Holiday Inn 2003 Annual Report Download - page 57

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55
34 FINANCIAL COMMITMENTS
The Group has annual commitments under operating leases at 31 December 2003 which expire as follows:
Properties Other
31 Dec 30 Sept 31 Dec 30 Sept
2003 2002 2003 2002
£m £m £m £m
Within one year 1324
Between one and five years 10 17 59
After five years 32 75 ––
43 95 713
Group
31 Dec 30 Sept
2003 2002
35 CONTRACTS FOR EXPENDITURE ON FIXED ASSETS £m £m
Contracts placed for expenditure on fixed assets not provided for in the financial statements 63 314
36 CONTINGENCIES
Contingent liabilities not provided for in the financial statements relate to:
Group Company
31 Dec 30 Sept 31 Dec
2003 2002 2003
£m £m £m
Guarantees:
Liabilities of subsidiaries ––450
Other 11 16 –
11 16 450
In limited cases, the Group may provide performance guarantees to third-party owners to secure management contracts. The
maximum exposure under such guarantees is £88m. It is the view of the directors that, other than to the extent that liabilities have
been provided for in these financial statements, such guarantees are not expected to result in financial loss to the Group.
The Group has given warranties in respect of the disposal of certain of its former subsidiaries. It is the view of the directors that,
other than to the extent that liabilities have been provided for in these financial statements, such warranties are not expected to
result in financial loss to the Group.
Corporate activities
Six Continents PLC (note a)
Hotels
InterContinental Hotels Limited
(formerly Six Continents Hotels Limited)
InterContinental Hotels Group Operating Corporation
(formerly Six Continents Hotels Operating Corporation,
incorporated and operates principally in the United States)
InterContinental Hotels Group Services Company
(formerly Six Continents Hotels Group Company)
InterContinental Hotels Group (UK) Limited
(formerly Six Continents Hotels (UK) Limited)
Holiday Inn Limited
Soft Drinks
Britannia Soft Drinks Limited (50% Six Continents Investments
Limited, 25% Whitbread PLC, 25% Allied Domecq PLC) (note b)
Britvic Soft Drinks Limited (90% Britannia Soft Drinks Limited,
10% PepsiCo Holdings Limited)
Robinsons Soft Drinks Limited
(100% Britannia Soft Drinks Limited)
note a Shares held directly by InterContinental Hotels Group PLC.
note b The Group holds a majority of voting rights (50% plus one
ordinary share) in, and exercises dominant influence over,
Britannia Soft Drinks Limited which is, accordingly, treated
as a subsidiary undertaking.
note c Unless stated otherwise, companies are incorporated in
Great Britain, registered in England and Wales and operate
principally within the United Kingdom.
note d The companies listed above include all those which principally
affect the amount of profit and assets of the Group.
37 PRINCIPAL OPERATING SUBSIDIARY UNDERTAKINGS
InterContinental Hotels Group PLC is the beneficial owner of all (unless specified) of the equity share capital, either itself or
through subsidiary undertakings, of the following companies: