Holiday Inn 2005 Annual Report Download - page 54

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11 HELD FOR SALE AND DISCONTINUED OPERATIONS
Hotels
During the year ended 31 December 2005, the Group sold 112 hotels (2004 10 hotels) continuing the asset disposal programme commenced
in 2003. At 31 December 2004, 106 hotel properties were classified as held for sale. During 2005, an additional 35 hotel properties were
added and three hotel properties were removed from the held for sale classification. At 31 December 2005 and 31 December 2004, no gain
or loss arose on the measurement to fair value less cost to sell of held for sale assets.
2005 2004
Net assets of hotels on disposal £m £m
Property, plant and equipment 1,961 100
Goodwill 20 –
Net working capital 1(1)
Cash and cash equivalents 16 –
Deferred tax payable (121) (5)
Minority equity interest –(11)
Group’s share of net assets disposed of 1,877 83
Net cash inflow
Cash consideration (net of costs paid) 1,832 101
Cash disposed of (16) –
1,816 101
Total consideration
Cash consideration (net of costs paid) 1,832 101
Deferred consideration 40 –
Management contract value 82 –
Tax (charge)/credit (38) 4
Other (12) (3)
1,904 102
Assets and liabilities held for sale
Non-current assets classified as held for sale:
Property, plant and equipment 279 1,826
Liabilities classified as held for sale:
Deferred tax payable (34) (148)
Cash flows related to discontinued operations
Operating profit before interest, depreciation and amortisation 94 203
Investing activities (44) (78)
Financing activities (13) (3)
notes to the financial statements
52 InterContinental Hotels Group 2005