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Loans and other borrowings | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Loans and other borrowings | 20. Loans and other borrowings
|  | 2018 |  |  | 2017 |
|  | Current $m |  |  | Non-current $m |  |  | Total $m |  |  | Current $m |  |  | Non-current $m |  |  | Total $m |
Unsecured bank loans |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | — |  |  |  | 262 |  |  |  | 262 |
Finance lease obligations |  |  | 16 |  |  |  | 219 |  |  |  | 235 |  |  |  | 16 |  |  |  | 215 |  |  |  | 231 |
£400m 3.875% bonds 2022 |  |  | 0 |  |  |  | 509 |  |  |  | 509 |  |  |  | — |  |  |  | 538 |  |  |  | 538 |
£300m 3.75% bonds 2025 |  |  | 0 |  |  |  | 385 |  |  |  | 385 |  |  |  | — |  |  |  | 406 |  |  |  | 406 |
£350m 2.125% bonds 2026 |  |  | 0 |  |  |  | 447 |  |  |  | 447 |  |  |  | — |  |  |  | 472 |  |  |  | 472 |
€500m 2.125% bonds 2027 |  |  | 0 |  |  |  | 569 |  |  |  | 569 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 16 |  |  |  | 2,129 |  |  |  | 2,145 |  |  |  | 16 |  |  |  | 1,893 |  |  |  | 1,909 |
Bank overdrafts |  |  | 104 |  |  |  | 0 |  |  |  | 104 |  |  |  | 110 |  |  |  | — |  |  |  | 110 |
Total loans and other borrowings |  |  | 120 |  |  |  | 2,129 |  |  |  | 2,249 |  |  |  | 126 |  |  |  | 1,893 |  |  |  | 2,019 |
Denominated in the following currencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling |  |  | 0 |  |  |  | 1,341 |  |  |  | 1,341 |  |  |  | — |  |  |  | 1,416 |  |  |  | 1,416 |
US dollars |  |  | 110 |  |  |  | 219 |  |  |  | 329 |  |  |  | 124 |  |  |  | 477 |  |  |  | 601 |
Euros |  |  | 8 |  |  |  | 569 |  |  |  | 577 |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Other |  |  | 2 |  |  |  | 0 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 120 |  |  |  | 2,129 |  |  |  | 2,249 |  |  |  | 126 |  |  |  | 1,893 |  |  |  | 2,019 |
Loans and other borrowings (excluding bank overdrafts) and currency swaps comprise the liabilities included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:
|  | At 1 January 2018 $m |  |  | Cash flows $m |  |  | Exchange adjustments $m |  |  | Other $m |  |  | At 31 December 2018 $m |
Unsecured bank loans |  |  | 262 |  |  |  | (268 | ) |  |  | 3 |  |  |  | 3 |  |  |  | 0 |
Finance lease obligations |  |  | 231 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4 |  |  |  | 235 |
£400m 3.875% bonds 2022 |  |  | 538 |  |  |  | 0 |  |  |  | (30 | ) |  |  | 1 |  |  |  | 509 |
£300m 3.75% bonds 2025 |  |  | 406 |  |  |  | 0 |  |  |  | (23 | ) |  |  | 2 |  |  |  | 385 |
£350m 2.125% bonds 2026 |  |  | 472 |  |  |  | 0 |  |  |  | (26 | ) |  |  | 1 |  |  |  | 447 |
€500m 2.125% bonds 2027 |  |  | 0 |  |  |  | 559 |  |  |  | 9 |  |  |  | 1 |  |  |  | 569 |
|  |  | 1,909 |  |  |  | 291 |  |  |  | (67 | ) |  |  | 12 |  |  |  | 2,145 |
Currency swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange of principal |  |  | 0 |  |  |  | (5 | ) |  |  | 0 |  |  |  | (2 | ) |  |  | (7 | )
Initial fee received |  |  | 0 |  |  |  | 3 |  |  |  | 0 |  |  |  | (3 | ) |  |  | 0 |
|  |  | 0 |  |  |  | (2 | ) |  |  | 0 |  |  |  | (5 | ) |  |  | (7 | )
|  |  | 1,909 |  |  |  | 289 |  |  |  | (67 | ) |  |  | 7 |  |  |  | 2,138 |
|  | At 1 January 2017 $m |  |  | Cash flows $m |  |  | Exchange adjustments $m |  |  | Other $m |  |  | At 31 December 2017 $m |
Unsecured bank loans |  |  | 107 |  |  |  | 153 |  |  |  | 1 |  |  |  | 1 |  |  |  | 262 |
Finance lease obligations |  |  | 227 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 231 |
£400m 3.875% bonds 2022 |  |  | 489 |  |  |  | — |  |  |  | 48 |  |  |  | 1 |  |  |  | 538 |
£300m 3.75% bonds 2025 |  |  | 370 |  |  |  | — |  |  |  | 36 |  |  |  | — |  |  |  | 406 |
£350m 2.125% bonds 2026 |  |  | 430 |  |  |  | — |  |  |  | 42 |  |  |  | — |  |  |  | 472 |
|  |  | 1,623 |  |  |  | 153 |  |  |  | 127 |  |  |  | 6 |  |  |  | 1,909 |
