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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intercontinental Hotels Group (PK) | USOTC:ICHGF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 98.75 | 99.65 | 108.89 | 0.00 | 21:17:21 |
|
99.1
|
Final
Results dated 20 February 2024
|
|
|
2023
|
20221
|
% change
|
|
Underlying2% change
|
REPORTABLE SEGMENTS2:
|
|
|
|
|
|
Revenue2
|
$2,164m
|
$1,843m
|
+17%
|
|
+19%
|
Revenue from fee business2
|
$1,672m
|
$1,434m
|
+17%
|
|
+17%
|
Operating profit2
|
$1,019m
|
$828m
|
+23%
|
|
+25%
|
Fee margin2
|
59.3%
|
55.9%
|
+3.4%pts
|
|
|
Adjusted EPS2
|
375.7¢
|
282.3¢
|
+33%
|
|
|
GROUP RESULTS:
|
|
|
|
|
|
Total revenue
|
$4,624m
|
$3,892m
|
+19%
|
|
|
Operating profit
|
$1,066m
|
$628m
|
+70%
|
|
|
Basic EPS
|
443.8¢
|
207.2¢
|
+114%
|
|
|
Total dividend per share
|
152.3¢
|
138.4¢
|
+10%
|
|
|
Net debt2
|
$2,272m
|
$1,851m
|
+23%
|
|
|
|
System
|
Pipeline
|
|||||
Openings
|
Removals
|
Net
|
Total
|
YoY%
|
Signings
|
Total
|
|
Group
|
47,919
|
(13,343)
|
34,576
|
946,203
|
+3.8%
|
79,220
|
296,954
|
Americas
|
10,405
|
(6,307)
|
4,098
|
519,594
|
+0.8%
|
28,297
|
109,164
|
EMEAA
|
21,174
|
(3,571)
|
17,603
|
247,267
|
+7.7%
|
24,787
|
82,226
|
Greater
China
|
16,340
|
(3,465)
|
12,875
|
179,342
|
+7.7%
|
26,136
|
105,564
|
|
12 months ended 31 December
|
|||
|
2023
|
2022
|
%
|
|
|
$m
|
Re-presenteda $m
|
change
|
|
Revenue
|
|
|
|
|
Americas
|
1,105
|
1,005
|
10.0
|
|
EMEAA
|
677
|
552
|
22.6
|
|
Greater
China
|
161
|
87
|
85.1
|
|
Central
|
221
|
199
|
11.1
|
|
|
____
|
____
|
____
|
|
Revenue
from reportable segmentsb
|
2,164
|
1,843
|
17.4
|
|
|
|
|
|
|
System
Fund and reimbursable revenues
|
2,460
|
2,049
|
20.1
|
|
|
_____
|
_____
|
_____
|
|
Total
revenue
|
4,624
|
3,892
|
18.8
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
Americas
|
815
|
761
|
7.1
|
|
EMEAA
|
215
|
152
|
41.4
|
|
Greater
China
|
96
|
23
|
317.4
|
|
Central
|
(107)
|
(108)
|
(0.9)
|
|
|
_____
|
_____
|
_____
|
|
Operating
profit from reportable segmentsb
|
1,019
|
828
|
23.1
|
|
Analysed as:
|
|
|
|
|
Fee business
|
992
|
805
|
23.2
|
|
Owned, leased and managed lease
|
29
|
19
|
52.6
|
|
Insurance activities
|
(2)
|
4
|
NMc
|
|
|
|
|
|
|
System
Fund and reimbursable result
|
19
|
(105)
|
NMc
|
|
|
____
|
____
|
____
|
|
Operating
profit before exceptional items
|
1,038
|
723
|
43.6
|
|
Operating
exceptional items
|
28
|
(95)
|
NMc
|
|
|
____
|
____
|
____
|
|
Operating profit
|
1,066
|
628
|
69.7
|
|
|
|
|
|
|
Net
financial expenses
|
(52)
|
(96)
|
(45.8)
|
|
Analysed as:
|
|
|
|
|
Adjusted interest expenseb
|
(131)
|
(122)
|
7.4
|
|
System Fund interest
|
44
|
16
|
175.0
|
|
Foreign exchange gains
|
35
|
10
|
250.0
|
|
|
|
|
|
|
Fair
value (losses)/gains on contingent purchase
consideration
|
(4)
|
8
|
NMc
|
|
|
____
|
____
|
____
|
|
Profit before tax
|
1,010
|
540
|
87.0
|
|
|
|
|
|
|
Tax
|
(260)
|
(164)
|
58.5
|
|
Analysed as;
|
|
|
|
|
Adjusted taxb
|
(253)
|
(194)
|
30.4
|
|
Tax attributable to System Fund
|
(3)
|
-
|
NMc
|
|
Tax on foreign exchange gains
|
3
|
4
|
(25.0)
|
|
Tax on exceptional items
|
(7)
|
26
|
NMc
|
|
|
____
|
____
|
____
|
|
Profit for the year
|
750
|
376
|
99.5
|
|
|
|
|
|
|
Adjusted
earningsd
|
635
|
511
|
24.3
|
|
|
|
|
|
|
Basic
weighted average number of ordinary shares (millions)
|
169
|
181
|
(6.6)
|
|
|
____
|
____
|
____
|
|
Earnings per ordinary share
|
|
|
|
|
|
Basic
|
443.8¢
|
207.2¢
|
114.2
|
|
Adjustedb
|
375.7¢
|
282.3¢
|
33.1
|
|
|
|
|
|
Dividend per share
|
152.3¢
|
138.4¢
|
10.0
|
|
|
|
|
|
|
Average
US dollar to sterling exchange rate
|
$1: £0.80
|
$1:
£0.81
|
(1.2)
|
Adjusted EBITDAa reconciliation
|
12 months ended 31 December
|
||
|
2023
|
2022
|
|
|
$m
|
$m
|
|
|
|
|
|
Cash flow from operations
|
1,219
|
961
|
|
Cash flows relating to exceptional items
|
29
|
43
|
|
Impairment reversal/(loss) on financial assets
|
1
|
(5)
|
|
Other non-cash adjustments to operating profit
|
(60)
|
(61)
|
|
System Fund and reimbursable result
|
(19)
|
105
|
|
System Fund depreciation and amortisation
|
(83)
|
(86)
|
|
Other non-cash adjustments to System Fund result
|
(23)
|
(24)
|
|
Working capital and other adjustments
|
(79)
|
(101)
|
|
Capital expenditure: contract acquisition costs (key
money),
net of repayments
|
101
|
64
|
|
|
________
|
_____
|
|
Adjusted EBITDAa
|
1,086
|
896
|
|
|
____
|
___
|
|
|
|
|
|
CASH FLOW SUMMARY
|
12 months ended 31 December
|
||
|
2023
|
2022
|
$m
|
|
$m
|
$m
|
change
|
|
|
|
|
Adjusted EBITDAa
|
1,086
|
896
|
190
|
|
|
|
|
Working
capital and other adjustments
|
79
|
101
|
|
Impairment
(reversal)/loss on financial assets
|
(1)
|
5
|
|
Other
non-cash adjustments to operating profit
|
60
|
61
|
|
System
Fund and reimbursable result
|
19
|
(105)
|
|
Non-cash
adjustments to System Fund result
|
106
|
110
|
|
Capital
expenditure: contract acquisition costs (key money),
net of
repayments
|
(101)
|
(64)
|
|
Capital
expenditure: maintenance
|
(38)
|
(44)
|
|
Cash
flows relating to exceptional items
|
(29)
|
(43)
|
|
Net
interest paid
|
(83)
|
(104)
|
|
Tax
paid
|
(243)
|
(211)
|
|
Principal
element of lease payments
|
(28)
|
(36)
|
|
Purchase
of own shares by employee share trusts
|
(8)
|
(1)
|
|
|
____
|
____
|
____
|
Adjusted free cash flowa
|
819
|
565
|
254
|
|
|
|
|
Capital
expenditure: gross recyclable investments
|
(61)
|
(15)
|
|
Capital
expenditure: gross System Fund capital investments
|
(46)
|
(35)
|
|
Disposals
and repayments, including other financial assets
|
8
|
16
|
|
Repurchase
of shares, including transaction costs
|
(790)
|
(482)
|
|
Dividends
paid to shareholders
|
(245)
|
(233)
|
|
Dividends
paid to non-controlling interest
|
(3)
|
-
|
|
|
____
|
____
|
____
|
Net cash flow before other net debta movements
|
(318)
|
(184)
|
(134)
|
|
|
|
|
Add
back principal element of lease repayments
|
28
|
36
|
|
Exchange
and other non-cash adjustments
|
(131)
|
178
|
|
|
____
|
____
|
____
|
(Increase)/decrease in net debta
|
(421)
|
30
|
(451)
|
Net
debta at beginning of
the year
|
(1,851)
|
(1,881)
|
|
Net debta at end of the
year
|
(2,272)
|
(1,851)
|
(421)
|
|
______
|
______
|
____
|
|
2023
|
2022
|
|
|
$m
|
$m
|
|
Goodwill
and other intangible assets
|
1,099
|
1,144
|
|
Other
non-current assets
|
1,585
|
1,394
|
|
Cash
and cash equivalents
|
1,322
|
976
|
|
Other
current assets
|
807
|
702
|
|
|
_______
|
______
|
|
Total assets
|
4,813
|
4,216
|
|
|
|
|
|
Loans
and other borrowings
|
(3,166)
|
(2,396)
|
|
Other
current liabilities
|
(1,591)
|
(1,489)
|
|
Other
non-current liabilities
|
(2,002)
|
(1,939)
|
|
|
________
|
_________
|
|
Total liabilities
|
(6,759)
|
(5,824)
|
|
|
________
|
________
|
|
Net liabilities
|
(1,946)
|
(1,608)
|
|
|
12 months ended 31 December
|
|||
|
|
|
|
|
|
2023
|
2022
|
%
|
|
|
$bn
|
$bn
|
Changeb
|
|
Analysed by brand
|
|
|
|
|
InterContinental
|
5.1
|
4.0
|
26.6
|
|
Kimpton
|
1.3
|
1.2
|
10.0
|
|
Hotel Indigo
|
0.9
|
0.7
|
28.2
|
|
Crowne Plaza
|
3.7
|
3.0
|
23.9
|
|
Holiday Inn Express
|
9.2
|
8.3
|
11.5
|
|
Holiday Inn
|
6.0
|
5.1
|
16.9
|
|
Staybridge Suites
|
1.2
|
1.2
|
6.4
|
|
Candlewood Suites
|
0.9
|
0.8
|
3.7
|
|
Otherc
|
3.3
|
1.5
|
121.5
|
|
|
____
|
____
|
____
|
|
Total
|
31.6
|
25.8
|
22.6
|
|
|
____
|
____
|
____
|
|
|
|
|
|
|
Analysed by ownership type
|
|
|
|
|
Franchisedd (revenue
not attributable to IHG)
|
20.0
|
16.7
|
19.6
|
|
Managed
(revenue not attributable to IHG)
|
11.1
|
8.7
|
28.4
|
|
Owned,
leased and managed lease
(revenue
recognised in Group income statement)
|
0.5
|
0.4
|
18.8
|
|
|
____
|
____
|
____
|
|
Total
|
31.6
|
25.8
|
22.6
|
|
|
____
|
____
|
____
|
|
|
|
|
|
|
|
Full Year 2023 vs 2022
|
Full Year 2023 vs 2019
|
||||
|
RevPAR
|
ADR
|
Occupancy
|
RevPAR
|
ADR
|
Occupancy
|
Group
|
16.1%
|
5.1%
|
6.4%pts
|
10.9%
|
12.7%
|
(1.1)%pts
|
Americas
|
7.0%
|
4.6%
|
1.5%pts
|
13.0%
|
12.8%
|
0.1%pts
|
EMEAA
|
23.7%
|
9.8%
|
7.9%pts
|
15.4%
|
21.0%
|
(3.4)%pts
|
G.
