Holiday Inn 2003 Annual Report Download - page 45

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43
Liquid
Cash and overdrafts resources Financing
Other Other
Cash at Current borrowings borrowings
bank and asset due within due after
in hand Overdrafts Total investments one year one year Total
13 NET DEBT £m £m £m £m £m £m £m
At 30 September 2002 84 (66) 18 218 (782) (631) (1,177)
Net cash flow (86) 64 (22)* – – – (22)
Management of liquid resources and financing 77 – 77* 129 758 (369) 595
Separation of MAB (7) – (7) (7) 4 – (10)
Exchange and other adjustments (13) (3) (16) 37 12 12 45
At 31 December 2003 55 (5) 50 377 (8) (988) (569)
At 30 September 2001 67 (37) 30 366 (378) (1,019) (1,001)
Net cash flow (276) (29) (305)* – – – (305)
Management of liquid resources and financing 295 – 295* (232) (414) 354 3
Exchange and other adjustments (2) – (2) 84 10 34 126
At 30 September 2002 84 (66) 18 218 (782) (631) (1,177)
Current asset investments include currency swaps.
* Represents a movement in cash and overdrafts of £55m inflow (2002 £10m outflow) (see Group cash flow statement).
2003 2002
15 months 12 months
14 NET CAPITAL EXPENDITURE £m £m
Hotels Americas (42) 92
EMEA 103 121
Asia Pacific 37 4
Corporate 24 39
122 256
Soft Drinks 65 31
InterContinental Hotels Group PLC* 187 287
Discontinued operations* 61 226
248 513
* InterContinental Hotels Group PLC relates to continuing operations. Discontinued operations relate to Mitchells & Butlers plc.
2003 2002
15 months 12 months
15 OPERATING CASH FLOW £m £m
Hotels 336 (15)
Soft Drinks 59 77
InterContinental Hotels Group PLC* 395 62
Discontinued operations* 152 145
547 207
* InterContinental Hotels Group PLC relates to continuing operations. Discontinued operations relate to Mitchells & Butlers plc.
2003 2002
15 months 12 months
16 MANAGEMENT OF LIQUID RESOURCES AND FINANCING £m £m
New borrowings* 18,672 8,260
Other borrowings repaid* (19,061) (8,200)
(389) 60
Debt assumed by MAB 577 –
Ordinary shares issued by InterContinental Hotels Group PLC and Six Continents PLC respectively 18 3
Financing 206 63
Movement in liquid resources** (129) 232
77 295
* Includes amounts rolled over under bank loan facilities.
** Liquid resources primarily comprise short-term deposits of less than one year, short-term investments and currency swaps.