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"f24625": {
"value": "General information The Consolidated Financial Statements of InterContinental Hotels
\nGroup PLC (the \u2018Group\u2019 or \u2018IHG\u2019) for the year ended 31 December 2022
\nwere authorised for issue in accordance with a resolution of the
\nDirectors on 20 February 2023. InterContinental Hotels Group PLC
\n(the \u2018Company\u2019) is incorporated and registered in England and Wales.",
"dimensions": {
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"language": "en",
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},
"f24626": {
"value": "General information The Consolidated Financial Statements of InterContinental Hotels
\nGroup PLC (the \u2018Group\u2019 or \u2018IHG\u2019) for the year ended 31 December 2022
\nwere authorised for issue in accordance with a resolution of the
\nDirectors on 20 February 2023. InterContinental Hotels Group PLC
\n(the \u2018Company\u2019) is incorporated and registered in England and Wales.
\nBasis of preparation
\nThe Consolidated Financial Statements of IHG have been prepared
\non a going concern basis (see below) and under the historical cost
\nconvention, except for assets and liabilities measured at fair value
\nunder relevant accounting standards. The Consolidated Financial
\nStatements have been prepared in accordance with UK-adopted
\ninternational accounting standards and with applicable law and
\nregulations and with International Financial Reporting Standards
\n(\u2018IFRSs\u2019) as issued by the International Accounting Standards Board
\n(\u2018IASB\u2019). UK-adopted international accounting standards di\ufb00er in
\ncertain respects from IFRSs as issued by the IASB. However, the
\ndi\ufb00erences have no impact on the Consolidated Financial
\nStatements for the years presented.
\nGoing concern
\nA period of 18 months has been used, from 1 January 2023 to
\n30 June 2024, to complete the going concern assessment.
\nIn adopting the going concern basis for preparing the Consolidated
\nFinancial Statements, the Directors have considered a \u2018Base Case\u2019
\nscenario which assumes global RevPAR in 2023 around pre-pandemic
\nlevels boosted by resilient leisure travel and continued recovery in
\ncorporate and group demand. The assumptions applied in the Base
\nCase scenario are consistent with those used for Group planning
\npurposes, for impairment testing (impairment tests adjusted for
\nfactors speci
fic to individual properties or port
folios) and for
\nassessing recoverability of deferred tax assets.
\nThe Directors have also reviewed a \u2018Downside Case\u2019 based on a
\nrecession scenario which assumes no RevPAR growth in 2023, with
\nthe recovery profile delayed by one year, and a \u2018Severe Downside
\nCase\u2019 which is based on a severe but plausible scenario equivalent
\nto the market conditions experienced through the 2008/2009
\nglobal financial crisis. This assumes that the per
formance during
\n2023 starts to worsen and then RevPAR decreases significantly by
\n17% in 2024.
\nA large number of the Group\u2019s principal risks would result in an
\nimpact on RevPAR which is one of the sensitivities assessed against
\nthe headroom available in the Base Case, Downside Case and Severe
\nDownside Case scenarios. Climate risks are not considered to have
\na significant impact over the 18-month period o
f assessment.
\nOther principal risks that could result in a large one-o\ufb00 incident that
\nhas a material impact on cash flow have also been considered,
for
\nexample a cybersecurity event.
\nThe Group\u2019s bank facilities were re
financed in April 2022 with a new
\nrevolving credit facility of $1,350m maturing in 2027 which increased
\nthe Group\u2019s key covenant of net debt:EBITDA to 4.0x. See note 23 for
\nadditional information. There are no debt maturities in the period
\nunder consideration.
\nUnder the Base Case, Downside Case and Severe Downside Case
\ncovenants are not breached. Under the Severe Downside Case,
\nthere is limited headroom to the bank covenants at 30 June 2024
\nto absorb multiple additional risks and uncertainties. However, the
\nDirectors reviewed a number of actions to reduce discretionary
\nspend, creating substantial additional headroom. After these actions
\nare taken, there is significant headroom to the bank covenants to
\nabsorb the principal risks and uncertainties which could be applicable.
\nIn this scenario the Group also has substantial levels of existing cash
\nreserves available after additional actions are taken (over $1.4bn
\nat 30 June 2024) and is not expected to draw on the bank facility.
\nThe Directors reviewed a reverse stress test scenario to determine
\nwhat decrease in RevPAR would create a breach of the covenants,
\nand the cash reserves that would be available to the Group at that
\ntime. The Directors concluded that the outcome of this reverse
\nstress test showed that it was very unlikely the bank facility would
\nneed to be drawn.
\nThe leverage and interest cover covenant tests up to 30 June 2024
\n(the last day of the assessment period), have been considered as
\npart of the Base Case, Downside Case and Severe Downside Case
\nscenarios. However, as the bank facility is unlikely to be drawn even
\nin a scenario significantly worse than the Severe Downside Case
\nscenario, the Group does not need to rely on the additional liquidity
\nprovided by the bank facility to remain a going concern. This means
\nthat in the event the covenant test was failed, the bank facility could
\nbe cancelled by the lenders but it would not trigger a repayment
\ndemand or create a cross-default risk. As a result, a covenant breach
\nwould not have any impact on the Group\u2019s going concern conclusion.
\nIn the event that a covenant amendment was required, the Directors
\nbelieve it is reasonable to expect that such an amendment could
\nbe obtained based on prior experience in negotiating the 2020
\namendments, however the going concern conclusion is not
\ndependent on this expectation. The Group also has alternative
\noptions to manage this risk including raising additional funding
\nin the capital markets.
\nHaving reviewed these scenarios, the Directors have a reasonable
\nexpectation that the Group has su\ufb00icient resources to continue
\noperating until at least 30 June 2024. Accordingly, they continue to
\nadopt the going concern basis in preparing the Financial Statements.
\nPresentational currency
\nThe Consolidated Financial Statements are presented in millions
\nof US dollars re
flecting the profile o
f the Group\u2019s revenue and
\noperating profit which are primarily generated in US dollars or
\nUS dollar-linked currencies.
\nIn the Consolidated Financial Statements, equity share capital,
\nthe capital redemption reserve and shares held by employee share
\ntrusts are translated into US dollars at the relevant rate of exchange
\non the last day of the period; the resultant exchange di\ufb00erences
\nare recorded in other reserves.
\nThe functional currency of the Company is sterling since this is a
\nnon-trading holding company located in the United Kingdom that
\nhas sterling denominated share capital and whose primary activity
\nis the payment and receipt of sterling dividends and of interest on
\nsterling denominated external borrowings and intercompany balances.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n157
Critical accounting policies and the use of judgements,
\nestimates and assumptions
\nIn determining and applying the Group\u2019s accounting policies,
\nmanagement are required to make judgements, estimates and
\nassumptions. An accounting policy is considered to be critical if its
\nselection or application could materially a\ufb00ect the reported amounts
\nof assets and liabilities at the date of the Consolidated Financial
\nStatements, or the reported amounts of revenues and expenses
\nduring the reporting period, or could do so within the next
\nfinancial year.
\nJudgements
\nSystem Fund
\nThe Group operates a System Fund (the \u2018Fund\u2019) to collect and
\nadminister cash assessments from hotel owners for the speci
fic
\npurpose of use in marketing, the Guest Reservation System and
\nhotel loyalty programme. Assessments are generally levied as
\na percentage of hotel revenues.
\nThe Fund is not managed to generate a surplus or deficit
for IHG over
\nthe longer term, but is managed for the bene
fit o
f the IHG System
\nwith the objective of driving revenues for the hotels in the System.
\nIn relation to marketing and reservation services, the Group\u2019s
\nperformance obligation under IFRS 15 \u2018Revenue from Contracts with
\nCustomers\u2019 is determined to be the continuous performance of the
\nservices rather than the spending of the assessments received.
\nAccordingly, assessment fees are recognised as hotel revenues
\noccur, Fund expenses are charged to the Group income statement
\nas incurred and no constructive obligation is deemed to exist under
\nIAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019.
\nAccordingly, no liability is recognised relating to the balance of
\nunspent funds.
\nNo other critical judgements have been made in applying the Group\u2019s
\naccounting policies.
\nEstimates
\nManagement consider that significant estimates and assumptions
\nare used as described below. Estimates and assumptions are
\nevaluated by management using historical experience and other
\nfactors believed to be reasonable based on current circumstances.
\nIn the prior year, expected credit losses were disclosed as a
\nsignificant estimate. In the current year, the estimate is not
\nconsidered to have a significant risk o
f a material adjustment
\nin the next financial year.
\nLoyalty
programme
\nThe hotel loyalty programme, IHG One Rewards, enables members
\nto earn points, funded through hotel assessments, during each
\nqualifying stay at an IHG branded hotel and consume points at a
\nlater date for free or reduced accommodation or other bene
fits.
\nThe Group recognises deferred revenue in an amount that re
flects
\nIHG\u2019s unsatisfied per
formance obligations, valued at the stand-alone
\nselling price of the future bene
fit to the member. The amount
\nof revenue recognised and deferred is impacted by \u2018breakage\u2019.
\nOn an annual basis the Group engages an external actuary who uses
\nstatistical formulae to assist in the estimate of the number of points
\nthat will never be consumed (\u2018breakage\u2019).
\nSignificant estimation uncertainty exists in projecting members\u2019
\nfuture consumption activity and how this may be impacted by Covid-19.
\nManagement\u2019s expectation is that member behaviour will ultimately
\nreturn to pre-pandemic levels over the longer term. In 2022 and 2021,
\nthe breakage estimate was formed using pre-Covid-19 behaviour
\npatterns as a base, but giving some weight to activity since 2020
\nand incorporating the impact of 2022 programme changes.
\nHowever, if future member behaviour deviates signi
ficantly
from
\nexpectations, breakage estimates could increase or decrease.
\nAt 31 December 2022, deferred revenue relating to the loyalty
\nprogramme was $1,411m (2021: $1,292m, 2020: $1,245m). Based on
\nthe conditions existing at the balance sheet date, a one percentage
\npoint decrease/increase in the breakage estimate relating to earned
\npoints would increase/reduce this liability by $63m.
\nActuarial gains and losses would correspondingly adjust the amount
\nof System Fund revenues recognised and deferred revenue in the
\nGroup statement of
financial position.
\nChanges to the IHG One Rewards programme in the year, which
\nallow members to earn Milestone Rewards in addition to points,
\ndo not result in any additional significant estimation uncertainty.
\nSignificant accounting policies
\nBasis of consolidation
\nThe Consolidated Financial Statements comprise the financial
\nstatements of the Parent Company and entities controlled by
\nthe Group. Control exists when the Group has:
\n\u2022
Power over an investee (i.e., existing rights that give it the current
\nability to direct the relevant activities of the investee);
\n\u2022
Exposure, or rights, to variable returns from its involvement with
\nthe investee; and
\n\u2022
The ability to use its power over the investee to a\ufb00ect its returns.
\nAll intra-group balances and transactions are eliminated on
\nconsolidation.
\nThe assets, liabilities and results of those businesses acquired or
\ndisposed of are consolidated for the period during which they were
\nunder the Group\u2019s control.
\nForeign currencies
\nWithin the Group\u2019s subsidiaries, transactions in foreign currencies are
\ntranslated to the subsidiary\u2019s functional currency at the exchange
\nrates ruling on the dates of the transactions. Monetary assets and
\nliabilities denominated in foreign currencies are retranslated to the
\nsubsidiary\u2019s functional currency at the relevant rates of exchange
\nruling on the last day of the period. On consolidation:
\n\u2022
The assets and liabilities of foreign operations of the Group\u2019s
\nsubsidiaries with a functional currency other than US dollars are
\ntranslated into US dollars at the relevant rates of exchange ruling
\non the last day of the period. The revenues and expenses of foreign
\noperations are translated into US dollars at average rates of exchange
\nfor each month of the reporting period. The Group treats speci
fic
\nintercompany loan balances, which are not intended to be repaid
\nin the foreseeable future, as part of its net investment. The exchange
\ndi\ufb00erences arising on retranslation are taken to the currency
\ntranslation reserve; and
\n\u2022
Exchange di\ufb00erences arising from the translation of borrowings
\nthat are designated as a hedge against a net investment in a
\nforeign operation are taken to the currency translation reserve.
\nOn disposal of a foreign operation, the cumulative amount
\nrecognised in the currency translation reserve relating to that
\nparticular foreign operation is recycled as part of the gain or
\nloss on disposal.
\nAccounting policies
continued
\n158
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Revenue recognition
\nRevenue is recognised at an amount that reflects the consideration
\nto which the Group expects to be entitled in exchange for transferring
\ngoods or services to a customer.
\nFee business revenue
\nUnder franchise agreements, the Group\u2019s performance obligation
\nis to provide a licence to use IHG\u2019s trademarks and other intellectual
\nproperty. Franchise royalty fees are typically charged as a percentage
\nof hotel gross rooms revenues and are treated as variable
\nconsideration, recognised as the underlying hotel revenues occur.
\nUnder management agreements, the Group\u2019s performance
\nobligation is to provide hotel management services and a licence
\nto use IHG\u2019s trademarks and other intellectual property. Base and
\nincentive management fees are typically charged. Base management
\nfees are typically a percentage of total hotel revenues and incentive
\nmanagement fees are generally based on the hotel\u2019s pro
fitability or
\ncash flows. Both are treated as variable consideration. Like
franchise
\nfees, base management fees are recognised as the underlying hotel
\nrevenues occur. Incentive management fees are recognised over
\ntime when it is considered highly probable that the related
\nperformance criteria for each annual period will be met, provided
\nthere is no expectation of a subsequent reversal of the revenue.
\nApplication and re-licensing fees are not considered to be distinct
\nfrom the franchise performance obligation and are recognised over
\nthe life of the related agreement.
\nFranchise and management agreements also contain a promise
\nto provide technology support and network services to hotels.
\nA monthly technology fee, based on either gross rooms revenues
\nor the number of rooms in the hotel, is charged and recognised
\nover time as these services are delivered. Technology fee income
\nis included in Central revenue.
\nTechnical service fees are received in relation to design and
\nengineering support provided prior to the opening of certain hotel
\nproperties. These services are a distinct performance obligation
\nand the fees are recognised as revenue over the pre-opening period
\nin line with the Group\u2019s assessment of the stage of completion of the
\nproject, based on the latest expectation of hotel opening date and
\nits knowledge and experience of the pattern of work performed on
\ncomparable projects.
\nIHG\u2019s global insurance programme provides coverage to managed
\nhotels for certain risks. Premiums are payable by the hotels to the
\nthird-party insurance provider. Some of the risk is reinsured by the
\nGroup\u2019s captive insurance company (the \u2018Captive\u2019), SCH Insurance
\nCompany; reinsurance premiums paid from the third-party insurance
\nprovider to the Captive are recognised within Central revenue as
\nearned. This insurance revenue is outside the scope of IFRS 15.
\nThe Group has applied the practical expedient in IFRS 15 not to
\ndisclose the aggregate amount of the transaction price allocated to
\nperformance obligations that are unsatis
fied or partially unsatisfied
\nas at the end of the reporting period for all amounts where the
\nGroup has a right to consideration in an amount that corresponds
\ndirectly with the value to the customer of the Group\u2019s performance
\ncompleted to date (including franchise and management fees).
\nContract assets
\nAmounts paid to hotel owners to secure management and franchise
\nagreements (\u2018key money\u2019) are treated as consideration payable to
\na customer. A contract asset is recorded which is recognised as
\na deduction to revenue over the initial term of the agreement.
\nIn limited cases loans can be provided to an owner, in such cases
\nthe initial credit risk will be low. The di\ufb00erence, if any, between the
\nface and market value of the loan on inception is recognised as
\na contract asset.
\nIn limited cases, the Group may provide performance guarantees
\nto third-party hotel owners. The expected value of payments under
\nperformance guarantees reduces the overall transaction price and is
\nrecognised as a deduction to revenue over the term of the agreement.
\nTypically, contract assets are not financial assets as they represent
\namounts paid by the Group at the beginning of a contract, and so
\nare tested for impairment based on value in use rather than with
\nreference to expected credit losses. Contract assets are reviewed
\nfor impairment when events or changes in circumstances indicate
\nthat the carrying value may not be recoverable. If carrying values
\nexceed the recoverable amount, determined by reference to
\nestimated future cash
flows discounted to their present value using
\na pre-tax discount rate, the contract assets are written down to the
\nrecoverable amount.
\nDeferred revenue
\nDeferred revenue is recognised when payment is received before
\nthe related performance obligation is satis
fied.
\nRevenue is also deferred when key money is committed and is highly
\nlikely to be paid. The annual revenue deferral is equal to the reduction
\nto revenue that would arise if the key money were paid at inception
\nof the contract. When payment is made, a net contract asset is
\nrecorded which is amortised over the remaining initial term of
\nthe agreement.
\nContract costs
\nCertain costs incurred to secure management and franchise
\nagreements, typically developer commissions, are capitalised and
\namortised as an expense over the initial term of the related agreement.
\nThese costs are presented as contract costs in the Group statement
\nof
financial position.
\nContract costs are reviewed for impairment when events or
\nchanges in circumstances indicate that the carrying value may not
\nbe recoverable with reference to the future expected cash
flows
\nfrom the contract.
\nRevenue from owned, leased and managed lease hotels
\nAt its owned, leased and managed lease hotels, the Group\u2019s
\nperformance obligation is to provide accommodation and other
\ngoods and services to guests. Revenue includes rooms revenue and
\nfood and beverage sales, which are recognised when the rooms are
\noccupied and food and beverages are sold. Guest deposits received
\nin advance of hotel stays are recorded as deferred revenue in the
\nGroup statement of
financial position. They are recognised as revenue
\nalong with any balancing payment from the guest when the associated
\nstay occurs, or are returned to the customer in the event of
\na cancellation.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n159
Accounting policies
continued
\nCost reimbursements
\nIn a managed property, the Group typically acts as employer of the
\ngeneral manager and, in some cases, other employees at the hotel
\nand is entitled to reimbursement of these costs. The performance
\nobligation is satisfied over time as the employees per
form their
\nduties, consistent with when reimbursement is received.
\nReimbursements for these services are shown as revenue with an
\nequal matching employee cost, with no profit impact. Certain other
\ncosts relating to both managed and franchised hotels are also
\ncontractually reimbursable to IHG and, where IHG is deemed to
\nbe acting as principal in the provision of the related services, the
\nrevenue and cost are shown on a gross basis.
\nSystem Fund and other co-brand revenues
\nThe Group operates the Fund to collect and administer cash
\nassessments from hotel owners for the speci
fic purpose o
f use in
\nmarketing, the Guest Reservation System and hotel loyalty programme.
\nThe Fund also benefits
from proceeds from the sale of loyalty points
\nunder third-party co-branding arrangements. The Fund is not
\nmanaged to generate a surplus or deficit
for IHG over the longer
\nterm, but is managed for the bene
fit o
f the IHG System with the
\nobjective of driving revenues for the hotels in the System.
\nThe growth in the IHG One Rewards programme means that,
\nalthough assessments are received from hotels up front when a
\nmember earns points, more revenue is deferred each year than is
\nrecognised in the System Fund. This can lead to accounting losses
\nin the System Fund each year as the deferred revenue balance grows.
\nUnder both franchise and management agreements, the Group is
\nrequired to provide marketing and reservations services, as well as
\nother centrally managed programmes. These services are provided
\nby the Fund and are funded by assessment fees. Costs are incurred
\nand allocated to the Fund in accordance with the principles agreed
\nwith the IHG Owners Association. The Group acts as principal in the
\nprovision of the services as the related expenses primarily comprise
\npayroll and marketing expenses under contracts entered into by the
\nGroup. The assessment fees from hotel owners are generally levied
\nas a percentage of hotel revenues and are recognised as those hotel
\nrevenues occur.
\nCertain travel agency commission revenues within the Fund are
\nrecognised on a net basis, where it has been determined that IHG
\nis acting as agent.
\nIn respect of the loyalty programme, IHG One Rewards, the
\nperformance obligations are to arrange for the provision of future
\nbenefits to members on consumption o
f previously earned reward
\npoints and Milestone Rewards (following changes to the programme
\nstructure in the year). Points are exchanged for reward nights at an
\nIHG hotel or other goods or services provided by third parties.
\nMilestone Rewards comprise points or other benefits such as
\nupgrades and food and beverage vouchers.
\nUnder its franchise and management agreements, IHG receives
\nassessment fees based on total qualifying hotel revenue from IHG
\nOne Rewards members\u2019 hotel stays.
\nThe Group\u2019s performance obligation is not satis
fied in
full until the
\nmember has consumed the relevant benefits. Accordingly, loyalty
\nassessments are allocated between points and Milestone Rewards
\nand deferred in an amount that re
flects the stand-alone selling price
\nof the future bene
fit to the member. Revenue is impacted by a
\n\u2018breakage\u2019 estimate of the bene
fits that will never be consumed.
\nOn an annual basis, the Group engages an external actuary who
\nuses statistical formulae to assist in formulating this estimate, which
\nis adjusted to reflect actual experience up to the reporting date.
\nAs materially all of the awards will be either consumed at IHG
\nmanaged or franchised hotels owned by third parties, or exchanged
\nfor awards provided by third parties, IHG is deemed to be acting as
\nagent on consumption and therefore recognises the related revenue
\nnet of the cost of reimbursing the hotel or third party that is
\nproviding the benefit.
\nPerformance obligations under the Group\u2019s co-brand credit card
\nagreements comprise:
\na) Arranging for the provision of future bene
fits to members who
\nhave earned points or free night certi
ficates;
\nb) Marketing services; and
\nc) Providing the co-brand partner with the right to access the
\nloyalty programme.
\nRevenue from a) and b) are reported within System Fund revenues
\nand revenue from c) is reported within fee business revenue.
\nFees from these agreements comprise
fixed amounts normally
\npayable at the beginning of the contract, and variable amounts
\npaid on a monthly basis. Variable amounts are typically based on
\nthe number of points and free night certi
ficates issued to members
\nand the marketing services performed by the Group. Total fees are
\nallocated to the performance obligations based on their estimated
\nstand-alone selling prices. Revenue allocated to marketing and
\nlicensing obligations is recognised on a monthly basis as the
\nobligations are satisfied. Revenue relating to points and
free night
\ncertificates is recognised when the member has consumed the
\npoints or certificates at a participating hotel or has selected a reward
\nfrom a third party, net of the cost of reimbursing the hotel or third
\nparty that is providing the benefit.
\nJudgement is required in estimating the stand-alone selling prices
\nwhich are based upon generally accepted valuation methodologies
\nregarding the value of the licence provided and the number of points
\nand certificates expected to be issued. However, the value o
f revenue
\nrecognised and the deferred revenue balance at the end of the year
\nis not materially sensitive to changes in these assumptions.
\nSegmental information
\nThe Group has four reportable segments re
flecting its geographical
\nregions (Americas, EMEAA, Greater China) and its Central functions.
\nCentral functions include technology, sales and marketing,
finance,
\nhuman resources and corporate services; Central revenue arises
\nprincipally from technology fee income.
\nNo operating segments are aggregated to form these
\nreportable segments.
\nManagement monitors the operating results of these reportable
\nsegments for the purpose of making decisions about resource
\nallocation and performance assessment. Each of the geographical
\nregions is led by its own Chief Executive O\ufb00icer who reports to the
\nGroup Chief Executive O\ufb00icer.
\nAs the System Fund is not managed to generate a profit or loss
for
\nIHG over the longer term, its results are not regularly reviewed by the
\nChief Operating Decision Maker (\u2018CODM\u2019) and it does not constitute
\nan operating segment under IFRS 8 \u2018Operating Segments\u2019. Similarly,
\nreimbursements of costs are not reported to the CODM and so are
\nnot included within the reportable segments.
\n160
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Segmental performance is evaluated based on operating pro
fit or
\nloss and is measured consistently with operating profit or loss in the
\nGroup Financial Statements, excluding System Fund and exceptional
\nitems. Group financing activities,
fair value gains or losses on
\ncontingent purchase consideration and income taxes are managed
\non a Group basis and are not allocated to reportable segments.
\nGovernment grants
\nThe Group receives government support income relating to the
\nGroup\u2019s corporate o\ufb00ice presence in certain countries and, as a
\nresult of Covid-19, has received support at certain of the Group\u2019s
\nleased hotels.
\nWhere grants are intended to compensate payroll costs they are
\nrecognised as an o\ufb00set within sta\ufb00 costs; those which are unrelated
\nto specific costs are presented within other operating income.
\nAs grants are recognised only where there is reasonable assurance
\nthat the grant will be received and all attached conditions will be
\ncomplied with, the grants may be recognised in subsequent years.
\nReceiving support at leased hotels may result in additional variable
\nrent; these amounts are not o\ufb00set in the Group income statement.
\nFinancial income and expenses
\nFinancial income and expenses include income and charges
\non the Group\u2019s financial assets and liabilities and related hedging
\ninstruments, and foreign exchange gains/losses primarily related
\nto the Group\u2019s internal funding structure.
\nFinance charges relating to bank and other borrowings, including
\ntransaction costs and any discount or premium on issue, are
\nrecognised in the Group income statement using the e\ufb00ective
\ninterest rate method.
\nBorrowing costs attributable to the acquisition or development of
\nassets that necessarily take a substantial period of time to prepare
\nfor their intended use are capitalised as part of the asset cost.
\nIn the Group statement of cash
flows, interest paid and received is
\npresented within cash from operating activities, including any fees
\nand discounts on issuance or settlement of borrowings. Capitalised
\ninterest paid is presented within investing activities.
\nExceptional items
\nThe Group discloses certain financial in
formation both including
\nand excluding exceptional items. The presentation of information
\nexcluding exceptional items allows a better understanding of the
\nunderlying trading performance and trends of the Group and its
\nreportable segments; and provides consistency with the Group\u2019s
\ninternal management reporting.
\nIn determining whether an event or transaction is exceptional,
\nquantitative and qualitative factors are considered. Exceptional
\nitems are identified by virtue o
f their size, nature, or incidence, with
\nconsideration given to consistency of treatment with prior years and
\nbetween gains and losses.
\nThe tax e\ufb00ect of exceptional items is also presented as exceptional.
\nExamples of exceptional items include, but are not restricted to,
\ngains and losses on the disposal of assets, impairment charges
\nand reversals, the costs of individually signi
ficant legal cases or
\ncommercial disputes and reorganisation costs. All exceptional items
\nare subject to review by the Audit Committee.
\nEarnings per share
\nBasic earnings or loss per ordinary share is calculated by dividing
\nthe profit or loss
for the year available for IHG equity holders by the
\nweighted average number of ordinary shares, excluding investment
\nin own shares, in issue during the year.
\nDiluted earnings or loss per ordinary share is calculated by adjusting
\nbasic earnings or loss per ordinary share to reflect the notional
\nexercise of the weighted average number of dilutive ordinary share
\nawards outstanding during the year. Where the e\ufb00ect of the notional
\nexercise of outstanding ordinary share awards is anti-dilutive, these
\nare excluded from the diluted earnings per share calculation.
\nBusiness combinations and goodwill
\nOn the acquisition of a business, identi
fiable assets acquired
\nand liabilities assumed are measured at their fair value. Contingent
\nliabilities assumed are measured at fair value unless this cannot
\nbe measured reliably, in which case they are not recognised but
\nare disclosed in the same manner as other contingent liabilities.
\nThe measurement of deferred tax assets and liabilities arising on
\nacquisition is as described in the general principles detailed within
\nthe \u2018Taxes\u2019 accounting policy note on page 166 with the exception
\nthat no deferred tax is provided on taxable temporary di\ufb00erences
\nin connection with the initial recognition of goodwill.
\nThe cost of an acquisition is measured as the aggregate of the
\nfair value of the consideration transferred. Contingent purchase
\nconsideration is measured at fair value on the date of acquisition
\nand is re-measured at fair value at each reporting date with changes
\nin fair value recognised on the face of the Group income statement
\nbelow operating profit. De
ferred purchase consideration is measured
\nat amortised cost and the e\ufb00ect of unwinding the discount is
\nrecorded in financial expenses.
\nPayments of contingent and deferred purchase consideration
\nreduce the respective liabilities. In respect of contingent purchase
\nconsideration, the portion of each payment relating to its original
\nestimate of fair value on acquisition is reported within cash
flow
\nfrom investing activities in the Group statement of cash
flows and
\nthe portion of each payment relating to the increase or decrease
\nin the liability since the acquisition date is reported within cash
\nflow
from operating activities. In respect of deferred purchase
\nconsideration, the cash paid in excess of the initial fair value is
\nreported within interest paid, and the remainder is reported within
\ncash flows
from investing activities.
\nGoodwill is recorded at cost, being the di\ufb00erence between the fair
\nvalue of the consideration and the fair value of net assets acquired.
\nFollowing initial recognition, goodwill is measured at cost less any
\naccumulated impairment losses and is not amortised.
\nTransaction costs are expensed and are not included in the cost
\nof acquisition.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n161
Accounting policies
continued
\nIntangible assets
\nBrands
\nExternally acquired brands are initially recorded at cost if separately
\nacquired or fair value if acquired as part of a business combination,
\nprovided the brands are controlled through contractual or other
\nlegal rights, or are separable from the rest of the business.
\nBrands are tested for impairment at least annually if determined
\nto have indefinite lives.
\nThe costs of developing internally generated brands are expensed
\nas incurred.
\nManagement agreements
\nManagement agreements acquired as part of a business combination
\nare initially recognised at the fair value attributed to those contracts
\non acquisition and are subsequently amortised on a straight-line
\nbasis over the term of the agreements, including any extension
\nperiods at the Group\u2019s option.
\nSoftware
\nSubstantially all software is internally generated; amounts capitalised
\ninclude internal and third-party labour and consultancy costs.
\nInternally generated development costs are capitalised when all
\nof the following can be demonstrated:
\n\u2022
The ability and intention to complete the project;
\n\u2022
That the completed software will generate probable future
\neconomic benefits;
\n\u2022
The availability of adequate technical,
financial and other resources
\nto complete the project; and
\n\u2022
The ability to measure the expenditure.
\nFollowing initial recognition, the asset is carried at cost less any
\naccumulated amortisation and impairment losses. Costs are
\ngenerally amortised over estimated useful lives of three to
five years
\non a straight-line basis with the exception of the Guest Reservation
\nSystem which is amortised over seven to 10 years (see page 186).
\nCosts incurred in the research phase are expensed. In addition,
\nconfiguration and customisation costs relating to cloud computing
\narrangements are expensed.
\nProperty, plant and equipment
\nProperty, plant and equipment are stated at cost less depreciation
\nand any accumulated impairment.
\nRepairs and maintenance costs are expensed as incurred.
\nLand is not depreciated. All other property, plant and equipment
\nare depreciated to a residual value over their estimated useful
\nlives, namely:
\n\u2022
Buildings \u2013 over a maximum of 50 years; and
\n\u2022
Fixtures, fittings and equipment \u2013 three to 25 years.
\nAll depreciation is charged on a straight-line basis. Residual value
\nis reassessed annually.
\nWhere the Group holds land or other property which it intends
\nto occupy and provide hotel services, either as owner or manager,
\nit is classified as property, plant and equipment.
\nLeases
\nThe Group as lessee
\nOn inception of a contract, the Group assesses whether it contains
\na lease. A contract contains a lease when it conveys the right to
\ncontrol the use of an identi
fied asset
for a period of time in exchange
\nfor consideration. The right to use the asset and the obligation under
\nthe lease to make payments are recognised in the Group statement
\nof
financial position as a right-o
f-use asset and a lease liability.
\nLease contracts may contain both lease and non-lease components.
\nThe Group allocates payments in the contract to the lease and
\nnon-lease components based on their relative stand-alone prices
\nand applies the lease accounting model only to lease components.
\nThe right-of-use asset recognised at lease commencement includes
\nthe amount of lease liability recognised, initial direct costs incurred
\nand lease payments made at or before the commencement date,
\nless any lease incentives received. Right-of-use assets are
\ndepreciated to a residual value over the shorter of the asset\u2019s
\nestimated useful life and the lease term. Right-of-use assets are also
\nadjusted for any re-measurement of lease liabilities and are subject
\nto impairment testing. Residual value is reassessed annually.
\nA lease liability is recorded when the leased asset is available for use
\nby the Group and is initially measured at the present value of the
\nlease payments to be made over the lease term. The lease payments
\ninclude fixed payments (including \u2018in-substance fixed\u2019 payments)
\nand variable lease payments that depend on an index or a rate
\n(initially measured using the index or rate at commencement), less
\nany lease incentives receivable. \u2018In-substance fixed\u2019 payments are
\npayments that may, in form, contain variability but that, in substance,
\nare unavoidable. In calculating the present value of lease payments,
\nthe Group uses its incremental borrowing rate at the lease
\ncommencement date if the interest rate implicit in the lease is not
\nreadily determinable.
\nThe lease term includes periods subject to extension options which
\nthe Group is reasonably certain to exercise and excludes the e\ufb00ect
\nof early termination options where the Group is reasonably certain
\nthat it will not exercise the option. Minimum lease payments include
\nthe cost of a purchase option if the Group is reasonably certain it will
\npurchase the underlying asset after the lease term.
\nAfter the commencement date, the amount of lease liabilities is
\nincreased to reflect the accretion o
f interest and reduced for lease
\npayments made. The carrying amount of lease liabilities is
\nre-measured if there is a modi
fication, a change in the lease term,
\na change in the \u2018in-substance fixed\u2019 lease payments or as a result
\nof a rent review or change in the relevant index or rate.
\nVariable lease payments are payable under certain of the Group\u2019s
\nhotel leases and arise where the Group is committed to making
\nlease payments that are contingent on the performance of these
\nhotels. Such lease payments that do not depend on an index or
\na rate are recognised as an expense in the period over which the
\nevent or condition that triggers the payment occurs.
\n162
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
The Group has opted not to apply the lease accounting model to
\nintangible assets, leases of low-value assets or leases which have
\na term of less than 12 months. Costs associated with these leases
\nare recognised as an expense on a straight-line basis over the
\nlease term.
\nPayments and receipts are presented as follows in the Group
\nstatement of cash
flows:
\n\u2022
Short-term lease payments, payments for leases of low-value
\nassets and variable lease payments that are not included in the
\nmeasurement of the lease liabilities are presented within cash
\nflows
from operating activities;
\n\u2022
Payments for the interest element of recognised lease liabilities are
\nincluded in interest paid within cash flows
from operating activities;
\n\u2022
Payments for the principal element of recognised lease liabilities
\nare presented within cash flows
from
financing activities; and
\n\u2022
Lease incentives received are presented within cash flows
from
\ninvesting activities where they represent a reimbursement of initial
\nfit-out costs.
\nThe Group as lessor
\nLeases, including subleases, for which the Group is a lessor are
\nclassified as finance or operating leases. Whenever the terms o
f the
\nlease transfer substantially all the risks and rewards of ownership to
\nthe lessee, the lease is classified as a finance lease. All other leases
\nare classified as operating leases. Where a leased property earns
\nrentals under an operating sublease outside of the normal course
\nof business, the Group\u2019s interest in the lease is classi
fied as an
\ninvestment property within right-of-use assets; these are subsequently
\nmeasured under the cost model.
\nWhen the lease is classified as an operating lease, rental income
\narising is accounted for on a straight-line basis in the Group
\nincome statement.
\nWhen the lease is classified as a finance lease, the Group\u2019s interest
\nin the lease is derecognised and is replaced by a finance lease
\nreceivable. Any di\ufb00erence between those amounts is recognised
\nin the Group income statement. Finance lease receivables are
\npresented within other receivables and are initially measured at the
\npresent value of lease payments receivable under the sublease plus
\nany initial direct costs. Finance lease interest is recognised within
\nfinancial income in the Group income statement.