China
|
71.7%
|
18.0%
|
19.1%pts
|
0.7%
|
0.6%
|
0.1%pts
|
|
Q4 2023 vs 2022
|
Q4 2023 vs 2019
|
||||
|
RevPAR
|
ADR
|
Occupancy
|
RevPAR
|
ADR
|
Occupancy
|
Group
|
7.6%
|
2.4%
|
3.2%pts
|
12.7%
|
14.7%
|
(1.2)%pts
|
Americas
|
1.5%
|
3.1%
|
(1.0)%pts
|
14.0%
|
14.1%
|
(0.1)%pts
|
EMEAA
|
7.0%
|
3.7%
|
2.2%pts
|
18.5%
|
22.4%
|
(2.4)%pts
|
G.
China
|
72.0%
|
21.1%
|
17.6%pts
|
(0.6)%
|
3.3%
|
(2.4)%pts
|
|
Full Year 2023 vs 2022
|
Full Year 2023 vs 2019
|
||||
|
CER (as above)
|
AER
|
Difference
|
CER (as above)
|
AER
|
Difference
|
Group
|
16.1%
|
15.7%
|
(0.4)%pts
|
10.9%
|
8.1%
|
(2.8)%pts
|
Americas
|
7.0%
|
7.1%
|
0.1%pts
|
13.0%
|
12.5%
|
(0.5)%pts
|
EMEAA
|
23.7%
|
23.7%
|
0.0%pts
|
15.4%
|
7.6%
|
(7.8)%pts
|
G.
China
|
71.7%
|
63.9%
|
(7.8)%pts
|
0.7%
|
(1.5)%
|
(2.2)%pts
|
|
Q4 2023 vs 2022
|
Q4 2023 vs 2019
|
||||
|
CER (as above)
|
AER
|
Difference
|
CER (as above)
|
AER
|
Difference
|
Group
|
7.6%
|
8.0%
|
0.4%pts
|
12.7%
|
9.1%
|
(3.6)%pts
|
Americas
|
1.5%
|
1.5%
|
0.0%pts
|
14.0%
|
13.3%
|
(0.7)%pts
|
EMEAA
|
7.0%
|
8.8%
|
1.8%pts
|
18.5%
|
9.3%
|
(9.2)%pts
|
G.
China
|
72.0%
|
69.7%
|
(2.3)%pts
|
(0.6)%
|
(2.9)%
|
(2.3)%pts
|
2023 vs 2022
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
Group
|
40.8%
|
33.5%
|
27.2%
|
21.7%
|
17.0%
|
13.3%
|
9.5%
|
10.4%
|
11.6%
|
8.7%
|
7.2%
|
6.6%
|
Americas
|
24.5%
|
18.3%
|
13.8%
|
5.9%
|
6.9%
|
4.7%
|
2.8%
|
3.9%
|
5.7%
|
1.8%
|
2.4%
|
0.0%
|
EMEAA
|
84.0%
|
71.9%
|
44.5%
|
36.7%
|
24.2%
|
22.7%
|
16.1%
|
16.1%
|
15.7%
|
10.1%
|
5.9%
|
5.0%
|
G.
China
|
53.3%
|
54.2%
|
125.2%
|
171.4%
|
106.9%
|
68.4%
|
40.5%
|
38.5%
|
54.2%
|
80.8%
|
59.9%
|
75.7%
|
2023 vs 2019
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
Group
|
4.2%
|
6.7%
|
9.2%
|
9.5%
|
9.3%
|
10.9%
|
12.8%
|
11.1%
|
14.5%
|
11.0%
|
11.0%
|
16.6%
|
Americas
|
8.8%
|
11.0%
|
13.1%
|
11.5%
|
11.8%
|
13.0%
|
12.5%
|
10.9%
|
18.2%
|
13.1%
|
13.1%
|
16.1%
|
EMEAA
|
8.2%
|
7.7%
|
13.0%
|
12.6%
|
15.6%
|
16.7%
|
19.0%
|
17.0%
|
16.6%
|
16.8%
|
15.5%
|
23.7%
|
G.
China
|
(16.6)%
|
(3.8)%
|
(6.6)%
|
5.0%
|
(6.4)%
|
(0.1)%
|
14.0%
|
9.3%
|
3.3%
|
(4.5)%
|
(3.3)%
|
6.9%
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Global hotel and room count
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
25
|
6
|
|
1,761
|
395
|
Regent
|
10
|
1
|
|
3,087
|
59
|
|
|
InterContinental
|
222
|
15
|
|
73,500
|
3,694
|
|
Vignette Collection
|
11
|
8
|
|
2,283
|
1,704
|
|
Kimpton
|
78
|
2
|
|
13,721
|
413
|
|
Hotel Indigo
|
153
|
10
|
|
20,218
|
1,764
|
|
voco
|
62
|
17
|
|
15,507
|
5,083
|
|
HUALUXE
|
20
|
(1)
|
|
5,529
|
(454)
|
|
Crowne Plaza
|
408
|
5
|
|
112,232
|
1,813
|
|
EVEN Hotels
|
26
|
4
|
|
3,931
|
751
|
|
Holiday Inn Express
|
3,171
|
80
|
|
336,317
|
9,415
|
|
Holiday Inn
|
1,202
|
4
|
|
215,910
|
351
|
Garner
|
2
|
2
|
|
158
|
158
|
|
avid hotels
|
67
|
8
|
|
6,027
|
674
|
|
|
Atwell Suites
|
2
|
-
|
|
186
|
-
|
|
Staybridge Suites
|
325
|
11
|
|
35,320
|
1,359
|
|
Holiday Inn Club Vacations
|
30
|
2
|
|
9,526
|
704
|
|
Candlewood Suites
|
376
|
8
|
|
33,497
|
744
|
|
Iberostar Beachfront Resorts
|
49
|
16
|
|
17,600
|
5,198
|
|
Othera
|
124
|
1
|
|
39,893
|
751
|
|
|
_____
|
_____
|
|
_______
|
_______
|
Total
|
6,363
|
199
|
|
946,203
|
34,576
|
|
|
|
_____
|
_____
|
|
_______
|
_______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchisedb
|
5,356
|
154
|
|
680,601
|
24,170
|
|
Managed
|
990
|
44
|
|
261,371
|
10,394
|
|
Owned, leased and managed lease
|
17
|
1
|
|
4,231
|
12
|
|
|
_____
|
_____
|
|
_______
|
______
|
Total
|
6,363
|
199
|
|
946,203
|
34,576
|
|
|
|
_____
|
____
|
|
_______
|
______
|
|
|
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Global Pipeline
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
42
|
4
|
|
3,057
|
426
|
Regent
|
11
|
1
|
|
2,442
|
132
|
|
|
InterContinental
|
100
|
10
|
|
25,271
|
2,690
|
|
Vignette Collection
|
18
|
11
|
|
2,056
|
1,456
|
|
Kimpton
|
54
|
13
|
|
10,761
|
2,318
|
|
Hotel Indigo
|
132
|
13
|
|
20,939
|
1,088
|
|
voco
|
74
|
35
|
|
12,741
|
2,512
|
|
HUALUXE
|
25
|
4
|
|
6,343
|
993
|
|
Crowne Plaza
|
126
|
15
|
|
32,442
|
3,492
|
|
EVEN Hotels
|
33
|
2
|
|
5,383
|
104
|
|
Holiday Inn Express
|
632
|
15
|
|
78,019
|
1,284
|
|
Holiday Inn
|
246
|
17
|
|
45,901
|
1,811
|
Garner
|
5
|
5
|
|
332
|
332
|
|
avid hotels
|
141
|
(4)
|
|
11,577
|
(808)
|
|
|
Atwell Suites
|
41
|
11
|
|
4,124
|
1,123
|
|
Staybridge Suites
|
164
|
2
|
|
18,185
|
190
|
|
Holiday Inn Club Vacations
|
2
|
1
|
|
832
|
680
|
|
Candlewood Suites
|
151
|
27
|
|
11,957
|
1,689
|
|
Iberostar Beachfront Resorts
|
5
|
(10)
|
|
2,240
|
(3,825)
|
|
Other
|
14
|
(15)
|
|
2,352
|
(2,201)
|
|
|
_____
|
_____
|
|
_______
|
______
|
Total
|
2,016
|
157
|
|
296,954
|
15,486
|
|
|
|
_____
|
_____
|
|
_______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchiseda
|
1,426
|
113
|
|
174,084
|
10,773
|
|
Managed
|
589
|
44
|
|
122,715
|
4,713
|
Owned, leased and managed lease
|
1
|
-
|
|
155
|
-
|
|
|
|
_____
|
_____
|
|
_______
|
______
|
Total
|
2,016
|
157
|
|
296,954
|
15,486
|
|
|
|
_____
|
_____
|
|
_______
|
______
|
AMERICAS
|
12 months ended 31 December
|
|
||||||
Americas results
|
|
|
|
|
||||
|
2023
|
2022
|
%
|
|
||||
|
$m
|
$m
|
change
|
|
||||
Revenue from the reportable segmenta
|
|
|
|
|
||||
|
Fee
business
|
957
|
879
|
8.9
|
|
|||
|
Owned,
leased and managed lease
|
148
|
126
|
17.5
|
|
|||
|
____
|
____
|
____
|
|
||||
|
|
1,105
|
1,005
|
10.0
|
|
|||
|
____
|
____
|
____
|
|
||||
Operating profit from the reportable segmenta
|
|
|
|
|
||||
|
Fee
business
|
787
|
741
|
6.2
|
|
|||
|
Owned,
leased and managed lease
|
28
|
20
|
40.0
|
|
|||
|
____
|
____
|
____
|
|
||||
|
|
815
|
761
|
7.1
|
|
|||
Operating
exceptional items
|
|
27
|
(46)
|
NMb
|
|
|||
|
____
|
____
|
____
|
|
||||
Operating
profit
|
842
|
715
|
17.8
|
|
||||
|
____
|
____
|
____
|
|
||||
Americas Comparable RevPARa movement on
previous year
|
12 months ended
31 December 2023
|
|||||||
Fee
business
|
|
|||||||
|
InterContinental
|
12.0%
|
||||||
|
Kimpton
|
8.9%
|
||||||
|
Hotel
Indigo
|
4.9%
|
||||||
|
Crowne
Plaza
|
11.2%
|
||||||
|
EVEN
Hotels
|
8.5%
|
||||||
|
Holiday
Inn Express
|
6.4%
|
||||||
|
Holiday
Inn
|
7.2%
|
||||||
|
avid
hotels
|
8.6%
|
||||||
|
Staybridge
Suites
|
6.1%
|
||||||
|
Candlewood
Suites
|
2.4%
|
||||||
|
All
brands
|
7.0%
|
||||||
Owned,
leased and managed lease
|
|
|||||||
|
All
brands
|
16.8%
|
||||||
|
|
|
|
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Americas hotel and room count
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
1
|
1
|
|
10
|
10
|
|
InterContinental
|
43
|
1
|
|
15,674
|
133
|
|
Vignette Collection
|
1
|
1
|
|
355
|
355
|
|
Kimpton
|
63
|
1
|
|
10,895
|
291
|
|
Hotel Indigo
|
72
|
(1)
|
|
9,578
|
(169)
|
|
voco
|
12
|
4
|
|
1,299
|
376
|
|
Crowne Plaza
|
106
|
(4)
|
|
27,142
|
(1,192)
|
|
EVEN Hotels
|
19
|
-
|
|
2,744
|
1
|
|
Holiday Inn Express
|
2,509
|
37
|
|
228,753
|
3,669
|
|
Holiday Inn
|
688
|
(8)
|
|
111,754
|
(1,613)
|
Garner
|
2
|
2
|
|
158
|
158
|
|
avid hotels
|
67
|
8
|
|
6,027
|
674
|
|
|
Atwell Suites
|
2
|
-
|
|
186
|
-
|
|
Staybridge Suites
|
303
|
7
|
|
31,675
|
646
|
|
Holiday Inn Club Vacations
|
30
|
2
|
|
9,526
|
704
|
|
Candlewood Suites
|
376
|
8
|
|
33,497
|
744
|
|
Iberostar Beachfront Resorts
|
23
|
-
|
|
9,027
|
-
|
|
Othera
|
97
|
(1)
|
|
21,294
|
(689)
|
|
|
_____
|
____
|
|
_______
|
_____
|
Total
|
4,414
|
58
|
|
519,594
|
4,098
|
|
|
|
_____
|
____
|
|
_______
|
_____
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchisedb
|
4,242
|
57
|
|
482,948
|
4,500
|
|
Managed
|
168
|
-
|
|
35,309
|
(412)
|
Owned, leased and managed lease
|
4
|
1
|
|
1,337
|
10
|
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
4,414
|
58
|
|
519,594
|
4,098
|
|
|
|
_____
|
____
|
|
_______
|
______
|
|
|
|
|
|||||||
|
||||||||||
|
|
Hotels
|
|
Rooms
|
|
|||||
|
|
|
||||||||
|
Americas Pipeline
|
|
Change over
|
|
|
Change over
|
|
|||
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|||
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
|||
|
Analysed by brand
|
|
|
|
|
|
|
|||
|
|
Six Senses
|
8
|
2
|
|
474
|
151
|
|
||
|
|
Regent
|
1
|
1
|
|
167
|
167
|
|
||
|
|
