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December 2013.
New signings in the period of 146 hotels (17,208 rooms) were ahead of the same
period last year by 18 hotels (3,397 rooms) excluding hotels signed as part of
the US government's Privatization of Army Lodgings initiative in 2013 and
2014. The majority of the signings were within the Holiday Inn and Holiday Inn
Express brands (102 hotels, 11,992 rooms). Staybridge Suites and Candlewood
Suites, IHG's extended stay hotel brands, also contributed signings of 35
hotels (3,451 rooms). Terminations from the pipeline of 34 hotels (3,483
rooms) represent a reduction from the levels terminated in the first half of
2013 (51 hotels, 5,133 rooms).
EUROPE
6 months ended 30 June
Europe results 2014 2013 %
$m $m change
Revenue
Franchised 49 53 (7.5)
Managed 81 72 12.5
Owned and leased 52 81 (35.8)
____ ____ ____
Total 182 206 (11.7)
____ ____ ____
Operating profit before exceptional items
Franchised 36 41 (12.2)
Managed 15 12 25.0
Owned and leased 2 17 (88.2)
____ ____ ____
53 70 (24.3)
Regional overheads (15) (17) 11.8
____ ____ ____
Total 38 53 (28.3)
____ ____ ____
Revenue decreased by $24m (11.7%) to $182m and operating profit before
exceptional items decreased by $15m (28.3%) to $38m during the six months
ended 30 June 2014, primarily driven by the change in ownership of the
InterContinental London Park Lane in 2013 and the refurbishment of the
InterContinental Paris-Le Grand in 2014. RevPAR increased by 4.9%, with growth
of 8.7% in the UK and 3.1% in Germany.
Franchised revenue and operating profit decreased by $4m (7.5%) to $49m and by
$5m (12.2%) to $36m respectively. On a constant currency basis and excluding
the benefit of a $9m liquidated damages receipt in 2013, revenue and operating
profit increased by $2m (4.5%) and $2m (6.3%) respectively, with RevPAR up
5.0%.
Managed revenue increased by $9m (12.5%) to $81m and operating profit
increased by $3m (25.0%) to $15m. Revenue included $46m (2013 $42m) and
operating profit included $nil impact (2013 $1m loss) from properties that are
structured for legal reasons as operating leases but with the same
characteristics as management contracts. At constant currency and excluding
these properties, revenue and operating profit increased by $4m (13.3%) and
$1m (7.7%) respectively, with RevPAR increasing by 5.9% compared to the same
period in 2013 and year-on-year System size growth of 1.9%.
Owned and leased revenue and operating profit decreased by $29m (35.8%) to
$52m and by $15m (88.2%) to $2m. On a constant currency basis and after
adjusting for the disposal of the InterContinental London Park Lane in 2013,
revenue decreased by $9m (15.3%), with RevPAR decreasing by 11.8% at the
InterContinental Paris Le-Grand, the one remaining hotel in the owned and
leased estate. Operating profit decreased by $7m (77.8%) on the same basis,
primarily due to the refurbishment of the InterContinental Paris-Le Grand with
an additional small negative impact on this hotel from the absence of the
biannual Paris air show in 2014.
Hotels Rooms
Europe hotel and room count Change over Change over
201430 June 201331 December 201430 June 201331 December
Analysed by brand
InterContinental 30 (1) 9,390 (135)
Crowne Plaza 82 (1) 19,214 (308)
Hotel Indigo 16 3 1,511 268
Holiday Inn* 280 (2) 45,069 (552)
Holiday Inn Express 221 6 26,465 1,094
Staybridge Suites 5 - 784 -
____ ____ ______ _____
Total 634 5 102,433 367
____ ____ ______ _____
Analysed by ownership type
Franchised 534 6 80,107 590
Managed 99 (1) 21,856 (223)
Owned and leased 1 - 470 -
____ ____ ______ _____
Total 634 5 102,433 367
____ ____ ______ _____
* Includes 2 Holiday Inn Resort properties (212 rooms) (2013 2 Holiday Inn
Resort properties (212 rooms)).
