Holiday Inn 2015 Annual Report Download - page 122

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Notes to the Group Financial Statements continued
17. Cash and cash equivalents
2015
$m
2014
$m
2013a
$m
Cash at bank and in hand 145 157 177
Short-term deposits 703 571
Repurchase agreements 289 ––
1,137 162 248
a 2013 balances were restated in 2014 for the adoption of ‘Offsetting Financial Assets and Financial Liabilities’ (Amendments to IAS 32), see page 94.
Cash at bank and in hand includes bank balances of $41m (2014: $108m, 2013: $114m) which are matched by bank overdrafts of $39m (2014:
$107m, 2013: $114m) under the Group’s cash pooling arrangements. Under these arrangements, each pool contains a number of bank accounts
with the same financial institution and the Group pays interest on net overdraft balances within each pool. The cash pools are used for day-to-day
cash management purposes and are managed as closely as possible to a zero balance on a net basis for each pool. Overseas subsidiaries are
typically in a cash positive position with the matching overdrafts held by the Group’s central treasury company in the UK.
For the purposes of the Group statement of cash flows, cash and cash equivalents comprise the following:
2015
$m
2014
$m
2013a
$m
Cash at bank and in hand 145 157 177
Short-term deposits 703 571
Repurchase agreements 289 ––
1,137 162 248
Bank overdrafts (note 21) (39) (107) (114)
1,098 55 134
a 2013 balances were restated in 2014 for the adoption of ‘Offsetting Financial Assets and Financial Liabilities’ (Amendments to IAS 32), see page 94.
Short-term deposits and repurchase agreements are highly liquid investments with an original maturity of three months or less (see note 20).
Cash and cash equivalents includes $1m (2014: $4m, 2013: $12m) that is not available for general use by the Group due to local exchange controls
in Venezuela and Argentina.
120 IHG Annual Report and Form 20-F 2015