InterContinental
|
12
|
2
|
|
2,708
|
305
|
|
||
|
|
Vignette Collection
|
3
|
1
|
|
261
|
86
|
|
||
|
|
Kimpton
|
28
|
4
|
|
5,518
|
935
|
|
||
|
|
Hotel Indigo
|
31
|
5
|
|
4,337
|
690
|
|
||
|
|
voco
|
12
|
8
|
|
1,383
|
636
|
|
||
|
|
Crowne Plaza
|
9
|
2
|
|
2,210
|
892
|
|
||
|
|
EVEN Hotels
|
11
|
1
|
|
1,239
|
68
|
|
||
|
|
Holiday Inn Express
|
349
|
9
|
|
33,463
|
571
|
|
||
|
|
Holiday Inn
|
72
|
7
|
|
8,639
|
669
|
|
||
|
|
Garner
|
5
|
5
|
|
332
|
332
|
|
||
|
|
avid hotels
|
141
|
(4)
|
|
11,577
|
(808)
|
|
||
|
|
Atwell Suites
|
41
|
11
|
|
4,124
|
1,123
|
|
||
|
|
Staybridge Suites
|
145
|
3
|
|
15,351
|
428
|
|
||
|
|
Holiday Inn Club Vacations
|
2
|
1
|
|
832
|
680
|
|
||
|
|
Candlewood Suites
|
151
|
27
|
|
11,957
|
1,689
|
|
||
|
|
Iberostar Beachfront Resorts
|
5
|
-
|
|
2,240
|
(151)
|
|
||
|
|
Other
|
14
|
1
|
|
2,352
|
382
|
|
||
|
|
|
_____
|
____
|
|
______
|
_____
|
|
||
|
Total
|
1,040
|
86
|
|
109,164
|
8,845
|
|
|||
|
|
|
______
|
_____
|
|
_______
|
______
|
|
||
|
Analysed by ownership type
|
|
|
|
|
|
|
|||
|
|
Franchiseda
|
994
|
78
|
|
101,989
|
7,731
|
|
||
|
|
Managed
|
46
|
8
|
|
7,175
|
1,114
|
|
||
|
|
|
_____
|
____
|
|
______
|
______
|
|
||
|
Total
|
1,040
|
86
|
|
109,164
|
8,845
|
|
|||
|
|
|
_____
|
____
|
|
______
|
______
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended 31 December
|
||||
EMEAA results
|
|
|
|
||
|
2023
|
2022
|
%
|
||
|
$m
|
$m
|
change
|
||
Revenue from the reportable segmenta
|
|
|
|
||
|
Fee
business
|
354
|
284
|
24.6
|
|
|
Owned,
leased and managed lease
|
323
|
268
|
20.5
|
|
|
____
|
____
|
____
|
||
|
|
677
|
552
|
22.6
|
|
|
____
|
____
|
____
|
||
Operating profit/(loss) from the reportable segmenta
|
|
|
|
||
|
Fee
business
|
214
|
153
|
39.9
|
|
|
Owned,
leased and managed lease
|
1
|
(1)
|
NMb
|
|
|
____
|
____
|
____
|
||
|
|
215
|
152
|
41.4
|
|
Operating
exceptional items
|
|
1
|
(49)
|
NMb
|
|
|
|
____
|
____
|
____
|
|
Operating
profit
|
216
|
103
|
109.7
|
||
|
____
|
____
|
____
|
||
|
|
|
|
|
|
EMEAA comparable RevPARa movement on
previous year
|
12 months ended
31 December 2023
|
|
Fee
business
|
|
|
|
Six
Senses
|
17.7%
|
|
InterContinental
|
26.0%
|
|
Kimpton
|
47.1%
|
|
Hotel
Indigo
|
24.5%
|
|
voco
|
10.5%
|
|
Crowne
Plaza
|
23.7%
|
|
Holiday
Inn Express
|
21.9%
|
|
Holiday
Inn
|
23.4%
|
|
Staybridge
Suites
|
12.5%
|
|
All
brands
|
23.5%
|
|
|
|
Owned,
leased and managed lease
|
|
|
|
All
brands
|
31.8%
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
EMEAA hotel and room count
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
23
|
5
|
|
1,621
|
385
|
Regent
|
4
|
-
|
|
1,036
|
(77)
|
|
|
InterContinental
|
119
|
8
|
|
34,443
|
1,582
|
|
Vignette Collection
|
7
|
4
|
|
1,206
|
627
|
|
Kimpton
|
12
|
-
|
|
2,376
|
(21)
|
|
Hotel Indigo
|
58
|
7
|
|
7,029
|
1,296
|
|
voco
|
38
|
9
|
|
11,791
|
3,865
|
|
Crowne Plaza
|
178
|
(4)
|
|
43,285
|
(657)
|
|
Holiday Inn Express
|
349
|
8
|
|
51,488
|
1,613
|
|
Holiday Inn
|
382
|
8
|
|
69,330
|
1,463
|
|
Staybridge Suites
|
22
|
4
|
|
3,645
|
713
|
|
Iberostar Beachfront Resorts
|
26
|
16
|
|
8,573
|
5,198
|
|
Othera
|
19
|
3
|
|
11,444
|
1,616
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
1,237
|
68
|
|
247,267
|
17,603
|
|
|
|
_____
|
____
|
|
_______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchisedb
|
839
|
37
|
|
140,830
|
8,914
|
|
Managed
|
385
|
31
|
|
103,543
|
8,687
|
Owned, leased and managed lease
|
13
|
-
|
|
2,894
|
2
|
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
1,237
|
68
|
|
247,267
|
17,603
|
|
|
|
_____
|
____
|
|
_______
|
______
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
EMEAA Pipeline
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
30
|
2
|
|
2,350
|
275
|
|
Regent
|
7
|
1
|
|
1,468
|
100
|
|
InterContinental
|
56
|
5
|
|
13,510
|
1,714
|
|
Vignette Collection
|
14
|
9
|
|
1,523
|
1,098
|
|
Kimpton
|
15
|
7
|
|
2,365
|
831
|
|
Hotel Indigo
|
53
|
7
|
|
8,309
|
265
|
|
voco
|
51
|
19
|
|
8,907
|
80
|
|
Crowne Plaza
|
49
|
9
|
|
11,529
|
1,152
|
|
Holiday Inn Express
|
89
|
1
|
|
13,309
|
110
|
|
Holiday Inn
|
86
|
2
|
|
16,122
|
(314)
|
|
Staybridge Suites
|
19
|
(1)
|
|
2,834
|
(238)
|
|
Iberostar Beachfront Resorts
|
-
|
(10)
|
|
-
|
(3,674)
|
|
Other
|
-
|
(16)
|
|
-
|
(2,583)
|
|
|
____
|
____
|
|
______
|
______
|
Total
|
469
|
35
|
|
82,226
|
(1,184)
|
|
|
|
____
|
____
|
|
______
|
______
|
Analysed
by ownership type
|
|
|
|
|
|
|
|
Franchiseda
|
174
|
10
|
|
24,516
|
(2,172)
|
|
Managed
|
294
|
25
|
|
57,555
|
988
|
|
Owned, leased and managed lease
|
1
|
-
|
|
155
|
-
|
|
|
____
|
____
|
|
______
|
______
|
Total
|
469
|
35
|
|
82,226
|
(1,184)
|
|
|
|
____
|
____
|
|
______
|
______
|
|
12 months ended 31
December
|
||||
|
|
|
|
||
Greater China results
|
2023
|
2022
|
%
|
||
|
$m
|
$m
|
change
|
||
|
|
|
|
||
Revenue from the reportable segmenta
|
|
|
|
||
|
Fee
business
|
161
|
87
|
85.1
|
|
|
|
____
|
____
|
____
|
|
|
|
161
|
87
|
85.1
|
|
|
____
|
____
|
____
|
||
Operating profit from the reportable segmenta
|
|
|
|
||
|
Fee
business
|
96
|
23
|
317.4
|
|
|
|
____
|
____
|
____
|
|
Operating
profit
|
96
|
23
|
317.4
|
||
|
____
|
____
|
____
|
||
|
|
|
|
|
|
Greater China comparable RevPARa movement on
previous year
|
12 months ended
31 December 2023
|
|
|
|
|
Fee
business
|
|
|
|
Regent
|
110.8%
|
|
InterContinental
|
82.4%
|
|
Hotel
Indigo
|
70.3%
|
|
HUALUXE
|
75.6%
|
|
Crowne
Plaza
|
69.7%
|
|
Holiday
Inn Express
|
60.3%
|
|
Holiday
Inn
|
63.8%
|
|
All
brands
|
71.7%
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Greater China hotel and room count
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
1
|
-
|
|
130
|
-
|
|
Regent
|
6
|
1
|
|
2,051
|
136
|
|
InterContinental
|
60
|
6
|
|
23,383
|
1,979
|
|
Vignette Collection
|
3
|
3
|
|
722
|
722
|
|
Kimpton
|
3
|
1
|
|
450
|
143
|
|
Hotel Indigo
|
23
|
4
|
|
3,611
|
637
|
|
voco
|
12
|
4
|
|
2,417
|
842
|
|
HUALUXE
|
20
|
(1)
|
|
5,529
|
(454)
|
|
Crowne Plaza
|
124
|
13
|
|
41,805
|
3,662
|
|
EVEN Hotels
|
7
|
4
|
|
1,187
|
750
|
|
Holiday Inn Express
|
313
|
35
|
|
56,076
|
4,133
|
|
Holiday Inn
|
132
|
4
|
|
34,826
|
501
|
|
Othera
|
8
|
(1)
|
|
7,155
|
(176)
|
|
|
____
|
____
|
|
______
|
______
|
Total
|
712
|
73
|
|
179,342
|
12,875
|
|
|
|
____
|
____
|
|
______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchised
|
275
|
60
|
|
56,823
|
10,756
|
|
Managed
|
437
|
13
|
|
122,519
|
2,119
|
|
|
____
|
____
|
|
_______
|
______
|
Total
|
712
|
73
|
|
179,342
|
12,875
|
|
|
|
____
|
____
|
|
_______
|
______
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Greater China Pipeline
|
|
Change over
|
|
|
Change over
|
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
4
|
-
|
|
233
|
-
|
|
Regent
|
3
|
(1)
|
|
807
|
(135)
|
|
InterContinental
|
32
|
3
|
|
9,053
|
671
|
|
Vignette Collection
|
1
|
1
|
|
272
|
272
|
|
Kimpton
|
11
|
2
|
|
2,878
|
552
|
|
Hotel Indigo
|
48
|
1
|
|
8,293
|
133
|
|
voco
|
11
|
8
|
|
2,451
|
1,796
|
|
HUALUXE
|
25
|
4
|
|
6,343
|
993
|
|
Crowne Plaza
|
68
|
4
|
|
18,703
|
1,448
|
|
EVEN Hotels
|
22
|
1
|
|
4,144
|
36
|
|
Holiday Inn Express
|
194
|
5
|
|
31,247
|
603
|
|
Holiday Inn
|
88
|
8
|
|
21,140
|
1,456
|
|
|
____
|
____
|
|
______
|
____
|
Total
|
507
|
36
|
|
105,564
|
7,825
|
|
|
|
____
|
____
|
|
______
|
____
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchised
|
258
|
25
|
|
47,579
|
5,214
|
|
Managed
|
249
|
11
|
|
57,985
|
2,611
|
|
|
____
|
____
|
|
_______
|
______
|
Total
|
507
|
36
|
|
105,564
|
7,825
|
|
|
|
____
|
____
|
|
_______
|
______
|
|
12 months ended 31 December
|
||
|
|
|
|
|
2023
|
2022
|
%
|
Central results
|
$m
|
$m
|
change
|
|
|
|
|
Revenue
|
221
|
199
|
11.1
|
Gross
costs
|
(328)
|
(307)
|
6.8
|
|
____
|
____
|
____
|
Operating
loss
|
(107)
|
(108)
|
(0.9)
|
|
____
|
____
|
____
|
●
|
Total
rooms revenue from franchised hotels;
|
●
|
Total
hotel revenue from managed and exclusive partner hotels including
food and beverage, meetings and other revenues, reflecting the
value driven by IHG and the base upon which fees are typically
earned; and
|
●
|
Total
hotel revenue from owned, leased and managed lease
hotels.
