Holiday Inn 2006 Annual Report Download - page 65

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Notes to the Group financial statements
Fixtures,
Land and fittings and Plant and
buildings equipment machinery Total
10 Property, plant and equipment £m £m £m £m
Cost
At 1 January 2005 1,421 985 182 2,588
Additions 15 107 18 140
Net transfers to non-current assets classified as held for sale (163) (150) – (313)
Disposals (152) (333) (200) (685)
Impairment – (7) – (7)
Exchange and other adjustments 34 13 – 47
At 31 December 2005 1,155 615 – 1,770
Additions 104 82 – 186
Transfers to non-current assets classified as held for sale (363) (118) – (481)
Disposals (2) (31) – (33)
Exchange and other adjustments (73) (42) – (115)
At 31 December 2006 821 506 – 1,327
Depreciation
At 1 January 2005 (132) (425) (105) (662)
Provided (11) (88) (17) (116)
Net transfers to non-current assets classified as held for sale 10 58 – 68
On disposals 32 156 122 310
Exchange and other adjustments – (14) – (14)
At 31 December 2005 (101) (313) – (414)
Provided (7) (41) – (48)
Transfers to non-current assets classified as held for sale 17 55 – 72
On disposals 228 –30
Exchange and other adjustments 7 23 – 30
At 31 December 2006 (82) (248) – (330)
Net book value
At 31 December 2006 739 258 – 997
At 31 December 2005 1,054 302 – 1,356
At 1 January 2005 1,289 560 77 1,926
On adoption of IFRS, the Group retained previous revaluations of property, plant and equipment at deemed cost as permitted by IFRS 1
‘First-time Adoption of International Financial Reporting Standards’.
At 31 December 2005, property, plant and equipment was written down by £7m following an impairment review of hotel assets based
on current market trading conditions. No impairment, or subsequent reversal, was required at 31 December 2006.
The carrying value of land and buildings held under finance leases at 31 December 2006 was £93m (2005 £nil).
IHG Notes to the Group financial statements 63