Holiday Inn 2015 Annual Report Download

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Annual Report and Form 20-F 2015

Table of contents

  • Page 1
    Annual Report and Form 20-F 2015

  • Page 2
    ...: executing our strategy Doing business responsibly Risk management Viability statement Key performance indicators (KPIs) Performance Group The Americas Europe Asia, Middle East and Africa (AMEA) Greater China See www.ihgplc.com to view both the Annual Report and Responsible Business Report online...

  • Page 3
    ... the Parent Company Financial Statements Additional Information 152 Directors' Report 156 Group information 165 Shareholder information 173 Exhibits 174 Form 20-F cross-reference guide 176 Glossary 178 Useful information 180 Forward-looking statements A different way to stay IHG Annual Report and...

  • Page 4
    ... to drive sustainable growth in our profitability and deliver superior shareholder returns over the long term. The Americas see pages 35 to 37 Europe see pages 38 to 40 Group highlights Total gross revenue in IHG's System ($)a Group revenue ($) Our business model 24bn (+5.3%) 2014: 23bn Total...

  • Page 5
    ... 46 PARENT COMPANY FINANCIAL STATEMENTS Where we operate We operate in nearly 100 countries globally. Group revenue 2015 ($1,803m) Central c Operating profit before exceptional items and tax 2015 ($680m)a Americas 597 Number of rooms (744,368) Greater China Greater China 11% 8% AMEA Europe 78...

  • Page 6
    ... portfolio of 12 distinct hotel brands has been designed to inspire guests all over the world. 184 Hotels open 61 Hotels open InterContinental Hotels & Resorts: The InterContinental Life International travel should always be alluring. Pioneers of new international destinations, we have expanded...

  • Page 7
    ... freedom to live, work and relax on your own schedule. All of our 300-plus locations across the US are easily accessible, and we're always opening new hotels so guests can book a spacious suite whenever and wherever it works for them. ADDITIONAL INFORMATION IHG Annual Report and Form 20-F 2015 5

  • Page 8
    ... for our shareholders (from left to right) Our acquisition of Kimpton Hotels & Restaurants; building scale in key markets, such as Greater China; building an industryleading consumer-technology offer; and growing EVEN Hotels and HUALUXE Hotels and Resorts. 6 IHG Annual Report and Form 20-F 2015

  • Page 9
    ... as a business, but also how we deliver. Ensuring that there is a high level of cultural integrity ingrained within the way IHG operates is a key part of this, as is our ability to drive sustainable performance and meaningful shareholder value. The Board also spends a great deal of time focusing on...

  • Page 10
    ...rst signing outside of The Americas, in Amsterdam, the Netherlands. This year will see us celebrating the 70th anniversary of InterContinental Hotels & Resorts, the largest luxury hotel brand in the world. Holiday Inn Express, which is part of the Holiday Inn brand family, the world's largest hotel...

  • Page 11
    ... behave from day to day. It helps us build trust and preference for our brands, operate more effectively and create long-term value for our shareholders and stakeholders. Our global scale also means that our inï¬,uence extends across thousands of communities around the world and sees us interact...

  • Page 12
    ...growing number of guests now book their rooms within 24 hours of their arrival. • Enabled by technology, travel companies, hotels, review sites and online travel agents have been able to grow their presence online, providing travellers globally with access to compelling content, price transparency...

  • Page 13
    ...first time, which cities, will benefit most from significant growth in Chinese outbound travel globally. Visit www.ihgplc.com/chinesetravel to download the full report. GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS Trips per year by millennials by 2020 (predicted): the sharing...

  • Page 14
    .... Brand ownership, marketing and distribution Business model Franchised Managed Owned and leased a Employeesa Third party IHG and third party IHG IHG For information on who are our employees, see page 153. IHG revenue and the System Fund Third-party hotel owners pay: (i) fees to IHG in relation...

  • Page 15
    ...In 2015, approximately of our fee revenue was derived from hotel revenues. Our asset-light, principally franchised and managed business model: • is highly cash-generative, with a high return on capital employed; and • means IHG benefits from the reduced volatility of fee-based income streams...

  • Page 16
    ... • System contribution to revenue • Global RevPAR growth • Guest HeartBeat Preferred brands delivered through our people 1 Effective channel 4 management 3 2 Build and leverage scale Highest opportunity segments Strong brand portfolio and loyalty programme Managed and franchised model...

  • Page 17
    ... to a large number of staff in our franchised properties. In addition, we also continue to invest in developing our range of proprietary revenue-driving tools and services, such as Revenue Management for Hire, Price Optimisation and IHG Way of Sales. • Running our annual, global Owner HeartBeat...

  • Page 18
    ... approach helps to drive greater brand awareness, stronger channels and economies of scale, which, in turn, deliver margin growth. Outside of these 10 markets, we are also focused on building hotel distribution in a network of key global cities with high numbers of international travellers, where...

  • Page 19
    ... access hotel internet with their IHG Rewards Club profile; and • piloted the 'Guest Request' tool in the US, giving our guests the ability to make in-hotel requests through the IHG mobile app, which has driven a five percentage point increase in guest satisfaction. Investment in developing...

  • Page 20
    ... of Corporate hires 53% Awards of all positions filled below Executive Committee level in 2015 have been internal moves. Room to be involved We communicate with employees on matters relating to the Group's business and performance, and we share information on people, policies and news...

  • Page 21
    ...strategy; • introducing new membership levels; and • offering more relevant rewards. For more details, see page 22. PARENT COMPANY FINANCIAL STATEMENTS Effective channel management 3. Making our direct channels the preferred way to book Focus areas We are focused on strengthening our low-cost...

  • Page 22
    ... the next three years, and we expect further hotels to sign up in 2016. • We continued to extend our scale in Holiday Inn Club Vacations (HICV) through our strategic relationship with Orange Lake Resorts. In May 2015, it acquired the US timeshare company Silverleaf Resorts, adding 13 properties to...

  • Page 23
    ... group of potential guests, we have continued in 2015 the roll-out of our 'China-Ready' programme to 84 hotels in key Chinese outbound destinations across The Americas, Europe and AMEA. Our accredited hotels now have Mandarin-speaking staff and frontline teams who have received cultural training...