|
●
|
System
Fund and reimbursables - the System Fund is not managed to generate
a surplus or deficit for IHG over the longer term; it is managed
for the benefit of the hotels within the IHG System. The System
Fund is operated to collect and administer cash assessments from
hotel owners for specific purposes of use including marketing, the
Guest Reservation System and loyalty programme. There is a cost
equal to reimbursable revenues so there is no profit impact. Cost
reimbursements are not applicable to all hotels, and growth in
these revenues is not reflective of growth in the performance of
the Group. As such, management does not include these revenues in
their analysis of results.
|
●
|
Exceptional
items - these are identified by virtue of their size, nature or
incidence with consideration given to consistency of treatment with
prior years and between gains and losses. Exceptional items
include, but are not restricted to, gains and losses on the
disposal of assets, impairment charges and reversals, the costs of
individually significant legal cases or commercial disputes, and
reorganisation costs. As each item is different in nature and
scope, there will be little continuity in the detailed composition
and size of the reported amounts which affect performance in
successive periods. Separate disclosure of these
amounts
facilitates
the understanding of performance including and excluding such
items. Further detail of amounts presented as exceptional is
included in note 5 to the Group Financial Statements.
|
●
|
Underlying
revenue;
|
●
|
Underlying
operating profit;
|
●
|
Underlying
fee revenue; and
|
●
|
Fee
margin.
|
●
|
Interest
income is recorded in the System Fund on the outstanding cash
balance relating to the IHG loyalty programme. These interest
payments are recognised as interest expense for IHG.
|
●
|
Other
components of System Fund interest income and expense, including
capitalised interest, lease interest expense and interest income on
overdue receivables.
|
●
|
System
Fund capital investments which are strategic investments to drive
growth at hotel level;
|
●
|
Recyclable
investments (such as investments in associates and joint ventures
and loans to facilitate third-party ownership of hotel assets),
which are intended to be recoverable in the medium term and are to
drive the growth of the Group's brands and expansion in priority
markets; and
|
●
|
Maintenance
capital expenditure (including contract acquisition costs), which
represents a permanent cash outflow.
|
●
|
The
definition and calculation of Total Gross Revenue has been amended
to include revenue from exclusive partner hotels, as this revenue
reflects the value that IHG generates for its exclusive partner
hotels. The value of Total Gross Revenue is unchanged in
comparative years.
|
●
|
Underlying
fee revenue and operating profit measures have been amended to
separate revenue and related costs from insurance activities from
fee business revenue and costs. This change is due to the adoption
of IFRS 17 'Insurance Contracts', which requires insurance related
revenue and costs to be disclosed separately from fee revenues.
Underlying fee revenue and operating profit measures have also been
amended. Comparative periods have been restated for this
change.
|
●
|
The
definition and reconciliation of fee margin has been amended to
remove the exclusion of insurance revenues and costs, as insurance
related revenues and costs are no longer included as part of fee
business (see above). Where information is available, comparative
periods have been restated for this change.
|
●
|
The
adjusted tax definition has been amended to align to the
adjustments made to adjusted earnings per share to ensure
consistency between measures. Fair value gains/losses on contingent
consideration and System Fund interest are therefore now excluded
from the calculation of adjusted tax. The measure has been
re-presented for prior years to show consistent
presentation.
|
|
|
Reportable segments
|
Revenue
|
|
Operating profit
|
||||
|
|
|
|
|
|
|
|
|
2023
|
2022
Re-presenteda
|
%
|
|
2023
|
2022
Re-presenteda
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Per Group income statement
|
4,624
|
3,892
|
18.8
|
|
1,066
|
628
|
69.7
|
System Fund and reimbursables
|
(2,460)
|
(2,049)
|
20.1
|
|
(19)
|
105
|
NMb
|
Operating exceptional items
|
-
|
-
|
-
|
|
(28)
|
95
|
NMb
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Reportable segments
|
2,164
|
1,843
|
17.4
|
|
1,019
|
828
|
23.1
|
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
Fee business
|
1,672
|
1,434
|
16.6
|
|
992
|
805
|
23.2
|
Owned, leased and managed lease
|
471
|
394
|
19.5
|
|
29
|
19
|
52.6
|
Insurance activities
|
21
|
15
|
40.0
|
|
(2)
|
4
|
NMb
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Reportable segments
|
2,164
|
1,843
|
17.4
|
|
1,019
|
828
|
23.1
|
|
Revenue
|
|
Operating profit
|
||||
|
|
|
|
||||
|
2023
|
2022
|
%
|
|
2023
|
2022
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
Change
|
|
|
|
|
|
|
|
|
Reportable segments (see above)
|
2,164
|
1,843
|
17.4
|
|
1,019
|
828
|
23.1
|
Significant liquidated damagesb
|
-
|
(7)
|
NMa
|
|
-
|
(7)
|
NMa
|
Owned and leased asset disposalsc
|
-
|
(19)
|
NMa
|
|
-
|
(2)
|
NMa
|
Currency impact
|
-
|
-
|
-
|
|
-
|
(1)
|
NMa
|
|
____
|
____
|
_____
|
|
_____
|
_____
|
_____
|
Underlying revenue and underlying operating profit
|
2,164
|
1,817
|
19.1
|
|
1,019
|
818
|
24.6
|
|
Revenue
|
Operating profit
|
|||||
|
|
|
|||||
|
2023
|
2022
Re-presentedb
|
%
|
|
2023
|
2022
Re-presentedb
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Reportable segments fee business (see above)
|
1,672
|
1,434
|
16.6
|
|
992
|
805
|
23.2
|
Significant liquidated damagesc
|
-
|
(7)
|
NMa
|
|
-
|
(7)
|
NMa
|
Currency impact
|
-
|
(4)
|
NMa
|
|
-
|
(2)
|
NMa
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Underlying fee revenue and underlying fee operating
profit
|
1,672
|
1,423
|
17.5
|
|
992
|
796
|
24.6
|
|
Revenue
|
|
Operating profita
|
||||
|
|
|
|
|
|
|
|
|
2023
|
2022
|
%
|
|
2023
|
2022
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Per financial statements
|
1,105
|
1,005
|
10.0
|
|
815
|
761
|
7.1
|
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
Fee business
|
957
|
879
|
8.9
|
|
787
|
741
|
6.2
|
Owned, leased and managed lease
|
148
|
126
|
17.5
|
|
28
|
20
|
40.0
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|
1,105
|
1,005
|
10.0
|
|
815
|
761
|
7.1
|
|
|
|
|
|
|
|
|
Reportable segments (see above)
|
1,105
|
1,005
|
10.0
|
|
815
|
761
|
7.1
|
Currency Impact
|
-
|
2
|
NMb
|
|
-
|
-
|
-
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Underlying revenue and underlying operating profit
|
1,105
|
1,007
|
9.7
|
|
815
|
761
|
7.1
|
|
|
|
|
|
|
|
|
Owned, leased and managed lease included in the above
|
(148)
|
(126)
|
17.5
|
|
(28)
|
(20)
|
40.0
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Underlying fee business
|
957
|
881
|
8.6
|
|
787
|
741
|
6.2
|
|
Revenue
|
|
Operating profita
|
||||
|
|
|
|
|
|
|
|
|
2023
|
2022
|
%
|
|
2023
|
2022
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Per financial statements
|
677
|
552
|
22.6
|
|
215
|
152
|
41.4
|
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
Fee business
|
354
|
284
|
24.6
|
|
214
|
153
|
39.9
|
Owned, leased and managed lease
|
323
|
268
|
20.5
|
|
1
|
(1)
|
NMb
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|
677
|
552
|
22.6
|
|
215
|
152
|
41.4
|
|
|
|
|
|
|
|
|
Reportable segments (see above)
|
677
|
552
|
22.6
|
|
215
|
152
|
41.4
|
Significant liquidated damagesc
|
-
|
(7)
|
NMb
|
|
-
|
(7)
|
NMb
|
Owned and leased asset disposalsd
|
-
|
(19)
|
NMb
|
|
-
|
(2)
|
NMb
|
Currency impact
|
-
|
3
|
NMb
|
|
-
|
1
|
NMb
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Underlying revenue and underlying operating profit
|
677
|
529
|
28.0
|
|
215
|
144
|
49.3
|
|
|
|
|
|
|
|
|
Owned, leased and managed lease included in the above
|
(323)
|
(253)
|
27.7
|
|
(1)
|
2
|
(150.0)
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Underlying fee business
|
354
|
276
|
28.3
|
|
214
|
146
|
46.6
|
|
Revenue
|
|
Operating profita
|
||||
|
|
|
|
|
|
|
|
|
2023
|
2022
|
%
|
|
2023
|
2022
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
Per financial statements
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
161
|
87
|
85.1
|
|
96
|
23
|
317.4
|
|
____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Fee business
|
161
|
87
|
85.1
|
|
96
|
23
|
317.4
|
|
|
|
|
|
|
|
|
Reportable segments (see above)
|
161
|
87
|
85.1
|
|
96
|
23
|
317.4
|
Currency impact
|
-
|
(5)
|
NMb
|
|
-
|
(1)
|
NMb
|
|
_____
|
_____
|
____
|
|
_____
|
_____
|
_____
|
Underlying revenue and underlying operating profit
|
161
|
82
|
96.3
|
|
96
|
22
|
336.4
|
|
12 months ended 31 December 2023
|
||||
|
|
||||
|
Americas
|
EMEAA
|
Greater China
|
Central
|
Total
|
Revenue $m
|
|
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
957
|
354
|
161
|
200
|
1,672
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
957
|
354
|
161
|
200
