Holiday Inn 2008 Annual Report Download - page 74
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72 IHG Annual Report and Financial Statements 2008
11 Assets sold, held for sale and discontinued operations
During the year ended 31 December 2008, the Group sold one hotel (2007 three hotels) and two associates (2007 two associates),
continuing the asset disposal programme commenced in 2003. Three hotels and two associates were classified as held for sale during
the year. At 31 December 2008, five hotels (2007 three hotels) were classified as held for sale.
2008 2007
$m $m
Net assets of hotels sold
Property, plant and equipment 28 70
Net working capital –2
Cash and cash equivalents 8–
Minority equity interest –(12)
Group’s share of net assets disposed of 36 60
Consideration
Current year disposals:
Cash consideration, net of costs paid 34 94
Management contract value –6
34 100
Net assets disposed of (36) (60)
Tax 5(8)
Gain on disposal of assets, net of tax 332
Analysed as:
Continuing operations (2) –
Discontinued operations 532
332
Net cash inflow
Current year disposals:
Cash consideration, net of costs paid 34 94
Cash disposed of (8) –
Prior year disposals (1) 3
25 97
Notes to the Group financial statements continued