收藏 分享(赏)

洲际酒店集团的年度报告 IHG_Annual_Report_1999.pdf

上传人:空登山 文档编号:6566655 上传时间:2022-08-08 格式:PDF 页数:64 大小:328.88KB
下载 相关 举报
洲际酒店集团的年度报告 IHG_Annual_Report_1999.pdf_第1页
第1页 / 共64页
洲际酒店集团的年度报告 IHG_Annual_Report_1999.pdf_第2页
第2页 / 共64页
洲际酒店集团的年度报告 IHG_Annual_Report_1999.pdf_第3页
第3页 / 共64页
洲际酒店集团的年度报告 IHG_Annual_Report_1999.pdf_第4页
第4页 / 共64页
洲际酒店集团的年度报告 IHG_Annual_Report_1999.pdf_第5页
第5页 / 共64页
亲,该文档总共64页,到这儿已超出免费预览范围,如果喜欢就下载吧!
资源描述

1、ANNUAL REPORT & FINANCIAL STATEMENTS1999Bass book 2 21/12/1999 3:26 pm Page 11 FINANCIAL HIGHLIGHTS2 OPERATING AND FINANCIAL REVIEW14 DIRECTORS REPORT26 GROUP PROFIT AND LOSS ACCOUNT28 GROUP CASH FLOW STATEMENT29 BALANCE SHEETS30ACCOUNTING POLICIES32 NOTESTOTHE FINANCIAL STATEMENTS57 REPORT OFTHE AU

2、DITORS58 FIVEYEAR REVIEWIBC GLOSSARYBass book 2 21/12/1999 3:26 pm Page ifc1BASS PLC 1financial highlightsTurnover*up by 10.8% to 4,686 millionOperating profit*up by 14.1% to 824 millionincludingBass Hotels & Resorts up by 23.5%Bass Leisure Retail up by 10.8%Bass Brewers up by 6.7%Britvic Soft Drink

3、s up by 15.8%Profit before tax and majorexceptional items up by 4.8%to 682 millionAdjusted earnings per share up by 8.5% to 62.3 penceDividend per share up by 7.7% to 32.3 penceIncrease in property values of 682 million*continuing operationsBass book 2 21/12/1999 3:26 pm Page 12 BASS PLCoperating an

4、d financial reviewGroup summaryAdjusted earnings per share up 8.5%Property revaluation surplus of 682mThe Group made significant progress during 1999, capitalisingon the strategic activity undertaken in 1998 which saw theacquisition of the Inter-Continental Hotel (ICH) business, thedisposal of the l

5、eased pub operation and the leisure businessesand the return of over 800m of capital to shareholders.Performance comparisons with 1998 are distorted as a resultand, wherever possible, comparisons have been made on anequivalent basis. Turnover for continuing operations (which, for 1998, exclude the b

6、usinesses disposed of in that year) increased by 10.8% to 4,686m. This included a full years contribution from ICH of578m (against 306m for the second half of 1998) though, allother parts of the Group also saw increases: Bass Leisure Retail(up by 4.4%), Bass Brewers (up by 3.0%) and Britvic Soft Dri

7、nks (up by 3.0%). Total operating profit amounted to 824m, up by 8.7%, whilstoperating profit from continuing operations rose by 14.1%. Again, ICH was included for a full year as against 27 weeks in 1998. On this basis (i.e. including ICH first half 1998 resultsand excluding a number of one-off item

8、s from both years),operating profit rose by 8.0%. Bass Hotels & Resorts39%Bass Leisure Retail36%Bass Brewers19%Britvic Soft Drinks5%Other activities1%1999FIGURE1Divisional share of operating profitThis operating and financial review (OFR) provides a commentary on the performance of the Bass Group fo

9、r the financial year ended 30 September 1999, and compares it withthe financial year ended 30 September 1998. It reviews the performance of each of theoperating divisions of the Group, and explains other aspects of the Groups operationsincluding taxation, treasury management and accounting policies.