|
1,672
|
|
|
|
|
|
|
Operating profit $m
|
|
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
787
|
214
|
96
|
(105)
|
992
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
787
|
214
|
96
|
(105)
|
992
|
|
|
|
|
|
|
Fee margin %
|
82.2%
|
60.5%
|
59.6%
|
(52.5)%
|
59.3%
|
|
12 months ended 31 December 2022
(Re-presenteda)
|
||||
|
|
|
|
|
|
|
Americas
|
EMEAA
|
Greater China
|
Central
|
Total
|
Revenue $m
|
|
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
879
|
284
|
87
|
184
|
1,434
|
Significant liquidated damages
|
-
|
(7)
|
-
|
-
|
(7)
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
879
|
277
|
87
|
184
|
1,427
|
|
|
|
|
|
|
Operating profit $m
|
|
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
741
|
153
|
23
|
(112)
|
805
|
Significant liquidated damages
|
-
|
(7)
|
-
|
-
|
(7)
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
741
|
146
|
23
|
(112)
|
798
|
|
|
|
|
|
|
Fee margin %
|
84.3%
|
52.7%
|
26.4%
|
(60.9)%
|
55.9%
|
|
12 months ended 31 December 2021
(Re-presenteda)
|
||||
|
|
|
|
|
|
|
Americas
|
EMEAA
|
Greater China
|
Central
|
Total
|
Revenue $m
|
|
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
691
|
149
|
116
|
188
|
1,144
|
Significant liquidated damages
|
-
|
-
|
(6)
|
-
|
(6)
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
691
|
149
|
110
|
188
|
1,138
|
|
|
|
|
|
|
Operating profit $m
|
|
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
568
|
32
|
58
|
(89)
|
569
|
Significant liquidated damages
|
-
|
-
|
(6)
|
-
|
(6)
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
568
|
32
|
52
|
(89)
|
563
|
|
|
|
|
|
|
Fee margin %
|
82.2%
|
21.5%
|
47.3%
|
(47.3)%
|
49.5%
|
|
12 months ended
31 December
|
|
|
|
|
|
2023
|
2022
|
|
$m
|
$m
|
|
|
|
Net cash from investing activities
|
(137)
|
(78)
|
Adjusted for:
|
|
|
Contract acquisition costs, net of
repayments
|
(101)
|
(64)
|
System Fund depreciation and
amortisationa
|
81
|
83
|
|
_____
|
_____
|
Net capital expenditure
|
(157)
|
(59)
|
|
_____
|
_____
|
Analysed as:
|
|
|
Capital expenditure: maintenance (including contract acquisition
costs, net of repayments, of $101m (2022: $64m))
|
(139)
|
(108)
|
Capital expenditure: recyclable investments
|
(53)
|
1
|
Capital expenditure: System Fund capital investments
|
35
|
48
|
|
_____
|
_____
|
Net capital expenditure
|
(157)
|
(59)
|
|
_____
|
_____
|
|
12 months ended
31 December
|
|
|
|
|
|
2023
|
2022
|
|
$m
|
$m
|
|
|
|
Net capital expenditure
|
(157)
|
(59)
|
Add back:
|
|
|
Disposal receipts
|
(8)
|
(16)
|
Repayments of contract acquisition
costs
|
(7)
|
(3)
|
System Fund depreciation and
amortisationa
|
(81)
|
(83)
|
|
_____
|
_____
|
Gross capital expenditure
|
(253)
|
(161)
|
|
_____
|
_____
|
Analysed as:
|
|
|
Capital
expenditure: maintenance (including contract
acquisition
costs of $108m (2022: $67m))
|
(146)
|
(111)
|
Capital
expenditure: recyclable investments
|
(61)
|
(15)
|
Capital
expenditure: System Fund capital investments
|
(46)
|
(35)
|
|
_____
|
_____
|
Gross capital expenditure
|
(253)
|
(161)
|
|
_____
|
_____
|
|
12 months ended
31 December
|
|
|
|
|
|
2023
|
2022
|
|
$m
|
$m
|
|
|
|
Net cash from operating activities
|
893
|
646
|
Adjusted for:
|
|
|
Principal
element of lease payments
|
(28)
|
(36)
|
Purchase
of shares by employee share trusts
|
(8)
|
(1)
|
Capital
expenditure: maintenance (excluding contract acquisition
costs)
|
(38)
|
(44)
|
|
_____
|
_____
|
Adjusted free cash flow
|
819
|
565
|
|
_____
|
_____
|
|
12 months ended
31 December
|
||
|
|
||
|
2023
|
2022
|
|
|
$m
|
$m
|
|
Net financial expenses
|
|
|
|
Financial income
|
39
|
22
|
|
Financial expenses
|
(91)
|
(118)
|
|
|
_____
|
_____
|
|
|
(52)
|
(96)
|
|
Adjusted for:
|
|
|
|
Interest attributable to the System Fund
|
(44)
|
(16)
|
|
Foreign exchange gains
|
(35)
|
(10)
|
|
|
_____
|
_____
|
|
|
(79)
|
(26)
|
|
|
_____
|
_____
|
|
Adjusted interest
|
(131)
|
(122)
|
|
|
_____
|
_____
|
|
|
|
|
|
|
|
2023
|
2022
(Re-presenteda)
|
||||||
|
|
Profit before tax
$m
|
Tax
$m
|
Taxrate
|
Profit
before tax
$m
|
Tax
$m
|
Taxrate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group
income statement
|
1,010
|
(260)
|
25.7%
|
540
|
(164)
|
30.4%
|
|
|
|
Adjust
for:
|
|
|
|
|
|
|
|
|
|
Exceptional
items
|
(28)
|
7
|
|
95
|
(26)
|
|
|
|
|
Foreign
exchange gains
|
(35)
|
(3)
|
|
(10)
|
(4)
|
|
|
|
|
System
Fund
|
(19)
|
3
|
|
105
|
-
|
|
|
|
|
System
Fund interest
|
(44)
|
-
|
|
(16)
|
-
|
|
|
|
|
Fair
value losses/(gains) on contingent purchase
consideration
|
4
|
-
|
|
(8)
|
-
|
|
|
|
|
|
_____
|
_____
|
|
_____
|
_____
|
|
|
|
|
Adjusted tax and
tax rate
|
888
|
(253)
|
28.5%
|
706
|
(194)
|
27.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months ended
31 December
|
|
|
|
|
|
2023
|
2022
|
|
$m
|
$m
|
Profit
available for equity holders
|
750
|
375
|
Adjusting
items:
|
|
|
System Fund and reimbursable result
|
(19)
|
105
|
Interest attributable to the System Fund
|
(44)
|
(16)
|
Operating exceptional items
|
(28)
|
95
|
Fair value losses/(gains) on contingent purchase
consideration
|
4
|
(8)
|
Foreign exchange gains
|
(35)
|
(10)
|
Tax attributable to the System Fund
|
3
|
-
|
Tax on foreign exchange gains
|
(3)
|
(4)
|
Tax on exceptional items
|
7
|
(26)
|
|
_____
|
_____
|
Adjusted earnings
|
635
|
511
|
|
|
|
Basic
weighted average number of ordinary shares (millions)
|
169
|
181
|
Adjusted
earnings per ordinary share (cents)
|
375.7
|
282.3
|
|
|
|
Reportable segments
|
Revenue
|
|
Operating profit
|
||||
|
|
|
|
|
|
|
|
|
2023
|
2019
Re-presentedb
|
%
|
|
2023
|
2019
Re-presentedb
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Per Group income statement
|
4,624
|
4,627
|
(0.1)
|
|
1,066
|
630
|
69.2
|
System Fund and reimbursables
|
(2,460)
|
(2,544)
|
(3.3)
|
|
(19)
|
49
|
NMa
|
Operating exceptional items
|
-
|
-
|
-
|
|
(28)
|
186
|
NMa
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Reportable segments
|
2,164
|
2,083
|
3.9
|
|
1,019
|
865
|
17.8
|
|
Revenue
|
|
Operating profita
|
|||||
|
|
|
|
|
|
|
|
|
|
2023
|
2019
|
%
|
|
2023
|
2019
|
%
|
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
|
|
Per financial statements
|
1,105
|
1,040
|
6.3
|
|
815
|
700
|
16.4
|
|
|
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
|
Fee business
|
957
|
853
|
12.2
|
|
787
|
663
|
18.7
|
|
Owned, leased and managed lease
|
148
|
187
|
(20.9)
|
|
28
|
37
|
(24.3)
|
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|
|
1,105
|
1,040
|
6.3
|
|
815
|
700
|
16.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Operating profita
|
|||||
|
|
|
|
|
|
|
|
|
|
2023
|
2019
|
%
|
|
2023
|
2019
|
%
|
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
|
|
Per financial statements
|
677
|
723
|
(6.4)
|
|
215
|
217
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
|
Fee business
|
354
|
337
|
5.0
|
|
214
|
202
|
5.9
|
|
Owned, leased and managed lease
|
323
|
386
|
(16.3)
|
|
1
|
15
|
(93.3)
|
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|
|
677
|
723
|
(6.4)
|
|
215
|
217
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Operating profita
|
||||
|
|
|
|
|
|
|
|
|
2023
|
2019
|
%
|
|
2023
|
2019
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Per financial statements
|
161
|
135
|
19.3
|
|
96
|
73
|
31.5
|
|
|
|
|
|
|
|
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
Fee business
|
161
|
135
|
19.3
|
|
96
|
73
|
31.5
|
|
12 months ended 31 December 2019
|
||
|
Americas
|
EMEAA
|
Greater China
|
Revenue $m
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
853
|
337
|
135
|
Significant liquidated damages
|
-
|
(11)
|
-
|
|
_____
|
_____
|
_____
|
|
853
|
326
|
135
|
|
|
|
|
Operating profit $m
|
|
|
|
Reportable segments analysed as fee business (see
above)
|
663
|
202
|
73
|
Significant liquidated damages
|
-
|
(11)
|
-
|
|
_____
|
_____
|
_____
|
|
663
|
191
|
73
|
|
|
|
|
Fee margin %
|
77.7%
|
58.6%
|
54.1%
|
|
2023
Year
ended
31
December
$m
|
2022
Year
ended31 December
Re-presented*$m
|
|
|
|
Revenue
from fee business
|
1,672
|
1,434
|
Revenue
from owned, leased and managed lease hotels
|
471
|
394
|
Revenue
from insurance activities
|
21
|
15
|
System
Fund and reimbursable revenues
|
2,460
|
2,049
|
|
_____
|
_____
|
Total revenue (notes 3 and 4)
|
4,624
|
3,892
|
|
|
|
Cost of
sales
|
(742)
|
(648)
|
System
Fund and reimbursable expenses
|
(2,441)
|
(2,154)
|
Administrative
expenses
|
(338)
|
(353)
|
Insurance
expenses
|
(23)
|
(11)
|
Share
of profits/(losses) of associates and joint ventures
|
31
|
(59)
|
Other
operating income
|
21
|
29
|
Depreciation
and amortisation
|
(67)
|
(68)
|
Impairment
reversal/(loss) on financial assets
|
1
|
(5)
|
Other
net impairment reversals (note 5)
|
-
|
5
|
|
_____
|
_____
|
Operating profit (note 3)
|
1,066
|
628
|
|
|
|
Operating
profit analysed as:
|
|
|
Operating profit before System Fund, reimbursables and exceptional
items
|
1,019
|
828
|
System Fund and reimbursable result
|
19
|
(105)
|
Operating exceptional items (note 5)
|
28
|
(95)
|
|
_____
|
_____
|
|
1,066
|
628
|
|
|
|
Financial
income
|
39
|
22
|
Financial
expenses
|
(91)