During the first half of 2014, Europe System size increased by five hotels
(367 rooms) to 634 hotels (102,433 rooms). Openings of 18 hotels (2,765
rooms), were mainly within the Holiday Inn brand family, which opened 13
hotels (2,059 rooms). Other key openings included the 217-room Holiday Inn
Berlin as well as Hotel Indigo hotels in Rome, Madrid and St Petersburg. 13
hotels (2,398 rooms) left the System in the period.
Hotels Rooms
Europe pipeline Change over Change over
201430 June 201331 December 201430 June 201331 December
Analysed by brand
InterContinental 3 1 815 162
Crowne Plaza 10 (2) 2,083 (541)
Hotel Indigo 12 (3) 1,304 (272)
Holiday Inn 36 1 6,777 165
Holiday Inn Express 39 (4) 5,405 (611)
Staybridge Suites 3 - 298 -
____ ____ ______ _____
Total 103 (7) 16,682 (1,097)
____ ____ ______ _____
Analysed by ownership type
Franchised 89 (8) 12,830 (1,289)
Managed 14 1 3,852 192
____ ____ ______ _____
Total 103 (7) 16,682 (1,097)
____ ____ ______ _____
The Europe pipeline at 30 June 2014 totalled 103 hotels (16,682 rooms), just
over a thousand rooms lower than the pipeline at 31 December 2013, and this is
primarily timing related as signings are expected to be ahead of 2013 in the
full year. A total of 14 hotels (2,090 rooms) were added to the region's
pipeline during the first six months of 2014. New signings were focused on the
Holiday Inn and Holiday Inn Express brands (12 hotels, 1,844 rooms).
Terminations from the pipeline amounted to three hotels (422 rooms).
ASIA, MIDDLE EAST AND AFRICA (AMEA)
6 months ended 30 June
AMEA results 2014 2013 %
$m $m change
Revenue
Franchised 8 8 -
Managed 90 73 23.3
Owned and leased 19 21 (9.5)
____ ____ _____
Total 117 102 14.7
____ ____ _____
Operating profit before exceptional items
Franchised 6 6 -
Managed 42 45 (6.7)
Owned and leased 1 1 -
____ ____ _____
49 52 (5.8)
Regional overheads (11) (11) -
____ ____ _____
Total 38 41 (7.3)
____ ____ _____
Revenue increased by $15m (14.7%) to $117m and operating profit before
exceptional items decreased by $3m (7.3%) to $38m. RevPAR increased by 3.7% in
the first half of the year, with strong trading in Japan, Australasia and
Southeast Asia (excluding Thailand, which has been impacted by political
unrest).
Franchised revenue and operating profit remained flat at $8m and $6m
respectively.
Managed revenue increased by $17m (23.3%) to $90m and operating profit
decreased by $3m (6.7%) to $42m. A property that is structured for legal
reasons as an operating lease but with the same characteristics as a
management contract, contributed revenue of $19m (2013 $2m) and operating
profit of $2m (2013 $nil). Excluding this property and on a constant currency
basis, revenue increased by $1m (1.4%) and operating profit decreased by $5m
(11.1%) reflecting additional investment to support hotel operations and a
number of individually small, adverse, one-off items together with weaker
trading in Thailand.
In the owned and leased estate, revenue decreased by $2m (9.5%) to $19m and
operating profit remained flat at $1m.