  • Page 24
    ... offer, enabling travel managers to earn IHG Rewards Club points for their companies' business in a single global programme. IHG Business Rewards is providing opportunities for us to improve relationships with our corporate accounts. Finally, we have relaunched our Rewarding Experiences online...

  • Page 25
    ... Promise' campaign for Holiday Inn Express in the UK means the lowest rates on our brand.com website for IHG Rewards Club members." 'Lowest Price Promise' Our innovative campaign to increase direct bookings. GOVERNANCE Driving direct, high-quality revenues for our owners Our global scale and the...

  • Page 26
    ...local communities and businesses. We work to develop new and better ways to assist owners to build and operate IHG-branded hotels, creating sustainable shared value for our brands and our stakeholders, as well as addressing social and environmental challenges. Our five-year corporate responsibility...

  • Page 27
    ...consideration of risk. In 2015, we have confirmed and reinforced committee accountabilities in relation to our brand and marketing activities, our programme portfolio management, and our owner strategy. PARENT COMPANY FINANCIAL STATEMENTS Risk and control management Three lines of defence As well...

  • Page 28
    ... respect to new programmes, initiatives and the use of the System Fund (described on page 47). Long-term franchise and management contracts, new hotel opening teams and processes, Hotel Solutions (our internal online portal which provides tools and guidance to hotels across a number of operational...

  • Page 29
    ..., policies and standards, training programmes, performance and risk monitoring, and reporting and analysis. Our operational safety and security teams comprise team members with extensive subject matter expertise and experience, who provide support to line management to equip them to plan for...

  • Page 30
    ... in The Americas and internationally. Net rooms supply 87% of open rooms are in priority markets Net total number of rooms in the IHG System. 90% Growth in fee revenues 2015 2014 2013 4.3% 7.49% 6.7% of pipeline rooms are in priority markets 78.4k Group revenue excluding revenue from owned...

  • Page 31
    ... for remuneration plans: Annual Performance Plan GOVERNANCE Long Term Incentive Plan KPIs Global RevPAR growth 2015 2014 2013 3.8% 4.4% 6.1% 2015 status 2016 specific priorities GROUP FINANCIAL STATEMENTS 69 Holiday Inn Express hotels with the next-generation room design opened in 2015 84.52...

  • Page 32
    ... 2015 2014 2013 87.3% 84.7% 81.7% 2.6ppt increase in Employee Engagement scores in 2015 Average of our biannual Employee Engagement survey, completed by employees and those who work in our managed hotels (excluding our joint ventures). • Continue to focus on developing our 'winning culture...

  • Page 33
    ... plans: Annual Performance Plan GOVERNANCE Long Term Incentive Plan KPIs Doing business responsibly continued 2015 status 2015 2014 2013 $1.92m $4.17m $6.18m 2016 specific priorities GROUP FINANCIAL STATEMENTS Value of monetary donations and in-kind support to communities, including...

  • Page 34
    ... hotel disposals in 2015 and the prior year, the results of managed-lease hotels, Kimpton, and significant liquidated damages receipts (2015: $3m; 2014: $7m). Comparable Group RevPAR increased by 4.4% (including an increase in average daily rate of 3.1%), with growth across all regions. IHG System...

  • Page 35
    ....3¢, whilst adjusted earnings per ordinary share remained ï¬,at at 158.3¢. Global total gross revenue 12 months ended 31 December GOVERNANCE 2015 $bn 2014 $bn % change InterContinental Kimpton Crowne Plaza Hotel Indigo Holiday Inn Holiday Inn Express Staybridge Suites Candlewood Suites Other...

  • Page 36
    ... December 2015 Global pipeline Hotels Change over 2014 2015 Rooms Change over 2014 Analysed by brand InterContinental Kimpton HUALUXE Crowne Plaza Hotel Indigo EVEN Hotels Holiday Inna Holiday Inn Express Staybridge Suites Candlewood Suites Other Total Analysed by ownership type Franchised Managed...

  • Page 37
    ...by adding five pipeline hotels, achieving a record level of guest satisfaction for the brand and driving improved revenue performance through new marketing campaigns and focused hotel action-planning. • Built strong momentum with Holiday Inn Express through implementation of the brand's new hotel...

  • Page 38
    ...the US, although the Group is also represented in Latin America, Canada, Mexico and the Caribbean. 88% of rooms in the region are operated under the franchise business model, primarily in the upper midscale segment (the Holiday Inn brand family). In the upscale segment, Crowne Plaza is predominantly...

  • Page 39
    ... 2015 Rooms GOVERNANCE Change over 2014 Analysed by brand InterContinental Kimpton Crowne Plaza Hotel Indigo EVEN Hotels Holiday Innc Holiday Inn Express Staybridge Suites Candlewood Suites Other Total Analysed by ownership type Franchised Managed Owned and leased Total Percentage of Group hotel...

  • Page 40
    ... trading conditions in Paris in the last quarter of the year. Europe comparable RevPAR movement on previous year 12 months ended 31 December 2015 Franchised All brands Managed All brands 5.3% 6.2% Progress against 2015 regional priorities • Signed 48 hotels, of which 11 are in the UK...

  • Page 41
    ... 31 December 2015. Revenues are primarily generated from hotels in the UK and continental European gateway cities. The largest proportion of rooms in Europe are operated under the franchise business model primarily in the upper midscale segment (Holiday Inn and Holiday Inn Express). Similarly, in...

  • Page 42
    ... Europe pipeline Hotels Change over 2014 2015 Rooms Change over 2014 Analysed by brand InterContinental Crowne Plaza Hotel Indigo Holiday Inna Holiday Inn Express Staybridge Suites Other Total Analysed by ownership type Franchised Managed Owned and leased Total Percentage of Group hotel and room...

  • Page 43
    ...) Execute our strategic plans to strengthen our brands and increase our revenue share through enhanced guest satisfaction and greater loyalty contribution, over the next three years. Industry performance in 2015 RevPAR growth in AMEA was 3.6%, driven primarily by a 3.2% gain in average daily rate...

  • Page 44
    ... 267 hotels (72,573 rooms) at 31 December 2015, AMEA represented 10% of the Group's room count and contributed 10% of the Group's operating profit before central overheads and exceptional operating items during the year. 83% of rooms in AMEA are operated under the managed business model. Revenue...

