Holiday Inn 2009 Annual Report Download - page 90

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88 IHG Annual Report and Financial Statements 2009
19 Trade and other payables
2009 2008
$m $m
Current
Trade payables 99 111
Other tax and social security payable 29 31
Other payables 278 322
Accruals 262 272
Derivatives 20 10
688 746
Non-current
Other payables 408 392
Trade payables are non-interest-bearing and are normally settled within an average of 45 days.
Other payables include $470m (2008 $471m) relating to the future redemption liability of the Group’s loyalty programme, of which $86m
(2008 $96m) is classified as current and $384m (2008 $375m) as non-current.
Derivatives are held in the Group statement of financial position at fair value. Fair value is estimated using discounted future cash flows
taking into consideration interest and exchange rates prevailing on the last day of the reporting period.
20 Provisions
2009 2008
$m $m
Onerous management contracts 65 –
The onerous management contracts provision relates to the unavoidable net cash outflows that are expected to be incurred under the
performance guarantee associated with certain management contracts with one US hotel owner (see note 5). As the provision was first
recognised in the income statement at 31 December 2009, there are no other movements to disclose. The provision is expected to be
utilised within 12 months.
21 Loans and other borrowings
2009 2008
Current Non-current Total Current Non-current Total
$m $m $m $m $m $m
Secured bank loans 358527
Finance leases 16 188 204 16 186 202
£250m 6% bonds – 402 402 –––
Unsecured bank loans 87 421 508 – 1,146 1,146
Total borrowings 106 1,016 1,122 21 1,334 1,355
Denominated in the following currencies:
Sterling – 402 402 – 152 152
US dollars 103 348 451 16 873 889
Euro – 216 216 – 224 224
Other 35053 58590
106 1,016 1,122 21 1,334 1,355
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 $5m (2008 $nil) repayable by instalments.
Notes to the Group financial statements continued