EX-99.2 2 a2138415zex-99_2.htm EX-99.2

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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