Holiday Inn 2006 Annual Report Download - page 71

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Notes to the Group financial statements
31 December 2006 31 December 2005
Current Non-current Total Current Non-current Total
20 Loans and other borrowings £m £m £m £m £m £m
Secured bank loans 43723638
Finance leases 39497 –––
Unsecured bank loans 3 206 209 – 374 374
Total borrowings 10 303 313 2 410 412
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.
Non-current amounts include £nil (2005 £15m) repayable by instalment. Amounts shown as current are the mortgage repayments falling
due within one year.
Finance leases
Finance lease liabilities, which relate to the 99 year lease on the InterContinental Boston, are payable as follows:
2006 2005
Minimum Present Minimum Present
lease value of lease value of
payments payments payments payments
£m £m £m £m
Less than one year 33––
Between one and five years 33 24 ––
More than five years 1,745 70 ––
1,781 97 ––
Less amount representing finance charges (1,684) – ––
97 97 ––
The Group has the option to extend the term of the lease for two additional 20 year terms. Payments under the lease step up at regular
intervals over the lease term.
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 current where the loan facility expires within one year. These facilities contain financial covenants and as
at the balance sheet date the Group was not in breach of these covenants.
2006 2005
Utilised Unutilised Total Utilised Unutilised Total
£m £m £m £m £m £m
Facilities provided by banks
Committed 213 944 1,157 412 751 1,163
Uncommitted 33639 –1414
216 980 1,196 412 765 1,177
2006 2005
£m £m
Unutilised facilities expire:
within one year 86 39
after two years 894 726
980 765
IHG Notes to the Group financial statements 69