  • Page 45
    ... Change over 2014 2015 Rooms GOVERNANCE Change over 2014 Analysed by brand InterContinental Crowne Plaza Hotel Indigo Holiday Innb Holiday Inn Express Staybridge Suites Other Total Analysed by ownership type Franchised Managed Owned and leased Total Percentage of Group hotel and room count b 68...

  • Page 46
    ... movement on previous year 12 months ended 31 December 2015 Managed All brands 1.1% Progress against 2015 regional priorities • Opened 32 hotels in 2015, with more than 90% of rooms in tier 2 and 3 cities - we also signed 28 Holiday Inn Express and 20 Holiday Inn hotels, driving further growth...

  • Page 47
    ... and Guangzhou, with good levels of transient and corporate business. Performance in tier 2 and 3 cities continues to be impacted by new supply as these markets develop. Total RevPAR in the region decreased by 3.4% as hotels opened in these lower RevPAR markets. Franchised revenue increased by $1m...

  • Page 48
    ... 2015 Greater China pipeline Hotels Change over 2014 2015 Rooms Change over 2014 Analysed by brand InterContinental HUALUXE Crowne Plaza Hotel Indigo Holiday Inna Holiday Inn Express Other Total Analysed by ownership type Franchised Managed Owned and leased Total Percentage of Group hotel and room...

  • Page 49
    ...proceeds from the sale of IHG Rewards Club points. The System Fund is managed for the benefit of hotels in the IHG System with the objective of driving revenues for the hotels. The System Fund is used to pay for marketing, the IHG Rewards Club loyalty programme and the Guest Reservation System. The...

  • Page 50
    ... 158.3¢ in 2014. Share price and market capitalisation The IHG share price closed at £26.58 on 31 December 2015, up from £25.95 on 31 December 2014. The market capitalisation of the Group at the year end was £6.3bn. Sources of liquidity The Group successfully refinanced its bank debt in March...

  • Page 51
    ... of equity investments of $30m, outstanding letters of credit of $37m, and an indemnity over a $43m bank loan made to an associate. See note 30 to the Group Financial Statements for further details. PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report and Form 20-F 2015 49

  • Page 52
    ... with the UK Corporate Governance Code Directors' Remuneration Report Remuneration Committee Chairman's statement At a glance Annual Report on Directors' Remuneration Quick-read summaries of key information relating to the Group. Inspired by something new 50 IHG Annual Report and Form 20-F 2015

  • Page 53
    STRATEGIC REPORT GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION Where wellness is built in IHG Annual Report and Form 20-F 2015 51

  • Page 54
    ... practices and policies, and a robust system of governance, to maintain sound and effective controls and internal reporting. This facilitates a strong ï¬,ow of information and enhanced communication at all levels across the Group. The Board is responsible and accountable for the long-term success of...

  • Page 55
    ...the strategic direction of the Group and aims to deliver sustainable shareholder value for the long term. See pages 60 and 61 for details on the Board and how it spent its time during 2015. The Audit Committee: monitors the effectiveness of the Group's system of internal controls and risk management...

  • Page 56
    ... Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Head of Global Internal Audit (GIA), Group Financial Controller and external Auditor, EY, attended all meetings in 2015. EY provided a report on the progress of, and insights from, the annual audit in 2015. Other attendees...

  • Page 57
    ... 2004 and has held a number of senior-level finance positions, including Head of Investor Relations, Head of Global Corporate Finance and Financial Planning & Tax, and Head of Hotel Development, Europe. Paul also acted as Interim Chief Executive Officer of the Europe, Middle East and Africa region...

  • Page 58
    ... her career at Hilton International in Paris, before joining American Express Company in New York, where she held several executive positions and served for 23 years. Anne was also the Chief Executive Officer of Local and Media Services at InterActiveCorp, an internet commerce conglomerate. Board...

  • Page 59
    ...North West Europe division for McDonald's, and held a number of other senior roles in the company from 2006. Board contribution: Jill has nearly 30 years' experience working with high-profile international consumer-facing brands at both marketing and operational level. Other appointments: Currently...

  • Page 60
    ... in February 2015, with over 14 years' experience working in a major global franchise business. He joined the Group having spent six years as President and Chief Executive Officer of HMSHost Corporation, a global travel and leisure company, where he was also a member of the board of directors. Elie...

  • Page 61
    ... Group's business, including our operations and KPIs, as well as our approach to internal controls and risk management. New Directors are also equipped with a full understanding of our history, brands, regional structures and the IHG Owners Association. Meetings take place with members of the Board...

  • Page 62
    ... direction and long-term objectives and monitors Group performance, and risk and internal management controls, through effective oversight and review. There are a number of key decisions and matters that are reserved for the Board's approval and these include matters relating to Group business...

  • Page 63
    ... shareholder relations, and considering analysts' reports and media updates; and • our share register movements during 2015, share price performance, relative share price performance and the investor road show (including investor feedback). GROUP FINANCIAL STATEMENTS Annual strategy meeting 2015...

  • Page 64
    ...the Company's website at www.ihgplc.com/ investors under corporate governance/committees. Anne Busquet was appointed to the Committee on 1 March 2015, and all members are Independent Non-Executive Directors, as required under the ToR. System of risk management and internal controls Internal controls...

  • Page 65
    ... information for shareholders to assess the Group's position and performance, business model and strategy. Audit Committee members provided comments on the content and considered: (i) the process for preparing and verifying the Annual Report, which included review by members of the Executive...

  • Page 66
    ... 2015, they were updated to include accountability to review and advise the Board on the Group's approach to social and human rights issues and the annual Slavery and Human Trafficking Statement. The ToR are available on the Company's website at www.ihgplc.com/ investors under corporate governance...

  • Page 67
    ... for reviewing the Group's senior leadership needs. Governance Our role and responsibilities are set out in our terms of reference (ToR), which are reviewed and updated annually as appropriate. The ToR are available on the Company's website at www.ihgplc.com/ investors under corporate governance...

  • Page 68
    ...on the Financial Reporting Council (FRC) website (www.frc.org.uk). A. Leadership A.1 The role of the Board The Board leads IHG's strategic direction and the long-term objectives and success of the Group. It approves strategic plans and capital and revenue budgets, and reviews significant investment...

