Holiday Inn 2015 Annual Report Download - page 115

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11. Assets sold and held for sale
Assets sold
During the year ended 31 December 2015, the Group sold one hotel in the Europe region, InterContinental Paris – Le Grand on 20 May 2015, and
one hotel in the Greater China region, InterContinental Hong Kong on 30 September 2015. On 30 November 2015, the Group disposed of its share
of assets and liabilities in a joint operation in the AMEA region.
Principal disposals during the year ended 31 December 2014 were the sale of InterContinental Mark Hopkins San Francisco on 27 March 2014 and
the disposal of an 80.1% interest in 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, InterContinental London Park Lane.
2015
$m
2014
$m
2013
$m
Consideration
Current year disposals:
Cash consideration, net of costs paid 1,289 345 460
Other financial assetsa–52 –
Intangible assets – management contracts 97 50 40
Investment in associate –22 –
Accrued disposal costs (3) ––
1,383 469 500
Net assets disposed:
Property, plant and equipment (6) (110) –
Non-current assets held for sale (577) (228) (294)
Other financial asset –(5) –
Other assets held for sale, including cash and cash equivalents (43) ––
Net current liabilities –46
Borrowings 2––
Deferred tax liability held for sale 66 ––
Other liabilities held for sale 48 ––
(510) (339) (288)
Exchange losses reclassified from currency translation reserve (2) –(46)
Gain on disposal of hotels from continuing operations 871 130 166
Net cash inflow arising on disposalsb
Disposal of hotel assets, net of costs and cash disposed
Cash consideration, net of costs paid 1,289 345 460
Less: cash and cash equivalents disposed (11) ––
Costs paid – prior year disposals (1) ––
1,277 345 460
Distribution from associate on sale of hotel ––17
Tax paid on disposals (1) –(5)
1,276 345 472
a Includes $27m deferred consideration subsequently received and included within ‘proceeds from other financial assets’ in the Group statement of cash flows.
b Unless otherwise stated relates to current year disposals.
Assets held for sale
There were no assets held for sale at 31 December 2015. InterContinental Paris – Le Grand was held for sale at 31 December 2014.
2015
$m
2014
$m
Assets and liabilities held for sale
Assets classified as held for sale:
Property, plant and equipment –306
Other assets –4
–310
Liabilities classified as held for sale:
Deferred tax (note 7) –(66)
Other liabilities –(28)
–(94)
STRATEGIC REPORT GOVERNANCE GROUP FINANCIAL STATEMENTS ADDITIONAL INFORMATIONPARENT COMPANY FINANCIAL STATEMENTS
113IHG Annual Report and Form 20-F 2015