Hotels Rooms
AMEA hotel and room count 2014 Changeover 2013 2014 Changeover 2013
30 June 31 December 30 June 31 December
Analysed by brand
InterContinental 68 1 21,587 204
Crowne Plaza 68 1 19,293 215
Holiday Inn* 82 1 18,949 485
Holiday Inn Express 19 3 4,277 777
Staybridge Suites 3 - 425 -
Other 6 (4) 1,521 (467)
____ ____ ______ _____
Total 246 2 66,052 1,214
____ ____ ______ _____
Analysed by ownership type
Franchised 49 (2) 11,421 (190)
Managed 195 4 54,044 1,404
Owned and leased 2 - 587 -
____ ____ ______ _____
Total 246 2 66,052 1,214
____ ____ ______ _____
* Includes 13 Holiday Inn Resort properties (2,638 rooms) (2013 13 Holiday Inn
Resort properties (2,638 rooms)).
AMEA System size increased by two hotels (1,214 rooms) to 246 hotels (66,052
rooms) in the first half of 2014. Openings of eight hotels (1,732 rooms)
included the InterContinental Nha Trang, the fourth for the brand in Vietnam
as well as the 442-room Holiday Inn Express Singapore Clarke Quay. Six hotels
(518 rooms) were removed from the System.
Hotels Rooms
AMEA pipeline 2014 Changeover 2013 2014 Changeover 2013
30 June 31 December 30 June 31 December
Analysed by brand
InterContinental 21 - 5,408 30
Crowne Plaza 16 2 4,412 364
Hotel Indigo 8 - 1,402 10
Holiday Inn* 48 (1) 12,540 199
Holiday Inn Express 38 (1) 7,718 (262)
Staybridge Suites 6 - 935 -
____ ____ ______ _____
Total 137 - 32,415 341
____ ____ ______ _____
Analysed by ownership type
Franchised 3 - 647 -
Managed 134 - 31,768 341
____ ____ ______ _____
Total 137 - 32,415 341
____ ____ ______ _____
* Includes 5 Holiday Inn Resort properties (1,301 rooms) (2013 5 Holiday Inn
Resort properties (1,301 rooms)).
The pipeline in AMEA remained broadly flat at 137 hotels (32,415 rooms). This
included signings of eight hotels (1,966 rooms), with five hotels (1,432
rooms) added in the Holiday Inn brand family. No hotels were terminated from
the pipeline during the first half of 2014.
GREATER CHINA
6 months ended 30 June
Greater China results 2014 2013 %
$m $m change
Revenue
Franchised 2 2 -
Managed 44 41 7.3
Owned and leased 66 69 (4.3)
____ ____ ____
Total 112 112 -
____ ____ ____
Operating profit before exceptional items
Franchised 2 2 -
Managed 25 23 8.7
Owned and leased 19 22 (13.6)
____ ____ ____
46 47 (2.1)
Regional overheads (10) (11) 9.1
____ ____ ____
Total 36 36 -
____ ____ ____
Revenue and operating profit before exceptional items remained flat at $112m
and $36m respectively. RevPAR increased by 4.3% in the first half of the year,
which was a significant outperformance to the industry. Trading in the first
half of 2014 was impacted by the ongoing industry-wide challenges including
slower macroeconomic conditions and austerity measures and also by lower
results at the InterContinental Hong Kong
Franchised revenue and operating profit remained flat at $2m.
Managed revenue and operating profit increased by $3m (7.3%) to $44m and by
$2m (8.7%) to $25m respectively. Year-on-year System size growth of 13.8% was
supplemented by RevPAR growth of 3.7%, however total RevPAR was lower
reflecting an increasing mix of new rooms opening in lower RevPAR developing
markets. Total gross revenue derived from non-rooms business also increased by
5.2%, compared to the six months ended 30 June 2013.
In the owned and leased estate, revenue decreased by $3m (4.3%) to $66m and
operating profit decreased by $3m (13.6%) to $19m. RevPAR remained flat at the
InterContinental Hong Kong, with results impacted by a $3m (7%) decline in
non-rooms revenues due to the ongoing impact from the significant
redevelopment of the area adjacent to the hotel.