  • Page 69
    ... Report on pages 68 to 77. The Directors' Remuneration Policy approved at our 2014 AGM is available at www.ihgplc.com/investors under corporate governance. D.2 Procedure The Board has delegated a number of responsibilities to the Remuneration Committee including developing policy on executive...

  • Page 70
    ... investing in our business. We have shareholding guidelines for the senior executive team to reinforce alignment with shareholder interests. • Guest HeartBeat and Employee Engagement are principal measures of the delivery of our brand and people strategies. We set targets requiring year-on-year...

  • Page 71
    .... The Board recommends this Directors' Remuneration Report to shareholders. Luke Mayhew Chairman of the Remuneration Committee 22 February 2016 GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS How to use this report As in prior years, within the 2015 Directors' Remuneration Report we...

  • Page 72
    ... EBIT for APP purposes to reï¬,ect the resulting loss of future income to the Group). 2013/15 Long Term Incentive Plan (LTIP) The performance measures for the 2013/15 three-year LTIP cycle were in line with the DR Policy. The table below shows threshold and maximum opportunity, as well as weighting...

  • Page 73
    .... Link to strategy Framework PARENT COMPANY FINANCIAL STATEMENTS Benefits Pension benefit Variable Annual incentive cash (APP) Annual incentive deferred shares (APP) Long Term Incentive Plan (LTIP) The KPIs that directly link remuneration to our business strategy include: guest satisfaction...

  • Page 74
    ... as company car, healthcare and life cover. Provision during 2015 was in line with previous years and the approved DR Policy. No extraordinary payments were made. Pensions Pension benefit: for current Executive Directors, in line with DR Policy, the value of IHG contributions to pension plans and...

  • Page 75
    ...election by shareholders at the AGM. Dividends paid to Executive Directors An interim dividend of 17.7p per ordinary share (27.5¢ per ADR) was paid on 2 October 2015 to shareholders on the Register of members at the close of business on 28 August 2015. ADDITIONAL INFORMATION IHG Annual Report and...

  • Page 76
    ...of both plans, during his service as an Executive Director prior to the closure of both plans to future accrual of pension on 30 June 2013. As disclosed in the 2014 Annual Report, his ICETUS pension was cashed out and his IC Plan pension was transferred to an insurance company as part of the buy-out...

  • Page 77
    ... 500 400 300 IHG PLC Global hotels index FTSE 100 index Shares held outright Total shares and awards Guideline shareholding Shares and awards held by Executive Directors as at 31 December 2015: number of shares Number Executive of shares Director held outright 2015 2014 Richard 365,625 382,533...

  • Page 78
    ... below benchmark policy level. The DR Policy provides that salary increases for newly appointed or promoted Executive Directors may be higher than that of the corporate UK and US employee population until the target positioning is achieved. Following strong performance again this year, an increase...

  • Page 79
    ... its strategic objectives. The Committee's role and responsibilities are set out in its Terms of Reference (ToR). These are reviewed annually and available on the Company's website at www.ihgplc.com/investors under corporate governance/committees. Governance All members are Independent Non-Executive...

  • Page 80
    ... Group statement of comprehensive income Group statement of changes in equity Group statement of financial position Group statement of cash ï¬,ows Accounting policies Notes to the Group Financial Statements Capturing the spirit of Chinese hospitality 78 IHG Annual Report and Form 20-F 2015

  • Page 81
    STRATEGIC REPORT GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION Making business travel work IHG Annual Report and Form 20-F 2015 79

  • Page 82
    ..., the Board considers that this Annual Report and Form 20-F, taken as a whole is fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Company's performance, business model and strategy. Disclosure of information to Auditor The Directors who...

  • Page 83
    ... and long-term, and the related disclosures provided in critical accounting policies and the use of judgements, estimates and assumptions (page 98) and note 32 of the Group Financial Statements. In accordance with the principles agreed with the IHG Owners Association we are satisfied that System...

  • Page 84
    ...) is consistent with the prior year. (New in 2015) Kimpton acquisition - purchase price accounting Refer to the Audit Committee Report (page 63); Critical accounting policies and the use of judgements, estimates and assumptions (page 99); and note 10 of the Group Financial Statements. We focused on...

  • Page 85
    ... accounts in the Financial Statements, we selected 39 components covering components within IHG's global accounting centre in India, the United States, the United Kingdom, and China, which represent the principal business units within the Group. The Primary Audit Engagement Team (the Primary Team...

  • Page 86
    ... to the component teams at key locations in the United States and IHG's global accounting centre in India. These visits involved discussing the audit approach with the component team and any issues arising from their work, meeting with local management, and reviewing key audit working papers on the...

  • Page 87
    ... and express an opinion on the Financial Statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. This report is made solely to the Company's members...

  • Page 88
    ... 2015, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), InterContinental Hotels Group PLC's internal...

  • Page 89
    ...the year ended 31 December 2015 Total $m Total $m Total $m GOVERNANCE Revenue Cost of sales Administrative expenses Share of (losses)/profits of associates and joint ventures Other operating income and expenses Depreciation and amortisation Impairment charges Operating profit Financial income...

  • Page 90
    ... on hotel disposal Items that will not be reclassified to profit or loss: Re-measurement gains/(losses) on defined benefit plans, net of related tax charge of $4m (2014: credit of $7m, 2013: charge of $20m) Tax related to pension contributions Total other comprehensive income for the year Total...

  • Page 91
    ... hotel disposal Items that will not be reclassified to profit or loss: Re-measurement gains on defined benefit plans Tax related to pension contributions Total other comprehensive income Total comprehensive income for the year Purchase of own shares by employee share trusts Release of own shares...

  • Page 92
    ... benefit plans Tax related to pension contributions Total other comprehensive income Total comprehensive income for the year Repurchase of shares Transaction costs relating to shareholder returns Purchase of own shares by employee share trusts Release of own shares by employee share trusts Equity...

  • Page 93
    ...ned benefit plans Total other comprehensive income Total comprehensive income for the year Issue of ordinary shares Repurchase of shares Purchase of own shares by employee share trusts Release of own shares by employee share trusts Equity-settled share-based cost Tax related to share schemes Equity...