\nReceipts are presented as follows in the Group statement of
\ncash flows:
\n\u2022
Receipts from operating leases and investment properties are
\npresented within cash flows
from operating activities; and
\n\u2022
Receipts from
finance leases are presented within cash flows
\nfrom investing activities.
\nAssociates and joint ventures
\nAn associate is an entity over which the Group has significant
\ninfluence. Significant influence is the power to participate in the
\nfinancial and operating policy decisions o
f the entity, but is not
\ncontrol or joint control over those policies. A joint venture exists
\nwhen two or more parties have joint control over, and rights to the
\nnet assets of, the venture. Joint control is the contractually agreed
\nsharing of control which only exists when decisions about the
\nrelevant activities require the unanimous consent of the parties
\nsharing control.
\nIn determining the extent of power or signi
ficant influence,
\nconsideration is given to other agreements between the Group,
\nthe investee entity, and the investing partners. This includes any
\nrelated management or franchise agreements and the existence
\nof any performance guarantees.
\nAssociates and joint ventures are accounted for using the equity
\nmethod unless the associate or joint venture is classified as held
for
\nsale. Under the equity method, the Group\u2019s investment is recorded
\nat cost adjusted by the Group\u2019s share of post-acquisition pro
fits and
\nlosses, and other movements in the investee\u2019s reserves, applying
\nconsistent accounting policies. When the Group\u2019s share of losses
\nexceeds its interest in an associate or joint venture, the Group\u2019s
\ncarrying amount is reduced to $nil and recognition of further losses
\nis discontinued except to the extent that the Group has incurred
\nlegal or constructive obligations or made payments on behalf of
\nan associate or joint venture.
\nIf there is objective evidence that an associate or joint venture is
\nimpaired, an impairment charge is recognised if the carrying amount
\nof the investment exceeds its recoverable amount.
\nUpon loss of signi
ficant influence over an associate or joint control
\nof a joint venture, any retained investment is measured at fair value
\nwith any di\ufb00erence to carrying value recognised in the Group
\nincome statement.
\nImpairment of non-
financial assets
\nNon-financial assets are tested
for impairment when events or
\nchanges in circumstances indicate that the carrying value may
\nnot be recoverable and, in the case of goodwill and brands with
\nindefinite lives, at least annually.
\nAssets that do not generate independent cash inflows are allocated
\nto the cash-generating unit (\u2018CGU\u2019), or group of CGUs, to which they
\nbelong. For impairment testing of hotel properties, each hotel is
\ndeemed to be a CGU.
\nIf carrying values exceed their estimated recoverable amount,
\nthe assets or CGUs are written down to the recoverable amount.
\nRecoverable amount is the greater of fair value less costs of disposal
\nand value in use. Value in use is assessed based on estimated future
\ncash flows, including the e\ufb00ect o
f in
flation, discounted to their
\npresent value using a pre-tax nominal discount rate that reflects
\ncurrent market assessments of the time value of money and the
\nrisks specific to the asset.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n163
With the exception of goodwill, an assessment is made at each
\nreporting date to determine whether there is an indication that
\npreviously recognised impairment losses no longer exist or have
\ndecreased. A previously recognised impairment loss is reversed
\nonly if there has been a signi
ficant change in the assumptions used
\nto determine the asset\u2019s recoverable amount since the impairment
\nloss was recognised. The reversal is limited so that the carrying
\namount of the asset does not exceed its recoverable amount, nor
\nexceed the carrying amount that would have been determined,
\nnet of depreciation or amortisation, had no impairment loss been
\nrecognised for the asset in prior years.
\nImpairment losses, and any subsequent reversals, are recognised
\nin the Group income statement.
\nFinancial assets
\nOn initial recognition, the Group classifies its financial assets as
\nbeing subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u2018FVOCI\u2019) or fair value through pro
fit
\nor loss (\u2018FVTPL\u2019).
\nFinancial assets which are held to collect contractual cash flows
\nand give rise to cash flows that are solely payments o
f principal and
\ninterest are subsequently measured at amortised cost. Interest on
\nthese assets is calculated using the e\ufb00ective interest rate method
\nand is recognised in the Group income statement as financial
\nincome. The Group recognises a provision for expected credit losses
\nfor
financial assets held at amortised cost. With the exception o
f
\ntrade receivables (see below), where there has not been a significant
\nincrease in credit risk since initial recognition, provision is made for
\ndefaults that are possible within the next 12 months, and where there
\nhas been a significant increase in credit risk since initial recognition,
\nfor example trade deposits and loans where the borrower is in
\nfinancial di\ufb00iculty or has not met repayments as they
fall due,
\nprovision is made for credit losses expected over the remaining life
\nof the asset.
\nThe Group has elected to irrevocably designate equity investments
\nas FVOCI as they mainly comprise strategic investments in entities
\nthat own hotels which the Group manages. Changes in their value
\nare recognised within gains or losses on equity instruments
\nclassified as FVOCI in the Group statement o
f comprehensive
\nincome and are never recycled to the Group income statement.
\nOn disposal, any related balance within the fair value reserve is
\nreclassified to retained earnings. Dividends
from equity investments
\nclassified as FVOCI are recognised in the Group income statement
\nas other operating income when the dividend has been declared,
\nwhen receipt of the funds is probable and when the dividend is not
\na return of invested capital. Equity instruments classi
fied as FVOCI
\nare not subject to impairment assessment.
\nFinancial assets not meeting the above criteria are measured at
\nFVTPL. These include money market funds, investments which do
\nnot meet the definition o
f equity and other
financial assets, including
\nthose which do not have a fixed date o
f repayment.
\nTrade receivables
\nA trade receivable is recorded when the Group has an unconditional
\nright to receive payment. In respect of franchise fees, base and
\nincentive management fees, Central revenue and revenues from
\nowned, leased and managed lease hotels, the invoice is typically
\nissued as the related performance obligations are satis
fied, as
\ndescribed on page 159. Trade receivables typically do not bear
\ninterest and are generally on payment terms of up to 30 days.
\nTrade receivables are initially recognised at fair value and subsequently
\nmeasured at amortised cost. A provision for impairment is made for
\nlifetime expected credit losses. The Group has established a provision
\nmatrix that is based on its historical credit loss experience by region
\nand number of days past due. Where the historical experience is not
\nrelevant to defined owner groups,
for example those in
financial
\ndistress, the lifetime expected credit losses are calculated by
\nreference to other sources of data.
\nTrade receivables are written o\ufb00 once determined to be uncollectable.
\nCash and cash equivalents
\nCash comprises cash on hand and demand deposits.
\nCash and cash equivalents comprise short-term deposits, money
\nmarket funds and repurchase agreements that are readily convertible
\nto a known amount of cash and are subject to an insigni
ficant risk o
f
\nchanges in value. They generally have an original maturity of three
\nmonths or less.
\nCash and cash equivalents may include amounts which are subject
\nto regulatory or other contractual restrictions and are not available
\nfor general use by the Group.
\nCash balances are classified as other financial assets when the
\nGroup is not able to freely access the funds and they are subject to
\na specific charge or contractually ring-
fenced for a speci
fic purpose.
\nMoney market funds
\nMoney market funds are held at FVTPL, with distributions recognised
\nin financial income.
\nBank and other borrowings
\nBank and other borrowings are initially recognised at the fair value
\nof the consideration received less directly attributable transaction
\ncosts. They are subsequently measured at amortised cost.
\nBorrowings are classified as non-current when the repayment date
\nis more than 12 months from the period-end date or where they are
\ndrawn on a facility with more than 12 months to expiry.
\nAccounting policies
continued
\n164
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Derivative financial instruments and hedging
\nDerivatives are initially recognised and subsequently measured at
\nfair value. The subsequent accounting treatment depends on whether
\nthe derivative is designated as a hedging instrument, and if so, the
\nnature of the item being hedged.
\nChanges in the fair value of derivatives which have either not been
\ndesignated as hedging instruments or relate to the ine\ufb00ective portion
\nof hedges are recognised immediately in the Group income statement.
\nDocumentation outlining the measurement and e\ufb00ectiveness of
\nany hedging arrangement is maintained throughout the life of the
\nhedge relationship.
\nInterest arising from currency derivatives and interest rate swaps
\nis recorded in either financial income or expenses over the term
\nof the agreement, unless the accounting treatment for the hedging
\nrelationship requires the interest to be taken to reserves.
\nWithin the Group statement of cash
flows, interest paid includes
\ninterest paid on the Group\u2019s bonds and the related derivative
\nfinancial instruments.
\nCash flow hedges
\nFinancial instruments are designated as cash flow hedges when
\nthey hedge exposure to variability in cash flows that are attributable
\nto either a highly probable forecast transaction or a particular risk
\nassociated with a recognised asset or liability.
\nChanges in the fair value are recorded in other comprehensive
\nincome and cash flow hedge reserves to the extent that the hedges
\nare e\ufb00ective. When the hedged item is recognised, the cumulative
\ngains and losses on the related hedging instrument are reclassified
\nto the Group income statement, within financial expenses.
\nNet investment hedges
\nFinancial instruments are designated as net investment hedges
\nwhen they hedge the Group\u2019s net investment in foreign operations.
\nChanges in the fair value are recorded in other comprehensive
\nincome and the currency translation reserve to the extent that the
\nhedges are e\ufb00ective. The cumulative gains and losses remain in
\nequity until the relevant foreign operation is sold, at which point they
\nare reclassified to the Group income statement as part o
f the gain
\nor loss on disposal.
\nFair value measurement
\nThe Group measures each of the following at fair value
\non a recurring basis:
\n\u2022
Financial assets and liabilities at FVTPL;
\n\u2022
Financial assets measured at FVOCI; and
\n\u2022
Derivative financial instruments.
\nOther assets are measured at fair value when impaired or
\nre-measured on classification as held
for sale by reference to fair
\nvalue less costs of disposal.
\nFair value is the price that would be received to sell an asset or
\npaid to transfer a liability in an orderly transaction between market
\nparticipants. Fair value is measured by reference to the principal
\nmarket for the asset or liability assuming that market participants
\nact in their economic best interests.
\nThe fair value of a non-
financial asset assumes the asset is used
\nin its highest and best use, either through continuing ownership
\nor by selling it.
\nThe Group uses valuation techniques that maximise the use of
\nrelevant observable inputs using the following valuation hierarchy:
\nLevel 1:
Quoted (unadjusted) prices in active markets for identical
\nassets or liabilities.
\nLevel 2:
Other techniques for which all inputs which have a
\nsignificant e\ufb00ect on the recorded
fair value are observable,
\neither directly or indirectly.
\nLevel 3:
Techniques which use inputs which have a significant e\ufb00ect
\non the recorded fair value that are not based on observable
\nmarket data.
\nFor assets and liabilities measured at fair value on a recurring basis,
\nthe Group determines whether transfers have occurred between
\nlevels in the hierarchy by reassessing categorisation (based on the
\nlowest level input that is significant to the
fair value measurement
\nas a whole) at the end of each reporting period.
\nFurther disclosures on the particular valuation techniques used by
\nthe Group are provided in note 24.
\nWhere significant assets, such as property, are valued by re
ference
\nto fair value less costs of disposal, an external valuation will normally
\nbe obtained using professional valuers who have appropriate market
\nknowledge, reputation and independence.
\nO\ufb00setting of
financial assets and financial liabilities
\nFinancial assets and financial liabilities are o\ufb00set and the net amount
\nis reported in the Group statement of
financial position i
f there is
\na currently enforceable legal right to o\ufb00set the recognised amounts
\nand there is an intention to settle on a net basis or to realise the assets
\nand settle the liabilities simultaneously. To meet these criteria, the
\nright of set-o\ufb00 must not be contingent on a future event and must be
\nlegally enforceable in all of the following circumstances: the normal
\ncourse of business; the event of default; and the event of insolvency
\nor bankruptcy of the Group and all of the counterparties.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n165
Taxes
\nCurrent tax
\nCurrent income tax assets and liabilities for the current and prior
\nperiods are measured at the amount expected to be recovered
\nfrom, or paid to, the tax authorities. The tax rates and tax laws used
\nto compute the amount are those that are enacted or substantively
\nenacted at the end of the reporting period.
\nThe calculation of the Group\u2019s current tax charge involves
\nconsideration of applicable tax laws and regulations in many
\njurisdictions throughout the world. From time to time, the Group
\nis subject to tax audits and uncertainties in these jurisdictions.
\nThe issues involved can be complex and audits may take a number
\nof years to conclude. Where the interpretation of local tax law is not
\nclear, management relies on judgement and accounting estimates
\nto ensure all uncertain tax positions are adequately provided for
\nin the Group Financial Statements, in accordance with IFRIC 23
\n\u2018Uncertainty over Income Tax Treatments\u2019, representing the Group\u2019s
\nview of the most likely outcome or, where multiple issues are
\nconsidered likely to be settled together, the probability weighted
\namounts of the range of possible outcomes.
\nThis may involve consideration of some or all of the following factors:
\n\u2022
strength of technical argument, impact of case law and clarity
\nof legislation;
\n\u2022
professional advice;
\n\u2022
experience of interactions, and precedents set, with the particular
\ntaxing authority; and
\n\u2022
agreements previously reached in other jurisdictions on
\ncomparable issues.
\nDeferred tax
\nDeferred tax assets and liabilities arise and are generally recognised
\nin respect of temporary di\ufb00erences between the tax base and
\ncarrying value of assets and liabilities.
\nDeferred tax is calculated at the tax rates that are expected to apply
\nin the periods in which the asset is released or the liability will be
\nsettled, based on tax rates and laws enacted or substantively
\nenacted at the end of the reporting period.
\nJudgement is used when assessing the extent to which deferred tax
\nassets, particularly in respect of tax losses, should be recognised.
\nDeferred tax assets are only recognised to the extent that it is
\nregarded as probable that there will be su\ufb00icient and suitable
\ntaxable profits or de
ferred tax liabilities in the relevant legal entity
\nor tax group against which such assets can be utilised in the future.
\nFor this purpose, forecasts of future pro
fits are considered by
\nassessing estimated future cash
flows, consistent with those
\ndisclosed on page 157 within \u2018Going concern\u2019. Tax assumptions
\nare overlaid to these profit
forecasts to estimate the future
\ntaxable profits.
\nDeferred tax is not provided on temporary di\ufb00erences arising on
\ninvestments in subsidiaries where the Group is able to control the
\ntiming of the reversal and it is probable that the temporary
\ndi\ufb00erence will not reverse in the foreseeable future.
\nWhere deferred tax assets and liabilities arise in the same entity, or
\ngroup of entities, and there would be a legal right to o\ufb00set the assets
\nand liabilities were they to reverse, the assets and liabilities are also
\no\ufb00set in the Group statement of
financial position.
\nRetirement benefits
\nDefined contribution plans
\nPayments to defined contribution plans are charged to the Group
\nincome statement as they fall due.
\nDefined benefit plans
\nPlan assets are measured at fair value and plan liabilities are
\nmeasured on an actuarial basis using the projected unit credit
\nmethod, discounted at an interest rate equivalent to the current rate
\nof return on a high-quality corporate bond of equivalent currency
\nand term to the plan liabilities. The di\ufb00erence between the value
\nof plan assets and liabilities at the period-end date is the amount
\nof surplus or de
ficit recorded in the Group statement o
f
financial
\nposition as an asset or liability. An asset is recognised when the
\nemployer has an unconditional right to use the surplus at some point
\nduring the life of the plan or on its wind-up.
\nThe service cost of providing pension bene
fits to employees,
\ntogether with the net interest expense or income for the year,
\nis charged to the Group income statement within administrative
\nexpenses. Net interest is calculated by applying the discount rate
\nto the net defined benefit asset or liability, a
fter any asset restriction.
\nRe-measurements comprise actuarial gains and losses, the return
\non plan assets and changes in the amount of any asset restrictions.
\nActuarial gains and losses may result from di\ufb00erences between
\nthe actuarial assumptions underlying the plan liabilities and actual
\nexperience during the year or changes in the actuarial assumptions
\nused in the valuation of the plan liabilities. Re-measurement gains
\nand losses, and taxation thereon, are recognised in other
\ncomprehensive income and are not reclassified to profit or loss
\nin subsequent periods.
\nActuarial valuations are carried out on a regular basis and are
\nupdated for material transactions and other material changes in
\ncircumstances (including changes in market prices and interest
\nrates) up to the end of the reporting period.
\nDeferred compensation plan
\nThe Group operates a deferred compensation plan in the US which
\nallows certain employees to make additional provision for retirement
\nthrough the deferral of salary with matching company contributions
\nwithin a dedicated trust. The related assets and liabilities are
\nrecognised in the Group statement of
financial position. The Group\u2019s
\nobligation to employees under the plan is limited to the fair value of
\nassets held by the plan and so the assets and liabilities are valued at
\nthe same amount, with no net impact on profit or loss.
\nShare-based payments
\nThe cost of equity-settled share-based payment transactions with
\nemployees is measured by reference to fair value at the date at
\nwhich the right to the shares is granted. Fair value is determined
\nby an external valuer using option pricing models.
\nThe cost of equity-settled share-based payment transactions is
\nrecognised, together with a corresponding increase in equity,
\nover the period in which any performance or service conditions
\nare ful
filled, ending on the date on which the relevant employees
\nbecome fully entitled to the award (vesting date).
\nThe Group income statement charge represents the movement in
\ncumulative expense recognised at the beginning and end of that
\nyear. No expense is recognised for awards that do not ultimately
\nvest, except for awards where vesting is conditional upon a market
\nor non-vesting condition, which are treated as vesting irrespective
\nof whether or not the market or non-vesting condition is satis
fied,
\nprovided that all other performance and/or service conditions
\nare satisfied.
\nAccounting policies
continued
\n166
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Provisions
\nProvisions are recognised when the Group has a present obligation
\nas a result of a past event, it is probable that a payment will be made
\nand a reliable estimate of the amount payable can be made. If the
\ne\ufb00ect of the time value of money is material, the provision is
\ndiscounted using a current pre-tax discount rate that reflects the
\nrisks specific to the liability. No amounts are currently discounted.
\nCommercial litigation and disputes
\nA provision is made when management consider it probable that
\npayment may occur and the amount can be reliably estimated even
\nthough the defence of the related claim may still be ongoing through
\nthe court process.
\nInsurance reserves
\nThe Group holds insurance policies with third-party insurers against
\ncertain risks relating to its corporate operations and owned and
\nleased properties. An element of these risks are reinsured through
\nthe Captive.
\nIn addition, the Group\u2019s managed hotels obtain insurance from
\nthird-party insurers. The Group has agreements in place with the
\nthird-party insurers to reinsure certain risks through the Captive.
\nBoth of these arrangements have the e\ufb00ect of reducing the cost
\nof insurance.
\nIn addition to the Captive obtaining regulatory approval, each line
\nof insurance is subject to review and approval by the Insurance
\nExecutive Sub-Committee. The level of retained risk and expected
\nloss is reviewed annually to balance the level of risk against external
\nrisk transfer costs.
\nInsurance reserves are held principally in the Captive, and are
\nestablished using independent actuarial assessments, which reflects
\ncurrent expectations of the future economic outlook, or are based
\non past claims experience provided by third parties.
\nAmounts utilised are principally paid to third-party insurers or
\ndedicated claims handlers for subsequent settlement with the
\nclaimant. In order to protect the third-party insurer against the
\nsolvency risk of the Captive, the Group has outstanding letters
\nof credit (see note 30).
\nContingent liabilities
\nIn limited cases, the Group may guarantee part of mortgage
\nloans made to facilitate third-party ownership of hotels under
\nIHG management or franchise agreements. These guarantee
\narrangements are accounted for as insurance contracts as IHG is
\ninsuring the bank against default by the hotel, with a liability only
\nbeing recognised in the event that a payout becomes probable.
\nDisposal of non-current assets
\nThe Group recognises sales proceeds and any related gain or loss on
\ndisposal on completion of the sales process. In determining whether
\nthe gain or loss should be recorded, the Group considers whether it:
\n\u2022
Has a continuing managerial involvement to the degree associated
\nwith asset ownership;
\n\u2022
Has transferred the signi
ficant risks and rewards associated with
\nasset ownership; and
\n\u2022
Can reliably measure and will actually receive the proceeds.
\nEquity share capital and reserves
\nEquity share capital
\nEquity share capital includes the total net proceeds (both nominal
\nvalue and share premium) on issue of the Company\u2019s equity share
\ncapital. Share premium represents the amount of proceeds received
\nfor shares in excess of their nominal value.
\nCapital redemption reserve
\nThe capital redemption reserve maintains the nominal value of the
\nequity share capital of the Company when shares are repurchased
\nand cancelled.
\nShares held by employee share trusts
\nShares held by employee share trusts comprise ordinary shares
\nheld by employee share trusts.
\nOther reserves
\nOther reserves comprise the merger and revaluation reserves
\npreviously recognised under UK GAAP, together with the reserve
\narising as a consequence of the Group\u2019s capital reorganisation in
\nJune 2005. The revaluation reserve relates to the previous revaluations
\nof property, plant and equipment which were included at deemed
\ncost on adoption of IFRS. Following the change in presentational
\ncurrency to US dollars in 2008, this reserve also includes exchange
\ndi\ufb00erences arising on retranslation to period-end exchange rates of
\nequity share capital, the capital redemption reserve and shares held
\nby employee share trusts.
\nFair value reserve
\nThe fair value reserve comprises movements in the value of
financial
\nassets measured at fair value through other comprehensive income.
\nCash flow hedge reserves
\nThe cash flow hedge reserves comprise:
\n\u2022
Cash flow hedge reserve: the e\ufb00ective portion o
f the cumulative
\nnet change in the fair value of hedging instruments used in cash
\nflow hedges pending subsequent recognition in profit or loss; and
\n\u2022
Cost of hedging reserve: the gain or loss which is excluded from
\nthe designated hedging instrument relating to the foreign currency
\nbasis spread of currency swaps.
\nCurrency translation reserve
\nThe currency translation reserve comprises the movement in
\nexchange di\ufb00erences arising from the translation of foreign operations
\nand exchange di\ufb00erences on foreign currency borrowings and
\nderivative financial instruments that provide a hedge against net
\ninvestments in foreign operations. On adoption of IFRS, cumulative
\nexchange di\ufb00erences were deemed to be $nil.
\nNon-controlling interest
\nA non-controlling interest is equity in a subsidiary of the Group not
\nattributable, directly or indirectly, to the Group.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n167
Climate change
\nIn preparing the Consolidated Financial Statements, the potential
\nimpacts of climate change have been considered. There are no
\nclimate-related estimates and assumptions that have a material
\nimpact. In particular, the following have been considered:
\n\u2022
In the case of goodwill, the number of years of Base Case forecasts
\nrequired to recover the carrying value.
\n\u2022
The useful economic lives of assets and in the case of hotel assets
\n(within property, plant and equipment, right-of-use assets,
\nassociates or other financial assets) whether they are sensitive to
\nthe impact of transitional risks or are susceptible to physical risks.
\n\u2022
In the case of the InterContinental Boston, for which the lease
\nexpires in 2105, current estimates of fair value less costs of disposal
\ncould withstand a 1.75ppt increase in pre-tax discount rate and
\nterminal capitalisation rate before the asset would be impaired.
\n\u2022
The period of coverage of performance guarantees and owner
\nloan guarantees.
\n\u2022
In the case of the recoverability of the UK deferred tax asset, the
\nimpact of the potential downside risk on the Group\u2019s forecasts.
\nAdditionally, increasing operating costs over a medium term, for
\nexample energy, are not expected to have a material impact on any
\nof the Group\u2019s assets.
\nWhile there is currently no material medium-term impact expected
\nfrom climate change, the risks attached to climate change continue
\nto evolve and these will continue to be assessed against the Group\u2019s
\njudgements and estimates.
\nNew accounting standards
\nAdoption of new accounting standards
\nThe Group has applied the following amendments:
\n\u2022
IAS 37 \u2013 Onerous Contracts: Costs of Ful
filling a Contract;
\n\u2022
IAS 16 \u2013 Property, Plant and Equipment: Proceeds before
\nIntended Use; and
\n\u2022
Other existing standards arising from the Annual Improvements
\nto IFRS 2018-2020 cycle.
\nThere was no material impact on the Group\u2019s reported financial
\nperformance or position.
\nNew standards issued but not yet e\ufb00ective
\nFrom 1 January 2023, the Group will apply the amendments to:
\n\u2022
IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting
\nPolicies;
\n\u2022
IAS 8 \u2013 Definition o
f Accounting Estimates; and
\n\u2022
IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising
\nfrom a Single Transaction.
\nFrom 1 January 2024, the Group will apply the amendments to:
\n\u2022
IAS 1 \u2013 Classification o
f Liabilities as Current or Non-Current;
\n\u2022
IAS 1 \u2013 Non-current Liabilities with Covenants; and
\n\u2022
IFRS 16 \u2013 Lease Liability in a Sale and Leaseback.
\nThere is no anticipated material impact from these amendments
\non the Group\u2019s reported financial per
formance or position.
\nIFRS 17 \u2018Insurance contracts\u2019
\nFrom 1 January 2023, the Group will apply IFRS 17. The standard
\nreplaces IFRS 4 \u2018Insurance Contracts\u2019 and introduces a new
\nmeasurement and disclosure model for insurance
\ncontract arrangements.
\nThe Group has assessed its performance guarantees provided to
\nthird-party hotel owners and concluded that current arrangements
\ndo not include significant insurance risk. They remain within the scope
\nof the Group\u2019s existing revenue recognition accounting policies.
\nUnder the transitional provisions of IFRS 17, the Group will no longer
\naccount for issued
financial guarantee contracts as insurance
\ncontracts and will instead apply the requirements of IFRS 9 \u2018Financial
\nInstruments\u2019 to these arrangements. The fair value of
financial
\nguarantee liabilities under IFRS 9 is immaterial as at 1 January and
\n31 December 2022.
\nThe Group\u2019s insurance obligations relating to managed hotels,
\ncurrently included within provisions, will be included in the Group
\nstatement of
financial position as a new line item \u2018Insurance liabilities\u2019.
\nAs at 1 January 2022, this re-presentation totals $25m. The impact
\nof discounting is immaterial.
\nIAS 1 \u2018Presentation of Financial Statements\u2019 requires separate
\npresentation of insurance revenue and expense. The impact of this
\nchange in presentation is shown below.
\nYear ended 31 December 2022
$m
\nRevenue from fee business
(15)
\nInsurance revenue
15
\nTotal revenue
\u2013
\nAdministrative expenses
11
\nInsurance expenses
(11)
\nOperating profit
\u2013
\nThe estimated impact on the Group statement of
financial position
\nwould have been as follows:
\n31 December 2022
$m
\nCurrent liabilities
\nProvisions
9
\nInsurance liabilities
(9)
\nNon-current liabilities
\nProvisions
23
\nInsurance liabilities
(23)
\nNet assets
\u2013
\nThese estimates are subject to finalisation.
\nOther presentational changes
\nRestricted funds of $12m (2021: $7m) previously presented within
\nother financial assets have been re-presented within cash and
\ncash equivalents reflecting that although there are contractual or
\nregulatory restrictions as to how these amounts are used the nature
\nof the deposits are unchanged. The prior year impact was immaterial,
\naccordingly the Group statement of
financial position has not
\nbeen restated.
\nAccounting policies
continued
\n168
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Notes to the Group Financial Statements
\n1. Exchange rates
\n2022
2021
2020
\n$1 equivalent
Average
Closing
Average
Closing
Average
Closing
\nSterling
\u00a30.81
\u00a30.83
\u00a30.73
\u00a30.74
\u00a30.78
\u00a30.73
\nEuro
\u20ac0.95
\u20ac0.94
\u20ac0.85
\u20ac0.88
\u20ac0.88
\u20ac0.81
\n2. Segmental information
\nRevenue
\nYear ended 31 December
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAmericas
1,005
774
512
\nEMEAA
552
303
221
\nGreater China
87
116
77
\nCentral
199
197
182
\nRevenue from reportable segments
1,843
1,390
992
\nSystem Fund revenues
1,217
928
765
\nReimbursement of costs
832
589
637
\nTotal revenue
3,892
2,907
2,394
\nProfit/(loss)
\nYear ended 31 December
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAmericas
761
559
296
\nEMEAA
152
5
(50)
\nGreater China
23
58
35
\nCentral
(108)
(88)
(62)
\nOperating profit
from reportable segments
828
534
219
\nSystem Fund
(105)
(11)
(102)
\nOperating exceptional items (note 6)
(95)
(29)
(270)
\nOperating profit/(loss)
628
494
(153)
\nNet financial expenses
(96)
(139)
(140)
\nFair value gains on contingent purchase consideration
8
6
13
\nProfit/(loss) be
fore tax
540
361
(280)
\nTax
(164)
(96)
20
\nProfit/(loss)
for the year
376
265
(260)
\nOperating profit
from reportable segments includes the following, which are included within other operating income in the Group
\nincome statement:
\n\u2022
In 2022, $6m relating to business insurance claims principally in the Americas region (see note 30) and $16m government support income
\nrelating to the EMEAA region. The net impact of government support income on operating pro
fit
from reportable segments is $6m after
\ndeducting additional variable rent of $10m which became payable as a direct result of the support received;
\n\u2022
In 2021, $5m government support income relating to the EMEAA region; and
\n\u2022
In 2020, $4m business interruption insurance proceeds and $4m favourable litigation settlement, both in the Americas region, and $3m
\ngain on disposal of hotel assets in the EMEAA region.
\nIn support of the Iberostar agreement signed in 2022, $5m of costs were incurred within Central functions. The costs are presented within
\nadministrative expenses in the Group income statement.
\n169
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n2. Segmental information
continued
\nNon-cash items included within operating profit
from reportable segments
\nYear ended 31 December 2022
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nDepreciation and amortisation
\na
\n23
13
4
28
68
\nEquity-settled share-based payments cost
8
4
2
14
28
\nShare of pro
fit o
f associates (excluding exceptional items)
(1)
\u2013
\u2013
\u2013
(1)
\nYear ended 31 December 2021
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nDepreciation and amortisation
\na
\n30
18
6
44
98
\nEquity-settled share-based payments cost
8
4
3
11
26
\nShare of losses of associates
7
1
\u2013
\u2013
8
\nYear ended 31 December 2020
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nDepreciation and amortisation
\na
\n41
21
6
42
110
\nEquity-settled share-based payments cost
7
3
2
7
19
\nShare of losses of associates and joint ventures
14
\u2013
\u2013
\u2013
14
\na
\nIncludes $15m (2021: $20m, 2020: $29m) relating to cost of sales in owned, leased and managed lease hotels, and $53m (2021: $78m, 2020: $81m) relating to other assets.
\nA further $86m (2021: $94m, 2020: $62m) was recorded within System Fund expenses.
\nCapital expenditure
\nYear ended 31 December 2022
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nCapital expenditure per management reporting
71
21
2
67
161
\nContract acquisition costs, net of repayments
(47)
(16)
(1)
\u2013
(64)
\nLease incentives received
\u2013
\u2013
\u2013
6
6
\nTiming di\ufb00erences and other adjustments
\u2013
\u2013
(1)
2
1
\nAdditions per the Group Financial Statements
24
5
\u2013
75
104
\nComprising additions to:
\nGoodwill and other intangible assets
\u2013
\u2013
\u2013
46
46
\nProperty, plant and equipment
23
5
\u2013
29
57
\nInvestment in associates
1
\u2013
\u2013
\u2013
1
\n24
5
\u2013
75
104
\nYear ended 31 December 2021
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nCapital expenditure per management reporting
35
25
1
39
100
\nContract acquisition costs, net of repayments
(32)
(10)
(1)
\u2013
(43)
\nTiming di\ufb00erences and other adjustments
3
(5)
\u2013
4
2
\nAdditions per the Group Financial Statements
6
10
\u2013
43
59
\nComprising additions to:
\nGoodwill and other intangible assets
1
\u2013
\u2013
32
33
\nProperty, plant and equipment
1
5
\u2013
11
17
\nInvestment in associates
4
\u2013
\u2013
\u2013
4
\nOther financial assets
\u2013
5
\u2013
\u2013
5
\n6
10
\u2013
43
59
\n170
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
2. Segmental information
continued
\nGeographical information
\nYear ended 31 December
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nRevenue
\nUnited Kingdom
243
142
77
\nUnited States
1,659
1,263
1,067
\nRest of World
773
574
485
\n2,675
1,979
1,629
\nSystem Fund revenues (note 32)
1,217
928
765
\n3,892
2,907
2,394
\nFor the purposes of the above table, fee business, owned, leased and managed lease and reimbursable revenues are determined according
\nto the location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating to an
\nindividual country is separately disclosed when it represents 10% or more of total revenue. System Fund revenues are not included in the
\ngeographical analysis as the Group does not monitor the Fund\u2019s revenue by location of the hotel, or in the case of the loyalty programme,
\naccording to the location where members consume their rewards.
\n31 December
\n2022
\n$m
\n2021
\n$m
\nNon-current assets
\nUnited Kingdom
102
64
\nUnited States
1,308
1,346
\nRest of World
621
661
\n2,031
2,071
\nFor the purposes of the above table, non-current assets comprise goodwill and other intangible assets, property, plant and equipment,
\nright-of-use assets, investments in associates, non-current other receivables, non-current contract costs and non-current contract assets.
\nIn addition to the United Kingdom, non-current assets relating to an individual country are separately disclosed when they represent 10%
\nor more of total non-current assets, as de
fined above.
\n3. Revenue
\nDisaggregation of revenue
\nYear ended 31 December 2022
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nFranchise and base management fees
861
215
71
\u2013
1,147
\nIncentive management fees
18
69
16
\u2013
103
\nCentral revenue
\u2013
\u2013
\u2013
199
199
\nRevenue from fee business
879
284
87
199
1,449
\nRevenue from owned, leased and managed lease hotels
126
268
\u2013
\u2013
394
\n1,005
552
87
199
1,843
\nSystem Fund revenues (note 32)
1,217
\nReimbursement of costs
832
\nTotal revenue
3,892
\nYear ended 31 December 2021
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nFranchise and base management fees
683
120
91
\u2013
894
\nIncentive management fees
8
29
25
\u2013
62
\nCentral revenue
\u2013
\u2013
\u2013
197
197
\nRevenue from fee business
691
149
116
197
1,153
\nRevenue from owned, leased and managed lease hotels
83
154
\u2013
\u2013
237
\n774
303
116
197
1,390
\nSystem Fund revenues (note 32)
928
\nReimbursement of costs
589
\nTotal revenue
2,907
\n171
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
3. Revenue
continued
\nYear ended 31 December 2020
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nFranchise and base management fees
452
93
61
\u2013
606
\nIncentive management fees
5
14
16
\u2013
35
\nCentral revenue
\u2013
\u2013
\u2013
182
182
\nRevenue from fee business
457
107
77
182
823
\nRevenue from owned, leased and managed lease hotels
55
114
\u2013
\u2013
169
\n512
221
77
182
992
\nSystem Fund revenues (note 32)
765
\nReimbursement of costs
637
\nTotal revenue
2,394
\nContract balances
\n2022
\n$m
\n2021
\n$m
\nTrade receivables (note 17)
493
399
\nContract assets
367
346
\nDeferred revenue
(1,724)
(1,613)
\nContract assets
\n2022
\n$m
\n2021
\n$m
\nAt 1 January
346
336
\nAdditions
70
45
\nRecognised as a deduction to revenue
(32)
(35)
\nImpairment charges (note 6)
(5)
\u2013
\nImpairment reversals (note 6)
3
\u2013
\nRepayments
(3)
(1)
\nExchange and other adjustments
(12)
1
\nAt 31 December
367
346
\nAnalysed as:
\nCurrent
31
30
\nNon-current
336
316
\n367
346
\nThe Group also has future commitments for key money payments which are contingent upon future events and may reverse.
