Holiday Inn 2003 Annual Report Download - page 30

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28 InterContinental Hotels Group 2003
FINANCIAL STATEMENTS
GROUP PROFIT AND LOSS ACCOUNT
2003 2002
15 months 12 months
restated*
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
FOR THE 15 MONTHS ENDED 31 DECEMBER 2003 note £m £m £m £m £m £m
Turnover 23,483 – 3,483 3,615 – 3,615
analysed as:
Continuing operations 2,690 – 2,690 2,134 – 2,134
Discontinued operations 793 – 793 1,481 – 1,481
Costs and overheads, less other income 3(3,000) (51) (3,051) (2,997) (77) (3,074)
Operating profit 2483 (51) 432 618 (77) 541
analysed as:
Continuing operations 346 (51) 295 329 (77) 252
Discontinued operations 137 – 137 289 – 289
Non-operating exceptional items 7– (213) (213) –5353
analysed as:
Continuing operations
Cost of fundamental reorganisation – (67) (67) –––
Separation costs – (51) (51) – (4) (4)
Profit on disposal of fixed assets –44–22
Provision against fixed asset investments – (56) (56) –––
Discontinued operations
Separation costs – (41) (41) –––
Loss on disposal of fixed assets – (2) (2) – (2) (2)
Profit on disposal of Bass Brewers ––––5757
Profit on ordinary activities before interest 2483 (264) 219 618 (24) 594
Interest receivable 104 – 104 116 – 116
Interest payable and similar charges 8(151) – (151) (176) – (176)
Premium on early settlement of debt 7– (136) (136) –––
Profit on ordinary activities before taxation 436 (400) 36 558 (24) 534
Tax on profit on ordinary activities 9(47) 64 17 (157) 105 (52)
Profit on ordinary activities after taxation 389 (336) 53 401 81 482
Minority equity interests (34) – (34) (25) – (25)
Earnings available for shareholders 355 (336) 19 376 81 457
Dividends on equity shares 10 (156) – (156) (305) – (305)
Retained profit/(loss) for the period 30 199 (336) (137) 71 81 152
Earnings per ordinary share: 11
Basic – – 2.6p – – 62.5p
Diluted – – 2.6p – – 62.3p
Adjusted 48.4p – – 51.4p** – –
* Restated exceptional items for comparability with 2003 disclosures.
** Restated to exclude all exceptional items for comparability with 2003 disclosures.
No profit and loss account is presented for InterContinental Hotels Group PLC as permitted by Section 230 of the Companies Act 1985.
Notes on pages 32 to 55 form an integral part of these financial statements.