Holiday Inn 2004 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2004 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.

Page out of 80

  • 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

1 EXCHANGE RATES
The results of overseas operations have been translated into sterling at weighted average rates of exchange for the period. In the case
of the US dollar, the translation rate is £1 = $1.82 (2003 £1 = $1.62). In the case of the euro, the translation rate is £1 = €1.47
(2003 £1 = €1.47).
Foreign currency denominated assets and liabilities have been translated into sterling at the rates of exchange on the last day
of the period. In the case of the US dollar, the translation rate is £1 = $1.93 (2003 £1 = $1.78). In the case of the euro, the translation
rate is £1 = €1.41 (2003 £1 = €1.41).
2 TURNOVER AND PROFIT
InterContinental Hotels Group PLC†
Asia Total Soft Dis- Total
Americas EMEA Pacific Central Hotels Drinks Total continued† Group
12 months ended 31 December 2004* £m £m £m £m £m £m £m £m £m
Turnover 495 829 134 40 1,498 706 2,204 – 2,204
Operating profit before exceptional items 163 119 21 (52) 251 80 331 – 331
Operating exceptional items (14) (19) (4) 18 (19) – (19) – (19)
Operating profit 149 100 17 (34) 232 80 312 – 312
Non-operating exceptional items:
Provision for loss on disposal of operations (9) (65) – – (74) – (74) – (74)
(Loss)/profit on disposal of fixed assets (1) 14 2 – 15 – 15 – 15
Provision against fixed asset investments 8 (16) (2) – (10) – (10) – (10)
Profit on ordinary activities before interest 147 33 17 (34) 163 80 243 – 243
15 months ended 31 December 2003*
Turnover 661 1,010 148 51 1,870 820 2,690 793 3,483
Operating profit before exceptional items 195 114 22 (80) 251 95 346 137 483
Operating exceptional item (9) (41) (1) – (51) – (51) – (51)
Operating profit 186 73 21 (80) 200 95 295 137 432
Non-operating exceptional items:
Cost of fundamental reorganisation (11) (17) (2) (37) (67) – (67) – (67)
Separation costs – – – (51) (51) – (51) (41) (92)
Profit/(loss) on disposal of fixed assets 10 (6) – – 4 – 4 (2) 2
Provision against fixed asset investments (9) – – (47) (56) – (56) – (56)
Profit on ordinary activities before interest 176 50 19 (215) 30 95 125 94 219
* Other than for Soft Drinks which reflects the 53 weeks ended 25 December (2003 64 weeks ended 20 December) and, in 2003, Mitchells & Butlers plc which reflects
the 28 weeks ended 12 April.
†InterContinental Hotels Group PLC relates to continuing operations. Discontinued operations relate to Mitchells & Butlers plc.
InterContinental Hotels Group 2004 45
Notes to the financial statements