Holiday Inn 2013 Annual Report Download - page 131
Download and view the complete annual report
Please find page 131 of the 2013 Holiday Inn annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138 -
139 -
140 -
141 -
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
 |
 |
11. Assets sold and held for sale
Assets sold
During the year ended 31 December 2013, the Group sold one hotel in the Europe region, the InterContinental London Park Lane.
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 5) in March 2011 on classification as held for sale.
2013
$m
2012
$m
2011
$m
Consideration
Current year disposals:
Cash consideration, net of costs paid 460 4142
Management contract value 40 – 2
500 4144
Net assets disposed of (288) (6) (107)
Exchanges losses recycled from currency translation reserve (46) – –
Gain/(loss) on disposal of assets from continuing operations 166 (2) 37
Net cash inflow
Current year disposals:
Cash consideration, net of costs paid 460 4142
Distribution from associate on sale of hotel 17 – –
Tax (5) –(1)
Prior year disposals:
Tax –(3) –
472 1141
Assets held for sale
One hotel, the InterContinental New York Barclay, met the held for sale criteria of IFRS 5 at 31 December 2013. Two hotels, the
InterContinental New York Barclay and the InterContinental London Park Lane, and one associate investment were held for sale at 31
December 2012.
2013
$m
2012
$m
Assets and liabilities held for sale
Non-current assets classified as held for sale:
Property, plant and equipment 228 524
Associates –10
228 534
Liabilities classified as held for sale:
Deferred tax (note 27) –61
On 19 December 2013, the Group signed an agreement to dispose of an 80% interest in the InterContinental New York Barclay hotel for
gross proceeds of $240m. The transaction is expected to complete in the first quarter of 2014.
Deferred tax in relation to the InterContinental New York Barclay hotel is no longer classified as held for sale at 31 December 2013 as no
such liabilities are expected to leave the Group upon disposal of the asset as a result of the agreement signed during the year.
Notes to the Group Financial Statements 129
OVERVIEW STRATEGIC REPORT GOVERNANCE
GROUP
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS ADDITIONAL INFORMATION