Holiday Inn 2005 Annual Report Download - page 59

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2005 2004
19 TRADE AND OTHER PAYABLES £m £m
Current
Trade payables 84 159
Other tax and social security payable 12 50
Other payables 174 187
Accruals 186 232
Derivatives 6–
Provisions (see note 25) 65
468 633
Non-current
Other payables 107 97
Provisions (see note 25) –6
107 103
31 December 2005 31 December 2004
Due within Due after Due within Due after
1 year 1 year Total 1 year 1 year Total
20 LOANS AND OTHER BORROWINGS £m £m £m £m £m £m
Secured bank loans 23638 24951
Unsecured bank loans – 374 374 12 1,104 1,116
Other unsecured borrowings –––18 3 21
Total borrowings 2 410 412 32 1,156 1,188
Secured bank loans
These mortgages are secured on the hotel properties to which they relate. The rates of interest and currencies of these loans vary.
Amounts falling due after one year include £15m (2004 £18m) repayable by instalment. Amounts shown as due within one year are the
mortgage repayments falling due within this period. The fair value of secured loans is calculated by discounting the expected future cash
flows at prevailing interest rates.
Unsecured bank loans
Unsecured bank loans are borrowings under the Group’s 2009 £1.1bn Syndicated Facility and its short-term bilateral loan facilities.
Amounts are classified as due within one year where the loan facility expires within this period. Covenants exist on these facilities and as
at the balance sheet date the Group was not in breach of these covenants. 2004 comparatives include £9m in respect of currency swaps
shown as unsecured bank loans under UK GAAP. The carrying value of these loans approximates fair value.
Other unsecured borrowings
In 2004, other unsecured borrowings relate to an £18m tranche of the 2010 €600m Guaranteed Notes 4.75% and £3m of other loan stock.
Most of the Guaranteed Notes were repurchased in December 2004, the remaining £18m was repurchased at par on 7 January 2005.
The other loan stock relates to the Soft Drinks business, was non interest bearing and was repaid during the year.
2005 2004
Utilised Unutilised Total Utilised Unutilised Total
£m £m £m £m £m £m
Facilities provided by banks
Committed 412 751 1,163 1,155 542 1,697
Uncommitted –141414 50 64
412 765 1,177 1,169 592 1,761
2005 2004
£m £m
Unutilised facilities expire:
within one year 39 90
after one year but before two years –500
after two years 726 2
765 592
InterContinental Hotels Group 2005 57