Holiday Inn 2005 Annual Report Download - page 62

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22 FINANCIAL INSTRUMENTS (CONTINUED)
Fair values
The table below compares carrying amounts and fair values of the Group’s financial instruments.
2005 2004*
Carrying Carrying
value Fair value value Fair value
note £m £m £m £m
Financial assets
Cash and cash equivalents 18 324 324 72 72
Equity securities available-for-sale 15 145 145 99 102
Cash flow hedging derivatives 15 22–9
Other financial assets 15 72 72 61 61
Financial liabilities
Borrowings 20 (412) (412) (1,188) (1,188)
Cash flow hedging derivatives 19 (6) (6) – (3)
* 2004 book value is based on UK GAAP.
Unrecognised gains and losses
The Group’s unrecognised gains and losses for the period ended 31 December 2004 in derivative financial instruments were:
Gains Losses Total
£m £m £m
Unrecognised at 1 January 2004 4 (30) (26)
Recognised in the year (1) 21 20
Arising in the year but not recognised 6612
Unrecognised at 31 December 2004 9 (3) 6
Expected to be recognised in the year ending 31 December 2005 9 (1) 8
Expected to be recognised thereafter – (2) (2)
notes to the financial statements
60 InterContinental Hotels Group 2005