\nAt 31 December 2022, the maximum exposure remaining under performance guarantees was $75m (2021: $85m).
\nNotes to the Group Financial Statements
continued
\n172
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
3. Revenue
continued
\nDeferred revenue
\nLoyalty
\nprogramme
\n$m
\nOther
\nco-brand
\nfees
\n$m
\nApplication &
\nre-licensing
\nfees
\n$m
\nOther
\n$m
\nTotal
\n$m
\nAt 1 January 2021
1,245
55
166
103
1,569
\nIncrease in deferred revenue
384
\u2013
19
45
448
\nRecognised as revenue
(337)
(11)
(22)
(35)
(405)
\nExchange and other adjustments
\u2013
\u2013
\u2013
1
1
\nAt 31 December 2021
1,292
44
163
114
1,613
\nIncrease in deferred revenue
532
\u2013
27
44
603
\nRecognised as revenue
(413)
(11)
(23)
(44)
(491)
\nExchange and other adjustments
\u2013
\u2013
\u2013
(1)
(1)
\nAt 31 December 2022
1,411
33
167
113
1,724
\nAnalysed as:
\nCurrent
584
11
23
63
681
\nNon-current
827
22
144
50
1,043
\n1,411
33
167
113
1,724
\nAt 31 December 2021:
\nCurrent
535
11
21
50
617
\nNon-current
757
33
142
64
996
\n1,292
44
163
114
1,613
\nThis table does not include amounts which were received and recognised as revenue in the same year. Amounts recognised as revenue
\nwere included in deferred revenue at the beginning of the year.
\nLoyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the Group
\nincome statement.
\nOther deferred revenue includes technical service fees and guest deposits received by owned, leased and managed lease hotels.
\nTransaction price allocated to remaining performance obligations
\nThe expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were unsatis
fied
\nat the year end are as follows:
\n2022
2021
\nLoyalty and
\nco-brand
\n$m
\nOther
\n$m
\nTotal
\n$m
\nLoyalty and
\nco-brand
\n$m
\nOther
\n$m
\nTotal
\n$m
\nLess than one year
595
86
681
546
71
617
\nBetween one and two years
339
46
385
406
45
451
\nBetween two and three years
199
32
231
155
33
188
\nBetween three and four years
114
27
141
98
25
123
\nBetween four and
five years
70
22
92
53
22
75
\nMore than five years
127
67
194
78
81
159
\n1,444
280
1,724
1,336
277
1,613
\nContract costs
\n2022
\n$m
\n2021
\n$m
\nAt 1 January
77
75
\nCosts incurred
13
11
\nCharged to income statement
(8)
(9)
\nExchange and other adjustments
(2)
\u2013
\nAt 31 December
80
77
\nAnalysed as:
\nCurrent
5
5
\nNon-current
75
72
\n80
77
\n173
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
4. Sta\ufb00 costs and Directors\u2019 remuneration
\nSta\ufb00 costs and average number of employees
\nSta\ufb00 costs
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nWages and salaries
1,604
1,315
1,233
\nSocial security costs
117
86
86
\nPension and other post-retirement benefits:
\nDefined benefit plans (note 26)
2
2
3
\nDefined contribution plans
53
41
36
\n1,776
1,444
1,358
\nAnalysed as:
\nCosts borne by IHG
\na
\n646
569
500
\nCosts borne by the System Fund
\nb
\n341
304
242
\nCosts reimbursed
789
571
616
\n1,776
1,444
1,358
\na
\nIn 2022, includes $1m classified as exceptional relating to the costs o
f ceasing operations in Russia. In 2020, included $27m classi
fied as exceptional relating to reorganisation programmes.
\nb
\nIn 2020, included $20m relating to the 2020 corporate reorganisation programme.
\nSta\ufb00 costs are presented net of government support income of $5m (2021: $23m, 2020: $36m). $nil (2021: $12m, 2020: $28m) relates
\nprincipally to employee costs at certain of the Group\u2019s leased hotels and $5m (2021: $11m, 2020: $8m) relates to support received in the
\nform of tax credits which relate to the Group\u2019s corporate o\ufb00ice presence in certain countries. There are no unful
filled conditions or other
\ncontingencies attached to these grants.
\nMonthly average number of employees, including part-time employees
2022
2021
2020
\nEmployees whose costs are borne by IHG:
\nAmericas
1,556
1,481
1,931
\nEMEAA
3,711
2,808
4,088
\nGreater China
336
299
314
\nCentral
1,444
1,425
1,813
\n7,047
6,013
8,146
\nEmployees whose costs are borne by the System Fund
5,655
4,508
4,686
\nEmployees whose costs are reimbursed
13,178
11,807
15,980
\n25,880
22,328
28,812
\nDirectors\u2019 remuneration
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nBase salaries, fees, annual performance payments and bene
fits
7.9
8.4
4.2
\nMore detailed information on the remuneration including pensions, share awards and shareholdings for each Director is shown in the Directors\u2019
\nRemuneration Report on pages 127 and 134. In addition, amounts received or receivable under long-term incentive schemes are shown on page 127.
\n5. Auditor\u2019s remuneration
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAudit of the Financial Statements
6
4
4
\nAudit of subsidiaries
2
3
3
\nOther assurance services
1
1
1
\n9
8
8
\nUnder SEC regulations analysed as:
\nAudit
8
7
7
\nOther audit-related
1
1
1
\n9
8
8
\nIn 2022 and 2021, auditor\u2019s remuneration was paid to PricewaterhouseCoopers LLP; in 2020 auditor\u2019s remuneration was paid
\nto Ernst & Young LLP.
\nNotes to the Group Financial Statements
continued
\n174
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
6. Exceptional items
\nNote
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCost of sales:
\nDerecognition of right-of-use assets and lease liabilities
(a)(k)
\u2013
\u2013
22
\nGain on lease termination
(b)
\u2013
\u2013
30
\nProvision for onerous contractual expenditure
(k)
\u2013
\u2013
(10)
\nReorganisation costs
(c)(k)
\u2013
\u2013
(8)
\n\u2013
\u2013
34
\nAdministrative expenses:
\nCosts of ceasing operations in Russia
(d)
(12)
\u2013
\u2013
\nCommercial litigation and disputes
(e)
(28)
(25)
(5)
\nReorganisation costs
(c)
\u2013
\u2013
(19)
\nIntegration costs
(f)
\u2013
\u2013
(6)
\n(40)
(25)
(30)
\nShare of losses of associate
(g)
(60)
\u2013
\u2013
\nImpairment loss on financial assets
(h)
\u2013
\u2013
(48)
\nOther net impairment reversals/(charges):
\nManagement agreements
\u2013 charge
12
\u2013
\u2013
(48)
\n\u2013 reversal
12
12
\u2013
\u2013
\nProperty, plant and equipment \u2013 charge
13, (k)
(10)
\u2013
(90)
\n\u2013 reversal
(k)
3
\u2013
\u2013
\nRight-of-use assets
\u2013 charge
13
(2)
\u2013
(16)
\n\u2013 reversal
14
2
\u2013
\u2013
\nAssociates
\u2013 charge
15
\u2013
(4)
(19)
\n\u2013 reversal
15
2
\u2013
\u2013
\nContract assets
\u2013 charge
(i)
(5)
\u2013
(53)
\n\u2013 reversal
(i)
3
\u2013
\u2013
\n5
(4)
(226)
\nOperating exceptional items
(95)
(29)
(270)
\nFinancial expenses
(j)
\u2013
\u2013
(14)
\nFair value gains on contingent purchase consideration
(k)
\u2013
\u2013
21
\nExceptional items before tax
(95)
(29)
(263)
\nTax on exceptional items
(l)
26
3
52
\nExceptional tax
(m)
\u2013
26
\u2013
\nTax
26
29
52
\nOperating exceptional items analysed as:
\nAmericas
(46)
(22)
(118)
\nEMEAA
(49)
(7)
(128)
\nGreater China
\u2013
\u2013
(5)
\nCentral
\u2013
\u2013
(19)
\n(95)
(29)
(270)
\nThe above items are defined by management as exceptional as
further described on page 161.
\n175
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
6. Exceptional items
continued
\n(a) Derecognition of right-of-use assets and lease liabilities
\nRelated to right-of-use assets ($49m) and lease liabilities ($71m) associated with the UK portfolio and German leases which were derecognised
\nfollowing a reassessment of the leases as fully variable. The net gain of $22m was presented as exceptional due to the size of the
\nderecognised assets and liabilities.
\n(b) Gain on lease termination
\nRelated to the termination of the InterContinental San Juan lease, which was part of the Service Properties Trust (\u2018SVC\u2019) portfolio.
\nThe right-of-use assets ($60m) and lease liabilities ($90m) associated with this hotel were derecognised, resulting in a net gain of $30m,
\nwhich was presented as exceptional due to the value of the assets and liabilities derecognised and for consistency with the impairments
\nof other assets related to the SVC portfolio.
\n(c) Reorganisation costs
\nRelated to the UK portfolio, other owned and leased hotels and a corporate reorganisation re
flecting the reassessment o
f near-term
\npriorities and the resources needed to support reduced levels of demand. An additional $20m related to the corporate restructuring was
\ncharged to the System Fund.
\nThese charges were presented as exceptional as they related to a significant programme carried out in response to the impacts o
f Covid-19
\nwhich does not reflect normal, ongoing costs o
f the business.
\n(d) Costs of ceasing operations in Russia
\nOn 27 June 2022, the Group announced it was in the process of ceasing all operations in Russia consistent with evolving UK, US and EU
\nsanction regimes and the ongoing and increasing challenges of operating there. The costs associated with the cessation of corporate
\noperations in Moscow and long-term management and franchise contracts are presented as exceptional due to the nature of the war in
\nUkraine which has driven the Group\u2019s response.
\n(e) Commercial litigation and disputes
\nFrom time to time, the Group is subject to legal proceedings, the ultimate outcome of each is always subject to many uncertainties inherent
\nin litigation. The provision for commercial litigation and disputes as at 31 December 2022 principally relates to the EMEAA region and includes
\nthe following uncertainties: timing of resolution, quantum of legal costs, quantum of interest and, in one case, the likelihood of the Group\u2019s
\nappeal against an adverse opinion. Further information usually required by IAS 37 is not disclosed as such disclosure could prejudice
\nseriously the outcome.
\nIn 2021, related to the agreed costs to settle two commercial disputes, $18m in the Americas region and $7m in the EMEAA region.
\nIn 2020, related to the agreed cost of settlement of $14m in the EMEAA region, o\ufb00set by a partial release in the Americas region.
\nThese costs are presented as exceptional reflecting (i) quantum, (ii) the nature o
f the disputes, and (iii) in respect of releases, consistency
\nwith prior years.
\n(f) Integration costs
\nRelated to the integration of Six Senses into the operations of the Group. Costs were presented as exceptional re
flecting the
fact that the
\nacquisition of Six Senses is not a recurring event.
\n(g) Share of losses of associate
\nAs part of an agreed settlement of the 2021 Americas commercial dispute in relation to the Barclay associate, in 2022 the Group was
\nallocated expenses in excess of its actual percentage share which directly reduced the Group\u2019s current interest in the associate. This resulted
\nin $60m of additional expenses being allocated to the Group in 2022, with a current tax bene
fit o
f $15m and, applying equity accounting
\nto this additional share of expenses, reduced the Group\u2019s investment to $nil. In addition, a liability of $18m was recognised, re
flecting an
\nunavoidable obligation to repay this amount in certain circumstances. Should the hotel property increase in value in future periods, such
\nrevaluation gains will be attributed first to the Group up to the amount o
f the additional share of expenses; this would be re
flected first as
\na reduction of the liability and subsequently as a trigger for impairment reversal of the associate. This charge is presented as exceptional
\nby reason of its size and the nature of the agreement.
\n(h) Impairment loss on financial assets
\nComprised $33m and $15m related to SVC and other trade deposits and loans respectively. The impairment losses were presented as
\nexceptional as they related to the termination of a signi
ficant port
folio of over 100 management agreements and to signi
ficant changes
\nin credit risk on other trade deposits and loans as a result of Covid-19.
\n(i) Impairment charge/reversals on contract assets
\nIn 2022, the $5m charge relates to key money pertaining to managed and franchised hotels in Russia. The $3m reversal relates to impairments
\noriginally recorded in 2020 and arises as a result of the improved
financial position o
f owners or performance of the related hotels.
\nIn 2020, related primarily to deposits made to SVC of $33m. The remaining impairment of $20m related to key money and performance
\nguarantee payments on individual properties which were tested with reference to future franchise and management fees.
\nThese costs are presented as exceptional consistently with (d) and (h) above and, in respect of releases, consistently with the treatment
\napplied in prior years.
\n(j) Financial expenses
\nIn 2020, management undertook actions to strengthen liquidity and extend the maturity profile o
f the Group\u2019s debt. The Group issued a
\ntender o\ufb00er for its \u00a3400m 3.875% 2022 bonds resulting in a repayment of \u00a3227m and concurrently issued \u20ac500m 1.625% 2024 bonds and
\n\u00a3400m 3.375% 2028 bonds. The exceptional charge included the premium on repayment and associated write-o\ufb00 of fees and discount.
\nThe charge was presented as exceptional primarily due to the size of the charge as well as the nature of the re
financing which was driven
\nby increased liquidity requirements resulting from Covid-19.
\nNotes to the Group Financial Statements
continued
\n176
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
6. Exceptional items
continued
\n(k) Exceptional items relating to the UK portfolio
\nIncluded within exceptional items are the following items relating to the UK portfolio:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCost of sales:
\nDerecognition of right-of-use assets and lease liabilities
\u2013
\u2013
18
\nProvision for onerous contractual expenditure
\u2013
\u2013
(10)
\nReorganisation costs
\u2013
\u2013
(4)
\n\u2013
\u2013
4
\nOther net impairment reversals/(charges):
\nProperty, plant and equipment
3
\u2013
(50)
\n3
\u2013
(50)
\nOperating exceptional items
3
\u2013
(46)
\nFair value gains on contingent purchase consideration
\u2013
\u2013
21
\nExceptional items before tax
3
\u2013
(25)
\nIn 2022, the Group agreed to restructure the UK portfolio leases (see note 14) resulting in a reversal of previous impairment of property,
\nplant and equipment.
\nIn 2020, the UK portfolio experienced hugely challenging trading conditions as a result of Covid-19, with all hotels within the portfolio
\nclosing for extended periods and experiencing historically low occupancies during periods of temporary reopenings. The following
\nexceptional items were recorded:
\n\u2022
The right-of-use asset ($22m) and lease liability ($40m) relating to the UK portfolio were derecognised as a result of the re-estimation of
\nthe \u2018in-substance fixed\u2019 rent payable under the leases, resulting in a gain o
f $18m; from 2020 the leases were considered to be fully variable.
\n\u2022
A $10m provision was recognised to the extent the costs of contractual expenditure committed under the hotel leases exceeded the
\nfuture economic bene
fits expected to be received under the leases.
\n\u2022
A total cost of $4m to restructure hotel operations in response to the impact of Covid-19 on hotel occupancy and revenues.
\n\u2022
Impairment of property, plant and equipment (see note 13).
\n\u2022
A fair value gain on contingent purchase consideration (see note 24).
\n(l) Tax on exceptional items
\nThe tax impacts of the exceptional items are shown in the table below:
\n2022
2021
2020
\nCurrent tax
\n$m
\nDeferred tax
\n$m
\nCurrent tax
\n$m
\nDeferred tax
\n$m
\nCurrent tax
\n$m
\nDeferred tax
\n$m
\nDerecognition of right-of-use assets and lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
\nProvision for onerous contractual expenditure
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nReorganisation costs
\u2013
\u2013
\u2013
\u2013
3
2
\nCosts of ceasing operations in Russia
3
\u2013
\u2013
\u2013
\u2013
\u2013
\nCommercial litigation and disputes
8
(2)
\u2013
4
\u2013
\u2013
\nIntegration costs
\u2013
\u2013
\u2013
\u2013
1
\u2013
\nShare of losses of associate
15
\u2013
\u2013
\u2013
\u2013
\u2013
\nImpairment loss on financial assets
\u2013
\u2013
\u2013
\u2013
4
2
\nOther net impairment reversals/(charges)
1
(5)
\u2013
1
6
37
\nFinancial expenses
\u2013
\u2013
\u2013
\u2013
\u2013
3
\nFair value gains on contingent purchase consideration
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
\nAdjustments in respect of prior years
\na
\n6
\u2013
(2)
\u2013
\u2013
\u2013
\n33
(7)
(2)
5
14
38
\nTotal current and deferred tax
26
3
52
\na
\nIn 2022, relates to the release of tax contingencies no longer needed; one of these was as a result of the closure of a tax audit of the 2014 US federal income tax return. In 2021, the tax
\ncharge related to the same audit.
\n177
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
6. Exceptional items
continued
\n(m) Exceptional tax
\nRelated to the enactment of a change to the UK rate of corporate income tax from 19% to 25%, e\ufb00ective 1 April 2023. The change resulted in
\nthe re-measurement of those UK deferred tax assets and liabilities which are forecast to be utilised or crystallise after this e\ufb00ective date, using
\nthe higher tax rate. A further credit of $4m was recorded within the Group statement of comprehensive income in respect of movements in
\ndeferred tax assets and liabilities originally recorded there. The value attributable to unrecognised deferred tax assets increased by $34m
\nas a result of the rate change; this had no impact on the reported tax charge.
\n7. Financial income and expenses
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nFinancial income
\nFinancial income on deposits and money market funds
17
2
2
\nInterest income on loans and other assets
5
6
2
\n22
8
4
\nFinancial expenses
\nInterest expense on external borrowings
92
109
102
\nInterest expense on lease liabilities
29
29
37
\nCapitalised interest
\u2013
\u2013
(1)
\nUnwind of discount on deferred purchase consideration
\u2013
1
1
\nForeign exchange gains
(10)
\u2013
\u2013
\nOther charges
7
8
5
\n118
147
144
\nAnalysed as:
\nFinancial expenses before exceptional items
118
147
130
\nExceptional financial expenses (note 6)
\u2013
\u2013
14
\n118
147
144
\nFinancial income comprises $12m (2021: $8m, 2020: $4m) relating to financial assets held at amortised cost and $10m (2021: $nil, 2020: $nil)
\nrelating to assets held at FVTPL.
\nInterest expense on external borrowings and unwind of discount on deferred purchase consideration relate to
financial liabilities which are
\nheld at amortised cost. Other charges includes bank charges and non-bank interest expense.
\nIn 2022, $15m (2021: $1m, 2020: $3m) was payable to the IHG One Rewards loyalty programme relating to interest on the accumulated
\nbalance of cash received in advance of the consumption of points awarded. The expense and corresponding System Fund interest income
\nare eliminated within financial expenses. On a net basis, financial income and expenses includes $1m (2021: $2m, 2020: $nil) o
f other
\ninterest which is also attributable to the System Fund.
\nNet interest payable as calculated for bank covenants can be found on page 201.
\nNotes to the Group Financial Statements
continued
\n178
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
8. Tax
\nTax on profit/(loss)
\nUnited Kingdom
Other jurisdictions
Total
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCurrent tax
\nCurrent period
6
1
\u2013
177
138
43
183
139
43
\nBenefit o
f tax reliefs on which no deferred tax
\npreviously recognised
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
(2)
\nAdjustments in respect of prior periods
(2)
\u2013
(2)
(5)
4
(5)
(7)
4
(7)
\n4
1
(2)
172
142
36
176
143
34
\nDeferred tax
\nOrigination and reversal of temporary di\ufb00erences
(1)
(7)
(12)
(6)
(14)
(23)
(7)
(21)
(35)
\nChanges in tax rates and tax laws
\u2013
(25)
(7)
\u2013
\u2013
(1)
\u2013
(25)
(8)
\nAdjustments to estimated recoverable deferred
\ntax assets
\na
\n(2)
2
(14)
\u2013
\u2013
\u2013
(2)
2
(14)
\nReduction in deferred tax expense by previously
\nunrecognised tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
\nAdjustments in respect of prior periods
2
1
(1)
(5)
(4)
5
(3)
(3)
4
\n(1)
(29)
(34)
(11)
(18)
(20)
(12)
(47)
(54)
\nIncome tax charge/(credit) for the year
3
(28)
(36)
161
124
16
164
96
(20)
\nAnalysed as tax relating to:
\nProfit be
fore exceptional items and foreign
\nexchange gains
\nb
\n11
(2)
(24)
183
127
56
194
125
32
\nForeign exchange gains (note 7)
\u2013
\u2013
\u2013
(4)
\u2013
\u2013
(4)
\u2013
\u2013
\nExceptional items:
\nTax on exceptional items (note 6)
(8)
\u2013
(12)
(18)
(3)
(40)
(26)
(3)
(52)
\nExceptional tax (note 6)
\u2013
(26)
\u2013
\u2013
\u2013
\u2013
\u2013
(26)
\u2013
\n3
(28)
(36)
161
124
16
164
96
(20)
\na
\nRepresents a reassessment of the recovery of deferred taxes in line with the Group\u2019s pro
fit
forecasts.
\nb
\n\u2018Other jurisdictions\u2019 includes $151m (2021: $115m, 2020: $41m) in respect of US taxes.
\n179
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
8. Tax
continued
\nReconciliation of tax charge
\nTotal
\nBefore exceptional items, foreign
\nexchange gains and System Fund
\n2022
\n%
\n2021
\n%
\n2020
\n%
\n2022
\n%
\n2021
\n%
\n2020
\n%
\nTax at UK rate
19.0
19.0
19.0
19.0
19.0
19.0
\nTax credits
(0.1)
(0.1)
0.5
(0.1)
(0.1)
(1.7)
\nSystem Fund
\na
\n3.1
0.4
(6.6)
(0.4)
(0.1)
(1.1)
\nForeign exchange gains (note 7)
(0.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\nOther permanent di\ufb00erences
\nb
\n0.5
1.4
(4.2)
0.4
1.2
12.1
\nNon-recoverable foreign taxes
3.5
3.5
(5.1)
2.5
3.1
16.9
\nNet e\ufb00ect of di\ufb00erent rates of tax
\nc
\n6.3
6.8
(4.5)
5.6
6.9
18.9
\nE\ufb00ect of changes in UK tax rates and laws
\nd
\n\u2013
(7.0)
2.4
\u2013
\u2013
(7.9)
\nE\ufb00ect of changes in other tax rates and laws
0.1
\u2013
0.5
\u2013
\u2013
(1.7)
\nReduction in current tax expense by previously unrecognised deferred
\ntax assets
\u2013
(0.1)
0.7
\u2013
(0.1)
(2.4)
\nItems on which deferred tax arose but where no deferred tax is recognised
\ne
\n1.2
2.0
(1.9)
0.4
1.3
5.1
\nE\ufb00ect of adjustments to estimated recoverable deferred tax assets
\nf
\n(0.4)
0.5
5.1
(0.3)
0.4
(16.9)
\nReduction in deferred tax expense by previously unrecognised deferred
\ntax assets
\u2013
\u2013
0.3
\u2013
\u2013
\u2013
\nAdjustment to tax charge in respect of prior periods
(1.9)
0.2
0.9
(0.5)
(0.4)
(2.7)
\n30.4
26.6
7.1
26.6
31.2
37.6
\na
\nThe System Fund is, in general, not subject to taxation.
\nb
\nBefore exceptional items, foreign exchange gains and System Fund includes (0.8) percentage points (2021: (0.6) percentage points, 2020: (1.2) percentage points) in respect of the
\nUS Foreign-derived intangible income regime.
\nc
\nBefore exceptional items, foreign exchange gains and System Fund includes 5.5 percentage points (2021: 6.7 percentage points, 2020: 18.9 percentage points) driven by the relatively
\nhigh blended US rate, which includes US Federal and State taxes as well as Base Erosion and Anti-Avoidance Tax (\u2018BEAT\u2019). In 2020, the lower profitability resulted in a large impact
\nof BEAT, and the trading results in the year led to a higher proportion of the Group\u2019s pro
fit being taxed in the US.
\nd
\nIn 2021, the UK Government enacted an increase to the UK rate of Corporation Tax from 19% to 25%. In 2020, the UK Government reversed a previously enacted drop to the UK rate
\nof Corporation Tax.
\ne
\nPredominantly in respect of losses arising in the year.
\nf
\nIn 2020, the Group simplified its Group structure which led to an increase to existing de
ferred tax assets within the UK.
\nA reconciliation between total tax rate and tax rate excluding the impact of foreign exchange gains, exceptional items and System Fund
\nis shown below:
\n2022
2021
2020
\nProfit
\nbefore tax
\n$m
\nTax
\n$m
\nRate
\n%
\nProfit
\nbefore tax
\n$m
\nTax
\n$m
\nRate
\n%
\n(Loss)/
\nprofit
\nbefore tax
\n$m
\nTax
\n$m
\nRate
\n%
\nGroup income statement
540
164
30.4
361
96
26.6
(280)
(20)
7.1
\nAdjust for:
\nExceptional items (note 6)
95
26
29
29
263
52
\nForeign exchange gains (note 7)
(10)
4
\u2013
\u2013
\u2013
\u2013
\nSystem Fund
105
\u2013
11
\u2013
102
\u2013
\n730
194
26.6
401
125
31.2
85
32
37.6
\nInformation concerning Non-GAAP measures can be found in the Strategic Report.
\nFactors that may a\ufb00ect the future tax charge
\nMany factors will a\ufb00ect the Group\u2019s future tax rate, the main ones being future legislative developments, future pro
fitability o
f underlying
\nsubsidiaries and tax uncertainties.
\nWorldwide tax reform continues, notably for the Group with the OECD\u2019s proposals in connection with the \u2018Pillar 2\u2019 Global Anti-Base
\nErosion Rules. At the balance sheet date, no country has substantively enacted legislation to fully implement Pillar 2. The Group expects
\nfurther guidance and detailed legislation to be published in 2023 and will continue to assess potential impacts.
\nNotes to the Group Financial Statements
continued
\n180
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
8. Tax
continued
\nTax paid
\nTotal tax paid (net of refunds) is entirely in respect of operating activities. This comprises taxes paid directly by Group entities to taxing
\nauthorities and taxes withheld at source in respect of fees payable to the Group. Taxes withheld at source are paid by hotel owners to their
\nlocal taxing authorities on behalf of the Group. The table below shows the territories to whom taxes are directly paid by the Group which
\nexceed $5m in the current or comparative periods, in addition to the UK, the Group\u2019s headquarter jurisdiction. The year-on-year increases are
\npredominantly driven by corresponding increases to Group profitability and re
funds received in 2020 and 2021 in respect of earlier periods.
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nChina
\na
\n10
3
6
\nUK
3
(2)
2
\nUSA
\nb
\n165
68
\u2013
\nOther jurisdictions
11
1
20
\n189
70
28
\nTaxes withheld at source
22
16
13
\nTax paid per cash flow
211
86
41
\na
\nTax payments are typically based upon the previous year\u2019s profits.
\nb
\nIncludes refunds in respect of earlier periods of $nil (2021: $15m, 2020: $24m).
\nA reconciliation of tax paid to the total current tax charge in the Group income statement is as follows:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCurrent tax charge in the Group income statement
176
143
34
\nCurrent tax (credit)/charge in the Group statement of comprehensive income
(2)
\u2013
1
\nTotal current tax charge
174
143
35
\nMovements to tax contingencies
\na
\n10
(4)
8
\nTiming di\ufb00erences of cash tax paid and foreign exchange di\ufb00erences
\nb
\n27
(53)
(2)
\nTax paid per cash flow
211
86
41
\na
\nTax contingency movements are included within the current tax charge but do not impact cash tax paid in the year. Settlements of tax contingencies are included within cash tax
\npaid in the year but not recorded in the current year tax charge.
\nb
\n2021 included $20m of refunds in respect of earlier years, $12m of other receivables which have been allocated to payments that otherwise would have been due and $28m
\nof payments due in 2022.
\n181
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
8. Tax
continued
\nDeferred tax
\nProperty,
\nplant,
\nequipment
\nand
\nsoftware
\n$m
\nApplication
\nfees
\n$m
\nDeferred
\ngains on
\nloan notes
\na
\n$m
\nAssociates
\n$m
\nLosses
\nb
\n$m
\nEmployee
\nbenefits
\n$m
\nDeferred
\ncompensation
\n$m
\nExpected
\ncredit
\nlosses
\non trade
\nreceivables
\n$m
\nIntangible
\nassets
\nexcluding
\nsoftware
\nc
\n$m
\nOther
\nshort-term
\ntemporary
\ndi\ufb00erences
\nc,d
\n$m
\nTotal
\n$m
\nAt 1 January 2021
(95)
42
(34)
(57)
61
34
42
22
(4)
7
18
\nGroup income
\nstatement
15
(2)
\u2013
2
21
4
6
(1)
(12)
14
47
\nGroup statement
\nof comprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
4
\u2013
\u2013
\u2013
\u2013
(15)
(11)
\nGroup statement
\nof changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\nExchange and
\nother adjustments
(1)
\u2013
\u2013
\u2013
(2)
(1)
\u2013
(1)
\u2013
3
(2)
\nAt 31 December 2021
(81)
40
(34)
(55)
84
39
48
20
(16)
9
54
\nGroup income
\nstatement
32
1
\u2013
(4)
5
1
4
(5)
(21)
(1)
12
\nGroup statement
\nof comprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
(1)
(6)
\u2013
\u2013
\u2013
8
1
\nGroup statement
\nof changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
\nExchange and
\nother adjustments
(4)
\u2013
\u2013
\u2013
(9)
(3)
\u2013
(1)
(3)
\u2013
(20)
\nAt 31 December 2022
(53)
41
(34)
(59)
79
32
52
14
(40)
16
48
\na
\nExpected to become due in 2025.
\nb
\nWholly in respect of revenue losses.
\nc
\nThe above table has been re-presented in order that no balances exceeding $20m are contained within \u2018Other short-term temporary di\ufb00erences\u2019.
\nd
\nPrimarily in respect of contract costs, right-of-use assets, lease liabilities and expenses for which tax relief has not yet been obtained.
\nThe analysis of the deferred tax balance after considering the o\ufb00set of assets and liabilities within entities where there is a legal right to do
\nso and an analysis of the deferred tax balance showing all territories with balances greater than $10m in either the current or prior year are
\nas follows:
\n2022
\n$m
\n2021
\n$m
\nDeferred tax assets
126
147
\nDeferred tax liabilities
(78)
(93)
\n48
54
\nAnalysed as:
\nUnited Kingdom
109
127
\nUnited States
(73)
(87)
\nOther
12
14
\n48
54
\nA deferred tax asset of $107m (2021: $120m) has been recognised in legal entities which have made a loss in the current or the previous year.
\nOf this, $102m (2021: $114m) is within the UK tax group and predominantly represents revenue tax losses and future tax deductions
\nfor amortisation.
\nAdditional UK deferred tax assets of $7m (2021: $13m) are recognised in legal entities which were pro
fitable in both the current and previous
\nyears.
\nRecoverability of UK deferred tax assets
\nThe Group has recognised UK deferred tax assets of $109m (2021: $127m), including revenue losses of $73m (2021: $73m). The deferred
\ntax assets have been recognised following the consideration of both positive and negative evidence in respect of the probability of future
\ntaxable profits against which the assets could be recovered. The losses have arisen by identifiable non-recurring events,
for example special
\ncontributions into a former Group pension scheme and the impact of Covid-19, absent which, the UK tax group would have been pro
fitable.
\nThe losses do not expire, although they can only be o\ufb00set against 50% of annual UK taxable pro
fits. The UK de
ferred tax asset should reverse
\nover a seven- to ten-year period (2021: seven- to ten-year period), with the lower end of this range based on the Group\u2019s Base Case forecast
\n(see page 157 within \u2018Going concern\u2019) and the upper end of the range based on the Group\u2019s Severe Downside Case forecast.
\nNotes to the Group Financial Statements
continued
\n182
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
8. Tax
continued
\nThe Group\u2019s TCFD disclosures describe how physical and transitional climate risks present both risks and opportunities for IHG. The potential
\ndownside risk has been considered in the context of the UK deferred tax asset recoverability, without taking account of opportunities or
\nmitigating actions, and could be absorbed within the sensitivities disclosed above.
\nUnrecognised deferred tax assets
\nThe Group does not recognise deferred tax assets if it cannot anticipate being able to o\ufb00set them against existing deferred tax liabilities
\nor against future pro
fits or gains.
\nThe total unrecognised deferred tax position is as follows:
\nGross
Unrecognised deferred tax
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\nRevenue losses
430
458
78
87
\nCapital losses
549
551
138
138
\n979
1,009
216
225
\nTax credits
25
10
25
10
\nOther
\na
\n31
16
8
3
\n1,035
1,035
249
238
\na
\nPrimarily relates to costs incurred for which tax relief has not been obtained.
\nThere is no expiry date to any of the above unrecognised assets other than for the losses and tax credits as shown in the table below:
\nGross
Unrecognised deferred tax
\nExpiry date
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\n2022
\u2013
10
\u2013
3
\n2023
1
2
\u2013
\u2013
\n2024
4
4
1
1
\n2025
\na
\n9
100
1
25
\n2026
18
13
4
2
\n2027
3
\u2013
\u2013
\u2013
\n2028
\u2013
6
\u2013
2
\n2029
10
10
10
10
\nAfter 2029
18
2
16
1
\na
\nFollowing a change in law, $91m of losses will no longer expire, but they continue to remain unrecognised as the Group does not anticipate being able to o\ufb00set them against
\nfuture pro
fits.
\nUnprovided deferred tax liabilities
\nNo deferred tax liability has been provided in respect of $0.5bn (2021: $0.4bn) of taxable temporary di\ufb00erences relating to subsidiaries
\n(comprising undistributed earnings and net inherent gains).
\nUncertain tax positions
\nCurrent tax payable includes $9m (2021: $24m) in respect of uncertain tax positions, with the largest single item not exceeding $3m
\n(2021: $10m). There are no amounts recognised in relation to uncertain tax positions within deferred tax in either the current or prior year.
\nThe Group\u2019s most material territories for tax are the USA and the UK and the Group carries provisions of $3m (2021: $13m) in respect of US
\nfederal and state tax uncertainties and $nil (2021: $2m) in respect of UK Corporation Tax uncertainties.
\nIn the USA, the Internal Revenue Service (\u2018IRS\u2019) has the right to commence a routine audit of a federal income tax return for up to three
\nyears following the
filing o
f the return. In December 2022, the Group agreed the 2014 return which will result in federal and state tax
\noutflows in 2023 o
f $5m and a further $3m in respect of interest. Surplus tax provisions related to this period of $4m have been released
\nwithin tax in the Group income statement. Following 31 December 2022, the IRS confirmed the 2015 and 2016 periods are also closed.
\nThe Group has therefore now agreed all federal tax returns up to and including 2017.
\nIn the UK, HM Revenue and Customs (\u2018HMRC\u2019) has the right to commence a routine audit of a UK Corporation Tax return for up to 12 months
\nfollowing the
filing o
f the return. The Group has agreed all UK tax returns for periods up to and including 2015, and for 2020. The Group
\nreceived a single question from HMRC in respect of the 2016 period in 2019, to which a response was provided also in 2019. Following
\n31 December 2022, the Group received a request for further information but still considers the risk of material adjustment to be low.
