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v3.20.4

Net debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Net Debt |
|  |  |  | 2020 $m |  |  | 2019 $m |
Cash and cash equivalents |  |  |  |  | 1,675 |  |  |  | 195 |
Loans and other borrowings |  | – current |  |  | (869 | ) |  |  | (87 | )
|  | – non-current |  |  | (2,898 | ) |  |  | (2,078 | )
Lease liabilities |  | – current |  |  | (34 | ) |  |  | (65 | )
|  | – non-current |  |  | (416 | ) |  |  | (595 | )
|  | – classified as held for sale (note 12) |  |  | — |  |  |  | (20 | )
Derivative financial instruments hedging debt values (note 24) |  |  | 13 |  |  |  | (15 | )
Net debt |  |  |  |  | (2,529 | ) |  |  | (2,665 | )
Movement in net debt |  |  |  |  |  |  |  |
Net increase/(decrease) in cash and cash equivalents, net of overdrafts |  |  | 1,430 |  |  |  | (500 | )
Add back financing cash flows in respect of other components of net debt: |  |  |  |  |  |  |  |
Principal element of lease payments |  |  | 65 |  |  |  | 59 |
Issue of long-term bonds, including effect of currency swaps |  |  | (1,093 | ) |  |  | — |
Issue of commercial paper |  |  | (738 | ) |  |  | — |
Repayment of long-term bonds |  |  | 290 |  |  |  | — |
Decrease/(increase) in other borrowings |  |  | 125 |  |  |  | (127 | )
Decrease/(increase) in net debt arising from cash flows |  |  | 79 |  |  |  | (568 | )
Other movements: |  |  |  |  |  |  |  |  |  |
Lease liabilities |  |  | 144 |  |  |  | (43 | )
Increase in accrued interest |  |  | (5 | ) |  |  | (7 | )
Acquisitions and disposals |  |  | 19 |  |  |  | (25 | )
Exchange and other adjustments |  |  | (101 | ) |  |  | (57 | )
Decrease/(increase) in net debt |  |  | 136 |  |  |  | (700 | )
Net debt at beginning of the year |  |  | (2,665 | ) |  |  | (1,965 | )
Net debt at end of the year |  |  | (2,529 | ) |  |  | (2,665 | )
Summary of Loans and Other Borrowings, Excluding Bank Overdrafts and Currency Swaps | Loans and other borrowings (excluding bank overdrafts), lease liabilities, 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 2020 $m |  |  | Financing cash flows $m |  |  | Exchange adjustments $m |  |  | Disposal $m |  |  | Other a $m |  |  | At 31 December 2020 $m |
Unsecured bank loans |  |  | 125 |  |  |  | (125 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Lease liabilities |  |  | 680 |  |  |  | (65 | ) |  |  | (2 | ) |  |  | (19 | ) |  |  | (144 | ) |  |  | 450 |
£173m 3.875% bonds 2022 |  |  | 528 |  |  |  | (290 | ) |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | 235 |
€500m 1.625% bonds 2024 |  |  | — |  |  |  | 585 |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | 611 |
£300m 3.75% bonds 2025 |  |  | 399 |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 1 |  |  |  | 413 |
£350m 2.125% bonds 2026 |  |  | 462 |  |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | 1 |  |  |  | 479 |
€500m 2.125% bonds 2027 |  |  | 564 |  |  |  | — |  |  |  | 53 |  |  |  | — |  |  |  | 1 |  |  |  | 618 |
£400m 3.375% bonds 2028 |  |  | — |  |  |  | 511 |  |  |  | 29 |  |  |  | — |  |  |  | 2 |  |  |  | 542 |
Commercial paper |  |  | — |  |  |  | 738 |  |  |  | 78 |  |  |  | — |  |  |  | 2 |  |  |  | 818 |
|  |  | 2,758 |  |  |  | 1,354 |  |  |  | 213 |  |  |  | (19 | ) |  |  | (140 | ) |  |  | 4,166 |
Currency swaps (exchange of principal) |  |  | 20 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |
Currency swaps (initial fee received) |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |
|  |  | 2,778 |  |  |  | 1,354 |  |  |  | 213 |  |  |  | (19 | ) |  |  | (143 | ) |  |  | 4,183 |
a | Includes $90m lease termination relating to InterContinental San Juan (see note 6).
|  | At 1 January 2019 $m |  |  | Financing cash flows $m |  |  | Exchange adjustments $m |  |  | Acquisition of businesses $m |  |  | Other $m |  |  | At 31 December 2019 $m |
Unsecured bank loans |  |  | — |  |  |  | 127 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 125 |
Lease liabilities |  |  | 670 |  |  |  | (59 | ) |  |  | 1 |  |  |  | 25 |  |  |  | 43 |  |  |  | 680 |
£400m 3.875% bonds 2022 |  |  | 509 |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 1 |  |  |  | 528 |
£300m 3.75% bonds 2025 |  |  | 385 |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 1 |  |  |  | 399 |
£350m 2.125% bonds 2026 |  |  | 447 |  |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 462 |
€500m 2.125% bonds 2027 |  |  | 569 |  |  |  | — |  |  |  | (12 | ) |  |  | — |  |  |  | 7 |  |  |  | 564 |
|  |  | 2,580 |  |  |  | 68 |  |  |  | 33 |  |  |  | 25 |  |  |  | 52 |  |  |  | 2,758 |
Currency swaps |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | 20 |
|  |  | 2,573 |  |  |  | 68 |  |  |  | 33 |  |  |  | 25 |  |  |  | 79 |  |  |  | 2,778 |

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