Holiday Inn 2004 Annual Report Download - page 63

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Group Company
31 Dec 31 Dec 31 Dec
31 Dec 2004 2003 2004 2003
Bank
loans and Other
overdrafts borrowings Total Total Total Total
28 BORROWINGS (CONTINUED) £m £m £m £m £m £m
Analysis by year of repayment
Due within one year (see note 24) 25 18 43 13 28 –
Due: between one and two years 2–242 ––
between two and five years 1,150 – 1,150 514 ––
after five years 134432 –420
Due after more than one year (see note 25) 1,153 3 1,156 988 –420
1,178 21 1,199 1,001 28 420
Amounts repayable by instalments,
some of which fall due after five years 19 – 19 22––
31 Dec 31 Dec
2004 2003
Facilities committed by banks £m £m
Utilised 1,155 554
Unutilised 542 408
1,697 962
Unutilised facilities expire:
within one year 40 –
after one year but before two years 500 36
after two years 2372
542 408
29 FINANCIAL INSTRUMENTS
Details of the Group’s policies on the use of financial instruments are given in the operating and financial review on pages 11 to 12 and
in the accounting policies on page 42. The following disclosures provide additional information regarding the effect of these instruments
on the financial assets and liabilities of the Group, other than short-term debtors and creditors.
Interest rate risk In order to manage interest rate risk, the Group enters into interest rate swap, interest rate option and forward rate
agreements. The interest rate profile of the Group’s material financial assets and liabilities, after taking account of the interest rate
swap agreements and currency swap agreements, was:
Interest at fixed rate
Weighted
average
Currency Principal Weighted period for
swap At variable At fixed average which rate
Net debt agreements Total rate* rate rate is fixed
31 December 2004 £m £m £m £m £m % (years)
Current asset investments and
cash at bank and in hand:
Sterling 26339365365–––
US dollar 29–2929–––
Other 28–2828–––
Borrowings:
Sterling (247) – (247) (244) (3) – 5.0
US dollar (283) (52) (335) (231) (104) 4.6 1.7
Euro (560) (239) (799) (596) (203) 3.6 1.0
Hong Kong dollar (69) – (69) (49) (20) 1.5 0.8
Other (40) (48) (88) (64) (24) 5.4 0.7
(1,116) – (1,116) (762) (354) 3.9 1.2
* Primarily based on the relevant inter-bank rate.
InterContinental Hotels Group 2004 61