\nIn addition, a transfer pricing audit was initiated by HMRC in September 2019 in respect of 2017 onwards. In December 2022, the Group
\nreached verbal agreement with HMRC that no adjustments to the filed returns were necessary and the Group expects to receive
formal
\nagreement of the closure of the 2017 to 2019 periods in early 2023. The Group has provisions of $nil (2021: $2m) in respect of UK
\nCorporation Tax uncertainties.
\n183
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
9. Dividends
\n2022
2021
2020
\nPaid during the year
\ncents
\nper share
$m
\ncents
\nper share
$m
\ncents
\nper share
$m
\nFinal (declared for previous year)
85.9
154
\u2013
\u2013
\u2013
\u2013
\nInterim
43.9
79
\u2013
\u2013
\u2013
\u2013
\n129.8
233
\u2013
\u2013
\u2013
\u2013
\nThe final dividend in respect o
f 2022 of 94.5\u00a2 per ordinary share (amounting to $165m) is proposed for approval at the AGM on 5 May 2023.
\n10. Earnings/(loss) per ordinary share
\nBasic earnings/(loss) per ordinary share
2022
2021
2020
\nProfit/(loss) available
for equity holders ($m)
375
266
(260)
\nBasic weighted average number of ordinary shares (millions)
181
183
182
\nBasic earnings/(loss) per ordinary share (cents)
207.2
145.4
(142.9)
\nDiluted earnings/(loss) per ordinary share
\nProfit/(loss) available
for equity holders ($m)
375
266
(260)
\nDiluted weighted average number of ordinary shares (millions)
182
184
182
\nDiluted earnings/(loss) per ordinary share (cents)
206.0
144.6
(142.9)
\nBasic and diluted share denominators are calculated as follows:
\n2022
\nmillions
\n2021
\nmillions
\n2020
\nmillions
\nWeighted average number of ordinary shares in issue
187
187
187
\nWeighted average number of treasury shares
(6)
(4)
(5)
\nBasic weighted average number of ordinary shares
181
183
182
\nDilutive potential ordinary shares
1
1
\u2013
\nDiluted weighted average number of ordinary shares
182
184
182
\nOn 9 August 2022, the Company announced a $500m share buyback which commenced on the same day (see note 28). This share
\nrepurchase represents a reduction in share capital with a corresponding change in resources hence earnings per share has not been
\nrestated for prior periods.
\n11. Assets and liabilities sold
\nIn 2021, three hotels in the Americas region were sold. Total cash consideration of $46m was received with no gain or loss arising after
\ncharging disposal costs. Net assets of $44m disposed comprised $45m property, plant and equipment and $2m right-of-use assets, less
\n$3m lease liabilities. The net cash inflow arising was $44m.
\nIn 2020, the Group sold one hotel in EMEAA, the Holiday Inn Melbourne Airport. Total consideration of $2m was received with a total gain,
\nnet of disposal costs, of $3m. The gain was included in other operating income in the Group income statement.
\nNotes to the Group Financial Statements
continued
\n184
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
12. Goodwill and other intangible assets
\nGoodwill
\n$m
\nBrands
\n$m
\nSoftware
\n$m
\nManagement
\nagreements
\n$m
\nOther
\nintangibles
\n$m
\nTotal
\n$m
\nCost
\nAt 1 January 2021
537
439
886
122
25
2,009
\nAdditions
\u2013
\u2013
32
\u2013
1
33
\nDisposals
\u2013
\u2013
(40)
\u2013
\u2013
(40)
\nExchange and other adjustments
(5)
\u2013
\u2013
\u2013
\u2013
(5)
\nAt 31 December 2021
532
439
878
122
26
1,997
\nAdditions
\u2013
\u2013
46
\u2013
\u2013
46
\nFully amortised assets written o\ufb00
\u2013
\u2013
(94)
\u2013
\u2013
(94)
\nDisposals
(8)
\u2013
\u2013
\u2013
\u2013
(8)
\nExchange and other adjustments
(11)
\u2013
(5)
\u2013
\u2013
(16)
\nAt 31 December 2022
513
439
825
122
26
1,925
\nAmortisation and impairment
\nAt 1 January 2021
(191)
\u2013
(402)
(112)
(11)
(716)
\nProvided
\u2013
\u2013
(30)
(1)
(1)
(32)
\nSystem Fund expense
\u2013
\u2013
(82)
\u2013
(1)
(83)
\nDisposals
\u2013
\u2013
28
\u2013
\u2013
28
\nExchange and other adjustments
\u2013
\u2013
1
\u2013
\u2013
1
\nAt 31 December 2021
(191)
\u2013
(485)
(113)
(13)
(802)
\nProvided
\u2013
\u2013
(20)
\u2013
(3)
(23)
\nSystem Fund expense
\u2013
\u2013
(78)
\u2013
(1)
(79)
\nImpairment reversal
\u2013
\u2013
\u2013
12
\u2013
12
\nFully amortised assets written o\ufb00
\u2013
\u2013
94
\u2013
\u2013
94
\nDisposals
8
\u2013
\u2013
\u2013
\u2013
8
\nExchange and other adjustments
5
\u2013
3
\u2013
1
9
\nAt 31 December 2022
(178)
\u2013
(486)
(101)
(16)
(781)
\nNet book value
\nAt 31 December 2022
335
439
339
21
10
1,144
\nAt 31 December 2021
341
439
393
9
13
1,195
\nAt 1 January 2021
346
439
484
10
14
1,293
\nGoodwill and brands
\nBrands
\nBrands relate to the acquisitions of Kimpton ($193m), Regent ($57m) and Six Senses ($189m). They are each considered to have an
\nindefinite li
fe given their strong brand awareness and reputation, and management\u2019s commitment to continued investment in their growth.
\nThe brands are protected by trademarks and there are not believed to be any legal, regulatory or contractual provisions that limit the useful
\nlives of the brands. In the hotel industry there are a number of brands that have existed for many years and IHG has brands that are over
\n60 years old.
\nAllocation of goodwill and brands to CGUs
\nAt
\n1 January
\n2021
\n$m
\nExchange
\nadjustments
\n$m
\nAt
\n31 December
\n2021
\n$m
\nExchange
\nadjustments
\n$m
\nAt
\n31 December
\n2022
\n$m
\nAnalysed as:
\nGoodwill
\n$m
\nBrands
\n$m
\nAmericas (group of CGUs)
421
(2)
419
\u2013
419
132
287
\nEMEAA (group of CGUs)
339
(2)
337
(6)
331
195
136
\nGreater China
25
(1)
24
\u2013
24
8
16
\n785
(5)
780
(6)
774
335
439
\n185
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
12. Goodwill and other intangible assets
continued
\nThe recoverable amounts of the CGUs, or groups of CGUs, have been determined from value in use calculations. The key assumptions
\nare RevPAR growth (detailed on page 157 within \u2018Going concern\u2019), terminal growth rates and pre-tax discount rates. Cash flows beyond the
\nfive-year period are extrapolated using terminal growth rates that do not exceed the average long-term growth rates
for the relevant markets.
\nCash flow projections are discounted using pre-tax rates that are based on the Group\u2019s weighted average cost o
f capital and incorporate
\nadjustments reflecting risks specific to the territory o
f the CGU.
\nThe weighted average terminal growth rates and pre-tax discount rates are as follows:
\n2022
2021
\nTerminal
\ngrowth
\nrate
\n%
\nPre-tax
\ndiscount
\nrate
\n%
\nTerminal
\ngrowth
\nrate
\n%
\nPre-tax
\ndiscount
\nrate
\n%
\nAmericas
1.9
13.7
2.0
10.2
\nEMEAA
2.5
16.2
2.2
12.8
\nGreater China
2.5
13.8
2.5
12.6
\nThe increase in discount rates in 2022 in Americas and EMEAA was primarily driven by increased equity risk premiums and long-term
\nrisk-free rates.
\nThe recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying value such that no impairment has arisen.
\nAssumptions were sensitised, including using the Downside Case scenario (detailed on page 157 within \u2018Going concern\u2019), with no impairment
\narising reflecting the number o
f years of Base Case forecasts required to recover the carrying value.
\nSoftware
\nSoftware includes $190m relating to the development of the next-generation Guest Reservation System with Amadeus. Internally developed
\nsoftware with an original cost of $130m developed within the two phases of the project is being amortised over 10 years and seven years
\nrespectively, with six years remaining at 31 December 2022, reflecting the Group\u2019s experience o
f the long life of guest reservation systems
\nand the initial term over which the Group is party to a technology agreement with Amadeus. The remaining project value relates to
\nenhancements to existing systems as part of the project, which are amortised over
five years.
\nIn 2022 and 2021, no impairment was charged. In 2020, $4m impairment was charged to the System Fund.
\nA loss on disposal of software assets of $12m was recorded in 2021, relating to amounts previously capitalised in respect of costs incurred
\nto implement cloud computing arrangements. These losses were recorded within depreciation and amortisation ($8m) and System Fund
\ndepreciation and amortisation ($4m) in the Group income statement.
\nManagement agreements
\nManagement agreements relate to contracts recognised at fair value on acquisition. The weighted average remaining amortisation period
\nfor all management agreements is 15 years (2021: 17 years).
\n2022 impairment reversal
\nThe impairment reversal of $12m relates to the Kimpton management agreement portfolio in the Americas region and arises due to strong
\ntrading conditions in 2022 and significantly improved industry
forecasts. The key assumption is RevPAR growth which is approximately in
\nline with the Group forecast detailed on page 157. Cash
flows beyond the five-year period are extrapolated using a 1.8% long-term growth
\nrate that does not exceed the average long-term growth rates for the relevant market.
\nThe portfolio was valued at value in use (which exceeded fair value less costs of disposal) using discounted cash
flow techniques that measure
\nthe present value of projected post-tax income
flows. The post-tax discount rate used was 10.8% (rate used
for 2020 impairment: 8.4%);
\nthe pre-tax equivalent rate is 14.8%.
\n2020 impairment
\nImpairment of $48m related to the Kimpton ($5m), Regent ($2m) and Six Senses ($41m) management agreement portfolios acquired in
\n2015, 2018 and 2019 respectively. The key assumption was RevPAR growth which assumed a recovery to 2019 levels over a five-year period
\nfrom 2021.
\nContracts were valued at the higher of value in use and fair value less costs of disposal, using discounted cash
flow techniques. Where the
\nrecoverable amount was measured at fair value, this was categorised as a Level 3 fair value measurement.
\nNotes to the Group Financial Statements
continued
\n186
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
13. Property, plant and equipment
\nLand and
\nbuildings
\n$m
\nFixtures,
\nfittings and
\nequipment
\n$m
\nTotal
\n$m
\nCost
\nAt 1 January 2021
208
322
530
\nAdditions
\u2013
17
17
\nFully depreciated assets written o\ufb00
\u2013
(7)
(7)
\nDisposals
(103)
(29)
(132)
\nExchange and other adjustments
\u2013
(4)
(4)
\nAt 31 December 2021
105
299
404
\nAdditions
15
42
57
\nFully depreciated assets written o\ufb00
\u2013
(30)
(30)
\nDisposals
(7)
(5)
(12)
\nExchange and other adjustments
(1)
(14)
(15)
\nAt 31 December 2022
112
292
404
\nDepreciation and impairment
\nAt 1 January 2021
(115)
(214)
(329)
\nProvided
(4)
(27)
(31)
\nSystem Fund expense
\u2013
(4)
(4)
\nFully depreciated assets written o\ufb00
\u2013
7
7
\nDisposals
66
21
87
\nExchange and other adjustments
\u2013
3
3
\nAt 31 December 2021
(53)
(214)
(267)
\nProvided
(3)
(17)
(20)
\nSystem Fund expense
\u2013
(4)
(4)
\nImpairment charge
\u2013
(10)
(10)
\nImpairment reversal
\u2013
3
3
\nFully depreciated assets written o\ufb00
\u2013
30
30
\nDisposals
4
5
9
\nExchange and other adjustments
1
11
12
\nAt 31 December 2022
(51)
(196)
(247)
\nNet book value
\nAt 31 December 2022
61
96
157
\nAt 31 December 2021
52
85
137
\nAt 1 January 2021
93
108
201
\nThe Group\u2019s property, plant and equipment mainly comprises buildings and leasehold improvements on 16 hotels (2021: 19 hotels), but also
\no\ufb00ices and computer hardware, throughout the world.
\nNet book value by operating segment
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nTotal
\n$m
\nLand and buildings
53
1
\u2013
7
61
\nFixtures, fittings and equipment
33
5
\u2013
58
96
\n86
6
\u2013
65
157
\nImpairment and impairment reversals
\n2022 impairment
\nAn impairment charge of $10m was recognised in the year on property, plant and equipment relating to one hotel in the EMEAA region.
\nA further $2m impairment of right-of-use assets was recognised in relation to the same hotel. The charge arises, and is classed as exceptional,
\ndue to recent cost inflation which is impacting operating costs but also the projected variable rent payments. The assets were measured
\nat value in use, using a discounted cash flow approach which is based on the hotel\u2019s five-year plan. Cash flows beyond the five-year period
\nwere extrapolated using a long-term growth rate which does not exceed the long-term average growth rate for the relevant country.
\nEstimated future cash
flows were discounted at a pre-tax rate o
f 9.6%. The recoverable amount was $nil and the impairment charge is not
\nsensitive to changes in assumptions.
\n187
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
13. Property, plant and equipment
continued
\n2022 impairment reversal
\nImpairment reversals of $3m were recognised in relation to the UK portfolio (EMEAA region) and arose as a result of the renegotiation
\nof contractual agreements, as described on page 190, enhancing the cash-generating potential of those hotels. The recoverable amount
\nwas measured at value in use, using a discounted cash flow
forecast used to assess the new deal with rentals based on the agreed
\ncontractual terms. A pre-tax discount rate of 14.2% was applied (rate used for 2020 impairment: 10.1%).
\nIn both impairment tests, hotel specific plans were used which use the RevPAR
forecasts described on page 157 adjusted for factors speci
fic
\nto the individual property (such as revenue from food and beverage facilities and the impact of renovations on occupancy and rate).
\n2020 impairment
\nImpairment of $90m was recognised and a further $5m was recognised in the System Fund, comprising:
\n\u2022
$50m related to the UK portfolio. The recoverable amount was measured at value in use, using a discounted cash
flow approach. The key
\nassumptions were 2021 revenues and profits, and that the landlord would exercise a termination right such that the current leases would
\nend in 2022.
\n\u2022
$35m related to three premium-branded hotels in North America which were sold in 2021 (see note 11).
\n\u2022
$3m related to three land sites held by the Group in the US which were measured at fair value. The sites were appraised by a professional
\nexternal valuer using comparable sales data. Within the fair value hierarchy, this was categorised as a Level 3 measurement.
\n\u2022
$7m related to the US corporate headquarters. $5m of this impairment charge was borne by the System Fund.
\n14. Leases
\nRight-of-use assets
\nLand and
\nbuildings
\n$m
\nInvestment
\nproperty
\n$m
\nOther
\n$m
\nTotal
\n$m
\nCost
\nAt 1 January 2021
617
\u2013
4
621
\nAdditions and other re-measurements
4
\u2013
\u2013
4
\nTerminations and disposals
(9)
\u2013
(1)
(10)
\nExchange and other adjustments
(5)
\u2013
\u2013
(5)
\nAt 31 December 2021
607
\u2013
3
610
\nAdditions and other re-measurements
40
\u2013
\u2013
40
\nTransfers to investment property
(50)
50
\u2013
\u2013
\nTransfers to
finance lease receivable
(5)
\u2013
\u2013
(5)
\nTerminations
(9)
\u2013
(1)
(10)
\nExchange and other adjustments
(12)
\u2013
\u2013
(12)
\nAt 31 December 2022
571
50
2
623
\nDepreciation and impairment
\nAt 1 January 2021
(316)
\u2013
(2)
(318)
\nProvided
(26)
\u2013
(1)
(27)
\nSystem Fund expense
(3)
\u2013
\u2013
(3)
\nSystem Fund impairment reversal
3
\u2013
\u2013
3
\nTerminations and disposals
5
\u2013
1
6
\nExchange and other adjustments
3
\u2013
\u2013
3
\nAt 31 December 2021
(334)
\u2013
(2)
(336)
\nProvided
(24)
\u2013
(1)
(25)
\nSystem Fund expense
(3)
\u2013
\u2013
(3)
\nImpairment charge
(2)
\u2013
\u2013
(2)
\nImpairment reversal
2
\u2013
\u2013
2
\nTransfers to investment property
47
(47)
\u2013
\u2013
\nTransfers to
finance lease receivable
3
\u2013
\u2013
3
\nTerminations
9
\u2013
1
10
\nExchange and other adjustments
8
\u2013
\u2013
8
\nAt 31 December 2022
(294)
(47)
(2)
(343)
\nNet book value
\nAt 31 December 2022
277
3
\u2013
280
\nAt 31 December 2021
273
\u2013
1
274
\nAt 1 January 2021
301
\u2013
2
303
\nNotes to the Group Financial Statements
continued
\n188
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
14. Leases
continued
\nThe Group\u2019s leased assets mainly comprise hotels and o\ufb00ices. Leases contain a wide range of di
\ufb00erent terms and conditions. The term of
\nproperty leases ranges from 1-99 years. The weighted average lease term remaining on the Group\u2019s top eight leases (which comprise 95%
\n(2021: 94%) of the right-of-use asset net book value) is 56 years (2021: 56 years). The InterContinental Boston lease, expiring in 2105, has
\na significant impact on this weighted average lease term; excluding this lease the weighted average lease term is 9 years (2021: 8 years).
\nUndiscounted cash flows on the Boston lease o
f $3,233m (2021: $3,252m) represent 94% (2021: 94%) of the total undiscounted cash
flows
\nrelating to lease liabilities.
\nMany of the Group\u2019s property leases contain extension or early termination options, which are used for operational
flexibility. The lease
\nagreement over the US corporate headquarters contains a material extension option which is not included in the calculation of the lease
\nasset and liability as the extension would not take e\ufb00ect before 2031 and there is no reasonable certainty the option will be exercised.
\nThe value of the undiscounted rental payments relating to this lease and not included in the value of the lease asset and liability is $289m.
\nAdditionally, the Group has the option to extend the term of the InterContinental Boston lease for two additional 20-year terms, the
first
\nof which would take e\ufb00ect from 2105. These extension options have not been included in the calculation of the lease liability.
\nImpairment and impairment reversals
\n2022 impairment
\nDetails of the $2m impairment charge are contained in note 13.
\n2022 impairment reversal
\nImpairment reversals of $2m were recognised in relation to one hotel in the EMEAA region and arose due to improved recovery forecasts
\nas well as strong 2022 trading. The asset was measured at value in use, using a discounted cash flow
for the remaining
five-year lease term.
\nEstimated future cash
flows were discounted at a pre-tax rate o
f 17.6%. The recoverable amount was $9m which represents the depreciated
\nvalue of the original asset.
\n2021 impairment reversal
\nImpairment reversals of $3m were recognised in relation to the US corporate headquarters and arose as a result of contractual agreements
\nto sublease or surrender certain areas for the remainder of the lease term, removing uncertainty over future cash
flows
for those areas.
\nThe recoverable amount was measured at value in use, using a discounted cash flow based on the agreed contractual terms. A pre-tax
\ndiscount rate of 9.5% was applied.
\nThe impairment reversal was substantially all recognised in the System Fund in line with existing principles for cost allocation relating to this
\nfacility.
\n2020 impairment
\nImpairment of $16m was recognised and a further $32m was recognised in the System Fund, comprising:
\n\u2022
$5m related to one hotel in the EMEAA region, based on value in use calculations. Trading projections reflected a five-year RevPAR
\nrecovery period to 2019 levels.
\n\u2022
$43m related to the US corporate headquarters. Future sublease rentals were expected to be lower than the head lease rentals which,
\ntogether with the impact of the expected time taken and costs incurred to sublet the space, resulted in an impairment. Of the $43m,
\n$32m was borne by the System Fund in line with the principles for cost allocation relating to this facility with the remaining $11m recognised
\nin the Americas region ($5m) and Central ($6m). An additional $7m was recorded in property, plant and equipment. The recoverable
\namount was measured at fair value less costs of disposal. This was equivalent to value in use given subletting the
floors was considered
\nto represent the highest and best use of the asset and so the cash
flows were the same in both scenarios.
\nLease liabilities
\nThe majority of the Group\u2019s lease liabilities are discounted at incremental borrowing rates of up to 11%. The rate implicit in the InterContinental
\nBoston lease was 9.7% and was derived from a valuation of the hotel at lease inception in 2006.
\nCurrency
\n2022
\n$m
\n2021
\n$m
\nUS dollars
363
374
\nSterling
31
6
\nEuros
5
5
\nOther
28
34
\n427
419
\nAnalysed as:
\nCurrent
26
35
\nNon-current
401
384
\n427
419
\nThe maturity analysis of lease liabilities is disclosed in note 23.
\nThe Group\u2019s lease liability is not materially sensitive to inflation as $348m (2021: $356m) relates to the InterContinental Boston and the
\nUS corporate headquarters, which both include fixed payments and are not subject to inflationary adjustments.
\n189
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
14. Leases
continued
\nAmounts recognised in the Group income statement
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nDepreciation of right-of-use assets
25
27
35
\nSystem Fund depreciation of right-of-use assets
3
3
4
\nNet impairment (reversal)/charge
\u2013
\u2013
16
\nSystem Fund impairment (reversal)/charge
\u2013
(3)
32
\nDerecognition of right-of-use assets and lease liabilities
\u2013
\u2013
(22)
\nGain on lease termination
\u2013
\u2013
(30)
\nExpense relating to variable lease payments
47
31
7
\nExpense relating to short-term leases and low-value assets
1
1
2
\nIncome from operating subleases of right-of-use assets
(1)
(1)
(1)
\nRecognised in operating profit/(loss)
75
58
43
\nInterest on lease liabilities
29
29
37
\nTotal recognised in the Group income statement
104
87
80
\nVariable lease payments
\nIn 2022, the Group agreed to restructure the UK portfolio leases with substantially lower rental payments. The revised portfolio comprises
\nnine IHG-branded hotels, with the leases of three unbranded hotels terminated in the second half of 2022.
\nThe structure of the revised leases is similar to the previous leases which contained guarantees that the Group will fund any shortfalls in
\nlease payments up to an annual and cumulative cap. These caps limit the Group\u2019s exposure to trading losses, meaning that rental payments
\nare reduced if insu\ufb00icient cash
flows are generated by the hotels. Since there is no floor to the rent reduction applicable under these leases,
\nthey are treated as fully variable. In the event that rent reductions are not applicable, annual base rental payments stabilise at \u00a334m over the
\nremaining lease term of 21 years. Additional performance-based rental payments are calculated using hotel revenues and net cash
flows.
\nIn addition, one German hotel lease is treated as fully variable. A further German hotel lease which was treated as fully variable was terminated
\nin early 2022 following settlement of a commercial dispute. One further German hotel lease under a similar structure is expected to commence
\nin 2024.
\nSublease arrangements
\nAt 31 December 2022, the Group\u2019s largest sublease arrangements relate to the Group\u2019s US corporate headquarters.
\nOperating subleases
\nOperating sublease payments receivable
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2 years
\n$m
\nBetween
\n2 and 5 years
\n$m
\nTotal
\n$m
\nAt 31 December 2022
2
2
5
9
\nAt 31 December 2021
2
2
5
9
\nAt 31 December 2020, the undiscounted future cash
flows receivable
from subleased properties amounted to $2m.
\nFinance subleases
\nIn 2022, the Group subleased a component of the US corporate headquarters for the remainder of the head lease term. No gain or loss arose.
\nFinance lease payments receivable
\nMore than
\n5 years
\n$m
\nTotal
\nundiscounted
\nlease
\nreceivable
\n$m
\nUnearned
\nfinance
\nincome
\n$m
\nFinance
\nlease
\nreceivable
\n$m
\nAt 31 December 2022
2
2
\u2013
2
\nAmounts recognised in the Group statement of cash
flows
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nOperating activities
72
55
39
\nInvesting activities
(6)
\u2013
\u2013
\nFinancing activities
36
32
65
\nNet cash paid
102
87
104
\nNotes to the Group Financial Statements
continued
\n190
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
15. Investment in associates
\n2022
\n$m
\n2021
\n$m
\nCost
\nAt 1 January
132
136
\nAdditions
1
4
\nShare of pro
fits/(losses)
\na
\n(41)
(8)
\nSystem Fund share of losses
(1)
(2)
\nDividends and distributions
(1)
\u2013
\nExchange and other adjustments
(1)
2
\nAt 31 December
89
132
\nImpairment
\nAt 1 January
(55)
(55)
\nImpairment reversal
2
\u2013
\nAt 31 December
(53)
(55)
\nNet book value
36
77
\nAnalysed as:
\nMaterial associates
\u2013
42
\nOther associates
36
35
\n36
77
\na
\nIn 2022, comprises $42m losses presented as exceptional (note 6) and $1m share of pro
fits
from other associates. The total share of losses in the Group income statement includes
\na further $18m recognised as a liability within other payables (note 19).
\nBarclay associate
\nThe Group held one associate investment at 31 December 2022 which had a material impact on profit
for the year, a 19.9% interest in
\n111 East 48th Street Holdings, LLC (the \u2018Barclay associate\u2019) which owns InterContinental New York Barclay, a hotel managed by the Group.
\nThe investment is classified as an associate and equity accounted. While the Group has the ability to exercise significant influence through
\ncertain decision rights, approval rights relating to the hotel\u2019s operating and capital budgets rest solely with the 80.1% majority member.
\nThe Group\u2019s ability to receive cash dividends is dependent on the hotel generating su\ufb00icient income to satisfy speci
fied owner returns.
\n$18m was provided in 2021 in relation to settlement of a commercial dispute regarding owner returns during the pandemic.
\nDue to the significant trading impact o
f Covid-19 and resulting restrictions in New York, the hotel was closed for most of 2020 and Spring 2021.
\nThe closure period and the significant impact on RevPAR during the recovery period resulted in an impairment charge o
f $13m in 2020.
\nThe recoverable amount of the investment was measured at fair value less costs of disposal, based on the Group\u2019s share of the market value
\nof the hotel less debt in the associate. The hotel was appraised by a professional external valuer using an income capitalisation approach
\nwhich is a discounted cash flow technique that measures the present value o
f projected income
flows (over a 10-year period) and the
\nproperty sale. Within the fair value hierarchy, this was categorised as a Level 3 fair value measurement. The external valuer assumed a return
\nto 2019 RevPAR levels over a three- to four-year period, based on industry data speci
fic to the New York market and supply
factors in the
\nluxury market located close to the InterContinental New York Barclay.
\nThe 2020 impairment charge was presented net of a $4m fair value gain on a put option over part of the Group\u2019s investment in the associate
\ngiven there is an interdependency between the value of the option and the fair value of the associate investment. This fair value gain
\nreversed in 2021.
\n191
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n15. Investment in associates
continued
\nSummarised financial in
formation in respect of the Barclay associate is set out below:
\n2022
\n$m
\n2021
\n$m
\nNon-current assets
472
485
\nCurrent assets
64
38
\nCurrent liabilities
(33)
(32)
\nNon-current liabilities
(250)
(246)
\nNet assets
253
245
\nGroup share of reported net assets at 19.9%
50
49
\nAdjustments to reflect impairment, capitalised costs, and additional rights and obligations under the shareholder agreement
(8)
(7)
\nE\ufb00ect of specially allocated expenses (note 6)
(42)
\u2013
\nCarrying amount
\u2013
42
\n2022
\n$m
\n2021
\n$m
\nRevenue
106
42
\nProfit/(loss)
from continuing operations and total comprehensive income/(loss) for the year
8
(24)
\nGroup\u2019s share of pro
fit/(loss)
for the year
\na
\n(42)
(5)
\na
\nIncludes specially allocated expenses and the cost of funding owner returns.
\nIn 2020, the Group\u2019s share of losses from the Barclay associate was $13m.
\nOther associates
\nAssociates
Joint ventures
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nProfits/(losses)
from continuing operations and total comprehensive
\nincome/(loss) for the year
1
(3)
(3)
\u2013
\u2013
2
\nIn 2022, impairment reversal of $2m relates to an associate in the Americas region and arises due to strong trading conditions in 2022 and
\nsignificantly improved industry
forecasts. The recoverable amount was measured at fair value less costs of disposal, using a discounted cash
\nflow approach that measures the present value o
f projected income
flows (over a 10-year period) and the property sale. The key assumptions
\nare RevPAR growth (which is in line with the Group forecast detailed on page 157), discount rate of 9.75% and terminal capitalisation rate
\nof 7.25%. The valuation is not signi
ficantly sensitive to changes in assumptions.
\nIn 2020, impairment charges of $8m and $2m were recognised in relation to two associates in the Americas region and one associate which
\nwas liquidated with the corresponding charge recognised within Central costs.
\n16. Other financial assets
\n2022
\n$m
\n2021
\n$m
\nEquity securities
103
106
\nRestricted funds:
\nShortfall reserve deposit
\na
\n\u2013
6
\nRing-fenced amounts to satisfy insurance claims:
\nCash
\na
\n2
4
\nMoney market funds
3
8
\nBank accounts pledged as security
39
42
\nOther
1
1
\n45
61
\nTrade deposits and loans
8
8
\n156
175
\nAnalysed as:
\nCurrent
\u2013
2
\nNon-current
156
173
\n156
175
\na
\nAs described on page 168, amounts within these lines have been re-presented as cash and cash equivalents.
\n192
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
16. Other financial assets
continued
\nEquity securities
\nThe methodology to calculate fair value and the sensitivities to the relevant signi
ficant unobservable inputs are detailed in note 24.
\nThe significant investments are as
follows:
\n2022
2021
\nFair value
\n$m
\nDividend
\nincome
\n$m
\nFair value
\n$m
\nDividend
\nincome
\n$m
\nInvestment in entity which owns:
\nInterContinental The Willard Washington DC
27
\u2013
25
\u2013
\nInterContinental San Francisco
16
\u2013
17
\u2013
\nInterContinental Grand Stanford Hong Kong
35
\u2013
35
\u2013
\nRestricted funds
\nThe shortfall reserve deposit is held for the speci
fic purpose o
f funding shortfalls in owner returns relating to the Barclay associate.
\nAny shortfalls funded are subject to potential clawback in future years. The maximum length of time for which the restricted funds will be
\nheld is the life of the hotel management agreement. In 2021, $3m was withdrawn from the deposit to fund working capital requirements.
\nIn 2022, the remaining balance was reclassified to cash and cash equivalents reflecting the Group\u2019s ability to access these
funds although
\nthey are held for a de
fined purpose under the management agreement. The prior year amount is immaterial and has not been re-presented.
\nAmounts ring-fenced to satisfy insurance claims are principally held in the Group\u2019s Captive, which is a regulated entity.
\nThe bank accounts pledged as security (\u00a331m) are subject to a charge in favour of the members of the UK unfunded pension arrangement
\n(see note 26). The amounts pledged as security may change in future years subject to the trustees\u2019 agreement and updated actuarial valuations.
\nThe bank accounts will continue to be pledged as security until the date at which the UK unfunded pension liabilities have been fully
\ndischarged, unless otherwise agreed with the trustees.
\nExpected credit losses
\nOther financial assets with a total value o
f $50m (2021: $61m) are subject to the expected credit loss model requirements of IFRS 9.
\nEquity securities, money market funds and other amounts measured at fair value are excluded. With the exception of the expected credit
\nloss arising on trade deposits and loans (see below), expected credit losses are considered to be immaterial.
\n2022
2021
\nTrade deposits and loans
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nAmounts due with no significant increase in credit risk since initial recognition
8
\u2013
8
6
\u2013
6
\nAmounts due with significant increase in credit risk since initial recognition:
\nNot past due
1
(1)
\u2013
7
(5)
2
\nPast due
11
(11)
\u2013
10
(10)
\u2013
\n20
(12)
8
23
(15)
8
\nMovement in the allowance for expected credit losses
\n2022
\n$m
\n2021
\na
\n$m
\nAt 1 January
(15)
(15)
\nAmounts written o\ufb00
2
\u2013
\nExchange and other adjustments
1
\u2013
\nAt 31 December
(12)
(15)
\na
\nIn 2021, $4m was collected in respect of an asset which was measured at $nil at initial recognition as part of a business acquisition. This did not impact the allowance for expected
\ncredit losses.
\nCredit risk
\nRestricted funds are held with bank counterparties which are rated at least A+ based on Standard and Poor\u2019s ratings.
\nThe maximum exposure to credit risk of other
financial assets at the end o
f the reporting period by geographic region is as follows:
\n2022
\n$m
\n2021
\n$m
\nAmericas
54
66
\nEMEAA
62
67
\nGreater China
40
42
\n156
175
\n193
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
17. Trade and other receivables
\n2022
\n$m
\n2021
\n$m
\nTrade receivables
493
399
\nOther receivables
49
102
\nPrepayments
104
73
\n646
574
\nIn 2021, other receivables included $53m relating to the UK portfolio rent. The Group had deferred certain rent payments due since 1 April 2020
\nwith consideration given to the UK Government and other commercial tenant protection measures which were in place up to 31 March 2022.
\nA rent reconciliation was finalised in 2022 as part o
f the restructuring of the UK portfolio leases which resulted in the settlement of outstanding
\nreceivables and payables.
\nExpected credit losses
\nThe ageing of trade receivables shown below re
flects the initial terms under the invoice rather than the revised terms where payment flexibility
\nhas been provided to owners. The net balances presented in the table below could result in additional credit losses if they are ultimately
\nfound to be uncollectable. Expected credit losses relating to other receivables following their initial recognition are immaterial.
\n2022
2021
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nNot past due
307
(1)
306
249
(2)
247
\nPast due 1 to 30 days
76
(7)
69
66
(5)
61
\nPast due 31 to 90 days
57
(6)
51
52
(7)
45
\nPast due 91 to 180 days
46
(9)
37
36
(9)
27
\nPast due 181 to 360 days
34
(11)
23
38
(21)
17
\nPast due more than 361 days
90
(83)
7
91
(89)
2
\n610
(117)
493
532
(133)
399
\nMovement in the allowance for expected lifetime credit losses
\n2022
\n$m
\n2021
\n$m
\nAt 1 January
(133)
(78)
\nFully provided receivables reinstated
\na
\n\u2013
(60)
\nReclassification to other receivables
\nb
\n9
\u2013
\nImpairment loss
\nc
\n(5)
(4)
\nSystem Fund impairment (loss)/reversal
(7)
6
\nAmounts written o\ufb00
17
8
\nExchange and other adjustments
2
(5)
\nAt 31 December
(117)
(133)
\na
\nIn 2021, fully provided receivables were reinstated re
flecting the Group\u2019s increased
focus on older receivables. There was no impact to total amounts receivable, total credit loss
\nprovisions or the impairment loss recorded in the Group income statement.
\nb
\nIn 2022, net receivables of $1m relating to
finance charges on overdue receivables have been reclassified to other receivables. Provisions o
f $9m, which includes expected credit
\nlosses at initial recognition, associated with these receivables have been removed from the reconciliation. Expected credit losses following initial recognition are immaterial.
\nc
\nIn 2021, the impairment loss on financial assets disclosed on the
face of the Group income statement also included a gain of $4m related to trade deposits and loans.
\nAs a result of recent collection experience of older balances for some owner groups in Greater China the regional provision matrix has been
\nextended, with $4m (2021: $nil) of the net balance past due more than 361 days relating to Greater China.
\nIf the regional provision matrix was applied to all owner groups (rather than by reference to other sources of data), the provision would reduce
\nby $15m, or $12m if the regional provision matrix had not been extended (2021: $16m).
