Holiday Inn 2005 Annual Report Download

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ANNUAL REPORT AND FINANCIAL STATEMENTS 2005

Table of contents

  • Page 1
    ANNUAL REPORT AND FINANCIAL STATEMENTS 2005

  • Page 2
    ... expense Group cash flow statement Group balance sheet 38 CORPORATE INFORMATION AND ACCOUNTING POLICIES 42 NOTES TO THE FINANCIAL STATEMENTS 76 US GAAP INFORMATION 80 DIRECTORS' RESPONSIBILITIES IN RELATION TO THE GROUP FINANCIAL STATEMENTS 81 REPORT OF THE INDEPENDENT AUDITOR 82 COMPANY FINANCIAL...

  • Page 3
    ... Financial Reporting Standards (IFRS). This OFR therefore compares financial year ended 31 December 2005 with financial year ended 31 December 2004 under IFRS. BUSINESS OVERVIEW Market and Competitive Environment The Group operates in a global market, providing hotel rooms to guests. Total room...

  • Page 4
    ... in 2005, $1.7bn from the internet. IHG reservation systems take over 22 million calls per annum; • a loyalty programme, Priority Club Rewards, contributing $3.8bn of system room revenue; and • a strong web presence. holiday-inn.com is the industry's most visited site, with 75 million total site...

  • Page 5
    ...on 16 February 2005, with the sale of the InterContinental Hotel in Austin, Texas completing on 1 June 2005. IHG entered into a management contract with HPT on 12 of the hotels and operates the InterContinental San Juan on a lease agreement; • the acquisition by Strategic Hotels Capital, Inc. (SHC...

  • Page 6
    ...£996m capital return Third £250m share buyback £500m special dividend Total Number of hotels Proceeds Net book value 144 31 22 £2.3bn - - £2.2bn £0.6bn £0.9bn Timing Total return Returned to date Still to be returned Paid December 2004 Completed in 2004 Ongoing Paid 8 July 2005 Yet...

  • Page 7
    ... sale and where there is a co-ordinated plan of disposal. In this OFR, discontinued operations includes Soft Drinks, the UK, US and Australasian hotels sold since 1 January 2004, and the portfolio of 24 predominantly midscale European hotels. Discontinued revenue totalled £1,058m in 2005. Revenue...

  • Page 8
    ... profit before other operating income and expenses was level with 2004 at $492m, and for continuing operations increased by 43% to $347m. One measure of overall IHG hotel system performance is the growth in total gross revenue, with total gross revenue defined as total room revenue from franchised...

  • Page 9
    ... programme, Priority Club Rewards. In 2005, global system room revenue booked through IHG's reservation channels rose by approximately 19% to $4.8bn, and the proportion of IHG global system room revenue booked via IHG's reservation channels increased from 38% to 41%. The internet channel continued...

  • Page 10
    ... year with the most significant increase being in the Holiday Inn Express brand. Franchised revenue also benefited from the number of signings in 2005 with a record 47,245 room signings (50% up on 2004) leading to higher sales revenues than in 2004. Franchised operating profit rose by $36m to $340m...

  • Page 11
    ... Hotels Group 2005 9 FIGURE 8 Americas hotel and room count at 31 December 2005 Analysed by brand: InterContinental Crowne Plaza Holiday Inn Holiday Inn Express Staybridge Suites Candlewood Suites Hotel indigo Other brands Total Analysed by ownership type: Owned and leased Managed Franchised Total...

  • Page 12
    ... deals added hotels to the system during the year; five Holiday Inn hotels (602 rooms), in the UK from a franchise agreement with Stardon, a joint venture company formed between Starwood Capital Europe and Chardon Hotels, and 13 hotels (2,233 rooms) in the UK from a franchise agreement with Queens...

  • Page 13
    ... Pacific franchised operating profit increased by $2m to $5m. Regional overheads were level with 2004 at $15m despite increased resources for the planned expansion in Greater China. During 2005, a further nine hotels (2,839 rooms) opened in Greater China and 20 hotels (7,308 rooms) signed contracts...

  • Page 14
    ... London and Holiday Inn Munich City Centre refurbishments and a rolling rooms refurbishment programme at the InterContinental Hong Kong. CENTRAL Net central overheads increased by £8m reflecting increased governance costs, further investment to support development and the accounting...

