Holiday Inn 2007 Annual Report Download - page 90

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88 IHG Annual Report and Financial Statements 2007
Notes to the Group financial statements continued
33 RELATED PARTY DISCLOSURES
Key management personnel comprises the Board and Executive Committee.
2007 2006
Total compensation of key management personnel £m £m
Short-term employment benefits 9.4 9.5
Post-employment benefits 0.5 0.5
Equity compensation benefits 9.1 7.9
19.0 17.9
There were no transactions with key management personnel during the year ended 31 December 2007 or the previous year.
34 ACQUISITION OF SUBSIDIARY
On 1 December 2006, the Group acquired a 75% interest in ANA Hotels & Resorts Co., Ltd (subsequently renamed IHG ANA Hotels
Group Japan LLC), a hotel management company based in Japan.
Carrying
values Fair
pre-acquisition value
£m £m
Intangible assets 18
Current assets (excluding cash and cash equivalents) 4 4
Cash and cash equivalents 44
Trade and other payables (3) (3)
Current tax payable (1) (1)
Deferred tax payable – (1)
511
Minority interest (3)
Net assets acquired 8
Goodwill on acquisition 2
Consideration, satisfied in cash (including costs of £2m) 10
Cash and cash equivalents acquired (4)
Net cash outflow 6
Management contracts acquired were recognised as intangible assets at their fair value. The residual excess over the net assets
acquired was recognised as goodwill.
35 PRINCIPAL OPERATING SUBSIDIARY UNDERTAKINGS
InterContinental Hotels Group PLC was the beneficial owner of all (unless specified) of the equity share capital, either itself or through
subsidiary undertakings, of the following companies during the year:
Six Continents Limiteda
Hotel Inter-Continental London Limiteda
Six Continents Hotels, Inc.b
InterContinental Hotels Corporationb
Barclay Operating Corporationb
IHG Resources Inc.b
InterContinental Hong Kong Limitedc
Société Nouvelle du-Grand Hotel, SAd
The companies listed above include those which principally affect the amount of profit and assets of the Group.
a Incorporated in Great Britain and registered in England and Wales.
b Incorporated in the United States.
c Incorporated in Hong Kong.
d Incorporated in France.