Holiday Inn 2012 Annual Report Download - page 108
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106 IHG Annual Report and Financial Statements 2012
11. Assets sold and held for sale
Assets sold
During the year ended 31 December 2012, the Group sold an interest in a hotel in the Europe region.
During the year ended 31 December 2011, the Group sold four hotels, three in the Americas region and one in the AMEA region. The gain on
disposal mainly related to the sale of the Holiday Inn Burswood in Australia. The other significant disposal was the Hotel Indigo San Diego
which resulted in an impairment reversal (see note 10) in March 2011 on classification as held for sale.
2012 2011
$m $m
Consideration
Current year disposals:
Cash consideration, net of costs paid 4 142
Management contract value – 2
4 144
Net assets disposed of (6) (107)
(Loss)/gain on disposal of assets from continuing operations (2) 37
Net cash inflow
Current year disposals:
Cash consideration, net of costs paid 4 142
Tax – (1)
Prior year disposals:
Tax (3) –
1 141
Assets held for sale
Two hotels, the InterContinental New York Barclay and the InterContinental London Park Lane, and one associate investment met the held
for sale criteria of IFRS 5 at 31 December 2012. The InterContinental New York Barclay was held for sale at 31 December 2011.
2012 2011
$m $m
Assets and liabilities held for sale
Non-current assets classified as held for sale:
Property, plant and equipment 524 217
Associates 10 –
534 217
Liabilities classified as held for sale:
Deferred tax (note 26) 61 60
Notes to the Group Financial Statements continued