  • Page 15
    ...the average debt in the year (£700m) due to the receipt of funds from hotel sales and the Britvic IPO in the last three months of the year. The level of borrowings fluctuated throughout 2005 with the timing of receipts of disposal proceeds and returns to shareholders. Gearing (net debt expressed as...

  • Page 16
    ...an analysis of the CSR opportunities and risks facing the business and its reputation, and reaffirmed its resolve to increase the Group's commitment to CSR during 2006. Further details can be found in the Annual Review and Summary Financial Statement 2005, and on the Company's website. 36 64 27 73...

  • Page 17
    ... to the Group system or to secure management contracts. For example, the availability of suitable sites, planning and other local regulations or the availability of finance may all restrict the supply of suitable hotel development opportunities under franchise or management agreements. There are...

  • Page 18
    ... increased competition in reservation infrastructure The value of the brands of the Group is partly derived from the ability to drive reservations through its proprietary HolidexPlus reservation system, an electronic booking and delivery channel directly linked to travel agents, hotels and internet...

  • Page 19
    ...-compliance with privacy regulations may result in fines, damage to reputation or restrictions on the use or transfer of information. The Group is exposed to funding risks in relation to the defined benefits under its pension plans The Group is required by law to maintain a minimum funding level in...

  • Page 20
    ...given the opportunity to exchange their Six Continents options for equivalent value new options over InterContinental Hotels Group PLC (IHG PLC or the Company) shares. During the year, 4,138,482 such options were exercised, leaving a total of 7,909,002 such options outstanding at prices ranging from...

  • Page 21
    ... subsidiary companies under a directors' and officers' liability insurance policy, as permitted by Section 309(5) of the Companies Act 1985. EMPLOYEES IHG employed an average of 21,986 people worldwide in the year ended 31 December 2005. The Group is committed to providing equality of opportunity to...

  • Page 22
    ... of the monitoring processes set out above to support the Board's annual statement on internal control; and reports from the external auditor. • The Board has conducted a review of the effectiveness of the system of internal control during the year ended 31 December 2005, taking account of any...

  • Page 23
    ...the Group's parent company. Directors' biographical details are set out on pages 28 and 29 of the Annual Review and Summary Financial Statement 2005. These include their main external commitments. The Non-Executive Directors who were appointed during the year, Jennifer Laing and Jonathan Linen, are...

  • Page 24
    ... to annual election by shareholders. The transformed structure of the Group, and of the parent company Board, since 1996 have also ensured that the length of Mr Larson's service has no bearing on his independence. Sir David Prosser was, until his retirement on 31 December 2005, Group Chief Executive...

  • Page 25
    ... with its major institutional shareholders, which provides an opportunity to discuss, using publicly available information, the progress of the business, its performance, plans and objectives. The Chairman, the Senior Independent Director and other Non-Executive Directors are available to meet with...

  • Page 26
    ... management accountant and until April 2004 was Chief Financial Officer of Cadbury Schweppes plc. He also chairs the Audit Committee of another UK public limited company. The Committee's principal responsibilities are to: • review the Group's public statements on internal control and corporate...

  • Page 27
    ... UK investor guidelines. However, given the global nature of the Hotels business, an appropriate balance needs to be drawn in the design of relevant remuneration packages between domestic and international expectations. 3.2 The main components The Group has performance-related reward policies...

  • Page 28
    ... jobs in groups of comparable companies. Internal relativities and salary levels in the wider employment market are also taken into account. In addition, benefits are provided to Executive Directors in accordance with the policy applying to other executives in their geographic location. Annual...

  • Page 29
    ... incentive pay with the Group's stated objective of increasing the number of rooms in the IHG system. Benefits under the Performance Restricted Share Plan are not pensionable and the awards lapse if the performance conditions are not met. During the year, IHG has remained within its headroom limits...

  • Page 30
    ... plans, will participate in local plans, or the InterContinental Hotels Group International Savings & Retirement Plan. Currently, the pension arrangements for UK-based Executive Directors and other senior employees provide benefits from both the tax-approved InterContinental Hotels UK Pension Plan...

  • Page 31
    ... month payable to him until 2 May 2005 in his capacity as interim Chief Executive and a fixed fee of £350,000 pa for his role as Non-Executive Chairman. 4 With effect from 1 January 2005, David Kappler is paid a total annual fee of £80,000, reflecting his roles as Senior Independent Director and...