\nCredit risk
\nThe Group trades only with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to trade on credit terms
\nare subject to credit verification procedures. The maximum exposure to credit risk
for trade and other receivables, excluding prepayments,
\nat the end of the reporting period by geographic region is as follows:
\n2022
\n$m
\n2021
\n$m
\nAmericas
318
275
\nEMEAA
152
172
\nGreater China
72
54
\n542
501
\nNotes to the Group Financial Statements
continued
\n194
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
18. Cash and cash equivalents
\n2022
\n$m
\n2021
\n$m
\nCash at bank and in hand
165
124
\nShort-term deposits
421
301
\nMoney market funds
360
1,025
\nRepurchase agreements
30
\u2013
\nCash and cash equivalents as recorded in the Group statement of
financial position
976
1,450
\nBank overdrafts (note 21)
(55)
(59)
\nCash and cash equivalents as recorded in the Group statement of cash
flows
921
1,391
\nCash at bank and in hand includes bank balances of $86m (2021: $67m) which are matched by bank overdrafts of $55m (2021: $59m) under
\nthe Group\u2019s cash pooling arrangements. Under these arrangements, each pool contains a number of bank accounts with the same
financial
\ninstitution and the Group pays interest on net overdraft balances within each pool. The cash pools are used for day-to-day cash management
\npurposes and are managed as closely as possible to a zero balance on a net basis for each pool. Overseas subsidiaries are typically in a
\ncash-positive position with the matching overdrafts held by the Group\u2019s central treasury company in the UK. Accordingly, bank overdrafts
\nare included within cash and cash equivalents for the purposes of the cash
flow statement.
\nCash and cash equivalents with restrictions on use
\n2022
\n$m
\n2021
\n$m
\nCountries with restrictions on repatriation
24
77
\nCapital expenditure under lease agreements
11
9
\nOther restrictions
12
\u2013
\n47
86
\nDetails of the credit risk on cash and cash equivalents is included in note 23.
\n19. Trade and other payables
\n2022
\n$m
\n2021
\n$m
\nCurrent
\nTrade payables
152
109
\nOther tax and social security payable
37
29
\nOther payables
173
119
\nAccruals
335
322
\n697
579
\nNon-current
\nOther payables
4
4
\nDeferred purchase consideration
12
12
\nContingent purchase consideration (note 24)
65
73
\n81
89
\nIn 2022, current other payables includes $29m and current accruals includes $2m relating to the outstanding portion of the share
\nrepurchase programme. Of the total, $20m relates to the unavoidable contractual cost of shares to be repurchased and $11m to the associated
\nperformance fee. Current other payables also includes $18m relating to obligations created by the special allocation of expenses from an
\nassociate investment (note 6).
\nIn 2021, other payables included $29m relating to the UK portfolio rent (see note 17).
\n195
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| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
20. Provisions
\nCommercial
\nlitigation and
\ndisputes
\n$m
\nInsurance
\nreserves
\n$m
\nOnerous
\ncontractual
\nexpenditure
\n$m
\nDilapidations
\nand other
\n$m
\nTotal
\n$m
\nAt 31 December 2021
37
39
8
6
90
\nProvided, of which $28m is recorded within exceptional items (note 6)
28
18
2
6
54
\nUtilised
(31)
(7)
(7)
\u2013
(45)
\nReleased
(1)
\u2013
\u2013
\u2013
(1)
\nExchange and other adjustments
\u2013
\u2013
(2)
\u2013
(2)
\nAt 31 December 2022
33
50
1
12
96
\nAnalysed as:
\nCurrent
32
15
1
5
53
\nNon-current
1
35
\u2013
7
43
\n33
50
1
12
96
\nCommercial litigation and disputes
\nThe utilisation of the provision principally re
flects the settlement o
f commercial litigation and disputes in the Americas and EMEAA regions
\nwhich were fully provided for in the prior year. The remaining balance includes $4m relating to management\u2019s best estimate of settlements
\nrequired in respect of lawsuits
filed against the Group in the Americas region. Settlement terms have been agreed and, in addition to payments
\nin 2022, final amounts are expected to be paid in 2023. There are certain amounts that the Group will pursue in relation to these matters,
\n$1m has been recognised within administrative expenses in 2022 reflecting those amounts which are virtually certain.
\nInsurance reserves
\nIncurred but not reported
\nclaims (\u2018IBNR\u2019)
\na
\nReported but not yet
\nsettled claims
Total
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\nCorporate operations and owned and leased properties
11
11
7
3
18
14
\nManaged hotels
25
19
7
6
32
25
\n36
30
14
9
50
39
\na
\nIncludes unallocated loss expenses.
\nOf the total reserves, $19m relates to international general liability principally for managed hotels. The utilisation of IBNR reserves is dependent
\non the timing of claims being reported and ultimately being settled; based on historical experience this is expected to be approximately
five
\nyears. The maximum liabilities of the last
five policy years is $36m
for corporate operations and owned and leased properties and $42m for
\nmanaged hotels, noting that actual claims did not significantly di\ufb00er to estimates in 2022 or 2021.
\nIn respect of managed hotels, the Group recognised reinsurance pro
fits o
f $4m (2021: $3m, 2020: $3m).
\nNotes to the Group Financial Statements
continued
\n196
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
21. Loans and other borrowings
\nMaturity
\ndate
\nDiscount
\nat issue
\n%
\n2022
\n$m
\n2021
\n$m
\nCurrent
\nBank overdrafts (note 18)
n/a
n/a
55
59
\n\u00a3173m 3.875% bonds 2022
28 November 2022
1.213
\u2013
233
\n55
292
\nNon\u2011current
\n\u20ac500m 1.625% bonds 2024
8 October 2024
0.437
534
565
\n\u00a3300m 3.75% bonds 2025
14 August 2025
0.986
365
408
\n\u00a3350m 2.125% bonds 2026
24 August 2026
0.550
423
473
\n\u20ac500m 2.125% bonds 2027
15 May 2027
0.470
539
570
\n\u00a3400m 3.375% bonds 2028
8 October 2028
1.034
480
537
\n2,341
2,553
\nTotal loans and other borrowings
2,396
2,845
\nDenominated in the following currencies:
\nSterling
1,269
1,652
\nUS dollars
53
57
\nEuros
1,073
1,135
\nOther
1
1
\n2,396
2,845
\nBonds
\nInterest is payable annually on the dates in the table, at the rates stated.
\nRevolving Credit Facility
\nThere were no amounts drawn as at 31 December 2022 or 31 December 2021.
\nIn April 2022, the Group\u2019s $1,275m revolving syndicated bank facility and $75m revolving bilateral facility were re
financed with a $1,350m
\nRevolving Credit Facility (\u2018RCF\u2019). The facility matures in 2027, with options to extend for a further two years. A variable rate of interest is
\npayable on amounts drawn. No amounts were drawn throughout 2022 (2021: both facilities were undrawn).
\nIn addition to the RCF, the Group has access to $30m of uncommitted facilities (2021: $50m) which were also undrawn at 31 December 2022
\nand 31 December 2021.
\n197
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| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
22. Net debt
\n2022
\n$m
\n2021
\n$m
\nCash and cash equivalents
976
1,450
\nLoans and other borrowings \u2013 current
(55)
(292)
\n\u2013 non-current
(2,341)
(2,553)
\nLease liabilities
\u2013 current
(26)
(35)
\n\u2013 non-current
(401)
(384)
\nDerivative financial instruments hedging debt values (note 23)
(4)
(67)
\nNet debt
(1,851)
(1,881)
\nMovement in net debt
\n2022
\n$m
\n2021
\n$m
\nNet decrease in cash and cash equivalents, net of overdrafts
(393)
(236)
\nAdd back financing cash flows in respect o
f other components of net debt:
\nPrincipal element of lease payments
36
32
\nRepayment of \u00a3600m commercial paper
\na
\n\u2013
828
\nRepayment of long-term bonds
209
\u2013
\n245
860
\n(Increase)/decrease in net debt arising from cash
flows
(148)
624
\nOther movements:
\nLease liabilities
(48)
(7)
\nIncrease in accrued interest
(1)
(1)
\nDisposals
\u2013
3
\nExchange and other adjustments
227
29
\n178
24
\nDecrease in net debt
30
648
\nNet debt at beginning of the year
(1,881)
(2,529)
\nNet debt at end of the year
(1,851)
(1,881)
\na
\nUnder the UK Government\u2019s Covid Corporate Financing Facility (\u2018CCFF\u2019).
\nInformation concerning Non-GAAP measures can be found in the Strategic Report.
\nNet debt as calculated for bank covenants can be found on page 201.
\nNotes to the Group Financial Statements
continued
\n198
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
22. Net debt
continued
\nLoans and other borrowings (excluding bank overdrafts), lease liabilities and currency swaps comprise the liabilities included in the
financing
\nactivities section of the Group statement of cash
flows and their movements are analysed as
follows:
\nAt 1 January
\n2022
\n$m
\nFinancing
\ncash flows
\n$m
\nExchange
\nadjustments
\n$m
\nDisposal
\n$m
\nOther
\na,b
\n$m
\nAt 31 December
\n2022
\n$m
\nLease liabilities
419
(36)
(4)
\u2013
48
427
\n\u00a3173m 3.875% bonds 2022
233
(209)
(24)
\u2013
\u2013
\u2013
\n\u20ac500m 1.625% bonds 2024
565
\u2013
(32)
\u2013
1
534
\n\u00a3300m 3.75% bonds 2025
408
\u2013
(45)
\u2013
2
365
\n\u00a3350m 2.125% bonds 2026
473
\u2013
(50)
\u2013
\u2013
423
\n\u20ac500m 2.125% bonds 2027
570
\u2013
(32)
\u2013
1
539
\n\u00a3400m 3.375% bonds 2028
537
\u2013
(57)
\u2013
\u2013
480
\n3,205
(245)
(244)
\u2013
52
2,768
\nCurrency swaps
62
\u2013
\u2013
\u2013
(58)
4
\n3,267
(245)
(244)
\u2013
(6)
2,772
\nAt 1 January
\n2021
\n$m
\nFinancing
\ncash flows
\n$m
\nExchange
\nadjustments
\n$m
\nDisposal
\n$m
\nOther
\nb
\n$m
\nAt 31 December
\n2021
\n$m
\nLease liabilities
450
(32)
(3)
(3)
7
419
\n\u00a3173m 3.875% bonds 2022
235
\u2013
(3)
\u2013
1
233
\n\u20ac500m 1.625% bonds 2024
611
\u2013
(48)
\u2013
2
565
\n\u00a3300m 3.75% bonds 2025
413
\u2013
(5)
\u2013
\u2013
408
\n\u00a3350m 2.125% bonds 2026
479
\u2013
(6)
\u2013
\u2013
473
\n\u20ac500m 2.125% bonds 2027
618
\u2013
(48)
\u2013
\u2013
570
\n\u00a3400m 3.375% bonds 2028
542
\u2013
(7)
\u2013
2
537
\nCommercial paper
818
(828)
13
\u2013
(3)
\u2013
\n4,166
(860)
(107)
(3)
9
3,205
\nCurrency swaps
17
\u2013
\u2013
\u2013
45
62
\n4,183
(860)
(107)
(3)
54
3,267
\na
\nThe non-cash increase in lease liabilities principally arises from additions.
\nb
\nThe change in value of currency swaps represents fair value movements.
\n23. Financial risk management and derivative financial instruments
\nOverview
\nThe Group is exposed to financial risks that arise in relation to underlying business activities. These risks include: market risk, liquidity risk,
\ncredit risk and capital risk. There are Board approved policies in place to manage these risks. Treasury activities to manage these risks may
\ninclude money market funds, repurchase agreements, spot and forward foreign exchange instruments, currency swaps, interest rate swaps
\nand forward rate agreements.
\nMarket risk
\nMarket risk is the risk that the fair value or future cash
flows o
f a
financial instrument will fluctuate because o
f changes in market prices.
\nMarket risk comprises: foreign exchange risk and interest rate risk. Financial instruments a\ufb00ected by market risk include loans and other
\nborrowings, cash and cash equivalents, debt and equity investments and derivatives.
\nForeign exchange risk
\nThe US dollar is the predominant currency of the Group\u2019s revenue and cash
flows. Movements in
foreign exchange rates can a\ufb00ect the
\nGroup\u2019s reported profit or loss, net liabilities and its interest cover. The most significant exposures o
f the Group are in currencies that are
\nfreely convertible. The Group\u2019s reported debt has an exposure to borrowings held in sterling and euros. After the e\ufb00ect of currency swaps,
\nthe Group holds its bond debt in sterling which is the primary currency of shareholder returns. US dollars are also borrowed when required
\nto reflect the predominant trading currency and act as a net investment hedge o
f US dollar denominated assets.
\nThe Group transacted currency swaps at the same time as the \u20ac500m 2.125% 2027 and \u20ac500m 1.625% 2024 bonds were issued in
\nNovember 2018 and October 2020 respectively in order to swap the bonds\u2019 proceeds and interest flows into sterling (see page 200).
\nInterest rate risk
\nThe Group is exposed to interest rate risk in relation to its fixed and floating rate borrowings. The Group\u2019s policy requires a minimum o
f 50%
\nfixed rate debt over the next 12 months. With the exception o
f overdrafts, 100% of borrowings were
fixed rate debt at 31 December 2022
\n(2021: 100%).
\n199
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n23. Financial risk management and derivative financial instruments
continued
\nDerivative financial instruments
\nDerivatives are recorded in the Group statement of
financial position at
fair value (see note 24) as follows:
\nDerivatives
\n2022
\n$m
\n2021
\n$m
\nCurrency swaps
(4)
(62)
\nAnalysed as:
\nNon-current assets
7
\u2013
\nNon-current liabilities
(11)
(62)
\n(4)
(62)
\nThe carrying amount of currency swaps comprises $4m loss (2021: $67m loss) relating to exchange movements on the underlying principal,
\nincluded within net debt (see note 22), and $nil (2021: $5m gain) relating to other fair value movements.
\nDetails of the credit risk on derivative
financial instruments are included on page 202.
\nCash flow hedges
\nCurrency swaps have been transacted to swap the proceeds from the euro bonds to sterling as follows:
\nDate of designation
Pay leg
Interest rate
Receive leg
Interest rate
Maturity
Risk
Hedge type
Hedged item
\nNovember 2018
\u00a3436m
3.5%
\u20ac500m
2.125%
May 2027
Foreign exchange
Cash flow
\u20ac500m 2.125% bonds 2027
\nOctober 2020
\u00a3454m
2.7%
\u20ac500m
1.625%
October 2024
Foreign exchange
Cash flow
\u20ac500m 1.625% bonds 2024
\nThere is an economic relationship between the hedged item and the hedging instrument as the critical terms are aligned, such that the
\nhedge ratio is 1:1.
\nThe change in the fair value of hedging instruments used to measure hedge ine\ufb00ectiveness in the period mirrors that of the hypothetical
\nderivative (hedged item) and was $48m gain (2021: $40m loss).
\nHedge ine\ufb00ectiveness arises where the cumulative change in the fair value of the swaps exceeds the change in fair value of the future
\ncash flows o
f the bonds, and may be due to any opening fair value of the hedging instrument, or a change in the credit risk of the Group
\nor counterparty. There was no cumulative ine\ufb00ectiveness in 2022 or 2021.
\nAmounts recognised in the cash flow hedge reserves are analysed in note 28.
\nNet investment hedges
\nThe Group designates the following as net investment hedges of its foreign operations, being the net assets of certain Group subsidiaries
\nwith a US dollar functional currency:
\n\u2022
Borrowings under the RCF; and
\n\u2022
Short-dated foreign exchange swaps.
\nThe designated risk is the spot foreign exchange risk and interest on these
financial instruments is taken through financial income or expense.
\nShort-dated foreign exchange swaps are used when needed to manage sterling surplus cash and reduce US dollar borrowings while
\nmaintaining operational flexibility.
\nThere is an economic relationship between the hedged item and the hedging instrument as the net investment creates a foreign exchange
\nrisk that will match the foreign exchange risk on the short-dated foreign exchange swaps. The Group has established a hedge ratio of 1:1
\nas the underlying risk of the hedging instrument is identical to the hedged risk component.
\nThe change in value of hedging instruments recognised in the currency translation reserve through other comprehensive income was a loss
\nof $6m (2021: $nil). There was no ine\ufb00ectiveness recognised in the Group income statement during the current or prior year.
\n200
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
23. Financial risk management and derivative financial instruments
continued
\nInterest and foreign exchange risk sensitivities
\nThe following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group\u2019s pro
fit or loss be
fore
\ntax and net liabilities, and the impact of a rise in US dollar, euro and sterling interest rates on the Group\u2019s pro
fit or loss be
fore tax. The impact
\nof the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair value of the currency swaps.
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nIncrease in profit be
fore tax
\nSterling: US dollar exchange rate
$0.05 fall
(2.9)
7.0
5.9
\nEuro: US dollar exchange rate
$0.05 fall
(0.3)
0.2
0.3
\nUS dollar interest rates
1% increase
4.2
7.1
2.2
\nSterling interest rates
1% increase
3.6
5.2
12.9
\nDecrease in net liabilities
\nSterling: US dollar exchange rate
$0.05 fall
26.5
29.1
30.2
\nEuro: US dollar exchange rate
$0.05 fall
49.6
49.7
50.6
\nSterling: euro exchange rate
\u20ac0.05 fall
60.2
67.4
68.2
\nInterest rate sensitivity relates to cash balances and would only be realised to the extent deposit rates increase by 1%.
\nInterest rate sensitivities include the impact of hedging and are calculated based on the year-end net debt position.
\nLiquidity risk
\nGroup policy ensures su\ufb00icient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide headroom
\nagainst unforeseen obligations.
\nCash and cash equivalents are held in short-term deposits, repurchase agreements and cash funds which allow daily withdrawals of cash.
\nMost of the Group\u2019s funds are held in the UK or US, although $24m (2021: $77m) is held in countries where repatriation is restricted
\n(see note 18).
\nMedium- and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 21.
\nThe new RCF (see note 21) contains two financial covenants: interest cover (Covenant EBITDA: Covenant interest payable) and a leverage
\nratio (Covenant net debt: Covenant EBITDA). These are tested at half year and full year on a trailing 12-month basis.
\nIn 2021 and 2020, covenant measures were reported on a frozen GAAP basis excluding the e\ufb00ect of IFRS 16, an adjustment which has been
\neliminated under the new facility.
\n31 December
\n2022
\n31 December
\n2020 and 2021
\nCovenant test levels for RCF
\nLeverage
<4.0x
waived
\nInterest cover
>3.5x
waived
\nLiquidity
n/a
$400m
\na
\na
\nDefined as unrestricted cash and cash equivalents (net o
f bank overdrafts) plus undrawn facilities with a remaining term of at least six months.
\n2022
2021
\na
\n2020
\na
\nCovenant measures
\nCovenant EBITDA ($m)
896
601
272
\nCovenant net debt ($m)
1,898
1,801
2,375
\nCovenant interest payable ($m)
109
133
111
\nLeverage
2.12
3.00
8.73
\nInterest cover
8.22
4.52
2.45
\nLiquidity ($m)
n/a
2,655
2,925
\na
\nAt 31 December 2021 and 2020, the leverage and interest covenants under the previous facilities were waived and replaced with a liquidity requirement of $400m.
\nThe interest margin payable on the RCF is linked to the Group\u2019s credit rating and is currently 0.60%.
\n201
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n23. Financial risk management and derivative financial instruments
continued
\nThe following are the undiscounted contractual cash
flows o
f
financial liabilities, including interest payments. Liabilities relating to the Group\u2019s
\ndeferred compensation plan are excluded; their settlement is funded entirely by the realisation of the related deferred compensation plan
\ninvestments and no net cash flow arises.
\n31 December 2022
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2
\nyears
\n$m
\nBetween
\n2 and 5
\nyears
\n$m
\nMore than
\n5 years
\n$m
\nTotal
\n$m
\nNon-derivative financial liabilities:
\nBank overdrafts
55
\u2013
\u2013
\u2013
55
\n\u20ac500m 1.625% bonds 2024
9
543
\u2013
\u2013
552
\n\u00a3300m 3.75% bonds 2025
14
14
375
\u2013
403
\n\u00a3350m 2.125% bonds 2026
9
9
439
\u2013
457
\n\u20ac500m 2.125% bonds 2027
11
11
568
\u2013
590
\n\u00a3400m 3.375% bonds 2028
16
16
49
498
579
\nLease liabilities
53
50
126
3,201
3,430
\nTrade and other payables (excluding deferred and contingent purchase consideration)
660
1
1
2
664
\nDeferred and contingent purchase consideration
\u2013
13
39
42
94
\nDerivative financial liabilities:
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 outflows
14
561
\u2013
\u2013
575
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 inflows
(9)
(543)
\u2013
\u2013
(552)
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 outflows
18
18
571
\u2013
607
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 inflows
(11)
(11)
(568)
\u2013
(590)
\n31 December 2021
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2
\nyears
\n$m
\nBetween
\n2 and 5
\nyears
\n$m
\nMore than
\n5 years
\n$m
\nTotal
\n$m
\nNon-derivative financial liabilities:
\nBank overdrafts
59
\u2013
\u2013
\u2013
59
\n\u00a3173m 3.875% bonds 2022
241
\u2013
\u2013
\u2013
241
\n\u20ac500m 1.625% bonds 2024
9
9
575
\u2013
593
\n\u00a3300m 3.75% bonds 2025
15
15
435
\u2013
465
\n\u00a3350m 2.125% bonds 2026
10
10
502
\u2013
522
\n\u20ac500m 2.125% bonds 2027
12
12
36
578
638
\n\u00a3400m 3.375% bonds 2028
18
18
55
575
666
\nLease liabilities
58
49
123
3,212
3,442
\nTrade and other payables (excluding deferred and contingent purchase consideration)
550
2
1
2
555
\nDeferred and contingent purchase consideration
\u2013
\u2013
52
42
94
\nDerivative financial liabilities:
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 outflows
16
16
628
\u2013
660
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 inflows
(9)
(9)
(575)
\u2013
(593)
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 outflows
21
21
62
598
702
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 inflows
(12)
(12)
(36)
(578)
(638)
\nCredit risk
\nCredit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally restricts
\ncounterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses long-term credit ratings
\nfrom Standard and Poor\u2019s, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
\nIn order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics including credit
\nratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the relevant counterparty.
\nRepurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only government
\nor supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership of these securities
\nwould revert to the Group. The securities held as collateral are to protect against default by the counterparty.
\nThe Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying amount
\nof each
financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents is considered
\nto be immaterial.
\n202
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
23. Financial risk management and derivative financial instruments
continued
\nThe table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classi
fied as cash and
\ncash equivalents by counterparty credit rating:
\n31 December 2022
\nAAA
\n$m
\nAA+
\n$m
\nAA
\n$m
\nAA\u2011
\n$m
\nA+
\n$m
\nA
\n$m
\nA\u2011
\n$m
\nBBB+ and
\nbelow
\n$m
\nTotal
\n$m
\nShort-term deposits
\u2013
\u2013
\u2013
66
127
141
50
37
421
\nMoney market funds
360
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
360
\nRepurchase agreement collateral
22
2
6
\u2013
\u2013
\u2013
\u2013
\u2013
30
\n31 December 2021
\nAAA
\n$m
\nAA+
\n$m
\nAA
\n$m
\nAA-
\n$m
\nA+
\n$m
\nA
\n$m
\nA-
\n$m
\nBBB+
\n$m
\nTotal
\n$m
\nShort-term deposits
\u2013
\u2013
\u2013
87
45
169
\u2013
\u2013
301
\nMoney market funds
1,025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,025
\nCapital risk management
\nThe Group manages its capital to ensure that it will be able to continue as a going concern. The capital structure consists of net debt, issued
\nshare capital and reserves. The structure is managed with the objective of maintaining an investment grade credit rating, to provide ongoing
\nreturns to shareholders and to service debt obligations, while maintaining maximum operational flexibility. A key characteristic o
f IHG\u2019s
\nmanaged and franchised business model is that it is highly cash generative, with a high return on capital employed. Surplus cash is either
\nreinvested in the business, used to repay debt or returned to shareholders.
\nThe Group\u2019s debt is monitored on the basis of a cash
flow leverage ratio, being net debt divided by adjusted EBITDA. The Group has a stated
\naim of maintaining this ratio at 2.5x to 3.0x. The ratio at 31 December 2022 (which di\ufb00ers from the ratio as calculated for covenant tests) was
\n2.07 (2021: 2.98).
\nThe Group currently has a senior unsecured long-term credit rating of BBB from Standard and Poor\u2019s. In the event this rating was downgraded
\nbelow BBB- (a downgrade of two levels) there would be an additional step-up coupon of 1.25% payable on the bonds which would result in
\nadditional interest of approximately $29m per year.
\n24. Classification and measurement o
f
financial instruments
\nAccounting classification and
fair value hierarchy
\n2022
2021
\nHierarchy of
\nfair value
\nmeasurement
\nFair value
\na
\n$m
\nAmortised
\ncost
\n$m
\nNot
\ncategorised
\nas a financial
\ninstrument
\n$m
\nTotal
\n$m
\nFair value
\na
\n$m
\nAmortised
\ncost
\n$m
\nNot
\ncategorised
\nas a financial
\ninstrument
\n$m
\nTotal
\n$m
\nFinancial assets
\nOther financial assets
1,3
\nb
\n106
50
\u2013
156
114
61
\u2013
175
\nCash and cash equivalents
1
360
616
\u2013
976
1,025
425
\u2013
1,450
\nDerivative financial instruments
2
7
\u2013
\u2013
7
\u2013
\u2013
\u2013
\u2013
\nDeferred compensation
\nplan investments
1
216
\u2013
\u2013
216
256
\u2013
\u2013
256
\nTrade and other receivables
\u2013
\u2013
542
104
646
\u2013
501
73
574
\nFinancial liabilities
\nDerivative financial instruments
2
(11)
\u2013
\u2013
(11)
(62)
\u2013
\u2013
(62)
\nDeferred compensation
\nplan liabilities
1
(216)
\u2013
\u2013
(216)
(256)
\u2013
\u2013
(256)
\nLoans and other borrowings
\u2013
\u2013
(2,396)
\u2013
(2,396)
\u2013
(2,845)
\u2013
(2,845)
\nTrade and other payables
3
(83)
(658)
(37)
(778)
(73)
(566)
(29)
(668)
\na
\nWith the exception of equity securities of $88m (2021: $106m) measured at fair value through other comprehensive income, all are measured at fair value through pro
fit or loss.
\nOf those, the
financial assets related to the de
ferred compensation plan investments were designated as such upon initial recognition.
\nb
\nOf those measured at fair value, $3m (2021: $8m) are Level 1 and $103m (2021: $106m) are Level 3.
\n203
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n24. Classification and measurement o
f
financial instruments
continued
\nFinancial assets and liabilities measured at amortised cost whose carrying amount is not a reasonable approximation of fair value are
\nas follows:
\nHierarchy of
\nfair value
\nmeasurement
\n2022
2021
\nCarrying value
\n$m
\nFair value
\n$m
\nCarrying value
\n$m
\nFair value
\n$m
\n\u00a3173m 3.875% bonds 2022
1
\u2013
\u2013
(233)
(239)
\n\u20ac500m 1.625% bonds 2024
1
(534)
(511)
(565)
(585)
\n\u00a3300m 3.75% bonds 2025
1
(365)
(344)
(408)
(428)
\n\u00a3350m 2.125% bonds 2026
1
(423)
(367)
(473)
(471)
\n\u20ac500m 2.125% bonds 2027
1
(539)
(492)
(570)
(601)
\n\u00a3400m 3.375% bonds 2028
1
(480)
(417)
(537)
(566)
\nRight of o\ufb00set
\nOther than in relation to cash pooling arrangements (see note 18), there are no financial instruments with a significant
fair value subject
\nto enforceable master netting arrangements and other similar agreements that are not o\ufb00set in the Group statement of
financial position.
\nValuation techniques
\nMoney market funds, deferred compensation plan investments and bonds
\nThe fair value of money market funds, deferred compensation plan investments and bonds is based on their quoted market price.
\nUnquoted equity securities
\nUnquoted equity securities are fair valued using a discounted cash
flow model, either internally or using pro
fessional external valuers.
\nThe significant unobservable inputs used to determine the
fair value of the equity securities are RevPAR growth (based on the market-
\nspecific growth assumptions used by external valuers), pre-tax discount rate which ranged
from 6.3% to 10.0% (2021: 6.3% to 9.3%),
\nand a non-marketability factor which ranged from 20.0% to 30.0% (2021: 20.0% to 30.0%).
\nApplying a one-year slower/faster RevPAR recovery period would result in a $5m/$7m (2021: $7m) (decrease)/increase in fair value
\nrespectively. A one percentage point increase/decrease in the discount rate would result in a $8m/$9m (2021: $9m) (decrease)/increase
\nin fair value respectively. A
five percentage point increase/decrease in the non-marketability
factor would result in a $6m (2021: $6m)
\n(decrease)/increase in fair value.
\nDerivative financial instruments and other payables
\nCurrency swaps are measured at the present value of future cash
flows discounted back based on quoted
forward exchange rates and
\nthe applicable yield curves derived from quoted interest rates. Adjustments for credit risk use observable credit default swap spreads.
\nThe put option over part of the Group\u2019s investment in the Barclay associate was valued at $nil at 31 December 2022 and 2021. The value
\nis equal to the excess of the amount receivable under the option (which is based on the Group\u2019s capital invested to date) over fair value.
\nThe fair value of the hotel was derived from a pricing opinion provided by a professional external valuer. In 2022, the value of the put option
\nis also a\ufb00ected by specially allocated expenses which results in an obligation valued at $18m (see note 6) recorded within other payables.
\nFor the purposes of valuing these instruments, the fair value of the hotel was derived from a pricing opinion provided by a professional
\nexternal valuer which is categorised as a Level 3 fair value measurement.
\nDeferred purchase consideration
\nDeferred purchase consideration arose in respect of the acquisition of Regent, and comprises the present value of $13m payable in 2024.
\nThe first instalment o
f $13m was paid in 2021. The discount rate applied is based on observable US corporate bond rates of similar term
\nto the expected payment date.
\nContingent purchase consideration
\nRegent $65m (2021: $73m)
\nIn 2018, the Group acquired a 51% controlling interest in Regent Hospitality Worldwide, Inc (\u2018RHW\u2019), with put and call options existing over
\nthe remaining 49% shareholding exercisable in a phased manner from 2026 to 2033. The Group has a present ownership interest in the
\nremaining shares and the acquisition was accounted for as 100% owned with no non-controlling interest recognised and contingent
\npurchase consideration comprising the present value of the expected amounts payable on exercise of the options based on the annual
\ntrailing revenue of RHW in the year preceding exercise with a
floor applied.
\nThe value of the contingent purchase consideration is subject to periodic reassessment as interest rates and RHW revenue expectations
\nchange. At 31 December 2022, it is assumed that $39m will be paid in 2026 to acquire an additional 25% of RHW with the remaining 24%
\nacquired in 2028 for $42m. This assumes that the options will be exercised at the earliest permissible date which is consistent with the
\nassumption made on acquisition. The amount recognised is the discounted value of the total expected amount payable of $81m.
\nThe discount rate applied is based on observable US corporate bond rates of similar term to the expected payment dates. The range
\nof possible outcomes remains unchanged from the date of acquisition at $81m to $261m (undiscounted).
\nThe significant unobservable inputs used to determine the
fair value of the contingent purchase consideration are the projected trailing
\nrevenues of RHW and the date of exercising the options. If the annual trailing revenue of RHW were to exceed the
floor by 10%, the amount
\nof the contingent purchase consideration recognised in the Group Financial Statements would increase by $6m (2021: $7m). If the date for
\nexercising the options is assumed to be 2033, the amount of the undiscounted contingent purchase consideration would be $86m
\n(2021: $86m).
\n204
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
24. Classification and measurement o
f
financial instruments
continued
\nUK portfolio $nil (2021: $nil)
\nAs the leases were restructured in 2022 and were subject to significant rental reductions, there is no longer any contingent purchase
\nconsideration in relation to the UK portfolio hotels.
\nIn relation to the leases signed on acquisition of the portfolio, the contingent purchase consideration comprised the present value of the
\nabove-market element of the expected lease payments to the lessor. In 2020, a fair value adjustment of $21m was recognised which
\nreduced the value of the liability arising mainly from a reduction in expected future rentals payable.
\nLevel 3 reconciliation
\nOther
\nfinancial
\nassets
\n$m
\nDerivative
\nfinancial
\ninstruments
\n$m
\nOther
\npayables
\n$m
\nContingent
\npurchase
\nconsideration
\n$m
\nAt 1 January 2021
88
4
\u2013
(79)
\nAdditions
3
\u2013
\u2013
\u2013
\nValuation gains recognised in other comprehensive income
15
\u2013
\u2013
\u2013
\nUnrealised changes in fair value
\na
\n\u2013
(4)
\u2013
6
\nAt 31 December 2021
106
\u2013
\u2013
(73)
\nValuation losses recognised in other comprehensive income
(1)
\u2013
\u2013
\u2013
\nUnrealised changes in fair value
\nb
\n\u2013
\u2013
(18)
8
\nExchange adjustments
(2)
\u2013
\u2013
\u2013
\nAt 31 December 2022
103
\u2013
(18)
(65)
\na
\nThe change in the fair value of derivative
financial instruments was recognised within other net impairment charges in the Group income statement and was presented as an
\nexceptional item.
\nb
\nThe change in the fair value of other payables was recognised within share of losses from associates in the Group income statement and is presented as an exceptional item.
\n205
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n25. Reconciliation of pro
fit/(loss)
for the year to cash
flow
from operations
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nProfit/(loss)
for the year
376
265
(260)
\nAdjustments for:
\nNet financial expenses
96
139
140
\nFair value gains on contingent purchase consideration
(8)
(6)
(13)
\nIncome tax charge/(credit)
164
96
(20)
\nOperating profit adjustments:
\nImpairment loss on financial assets
5
\u2013
88
\nOther net impairment (reversals)/charges
(5)
4
226
\nOther operating exceptional items
100
25
(4)
\nDepreciation and amortisation
68
98
110
\n168
127
420
\nContract assets deduction in revenue
32
35
25
\nShare-based payments cost
30
28
21
\nShare of (pro
fits)/losses o
f associates and joint ventures (before exceptional items)
(1)
8
14
\n61
71
60
\nSystem Fund adjustments:
\nDepreciation and amortisation
86
94
62
\nImpairment loss/(reversal) on financial assets
7
(6)
24
\nOther impairment (reversals)/charges
\u2013
(3)
41
\nOther operating exceptional items
\u2013
\u2013
20
\nShare-based payments cost
16
13
11
\nShare of losses of associates
1
2
1
\n110
100
159
\nWorking capital and other adjustments:
\nIncrease in deferred revenue
108
39
1
\nDecrease in inventories
\u2013
1
1
\n(Increase)/decrease in trade and other receivables
(132)
(75)
38
\nIncrease/(decrease) in trade and other payables
121
153
(69)
\nOther adjustments
4
(8)
2
\n101
110
(27)
\nCash flows relating to exceptional items
(43)
(12)
(87)
\nContract acquisition costs, net of repayments
(64)
(42)
(64)
\nTotal adjustments
585
583
568
\nCash flow
from operations
961
848
308
\n26. Retirement benefits
\nUK
\nSince 2014, UK retirement and death in service benefits are provided
for eligible employees by the IHG UK De
fined Contribution Pension Plan.
\nMembers are provided with defined contribution arrangements under this plan; benefits are based on each individual member\u2019s personal
\naccount. The plan is HM Revenue & Customs registered and governed by an independent trustee, assisted by professional advisers as and
\nwhen required. The overall operation of the plan is subject to the oversight of The Pensions Regulator.