  • Page 94
    ... benefit obligations Trade and other payables Provisions Deferred tax liabilities Total non-current liabilities Liabilities classified as held for sale Total liabilities Net assets/(liabilities) EQUITY Equity share capital Capital redemption reserve Shares held by employee share trusts Other...

  • Page 95
    ... the issue of share capital Purchase of own shares Purchase of own shares by employee share trusts Dividends paid to shareholders Dividend paid to non-controlling interest Transaction costs relating to shareholder returns Issue of long-term bonds Other new borrowings New borrowings repaid (Decrease...

  • Page 96
    ... information This document constitutes the Annual Report and Financial Statements in accordance with UK Listing Rules requirements and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934. The Consolidated Financial Statements of InterContinental Hotels Group...

  • Page 97
    ... any excess charged directly to the income statement. Subsequent impairment reversals relating to previously impaired equity instruments are recorded in equity. GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report and Form 20-F 2015 95

  • Page 98
    ...expected to complete within one year. For a sale to be highly probable, management need to be committed to a plan to sell the asset and the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value. Assets designated as held for sale are held at the...

  • Page 99
    ...Group's brand names, usually under long-term contracts with the hotel owner. The Group charges franchise royalty fees as a percentage of rooms revenue. Revenue is recognised when the fee is earned in accordance with the terms of the contract. Management fees - earned from hotels managed by the Group...

  • Page 100
    ... is managed for the benefit of hotels in the System with the objective of driving revenues for the hotels. The Fund is used to pay for marketing, the IHG Rewards Club loyalty programme and the Guest Reservation System. The Fund is planned to operate at breakeven with any short-term timing surplus...

  • Page 101
    ...interest on lease liabilities separately in the income statement. The Group is currently assessing the impacts of IFRS 15, IFRS 9 and IFRS 16 and plans to adopt these standards on the required effective dates. PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report and Form 20...

  • Page 102
    ... Financial Statements, excluding exceptional items. Group financing activities and income taxes are managed on a group basis and are not allocated to reportable segments. Americas $m Europe $m AMEA $m Greater China $m Central $m Group $m Year ended 31 December 2015 Revenue Franchised Managed...

  • Page 103
    ... expenses and $46m relating to cost of sales. Americas $m Europe $m AMEA $m Greater China $m Central $m Group $m Reconciliation of capital expenditure Capital expenditure per management reporting Management contracts acquired on disposal of hotels Timing differences and other adjustments...

  • Page 104
    Notes to the Group Financial Statements continued 2. Segmental information continued Year ended 31 December 2014 Americas $m Europe $m AMEA $m Greater China $m Central $m Group $m Revenue Franchised Managed Owned and leased Central 630 103 138 - 871 104 159 111 - 374 16 187 39 - 242 4 99 139 -...

  • Page 105
    ... FINANCIAL STATEMENTS Year ended 31 December 2014 Americas $m Europe $m AMEA $m Greater China $m Central $m Group $m Other segmental information Capital expenditure (see below) Non-cash items: Depreciation and amortisationa Share-based payments cost Share of losses/(profits) of associates...

  • Page 106
    ... 5 673 (73) 600 (226) 374 Year ended 31 December 2013 Americas $m Europe $m AMEA $m Central $m Group $m Other segmental information Capital expenditure Non-cash items: Depreciation and amortisationa Share-based payments cost Share of profits of associates and joint ventures a 116 19 - 5 37...

  • Page 107
    ... location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating to an individual country is separately disclosed when it represents 10% or more of total revenue. 31 December 31 December 2014 2015 $m $m GROUP FINANCIAL STATEMENTS...

  • Page 108
    ... above, the Group has employees who work directly on behalf of the System Fund and whose costs are borne by the Fund as disclosed in note 32. In line with IHG's business model, IHG also employs 706 (2014: 602, 2013: 578) General Managers who work in the managed hotels and whose total costs of $154m...

  • Page 109
    ...to help mitigate future cost increases, together with, in 2014, costs incurred in introducing a new HR operating model across the business to provide enhanced management information and more efficient processes. These restructuring programmes have now been completed. c Primarily legal costs related...

  • Page 110
    ... IHG Rewards Club loyalty programme relating to interest on the accumulated balance of cash received in advance of the redemption of points awarded. The rate used for capitalisation of interest was 3.4% (2014: 4.4%). 7. Tax Tax on profit Note 2015 $m 2014 $m 2013 $m Income tax UK corporation tax...

  • Page 111
    ... by 0.9% of other items. In 2015, total of (1.5)% predominantly reï¬,ects the judgement that state tax law changes would now apply to the deferred gain from the 2014 disposal of InterContinental New York Barclay. GROUP FINANCIAL STATEMENTS The UK statutory tax rate will reduce to 18% on 1 April...

  • Page 112
    ... on investments represent taxable gains which would crystallise upon a sale of a related joint venture, associate or other equity investment. The Group has unrecognised deferred tax assets as follows: 2015 $m 2014 $m Revenue losses Capital losses Total lossesa Employee benefits Otherb Total a 47...

  • Page 113
    ... GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS Diluted weighted average number of ordinary shares is calculated as: Basic weighted average number of ordinary shares Dilutive potential ordinary shares 235 3 238 247 3 250 264 3 267 ADDITIONAL INFORMATION IHG Annual Report...

  • Page 114
    ... 2015, the Group acquired a 100% ownership interest in Kimpton Hotel & Restaurant Group, LLC (Kimpton), an unlisted company based in the US. Kimpton is the world's largest independent boutique hotel operator and the acquisition makes IHG the market leader in the boutique segment. The fair values...

  • Page 115
    ... 2013, the Group sold one hotel in the Europe region, InterContinental London Park Lane. 2015 $m 2014 $m 2013 $m GOVERNANCE Consideration Current year disposals: Cash consideration, net of costs paid Other financial assetsa Intangible assets - management contracts Investment in associate Accrued...

  • Page 116
    ... sale, 22% (2014: 40%) of hotel properties by net book value were directly owned, with 59% (2014: 22%) held under leases having a term of 50 years or longer. Due to localised adverse market conditions, an impairment charge of $27m has been recognised during the year relating to two hotels in North...