  • Page 32
    ...2007 where the performance measure relates to both the Company's TSR against a group of 10 other comparator companies and cumulative annual growth of rooms in the IHG system against a group of nine other comparator companies. 5 Richard North's awards were pro-rated to reflect his contractual service...

  • Page 33
    ...878 1 This special award was made to Andrew Cosslett as part of his overall recruitment terms. The shares will vest in equal portions on the first and second anniversary of the award date, subject to his continued employment until that time. 2 This award was based on financial year 2004 performance...

  • Page 34
    ...year ended 31 December 2005 (nil in the year ended 31 December 2004). The market value share prices on the exercise of options by Stevan Porter and Richard Solomons were 728p per share and 720.50p per share respectively. 6 DIRECTORS' SHAREHOLDINGS Executive Directors Andrew Cosslett Richard Hartman...

  • Page 35
    ...full details of Directors' shareholdings and share options. 7 DIRECTORS' PENSIONS The following information relates to the pension arrangements provided for Messrs Cosslett, Hartman and Solomons under the executive section of the InterContinental Hotels UK Pension Plan (the IC Plan) and the unfunded...

  • Page 36
    ...InterContinental Hotels Group 2005 financial statements GROUP INCOME STATEMENT 2005 Continuing Discontinued operations operations £m £m Total £m 2004 Continuing Discontinued operations operations £m £m Total £m for the year ended 31 December 2005 note 2 Revenue Cost of sales Administrative...

  • Page 37
    ... Gains on valuation of available-for-sale assets Gains on cash flow hedges Exchange differences on retranslation of foreign operations Actuarial losses on defined benefit pension plans Deficit transferred in respect of previous acquisition Transfers to the income statement On cash flow hedges On...

  • Page 38
    ...and amortisation Equity settled share-based cost, net of payments Other gains and losses Operating cash flow before movements in working capital Decrease in inventories Increase in receivables (Decrease)/increase in provisions and other payables Decrease in employee benefit obligation Cash flow from...

  • Page 39
    InterContinental Hotels Group 2005 37 GROUP BALANCE SHEET 31 December 2005 note 10 12 13 14 15 16 17 18 15 11 2005 £m 2004 £m ASSETS Property, plant and equipment Goodwill Intangible assets Investment in associates Other financial assets Total non-current assets Inventories Trade and other ...

  • Page 40
    ... accounting policies Corporate information The consolidated financial statements of InterContinental Hotels Group PLC (IHG) for the year ended 31 December 2005 were authorised for issue in accordance with a resolution of the Directors on 1 March 2006. InterContinental Hotels Group PLC (the Company...

  • Page 41
    ... 39 are not applied to comparative balances. Comparative 2004 balances are presented using UK GAAP values as presented in the Group's 2004 Annual Report and Financial Statements, where currency swap agreements were retranslated at exchange rates ruling at the balance sheet date with the net amount...

  • Page 42
    ... basis, using the projected unit credit method and discounting at an interest rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the plan liabilities. The service cost of providing pension benefits to employees for the year is charged...

  • Page 43
    ... of the Group's brand names, usually under long-term contracts with the hotel owner. The Group charges franchise royalty fees as a percentage of room revenue. Revenue is recognised when earned and realised or realisable. SHARE-BASED PAYMENTS The cost of equity-settled transactions with employees is...

  • Page 44
    ... growth, return, risk and reward opportunities: Franchised Where Group companies neither own nor manage the hotel, but license the use of a Group brand and provide access to reservation systems, loyalty schemes, and know-how. The Group derives revenues from a brand royalty or licensing fee, based...

  • Page 45
    InterContinental Hotels Group 2005 43 2 SEGMENTAL INFORMATION (CONTINUED) Year ended 31 December 2005* Americas £m EMEA £m Asia Pacific £m Central £m Total Hotels £m Revenue Hotels Owned and leased Managed Franchised Central Continuing operations Discontinued operations - owned and leased ...

  • Page 46
    ... Group 2005 notes to the financial statements 2 SEGMENTAL INFORMATION (CONTINUED) Year ended 31 December 2005* Americas £m EMEA £m Asia Pacific £m Central £m Total Hotels £m Soft Drinks £m Total Group £m Assets and liabilities Segment assets Non-current assets classified as held for sale...