10、The glossary on the inside back cover defines a number of terms used either in the OFR or in the financial statements. The OFR should be read in conjunction with the directors report on pages 14 to 25 and the financial statements on pages 26 to 56. 19991998changeGroupmm%Turnover4,6864,609+1.7Operati

11、ng profit: Continuing operations824722+14.1Total824758+8.7Major exceptional items(110)183Profit before tax57283431.4Adjusted earnings per share62.3p57.4p+8.5Net capital expenditure(501)(587)Operating cash flow527381Normal cash flow(27)(126)Net cash flow(27)363Bass book 2 21/12/1999 3:26 pm Page 2BAS

12、S PLC 3Bass Hotels & Resorts operating profit increased by $92m to $521m with all regions showing growth. Bass LeisureRetail benefited from the continued repositioning of itsestate towards branded outlets, and posted a 10.8% increasein operating profit. Bass Brewers, despite operating in verydifficu

13、lt markets, improved UK operating profit by 7.8%,while Britvic Soft Drinks responded well in its difficult marketto increase operating profit by 15.8% after a poor first half. The net interest charge increased to 140m, principallyreflecting the full year impact of the 1998 strategic activityand the

14、return of capital to shareholders in the same year. Profit before tax was 572m compared with 834m in 1998;however, excluding major exceptional items, adjusted profitbefore tax was 682m against 651m in the previous year.The tax charge of 177m equates to an effective tax rate of26%, the same as in 199

15、8. Basic earnings per share were48.5p; excluding the impact of the major exceptional item,the adjusted earnings per share were 62.3p, an 8.5%increase on the 57.4p reported in 1998. A final dividend pershare of 22.5p has been recommended by the Board, givinga total dividend for the year of 32.3p, up

16、7.7% on 1998. The Group generated an operating cash flow of 527m in1999, up from 381m in the previous year. Normal cashoutflow was 27m against 126m in 1998. With no majoracquisitions or disposals in 1999, the net cash outflow wasalso 27m, compared with an inflow of 363m in 1998.During the year, exte

17、rnal valuers carried out a valuation ofthe Groups property assets. Their reports showed that alatent value existed in the hotel and pub estates as marketvalues were significantly in excess of net book values. With the exception of the breweries and maltings andproperties held on short lease, these v

18、aluations have beenincorporated into the balance sheet at 30 September 1999.Net book values have increased by 682m as a result. The valuers also advised that a further value of around800m would be released if the pub portfolios, rather than the individual properties, were to be sold. At the same tim

19、e as revaluing the properties upwards, anexceptional provision of 110m was made against theGroups investment in FelCor Lodging Trust Inc. (FelCor) to reflect the directors view of the fair value of this holding at 30 September 1999. Group results in sterling,199919991999US dollar and eurom$m*m*Turno

20、ver4,6867,6387,076Operating profit8241,3431,244Major exceptional items(110)(179)(166)Profit before tax572932864Adjusted earningsper share62.3p$1.0150.941Net capital expenditure(501)(817)(757)Operating cash flow527859796Net cash flow(27)(44)(41)* translated at the weighted average exchange rate for t

21、he year of 1 = $1.63* translated at the average exchange rate for the year of 1 = 1.5150010203040609899(pence)Adjusted earnings per shareDividend per share70FIGURE2Adjusted earnings per share/dividend per shareBass book 2 21/12/1999 3:26 pm Page 34 BASS PLCoperating and financial review continuedBas

22、s Hotels & Resorts2,799 hotels in 90 countriesInter-Continental profit up 23.0%BASS HOTELS & RESORTS (BHR)The year just ended was one of further growth 255 hotels, representing some 28,963rooms, entered BHRs system while 117 hotels, representingsome 21,047 rooms, left. The majority of the removalsoc

23、curred in North America as a result of the continuing drive to improve the quality of the core Holiday Inn brand.However, this contraction was compensated by the additionof 151 Holiday Inn Express properties in the same market. By the end of the year, the system comprised 2,799 hotelswith around 457

24、,000 rooms worldwide see figure 3.As an indicator of future expansion, at 30 September 1999,BHR had approved franchise applications for 571 hotels(1998 575) with approximately 58,000 rooms, though thehotels had yet to enter the system. In addition, BHR hadsigned management contracts on 78 properties

