seasons adopts the US dollar as its reporting currency
April 25 2005 - 5:30PM
PR Newswire (US)
Four Seasons adopts the US dollar as its reporting currency
TORONTO, April 25 /PRNewswire-FirstCall/ -- Four Seasons Hotels
Inc. (TSX Symbol "FSH.SV"; NYSE Symbol "FS") announces that it will
adopt the US dollar as its reporting currency effective commencing
the first quarter of 2005. The Company has historically prepared
the consolidated financial statements in Canadian dollars.
Effective for the quarter ended March 31, 2005, we have adopted US
dollars as our reporting currency. With the majority of our
management fee revenues in US dollars, reporting in US dollars will
reduce the volatility on reported results relating to the impact of
fluctuations in the rate of exchange between the US and Canadian
dollars relating to these revenues and, as a result, we believe it
will provide the financial statement users with more meaningful
information. We have not changed the functional currencies of the
Company or any of its subsidiaries. Consolidated financial
statement schedules in US dollars for the quarters and full years
of 2004 and 2003, including the applicable foreign exchange rates,
are available on our website at
http://www.fourseasons.com/pdfs/press/Financial_Statements_in_US_Dollars.pdf.
The consolidated financial statement schedules in Canadian dollars
have been translated to US dollars using the foreign exchange rates
applicable at each balance sheet date for assets and liabilities,
and the weighted average exchange rates of the corresponding
quarters for the consolidated statements of operations,
consolidated statements of cash provided by operations and
consolidated statements of cash flow. Equity transactions have been
translated to US dollars at the historical exchange rates for 2004
and 2003 with opening equity accounts on January 1, 2003 translated
at the exchange rate on that date. Any resulting exchange gain or
loss was charged or credited to "Equity adjustment from foreign
currency translation" included as a separate component of
shareholders' equity. Dedicated to continuous innovation and the
highest standards of hospitality, Four Seasons invented luxury for
the modern traveller. From elegant surroundings of the finest
quality, to caring, highly personalised 24-hour service, Four
Seasons embodies a true home away from home for those who know and
appreciate the best. The deeply instilled Four Seasons culture is
personified in its employees - people who share a single focus and
are inspired to offer great service. Founded in 1960, Four Seasons
has followed a targeted course of expansion, opening hotels in
major city centers and desirable resort destinations around the
world. Currently with 66 hotels in 29 countries, and more than 20
properties under development, Four Seasons will continue to lead
luxury hospitality with innovative enhancements, making business
travel easier and leisure travel more rewarding. For more
information on Four Seasons, visit http://www.fourseasons.com/.
DATASOURCE: Four Seasons Hotels and Resorts CONTACT: Barbara
Henderson, Vice President, Corporate Finance, (416) 441-4329
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