  • Page 117
    ... 2015: Americas $m Europe $m AMEA $m Greater China $m Central $m Total $m Land and buildings Fixtures, fittings and equipment 288 40 328 - - - - 10 10 - - - 15 75 90 303 125 428 GOVERNANCE 13. Goodwill and other intangible assets Goodwill $m Brands $m Software $m Management contracts...

  • Page 118
    ... terminal value is added using growth rates that do not exceed the average long-term growth rates for the relevant markets. The cash ï¬,ows are discounted using pre-tax rates that are based on the Group's weighted average cost of capital adjusted to reï¬,ect the risks specific to the business model...

  • Page 119
    ... cash ï¬,ows were discounted at a pre-tax rate of 13.2%. Barclay associate The Group held one material associate investment at 31 December 2015, a 19.9% interest in 111 East 48th Street Holdings, LLC (the Barclay associate) which owns InterContinental New York Barclay, a hotel managed by the Group...

  • Page 120
    ... $20m (2014: $16m). Unlisted equity shares are mainly investments in entities that own hotels which the Group manages. Dividend income from available-for-sale equity securities of $9m (2014: $10m) is reported as 'other operating income and expenses' in the Group income statement. Trade deposits and...

  • Page 121
    ... and other receivables approximates their carrying value. The maximum exposure to credit risk for trade and other receivables, excluding prepayments, at the end of the reporting period by geographic region is: 2015 $m 2014 $m GROUP FINANCIAL STATEMENTS Americas Europe Asia, Middle East and Africa...

  • Page 122
    ... these arrangements, each pool contains a number of bank accounts with the same financial institution and the Group pays interest on net overdraft balances within each pool. The cash pools are used for day-to-day cash management purposes and are managed as closely as possible to a zero balance on...

  • Page 123
    ...) relating to the future redemption liability of the Group's loyalty programme, of which $223m (2014: $132m) is classified as current and $426m (2014: $593m) as non-current. GROUP FINANCIAL STATEMENTS 19. Provisions Onerous management contracts $m Litigation $m Total $m At 1 January 2014 Provided...

  • Page 124
    ... treasury risk management policy is to mitigate the adverse impact of movements in interest rates and foreign exchange rates. Market risk exposure The US dollar is the predominant currency of the Group's revenue and cash ï¬,ows. Movements in foreign exchange rates can affect the Group's reported pro...

  • Page 125
    STRATEGIC REPORT 20. Financial risk management continued Liquidity risk The treasury function ensures that the Group has access to sufficient funds to allow the implementation of the strategy set by the Board. Short-term borrowing requirements are met from drawings under uncommitted overdrafts and...

  • Page 126
    ... providing adequate security. The Group uses long-term credit ratings from Standard and Poor's, Moody's and Fitch Ratings as a basis for setting its counterparty limits. During the year, the policy was amended from a minimum A credit rating to reï¬,ect current market conditions. Short-term deposits...

  • Page 127
    ... rating, to provide ongoing returns to shareholders and to service debt obligations, whilst maintaining maximum operational ï¬,exibility. A key characteristic of IHG's managed and franchised business model is that it is highly cash generative, with a high return on capital employed. Surplus cash...

  • Page 128
    Notes to the Group Financial Statements continued 21. Loans and other borrowings 2015 Current Non-current $m $m Total $m Current Non-current $m $m 2014 Total $m Bank overdrafts Unsecured bank loans Secured bank loan Finance lease obligations £250m 6% bonds 2016 £400m 3.875% bonds 2022 £300m 3....

  • Page 129
    ...% of face value and are unsecured. Facilities provided by banks 2015 Utilised $m Unutilised $m Total $m Utilised $m Unutilised $m 2014 Total $m GOVERNANCE Committed Uncommitted - - - 1,350 64 1,414 1,350 64 1,414 364 4 368 709 62 771 2015 $m 1,073 66 1,139 2014 $m GROUP FINANCIAL STATEMENTS...

  • Page 130
    ... on the recorded fair value that are not based on observable market data. 2015 Level 1 $m Level 2 $m Level 3 $m Total $m Level 1 $m Level 2 $m Level 3 $m 2014 Total $m Assets Equity securities available-for-sale: Quoted equity shares Unquoted equity shares Derivatives Liabilities £250m 6% bonds...

  • Page 131
    ... a risk adjusted long-term interest rate. The interest rate used to discount the cash ï¬,ows at 31 December 2015 was 7.0% (2014: 7.4%). Unquoted equity shares are fair valued using the International Private Equity and Venture Capital Valuation Guidelines either by applying an average price-earnings...

  • Page 132
    ... recognised in the Group income statement, in 'administrative expenses', are: Pension plans UK 2015 $m 2014 $m 2013 $m 2015 $m US and other 2014 $m 2013 $m 2015 $m Post-employment benefits 2014 $m 2013 $m 2015 $m 2014 $m Total 2013 $m Current service cost Past service cost Net interest expense...

  • Page 133
    ... in the Group statement of financial position are: GROUP FINANCIAL STATEMENTS Pension plans UK 2015 $m 2014 $m US and other 2015 $m 2014 $m Post-employment benefits 2015 $m 2014 $m 2015 $m Total 2014 $m Retirement benefit assets Fair value of plan assets Present value of benefit obligations...

  • Page 134
    ... to determine the benefit obligations are: Pension plans UK 2015 % 2014 % 2013 % 2015 % 2014 % US 2013 % 2015 % Post-employment benefits 2014 % 2013 % Pensions increases Discount rate Inï¬,ation rate Healthcare cost trend rate assumed for next year: Pre 65 (ultimate rate reached in 2022) Post 65...

  • Page 135
    ... COMPANY FINANCIAL STATEMENTS The plan assets are measured at fair value and comprise the following: UK 2015 $m 2014 $m US and other 2015 $m 2014 $m Investments quoted in active markets Investment funds: Global equities Corporate bonds Property Unquoted investments Qualifying insurance policy Cash...

  • Page 136
    ...-related award by the middle market quoted prices on the three consecutive dealing days immediately preceding the date of grant. A number of executives participated in the APP during the year and conditional rights over 265,285 (2014: 305,345, 2013: 318,911) shares were awarded to participants. New...

