Holiday Inn 2014 Annual Report Download - page 129
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11. Assets sold and held for sale
Assets sold
Principal disposals during the year ended 31 December 2014 were the sale of the InterContinental Mark Hopkins San Francisco on
27 March 2014 and the disposal of an 80.1% interest in the InterContinental New York Barclay on 31 March 2014. The Group’s 19.9%
retained interest is accounted for as an associate as described in note 14. Both transactions took place in the Americas region.
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.
2014
$m
2013
$m
2012
$m
Consideration
Current year disposals:
Cash consideration, net of costs paid 345 460 4
Other financial assets¹ 52 – –
Intangible assets – management contracts 50 40 –
Investment in associate 22 – –
469 500 4
Net assets disposed:
Property, plant and equipment (110) –(6)
Non-current assets held for sale (228) (294) –
Other financial asset (5) – –
Net current liabilities 46 –
(339) (288) (6)
Exchange losses recycled from currency translation reserve –(46) –
Gain/(loss) on disposal of hotels from continuing operations 130 166 (2)
Net cash inflow
Current year disposals:
Cash consideration, net of costs paid 345 460 4
Distribution from associate on sale of hotel –17 –
Tax –(5) –
Prior year disposals:
Tax ––(3)
345 472 1
¹ Includes $27m deferred consideration subsequently received and included within Proceeds from other financial assets in the Group statement of cash flows.
Assets held for sale
One hotel, the InterContinental Paris – Le Grand, met the held for sale criteria of IFRS 5 at 31 December 2014. More information can be
found in the performance section of the Strategic Report on page 34. One hotel, the InterContinental New York Barclay, was held for sale
at 31 December 2013.
2014
$m
2013
$m
Assets and liabilities held for sale
Assets classified as held for sale:
Property, plant and equipment 306 228
Other assets 4–
310 228
Liabilities classified as held for sale:
Deferred tax (note 7) (66) –
Other liabilities (28) –
(94) –
STRATEGIC REPORT GOVERNANCE
GROUP
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
ADDITIONAL
INFORMATION
127