|
(118)
|
Fair
value (losses)/gains on contingent purchase
consideration
|
(4)
|
8
|
|
_____
|
_____
|
Profit before tax
|
1,010
|
540
|
|
|
|
Tax
(note 6)
|
(260)
|
(164)
|
|
_____
|
_____
|
Profit for the year from continuing operations
|
750
|
376
|
|
_____
|
_____
|
|
|
|
Attributable
to:
|
|
|
Equity holders of the parent
|
750
|
375
|
Non-controlling interest
|
-
|
1
|
|
_____
|
_____
|
|
750
|
376
|
|
_____
|
_____
|
|
|
|
Earnings per ordinary share (note 8)
|
|
|
Basic
|
443.8¢
|
207.2¢
|
Diluted
|
441.2¢
|
206.0¢
|
|
2023
Year ended
31 December
$m
|
2022
Year ended
31 December
Re-presented*
$m
|
|
|
|
Profit for the year
|
750
|
376
|
|
|
|
Other comprehensive (loss)/income
|
|
|
|
|
|
Items
that may be subsequently reclassified to profit or
loss:
|
|
|
(Losses)/gains on cash flow hedges, including related
tax of $nil (2022: $2m
credit)
|
(30)
|
35
|
Gains/(losses) on net investment hedges
|
15
|
(6)
|
Costs of hedging
|
-
|
3
|
Hedging losses/(gains) reclassified to financial
expenses
|
28
|
(43)
|
Exchange (losses)/gains on retranslation of foreign
operations, including related tax charge of $4m
(2022: $5m credit)
|
(137)
|
187
|
|
_____
|
_____
|
|
(124)
|
176
|
Items
that will not be reclassified to profit or loss:
|
|
|
(Losses)/gains on
equity instruments classified as fair value through other
comprehensive income, including related tax charge of $1m (2022:
$2m credit)
|
(3)
|
1
|
Re-measurement (losses)/gains on defined benefit
plans, including related tax of $nil (2022: $6m
charge)
|
(2)
|
15
|
|
|
|
|
_____
|
_____
|
|
(5)
|
16
|
|
_____
|
_____
|
Total other comprehensive (loss)/income for the year
|
(129)
|
192
|
|
_____
|
_____
|
Total comprehensive income for the year
|
621
|
568
|
|
_____
|
_____
|
|
|
|
Attributable
to:
|
|
|
Equity holders of the parent
|
621
|
568
|
Non-controlling interest
|
-
|
-
|
|
_____
|
_____
|
|
621
|
568
|
|
_____
|
_____
|
|
|
|
|
Year ended 31 December 2023
|
|||||
|
Equity share capital
|
Other reserves*
|
Retained earnings
|
Non-controlling interest
|
Total equity
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
|
|
|
|
|
|
|
At
beginning of the year
|
137
|
(2,359)
|
607
|
7
|
(1,608)
|
|
|
|
|
|
|
|
|
Total
comprehensive income for the year
|
-
|
(127)
|
748
|
-
|
621
|
|
Repurchase
of shares, including transaction costs
|
(3)
|
3
|
(765)
|
-
|
(765)
|
|
Purchase
of own shares by employee share trusts
|
-
|
(8)
|
-
|
-
|
(8)
|
|
Transfer
of treasury shares to employee share trusts
|
-
|
(21)
|
21
|
-
|
-
|
|
Release
of own shares by employee share trusts
|
-
|
32
|
(32)
|
-
|
-
|
|
Equity-settled
share-based cost
|
-
|
-
|
51
|
-
|
51
|
|
Tax
related to share schemes
|
-
|
-
|
11
|
-
|
11
|
|
Equity
dividends paid
|
-
|
-
|
(245)
|
(3)
|
(248)
|
|
Exchange
adjustments
|
7
|
(7)
|
-
|
-
|
-
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
At end of the year
|
141
|
(2,487)
|
396
|
4
|
(1,946)
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
|
|
|
|
|
|
|
Year ended 31 December 2022
|
||||
|
Equity share capital
|
Other reserves*
|
Retained earnings
|
Non-controlling interest
|
Total equity
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
|
|
|
|
|
At
beginning of the year
|
154
|
(2,539)
|
904
|
7
|
(1,474)
|
|
|
|
|
|
|
Total
comprehensive income for the year
|
-
|
178
|
390
|
-
|
568
|
Repurchase
of shares, including transaction costs
|
(1)
|
1
|
(513)
|
-
|
(513)
|
Purchase
of own shares by employee share trusts
|
-
|
(1)
|
-
|
-
|
(1)
|
Transfer
of treasury shares to employee share trusts
|
-
|
(26)
|
26
|
-
|
-
|
Release
of own shares by employee share trusts
|
-
|
12
|
(12)
|
-
|
-
|
Equity-settled
share-based cost
|
-
|
-
|
44
|
-
|
44
|
Tax
related to share schemes
|
-
|
-
|
1
|
-
|
1
|
Equity
dividends paid
|
-
|
-
|
(233)
|
-
|
(233)
|
Exchange
adjustments
|
(16)
|
16
|
-
|
-
|
-
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
At end of the year
|
137
|
(2,359)
|
607
|
7
|
(1,608)
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
*
Other reserves comprise the capital redemption reserve, shares held
by employee share trusts, other reserves, fair value reserve, cash
flow hedge reserves and currency translation reserve.
|
Total
comprehensive income is shown net of tax.
|
|
2023
31 December
|
2022
31 December
Re-presented*
|
|
$m
|
$m
|
ASSETS
|
|
|
Goodwill
and other intangible assets
|
1,099
|
1,144
|
Property,
plant and equipment
|
153
|
157
|
Right-of-use
assets
|
273
|
280
|
Investment
in associates and joint ventures
|
48
|
36
|
Retirement
benefit assets
|
3
|
2
|
Other
financial assets
|
185
|
156
|
Derivative
financial instruments
|
20
|
7
|
Deferred
compensation plan investments
|
250
|
216
|
Non-current
other receivables
|
13
|
3
|
Deferred
tax assets
|
134
|
126
|
Contract
costs
|
82
|
75
|
Contract
assets
|
424
|
336
|
|
______
|
______
|
Total non-current assets
|
2,684
|
2,538
|
|
______
|
______
|
Inventories
|
5
|
4
|
Trade
and other receivables
|
740
|
646
|
Current
tax receivable
|
15
|
16
|
Other
financial assets
|
7
|
-
|
Cash
and cash equivalents
|
1,322
|
976
|
Contract
costs
|
5
|
5
|
Contract
assets
|
35
|
31
|
|
______
|
______
|
Total current assets
|
2,129
|
1,678
|
|
______
|
______
|
Total assets
|
4,813
|
4,216
|
|
_____
|
_____
|
LIABILITIES
|
|
|
Loans
and other borrowings
|
(599)
|
(55)
|
Lease
liabilities
|
(30)
|
(26)
|
Derivative
financial instruments
|
(25)
|
-
|
Trade
and other payables
|
(711)
|
(697)
|
Deferred
revenue
|
(752)
|
(681)
|
Provisions
|
(10)
|
(44)
|
Insurance
liabilities
|
(12)
|
(9)
|
Current
tax payable
|
(51)
|
(32)
|
|
______
|
______
|
Total current liabilities
|
(2,190)
|
(1,544)
|
|
______
|
______
|
Loans
and other borrowings
|
(2,567)
|
(2,341)
|
Lease
liabilities
|
(396)
|
(401)
|
Derivative
financial instruments
|
-
|
(11)
|
Retirement
benefit obligations
|
(66)
|
(66)
|
Deferred
compensation plan liabilities
|
(250)
|
(216)
|
Trade
and other payables
|
(75)
|
(81)
|
Deferred
revenue
|
(1,096)
|
(1,043)
|
Provisions
|
(26)
|
(20)
|
Insurance
liabilities
|
(25)
|
(23)
|
Deferred
tax liabilities
|
(68)
|
(78)
|
|
______
|
______
|
Total non-current liabilities
|
(4,569)
|
(4,280)
|
|
______
|
______
|
Total liabilities
|
(6,759)
|
(5,824)
|
|
_____
|
_____
|
Net liabilities
|
(1,946)
|
(1,608)
|
|
_____
|
_____
|
EQUITY
|
|
|
IHG
shareholders' equity
|
(1,950)
|
(1,615)
|
Non-controlling
interest
|
4
|
7
|
|
______
|
______
|
Total equity
|
(1,946)
|
(1,608)
|
|
_____
|
_____
|
|
|
|
* Re-presented
for the adoption of IFRS 17 'Insurance Contracts' (see note
1).
|
|
|
2023
Year ended
31 December
|
2022
Year ended
31 December
|
|
|
$m
|
$m
|
|
|
|
|
|
Profit for the year
|
750
|
376
|
|
Adjustments
reconciling profit for the year to cash flow from operations (note
9)
|
469
|
585
|
|
|
_____
|
_____
|
|
Cash flow from operations
|
1,219
|
961
|
|
Interest
paid
|
(119)
|
(126)
|
|
Interest
received
|
36
|
22
|
|
Tax
paid
|
(243)
|
(211)
|
|
|
_____
|
_____
|
|
Net cash from operating activities
|
893
|
646
|
|
|
_____
|
_____
|
|
Cash flow from investing activities
|
|
|
|
Purchase
of property, plant and equipment
|
(28)
|
(54)
|
|
Purchase
of intangible assets
|
(54)
|
(45)
|
|
Investment
in associates
|
(3)
|
(1)
|
|
Investment
in other financial assets
|
(60)
|
-
|
|
Lease
incentives received
|
-
|
6
|
|
Disposal
of property, plant and equipment
|
-
|
3
|
|
Repayments
of other financial assets
|
8
|
13
|
|
|
|
|
|
|
_____
|
_____
|
|
Net cash from investing activities
|
(137)
|
(78)
|
|
|
_____
|
_____
|
|
Cash flow from financing activities
|
|
|
|
Repurchase
of shares, including transaction costs
|
(790)
|
(482)
|
|
Purchase
of own shares by employee share trusts
|
(8)
|
(1)
|
|
Dividends
paid to shareholders (note 7)
|
(245)
|
(233)
|
|
Dividend
paid to non-controlling interest
|
(3)
|
-
|
|
Issue
of long-term bonds, including effect of currency swaps
|
657
|
-
|
|
Repayment
of long-term bonds
|
-
|
(209)
|
|
Principal
element of lease payments
|
(28)
|
(36)
|
|
|
_____
|
_____
|
|
Net cash from financing activities
|
(417)
|
(961)
|
|
|
_____
|
_____
|
|
Net movement in cash and cash equivalents, net of overdrafts, in
the year
|
339
|
(393)
|
|
|
|
|
|
Cash
and cash equivalents, net of overdrafts, at beginning of the
year
|
921
|
1,391
|
|
Exchange
rate effects
|
18
|
(77)
|
|
|
_____
|
_____
|
|
Cash and cash equivalents, net of overdrafts, at end of the
year
|
1,278
|
921
|
|
|
_____
|
_____
|
|
|
|
||
|
|
|
|
1.
|
Basis of preparation
|
|
The preliminary consolidated financial statements of
InterContinental Hotels Group PLC (the 'Group' or 'IHG') for the
year ended 31 December 2023 have been prepared in accordance with
UK-adopted international accounting standards and with applicable
law and regulations, including the Companies Act 2006, and with
International Financial Reporting Standards ('IFRSs') as issued by
the IASB. The preliminary statement of results shown in this
announcement does not represent the statutory accounts of the Group
and its subsidiaries within the meaning of Section 435 of the
Companies Act 2006.