Hotels Rooms
Greater China hotel and room count 2014 Changeover 2013 2014 Changeover 2013
30 June 31 December 30 June 31 December
Analysed by brand
InterContinental 31 2 12,482 740
Crowne Plaza 69 4 24,559 1,325
Hotel Indigo 5 - 612 -
Holiday Inn* 67 - 21,684 22
Holiday Inn Express 44 2 11,801 506
____ ____ ______ _____
Total 216 8 71,138 2,593
____ ____ ______ _____
Analysed by ownership type
Franchised 4 - 2,184 -
Managed 211 8 68,451 2,593
Owned and leased 1 - 503 -
____ ____ ______ _____
Total 216 8 71,138 2,593
____ ____ ______ _____
* Includes 3 Holiday Inn Resort properties (893 rooms) (2013 3 Holiday Inn
Resort properties (893 rooms)).
Greater China System size increased by eight hotels (2,593 rooms) to 216
hotels (71,138 rooms) in the first half of 2014. Openings of nine hotels
(3,957 rooms) included the 466-room Crowne Plaza Beijing Lido as well as two
InterContinental Hotels. There are now over 30 InterContinental hotels in
Greater China. One hotel (1,364 rooms) was removed from the System.
Hotels Rooms
Greater China pipeline 2014 Changeover 2013 2014 Changeover 2013
30 June 31 December 30 June 31 December
Analysed by brand
InterContinental 21 (1) 8,008 (1,384)
HUALUXE 24 3 7,654 850
Crowne Plaza 47 (5) 16,007 (2,462)
Hotel Indigo 8 3 1,346 625
Holiday Inn* 44 3 12,706 762
Holiday Inn Express 42 9 9,214 1,954
____ ____ ______ _____
Total 186 12 54,935 345
____ ____ ______ _____
Analysed by ownership type
Managed 186 12 54,935 345
____ ____ ______ _____
Total 186 12 54,935 345
____ ____ ______ _____
* Includes 4 Holiday Inn Resort properties (1,200 rooms) (2013 4 Holiday Inn
Resort properties (1,200 rooms)).
The pipeline in Greater China increased in the first half of 2014 by 12 hotels
(345 rooms) to 186 hotels (54,935 rooms). 28 hotels (6,999 rooms) were signed
into the pipeline. Signings included a further three hotels (850 rooms) added
in the HUALUXE Hotels and Resorts brand, taking the total pipeline for the
brand to 24 hotels (7,654 rooms) with the first due to open at the end of
2014. 18 hotels (4,294 rooms) were signed in the Holiday Inn brand family.
Signings also included two InterContinental hotels (650 rooms) and three Hotel
Indigo hotels (625 rooms), including the 300-room Hotel Indigo Shanghai
Hongqiao. Seven hotels (2,697 rooms) were terminated from the pipeline.
Central
Net central costs decreased by $4m (5.4%) to $70m during the six months ended
30 June 2014. This favourability largely related to timing of expenditure.
System Funds
In the six months ended 30 June 2014, System Fund income increased by $64m
(10.2%) to $693m due to the growth in hotel-room revenues and marketing
programmes.
OTHER FINANCIAL INFORMATION
Exceptional operating items
Exceptional operating items totalled a net gain of $106m. The exceptional gain
of $130m related to the sale of the InterContinental Mark Hopkins San
Francisco and the disposal of an 80% interest in the InterContinental New York
Barclay. Exceptional charges included $14m foreign exchange losses resulting
from recent changes to the Venezuelan currency rate mechanisms and the
adoption of the SICAD II exchange rate, and $10m relating to the restructuring
of the Group's corporate functions.
Net financial expenses
Net financial expenses increased by $3m to $39m for the six months ended 30
June 2014.
Taxation
The tax charge on profit before tax, excluding the impact of exceptional
items, has been calculated using an estimated effective annual tax rate of
33%. By also excluding the effect of prior-year items, the equivalent
effective tax rate would be approximately 37%. This rate is higher than the
average UK statutory rate for the year of 21.5% due mainly to certain overseas
profits (particularly in the US) being subject to statutory rates higher than
the UK statutory rate, unrelieved foreign taxes and disallowable expenses.
