Exhibit 99.2
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Financial Highlights
Cash Flow
|
| 2003 |
|
|
|
|
| $’m |
|
|
|
Net cash from operations |
| 33 |
|
|
|
Capital expenditure (inc maintenance of $15m) |
| (54 | ) | Similar level for 2004 inc maintenance $15m |
|
Investments (mainly The Ritz Madrid) |
| (27 | ) |
|
|
Proceed from sale of hotels |
| 40 |
|
|
|
|
| (8 | ) |
|
|
Financing: |
|
|
|
|
|
Loans drawn down |
|
|
|
|
|
|
| 68 |
|
|
|
Loan repayments |
| (64 | ) |
|
|
|
|
|
|
|
|
Issue of common shares |
| 52 |
|
|
|
|
|
|
|
|
|
Other |
| (5 | ) |
|
|
Net cash in flow |
| 43 |
|
|
|
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