  • Page 47
    InterContinental Hotels Group 2005 45 2 SEGMENTAL INFORMATION (CONTINUED) Year ended 31 December 2004* Americas £m EMEA £m Asia Pacific £m Central £m Total Hotels £m Revenue Hotels Owned and leased Managed Franchised Central Continuing operations Discontinued operations - owned and leased ...

  • Page 48
    ... Group 2005 notes to the financial statements 2 SEGMENTAL INFORMATION (CONTINUED) Year ended 31 December 2004* Americas £m EMEA £m Asia Pacific £m Central £m Total Hotels £m Soft Drinks £m Total Group £m Assets and liabilities Segment assets Non-current assets classified as held for sale...

  • Page 49
    ... 2005 570 66 21 12 669 2004 Average number of employees, including part-time employees: Hotels Soft Drinks 18,995 2,991 21,986 2005 £m 26,835 2,824 29,659 2004 £m Directors' emoluments Basic salaries, fees, performance payments and benefits* Long-term reward Gains on exercise of share options...

  • Page 50
    48 InterContinental Hotels Group 2005 notes to the financial statements 2005 £m 2004 £m 5 SPECIAL ITEMS Other operating income and expenses Impairment of property, plant and equipment Restructuring costs Property damage Employee benefits curtailment gain Reversal of previously recorded ...

  • Page 51
    ...capital losses. Reconciliation of tax charge/(credit) on total profit, including gain on disposal of assets UK corporation tax at standard rate Permanent differences Net effect of different rates of tax in overseas businesses Effect of changes in tax rates Benefit of tax losses on which no deferred...

  • Page 52
    ... of a share repurchase at fair value, therefore no adjustment has been made to comparative data. 2005 Continuing operations £m Total £m 2004 Continuing operations £m Total £m Basic earnings per share Profit available for equity holders Basic weighted average number of ordinary shares (millions...

  • Page 53
    InterContinental Hotels Group 2005 51 10 PROPERTY, PLANT AND EQUIPMENT Cost At 31 December 2004 Additions Net transfers to non-current assets classified as held for sale Disposals Impairment Exchange and other adjustments At 31 December 2005 At 1 January 2004 Additions Net transfers to non-current...

  • Page 54
    ... 2005 and 31 December 2004, no gain or loss arose on the measurement to fair value less cost to sell of held for sale assets. Net assets of hotels on disposal Property, plant and equipment Goodwill Net working capital Cash and cash equivalents Deferred tax payable Minority equity interest Group...

  • Page 55
    ... Software Inventories Trade and other receivables Cash and cash equivalents Current liabilities Borrowings Employee benefits Deferred tax payable Minority equity interest Group's share of net liabilities disposed of Net cash inflow Cash consideration (net of costs paid) Cash disposed of Total...

  • Page 56
    ... discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Growth rates are based on both management development plans and industry growth forecasts. Americas managed and franchised operations The Group prepares cash...

  • Page 57
    ... accounted for as associates. The following table summarises the financial information of the associates. 2005 £m 2004 £m Share of associates' balance sheet Current assets Non-current assets Current liabilities Non-current liabilities Net assets Share of associates' revenue and profit Revenue...

  • Page 58
    ... market prices. Other financial assets consist mainly of trade deposits made in the normal course of business. The deposits have been designated as loans and receivables and are held at amortised cost. The fair value has been calculated by discounted future cash flows using prevailing interest rates...

  • Page 59
    ... this period. The fair value of secured loans is calculated by discounting the expected future cash flows at prevailing interest rates. Unsecured bank loans Unsecured bank loans are borrowings under the Group's 2009 £1.1bn Syndicated Facility and its short-term bilateral loan facilities. Amounts...

  • Page 60
    ... a profit centre. The treasury function seeks to reduce the financial risk of the Group and manages liquidity to meet all foreseeable cash needs. Treasury activities include money market investments, spot and forward foreign exchange instruments, currency options, currency swaps, interest rate swaps...

  • Page 61
    InterContinental Hotels Group 2005 59 22 FINANCIAL INSTRUMENTS Interest rate risk For each class of interest bearing financial asset and financial liability, the following table indicates the range of interest rates effective at the balance sheet date, the carrying amount on the balance sheet and ...

  • Page 62
    ... of the Group's financial instruments. 2005 Carrying value £m Fair value £m 2004* Carrying value £m Fair value £m note Financial assets Cash and cash equivalents Equity securities available-for-sale Cash flow hedging derivatives Other financial assets Financial liabilities Borrowings Cash flow...