The Group financial statements for the year ended 31 December 2023
were approved by the Board on 19 February 2024. The auditor,
PricewaterhouseCoopers LLP, has given an unqualified report in
respect of those Group financial statements with no reference to
matters to which the auditor drew attention by way of emphasis and
no statement under s498(2) or s498(3) of the Companies Act 2006.
The Group financial statements for the year ended 31 December 2023
will be delivered to the Registrar of Companies in due
course.
Financial
information for the year ended 31 December 2022 has been extracted
from the Group's published financial statements for that year and
re-presented for the following:
-
The adoption of IFRS 17 using the full retrospective method with
the date of initial application being 1 January 2023. The adoption
of IFRS 17 had no impact on operating profit, profit before or
after tax, net liabilities or cash flows. The Group's current and
non-current insurance reserves relating to managed hotels of $9m
and $23m, respectively, (previously included within provisions) are
now included in the Group statement of financial position as
insurance liabilities. Insurance revenue of $15m (previously
presented within revenue from fee business) and insurance expenses
of $11m (previously presented within administrative expenses) are
now presented separately within the Group income statement;
and
-
Revenues and expenses from the System Fund are presented together
with reimbursable revenue and expenses in the Group income
statement for clarity of presentation, consistency with industry
practice and to reflect the fact that neither of these are
reported to the Chief Operating Decision Maker (CODM) and do not
generate a profit or loss for the Group over the longer
term.
The
auditor's report on those financial statements was unqualified with
no reference to matters to which the auditor drew attention by way
of emphasis and no statement under s498(2) or s498(3) of the
Companies Act 2006.
Going concern
A
period of 18 months has been used, from 1 January 2024 to 30 June
2025, to complete the going concern assessment. In adopting the
going concern basis for preparing the Group financial statements,
the Directors have considered a 'Base Case' scenario which assumes
continued growth in RevPAR in 2024 and 2025 in line with market
expectations. The assumptions applied in the Base Case scenario are
consistent with those used for Group planning purposes, for
impairment testing (impairment tests adjusted for factors specific
to individual properties or portfolios) and for assessing
recoverability of deferred tax assets.
The
Directors have also reviewed a 'Severe Downside Case' which is
based on a severe but plausible scenario equivalent to the market
conditions experienced through the 2008/09 global financial crisis.
This assumes that the performance during 2024 starts to worsen and
then RevPAR decreases significantly by 17% in 2025.
A large
number of the Group's principal risks would result in an impact on
RevPAR, which is one of the sensitivities assessed against the
headroom available in the Base Case and Severe Downside Case
scenarios. Climate risks are not considered to have a significant
impact over the 18-month period of assessment. Other principal
risks that could result in a large one-off incident that has a
material impact on cash flow have also been considered, for example
a cybersecurity event.
A
one-year extension to the Group's revolving credit facility of
$1,350m was exercised in 2023 and the facility now matures in 2028.
The Group's key covenant requires net debt:EBITDA below 4.0x. See
note 10 for additional information. In November 2023 the Group
issued a six-year €600m bond. The only debt maturity in the
period under consideration is the €500m October 2024 bond
which is assumed to be repaid with cash on maturity.
Under
the Base Case and Severe Downside Case, bank covenants are not
breached and there is significant headroom to the covenants to
absorb multiple additional risks and uncertainties. Additional
funding is not required in the period under consideration. The
Directors also reviewed a number of actions that could be taken if
required to reduce discretionary spend, creating substantial
additional headroom to the covenants.
The
Directors reviewed a reverse stress test scenario to determine what
decrease in RevPAR would create a breach of the covenants. The
Directors concluded that it was very unlikely that a single risk or
combination of the risks considered could create the sustained
RevPAR impact required, except for a significant global
event.
The
leverage and interest cover covenant tests up to 30 June 2025 (the
last day of the assessment period) have been considered as part of
the Base Case and Severe Downside Case scenarios. Neither of these
scenarios indicate that a covenant amendment would be required but,
in the event that it was, the Directors believe it is reasonable to
expect that such an amendment could be obtained based on experience
of negotiating the waivers and amendments in 2020, however the
going concern conclusion is not dependent on this
expectation. The Group also has alternative options to manage
this risk including raising additional funding in the capital
markets.
Having
reviewed these scenarios, the Directors have a reasonable
expectation that the Group has sufficient resources to continue
operating until at least 30 June 2025. Accordingly, they continue
to adopt the going concern basis in preparing the financial
statements.
|
|
|
||||
2.
|
Exchange rates
|
||||
|
|
2023
|
2022
|
||
|
|
Average
|
Closing
|
Average
|
Closing
|
|
$1 equivalent
|
|
|
|
|
|
Sterling
|
£0.80
|
£0.78
|
£0.81
|
£0.83
|
|
Euro
|
€0.92
|
€0.90
|
€0.95
|
€0.94
|
3.
|
Segmental information
|
|
|
|
Revenue
|
2023
|
2022
|
|
|
|
Re-presented*
|
|
|
$m
|
$m
|
|
|
|
|
|
Americas
|
1,105
|
1,005
|
|
EMEAA
|
677
|
552
|
|
Greater
China
|
161
|
87
|
|
Central
|
221
|
199
|
|
|
_____
|
_____
|
|
Revenue from reportable segments
|
2,164
|
1,843
|
|
System
Fund and reimbursable revenues
|
2,460
|
2,049
|
|
|
_____
|
_____
|
|
Total revenue
|
4,624
|
3,892
|
|
|
_____
|
_____
|
|
Profit
|
2023
|
2022
|
|
|
$m
|
$m
|
|
|
|
|
|
Americas
|
815
|
761
|
|
EMEAA
|
215
|
152
|
|
Greater
China
|
96
|
23
|
|
Central
|
(107)
|
(108)
|
|
|
_____
|
_____
|
|
Operating profit from reportable segments
|
1,019
|
828
|
|
System
Fund and reimbursable result
|
19
|
(105)
|
|
Operating
exceptional items (note 5)
|
28
|
(95)
|
|
|
_____
|
_____
|
|
Operating profit
|
1,066
|
628
|
|
Net
financial expenses
|
(52)
|
(96)
|
|
Fair
value (losses)/gains on contingent purchase
consideration
|
(4)
|
8 |
|
|
_____
|
_____
|
|
Profit before tax
|
1,010
|
540
|
|
|
_____
|
_____
|
|
|
4.
|
Revenue
|
|||||||||
|
Year ended 31 December 2023
|
|||||||||
|
|
Americas
$m
|
EMEAA
$m
|
Greater China
$m
|
Central
$m
|
Group
$m
|
||||
|
|
|
|
|
|
|
||||
|
Franchise
and base management fees
|
936
|
253
|
115
|
-
|
1,304
|
||||
|
Incentive
management fees
|
21
|
101
|
46
|
-
|
168
|
||||
|
Central
revenue
|
-
|
-
|
-
|
200
|
200
|
||||
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
||||
|
Revenue
from fee business
|
957
|
354
|
161
|
200
|
1,672
|
||||
|
|
|
|
|
|
|
||||
|
Revenue
from owned, leased and managed lease hotels
|
148
|
323
|
-
|
-
|
471
|
||||
|
Revenue
from insurance activities
|
-
|
-
|
-
|
21
|
21
|
||||
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
||||
|
|
1,105
|
677
|
161
|
221
|
2,164
|
||||
|
|
|
|
|
|
|
||||
|
System
Fund revenues
|
|
|
|
|
1,564
|
||||
|
Reimbursable
revenues
|
|
|
|
|
896
|
||||
|
|
|
|
|
|
_____
|
||||
|
Total revenue
|
|
|
|
|
4,624
|
||||
|
|
|
|
|
|
_____
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 December 2022
|
|
|
|
|
|
|
|
Americas
|
EMEAA
|
Greater China
|
Central
|
Group
|
|
|
|
|
|
Re-presented*
|
Re-presented*
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
|
|
|
|
|
|
|
Franchise
and base management fees
|
861
|
215
|
71
|
-
|
1,147
|
|
Incentive
management fees
|
18
|
69
|
16
|
-
|
103
|
|
Central
revenue
|
-
|
-
|
-
|
184
|
184
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
Revenue
from fee business
|
879
|
284
|
87
|
184
|
1,434
|
|
Revenue
from owned, leased and managed lease hotels
|
126
|
268
|
-
|
-
|
394
|
|
Revenue
from insurance activities
|
-
|
-
|
-
|
15
|
15
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
1,005
|
552
|
87
|
199
|
1,843
|
|
|
|
|
|
|
|
|
System
Fund revenues
|
|
|
|
|
1,217
|
|
Reimbursable
revenues
|
|
|
|
|
832
|
|
|
|
|
|
|
_____
|
|
Total revenue
|
|
|
|
|
3,892
|
|
|
|
|
|
|
_____
|
|
|
|
|
|
|
|
5.
|
Exceptional items
|
||
|
|
2023
$m
|
2022
$m
|
|
Administrative
expenses:
|
|
|
|
Costs of ceasing operations in Russia
|
-
|
(12)
|
|
Commercial litigation and disputes
|
-
|
(28)
|
|
|
_____
|
_____
|
|
|
-
|
(40)
|
|
|
|
|
|
Share
of profits/(losses) of associate
|
18
|
(60)
|
|
|
|
|
|
Other
operating income
|
10
|
-
|
|
|
|
|
|
Other
net impairment reversals/(charges):
|
|
|
|
Management agreements - reversal
|
-
|
12
|
|
Property, plant and equipment - charge
|
-
|
(10)
|
|
Property, plant and equipment - reversal
|
-
|
3
|
|
Right-of-use assets - charge
|
-
|
(2)
|
|
Right-of-use assets - reversal
|
-
|
2
|
|
Associates - reversal
|
-
|
2
|
|
Contract assets - charge
|
-
|
(5)
|
|
Contract assets - reversal
|
-
|
3
|
|
|
_____
|
_____
|
|
|
-
|
5
|
|
|
_____
|
_____
|
|
Operating exceptional items
|
28
|
(95)
|
|
|
_____
|
_____
|
|
|
|
|
|
Tax on
exceptional items
|
(7)
|
26
|
|
|
_____
|
_____
|
|
Tax
|
(7)
|
26
|
|
|
_____
|
_____
|
|
Costs of ceasing operations in Russia
On 27
June 2022, the Group announced it was in the process of ceasing all
operations in Russia consistent with evolving UK, US and EU
sanction regimes and the ongoing and increasing challenges of
operating there. The costs associated with the cessation of
corporate operations in Moscow and long-term management and
franchise contracts were presented as exceptional due to the nature
of the war in Ukraine which drove the Group's
response.
Commercial litigation and disputes
From
time to time, the Group is subject to legal proceedings, the
ultimate outcome of each is always subject to many uncertainties
inherent in litigation. The 2022 provision for commercial
litigation and disputes principally related to the EMEAA region and
was utilised in full in 2023 following settlement of the disputed
matters.
These
costs were presented as exceptional reflecting the quantum of the
costs and nature of the disputes.
