Holiday Inn 2014 Annual Report Download - page 132
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14. Investment in associates and joint ventures
Associates
$m
Joint
ventures
$m
Total
$m
Cost
At 1 January 2013 59 28 87
Additions 8 2 10
Capital returns –(3) (3)
Share of profits 2–2
Dividends (5) –(5)
Exchange and other adjustments (3) –(3)
At 31 December 2013 61 27 88
Initial retained interest in Barclay associate (note 11) 22 –22
Additions 15 –15
Share of (losses)/profits (4) –(4)
Dividends (2) –(2)
At 31 December 2014 92 27 119
Impairment
At 1 January 2013, 31 December 2013 and 31 December 2014 (3) –(3)
Net book value
At 31 December 2014 89 27 116
At 31 December 2013 58 27 85
At 1 January 2013 56 28 84
Barclay associate
The Group held one material associate investment at 31 December 2014, a 19.9% interest in 111 East 48th Street Holdings, LLC (‘the Barclay
associate’) which owns the InterContinental New York Barclay, a hotel managed by the Group. The investment is classified as an associate
and equity accounted as the Group has the ability to exercise significant influence through its involvement in the redevelopment of the hotel
and certain decision rights.
Summarised financial information in respect of the Barclay associate is set out below:
31 December
2014
$m
Non-current assets 339
Net current assets 2
Non-current liabilities (182)
Equity 159
Group carrying amount (19.9%) 32
9 months to
31 December
2014
$m
Revenue 24
Loss for the period (26)
Group’s share of loss for the period (19.9%) (5)
The Barclay associate classification was effective 31 March 2014.
Other associates and joint ventures
The summarised aggregated financial information for individually immaterial associates and joint ventures is set out below. These are
mainly investments in entities that own hotels which the Group manages.
Associates Joint ventures Total
2014
$m
2013
$m
2012
$m
2014
$m
2013
$m
2012
$m
2014
$m
2013
$m
2012
$m
Share of profit/(loss)
Operating profit/(loss) before exceptional items 12 3 –– – 12 3
Exceptional items –6 – –– – –6 –
18 3 –– – 18 3
The exceptional profit in 2013 arose on the sale of a hotel owned by an associate investment that was classified as held for sale at
31December 2012. Followingcompletion of the sale, the Group received a $17m cash distribution from the associate, being the
Group’s share of the net disposal proceeds.
continuedNotes to the Group Financial Statements
IHG Annual Report and Form 20-F 2014
130