\nThe former de
fined benefit plan, the InterContinental Hotels UK Pension Plan, was wound up in 2015
following the completion of the buy-out
\nand transfer of the de
fined benefit obligations to Rothesay Li
fe.
\nResidual defined benefit obligations remain in respect o
f additional bene
fits provided to members o
f an unfunded pension arrangement
\n(\u2018UK plan\u2019) who were a\ufb00ected by lifetime or annual allowances under the former de
fined benefit arrangements. Accrual under this
\narrangement ceased with e\ufb00ect from 1 July 2013 and a cash-out o\ufb00er in 2014 resulted in the extinguishment of approximately 70% of the
\nunfunded pension obligations. The Group meets the bene
fit payment obligations o
f the remaining members as they fall due. A charge over
\ncertain ring-fenced bank accounts totalling $39m (\u00a331m) at 31 December 2022 (see note 16) is currently held as security on behalf of the
\nremaining members.
\n206
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
26. Retirement benefits
continued
\nUS
\nDuring 2018, the Group completed a termination of the US funded Inter-Continental Hotels Pension Plan, which involved certain qualifying
\nmembers receiving lump-sum cash-out payments with the remaining pension obligations subject to a buy-out by Banner Life Insurance
\nCompany, a subsidiary of Legal & General America.
\nThe Group continues to maintain the unfunded Inter-Continental Hotels Non-quali
fied Pension Plans (\u2018US plans\u2019) and un
funded Inter-Continental
\nHotels Corporation Postretirement Medical, Dental, Vision and Death Benefit Plan (\u2018US post-retirement plan\u2019), both o
f which are de
fined
\nbenefit plans. Both plans are closed to new members. A Retirement Committee, comprising senior Group employees and assisted by
\nprofessional advisers as and when required, has responsibility for oversight of the plans.
\nMovement in UK and US retirement benefit obligations
\nDefined benefit obligation
Fair value of plan assets
Net defined benefit obligation
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAt 1 January
92
103
96
\u2013
\u2013
\u2013
92
103
96
\nRecognised in profit or loss
\nInterest expense
2
2
3
\u2013
\u2013
\u2013
2
2
3
\n2
2
3
\u2013
\u2013
\u2013
2
2
3
\nRecognised in other
\ncomprehensive income
\nActuarial (gain)/loss arising from
\nchanges in:
\nDemographic assumptions
(1)
(3)
(3)
\u2013
\u2013
\u2013
(1)
(3)
(3)
\nFinancial assumptions
(22)
(3)
10
\u2013
\u2013
\u2013
(22)
(3)
10
\nExperience adjustments
2
(1)
1
\u2013
\u2013
\u2013
2
(1)
1
\nRe-measurement (gain)/loss
(21)
(7)
8
\u2013
\u2013
\u2013
(21)
(7)
8
\nExchange adjustments
(2)
(1)
2
\u2013
\u2013
\u2013
(2)
(1)
2
\n(23)
(8)
10
\u2013
\u2013
\u2013
(23)
(8)
10
\nOther
\nGroup contributions
\u2013
\u2013
\u2013
(5)
(5)
(6)
(5)
(5)
(6)
\nBenefits paid
(5)
(5)
(6)
5
5
6
\u2013
\u2013
\u2013
\n(5)
(5)
(6)
\u2013
\u2013
\u2013
(5)
(5)
(6)
\nAt 31 December
66
92
103
\u2013
\u2013
\u2013
66
92
103
\nComprising:
\nUK plan
18
30
31
\u2013
\u2013
\u2013
18
30
31
\nUS plans
35
45
50
\u2013
\u2013
\u2013
35
45
50
\nUS post-retirement plan
13
17
22
\u2013
\u2013
\u2013
13
17
22
\n66
92
103
\u2013
\u2013
\u2013
66
92
103
\nAssumptions
\nThe principal financial assumptions used by the actuaries to determine the defined benefit obligations are:
\n2022
\n%
\n2021
\n%
\n2020
\n%
\nUK plan only:
\nPension increases
3.2
3.4
3.0
\nInflation rate
3.2
3.4
3.0
\nDiscount rate:
\nUK plan
5.0
1.8
1.4
\nUS plans
4.9
2.4
1.9
\nUS post-retirement plan
4.9
2.4
2.0
\nUS healthcare cost trend rate assumed for the next year:
\nPre-65 (ultimate rate reached in 2032)
6.9
6.2
6.4
\nPost-65 (ultimate rate reached in 2032)
7.3
6.5
6.8
\nUltimate rate that the cost rate trends to
4.5
4.5
4.5
\nMortality is the most significant demographic assumption. The current assumptions
for the UK are based on the S3PA \u2018light\u2019 year of birth
\ntables with projected mortality improvements using the CMI_2021 model and a 1.25% per annum long-term trend and a smoothing parameter
\n(\u2018s-kappa\u2019) of 7.5 with weightings of 95% and 88% for pensioners and 90% and 88% for non-pensioners, male and female respectively. In the
\nUS, the current assumptions use rates from the Pri-2012 Mortality Study and Generationally Projected with Scale MP
-2021 mortality tables.
\n207
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n26. Retirement benefits
continued
\nThe assumptions applied to the UK plan and US plans for life expectancy at retirement age are as follows:
\nUK
US
\n2022
\nyears
\n2021
\nyears
\n2020
\nyears
\n2022
\nyears
\n2021
\nyears
\n2020
\nyears
\nCurrent pensioners at 65
\na
\n\u2013 male
24
24
24
22
22
22
\n\u2013 female
26
26
26
23
23
23
\nFuture pensioners at 65
\nb
\n\u2013 male
25
25
25
23
23
23
\n\u2013 female
27
28
28
25
25
24
\na
\nRelates to assumptions based on longevity following retirement at the end of the reporting period.
\nb
\nRelates to assumptions based on longevity relating to an employee retiring in 2042.
\nThe assumptions allow for expected increases in longevity.
\nSensitivities
\nChanges in assumptions used for determining retirement bene
fit costs and obligations may have an impact on the Group income statement
\nand the Group statement of
financial position. The key assumptions are the discount rate, the rate o
f in
flation, the assumed mortality rate
\nand the healthcare costs trend rate. The sensitivity analysis below relates to the increase/(decrease) in the benefit obligation and is based
\non extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between
\nthe assumptions:
\n2022
\n$m
\n2021
\na
\n$m
\nDiscount rate
1% decrease
6.6
11.4
\n1% increase
(5.4)
(11.2)
\nInflation rate
0.25% decrease
(0.5)
(1.2)
\n0.25% increase
0.6
1.3
\nMortality rate
One-year increase
2.5
5.1
\nHealthcare costs trend rate
1% decrease
(0.8)
(1.2)
\n1% increase
0.8
1.3
\na
\n2021 sensitivities have been re-presented to show the e\ufb00ect of a 1% change in discount rate, consistent with 2022.
\nEstimated future bene
fit payments
\n2022
\n$m
\n2021
\n$m
\nWithin one year
5
5
\nBetween one and five years
20
21
\nMore than five years
89
96
\n114
122
\nAverage duration of pension obligations
\n2022
\nyears
\n2021
\nyears
\nUK plan
14.0
19.0
\nUS plans
7.6
9.0
\nUS post-retirement plan
8.0
9.4
\nOther pension plans
\nPhilippines
\nThe Group maintains a further, immaterial, pension plan for employees in the Philippines which is accounted for as a de
fined benefit plan.
\nAt 31 December 2022, the net retirement benefit asset was $2m (2021: $2m) comprising plan assets o
f $9m (2021: $9m) and a de
fined
\nbenefit obligation o
f $7m (2021: $7m). Plan assets comprise $6m (2021: $7m) domestic government securities, $2m (2021: $2m) domestic
\nequity investments and $1m (2021: $nil) money market funds.
\nContributions in the year were $1m (2021: $1m); the charge to the Group income statement was $1m and all other movements were less than
\n$1m (2021: less than $1m).
\nKey assumptions used in the valuation are the discount rate of 7.0% (2021: 5.0%) and the rate of salary increases of 6.0% (2021: 7.0% after 2022).
\nThe weighted average duration of liabilities is 11 years (2021: 13 years); estimated future bene
fit payments are less than $1m in all years.
\nDefined contribution plans
\nThe Group also operates a number of smaller pension plans outside the UK, the most signi
ficant o
f which is a de
fined contribution plan
\nin the US.
\n208
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
27. Share\u2011based payments
\nAnnual Performance Plan
\nUnder the IHG Annual Performance Plan (\u2018APP\u2019), eligible employees (including Executive Directors) receive all or part of their bonus in
\nthe form of deferred shares and/or receive one-o\ufb00 awards of shares. Deferred shares in relation to bonus plans are released on the third
\nanniversary of the award date. Awards under the APP are conditional on the participants remaining in the employment of a participating
\ncompany or leaving for a qualifying reason as per the plan rules. The grant of deferred shares under the APP is at the discretion of the
\nRemuneration Committee.
\nThe number of shares is calculated by dividing a speci
fic percentage o
f the participant\u2019s annual performance-related award by the average
\nof the middle market quoted prices on the three consecutive business days following the announcement of the Group\u2019s results for the
\nrelevant financial year.
\nLong Term Incentive Plan
\nThe Long Term Incentive Plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive conditional share awards, which normally
\nhave a vesting period of three years. In addition, certain awards to Executive Directors are subject to a further two-year holding period
\nafter vesting.
\nPerformance-related awards:
Executive Directors and other eligible employees are granted share awards containing performance-based
\nvesting conditions set by the Remuneration Committee, which are normally measured over the vesting period.
\nRestricted stock units:
Awards to eligible employees are granted subject to continued employment.
\nAwards are normally made annually and, except in exceptional circumstances, will not exceed 3.5 times salary for eligible employees under
\nthe current plan rules.
\nColleague Share Plan
\nThe Colleague Share Plan gives eligible corporate employees the opportunity to purchase shares up to an annual limit. After the end of the
\nplan year, the participant will be awarded the right to receive one matching share for every purchased share (subject to continued employment).
\nIf the participant holds the purchased shares until the second anniversary of the end of the plan year, the conditional right to matching
\nshares vests.
\nThe total fair value of the Colleague Share Plan is not signi
ficant.
\nMore detailed information on the performance measures for awards to Executive Directors is shown in the Directors\u2019 Remuneration Report
\non pages 114 to 136.
\nCosts relating to share\u2011based payment transactions
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nEquity\u2011settled
\nOperating profit be
fore System Fund and exceptional items
28
26
19
\nSystem Fund
16
13
11
\n44
39
30
\nCash\u2011settled
\nOperating profit be
fore System Fund and exceptional items
2
2
2
\n46
41
32
\nNo consideration was received in respect of ordinary shares issued under option schemes during 2022, 2021 or 2020.
\nOption pricing models, assumptions and movements in awards outstanding
\nOption pricing models and assumptions
\nAPP
LTIP
\nBinomial valuation model
\nMonte Carlo Simulation, Binomial
\nand Finnerty valuation models
\n2022
2021
2020
2022
2021
2020
\nWeighted average share price (pence)
5,018.3
5,009.0
3,771.0
4,875.0
4,980.0
3,450.0
\nExpected dividend yield
2.29% to 2.67%
1.11%
1.48%
\nRisk-free interest rate
1.29%
0.09%
0.02%
\nVolatility
\na
\n35% to 45%
43%
33%
\nTerm (years)
1.7
1.5
3.0
3.0
3.0
3.0
\na
\nThe expected volatility was determined by calculating the historical volatility of the Company\u2019s share price corresponding to the expected life of the share award.
\n209
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n27. Share\u2011based payments
continued
\nNumber of share awards (thousands)
\nAPP
LTIP
\nPerformance\u2011related
\nawards
\nRestricted stock
\nunits
\nOutstanding at 1 January 2020
496
695
1,275
\nGranted
138
383
696
\nVested
(188)
(179)
(413)
\nLapsed or cancelled
(33)
(85)
(137)
\nOutstanding at 31 December 2020
413
814
1,421
\nGranted
90
281
442
\nVested
(147)
(70)
(391)
\nLapsed or cancelled
(8)
(153)
(122)
\nOutstanding at 31 December 2021
348
872
1,350
\nGranted
236
323
706
\nVested
(254)
(23)
(391)
\nLapsed or cancelled
(9)
(239)
(90)
\nOutstanding at 31 December 2022
321
933
1,575
\nFair value of awards granted during the year (cents)
\n2022
6,180.2
3,770.0
5,656.4
\n2021
6,888.5
4,676.3
6,559.7
\n2020
4,965.9
2,473.5
4,397.5
\nWeighted average remaining contract life (years)
\nAt 31 December 2022
1.0
1.1
1.2
\nAt 31 December 2021
0.5
1.2
1.2
\nAt 31 December 2020
1.0
1.4
1.3
\nThe above awards do not vest until the performance and service conditions have been met.
\nThe weighted average share price at the date of exercise for share awards vested during the year was 4,950.5p (2021: 5,081.2p). The closing
\nshare price on 31 December 2022 was 4,744.0p (31 December 2021: 4,781.0p) and the range during the year was 4,193.0p to 5,338.0p
\n(2021: 4,399.0p to 5,336.0p).
\n28. Equity
\nEquity share capital
\nAllotted, called up and fully paid
\nNumber
\nof shares
\nmillions
\nNominal
\nvalue
\n$m
\nShare
\npremium
\n$m
\nEquity
\nshare
\ncapital
\n$m
\nAt 1 January 2020 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
52
99
151
\nExchange adjustments
\u2013
1
4
5
\nAt 31 December 2020 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
53
103
156
\nExchange adjustments
\u2013
\u2013
(2)
(2)
\nAt 31 December 2021 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
53
101
154
\nRepurchased and cancelled under share repurchase programme
(4)
(1)
\u2013
(1)
\nExchange adjustments
\u2013
(6)
(10)
(16)
\nAt 31 December 2022 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
183
46
91
137
\nUnder the authority given to the Company by shareholders at the AGM held on 6 May 2022 to purchase its own shares, on 9 August 2022
\nthe Company announced a $500m return of funds via a share repurchase programme. In the year ended 31 December 2022, 9.1m shares
\nwere repurchased for total consideration of $482m including $2m transaction costs, 4.5m are held as treasury shares and 4.6m were cancelled.
\nThe cost of treasury shares and related transaction costs have been deducted from retained earnings. A liability, re
flecting outstanding
\namounts payable under the repurchase plan and associated transaction costs, is recognised within current other payables (see note 19).
\nThe share repurchase programme was completed on 31 January 2023.
\nWhen approving shareholder returns in 2022 and 2023, the Board first reviewed the Parent Company Financial Statements to confirm
\navailability of su\ufb00icient distributable reserves.
\nThe authority to repurchase shares remains valid and, in February 2023, the Board approved a further $750m share buyback programme.
\nA resolution to renew the authority will be put to shareholders at the AGM on 5 May 2023.
\nThe Company no longer has an authorised share capital.
\n210
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
28. Equity
continued
\nShares held by employee share trusts
\nNumber of
\nshares
\nmillions
\nCarrying
\nvalue
\n$m
\nMarket
\nvalue
\n$m
\n31 December 2022
1.1
37.0
62.8
\n31 December 2021
0.9
21.7
57.3
\n31 December 2020
0.1
1.4
3.1
\nShares held by employee share trusts includes 0.2m shares held in a nominee account on behalf of participants.
\nTreasury shares
\nNumber of
\nshares
\nmillions
\nNominal
\nvalue
\n$m
\nAt 1 January 2020
5.7
1.6
\nTransferred to employee share trusts
(0.6)
(0.2)
\nAt 31 December 2020
5.1
1.4
\nTransferred to employee share trusts
(1.4)
(0.4)
\nAt 31 December 2021
3.7
1.0
\nTransferred to employee share trusts
(0.7)
(0.2)
\nRepurchased under share repurchase programme
4.5
1.1
\nAt 31 December 2022
7.5
1.9
\nCash flow hedge reserves
\nCash flow
\nhedge
\nreserve
\n$m
\nCost of
\nhedging
\nreserve
\n$m
\nTotal
\n$m
\nAt 1 January 2020
1
(7)
(6)
\nCosts of hedging deferred and recognised in other comprehensive income
\u2013
(6)
(6)
\nChange in fair value of currency swaps recognised in other comprehensive income
(1)
\u2013
(1)
\nReclassified
from other comprehensive income to pro
fit or loss \u2013 included in financial expenses
(13)
\u2013
(13)
\nDeferred tax
4
\u2013
4
\nExchange adjustments
(2)
\u2013
(2)
\nAt 31 December 2020
(11)
(13)
(24)
\nCosts of hedging deferred and recognised in other comprehensive income
\u2013
2
2
\nChange in fair value of currency swaps recognised in other comprehensive income
(62)
\u2013
(62)
\nReclassified
from other comprehensive income to pro
fit or loss \u2013 included in financial expenses
96
\u2013
96
\nDeferred tax
(7)
\u2013
(7)
\nAt 31 December 2021
16
(11)
5
\nCosts of hedging deferred and recognised in other comprehensive income
\u2013
3
3
\nChange in fair value of currency swaps recognised in other comprehensive income
33
\u2013
33
\nReclassified
from other comprehensive income to pro
fit or loss \u2013 included in financial expenses
(43)
\u2013
(43)
\nDeferred tax
2
\u2013
2
\nAt 31 December 2022
8
(8)
\u2013
\nAmounts reclassified
from other comprehensive income to
financial expenses comprise $14m (2021: $15m, 2020: $9m) net interest payable
\non the currency swaps and an exchange gain of $57m (2021: $81m loss, 2020: $22m gain) which o\ufb00sets a corresponding gain or loss on the
\nhedged bonds.
\n29. Capital and other commitments
\n2022
\n$m
\n2021
\n$m
\nContracts placed for expenditure not provided in the Group Financial Statements
\nProperty, plant and equipment
5
13
\nIntangible assets
1
4
\n6
17
\nThe Group has also committed to invest a further $6m (2021: $6m) in one of its associates.
\n211
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n30. Contingencies and guarantees
\n2022 criminal unauthorised access to technology systems
\nOn 6 September 2022, the Group announced that parts of the Group\u2019s technology systems had been subject to unauthorised activity
\ncausing disruption to IHG\u2019s booking channels and other applications. No evidence of unauthorised access to systems storing guest data
\nwas identified and precautionary regulatory notifications were filed and have been closed.
\nA class action has been filed, although alleged damages have not been specified. Given the uncertainty around the timing o
f the legal
\nprocess and the quantum of any damages, it is not practicable to make a reliable estimate of the possible
financial e\ufb00ect o
f any claims
\non the Group at this time.
\nThe Group holds third-party insurance policies in respect of cyber risks and reinsures $5m through the Captive. This is fully provided for
\nin the Group\u2019s insurance reserves (see note 20). It is expected that any payment of claims above the Captive\u2019s exposure will be recoverable
\nunder insurance policies, subject to specific agreement with the insurance providers.
\nLitigation
\nFrom time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties
\ninherent in litigation. These legal claims and proceedings are in various stages and include disputes related to specific hotels where the
\npotential materiality is not yet known; such proceedings, either individually or in the aggregate, have not in the recent past and are not likely
\nto have a material e\ufb00ect on the Group\u2019s financial position or profitability. In 2022, in the EMEAA region, one such dispute has been
found
\nin the Group\u2019s favour with no liability arising; a provision has been recorded against a further matter in the EMEAA region which includes
\na number of uncertainties (see note 6). Other contingent liabilities previously reported have been resolved or are considered remote.
\nThe Group has also given warranties in respect of the disposal of certain of its former subsidiaries. It is the view of the Directors that, other
\nthan to the extent that liabilities have been provided for in these Group Financial Statements (see note 20), it is not possible to quantify any
\nloss to which these proceedings or claims under these warranties may give rise, however, as at the date of reporting, the Group does not
\nbelieve that the outcome of these matters will have a material e\ufb00ect on the Group\u2019s
financial position.
\nThird\u2011party bank loans
\nAt 31 December 2022, there were guarantees of up to $50m in place (2021: $69m). The likelihood of a payment under any of the guarantees
\nis currently considered to be not probable. The largest guarantee is $21m and the underlying loan matures in 2029. Should the Group fund
\nany amount under the guarantee, there is a cross-indemnity that the Group would seek to pursue for the other parties\u2019 share.
\nOther
\nAt 31 December 2022, the Group had outstanding letters of credit of $55m (2021: $45m) mainly relating to the Group\u2019s Captive. The letters
\nof credit do not have set expiry dates, but are reviewed and amended as required.
\nIn 2020, the Group made business insurance claims in relation to a small number of owned, leased and managed properties relating to the
\nimpact of Covid-19. These claims are ongoing and although $6m has been recognised in other operating income in the current year, it is not
\ncurrently possible to determine the final amounts which may ultimately be recovered.
\n212
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
31. Related party disclosures
\nKey management personnel
\nTotal compensation
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nShort-term employment benefits
18.7
19.3
10.5
\nContributions to defined contribution pension plans
0.5
0.5
0.3
\nEquity compensation benefits
\na
\n13.4
8.1
2.3
\n32.6
27.9
13.1
\na
\nAs measured in accordance with IFRS 2 \u2018Share-based Payment\u2019.
\nThere were no other transactions with key management personnel, defined as the Board and Executive Committee, during the years ended
\n31 December 2022, 2021 or 2020.
\nAssociates and joint ventures
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nFee revenue
9
3
1
\nAmounts receivable
10
11
11
\nAmounts payable
\u2013
\u2013
(4)
\nThe Group has a performance guarantee with a maximum exposure remaining of $10m (2021: $10m) for one associate. In 2021, the Group
\nhad an outstanding guarantee of $12m against the bank loan of another associate (see note 30).
\nThe Group funds shortfalls in owner returns relating to the Barclay associate (see note 16). In addition, loans both to and from the Barclay
\nassociate of $237m (2021: $237m) are o\ufb00set in accordance with the provisions of IAS 32 \u2018Financial Instruments: Presentation\u2019 and presented
\nnet in the Group statement of
financial position. Interest payable and receivable under the loans is equivalent. The loans have an average
\ninterest rate of 2.7% (2021: 0.9%) and interest is presented net in the Group income statement. Notes 6 and 15 contain details of other
\ntransactions with the Barclay associate.
\n32. System Fund
\nSystem Fund revenues comprise:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAssessment fees and contributions received from hotels and other revenues
989
727
490
\nLoyalty programme revenues, net of the cost of point redemptions
228
201
275
\n1,217
928
765
\nSystem Fund expenses include:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nMarketing
408
147
109
\nSta\ufb00 costs (note 4)
341
304
242
\nDepreciation and amortisation
86
94
62
\nImpairment loss/(reversal) on trade receivables (note 17)
7
(6)
24
\nOther net impairment (reversals)/charges
\u2013
(3)
41
\n213
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n33. Group companies
\nIn accordance with Section 409 of the Companies Act 2006, a full list of entities in which the Group has an interest of greater than or equal
\nto 20%, the registered o\ufb00ice and e
\ufb00ective percentage of equity owned as at 31 December 2022 are disclosed below. Unless otherwise stated,
\nthe ownership interest disclosed comprises either ordinary shares, certificated or un-certificated membership interests which are indirectly
\nheld by InterContinental Hotels Group PLC.
\nFully owned subsidiaries
\n10000 Champion Acquisition LLC (k)
\n24th Street Operator Sub, LLC (k)
\n36th Street IHG Sub, LLC (k)
\n426 Main Ave, LLC (k)
\n46 Nevins Street Associates, LLC (k)
\n2250 Blake Street Hotel, LLC (k)
\nAlpha Kimball Hotel, LLC (k)
\nAsia Pacific Holdings Limited (n)
\nBarclay Operating Corp. (cj)
\nBHMC Canada Inc. (o)
\nBHR Holdings B.V. (p)
\nBHR Pacific Holdings, Inc. (k)
\nBHTC Canada Inc. (o)
\nBlythswood Square Glasgow Hotel OpCo Ltd. (n)
\nBOC Barclay Sub, LLC (cj)
\nBristol Oakbrook Tenant Company (k)
\nCambridge Lodging, LLC (k)
\nCapital Lodging, LLC (k)
\nCECNY Land Holdings, LLC (k)
\nCF Irving Owner, LLC (k)
\nCF McKinney Owner, LLC (k)
\nCompa\u00f1ia Inter-Continental De Hoteles
\nEl Salvador SA (n)
\nCrowne Plaza, LLC (k)
\nCumberland Akers Hotel, LLC (k)
\nDunwoody Operations, LLC (k)
\nEdinburgh George Street Hotel OpCo Ltd. (n)
\nEdinburgh IC Limited (cr)
\nEVEN Real Estate Holding, LLC (k)
\nGeneral Innkeeping Acceptance Corporation (b) (l)
\nGrand Central Glasgow Hotel OpCo Limited (n)
\nGuangzhou SC Hotels Services Ltd. (t)
\nHawthorne Land Holdings LLC (k)
\nH.I. Soaltee Management Company Ltd. (ac)
\nHC International Holdings, Inc. (w)
\nHH France Holdings SAS (x)
\nHH Hotels (EMEA) B.V. (p)
\nHH Hotels (Romania) SRL (y)
\nHIM (Aruba) NV (z)
\nHoft Properties, LLC (k)
\nHoliday Hospitality Franchising, LLC (k)
\nHoliday Inn Mexicana S.A. de C.V. (ab)
\nHoliday Inns (China) Ltd. (ac)
\nHoliday Inns (Courtalin) Holding SAS (x)
\nHoliday Inns (Courtalin) SAS (x)
\nHoliday Inns (England) Limited (cy) (dissolved on 2
\nFeburary 2023)
\nHoliday Inns (Germany), LLC (l)
\nHoliday Inns (Jamaica) Inc. (l)
\nHoliday Inns (Middle East) Limited (ac)
\nHoliday Inns (Philippines), Inc. (l)
\nHoliday Inns (Saudi Arabia), Inc. (l)
\nHoliday Inns (Thailand) Limited (ac)
\nHoliday Inns (UK), Inc. (l)
\nHoliday Inns Crowne Plaza (Hong Kong), Inc. (l)
\nHoliday Inns Holdings (Australia) Pty Limited (aa)
\nHoliday Inns Inc. (k)
\nHoliday Inns Investment (Nepal) Limited (ac)
\nHoliday Inns of America (UK) Limited (cb)
\nHoliday Inns of Belgium N.V. (ad)
\nHoliday Pacific Equity Corporation (k)
\nHoliday Pacific, LLC (k)
\nHoliday Pacific Partners, LP (k)
\nHotel InterContinental London (Holdings) Limited (n)
\nHotel Inter-Continental London Limited (n)
\nHoteles Y Turismo HIH SRL (n)
\nIC Hotelbetriebsf\u00fchrungs GmbH (ae)
\nIC Hotels Management (Portugal) Unipessoal, Lda (af)
\nIC International Hotels Limited Liability Company (ag)
\nIHC Arabia for Management, LLC (u)
\nIHC Buckhead, LLC (ci)
\nIHC Hopkins (Holdings) Corp. (k)
\nIHC Hotel Limited (n)
\nIHC Inter-Continental (Holdings) Corp. (k)
\nIHC London (Holdings) (n)
\nIHC May Fair (Holdings) Limited (cb)
\nIHC May Fair Hotel Limited (n)
\nIHC M-H (Holdings) Corp. (k)
\nIHC Overseas (U.K.) Limited (n)
\nIHC United States (Holdings) Corp. (b) (k)
\nIHC Willard (Holdings) Corp. (k)
\nIHG (Marseille) SAS (x)
\nIHG (Myanmar) Limited (ah)
\nIHG (Thailand) Limited (bu)
\nIHG Amsterdam Management BV (p)
\nIHG Bangkok Ltd. (v)
\nIHG Brasil Administracao de Hoteis e Servicos
\nLtd (ak)
\nIHG Commissions Services SRL (co)
\nIHG de Argentina SA (al)
\nIHG ECS (Barbados) SRL (co)
\nIHG Franchising Brasil Ltda. (bd)
\nIHG Franchising DR Corporation (k)
\nIHG Franchising, LLC (k)
\nIHG Hotels (New Zealand) Limited (an)
\nIHG Hotels Limited (n)
\nIHG Hotels Management (Australia)
\nPty Limited (b) (aa)
\nIHG Hotels Nigeria Limited (ao)
\nIHG Hotels South Africa (Pty) Limited (ap)
\nIHG International Partnership (n)
\nIHG Istanbul Otel Y\u00f6netim Limited Sirketi (bx)
\nIHG Japan (Management), LLC (ar)
\nIHG Japan (Osaka), LLC (ar)
\nIHG Management (Maryland), LLC (as)
\nIHG Management (Netherlands) B.V. (p)
\nIHG Management d.o.o. Beograd (cc)
\nIHG Management MD Barclay Sub, LLC (cj)
\nIHG Management SL d.o.o. (bo)
\nIHG Mexico Operaciones SA de CV (ab)
\nIHG Middle East Management Consultancies LLC (br)
\nIHG Peru SRL (cf)
\nIHG PS Nominees Limited (n)
\nIHG Sermex SA de CV (ab)
\nIHG Systems Pty Ltd. (b) (aa)
\nIHG Szalloda Budapest Szolgaltato Kft. (at)
\nIHG Technology Solutions, LLC (k)
\nInterContinental Berlin Service Company GmbH (au)
\nInterContinental (Branston) 1 Limited (c) (cy)
\nInterContinental (PB) 1 (n)
\nInterContinental (PB) 3 Limited (n)
\nIntercontinental D.C. Operating Corp. (k)
\nInter-Continental Florida Investment Corp. (k)
\nInter-Continental Florida Partner Corp. (k)
\nInterContinental Gestion Hotelera SLU (by)
\nIntercontinental Hospitality Corporation (k)
\nInterContinental Hotel Berlin GmbH (au)
\nInter-Continental Hoteleira Limitada (aw)
\nInter-Continental Hotels (Montreal)
\nOperating Corp. (ax)
\nInter-Continental Hotels (Montreal) Owning Corp. (ax)
\nInterContinental Hotels (Puerto Rico) Inc. (az)
\nInter-Continental Hotels (Singapore) Pte. Ltd. (ai)
\nInter-Continental Hotels Corporation (k)
\nIntercontinental Hotels Corporation de
\nVenezuela C.A. (ba)
\nIntercontinental Hotels Corporation Limited (b) (m)
\nInterContinental Hotels Group (Asia Pacific)
\nPte Ltd. (ai)
\nInterContinental Hotels Group (Australia)
\nPty Limited (aa)
\nInterContinental Hotels Group (Canada) Inc. (o)
\nInterContinental Hotels Group (Espa\u00f1a) SAU (by)
\nInterContinental Hotels Group (Greater China)
\nLimited (ac)
\nInterContinental Hotels Group (India) Pvt. Ltd. (aq)
\nInterContinental Hotels Group (Japan) Inc. (l)
\nInterContinental Hotels Group (New Zealand)
\nLimited (an)
\nInterContinental Hotels Group (Shanghai) Ltd. (bb)
\nInterContinental Hotels Group (Vietnam) Company
\nLimited (q)
\nInterContinental Hotels Group Customer Services
\nLimited (n)
\nInterContinental Hotels Group do Brasil Limitada (bc)
\nInterContinental Hotels Group Healthcare Trustee
\nLimited (n)
\nInterContinental Hotels Group Operating Corp. (e) (k)
\nInterContinental Hotels Group Resources, LLC (b) (k)
\nInterContinental Hotels Group Services Company (n)
\nInterContinental Hotels Italia, S.r.L. (be)
\nInterContinental Hotels Limited (a) (n)
\nInterContinental Hotels Management GmbH (bf)
\nInterContinental Hotels Management Montenegro
\nd.o.o. (ce)
\nInterContinental Hotels Nevada Corporation (ck)
\nInterContinental Hotels of San Francisco Inc. (k)
\nIntercontinental IOHC (Mauritius) Limited (bg)
\nInterContinental Management AM, LLC (cm)
\nInterContinental Management Bulgaria EOOD (bp)
\nInterContinental Management France SAS (x)
\nInterContinental Management Poland sp. Z.o.o (cn)
\nInterContinental Overseas Holdings, LLC (k)
\nKG Benefits, LLC (aj)
\nKG Gift Card Inc. (aj)
\nKG Liability, LLC (k)
\nKG Technology, LLC (k)
\nKHRG 851, LLC (k)
\nKHRG Aertson, LLC (k)
\nKHRG Allegro, LLC (k)
\nKHRG Argyle, LLC (k)
\nKHRG Atlanta Midtown, LLC (k)
\nKHRG Austin Beverage Company, LLC (k)
\nKHRG Baltimore, LLC (k)
\nKHRG Born, LLC (k)
\nKHRG Boston Hotel, LLC (k)
\nKHRG Bozeman, LLC (k)
\nKHRG Buckhead, LLC (k)
\nKHRG Canary, LLC (k)
\nKHRG Cayman, LLC (k)
\nKHRG Cayman Employer Ltd. (k)
\nKHRG Dallas, LLC (k)
\nKHRG Dallas Beverage Company, LLC (k)
\nKHRG Employer, LLC (k)
\nKHRG Charlottesville LLC (k)
\nKHRG Goleta, LLC (k)
\nKHRG Gray, LLC (k)
\nKHRG Gray U2, LLC (k)
\nKHRG Huntington Beach, LLC (k)
\nKHRG Key West, LLC (k)
\nKHRG King Street, LLC (k)
\nKHRG La Peer, LLC (k)
\nKHRG Miami Beach, LLC (k)
\nKHRG Muse, LLC (k)
\nKHRG New Orleans, LLC (k)
\nKHRG NPC, LLC (k)
\nKHRG Palladian, LLC (k)
\nKHRG Palomar Phoenix, LLC (k)
\nKHRG Philly Monaco, LLC (k)
\nKHRG Pittsburgh, LLC (k)
\nKHRG Porsche Drive, LLC (k)
\nKHRG Reynolds, LLC (k)
\n214
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
33. Group companies
continued
\nFully owned subsidiaries
continued
\nKHRG Riverplace, LLC (k)
\nKHRG Sacramento, LLC (k)
\nKHRG Schofield, LLC (k)
\nKHRG SFD, LLC (k)
\nKHRG SF Wharf, LLC (k)
\nKHRG SF Wharf U2, LLC (k)
\nKHRG South Beach, LLC (k)
\nKHRG State Street, LLC (k)
\nKHRG Sutter, LLC (k)
\nKHRG Sutter Union, LLC (k)
\nKHRG Taconic, LLC (k)
\nKHRG Tari\ufb00, LLC (k)
\nKHRG Texas Hospitality, LLC (k)
\nKHRG Texas Operations, LLC (k)
\nKHRG Tryon, LLC (k)
\nKHRG Vero Beach, LLC (k)
\nKHRG Vintage Park, LLC (k)
\nKHRG VZ Austin, LLC (k)
\nKHRG Wabash, LLC (k)
\nKHRG Westwood, LLC (k)
\nKHRG Wilshire, LLC (k)
\nKimpton Hollywood Licenses, LLC (k)
\nKimpton Hotel & Restaurant Group, LLC (k)
\nKimpton Hotel Frankfurt GmbH (bf)
\nKimpton Phoenix Licenses Holdings, LLC (k)
\nLouisiana Acquisitions Corp. (k)
\nLuxury Resorts and Spas (France) SAS (ct)
\nManchester Oxford Street Hotel OpCo Limited (n)
\nMercer Fairview Holdings, LLC (k)
\nMet Leeds Hotel OpCo Limited (n)
\nMH Lodging, LLC (k)
\nOxford Spires Hotel OpCo Limited (n)
\nOxford Thames Hotel OpCo Limited (n)
\nPML Services, LLC (as)
\nPollstrong Limited (n)
\nPowell Pine, Inc. (k)
\nPriscilla Holiday of Texas, Inc. (cl)
\nPT Regent Indonesia (bh)
\nPT SC Hotels & Resorts Indonesia (bh)
\nRaison d\u2019Etre Holdings (BVI) Limited (v)
\nRaison d\u2019Etre Services (BVI) Limited (v)
\nRaison d\u2019Etre Spas, Sweden AB (db)
\nRegent Asia Pacific Hotel Management Ltd. (bw)
\nRegent Asia Pacific Management Ltd. (cp)
\nRegent Berlin GmbH (cq)
\nRegent International Hotels Ltd (bw)
\nResort Services International (Cayo Largo) L.P. (ci)
\nRoxburghe Hotel Edinburgh OpCo Limited (n)
\nRussell London Hotel OpCo Limited (n)
\nSBS Maryland Beverage Company, LLC (as)
\nSC Hotels International Services, Inc. (k)
\nSC Leisure Group Limited (n)
\nSC NAS 2 Limited (n)
\nSC Quest Limited (n)
\nSC Reservations (Philippines) Inc. (l)
\nSCH Insurance Company (bi)
\nSemiramis for training of Hotel Personnel
\nand Hotels Management SAE (ch)
\nSF MH Acquisition, LLC (k)
\nSix Continents Holdings Limited (n)
\nSix Continents Hotels de Colombia SA (bj)
\nSix Continents Hotels International Limited (n)
\nSix Continents Hotels, Inc. (k)
\nSix Continents International Holdings B.V. (p)
\nSix Continents Investments Limited (f) (n)
\nSix Continents Limited (n)
\nSix Continents Overseas Holdings Limited (n)
\nSix Continents Restaurants Limited (cy)
\nSixCo North America, Inc (w)
\nSix Senses Americas IP, LLC (k)
\nSix Senses North America Management, LLC (k)
\nSLC Sustainable Luxury Cyprus Limited (cs)
\nSPHC Management Ltd. (bq)
\nSt David\u2019s Cardi\ufb00 Hotel OpCo Limited (n)
\nSustainable Luxury Holdings (BVI) Limited (v)
\nSustainable Luxury Lanka Pvt. Ltd (cv)
\nSustainable Luxury Maldives Private Limited (cw)
\nSustainable Luxury Mauritius Limited (cx)
\nSustainable Luxury Services (BVI) Limited (v)
\nSustainable Luxury Singapore Private Limited (ai)
\nSustainable Luxury UK Limited (n)
\nThe Grand Central Hotel Glasgow Limited (n)
\nThe Met Hotel Leeds Limited (n)
\nThe Principal Edinburgh George Street Limited (n)
\nThe Principal London Limited (n)
\nThe Principal Manchester Limited (n)
\nThe Principal York Limited (n)
\nThe Roxburghe Hotel Edinburgh Limited (s)
\nWhite Shield Company Limited (bk)
\nWotton House Hotel OpCo Limited (n)
\nWY BLL Owner, LLC (k)
\nYork Station Road Hotel OpCo Limited (n)
\nSubsidiaries where the e\ufb00ective interest
\nis less than 100%
\nIHG ANA Hotels Group Japan LLC (74.66%) (ar)
\nIHG ANA Hotels Holdings Co., Ltd. (66%) (ar)
\nRegent Hospitality Worldwide, Inc. (51%) (bt)
\nSustainable Luxury Holding (Thailand)
\nLimited (49%) (c) (j) (cu)
\nSustainable Luxury Hospitality (Thailand)
\nLimited (73.99%) (c) (j) (cu)
\nSustainable Luxury Management (Thailand)
\nLimited (73.99%) (c) (j) (cu)
\nSustainable Luxury Operations (Thailand)
\nLtd. (99.99%) (j) (cu)
\nUniversal de Hoteles SA (99.99%) (j) (bj)
\nWorld Trade Centre Montreal Hotel
\nCorporation (74.11%) (bl)
\nAssociates, joint ventures and other
\n111 East 48th Street Holdings LLC (19.9%) (g) (h) (k)
\nAlkoer, Sociedad de Responsabilidad Limitada de
\nCapital Variable (50%) (h) (cg)
\nBeijing Orient Express Hotel Co., Ltd. (16.25%) (bm)
\nBlue Blood (Tianjin) Equity Investment
\nManagement Co., Limited (30.05%) (bn)
\nCarr Clark SWW Subventure, LLC (26.67%) (g) (ca)
\nCarr Waterfront Hotel, LLC (11.46%) (g) (h) (ca)
\nChina Hotel Investment Limited (30.05%) (i) (am)
\nDesarrollo Alkoer Irapuato S. de R.L. de C.V.