  • Page 137
    ... year was $nil (2014: $nil, 2013: $5m). The following table sets forth awards granted during 2015: APP LTIP GOVERNANCE Number of shares awarded in 2015 265,285 1,803,308 The Group uses separate option pricing models and assumptions depending on the plan. The following table sets out information...

  • Page 138
    Notes to the Group Financial Statements continued 26. Share-based payments continued Number of shares thousands Range of option prices pence Weighted average option price pence Executive Share Option Plan Outstanding at 1 January 2013 Exercised Outstanding at 31 December 2013 Exercised Outstanding...

  • Page 139
    ...of 0.5m (2014: 0.9m, 2013: 1.2m) InterContinental Hotels Group PLC ordinary shares held by employee share trusts, with a market value at 31 December 2015 of $19.8m (2014: $38.2m, 2013: $39.8m). Other reserves Comprises the merger and revaluation reserves previously recognised under UK GAAP, together...

  • Page 140
    ... 2015, 2014 or 2013. Key management personnel comprises the Board and Executive Committee. Related party disclosures for associates and joint ventures are as follows: Associates 2015 $m 2014 $m 2013 $m 2015 $m Joint ventures 2014 $m 2013 $m 2015 $m 2014 $m Total 2013 $m Revenue from associates...

  • Page 141
    ... position. The following information is relevant to the operation of the Fund: 2015 $m 2014 $m 2013 $m GOVERNANCE Incomea: Assessment fees and contributions received from hotels Proceeds from sale of IHG Rewards Club points Key elements of expenditurea: Marketing IHG Rewards Club Payroll costs...

  • Page 142
    .... (Australia) Holiday Inns Inc. (US) Holiday Inns Investment (Nepal) Ltd. (Hong Kong) Holiday Inns of America (UK) Ltd. (England) Holiday Inns of Belgium N.V. (Belgium) Holiday Pacific Equity Corporation (US) Holiday Pacific LLC (US) (vii) Holiday Pacific Partners, LP (US) Hotel InterContinental...

  • Page 143
    ...have share capital and are governed by an operating agreement Accounted for as associates and joint ventures due to IHG's decision-making rights contained in the partnership agreement GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report...

  • Page 144
    Parent Company Financial Statements 144 144 145 Parent Company statement of financial position Parent Company statement of changes in equity Notes to the Parent Company Financial Statements Simple, smart travel The joy of travel 142 IHG Annual Report and Form 20-F 2015

  • Page 145
    STRATEGIC REPORT GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION The joy of lifetime vacations The joy of family holidays IHG Annual Report and Form 20-F 2015 143

  • Page 146
    ... of shares Transaction costs relating to shareholder returns Share-based payments capital contribution Equity dividends paid At 31 December 2014 Profit for the year Total comprehensive income for the year Share-based payments capital contribution Equity dividends paid At 31 December 2015 Notes...

  • Page 147
    ...'. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Financial Statements. GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report and Form 20-F 2015 145

  • Page 148
    ...is satisfied, provided that all other performance and/or service conditions are satisfied. Where the Company grants options over its own shares to the employees of its subsidiaries, it recognises, in the Parent Company Financial Statements, an increase in the cost of investment in its subsidiaries...

  • Page 149
    ... Pension benefits are accruing to the following number of Directors under defined contribution plans The number of Directors in respect of whose qualifying services shares were received or receivable under long-term incentive schemes was 3. Investments 1 4 2 5 £m Cost and net book value...

  • Page 150
    ... priced at 99.014% of face value and are unsecured. 7. Employee benefits Share-based payments The Company operates the Annual Performance Plan (APP) and Long Term Incentive Plan (LTIP), details of which can be found in the Group Financial Statements, on pages 134 to 136. The Executive Share...

  • Page 151
    ... Contingent liabilities of £1m (2014: £231m) in respect of the guarantees of the liabilities of subsidiaries have not been provided for in these Financial Statements. GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report and Form 20-F 2015 149

  • Page 152
    ... 159 Directors' Report Group information History and developments Risk factors Executive Committee members' shareholdings 159 Executive Directors' benefits upon termination of office 160 Description of securities other than equity securities 161 Articles of Association 162 Working Time Regulations...

  • Page 153
    STRATEGIC REPORT GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION Your home base IHG Annual Report and Form 20-F 2015 151

  • Page 154
    ... provisions relating to the UK pension plan for the benefit of the Directors during 2015. Articles of Association The Company's Articles of Association may only be amended by special resolution and are available on the Company's website at www.ihgplc.com/investors under corporate governance...

  • Page 155
    ... at 31 December 2015 ordinary shares As at 31 December 2014 ordinary shares Employees and Code of Conduct Having a predominantly franchised and managed business model means that not all of those people who work at hotels operated under our brands are our employees. When the Group's entire estate is...

  • Page 156
    ...During 2012, the Group entered into a five-year technology outsourcing agreement with International Business Machines Corporation (IBM), pursuant to which IBM operates and maintains the infrastructure of the Group's Guest Reservation System. Otherwise, there are no specific individual contracts or...

  • Page 157
    ... System rooms revenue divided by the number of room nights available (and can be mathematically derived from occupancy rate multiplied by average daily rate). Fee revenue This comprises Group revenue (2015: $1,803m; 2014: $1,858m) excluding owned and leased hotels (2015: $292m; 2014: $427m), managed...

  • Page 158
    ... a recession that reduces leisure and business travel to and from affected countries and adversely affects room rates and/or occupancy levels and other income-generating activities. The owners or potential owners of hotels franchised or managed by the Group face similar risks that could adversely...

  • Page 159
    ... such as other global hotel chains, local hotel companies and independent hotels to win the loyalty of guests, employees and owners. The competitive landscape also includes other types of businesses, such as web-based booking channels (which include online travel agents and intermediaries), and...

  • Page 160
    ... from the ability to drive reservations through its reservation system and technology platforms which are highly integrated with internal processes and linked to multiple sales channels, including the Group's own websites, call centres, hotels, third-party intermediaries and travel agents. Lack of...

  • Page 161
    ..., employment law and diversity, disability access, data privacy and information protection, financial, accounting and tax. Regulatory changes may require significant changes in the way the business operates and may inhibit the Group's strategy, including the markets the Group operates in, brand...