25、 and theseare expected to enter the system over the next two years. BHRs turnover increased by 34.1% to $1,888m, withoperating profit growing by 21.4% to $521m. However, thesefigures include, for the first time, a full years contributionfrom ICH compared with 27 weeks last year. If 1998s resultsare

26、adjusted on a pro forma basis to reflect ICHs profit for the full year, turnover and profit growth would have been3.7% and 7.0% respectively. These results are only marginallyaffected by exchange rate movements as the average US$:rate was much the same for the two periods. INTER-CONTINENTAL This yea

27、r, the first full year under Bassownership, saw a much improved performance from ICH onthe back of a 5.1% strengthening in revenue per available room (revpar) across the brand as a whole, and a 6.0%increase in the owned and leased estate from which thebrand derives the bulk of its profit. Operating

28、profit rose to $214m a 23.0% increase on proforma full year profit for 1998. This increase was attributableto ICHs revpar performance combined with the synergybenefits flowing from the integration of ICH into the existingoperation. Some $40m of annual synergy savings werepredicted at the time of the

29、 acquisition and around $34mhave now been achieved, although these have been partlyoffset in recent months by the impact of the enhancementprogramme mentioned below. Analysed as:Owned and leased8324,715Management contract/JV19556,296Franchised2,521375,736Total system sizeat 30 September 1999Hotels R

30、oomsInter-Continental 12142,925Crowne Plaza 14242,634Holiday Inn 1,515284,350Holiday Inn Express 99979,437Forum 207,165Staybridge Suites 2236Total 2,799 456,747FIGURE31999 1998 change Bass Hotels & Resortsmm %Turnover1,162853+36.2Operating profit321260+23.5Net capital expenditure(270)(155)Operating

31、cash flow681051999 1998 change $m$m %Turnover 1,888 1,408+34.1Operating profit:Inter-Continental214116 +84.5 Americas 202 195 +3.6EMEA* 7165 +9.2Asia Pacific 7 1Other6 10-40.0FelCor/Bristol21 42 -50.0 Total 521 429+21.4*Europe, the Middle East and AfricaBass book 2 21/12/1999 3:26 pm Page 4BASS PLC

32、5Some regional variations in performance were apparentwith business in the major markets of North America andcontinental Europe continuing to show good profitability. During 1999, the division signed management contracts for18 new hotels which are expected to open during the nexttwo years. A new hot

33、el was acquired in New York and, afterthe year end, the remaining 50% stake in the Hotel Inter-Continental London Hyde Park was acquired on a yield inexcess of 10%. BHR continues to actively pursue investmentand management opportunities for the Inter-Continentalbrand around the world. The year also

34、saw the start of a major enhancementprogramme at a number of the leading properties. The scaleof the projects will inevitably result in some reduction in profitgrowth while work is carried out, although the programmehas been designed to minimise this. We expect, however, that the subsequent improvem

35、ent in performance willsignificantly enhance the value of the properties concerned.AMERICASOperating profit in the Americas region grew by 3.6% to $202m. Holiday Inn, the dominant player in the USmidscale with food and beverage market, and CrownePlaza out-performed their market segments by a signifi

36、cantmargin, growing revpar by 5.3% and 5.1% respectively. This was achieved despite a slowdown in the rate of growthin the overall market. Holiday Inn Express, the fastestgrowing major midscale without food and beverage brandin the United States, grew revpar by 6.9%, against 2.6% forthe segment as a

37、 whole. Distribution of Holiday Inn Expresscontinues to grow with a backlog at the year end of nearly350 hotels. EUROPE, THE MIDDLE EAST AND AFRICA (EMEA)This region offers the division long-term opportunities for growthbecause branding in the lodging market is significantly lessdeveloped than in No

38、rth America. During the year the keymarkets in EMEAexperienced varied economic fortunesleaving the regional operating profit up by 9.2% to $71m. ASIA PACIFICProfit increased primarily as a result of the fullyear effect now being felt of the five Australian propertiespurchased in the second half of 1

