Holiday Inn 2003 Annual Report Download - page 31

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29
STATEMENT OF TOTAL RECOGNISED GROUP GAINS AND LOSSES
2003 2002
15 months 12 months
FOR THE 15 MONTHS ENDED 31 DECEMBER 2003 £m £m
Earnings available for shareholders 19 457
Reversal of previous revaluation gains due to impairment (22) (36)
Exchange differences*
Goodwill eliminated (see note 32) (139) (98)
Other assets and liabilities 79 62
Other recognised gains and losses (82) (72)
Total recognised gains and losses for the period (63) 385
NOTE OF HISTORICAL COST GROUP PROFITS AND LOSSES
2003 2002
15 months 12 months
FOR THE 15 MONTHS ENDED 31 DECEMBER 2003 £m £m
Reported profit on ordinary activities before taxation 36 534
Realisation of revaluation gains of previous periods 16 3
Adjustment for previously recognised revaluation losses –(37)
Historical cost profit on ordinary activities before taxation 52 500
Historical cost (loss)/profit retained after taxation, minority equity interests and dividends (121) 118
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS’ FUNDS
2003 2002
15 months 12 months
restated**
FOR THE 15 MONTHS ENDED 31 DECEMBER 2003 £m £m
Earnings available for shareholders 19 457
Dividends (156) (305)
(137) 152
Other recognised gains and losses (82) (72)
Issue of Six Continents PLC ordinary shares –3
Issue of InterContinental Hotels Group PLC ordinary shares 18 –
Net assets of MAB eliminated on separation (2,777) –
MAB goodwill eliminated on separation 50 –
Minority interest on transfer of pension prepayment (7) –
Movement in shares in ESOP trusts 15 –
Movement in goodwill – exchange differences* 139 98
Net movement in shareholders’ funds (2,781) 181
Opening shareholders’ funds as previously reported 5,366 5,185
Prior year adjustment on adoption of UITF 38 (31) (31)
Opening shareholders’ funds as restated 5,335 5,154
Closing shareholders’ funds 2,554 5,335
* Foreign currency denominated net assets, including goodwill purchased prior to 30 September 1998 and eliminated against Group reserves,
and related foreign currency borrowings and currency swaps, are translated at each balance sheet date giving rise to exchange differences
which are taken to Group reserves as recognised gains and losses during the period.
** Restated on the adoption of UITF 38 (see page 32).
Notes on pages 32 to 55 form an integral part of these financial statements.