\n(50%) (cg)
\nDesarrollo Alkoer Saltillo S. de R.L. de C.V.
\n(50%) (cg)
\nDesarrollo Alkoer Silao S. de R.L. de C.V. (50%) (cg)
\nEDG Alpharetta EH, LLC (0%) (d) (h) (r)
\nGestion Hotelera Gestel, C.A. (50%) (c) (h) (ba)
\nGroups360, LLC (10.60%) (h) (da)
\nInter-Continental Hotels Saudi Arabia
\nLimited (40%) (bs)
\nNF III Seattle, LLC (25%) (g) (r)
\nNF III Seattle Op Co, LLC (25%) (g) (r)
\nNuevas Fronteras S.A. (23.66%) (cd)
\nPresident Hotel & Tower Co Ltd. (30%) (bu)
\nShanghai Yuhuan Industrial Development Co.,
\nLtd. (1%) (da)
\nSustainable Luxury Gravity Global Private
\nLimited (51%) (h) (bz)
\nSURF-Samui Pte. Ltd. (49%) (ay)
\nTianjin ICBCI IHG Equity Investment Fund
\nManagement Co., Limited (21.04%) (bv)
\nKey
\n(a)
Directly owned by InterContinental
\nHotels Group PLC
\n(b)
Ordinary shares and preference shares
\n(c)
Ordinary A and ordinary B shares
\n(d)
8% cumulative preference shares
\n(e)
\u00bc vote ordinary shares and
\nordinary shares
\n(f)
Ordinary shares, 5% cumulative
\npreference shares and 7% cumulative
\npreference shares
\n(g)
The entities do not have share capital
\nand are governed by an operating
\nagreement
\n(h)
Accounted for as associates and joint
\nventures due to IHG\u2019s decision-making
\nrights contained in the partnership
\nagreement
\n(i)
Accounted for as an other
financial
\nasset due to IHG being unable to
\nexercise significant influence over the
\nfinancial and operating policy
\ndecisions of the entity
\n(j)
Minority interest relates to one or more
\nindividual shareholders who are
\nemployed or were previously employed
\nby the entity
\n215
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\nRegistered addresses
\n(k)
3411 Silverside Road, Tatnall Building #104,
\nWilmington, DE 19810, USA
\n(l)
205 Powell Place, 37027 Brentwood,
\nTN 37027, USA
\n(m)
Clarendon House, 2 Church Street, Hamilton
\nHM11, Bermuda
\n(n)
Broadwater Park, Denham,
\nBuckinghamhamshire, UB9 5RH, UK
\n\u2013 on 1 January 2023 all entities with this
\ncorresponding mailing address changed
\naddress to 1 Windsor Dials, Arthur Road,
\nWindsor, Berkshire, SL4 1RS, UK
\n(o)
333 Bay Street, Suite 400, Toronto M5H 2R2,
\nOntario, Canada
\n(p)
Kingsfordweg 151, 1043 GR Amsterdam,
\nThe Netherlands
\n(q)
Room No. 38, Floor 16, Saigon Tower
\nBuilding, No. 29 Le Duan Street, Ben Nghe
\nWard, District I, Ho Chi Minh City, Vietnam
\n(r)
The Corporation Trust Centre, 1209 Orange
\nStreet, Wilmington, DE 19801, USA
\n(s)
Caledonian Exchange, 19a Canning Street,
\nEdinburgh, EH3 8HE, UK
\n(t)
Building 4, No 13 Xiao Gang Zhong Ma Road,
\nZhuhai District, Guangzhou, Guangdong,
\nP.R. China
\n(u)
Level 6, Akaria Plaza, North Wing, Gate D,
\nOlaya Street, PO Box 93228, Riyadh 1148,
\nSaudi Arabia
\n(v)
Flemming House, Wickhams Cay, P.O. Box
\n662, Road Town, Tortola VG1110, British
\nVirgin Islands
\n(w)
Wilmington Trust SP Services, Inc. 1105
\nNorth Market Street, Suite 1300, Wilmington,
\nDE 19801, USA
\n(x)
31-33 rue Mogador, 75009 Paris, France
\n(y)
Bucharest 011015, 1st District, 50-52 Buzesti
\nSt, 83 module, 11 floor, Romania
\n(z)
230 J E Irausquin Boulevard, 11025 Palm
\nBeach, Aruba
\n(aa)
Level 11, 20 Bond Street, Sydney NSW 2000,
\nAustralia
\n(ab)
Ontario # 1050, Col. Providencia,
\nGuadalajara, Jalisco CP44630, Mexico
\n(ac)
5/F, Manulife Place, 348 Kwung Tong Road,
\nKowloon, Hong Kong
\n(ad)
Rond-Point Robert Schuman 11, 1040
\nBrussels, Belgium
\n(ae)
QBC 4 \u2013 Am Belvedere 4, 1100, Vienna, Austria
\n(af)
Avenida da Republica, no 52 \u2013 9, 1069 \u2013 211,
\nLisbon, Portugal
\n(ag)
Room 60, Section 11 Floor 3 Premises I,
\nBuilding 1, House 125, Varshavskoye shosse
\nStr, Vn.Ter.G. Municipal District Severnoye
\nChertanovo, Moscow City, 117587, Russia
\n(ah)
No. 84, Pan Haliain Street, Unit #1, Level 8,
\nUniteam Marine O\ufb00ice Building, Sanchuang
\nTownship, Yangon, Myanmar
\n(ai)
230 Victoria Street, #13-00 Bugis Junction
\nTowers, 188024, Singapore
\n(aj)
4640 Admiralty Way, 5th Floor, Marina del
\nRey, CA 90292, USA
\n(ak)
Alameda Jau 536, Suite 3S-E, 01420-000
\nSao Paulo, Brasil
\n(al)
Avenida Cordoba 1547, piso 8, oficina A,
\n1055 Buenos Aires, Argentina
\n(am)
The Phoenix Centre, George Street, Belleville
\nSt. Michael, Barbados
\n(an)
Level 10, 55 Shortland Street, Auckland
\nCentral, Auckland 1010, New Zealand
\n(ao)
1, Murtala Muhammed Drive, Ikoyi, Lagos,
\nNigeria
\n(ap)
Central O\ufb00ice Park Unit 4, 257 Jean Avenue,
\nCenturion 0157, South Africa
\n(aq)
11th Floor, Building No. 10, Tower C, DLF
\nPhase-II, DLF Cyber City, Gurgaon,
\nHaryana-122002, India
\n(ar)
20th Floor, Toranomon Kotoshira Tower, 2-8,
\nToranomon 1-chom, Minato-ku, 105
-0001,
\nTokyo, Japan
\n(as)
2 Wisconsin Circle #700, Chevy Chase, MD,
\n20815, USA
\n(at)
1052 Budapest, Ap\u00e1czai Csere J\u00e1nus u.
\n12-14A, Hungary
\n(au)
Budapester Str. 2, 10787 Berlin, Germany
\n(av)
Grevgatan 13, 11453 Stockholm, Sweden
\n(aw)
Alameda Jau 536, Suite 3S-E, 01420-000
\nS\u00e3o Paulo, Brazil
\n(ax)
1980 P\u00e9rodeau Street, Vaudreuil-Dorion,
\nJ7V 8P7, Quebec, Canada
\n(ay)
168 Robinson Road, #16-01 SIF Building,
\n068899, Singapore
\n(az)
361 San Francisco Street Penthouse, San Juan,
\nPR 00901, Puerto Rico
\n(ba)
Hotel Tamanaco Inter-Continental, Final Av.
\nPpal, Mercedes, Caracas, Venezuela
\n(bb)
22nd Floor, Citigroup Tower, No. 33
\nHuayanshiqiao Road, Pudong, 200120,
\nShanghai, P.R. China
\n(bc)
Alameda Jau 536, Suite 3S-C, 01420-000
\nS\u00e3o Paulo, Brazil
\n(bd)
Alameda Jau 536, Suite 3S-D, 01420-000
\nS\u00e3o Paulo, Brazil
\n(be)
Viale Monte Nero n.84, 20135 Milano, Italy
\n(bf)
Thurn-und-Taxis-Platz 6 \u2013 60313 Frankfurt
\nam Main, Germany
\n(bg)
Juris Tax Services Ltd. Level 12, NeX Teracom
\nTower II, Ebene, Mauritius
\n(bh)
Menara Imperium 22nd Floor, Suite D, JI.
\nHR. Rasuna Said Kav.1, Guntur Sub-district,
\nSetiabudi District, South Jakarta 12980,
\nIndonesia
\n(bi)
Primmer Piper Eggleston & Cramer PC,
\n30 Main St., Suite 500, P.O. Box 1489,
\nBurlington, VT 05402-1489, USA
\n(bj)
Calle 49, Sur 45 A 300, Oficina 1102, 055422
\nEnvigado, Antioquia, Colombia
\n(bk)
21 Engineer Lane, Gibraltar, GX11 1AA,
\nGibraltar
\n(bl)
Suite 2500, 1000 de La Gauchetiere St.
\nWest, Montreal C H3B OA2, Canada
\n(bm)
Room 311, Building 1, No. 6 East Wen Hua
\nYuan Road, Beijing Economy and
\nTechnology Development Zone, Beijing,
\nP.R. China
\n(bn)
Room N306, 3rd Floor, Building 6, Binhai
\nFinancial Street, No. 52 West Xincheng Road,
\nTianjin Economy and Technology
\nDevelopment Zone, Tianjin, P.R. China
\n(bo)
Cesta v Mestni log 1, 1000 Ljubljana, Slovenia
\n(bp)
37A Professor Fridtjof Nansen Street,
\n5th Floor, District Sredets, Sofia, 1142, Bulgaria
\n(bq)
C/o Holiday Inn & Suites, Cnr Waigani Drive
\n& Wards Road, Port Moresby, National
\nCapital District, Papua New Guinea
\n(br)
Suite 2201, Festival Tower, Dubai Festival
\nCity, Al Rebbat St., P.O. Box 58191, Dubai,
\nUnited Arab Emirates
\n(bs)
Madinah Road, Jeddah, P.O Box 9456,
\nPost Code 21413, Jeddah, Saudi Arabia
\n(bt)
Maples Corporate Services Ltd. \u2013 PO Box
\n309, Ugland House, Grand Cayman \u2013
\nKY-1104, Cayman Islands
\n(bu)
971, 973 Ploenchit Road, Lumpini,
\nPathumwan, Bangkok 10330, Thailand
\n(bv)
Room R316, 3rd Floor, Building 6, Binhai
\nFinancial Street, No. 52 West Xincheng Road,
\nTianjin Economy and Technology
\nDevelopment Zone, Tianjin, P.R. China
\n(bw)
14th Floor, South China Building,
\n1-3 Wyndham Street, Hong Kong, SAR
\n(bx)
Eski B\u00fcy\u00fckdere Cd. Park Plaza No:14 K:4
\nMaslak \u2013 Sar\u0131yer, 34398, Istanbul, Turkey
\n(by)
Paseo de Recoletos 37 \u2013 41, 28004 Madrid,
\nSpain
\n(bz)
B-11515 Bhikaj Cama Place, New Delhi, South
\nDelhi, 110066 India
\n(ca)
Carr Hospitality, LLC, 1455 Pennsylvania
\nAvenue, NW, Suite 100, Washington,
\nDC 20004, USA
\n(cb)
Two Snowhill, Snow Hill, Queensway,
\nBirmingham, B4 6GA, UK
\n(cc)
Krunska 73, Beograd, 11000, Serbia
\n(cd)
Moreno 809 2 Piso, C1091AAQ Buenos Aires,
\nArgentina
\n(ce)
Bulevar Svetog Petra Cetinjskog 149 \u2013 81000
\nPodgorica, Montenegro
\n(cf)
Bernard Monteagudo 201, 15076, Lima, Peru
\n(cg)
Avenida Ejercito Nacional Mexicano No. 769,
\nTorre B Piso 8, Granada, Miguel Hidalgo,
\nCiudad de Mexico, CP 11520, Mexico
\n(ch)
Ground Floor, Al Kamel Law Building, Plot
\n52-b, Banks Area, Six of October City, Egypt
\n(ci)
2985 Gordy Parkway, 1st Floor, Marietta,
\nGA 30066, USA
\n(cj)
600 Mamaroneck Avenue #400, 10528
\nHarrison, NY 10528, USA
\n(ck)
8275 South Eastern Avenue #200, Las Vegas,
\nNV 89123, USA
\n(cl)
5444 Westheimer #1000, Houston, TX 77056,
\nUSA
\n(cm)
23/6 D, Anhaght Str., Yerevan, 0069, Armenia
\n(cn)
Generation Park Z \u2013 ul. Towarowa 28, 00-839
\nWarsaw, Poland
\n(co)
Suite 1, Ground Floor, The Financial Services
\nCentre, Bishops Court Hill, St. Michael,
\nBB14004, Barbados
\n(cp)
Brumby Centre, Lot 42, Jalan Muhibbah,
\n87000 Labuan F.T., Malaysia
\n(cq)
Charlottenstrasse 49, 10117 Berlin, Germany
\n(cr)
C/O BDO LLP, 4 Atlantic Quay, 70 York
\nStreet, Glasgow, G2 8JX, UK
\n(cs)
ATS Services Limited, Capital Center,
\n9th Floor, 2-4 Arch, Makarios III Ave., 1065
\nNicosia, Cyprus
\n(ct)
95 Blvd. Berthier, 75017 Paris, France
\n(cu)
57, 9th Floor, Park Ventures Ecoplex, Unit
\n902-904, Wireless Road, Limpini, Pathum
\nWan Bangkok 103330, Thailand
\n(cv)
Shop No. L3-6, Amity Building, No. 125,
\nHigh Level Road, Maharagama, Colombo,
\nSri Lanka
\n(cw)
Premier Chambers, M. Lux Lodge, 1st Floor,
\nOrchid Magu, Male, Republic of Maldives
\n(cx)
Venture Corporate Services (Mauritius) Ltd,
\nLevel 3, Tower 1, Nexteracom Towers,
\nCybercity, Ebene, Mauritius
\n(cy)
5 Temple Square, Temple Street, Liverpool,
\nL2 5RH, UK
\n(cz)
1st Floor, No. 68, Zhupan Road, Zhuqiao
\nTown, Pudong New Area,
\nShanghai, P.R. China
\n(da)
251 Little Falls Drive, Suite 400, Wilmington,
\nNew Castle County, DE 19808, USA",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24630": {
"value": "The Consolidated Financial Statements of InterContinental Hotels Group PLC (the \u2018Group\u2019 or \u2018IHG\u2019) for the year ended 31 December 2022
\nwere authorised for issue in accordance with a resolution of the
\nDirectors on 20 February 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24631": {
"value": "InterContinental Hotels Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24635": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24639": {
"value": "InterContinental Hotels Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24640": {
"value": "InterContinental Hotels Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24641": {
"value": "PLC",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24644": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24645": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24647": {
"value": "Basis of preparation The Consolidated Financial Statements of IHG have been prepared
\non a going concern basis (see below) and under the historical cost
\nconvention, except for assets and liabilities measured at fair value
\nunder relevant accounting standards. The Consolidated Financial
\nStatements have been prepared in accordance with UK-adopted
\ninternational accounting standards and with applicable law and
\nregulations and with International Financial Reporting Standards
\n(\u2018IFRSs\u2019) as issued by the International Accounting Standards Board
\n(\u2018IASB\u2019). UK-adopted international accounting standards di\ufb00er in
\ncertain respects from IFRSs as issued by the IASB. However, the
\ndi\ufb00erences have no impact on the Consolidated Financial
\nStatements for the years presented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24654": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24664": {
"value": "Going concern A period of 18 months has been used, from 1 January 2023 to
\n30 June 2024, to complete the going concern assessment.
\nIn adopting the going concern basis for preparing the Consolidated
\nFinancial Statements, the Directors have considered a \u2018Base Case\u2019
\nscenario which assumes global RevPAR in 2023 around pre-pandemic
\nlevels boosted by resilient leisure travel and continued recovery in
\ncorporate and group demand. The assumptions applied in the Base
\nCase scenario are consistent with those used for Group planning
\npurposes, for impairment testing (impairment tests adjusted for
\nfactors speci
fic to individual properties or port
folios) and for
\nassessing recoverability of deferred tax assets.
\nThe Directors have also reviewed a \u2018Downside Case\u2019 based on a
\nrecession scenario which assumes no RevPAR growth in 2023, with
\nthe recovery profile delayed by one year, and a \u2018Severe Downside
\nCase\u2019 which is based on a severe but plausible scenario equivalent
\nto the market conditions experienced through the 2008/2009
\nglobal financial crisis. This assumes that the per
formance during
\n2023 starts to worsen and then RevPAR decreases significantly by
\n17% in 2024.
\nA large number of the Group\u2019s principal risks would result in an
\nimpact on RevPAR which is one of the sensitivities assessed against
\nthe headroom available in the Base Case, Downside Case and Severe
\nDownside Case scenarios. Climate risks are not considered to have
\na significant impact over the 18-month period o
f assessment.
\nOther principal risks that could result in a large one-o\ufb00 incident that
\nhas a material impact on cash flow have also been considered,
for
\nexample a cybersecurity event.
\nThe Group\u2019s bank facilities were re
financed in April 2022 with a new
\nrevolving credit facility of $1,350m maturing in 2027 which increased
\nthe Group\u2019s key covenant of net debt:EBITDA to 4.0x. See note 23 for
\nadditional information. There are no debt maturities in the period
\nunder consideration.
\nUnder the Base Case, Downside Case and Severe Downside Case
\ncovenants are not breached. Under the Severe Downside Case,
\nthere is limited headroom to the bank covenants at 30 June 2024
\nto absorb multiple additional risks and uncertainties. However, the
\nDirectors reviewed a number of actions to reduce discretionary
\nspend, creating substantial additional headroom. After these actions
\nare taken, there is significant headroom to the bank covenants to
\nabsorb the principal risks and uncertainties which could be applicable.
\nIn this scenario the Group also has substantial levels of existing cash
\nreserves available after additional actions are taken (over $1.4bn
\nat 30 June 2024) and is not expected to draw on the bank facility.
\nThe Directors reviewed a reverse stress test scenario to determine
\nwhat decrease in RevPAR would create a breach of the covenants,
\nand the cash reserves that would be available to the Group at that
\ntime. The Directors concluded that the outcome of this reverse
\nstress test showed that it was very unlikely the bank facility would
\nneed to be drawn.
\nThe leverage and interest cover covenant tests up to 30 June 2024
\n(the last day of the assessment period), have been considered as
\npart of the Base Case, Downside Case and Severe Downside Case
\nscenarios. However, as the bank facility is unlikely to be drawn even
\nin a scenario significantly worse than the Severe Downside Case
\nscenario, the Group does not need to rely on the additional liquidity
\nprovided by the bank facility to remain a going concern. This means
\nthat in the event the covenant test was failed, the bank facility could
\nbe cancelled by the lenders but it would not trigger a repayment
\ndemand or create a cross-default risk. As a result, a covenant breach
\nwould not have any impact on the Group\u2019s going concern conclusion.
\nIn the event that a covenant amendment was required, the Directors
\nbelieve it is reasonable to expect that such an amendment could
\nbe obtained based on prior experience in negotiating the 2020
\namendments, however the going concern conclusion is not
\ndependent on this expectation. The Group also has alternative
\noptions to manage this risk including raising additional funding
\nin the capital markets.
\nHaving reviewed these scenarios, the Directors have a reasonable
\nexpectation that the Group has su\ufb00icient resources to continue
\noperating until at least 30 June 2024. Accordingly, they continue to
\nadopt the going concern basis in preparing the Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24745": {
"value": "Presentational currency The Consolidated Financial Statements are presented in millions
\nof US dollars re
flecting the profile o
f the Group\u2019s revenue and
\noperating profit which are primarily generated in US dollars or
\nUS dollar-linked currencies.
\nIn the Consolidated Financial Statements, equity share capital,
\nthe capital redemption reserve and shares held by employee share
\ntrusts are translated into US dollars at the relevant rate of exchange
\non the last day of the period; the resultant exchange di\ufb00erences
\nare recorded in other reserves.
\nThe functional currency of the Company is sterling since this is a
\nnon-trading holding company located in the United Kingdom that
\nhas sterling denominated share capital and whose primary activity
\nis the payment and receipt of sterling dividends and of interest on
\nsterling denominated external borrowings and intercompany balances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24779": {
"value": "Critical accounting policies and the use of judgements, estimates and assumptions
\nIn determining and applying the Group\u2019s accounting policies,
\nmanagement are required to make judgements, estimates and
\nassumptions. An accounting policy is considered to be critical if its
\nselection or application could materially a\ufb00ect the reported amounts
\nof assets and liabilities at the date of the Consolidated Financial
\nStatements, or the reported amounts of revenues and expenses
\nduring the reporting period, or could do so within the next
\nfinancial year.
\nJudgements
\nSystem Fund
\nThe Group operates a System Fund (the \u2018Fund\u2019) to collect and
\nadminister cash assessments from hotel owners for the speci
fic
\npurpose of use in marketing, the Guest Reservation System and
\nhotel loyalty programme. Assessments are generally levied as
\na percentage of hotel revenues.
\nThe Fund is not managed to generate a surplus or deficit
for IHG over
\nthe longer term, but is managed for the bene
fit o
f the IHG System
\nwith the objective of driving revenues for the hotels in the System.
\nIn relation to marketing and reservation services, the Group\u2019s
\nperformance obligation under IFRS 15 \u2018Revenue from Contracts with
\nCustomers\u2019 is determined to be the continuous performance of the
\nservices rather than the spending of the assessments received.
\nAccordingly, assessment fees are recognised as hotel revenues
\noccur, Fund expenses are charged to the Group income statement
\nas incurred and no constructive obligation is deemed to exist under
\nIAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019.
\nAccordingly, no liability is recognised relating to the balance of
\nunspent funds.
\nNo other critical judgements have been made in applying the Group\u2019s
\naccounting policies.
\nEstimates
\nManagement consider that significant estimates and assumptions
\nare used as described below. Estimates and assumptions are
\nevaluated by management using historical experience and other
\nfactors believed to be reasonable based on current circumstances.
\nIn the prior year, expected credit losses were disclosed as a
\nsignificant estimate. In the current year, the estimate is not
\nconsidered to have a significant risk o
f a material adjustment
\nin the next financial year.
\nLoyalty
programme
\nThe hotel loyalty programme, IHG One Rewards, enables members
\nto earn points, funded through hotel assessments, during each
\nqualifying stay at an IHG branded hotel and consume points at a
\nlater date for free or reduced accommodation or other bene
fits.
\nThe Group recognises deferred revenue in an amount that re
flects
\nIHG\u2019s unsatisfied per
formance obligations, valued at the stand-alone
\nselling price of the future bene
fit to the member. The amount
\nof revenue recognised and deferred is impacted by \u2018breakage\u2019.
\nOn an annual basis the Group engages an external actuary who uses
\nstatistical formulae to assist in the estimate of the number of points
\nthat will never be consumed (\u2018breakage\u2019).
\nSignificant estimation uncertainty exists in projecting members\u2019
\nfuture consumption activity and how this may be impacted by Covid-19.
\nManagement\u2019s expectation is that member behaviour will ultimately
\nreturn to pre-pandemic levels over the longer term. In 2022 and 2021,
\nthe breakage estimate was formed using pre-Covid-19 behaviour
\npatterns as a base, but giving some weight to activity since 2020
\nand incorporating the impact of 2022 programme changes.
\nHowever, if future member behaviour deviates signi
ficantly
from
\nexpectations, breakage estimates could increase or decrease.
\nAt 31 December 2022, deferred revenue relating to the loyalty
\nprogramme was $1,411m (2021: $1,292m, 2020: $1,245m). Based on
\nthe conditions existing at the balance sheet date, a one percentage
\npoint decrease/increase in the breakage estimate relating to earned
\npoints would increase/reduce this liability by $63m.
\nActuarial gains and losses would correspondingly adjust the amount
\nof System Fund revenues recognised and deferred revenue in the
\nGroup statement of
financial position.
\nChanges to the IHG One Rewards programme in the year, which
\nallow members to earn Milestone Rewards in addition to points,
\ndo not result in any additional significant estimation uncertainty.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24868": {
"value": "Significant accounting policies Basis of consolidation
\nThe Consolidated Financial Statements comprise the financial
\nstatements of the Parent Company and entities controlled by
\nthe Group. Control exists when the Group has:
\n\u2022
Power over an investee (i.e., existing rights that give it the current
\nability to direct the relevant activities of the investee);
\n\u2022
Exposure, or rights, to variable returns from its involvement with
\nthe investee; and
\n\u2022
The ability to use its power over the investee to a\ufb00ect its returns.
\nAll intra-group balances and transactions are eliminated on
\nconsolidation.
\nThe assets, liabilities and results of those businesses acquired or
\ndisposed of are consolidated for the period during which they were
\nunder the Group\u2019s control.
\nForeign currencies
\nWithin the Group\u2019s subsidiaries, transactions in foreign currencies are
\ntranslated to the subsidiary\u2019s functional currency at the exchange
\nrates ruling on the dates of the transactions. Monetary assets and
\nliabilities denominated in foreign currencies are retranslated to the
\nsubsidiary\u2019s functional currency at the relevant rates of exchange
\nruling on the last day of the period. On consolidation:
\n\u2022
The assets and liabilities of foreign operations of the Group\u2019s
\nsubsidiaries with a functional currency other than US dollars are
\ntranslated into US dollars at the relevant rates of exchange ruling
\non the last day of the period. The revenues and expenses of foreign
\noperations are translated into US dollars at average rates of exchange
\nfor each month of the reporting period. The Group treats speci
fic
\nintercompany loan balances, which are not intended to be repaid
\nin the foreseeable future, as part of its net investment. The exchange
\ndi\ufb00erences arising on retranslation are taken to the currency
\ntranslation reserve; and
\n\u2022
Exchange di\ufb00erences arising from the translation of borrowings
\nthat are designated as a hedge against a net investment in a
\nforeign operation are taken to the currency translation reserve.
\nOn disposal of a foreign operation, the cumulative amount
\nrecognised in the currency translation reserve relating to that
\nparticular foreign operation is recycled as part of the gain or
\nloss on disposal.
\nAccounting policies
continued
\n158
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Revenue recognition
\nRevenue is recognised at an amount that reflects the consideration
\nto which the Group expects to be entitled in exchange for transferring
\ngoods or services to a customer.
\nFee business revenue
\nUnder franchise agreements, the Group\u2019s performance obligation
\nis to provide a licence to use IHG\u2019s trademarks and other intellectual
\nproperty. Franchise royalty fees are typically charged as a percentage
\nof hotel gross rooms revenues and are treated as variable
\nconsideration, recognised as the underlying hotel revenues occur.
\nUnder management agreements, the Group\u2019s performance
\nobligation is to provide hotel management services and a licence
\nto use IHG\u2019s trademarks and other intellectual property. Base and
\nincentive management fees are typically charged. Base management
\nfees are typically a percentage of total hotel revenues and incentive
\nmanagement fees are generally based on the hotel\u2019s pro
fitability or
\ncash flows. Both are treated as variable consideration. Like
franchise
\nfees, base management fees are recognised as the underlying hotel
\nrevenues occur. Incentive management fees are recognised over
\ntime when it is considered highly probable that the related
\nperformance criteria for each annual period will be met, provided
\nthere is no expectation of a subsequent reversal of the revenue.
\nApplication and re-licensing fees are not considered to be distinct
\nfrom the franchise performance obligation and are recognised over
\nthe life of the related agreement.
\nFranchise and management agreements also contain a promise
\nto provide technology support and network services to hotels.
\nA monthly technology fee, based on either gross rooms revenues
\nor the number of rooms in the hotel, is charged and recognised
\nover time as these services are delivered. Technology fee income
\nis included in Central revenue.
\nTechnical service fees are received in relation to design and
\nengineering support provided prior to the opening of certain hotel
\nproperties. These services are a distinct performance obligation
\nand the fees are recognised as revenue over the pre-opening period
\nin line with the Group\u2019s assessment of the stage of completion of the
\nproject, based on the latest expectation of hotel opening date and
\nits knowledge and experience of the pattern of work performed on
\ncomparable projects.
\nIHG\u2019s global insurance programme provides coverage to managed
\nhotels for certain risks. Premiums are payable by the hotels to the
\nthird-party insurance provider. Some of the risk is reinsured by the
\nGroup\u2019s captive insurance company (the \u2018Captive\u2019), SCH Insurance
\nCompany; reinsurance premiums paid from the third-party insurance
\nprovider to the Captive are recognised within Central revenue as
\nearned. This insurance revenue is outside the scope of IFRS 15.
\nThe Group has applied the practical expedient in IFRS 15 not to
\ndisclose the aggregate amount of the transaction price allocated to
\nperformance obligations that are unsatis
fied or partially unsatisfied
\nas at the end of the reporting period for all amounts where the
\nGroup has a right to consideration in an amount that corresponds
\ndirectly with the value to the customer of the Group\u2019s performance
\ncompleted to date (including franchise and management fees).
\nContract assets
\nAmounts paid to hotel owners to secure management and franchise
\nagreements (\u2018key money\u2019) are treated as consideration payable to
\na customer. A contract asset is recorded which is recognised as
\na deduction to revenue over the initial term of the agreement.
\nIn limited cases loans can be provided to an owner, in such cases
\nthe initial credit risk will be low. The di\ufb00erence, if any, between the
\nface and market value of the loan on inception is recognised as
\na contract asset.
\nIn limited cases, the Group may provide performance guarantees
\nto third-party hotel owners. The expected value of payments under
\nperformance guarantees reduces the overall transaction price and is
\nrecognised as a deduction to revenue over the term of the agreement.
\nTypically, contract assets are not financial assets as they represent
\namounts paid by the Group at the beginning of a contract, and so
\nare tested for impairment based on value in use rather than with
\nreference to expected credit losses. Contract assets are reviewed
\nfor impairment when events or changes in circumstances indicate
\nthat the carrying value may not be recoverable. If carrying values
\nexceed the recoverable amount, determined by reference to
\nestimated future cash
flows discounted to their present value using
\na pre-tax discount rate, the contract assets are written down to the
\nrecoverable amount.
\nDeferred revenue
\nDeferred revenue is recognised when payment is received before
\nthe related performance obligation is satis
fied.
\nRevenue is also deferred when key money is committed and is highly
\nlikely to be paid. The annual revenue deferral is equal to the reduction
\nto revenue that would arise if the key money were paid at inception
\nof the contract. When payment is made, a net contract asset is
\nrecorded which is amortised over the remaining initial term of
\nthe agreement.
\nContract costs
\nCertain costs incurred to secure management and franchise
\nagreements, typically developer commissions, are capitalised and
\namortised as an expense over the initial term of the related agreement.
\nThese costs are presented as contract costs in the Group statement
\nof
financial position.
\nContract costs are reviewed for impairment when events or
\nchanges in circumstances indicate that the carrying value may not
\nbe recoverable with reference to the future expected cash
flows
\nfrom the contract.
