Holiday Inn 2014 Annual Report Download - page 152
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27. Equity continued
The nature and purpose of the other reserves shown in the Group statement of changes in equity on pages 102 to 104 of the Financial
Statements is as follows:
Capital redemption reserve
This reserve maintains the nominal value of the equity share capital of the Company when shares are repurchased or cancelled.
Shares held by employee share trusts
Comprises $34.5m (2013 $37.6m, 2012 $48.0m) in respect of 0.9m (2013 1.2m, 2012 1.8m) InterContinental Hotels Group PLC ordinary
shares held by employee share trusts, with a market value at 31 December 2014 of $38.2m (2013 $39.8m, 2012 $50.1m).
Other reserves
Comprises the merger and revaluation reserves previously recognised under UK GAAP, together with the reserve arising as a
consequence of the Group’s capital reorganisation in June 2005. Following the change in presentational currency to the US dollar
in 2008 (see page 107), this reserve also includes exchange differences arising on the retranslation to period-end exchange
rates of equity share capital, the capital redemption reserve and shares held by employee share trusts.
Unrealised gains and losses reserve
This reserve records movements in the fair value of available-for-sale financial assets and the effective portion of the cumulative
net change in the fair value of the cash flow hedging instruments related to hedged transactions that have not yet occurred.
Currency translation reserve
This reserve records the movement in exchange differences arising from the translation of foreign operations and exchange
differences on foreign currency borrowings and derivative instruments that provide a hedge against net investments in foreign
operations. On adoption of IFRS, cumulative exchange differences were deemed to be $nil as permitted by IFRS 1.
The fair value of derivative instruments designated as hedges of net investments in foreign operations outstanding at 31 December 2014
was a $2m net asset (2013 $10m net liability, 2012 $17m net liability).
The currency translation reserve includes a cumulative loss of $3m relating to assets classified as held for sale.
Treasury shares
At 31 December 2014, 11.5m shares (2013 9.8m, 2012 nil) with a nominal value of $2.8m (2013 $2.4m, 2012 $nil) were held as treasury
shares atcost and deducted from retained earnings.
Non-controlling interest
A non-controlling interest is equity in a subsidiary of the Group not attributable, directly or indirectly, to the Group. Non-controlling interests
are not material to the Group.
continuedNotes to the Group Financial Statements
IHG Annual Report and Form 20-F 2014
150