Taxation within exceptional items totalled a charge of $49m. This represented,
primarily, tax charges arising as a consequence of the disposal of an 80%
interest in the InterContinental New York Barclay.
Net tax paid in the six months ended 30 June 2014 totalled $59m.
Dividends
The Board has proposed an interim dividend per ordinary share of 25¢ (14.8p),
representing growth of 9% on the 2013 interim dividend.
On 2 May 2014, the Group announced a $750m return to shareholders by way of
special dividend and share consolidation. The dividend was paid to
shareholders on 14 July 2014.
Under the $500m share buyback programme announced on 7 August 2012, a total of
17.3m shares have been repurchased for a total consideration of $500m.
Capital structure and liquidity management
During the six months ended 30 June 2014, $205m of cash was generated from
operating activities. Net cash inflows due to investing activities totalled
$261m, reflecting the sale of the InterContinental Mark Hopkins San Francisco
and the disposal of an 80% interest in the InterContinental New York Barclay
for net proceeds of $346m. Net cash used in financing activities was $282m and
included returns to shareholders of $232m comprising ordinary dividends and
share buybacks. Net debt at 30 June 2014 was $1,031m and included $216m in
respect of the finance lease obligations for the InterContinental Boston.
On 14 July 2014, the Group paid a special dividend of $763m which was funded
from surplus cash and borrowings under the Group's $1.07bn Syndicated
Facility, which was undrawn at 30 June 2014.
The Group had net liabilities of $89m at 30 June 2014 reflecting that its
brands, in accordance with accounting standards, are not recorded on the
balance sheet.
Risks and Uncertainties
The principal risks and uncertainties which could materially affect the
Group's business for the remainder of the financial year remain those set out
on pages 164 to 167 of the IHG Annual Report and Form 20-F 2013.
In summary, the Group is exposed to risks relating to:
· political and economic developments;
· events that adversely impact domestic or international travel;
· the hotel industry supply and demand cycle;· a competitive and changing industry;· the dependency on a wide range of external stakeholders and business partners;
· identifying, securing and retaining franchise and management agreements;
· changing technology and systems;
· the reputation of its brands and the protection of intellectual property rights;· the reliance upon its proprietary reservations system and is exposed to the risk of failures in the system and increased competition in reservations infrastructure;· information security and data privacy;· safety, security and crisis management;
· requiring the right people, skills and capability to manage growth and change;
· compliance with existing and changing regulations across numerous countries, territories and jurisdictions;
· litigation;· corporate responsibility;
· its financial stability, ability to borrow and satisfy debt covenants; and
· difficulties insuring its business.
We have achieved a strong first half performance, with our preferred brands
continuing to drive good momentum through the second quarter. With underlying
operating profit up 6% and solid net system growth, our long-term winning
strategy is delivering results. This has given us the confidence to increase
the interim dividend by 9%.
Looking forward, leading economic indicators remain positive. Booking pace is
up for the Group as a whole, with increases in both rate and rooms on the
books for the rest of the year.
The favourable supply and demand dynamic in the US continues to support good
growth in our largest region, with record industry room nights sold for the
last 40 months. This combined with IHG's preferred brands and best-in-class
delivery systems gives us confidence in the outlook, despite the political and
economic uncertainty we are expecting in a number of our key markets.
A copy of the IHG Annual Report and Form 20-F 2013 is available at
www.ihgplc.com.
Going concern
An overview of the business activities of IHG, including a review of the key
business risks that the Group faces, is given in this Interim Management
Report. Information on the Group's treasury management policies can be found
in note 21 to the Group Financial Statements in the IHG Annual Report and Form
20-F 2013. The Group refinanced its bank debt in November 2011 and put in
place a five-year $1.07bn facility. In November 2009, the Group issued a
seven-year £250m sterling bond and, in November 2012, a 10-year £400m sterling
bond. At the end of June 2014, the Group was trading significantly within its
banking covenants and debt facilities.