Share of profits/losses of associate
As part
of an agreed settlement of the 2021 Americas commercial dispute in
relation to the InterContinental New York Barclay associate, in
2022 the Group was allocated expenses in excess of its actual
percentage share which directly reduced the Group's current
interest in the associate. This resulted in $60m of additional
expenses being allocated to the Group in 2022, with a current tax
benefit of $15m and, applying equity accounting to this additional
share of expenses, reduced the Group's investment to $nil. In
addition, a liability of $18m was recognised, reflecting an
unavoidable obligation to repay this amount in certain
circumstances. The value of the liability is linked to the value of
the hotel; increases in the property value are attributed first to
the Group and are reflected as a reduction of the liability until
it is reduced to $nil.
In
2023, the increase in fair value of the hotel (according to pricing
opinions provided by a professional external valuer) resulted in a
full reversal of the liability but no further trigger for reversal
of previous impairment charges.
The
gain is presented as exceptional by reason of its size, the nature
of the agreement and for consistency with the associated charges in
2022 and 2021.
Other operating income
Relates
to amounts receivable from the Group's insurer under its business
interruption policy for certain owned, leased and managed lease
hotels due to Covid-19.
The
income is presented as exceptional due to its size.
Impairment reversals and charges
2022
impairment reversals related to charges recorded in 2020 and were
presented as exceptional for consistency with those charges. The
management agreement impairment reversal of $12m related to the
Kimpton management agreement portfolio in the Americas region.
Other reversals related to assets in the Americas ($2m) and EMEAA
($8m) regions.
$10m
charge on property, plant and equipment and $2m impairment of
right-of-use assets were recognised in relation to one hotel in the
EMEAA region and arose largely as a result of cost and rent
inflation. The charges were presented as exceptional due to size
and the nature of inflation rates in 2022.
$5m
contract asset impairment related to key money pertaining to
managed and franchised hotels in Russia. The impairment was treated
as exceptional for consistency with the costs of ceasing operations
described above.
|
6.
|
Tax
|
|||||||||||
|
|
|
2023
$m
|
|
|
2022
$m
|
|
|||||
|
Current tax
|
|
273
|
|
|
176
|
|
|||||
|
Deferred tax
|
|
(13)
|
|
|
(12)
|
|
|||||
|
|
|
_____
|
|
|
_____
|
|
|||||
|
Tax charge
|
|
260
|
|
|
164
|
|
|||||
|
|
|
_____
|
|
|
_____
|
|
|||||
|
|
|
|
|
|
|
|
|||||
|
Further
analysed as:
|
|
|
|
|
|
|
|||||
|
UK tax
|
|
18
|
|
|
3
|
|
|||||
|
Foreign tax
|
|
242
|
|
|
161
|
|
|||||
|
|
|
_____
|
|
|
_____
|
|
|||||
|
|
|
260
|
|
|
164
|
|
|||||
|
|
|
_____
|
|
|
_____
|
|
|||||
|
The
deferred tax asset has increased from $126m to $134m in the year
and comprises $113m (31 December 2022: $109m) in the UK and
$21m (31 December 2022: $17m) in respect of other
territories. The deferred tax asset has been recognised based
upon forecasts consistent with those used in the going concern
assessment.
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
|
Dividends
|
||||
|
|
2023
|
2022
|
||
|
|
cents per share
|
$m
|
cents per share
|
$m
|
|
Paid during the year:
|
|
|
|
|
|
Final (declared for previous year)
|
94.5
|
166
|
85.9
|
154
|
|
Interim
|
48.3
|
79
|
43.9
|
79
|
|
|
_____
|
_____
|
_____
|
_____
|
|
|
142.8
|
245
|
129.8
|
233
|
|
|
_____
|
_____
|
_____
|
_____
|
|
|
|
|
|
|
|
The
final dividend in respect of 2023 of 104.0¢ per ordinary share
(amounting to $171m) is proposed for approval at the AGM on 3 May
2024.
|
8.
|
Earnings per ordinary share
|
||
|
|
2023
|
2022
|
|
Basic earnings per ordinary share
|
|
|
|
Profit
available for equity holders ($m)
|
750
|
375
|
|
Basic
weighted average number of ordinary shares (millions)
|
169
|
181
|
|
Basic
earnings per ordinary share (cents)
|
443.8
|
207.2
|
|
|
_____
|
_____
|
|
|
|
|
|
Diluted earnings per ordinary share
|
|
|
|
Profit
available for equity holders ($m)
|
750
|
375
|
|
Diluted
weighted average number of ordinary shares (millions)
|
170
|
182
|
|
Diluted
earnings per ordinary share (cents)
|
441.2
|
206.0
|
|
|
_____
|
_____
|
|
|
|
|
|
Diluted
weighted average number of ordinary shares is calculated
as:
|
||
|
|
2023
millions
|
2022
millions
|
|
Basic
weighted average number of ordinary shares
|
169
|
181
|
|
Dilutive
potential ordinary shares
|
1
|
1
|
|
|
______
|
______
|
|
|
170
|
182
|
|
|
_____
|
_____
|
9.
|
Reconciliation of profit for the year to cash flow from
operations
|
||
|
|
2023
|
2022
|
|
|
$m
|
$m
|
|
|
|
|
|
Profit
for the year
|
750
|
376
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
Net
financial expenses
|
52
|
96
|
|
Fair
value losses/(gains) on contingent purchase
consideration
|
4
|
(8)
|
|
Income
tax charge
|
260
|
164
|
|
|
|
|
|
Operating profit
adjustments:
|
|
|
|
Impairment
(reversal)/loss on financial assets
|
(1)
|
5
|
|
Other
net impairment reversals
|
-
|
(5)
|
|
Other
operating exceptional items
|
(28)
|
100
|
|
Depreciation and
amortisation
|
67
|
68
|
|
|
_____
|
_____
|
|
|
38
|
168
|
|
|
|
|
|
Contract assets
deduction in revenue
|
37
|
32
|
|
Share-based
payments cost
|
36
|
30
|
|
Share
of profits of associates and joint ventures (before
exceptional items)
|
(13)
|
(1)
|
|
|
_____
|
_____
|
|
|
60
|
61
|
|
|
|
|
|
System
Fund adjustments:
|
|
|
|
Depreciation and
amortisation
|
83
|
86
|
|
Impairment loss on
financial assets
|
-
|
7
|
|
Share-based
payments cost
|
20
|
16
|
|
Share
of losses of associates
|
3
|
1
|
|
|
_____
|
_____
|
|
|
106
|
110
|
|
|
|
|
|
Working
capital and other adjustments:
|
|
|
|
Increase in
deferred revenue
|
123
|
108
|
|
Changes
in working capital
|
(39)
|
(11)
|
|
Other
adjustments
|
(5)
|
4
|
|
|
_____
|
_____
|
|
|
79
|
101
|
|
|
|
|
|
Cash
flows relating to exceptional items
|
(29)
|
(43)
|
|
Contract
acquisition costs, net of repayments
|
(101)
|
(64)
|
|
|
_____
|
_____
|
|
Total
adjustments
|
469
|
585
|
|
|
_____
|
_____
|
|
Cash
flow from operations
|
1,219
|
961
|
|
|
_____
|
_____
|
10.
|
Net debt
|
||
|
|
2023
|
2022
|
|
|
$m
|
$m
|
|
|
|
|
|
Cash
and cash equivalents
|
1,322
|
976
|
|
Loans
and other borrowings - current
|
(599)
|
(55)
|
|
Loans
and other borrowings - non-current
|
(2,567)
|
(2,341)
|
|
Lease
liabilities - current
|
(30)
|
(26)
|
|
Lease
liabilities - non-current
|
(396)
|
(401)
|
|
Principal
amounts payable/receivable on maturity of derivative financial
instruments
|
(2)
|
(4)
|
|
|
_____
|
_____
|
|
Net debt*
|
(2,272)
|
(1,851)
|
|
|
_____
|
_____
|
|
* See
'Use of key performance measures and Non-GAAP
measures'.
|
||
|
In the
Group statement of cash flows, cash and cash equivalents is
presented net of $44m bank overdrafts (31 December 2022: $55m).
Cash and cash equivalents includes $56m (31 December 2022: $47m)
with restrictions on use.
|
|
Revolving Credit Facility
In
April 2023, the maturity date of the Group's $1,350m revolving
syndicated bank facility ('RCF') was extended to April 2028. The
facility was undrawn at 31 December 2023.
The RCF
contains two financial covenants: interest cover (Covenant EBITDA:
Covenant interest payable) and a leverage ratio (Covenant net debt:
Covenant EBITDA). These are tested at half year and full year on a
trailing 12-month basis.
|
||
|
|
2023
|
2022
|
|
|
|
|
|
Covenant
EBITDA ($m)
|
1,086
|
896
|
|
Covenant
net debt ($m)
|
2,328
|
1,898
|
|
Covenant
interest payable ($m)
|
88
|
109
|
|
Leverage
|
2.14
|
2.12
|
|
Interest
cover
|
12.34
|
8.22
|
|
|
|
|
|
|
11.
|
Movement in net debt
|
||
|
|
2023
|
2022
|
|
|
$m
|
$m
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents, net of
overdrafts
|
339
|
(393)
|
|
Add
back financing cash flows in respect of other components of net
debt:
|
|
|
|
|
|
|
|
Principal element of lease payments
|
28
|
36
|
|
(Issue)/repayment of long-term bonds
|
(657)
|
209
|
|
|
_____
|
_____
|
|
|
(629)
|
245
|
|
|
_____
|
_____
|
|
Increase
in net debt arising from cash flows
|
(290)
|
(148)
|
|
|
|
|
|
Other
movements:
|
|
|
|
Lease liabilities
|
(25)
|
(48)
|
|
Increase in accrued interest
|
(2)
|
(1)
|
|
Exchange and other adjustments
|
(104)
|
227
|
|
|
_____
|
_____
|
|
|
(131)
|
178
|
|
|
_____
|
_____
|
|
(Increase)/decrease in net debt
|
(421)
|
30
|
|
|
|
|
|
Net
debt at beginning of the year
|
(1,851)
|
(1,881)
|
|
|
_____
|
_____
|
|
Net debt at end of the year
|
(2,272)
|
(1,851)
|
|
|
_____
|
_____
|
|
|
12.
|
Equity
|
|
In
August 2022 the Board approved a $500m share buyback programme that
commenced on 9 August 2022 and completed on 31 January 2023. In
February 2023 the Board approved a further $750m share buyback
programme which completed on 29 December 2023.
In the
year ended 31 December 2023, 10.9m shares were repurchased for
total consideration of $790m (including $28m transaction costs) and
subsequently cancelled. Of the total consideration, $38m relates to
the completion of the 2022 programme and $752m relates to the 2023
programme.
In the
year ended 31 December 2022, 9.1m shares were repurchased for total
consideration of $482m (including $2m transaction costs), of which
4.5m were held as treasury shares and 4.6m were cancelled. The cost
of treasury shares and related transaction costs have been deducted
from retained earnings.
In
February 2024, the Board approved a further $800m share buyback
programme. A resolution to renew the authority to repurchase shares
will be put to shareholders at the AGM on 3 May 2024.
|
|
|
InterContinental Hotels Group PLC
|
|
|
(Registrant)
|
|
|
|
|
By:
|
/s/ C.
Lindsay
|
|
Name:
|
C.
LINDSAY
|
|
Title:
|
SENIOR
ASSISTANT COMPANY SECRETARY
|
|
|
|
|
Date:
|
20
February 2024
|
1 Year Intercontinental Hotels (PK) Chart |
1 Month Intercontinental Hotels (PK) Chart |
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