Holiday Inn 2015 Annual Report Download - page 129

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21. Loans and other borrowings continued
£250m 6% bonds 2016
The 6% fixed interest sterling bonds were issued on 9 December 2009 and are repayable in full on 9 December 2016. Interest is payable annually
on 9 December each year. The bonds were initially priced at 99.465% of face value and are unsecured. Currency swaps were transacted at the
same time the bonds were issued in order to swap the proceeds and interest flows into US dollars and were subsequently closed out during 2014.
£400m 3.875% bonds 2022
The 3.875% fixed interest sterling bonds were issued on 28 November 2012 and are repayable in full on 28 November 2022. Interest is payable
annually on28 November each year. The bonds were initially priced at 98.787% of face value and areunsecured.
£300m 3.75% bonds 2025
The 3.75% fixed interest sterling bonds were issued on 14 August 2015 and are repayable in full on 14 August 2025. Interest is payable annually
on 14 August each year. The bonds were initially priced at 99.014% of face value and are unsecured.
Facilities provided by banks
2015 2014
Utilised
$m
Unutilised
$m
Total
$m
Utilised
$m
Unutilised
$m
Total
$m
Committed –1,3501,350 364 709 1,073
Uncommitted –6464 46266
–1,4141,414 368 771 1,139
2015
$m
2014
$m
Unutilised facilities expire:
Within one year 64 62
After two but before five years 1,350 709
1,414 771
Utilised facilities are calculated based on actual drawings and may not agree to the carrying value of loans held at amortised cost.
Kimpton acquisition
In January 2015, a $400m bilateral term loan was drawn down to finance the acquisition of Kimpton (see note 10). The loan had a term of six
months plus two six-month extension periods, one of which was exercised in June 2015. A variable rate of interest was payable on the loan
which had identical covenants to the Syndicated Facility. The loan was repaid in full and the facility cancelled in August 2015.
22. Reconciliation of profit for the year to cash flow from operations
For the year ended 31 December 2015 Note
2015
$m
2014
$m
2013
$m
Profit for the year 1,224 392 374
Adjustments for:
Net financial expenses 87 80 73
Income tax charge 7188 208 226
Depreciation and amortisation 96 96 85
Impairment 36 ––
Other exceptional operating items (855) (29) (5)
Equity-settled share-based cost 26 19 21 22
Dividends from associates and joint ventures 14 525
Other items 642
Decrease/(increase) in trade and other receivables 3(18) (9)
Net change in loyalty programme liability and System Fund surplus 32 42 58 61
Increase in other trade and other payables 861 8
Utilisation of provisions 19 –(2) (3)
Retirement benefit contributions, net of costs (4) (6) (18)
Cash flows relating to exceptional operating items (45) (114) (33)
Total adjustments (414) 361 414
Cash flow from operations 810 753 788
STRATEGIC REPORT GOVERNANCE GROUP FINANCIAL STATEMENTS ADDITIONAL INFORMATIONPARENT COMPANY FINANCIAL STATEMENTS
127IHG Annual Report and Form 20-F 2015