Unsecured bank loans Unsecured bank loans are borrowings under the Group’s Syndicated and Bilateral Facilities. Amounts are classified as non-current when the facilities have more than 12 months to expiry. The Syndicated Facility comprises a $1,275m five-year revolving credit facility maturing in March 2022. The Bilateral Facility comprises a $75m revolving credit facility maturing in March 2022. The Bilateral Facility contains the same terms and covenants as the Syndicated Facility (see note 22). A variable rate of interest is payable on amounts drawn under both facilities, which were undrawn at 31 December 2018. Finance lease obligations Finance lease obligations, which relate primarily to the 99-year lease (of which 87 years remain) on the InterContinental Boston hotel, are payable as follows:
|  | 2018 |  |  | 2017 |
|  | Minimum lease payments $m |  |  | Present value of payments $m |  |  | Minimum lease payments $m |  |  | Present value of payments $m |
Less than one year |  |  | 16 |  |  |  | 16 |  |  |  | 16 |  |  |  | 16 |
Between one and five years |  |  | 72 |  |  |  | 53 |  |  |  | 67 |  |  |  | 49 |
More than five years |  |  | 3,212 |  |  |  | 166 |  |  |  | 3,234 |  |  |  | 166 |
|  |  | 3,300 |  |  |  | 235 |  |  |  | 3,317 |  |  |  | 231 |
Less: amount representing finance charges |  |  | (3,065 | ) |  |  | 0 |  |  |  | (3,086 | ) |  |  | — |
|  |  | 235 |  |  |  | 235 |  |  |  | 231 |  |  |  | 231 |
The Group has the option to extend the term of the InterContinental Boston lease for two additional 20-year terms. Payments under the lease step up at regular intervals over the lease term. Interest is payable on the obligation at a fixed rate of 9.7%. £400m 3.875% bonds 2022 The 3.875% fixed interest sterling bonds were issued on 28 November 2012 and are repayable in full on 28 November 2022. Interest is payable annually on 28 November. The bonds were initially priced at 98.787% of face value and are unsecured. £300m 3.75% bonds 2025 The 3.75% fixed interest sterling bonds were issued on 14 August 2015 and are repayable in full on 14 August 2025. Interest is payable annually on 14 August. The bonds were initially priced at 99.014% of face value and are unsecured. £350m 2.125% bonds 2026 The 2.125% fixed interest sterling bonds were issued on 24 August 2016 and are repayable in full on 24 August 2026. Interest is payable annually on 24 August. The bonds were initially priced at 99.45% of face value and are unsecured. €500m 2.125% bonds 2027 The 2.125% fixed interest euro bonds were issued on 15 November 2018 and are repayable in full on 15 May 2027. Interest is payable annually on 15 May. The bonds were initially priced at 99.53% of face value and are unsecured. Currency swaps were transacted at the same time the bonds were issued in order to swap the proceeds and interest flows into sterling (see note 22). Bank overdrafts Bank overdrafts are matched by equivalent amounts of cash and cash equivalents under the Group’s cash pooling arrangements (see note 17). Facilities provided by banks
|  | 2018 |  |  | 2017 |
|  | Utilised $m |  |  | Unutilised $m |  |  | Total $m |  |  | Utilised $m |  |  | Unutilised $m |  |  | Total $m |
Committed |  |  | 0 |  |  |  | 1,350 |  |  |  | 1,350 |  |  |  | 264 |  |  |  | 1,086 |  |  |  | 1,350 |
Uncommitted |  |  | 0 |  |  |  | 53 |  |  |  | 53 |  |  |  | 1 |  |  |  | 69 |  |  |  | 70 |
|  |  | 0 |  |  |  | 1,403 |  |  |  | 1,403 |  |  |  | 265 |  |  |  | 1,155 |  |  |  | 1,420 |
|  | 2018 $m |  |  | 2017 $m |
Unutilised facilities expire: |  |  |  |  |  |  |  |
Within one year |  |  | 53 |  |  |  | 69 |
After two but before five years |  |  | 1,350 |  |  |  | 1,086 |
|  |  | 1,403 |  |  |  | 1,155 |
Utilised facilities are calculated based on actual drawings and may not agree to the carrying value of loans held at amortised cost.

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