39、998. In addition, BHR sawsome recovery in revpar elsewhere in the region in thesecond half of the year. OTHER INCOME Dividends receivable from FelCor amountedto $21m and compared with the share of Bristol profit in theprevious year of $42m. Other items totalled $6m and includedsignificant contract t

40、ermination receipts and rebates.HotelsRoomsAmericas system sizechangechangeat 30 September1999over 19981999 over 1998Crowne Plaza82+625,282+986Holiday Inn1,19842228,8937,702Holiday Inn Express926+13273,114+9,536Staybridge Suites2 +2 236 +236 FIGURE5Inter-Continental/HotelsRoomsForum system sizechang

41、echangeat 30 September1999over 19981999 over 1998Inter-Continental:North America12 +25,326+408Rest of Americas23 17,192 200Europe36 +1 12,734 +300Middle East & Africa36+5 10,907 +1,162Asia Pacific1416,766860Forum20+17,165+35FIGURE4Inter-Continental/HotelsRoomsForum system sizechangechangeat 30 Septe

42、mber1999over 19981999 over 1998Crowne Plaza45311,648586Holiday Inn249+1740,022+3,248Express69+255,995+2,557FIGURE6Bass book 2 21/12/1999 3:26 pm Page 56 BASS PLCoperating and financial review continuedSTRUCTUREFollowing the acquisition of Inter-Continental in1998, the balance of BHRs operating profi

43、t has changed.Until 1998, the majority of the divisions profit was earnedfrom the US franchise business. However, Inter-Continentalderives the majority of its profit from the owned and leasedestate which, at 30 September 1999, comprised sevenproperties in North America and 16 in Europe. The two most

44、important sources of profit for BHR are now the upscaleowned and leased properties (i.e. Inter-Continental andCrowne Plaza) and the Americas midscale franchise and management contract business. These segmentsrepresented 50% and 30% respectively of BHRs 1999 profit. Details are set out in figure 7.CA

45、SH FLOW AND NET CAPITAL EXPENDITURENet capitalexpenditure amounted to $439m, and included theacquisition of the Inter-Continental Central Park South inNew York and the Crowne Plaza at Los Angeles Airport, andthe tactical purchase of five Holiday Inn properties in NorthAmerica. It also included an in

46、itial $74m on the constructionof 21 long-stay Staybridge Suites. Bass Leisure Retail754 branded outletsUnderlying operating profit up 11.7%BASS LEISURE RETAIL (BLR)This year was one of furtherconsolidation within the UK licensed retailing industry, with a number of national and regional operators ex

47、iting altogether or being taken over by competitors. On 3 December 1999, BLR completed the acquisition of a leisure retail business comprising 550 managed outletsformerly owned by Allied Domecq PLC. The divisions strategy of repositioning the estate, throughthe construction of large-scale branded ou

48、tlets, a shift toareas of economic growth and the development of retailformats that address specific customer needs, continuedapace. Moreover, the acquisition of the ex-Allied Domecqoutlets will significantly accelerate the repositioningtowards the south-east of the country. The branded estatewas ex

49、panded through the addition or conversion of 110outlets while 459 capital projects were completed in theunbranded estate, including 41 major city town bars. The total number of unbranded outlets reduced as a resultof disposals, including the sale of 217 smaller outlets toFIGURE8Restaurants branded o

50、utletschange at 30 September1999over 1998 Harvester130+3Toby110+8Vintage Inns132+15All Bar One49+11Holiday Inn Express13 +1Innkeepers Fayre18Browns10+3Other 12+6Total 474+47FIGURE9Bars and Venues branded outletschange at 30 September1999 over 1998 ONeills1071Its A Scream66+19Edwards32+2Hollywood Bow

展开阅读全文
相关资源
相关搜索

当前位置:首页 > 经管营销 > 企业管理

本站链接:文库   一言   我酷   合作


客服QQ:2549714901微博号:文库网官方知乎号:文库网

经营许可证编号: 粤ICP备2021046453号世界地图

文库网官网©版权所有2025营业执照举报