The Group's fee-based model and wide geographic spread means that it is well
placed to manage through uncertain times and our forecasts and sensitivity
projections, based on a range of reasonably possible changes in trading
performance, show that the Group should be able to operate within the level of
its current facilities.
After making enquiries, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in operational
existence for the foreseeable future and, accordingly, they continue to adopt
the going concern basis in preparing the Financial Statements.
Directors' Responsibility Statement
The Directors confirm that to the best of their knowledge:
· The condensed set of Financial Statements has been prepared in
accordance with IAS 34;
· The Interim Management Report includes a fair review of the important
events during the first six months, and their impact on the financial
statements and a description of the principal risks and uncertainties for the
remaining six months of the year, as required by DTR 4.2.7R; and
· The Interim Management Report includes a fair review of related party
transactions and changes therein, as required by DTR 4.2.8R.
On behalf of the Board
Richard Solomons Paul Edgecliffe-Johnson
Chief Executive Chief Financial Officer
4 August 2014 4 August 2014
InterContinental Hotels Group PLC
GROUP INCOME STATEMENT
For the six months ended 30 June 2014
6 months ended 30 June 2014 6 months ended 30 June 2013
Beforeexceptionalitems Exceptionalitems(note 4) Total Beforeexceptionalitems Exceptionalitems(note 4) Total
$m $m $m $m $m $m
Continuing operations
Revenue (note 3) 908 - 908 936 - 936
Cost of sales (378) - (378) (377) - (377)
Administrative expenses (180) (24) (204) (182) (13) (195)
Share of profits of associates and joint ventures - - - - 7 7
Other operating income and expenses 6 130 136 1 166 167
_____ ____ ____ _____ ____ ____
356 106 462 378 160 538
Depreciation and amortisation (46) - (46) (40) - (40)
_____ ____ ____ _____ ____ ____
Operating profit (note 3) 310 106 416 338 160 498
Financial income 2 - 2 3 - 3
Financial expenses (41) - (41) (39) - (39)
_____ ____ ____ _____ ____ ____
Profit before tax 271 106 377 302 160 462
Tax (note 5) (89) (49) (138) (93) (28) (121)
_____ ____ ____ _____ ____ ____
Profit for the period from continuing operations 182 57 239 209 132 341
==== ==== ==== ==== ==== ====
Attributable to:
Equity holders of the parent 181 57 238 208 132 340
Non-controlling interest 1 - 1 1 - 1
____ ____ ____ ____ ____ ____
182 57 239 209 132 341
==== ==== ==== ==== ==== ====
Earnings per ordinary share(note 6)
Continuing and total operations:
Basic 93.0¢ 127.8¢
Diluted 91.9¢ 126.4¢
Adjusted 70.7¢ 78.2¢
Adjusted diluted 69.9¢ 77.3¢
==== ==== ==== ====
InterContinental Hotels Group PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2014
20146 months ended 30 June $m 20136 months ended 30 June $m
Profit for the period 239 341
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Gains on valuation of available-for-sale financial assets, net of related tax charge of $1m (2013 $nil) 13 14
Exchange losses on retranslation of foreign operations, net of related tax credit of $1m (2013 $2m) (8) (34)
Exchange losses reclassified to profit on hotel disposal - 46
____ ____
5 26
Items that will not be reclassified to profit or loss:
Re-measurement losses on defined benefit plans, net of related tax credit of $3m (2013 tax charge of $10m) (8) (13)
Tax related to pensions contributions - 1
____ ____
(8) (12)
____ ____
Total other comprehensive (loss)/ income for the period (3) 14
____ ____
Total comprehensive income for the period 236 355