  • Page 63
    InterContinental Hotels Group 2005 61 23 EMPLOYEE BENEFITS Retirement and death in service benefits are provided for eligible Group employees in the UK principally by the InterContinental Hotels UK Pension Plan. The plan covers approximately 400 employees, of which 240 are in the defined benefit ...

  • Page 64
    ...EMPLOYEE BENEFITS (CONTINUED) The principal assumptions used by the actuaries to determine the benefit obligation were: Pension plans UK 2005 % 2004 % 2005 % US 2004 % Post-employment benefits 2005 % 2004 % Wages and salaries increases Pensions increases Discount rate Inflation rate Healthcare cost...

  • Page 65
    InterContinental Hotels Group 2005 63 23 EMPLOYEE BENEFITS (CONTINUED) The combined assets of the principal schemes and expected rate of return were: 2005 Long-term rate of return expected % 2004 Long-term rate of return expected % UK Schemes Equities Bonds Other Total market value of assets US ...

  • Page 66
    ... At the end of the savings term, employees are given the option to purchase shares at a price set before savings began. The Sharesave Plan is available to all UK employees (including Executive Directors) employed by participating Group companies provided that they have been employed for at least one...

  • Page 67
    ... forth information about how the fair value of each option grant is calculated: 2005 Valuation model Short Term Deferred Incentive Plan Performance Restricted Share Plan Executive Share Option Plan Binomial Weighted average share price Exercise price Expected dividend yield Risk-free interest rate...

  • Page 68
    ...InterContinental Hotels Group 2005 notes to the financial statements 24 SHARE-BASED PAYMENTS (CONTINUED) Movements in the awards and options outstanding under these schemes for the years ended 31 December 2005 and 31 December 2004 are as follows: Short Term Deferred Incentive Plan Number of shares...

  • Page 69
    ... Hotels Group 2005 67 24 SHARE-BASED PAYMENTS (CONTINUED) Summarised information about options outstanding at 31 December 2005 under the share option schemes is as follows: Options outstanding Weighted average remaining contract life years Weighted average option price pence Options...

  • Page 70
    ... Hotels Group 2005 notes to the financial statements Other short-term temporary differences* £m 26 DEFERRED TAX PAYABLE At 1 January 2004 Disposals Income statement Statement of recognised income and expense Exchange and other adjustments At 31 December 2004 Disposals Income statement Statement...

  • Page 71
    ..., shareholders received 11 new ordinary shares and £24.75 cash in exchange for every 15 existing ordinary shares held on 24 June 2005. The entire issued share capital of InterContinental Hotels Group PLC was transferred to New InterContinental Hotels Group PLC at fair market value, in exchange for...

  • Page 72
    ...Hotels Group 2005 notes to the financial statements Shares held by employee share trusts £m Unrealised gains and losses reserve £m 28 IHG SHAREHOLDERS' EQUITY At 1 January 2004 753 Total recognised income and expense for the year - Issue of ordinary sharesa 16 Repurchase of sharesa (46) Transfer...

  • Page 73
    ... in financial loss to the Group. 32 RELATED PARTY DISCLOSURES Key management personnel comprises the Board and Executive Committee. Total compensation of key management personnel Short-term employment benefits Post-employment benefits Termination benefits Equity compensation benefits 2005 £m 2004...

  • Page 74
    ... the Group's balance sheet. Under IFRS, the cost of providing defined benefit retirement benefits is recognised over the service life of scheme members. This cost is calculated by an independent qualified actuary, based on estimates of long-term rates of return on scheme assets and discount rates on...

  • Page 75
    InterContinental Hotels Group 2005 73 33 TRANSITION TO IFRS (CONTINUED) Group balance sheet 1 January 2004 UK GAAP £m Remeasurement £m Reclassifications £m IFRS £m ASSETS Property, plant and equipment Goodwill Intangible assets Investment in associates Other financial assets Total non-current...

  • Page 76
    ... Hotels Group 2005 notes to the financial statements 33 TRANSITION TO IFRS (CONTINUED) Group balance sheet 31 December 2004 UK GAAP £m Remeasurement £m Reclassifications £m IFRS £m ASSETS Property, plant and equipment Goodwill Intangible assets Investment in associates Other financial...