  • Page 162
    ..., the Company received $300,000 from the ADR Depositary in respect of legal, accounting and other fees incurred in connection with the preparation of the Annual Report and Form 20-F, ongoing SEC compliance and listing requirements, investor relations programmes, and advertising and public relations...

  • Page 163
    ...position. If authorised by an ordinary resolution of the shareholders, the Board of Directors may also direct payment of a dividend in whole or in part by the distribution of specific assets (and in particular of paid-up shares or debentures of any other company). Any dividend unclaimed by a member...

  • Page 164
    ... to all of the Company's shareholders. Working Time Regulations 1998 Under EU law, many employees of Group companies are now covered by the Working Time Regulations which came into force in the UK on 1 October 1998. These regulations implemented the European Working Time Directive and parts of the...

  • Page 165
    ... within the Change of Control Period; or (c) are not credit rated and do not become investment-grade credit rated by the end of the Change of Control Period. GOVERNANCE GROUP FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION IHG Annual Report and Form 20-F 2015 163

  • Page 166
    ... on the level of the ratio. The Syndicated Facility was undrawn at 31 December 2015. $400 million term loan facility On 13 January 2015, the Company signed a six-month $400 million term loan facility agreement with Bank of America Merrill Lynch International Limited as arranger, facility agent and...

  • Page 167
    ... for UK tax purposes in the UK and who is not trading in the UK will generally not be liable for UK taxation on dividends received in respect of the ADSs or ordinary shares. GOVERNANCE GROUP FINANCIAL STATEMENTS Taxation This section provides a summary of material US federal income tax and UK tax...

  • Page 168
    ... be reported to the Internal Revenue Service (IRS) as dividends. Subject to applicable limitations and the discussion above regarding concerns expressed by the US Treasury, dividends paid to certain non-corporate US holders will be taxable at the preferential rates applicable to long-term capital...

  • Page 169
    ... the UK Corporate Governance Code issued by the Financial Reporting Council in the UK in 2014 (the Code) is set out on pages 66 and 67. IHG has also adopted the corporate governance requirements of the US Sarbanes-Oxley Act and related rules and of the NYSE, to the extent that they are applicable to...

  • Page 170
    ... disclosed. As set out on page 153, IHG's Code of Conduct is applicable to all Directors, officers and employees, and further information on the Code of Conduct is available on the Company's website at www.ihgplc.com/investors under corporate governance. No waivers have been granted under the...

  • Page 171
    ... by reference to, the Group Financial Statements and notes thereto included elsewhere in this Annual Report and Form 20-F. Group income statement data $m, except earnings per ordinary share For the year ended 31 December 2015 2014 2013 2012 2011 GOVERNANCE Revenue Total operating profit before...

  • Page 172
    ...as part of publicly announced plans or programmes Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programmes Total number of shares (or units) purchased Average price paid per share (or unit) Month 1 Month 2 Month 3 (no purchases this...

  • Page 173
    ... from the Official List of the UK Listing Authority, and the highest and lowest sales prices of the ADSs as reported on the NYSE composite tape. £ per ordinary share Year ended 31 December high low high $ per ADSa low GOVERNANCE 2011 2012 2013 2014 2015 Quarters in the year ended 31 December...

  • Page 174
    ... 2015 Number of shareholders Percentage of total shareholders Number of ordinary shares Percentage of issued share capital Category of shareholder Private individuals Nominee companies Limited and public limited companies Other corporate bodies Pension funds, insurance companies and banks Total...

  • Page 175
    ..., InterContinental Hotels Limited and HSBC Corporate Trustee Company (UK) Limited Five-year $1.275 billion bank facility agreement dated 30 March 2015, among InterContinental Hotels Group PLC and certain of its subsidiaries, and Bank of America Merrill Lynch International Limited, Barclays Bank PLC...

  • Page 176
    ...payments 6C - Board practices 6D - Employees Corporate Governance Strategic Report: Disciplined Execution - Investment in developing great talent Group Financial Statements: Note 3 - Staff costs and Directors' emoluments Group information: Working Time Regulations 1998 6E - Share ownership Directors...

  • Page 177
    ... applicable Shareholder information: Summary of significant corporate governance differences from NYSE listing standards Not applicable Not applicable Group Financial Statements Additional information: Exhibits ADDITIONAL INFORMATION - 167-168 - - 87-141 173 IHG Annual Report and Form 20-F 2015...

  • Page 178
    ... 20-F in relation to the years ending 31 December 2014 or 2015, as relevant. APP Annual Performance Plan. Articles the Articles of Association of the Company for the time being in force. average daily rate rooms revenue divided by the number of room nights sold. basic earnings per ordinary share pro...

  • Page 179
    ... of marketing, the IHG Rewards Club loyalty programme and the global reservation system. technology fee income income received from hotels under franchise and management agreements for the use of IHG's Guest Reservation System. total gross revenue total rooms revenue from franchised hotels and total...

  • Page 180
    ....ihgplc.com/investors under corporate governance or from the Company's registered office on request. a b Lines are open from 8.30am to 5.30pm Monday to Friday, excluding UK public holidays. Lines are open from 8.00am to 4.30pm Monday to Friday, excluding UK public holidays. 178 IHG Annual Report...

  • Page 181
    ... STATEMENTS GOVERNANCE 31 March 1 April 13 May Contacts Registered office Broadwater Park, Denham, Buckinghamshire, UB9 5HR, United Kingdom Telephone: +44 (0) 1895 512 000 Fax: +44 (0) 1895 512 101 www.ihgplc.com For general information about the Group's business, please contact the Corporate...

  • Page 182
    ... and business partners; the Group's exposure to increasing competition from online travel agents and intermediaries; the risks related to identifying, securing and retaining franchise and management agreements; the risks in relation to changing technology and systems; the Group's reliance...

  • Page 183

  • Page 184
    InterContinental Hotels Group PLC Broadwater Park, Denham, Buckinghamshire UB9 5HR United Kingdom Tel +44 (0) 1895 512 000 Fax +44 (0) 1895 512 101 Web www.ihgplc.com Make a booking at www.ihg.com A different way to stay (above) The lobby and front desk of The Kimpton Goodland, in Goleta, near ...