Holiday Inn 2003 Annual Report Download - page 54

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52 InterContinental Hotels Group 2003
NOTES TO THE FINANCIAL STATEMENTS
28 FINANCIAL INSTRUMENTS (CONTINUED)
Fair values The net book values and related fair values of the Group’s financial assets and liabilities are:
31 Dec 2003 30 Sept 2002
restated*
Net book Fair Net book Fair
value value value value
£m £m £m £m
Fixed asset investments 172 174 218 189
Cash and overdrafts 50 50 18 18
Current asset investments 361 361 178 178
Currency swap agreements 16 20 40 44
Other borrowings (996) (1,000) (1,413) (1,535)
Net debt (569) (569) (1,177) (1,295)
Other financial liabilities (97) (97) (100) (100)
Interest rate swap agreements – (29) –(24)
Forward exchange contracts – (1) – (1)
(494) (522) (1,059) (1,231)
* Restated for the reclassification of pension provisions (see page 32).
The fair values of listed fixed asset investments and borrowings are based on market prices at the year end. Other assets and
liabilities have been fair valued by discounting expected future cash flows to present value.
Hedges The Group’s unrecognised gains and losses for the period on derivative financial instruments are:
Gains Losses Total
£m £m £m
Unrecognised at 30 September 2001 10 (21) (11)
Recognised in the year (5) 16 11
Arising in the year but not recognised 19 (40) (21)
Unrecognised at 30 September 2002 24 (45) (21)
Recognised in the period (2) 31 29
Arising in the period but not recognised (18) (16) (34)
Unrecognised at 31 December 2003 4 (30) (26)
Expected to be recognised in the year ended 31 December 2004 3 (6) (3)
Expected to be recognised thereafter 1 (24) (23)
Number of
shares
29 SHARE CAPITAL millions £m
Authorised
Ordinary shares of £1 each 10,000 10,000
One preference share of £50,000 each ––
10,000 10,000
Allotted, called up and fully paid
On incorporation ––
Issued on 15 April 2003 734 734
Issued under option schemes 55
At 31 December 2003 739 739
The Company was incorporated and registered in England and Wales with registered number 4551528 on 2 October 2002 as
a public limited company under the Companies Act 1985 with the name Hackplimco (No. 112) plc. On 17 January 2003,
Hackplimco (No. 112) plc changed its name to InterContinental Hotels Group PLC.
On 2 October 2002, the Company had an authorised share capital of £50,000, divided into 50,000 ordinary shares of £1 each,
of which two ordinary shares were allotted, called up and fully paid on incorporation.
On 6 February 2003, the authorised share capital was increased to £10,000,050,000 by the creation of 9,999,950,000 additional
ordinary shares of £1 each and one redeemable preference share of £50,000. The redeemable preference share so created was
allotted and treated as paid up in full on this date.