  • Page 77
    ...year: Six Continents Limited (formerly Six Continents PLC) InterContinental Hotels Group Services Company InterContinental Hotels Group (Management Services) Limited InterContinental Hotels Group Operating Corporation (incorporated and operates principally in the United States) Soft Drinks Britannia...

  • Page 78
    ... Hotels Group 2005 US GAAP information Reconciliation to US GAAP The Group financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union which differ from the accounting principles generally accepted in the United States...

  • Page 79
    ... the balance sheet. The marketable securities held by the trust are recorded at market value and unrealised gains and losses are reported in other comprehensive income except for other than temporary movements which are recognised in the income statement. DEFERRED TAX The Group provides for deferred...

  • Page 80
    78 InterContinental Hotels Group 2005 US GAAP information NET INCOME IN ACCORDANCE WITH US GAAP The significant adjustments required to convert profit available for IHG equity holders in accordance with IFRS to net income in accordance with US GAAP are: 31 Dec 2005 £m 31 Dec 2004 £m 31 Dec 2005a...

  • Page 81
    ... payables Derivatives Provisions Employee benefits Deferred tax payable: on above adjustments methodology Liabilities classified as held for sale Minority share of above adjustments IHG shareholders' equity in accordance with US GAAP a Translated at the rate of exchange ruling at the balance sheet...

  • Page 82
    ... for preparing the Annual Report and the Group financial statements in accordance with applicable United Kingdom law and those International Financial Reporting Standards as adopted by the European Union. The Directors are required to prepare Group financial statements for each financial year which...

  • Page 83
    ...Group balance sheet, corporate information and accounting policies and the related notes 1 to 34. These Group financial statements have been prepared under the accounting policies set out therein. We have reported separately on the parent company financial statements of InterContinental Hotels Group...

  • Page 84
    ... Hotels Group 2005 company financial statements COMPANY BALANCE SHEET 31 December 2005 note 3 4 5 2005 £m 2004 £m Fixed assets Investments Current assets Debtors Creditors: amounts falling due within one year Net current liabilities Net assets Capital and reserves Called up share capital Share...

  • Page 85
    ... Hotels Group 2005 83 notes to the company financial statements 1 ACCOUNTING POLICIES Basis of accounting The financial statements are prepared under the historical cost convention. They have been drawn up to comply with applicable accounting standards. These accounts are for the Company...

  • Page 86
    ... Hotels Group 2005 notes to the company financial statements 2005 £m 2004 £m 4 DEBTORS Amounts due from subsidiary undertakings Corporate taxation 131 6 137 - - - 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts due to subsidiary undertakings 2005 £m 2004 £m 1,086 - 6 SHARE...

  • Page 87
    ... Hotels Group 2005 85 7 MOVEMENTS IN RESERVES At 31 December 2004 Capital reduction (note 6) Premium on allotment of ordinary shares Repurchase of shares Transfer to capital redemption reserve Retained loss for the period At 31 December 2005 Share premium account £m Capital redemption Profit...

  • Page 88
    86 InterContinental Hotels Group 2005 statement of directors' responsibilities IN RELATION TO THE COMPANY FINANCIAL STATEMENTS The following statement, which should be read in conjunction with the Independent Auditor's Report, is made with a view to distinguishing for shareholders the respective ...

  • Page 89
    ...independent auditor's report to the shareholders of InterContinental Hotels Group PLC IN RELATION TO THE COMPANY FINANCIAL STATEMENTS We have audited the parent company financial statements of InterContinental Hotels Group PLC for the year ended 31 December 2005 which comprise Company balance sheet...

  • Page 90
    ..., Holiday Inn Express. borrowings less cash and cash equivalents. rooms occupied by hotel guests, expressed as a percentage of rooms that are available. operating profit before other operating income and expenses expressed as a percentage of revenue. signed/executed agreements, including franchises...

  • Page 91
    ... 21E of the Securities Exchange Act of 1934) with respect to the financial condition, results of operations and business of InterContinental Hotels Group and certain plans and objectives of the Board of Directors of InterContinental Hotels Group with respect thereto. Such statements include, but are...

  • Page 92
    INTERCONTINENTAL HOTELS GROUP PLC 67 Alma Road, Windsor, Berkshire SL4 3HD Telephone +44 (0) 1753 410 100 Fax +44 (0) 1753 410 101 www.ihgplc.com time to relax...Holiday Inn Phi Phi Island, Thailand make a booking at www.ichotelsgroup.com