==== ====
Attributable to:
Equity holders of the parent 234 355
Non-controlling interest 2 -
____ ____
236 355
==== ====
InterContinental Hotels Group PLC
GROUP STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2014
6 months ended 30 June 2014
Equity share capital Other reserves* Retained earnings Non-controlling interest Total equity
$m $m $m $m $m
At beginning of the period 189 (2,605) 2,334 8 (74)
Total comprehensive income for the period - 4 230 2 236
Repurchase of shares - - (110) - (110)
Movement in shares in employee share trusts - 20 (59) - (39)
Equity-settled share-based cost - - 14 - 14
Tax related to share schemes - - 7 - 7
Equity dividends paid - - (122) (1) (123)
Exchange adjustments 5 (5) - - -
_____ ______ _____ ____ ____
At end of the period 194 (2,586) 2,294 9 (89)
===== ===== ===== ==== ====
6 months ended 30 June 2013
Equity share capital Other reserves* Retained earnings Non-controlling interest Total equity
$m $m $m $m $m
At beginning of the period 179 (2,652) 2,781 9 317
Total comprehensive income for the period - 27 328 - 355
Issue of ordinary shares 4 - - - 4
Repurchase of shares - - (137) - (137)
Movement in shares in employee share trusts - 31 (60) - (29)
Equity-settled share-based cost - - 13 - 13
Tax related to share schemes - - 9 - 9
Equity dividends paid - - (115) (1) (116)
Exchange adjustments (11) 11 - - -
_____ _____ ____ ____ ____
At end of the period 172 (2,583) 2,819 8 416
===== ===== ==== ==== ====
* Other reserves comprise the capital redemption reserve, shares held by employee share trusts, other reserves, unrealised gains and losses reserve and currency translation reserve.
InterContinental Hotels Group PLC
GROUP STATEMENT OF FINANCIAL POSITION
30 June 2014
201430 June 201330 June 201331 December
$m $m $m
ASSETS
Property, plant and equipment 1,089 1,079 1,169
Goodwill 84 83 80
Intangible assets 509 408 438
Investment in associates and joint ventures 115 87 85
Retirement benefit assets 9 78 7
Other financial assets 230 260 236
Non-current tax receivable 15 23 16
Deferred tax assets 97 161 108
_____ _____ _____
Total non-current assets 2,148 2,179 2,139
_____ _____ _____
Inventories 3 4 4
Trade and other receivables 523 518 423
Current tax receivable 12 4 12
Derivative financial instruments 5 - 1
Other financial assets 48 5 12
Cash and cash equivalents 308 396 134
_____ _____ _____
Total current assets 899 927 586
Non-current assets classified as held for sale - 226 228
______ ______ ______
Total assets (note 3) 3,047 3,332 2,953
===== ===== =====
LIABILITIES
Loans and other borrowings (16) (16) (16)
Trade and other payables (719) (691) (748)
Provisions (3) (4) (3)
Current tax payable (35) (43) (47)
_____ _____ _____
Total current liabilities (773) (754) (814)
_____ _____ _____
Loans and other borrowings (1,330) (1,206) (1,269)
Derivative financial instruments - (42) (11)
Retirement benefit obligations (198) (161) (184)
Trade and other payables (590) (585) (574)
Deferred tax liabilities (245) (106) (175)
_____ _____ _____
Total non-current liabilities (2,363) (2,100) (2,213)
Liabilities classified as held for sale - (62) -
_____ _____ _____
Total liabilities (3,136) (2,916) (3,027)
===== ===== =====
Net (liabilities)/assets (89) 416 (74)
===== ===== =====
EQUITY
Equity share capital 194 172 189
Capital redemption reserve 12 11 12
Shares held by employee share trusts (18) (15) (38)
Other reserves (2,911) (2,892) (2,906)
Unrealised gains and losses reserve 113 86 100
Currency translation reserve 218 227 227
Retained earnings
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