Holiday Inn 2011 Annual Report Download - page 44

42 IHG Annual Review and Summary Financial Statement 2011
Summarised Group income statement
2011 2010
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
For the year ended 31 December 2011 $m $m $m $m $m $m
Revenue
Americas 830 – 830 807 – 807
Europe 405 – 405 326 – 326
AMEA 216 – 216 213 – 213
Greater China 205 – 205 178 – 178
Central 112 – 112 104 – 104
Total revenue 1,768 – 1,768 1,628 – 1,628
Operating profit
Americas 451 13 464 369 14 383
Europe 104 (39) 65 78 (5) 73
AMEA 84 26 110 82 6 88
Greater China 67 – 67 54 – 54
Central (147) 35 (112) (139) – (139)
Operating profit 559 35 594 444 15 459
Net finance costs (62) – (62) (62) – (62)
Profit before tax 497 35 532 382 15 397
Tax (120) 48 (72) (98) (8) (106)
Profit for the year from
continuing operations 377 83 460 284 7 291
Profit for the year from
discontinued operations – – – – 2 2
Profit for the year 377 83 460 284 9 293
Earnings per ordinary share (cents)
Basic – continuing operations 159.2 101.0
Adjusted – continuing operations 130.4 98.6
Basic – total operations 159.2 101.7
Adjusted – total operations 130.4 98.6
Dividend per share (cents)
Final – paid in respect of prior year 35.2 29.2
Interim paid 16.0 12.8
Final – proposed 39.0 35.2
SUMMARY FINANCIAL STATEMENT continued
We have examined the Summary Financial Statement for the year ended
31 December 2011 which comprises the summarised Group income statement,
summarised Group statement of cash flows and summarised Group statement
of financial position.
This statement is made solely to the Company’s members, as a body, in
accordance with section 428(4) of the Companies Act 2006. Our audit work has
been undertaken so that we might state to the Company’s members those matters
we are required to state to them in an auditor’s statement and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company’s members as a body, for our
audit work, for this statement, or for the opinions we have formed.
Respective responsibilities of Directors and the auditor
The Directors are responsible for preparing the Annual Review and Summary
Financial Statement in accordance with applicable United Kingdom law.
Our responsibility is to report to you our opinion on the consistency of the Summary
Financial Statement within the Annual Review and Summary Financial Statement
with the full annual financial statements, the Directors’ Remuneration report
and the Directors’ report, and its compliance with the relevant requirements of
section 428 of the Companies Act 2006 and the regulations made thereunder.
We also read the other information contained in the Annual Review and Summary
Financial Statement and consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with the
Summary Financial Statement. The other information comprises only the
Headlines, Chairman’s statement, Chief Executive’s review, Business reviews,
Summary Directors’ report, Corporate Governance statement, Summary Audit
Committee report and Summary Remuneration report.
We conducted our work in accordance with Bulletin 2008/3 issued by the Auditing
Practices Board. Our report on the Company’s full annual financial statements
describes the basis of our opinion on those financial statements, the Directors’
Remuneration report and the Directors’ report.
Opinion
In our opinion the Summary Financial Statement is consistent with the full annual
financial statements, the Directors’ report and the Directors’ Remuneration report
of InterContinental Hotels Group PLC for the year ended 31 December 2011 and
complies with the applicable requirements of section 428 of the Companies Act
2006, and the regulations made thereunder.
Ernst & Young LLP Statutory Auditor, London 13 February 2012.
Directors’ statement
The auditor has issued unqualified reports on the full annual financial statements,
the auditable part of the Directors’ Remuneration report and on the consistency
of the Directors’ report with those annual financial statements. Their report
on the full annual financial statements and the auditable part of the Directors’
Remuneration report contained no statement under sections 498(2) or 498(3)
of the Companies Act 2006.
Independent auditor’s statement to the members of InterContinental Hotels Group PLC