\nRevenue from owned, leased and managed lease hotels
\nAt its owned, leased and managed lease hotels, the Group\u2019s
\nperformance obligation is to provide accommodation and other
\ngoods and services to guests. Revenue includes rooms revenue and
\nfood and beverage sales, which are recognised when the rooms are
\noccupied and food and beverages are sold. Guest deposits received
\nin advance of hotel stays are recorded as deferred revenue in the
\nGroup statement of
financial position. They are recognised as revenue
\nalong with any balancing payment from the guest when the associated
\nstay occurs, or are returned to the customer in the event of
\na cancellation.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n159
Accounting policies
continued
\nCost reimbursements
\nIn a managed property, the Group typically acts as employer of the
\ngeneral manager and, in some cases, other employees at the hotel
\nand is entitled to reimbursement of these costs. The performance
\nobligation is satisfied over time as the employees per
form their
\nduties, consistent with when reimbursement is received.
\nReimbursements for these services are shown as revenue with an
\nequal matching employee cost, with no profit impact. Certain other
\ncosts relating to both managed and franchised hotels are also
\ncontractually reimbursable to IHG and, where IHG is deemed to
\nbe acting as principal in the provision of the related services, the
\nrevenue and cost are shown on a gross basis.
\nSystem Fund and other co-brand revenues
\nThe Group operates the Fund to collect and administer cash
\nassessments from hotel owners for the speci
fic purpose o
f use in
\nmarketing, the Guest Reservation System and hotel loyalty programme.
\nThe Fund also benefits
from proceeds from the sale of loyalty points
\nunder third-party co-branding arrangements. The Fund is not
\nmanaged to generate a surplus or deficit
for IHG over the longer
\nterm, but is managed for the bene
fit o
f the IHG System with the
\nobjective of driving revenues for the hotels in the System.
\nThe growth in the IHG One Rewards programme means that,
\nalthough assessments are received from hotels up front when a
\nmember earns points, more revenue is deferred each year than is
\nrecognised in the System Fund. This can lead to accounting losses
\nin the System Fund each year as the deferred revenue balance grows.
\nUnder both franchise and management agreements, the Group is
\nrequired to provide marketing and reservations services, as well as
\nother centrally managed programmes. These services are provided
\nby the Fund and are funded by assessment fees. Costs are incurred
\nand allocated to the Fund in accordance with the principles agreed
\nwith the IHG Owners Association. The Group acts as principal in the
\nprovision of the services as the related expenses primarily comprise
\npayroll and marketing expenses under contracts entered into by the
\nGroup. The assessment fees from hotel owners are generally levied
\nas a percentage of hotel revenues and are recognised as those hotel
\nrevenues occur.
\nCertain travel agency commission revenues within the Fund are
\nrecognised on a net basis, where it has been determined that IHG
\nis acting as agent.
\nIn respect of the loyalty programme, IHG One Rewards, the
\nperformance obligations are to arrange for the provision of future
\nbenefits to members on consumption o
f previously earned reward
\npoints and Milestone Rewards (following changes to the programme
\nstructure in the year). Points are exchanged for reward nights at an
\nIHG hotel or other goods or services provided by third parties.
\nMilestone Rewards comprise points or other benefits such as
\nupgrades and food and beverage vouchers.
\nUnder its franchise and management agreements, IHG receives
\nassessment fees based on total qualifying hotel revenue from IHG
\nOne Rewards members\u2019 hotel stays.
\nThe Group\u2019s performance obligation is not satis
fied in
full until the
\nmember has consumed the relevant benefits. Accordingly, loyalty
\nassessments are allocated between points and Milestone Rewards
\nand deferred in an amount that re
flects the stand-alone selling price
\nof the future bene
fit to the member. Revenue is impacted by a
\n\u2018breakage\u2019 estimate of the bene
fits that will never be consumed.
\nOn an annual basis, the Group engages an external actuary who
\nuses statistical formulae to assist in formulating this estimate, which
\nis adjusted to reflect actual experience up to the reporting date.
\nAs materially all of the awards will be either consumed at IHG
\nmanaged or franchised hotels owned by third parties, or exchanged
\nfor awards provided by third parties, IHG is deemed to be acting as
\nagent on consumption and therefore recognises the related revenue
\nnet of the cost of reimbursing the hotel or third party that is
\nproviding the benefit.
\nPerformance obligations under the Group\u2019s co-brand credit card
\nagreements comprise:
\na) Arranging for the provision of future bene
fits to members who
\nhave earned points or free night certi
ficates;
\nb) Marketing services; and
\nc) Providing the co-brand partner with the right to access the
\nloyalty programme.
\nRevenue from a) and b) are reported within System Fund revenues
\nand revenue from c) is reported within fee business revenue.
\nFees from these agreements comprise
fixed amounts normally
\npayable at the beginning of the contract, and variable amounts
\npaid on a monthly basis. Variable amounts are typically based on
\nthe number of points and free night certi
ficates issued to members
\nand the marketing services performed by the Group. Total fees are
\nallocated to the performance obligations based on their estimated
\nstand-alone selling prices. Revenue allocated to marketing and
\nlicensing obligations is recognised on a monthly basis as the
\nobligations are satisfied. Revenue relating to points and
free night
\ncertificates is recognised when the member has consumed the
\npoints or certificates at a participating hotel or has selected a reward
\nfrom a third party, net of the cost of reimbursing the hotel or third
\nparty that is providing the benefit.
\nJudgement is required in estimating the stand-alone selling prices
\nwhich are based upon generally accepted valuation methodologies
\nregarding the value of the licence provided and the number of points
\nand certificates expected to be issued. However, the value o
f revenue
\nrecognised and the deferred revenue balance at the end of the year
\nis not materially sensitive to changes in these assumptions.
\nSegmental information
\nThe Group has four reportable segments re
flecting its geographical
\nregions (Americas, EMEAA, Greater China) and its Central functions.
\nCentral functions include technology, sales and marketing,
finance,
\nhuman resources and corporate services; Central revenue arises
\nprincipally from technology fee income.
\nNo operating segments are aggregated to form these
\nreportable segments.
\nManagement monitors the operating results of these reportable
\nsegments for the purpose of making decisions about resource
\nallocation and performance assessment. Each of the geographical
\nregions is led by its own Chief Executive O\ufb00icer who reports to the
\nGroup Chief Executive O\ufb00icer.
\nAs the System Fund is not managed to generate a profit or loss
for
\nIHG over the longer term, its results are not regularly reviewed by the
\nChief Operating Decision Maker (\u2018CODM\u2019) and it does not constitute
\nan operating segment under IFRS 8 \u2018Operating Segments\u2019. Similarly,
\nreimbursements of costs are not reported to the CODM and so are
\nnot included within the reportable segments.
\n160
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Segmental performance is evaluated based on operating pro
fit or
\nloss and is measured consistently with operating profit or loss in the
\nGroup Financial Statements, excluding System Fund and exceptional
\nitems. Group financing activities,
fair value gains or losses on
\ncontingent purchase consideration and income taxes are managed
\non a Group basis and are not allocated to reportable segments.
\nGovernment grants
\nThe Group receives government support income relating to the
\nGroup\u2019s corporate o\ufb00ice presence in certain countries and, as a
\nresult of Covid-19, has received support at certain of the Group\u2019s
\nleased hotels.
\nWhere grants are intended to compensate payroll costs they are
\nrecognised as an o\ufb00set within sta\ufb00 costs; those which are unrelated
\nto specific costs are presented within other operating income.
\nAs grants are recognised only where there is reasonable assurance
\nthat the grant will be received and all attached conditions will be
\ncomplied with, the grants may be recognised in subsequent years.
\nReceiving support at leased hotels may result in additional variable
\nrent; these amounts are not o\ufb00set in the Group income statement.
\nFinancial income and expenses
\nFinancial income and expenses include income and charges
\non the Group\u2019s financial assets and liabilities and related hedging
\ninstruments, and foreign exchange gains/losses primarily related
\nto the Group\u2019s internal funding structure.
\nFinance charges relating to bank and other borrowings, including
\ntransaction costs and any discount or premium on issue, are
\nrecognised in the Group income statement using the e\ufb00ective
\ninterest rate method.
\nBorrowing costs attributable to the acquisition or development of
\nassets that necessarily take a substantial period of time to prepare
\nfor their intended use are capitalised as part of the asset cost.
\nIn the Group statement of cash
flows, interest paid and received is
\npresented within cash from operating activities, including any fees
\nand discounts on issuance or settlement of borrowings. Capitalised
\ninterest paid is presented within investing activities.
\nExceptional items
\nThe Group discloses certain financial in
formation both including
\nand excluding exceptional items. The presentation of information
\nexcluding exceptional items allows a better understanding of the
\nunderlying trading performance and trends of the Group and its
\nreportable segments; and provides consistency with the Group\u2019s
\ninternal management reporting.
\nIn determining whether an event or transaction is exceptional,
\nquantitative and qualitative factors are considered. Exceptional
\nitems are identified by virtue o
f their size, nature, or incidence, with
\nconsideration given to consistency of treatment with prior years and
\nbetween gains and losses.
\nThe tax e\ufb00ect of exceptional items is also presented as exceptional.
\nExamples of exceptional items include, but are not restricted to,
\ngains and losses on the disposal of assets, impairment charges
\nand reversals, the costs of individually signi
ficant legal cases or
\ncommercial disputes and reorganisation costs. All exceptional items
\nare subject to review by the Audit Committee.
\nEarnings per share
\nBasic earnings or loss per ordinary share is calculated by dividing
\nthe profit or loss
for the year available for IHG equity holders by the
\nweighted average number of ordinary shares, excluding investment
\nin own shares, in issue during the year.
\nDiluted earnings or loss per ordinary share is calculated by adjusting
\nbasic earnings or loss per ordinary share to reflect the notional
\nexercise of the weighted average number of dilutive ordinary share
\nawards outstanding during the year. Where the e\ufb00ect of the notional
\nexercise of outstanding ordinary share awards is anti-dilutive, these
\nare excluded from the diluted earnings per share calculation.
\nBusiness combinations and goodwill
\nOn the acquisition of a business, identi
fiable assets acquired
\nand liabilities assumed are measured at their fair value. Contingent
\nliabilities assumed are measured at fair value unless this cannot
\nbe measured reliably, in which case they are not recognised but
\nare disclosed in the same manner as other contingent liabilities.
\nThe measurement of deferred tax assets and liabilities arising on
\nacquisition is as described in the general principles detailed within
\nthe \u2018Taxes\u2019 accounting policy note on page 166 with the exception
\nthat no deferred tax is provided on taxable temporary di\ufb00erences
\nin connection with the initial recognition of goodwill.
\nThe cost of an acquisition is measured as the aggregate of the
\nfair value of the consideration transferred. Contingent purchase
\nconsideration is measured at fair value on the date of acquisition
\nand is re-measured at fair value at each reporting date with changes
\nin fair value recognised on the face of the Group income statement
\nbelow operating profit. De
ferred purchase consideration is measured
\nat amortised cost and the e\ufb00ect of unwinding the discount is
\nrecorded in financial expenses.
\nPayments of contingent and deferred purchase consideration
\nreduce the respective liabilities. In respect of contingent purchase
\nconsideration, the portion of each payment relating to its original
\nestimate of fair value on acquisition is reported within cash
flow
\nfrom investing activities in the Group statement of cash
flows and
\nthe portion of each payment relating to the increase or decrease
\nin the liability since the acquisition date is reported within cash
\nflow
from operating activities. In respect of deferred purchase
\nconsideration, the cash paid in excess of the initial fair value is
\nreported within interest paid, and the remainder is reported within
\ncash flows
from investing activities.
\nGoodwill is recorded at cost, being the di\ufb00erence between the fair
\nvalue of the consideration and the fair value of net assets acquired.
\nFollowing initial recognition, goodwill is measured at cost less any
\naccumulated impairment losses and is not amortised.
\nTransaction costs are expensed and are not included in the cost
\nof acquisition.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n161
Accounting policies
continued
\nIntangible assets
\nBrands
\nExternally acquired brands are initially recorded at cost if separately
\nacquired or fair value if acquired as part of a business combination,
\nprovided the brands are controlled through contractual or other
\nlegal rights, or are separable from the rest of the business.
\nBrands are tested for impairment at least annually if determined
\nto have indefinite lives.
\nThe costs of developing internally generated brands are expensed
\nas incurred.
\nManagement agreements
\nManagement agreements acquired as part of a business combination
\nare initially recognised at the fair value attributed to those contracts
\non acquisition and are subsequently amortised on a straight-line
\nbasis over the term of the agreements, including any extension
\nperiods at the Group\u2019s option.
\nSoftware
\nSubstantially all software is internally generated; amounts capitalised
\ninclude internal and third-party labour and consultancy costs.
\nInternally generated development costs are capitalised when all
\nof the following can be demonstrated:
\n\u2022
The ability and intention to complete the project;
\n\u2022
That the completed software will generate probable future
\neconomic benefits;
\n\u2022
The availability of adequate technical,
financial and other resources
\nto complete the project; and
\n\u2022
The ability to measure the expenditure.
\nFollowing initial recognition, the asset is carried at cost less any
\naccumulated amortisation and impairment losses. Costs are
\ngenerally amortised over estimated useful lives of three to
five years
\non a straight-line basis with the exception of the Guest Reservation
\nSystem which is amortised over seven to 10 years (see page 186).
\nCosts incurred in the research phase are expensed. In addition,
\nconfiguration and customisation costs relating to cloud computing
\narrangements are expensed.
\nProperty, plant and equipment
\nProperty, plant and equipment are stated at cost less depreciation
\nand any accumulated impairment.
\nRepairs and maintenance costs are expensed as incurred.
\nLand is not depreciated. All other property, plant and equipment
\nare depreciated to a residual value over their estimated useful
\nlives, namely:
\n\u2022
Buildings \u2013 over a maximum of 50 years; and
\n\u2022
Fixtures, fittings and equipment \u2013 three to 25 years.
\nAll depreciation is charged on a straight-line basis. Residual value
\nis reassessed annually.
\nWhere the Group holds land or other property which it intends
\nto occupy and provide hotel services, either as owner or manager,
\nit is classified as property, plant and equipment.
\nLeases
\nThe Group as lessee
\nOn inception of a contract, the Group assesses whether it contains
\na lease. A contract contains a lease when it conveys the right to
\ncontrol the use of an identi
fied asset
for a period of time in exchange
\nfor consideration. The right to use the asset and the obligation under
\nthe lease to make payments are recognised in the Group statement
\nof
financial position as a right-o
f-use asset and a lease liability.
\nLease contracts may contain both lease and non-lease components.
\nThe Group allocates payments in the contract to the lease and
\nnon-lease components based on their relative stand-alone prices
\nand applies the lease accounting model only to lease components.
\nThe right-of-use asset recognised at lease commencement includes
\nthe amount of lease liability recognised, initial direct costs incurred
\nand lease payments made at or before the commencement date,
\nless any lease incentives received. Right-of-use assets are
\ndepreciated to a residual value over the shorter of the asset\u2019s
\nestimated useful life and the lease term. Right-of-use assets are also
\nadjusted for any re-measurement of lease liabilities and are subject
\nto impairment testing. Residual value is reassessed annually.
\nA lease liability is recorded when the leased asset is available for use
\nby the Group and is initially measured at the present value of the
\nlease payments to be made over the lease term. The lease payments
\ninclude fixed payments (including \u2018in-substance fixed\u2019 payments)
\nand variable lease payments that depend on an index or a rate
\n(initially measured using the index or rate at commencement), less
\nany lease incentives receivable. \u2018In-substance fixed\u2019 payments are
\npayments that may, in form, contain variability but that, in substance,
\nare unavoidable. In calculating the present value of lease payments,
\nthe Group uses its incremental borrowing rate at the lease
\ncommencement date if the interest rate implicit in the lease is not
\nreadily determinable.
\nThe lease term includes periods subject to extension options which
\nthe Group is reasonably certain to exercise and excludes the e\ufb00ect
\nof early termination options where the Group is reasonably certain
\nthat it will not exercise the option. Minimum lease payments include
\nthe cost of a purchase option if the Group is reasonably certain it will
\npurchase the underlying asset after the lease term.
\nAfter the commencement date, the amount of lease liabilities is
\nincreased to reflect the accretion o
f interest and reduced for lease
\npayments made. The carrying amount of lease liabilities is
\nre-measured if there is a modi
fication, a change in the lease term,
\na change in the \u2018in-substance fixed\u2019 lease payments or as a result
\nof a rent review or change in the relevant index or rate.
\nVariable lease payments are payable under certain of the Group\u2019s
\nhotel leases and arise where the Group is committed to making
\nlease payments that are contingent on the performance of these
\nhotels. Such lease payments that do not depend on an index or
\na rate are recognised as an expense in the period over which the
\nevent or condition that triggers the payment occurs.
\n162
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
The Group has opted not to apply the lease accounting model to
\nintangible assets, leases of low-value assets or leases which have
\na term of less than 12 months. Costs associated with these leases
\nare recognised as an expense on a straight-line basis over the
\nlease term.
\nPayments and receipts are presented as follows in the Group
\nstatement of cash
flows:
\n\u2022
Short-term lease payments, payments for leases of low-value
\nassets and variable lease payments that are not included in the
\nmeasurement of the lease liabilities are presented within cash
\nflows
from operating activities;
\n\u2022
Payments for the interest element of recognised lease liabilities are
\nincluded in interest paid within cash flows
from operating activities;
\n\u2022
Payments for the principal element of recognised lease liabilities
\nare presented within cash flows
from
financing activities; and
\n\u2022
Lease incentives received are presented within cash flows
from
\ninvesting activities where they represent a reimbursement of initial
\nfit-out costs.
\nThe Group as lessor
\nLeases, including subleases, for which the Group is a lessor are
\nclassified as finance or operating leases. Whenever the terms o
f the
\nlease transfer substantially all the risks and rewards of ownership to
\nthe lessee, the lease is classified as a finance lease. All other leases
\nare classified as operating leases. Where a leased property earns
\nrentals under an operating sublease outside of the normal course
\nof business, the Group\u2019s interest in the lease is classi
fied as an
\ninvestment property within right-of-use assets; these are subsequently
\nmeasured under the cost model.
\nWhen the lease is classified as an operating lease, rental income
\narising is accounted for on a straight-line basis in the Group
\nincome statement.
\nWhen the lease is classified as a finance lease, the Group\u2019s interest
\nin the lease is derecognised and is replaced by a finance lease
\nreceivable. Any di\ufb00erence between those amounts is recognised
\nin the Group income statement. Finance lease receivables are
\npresented within other receivables and are initially measured at the
\npresent value of lease payments receivable under the sublease plus
\nany initial direct costs. Finance lease interest is recognised within
\nfinancial income in the Group income statement.
\nReceipts are presented as follows in the Group statement of
\ncash flows:
\n\u2022
Receipts from operating leases and investment properties are
\npresented within cash flows
from operating activities; and
\n\u2022
Receipts from
finance leases are presented within cash flows
\nfrom investing activities.
\nAssociates and joint ventures
\nAn associate is an entity over which the Group has significant
\ninfluence. Significant influence is the power to participate in the
\nfinancial and operating policy decisions o
f the entity, but is not
\ncontrol or joint control over those policies. A joint venture exists
\nwhen two or more parties have joint control over, and rights to the
\nnet assets of, the venture. Joint control is the contractually agreed
\nsharing of control which only exists when decisions about the
\nrelevant activities require the unanimous consent of the parties
\nsharing control.
\nIn determining the extent of power or signi
ficant influence,
\nconsideration is given to other agreements between the Group,
\nthe investee entity, and the investing partners. This includes any
\nrelated management or franchise agreements and the existence
\nof any performance guarantees.
\nAssociates and joint ventures are accounted for using the equity
\nmethod unless the associate or joint venture is classified as held
for
\nsale. Under the equity method, the Group\u2019s investment is recorded
\nat cost adjusted by the Group\u2019s share of post-acquisition pro
fits and
\nlosses, and other movements in the investee\u2019s reserves, applying
\nconsistent accounting policies. When the Group\u2019s share of losses
\nexceeds its interest in an associate or joint venture, the Group\u2019s
\ncarrying amount is reduced to $nil and recognition of further losses
\nis discontinued except to the extent that the Group has incurred
\nlegal or constructive obligations or made payments on behalf of
\nan associate or joint venture.
\nIf there is objective evidence that an associate or joint venture is
\nimpaired, an impairment charge is recognised if the carrying amount
\nof the investment exceeds its recoverable amount.
\nUpon loss of signi
ficant influence over an associate or joint control
\nof a joint venture, any retained investment is measured at fair value
\nwith any di\ufb00erence to carrying value recognised in the Group
\nincome statement.
\nImpairment of non-
financial assets
\nNon-financial assets are tested
for impairment when events or
\nchanges in circumstances indicate that the carrying value may
\nnot be recoverable and, in the case of goodwill and brands with
\nindefinite lives, at least annually.
\nAssets that do not generate independent cash inflows are allocated
\nto the cash-generating unit (\u2018CGU\u2019), or group of CGUs, to which they
\nbelong. For impairment testing of hotel properties, each hotel is
\ndeemed to be a CGU.
\nIf carrying values exceed their estimated recoverable amount,
\nthe assets or CGUs are written down to the recoverable amount.
\nRecoverable amount is the greater of fair value less costs of disposal
\nand value in use. Value in use is assessed based on estimated future
\ncash flows, including the e\ufb00ect o
f in
flation, discounted to their
\npresent value using a pre-tax nominal discount rate that reflects
\ncurrent market assessments of the time value of money and the
\nrisks specific to the asset.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n163
With the exception of goodwill, an assessment is made at each
\nreporting date to determine whether there is an indication that
\npreviously recognised impairment losses no longer exist or have
\ndecreased. A previously recognised impairment loss is reversed
\nonly if there has been a signi
ficant change in the assumptions used
\nto determine the asset\u2019s recoverable amount since the impairment
\nloss was recognised. The reversal is limited so that the carrying
\namount of the asset does not exceed its recoverable amount, nor
\nexceed the carrying amount that would have been determined,
\nnet of depreciation or amortisation, had no impairment loss been
\nrecognised for the asset in prior years.
\nImpairment losses, and any subsequent reversals, are recognised
\nin the Group income statement.
\nFinancial assets
\nOn initial recognition, the Group classifies its financial assets as
\nbeing subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u2018FVOCI\u2019) or fair value through pro
fit
\nor loss (\u2018FVTPL\u2019).
\nFinancial assets which are held to collect contractual cash flows
\nand give rise to cash flows that are solely payments o
f principal and
\ninterest are subsequently measured at amortised cost. Interest on
\nthese assets is calculated using the e\ufb00ective interest rate method
\nand is recognised in the Group income statement as financial
\nincome. The Group recognises a provision for expected credit losses
\nfor
financial assets held at amortised cost. With the exception o
f
\ntrade receivables (see below), where there has not been a significant
\nincrease in credit risk since initial recognition, provision is made for
\ndefaults that are possible within the next 12 months, and where there
\nhas been a significant increase in credit risk since initial recognition,
\nfor example trade deposits and loans where the borrower is in
\nfinancial di\ufb00iculty or has not met repayments as they
fall due,
\nprovision is made for credit losses expected over the remaining life
\nof the asset.
\nThe Group has elected to irrevocably designate equity investments
\nas FVOCI as they mainly comprise strategic investments in entities
\nthat own hotels which the Group manages. Changes in their value
\nare recognised within gains or losses on equity instruments
\nclassified as FVOCI in the Group statement o
f comprehensive
\nincome and are never recycled to the Group income statement.
\nOn disposal, any related balance within the fair value reserve is
\nreclassified to retained earnings. Dividends
from equity investments
\nclassified as FVOCI are recognised in the Group income statement
\nas other operating income when the dividend has been declared,
\nwhen receipt of the funds is probable and when the dividend is not
\na return of invested capital. Equity instruments classi
fied as FVOCI
\nare not subject to impairment assessment.
\nFinancial assets not meeting the above criteria are measured at
\nFVTPL. These include money market funds, investments which do
\nnot meet the definition o
f equity and other
financial assets, including
\nthose which do not have a fixed date o
f repayment.
\nTrade receivables
\nA trade receivable is recorded when the Group has an unconditional
\nright to receive payment. In respect of franchise fees, base and
\nincentive management fees, Central revenue and revenues from
\nowned, leased and managed lease hotels, the invoice is typically
\nissued as the related performance obligations are satis
fied, as
\ndescribed on page 159. Trade receivables typically do not bear
\ninterest and are generally on payment terms of up to 30 days.
\nTrade receivables are initially recognised at fair value and subsequently
\nmeasured at amortised cost. A provision for impairment is made for
\nlifetime expected credit losses. The Group has established a provision
\nmatrix that is based on its historical credit loss experience by region
\nand number of days past due. Where the historical experience is not
\nrelevant to defined owner groups,
for example those in
financial
\ndistress, the lifetime expected credit losses are calculated by
\nreference to other sources of data.
\nTrade receivables are written o\ufb00 once determined to be uncollectable.
\nCash and cash equivalents
\nCash comprises cash on hand and demand deposits.
\nCash and cash equivalents comprise short-term deposits, money
\nmarket funds and repurchase agreements that are readily convertible
\nto a known amount of cash and are subject to an insigni
ficant risk o
f
\nchanges in value. They generally have an original maturity of three
\nmonths or less.
\nCash and cash equivalents may include amounts which are subject
\nto regulatory or other contractual restrictions and are not available
\nfor general use by the Group.
\nCash balances are classified as other financial assets when the
\nGroup is not able to freely access the funds and they are subject to
\na specific charge or contractually ring-
fenced for a speci
fic purpose.
\nMoney market funds
\nMoney market funds are held at FVTPL, with distributions recognised
\nin financial income.
\nBank and other borrowings
\nBank and other borrowings are initially recognised at the fair value
\nof the consideration received less directly attributable transaction
\ncosts. They are subsequently measured at amortised cost.
\nBorrowings are classified as non-current when the repayment date
\nis more than 12 months from the period-end date or where they are
\ndrawn on a facility with more than 12 months to expiry.
\nAccounting policies
continued
\n164
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Derivative financial instruments and hedging
\nDerivatives are initially recognised and subsequently measured at
\nfair value. The subsequent accounting treatment depends on whether
\nthe derivative is designated as a hedging instrument, and if so, the
\nnature of the item being hedged.
\nChanges in the fair value of derivatives which have either not been
\ndesignated as hedging instruments or relate to the ine\ufb00ective portion
\nof hedges are recognised immediately in the Group income statement.
\nDocumentation outlining the measurement and e\ufb00ectiveness of
\nany hedging arrangement is maintained throughout the life of the
\nhedge relationship.
\nInterest arising from currency derivatives and interest rate swaps
\nis recorded in either financial income or expenses over the term
\nof the agreement, unless the accounting treatment for the hedging
\nrelationship requires the interest to be taken to reserves.
\nWithin the Group statement of cash
flows, interest paid includes
\ninterest paid on the Group\u2019s bonds and the related derivative
\nfinancial instruments.
\nCash flow hedges
\nFinancial instruments are designated as cash flow hedges when
\nthey hedge exposure to variability in cash flows that are attributable
\nto either a highly probable forecast transaction or a particular risk
\nassociated with a recognised asset or liability.
\nChanges in the fair value are recorded in other comprehensive
\nincome and cash flow hedge reserves to the extent that the hedges
\nare e\ufb00ective. When the hedged item is recognised, the cumulative
\ngains and losses on the related hedging instrument are reclassified
\nto the Group income statement, within financial expenses.
\nNet investment hedges
\nFinancial instruments are designated as net investment hedges
\nwhen they hedge the Group\u2019s net investment in foreign operations.
\nChanges in the fair value are recorded in other comprehensive
\nincome and the currency translation reserve to the extent that the
\nhedges are e\ufb00ective. The cumulative gains and losses remain in
\nequity until the relevant foreign operation is sold, at which point they
\nare reclassified to the Group income statement as part o
f the gain
\nor loss on disposal.
\nFair value measurement
\nThe Group measures each of the following at fair value
\non a recurring basis:
\n\u2022
Financial assets and liabilities at FVTPL;
\n\u2022
Financial assets measured at FVOCI; and
\n\u2022
Derivative financial instruments.
\nOther assets are measured at fair value when impaired or
\nre-measured on classification as held
for sale by reference to fair
\nvalue less costs of disposal.
\nFair value is the price that would be received to sell an asset or
\npaid to transfer a liability in an orderly transaction between market
\nparticipants. Fair value is measured by reference to the principal
\nmarket for the asset or liability assuming that market participants
\nact in their economic best interests.
\nThe fair value of a non-
financial asset assumes the asset is used
\nin its highest and best use, either through continuing ownership
\nor by selling it.
\nThe Group uses valuation techniques that maximise the use of
\nrelevant observable inputs using the following valuation hierarchy:
\nLevel 1:
Quoted (unadjusted) prices in active markets for identical
\nassets or liabilities.
\nLevel 2:
Other techniques for which all inputs which have a
\nsignificant e\ufb00ect on the recorded
fair value are observable,
\neither directly or indirectly.
\nLevel 3:
Techniques which use inputs which have a significant e\ufb00ect
\non the recorded fair value that are not based on observable
\nmarket data.
\nFor assets and liabilities measured at fair value on a recurring basis,
\nthe Group determines whether transfers have occurred between
\nlevels in the hierarchy by reassessing categorisation (based on the
\nlowest level input that is significant to the
fair value measurement
\nas a whole) at the end of each reporting period.
\nFurther disclosures on the particular valuation techniques used by
\nthe Group are provided in note 24.
\nWhere significant assets, such as property, are valued by re
ference
\nto fair value less costs of disposal, an external valuation will normally
\nbe obtained using professional valuers who have appropriate market
\nknowledge, reputation and independence.
\nO\ufb00setting of
financial assets and financial liabilities
\nFinancial assets and financial liabilities are o\ufb00set and the net amount
\nis reported in the Group statement of
financial position i
f there is
\na currently enforceable legal right to o\ufb00set the recognised amounts
\nand there is an intention to settle on a net basis or to realise the assets
\nand settle the liabilities simultaneously. To meet these criteria, the
\nright of set-o\ufb00 must not be contingent on a future event and must be
\nlegally enforceable in all of the following circumstances: the normal
\ncourse of business; the event of default; and the event of insolvency
\nor bankruptcy of the Group and all of the counterparties.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n165
Taxes
\nCurrent tax
\nCurrent income tax assets and liabilities for the current and prior
\nperiods are measured at the amount expected to be recovered
\nfrom, or paid to, the tax authorities. The tax rates and tax laws used
\nto compute the amount are those that are enacted or substantively
\nenacted at the end of the reporting period.
\nThe calculation of the Group\u2019s current tax charge involves
\nconsideration of applicable tax laws and regulations in many
\njurisdictions throughout the world. From time to time, the Group
\nis subject to tax audits and uncertainties in these jurisdictions.
\nThe issues involved can be complex and audits may take a number
\nof years to conclude. Where the interpretation of local tax law is not
\nclear, management relies on judgement and accounting estimates
\nto ensure all uncertain tax positions are adequately provided for
\nin the Group Financial Statements, in accordance with IFRIC 23
\n\u2018Uncertainty over Income Tax Treatments\u2019, representing the Group\u2019s
\nview of the most likely outcome or, where multiple issues are
\nconsidered likely to be settled together, the probability weighted
\namounts of the range of possible outcomes.
\nThis may involve consideration of some or all of the following factors:
\n\u2022
strength of technical argument, impact of case law and clarity
\nof legislation;
\n\u2022
professional advice;
\n\u2022
experience of interactions, and precedents set, with the particular
\ntaxing authority; and
\n\u2022
agreements previously reached in other jurisdictions on
\ncomparable issues.
\nDeferred tax
\nDeferred tax assets and liabilities arise and are generally recognised
\nin respect of temporary di\ufb00erences between the tax base and
\ncarrying value of assets and liabilities.
\nDeferred tax is calculated at the tax rates that are expected to apply
\nin the periods in which the asset is released or the liability will be
\nsettled, based on tax rates and laws enacted or substantively
\nenacted at the end of the reporting period.
\nJudgement is used when assessing the extent to which deferred tax
\nassets, particularly in respect of tax losses, should be recognised.
\nDeferred tax assets are only recognised to the extent that it is
\nregarded as probable that there will be su\ufb00icient and suitable
\ntaxable profits or de
ferred tax liabilities in the relevant legal entity
\nor tax group against which such assets can be utilised in the future.
\nFor this purpose, forecasts of future pro
fits are considered by
\nassessing estimated future cash
flows, consistent with those
\ndisclosed on page 157 within \u2018Going concern\u2019. Tax assumptions
\nare overlaid to these profit
forecasts to estimate the future
\ntaxable profits.
\nDeferred tax is not provided on temporary di\ufb00erences arising on
\ninvestments in subsidiaries where the Group is able to control the
\ntiming of the reversal and it is probable that the temporary
\ndi\ufb00erence will not reverse in the foreseeable future.
\nWhere deferred tax assets and liabilities arise in the same entity, or
\ngroup of entities, and there would be a legal right to o\ufb00set the assets
\nand liabilities were they to reverse, the assets and liabilities are also
\no\ufb00set in the Group statement of
financial position.
\nRetirement benefits
\nDefined contribution plans
\nPayments to defined contribution plans are charged to the Group
\nincome statement as they fall due.
\nDefined benefit plans
\nPlan assets are measured at fair value and plan liabilities are
\nmeasured on an actuarial basis using the projected unit credit
\nmethod, discounted at an interest rate equivalent to the current rate
\nof return on a high-quality corporate bond of equivalent currency
\nand term to the plan liabilities. The di\ufb00erence between the value
\nof plan assets and liabilities at the period-end date is the amount
\nof surplus or de
ficit recorded in the Group statement o
f
financial
\nposition as an asset or liability. An asset is recognised when the
\nemployer has an unconditional right to use the surplus at some point
\nduring the life of the plan or on its wind-up.
\nThe service cost of providing pension bene
fits to employees,
\ntogether with the net interest expense or income for the year,
\nis charged to the Group income statement within administrative
\nexpenses. Net interest is calculated by applying the discount rate
\nto the net defined benefit asset or liability, a
fter any asset restriction.
\nRe-measurements comprise actuarial gains and losses, the return
\non plan assets and changes in the amount of any asset restrictions.
\nActuarial gains and losses may result from di\ufb00erences between
\nthe actuarial assumptions underlying the plan liabilities and actual
\nexperience during the year or changes in the actuarial assumptions
\nused in the valuation of the plan liabilities. Re-measurement gains
\nand losses, and taxation thereon, are recognised in other
\ncomprehensive income and are not reclassified to profit or loss
\nin subsequent periods.
\nActuarial valuations are carried out on a regular basis and are
\nupdated for material transactions and other material changes in
\ncircumstances (including changes in market prices and interest
\nrates) up to the end of the reporting period.
\nDeferred compensation plan
\nThe Group operates a deferred compensation plan in the US which
\nallows certain employees to make additional provision for retirement
\nthrough the deferral of salary with matching company contributions
\nwithin a dedicated trust. The related assets and liabilities are
\nrecognised in the Group statement of
financial position. The Group\u2019s
\nobligation to employees under the plan is limited to the fair value of
\nassets held by the plan and so the assets and liabilities are valued at
\nthe same amount, with no net impact on profit or loss.
\nShare-based payments
\nThe cost of equity-settled share-based payment transactions with
\nemployees is measured by reference to fair value at the date at
\nwhich the right to the shares is granted. Fair value is determined
\nby an external valuer using option pricing models.
\nThe cost of equity-settled share-based payment transactions is
\nrecognised, together with a corresponding increase in equity,
\nover the period in which any performance or service conditions
\nare ful
filled, ending on the date on which the relevant employees
\nbecome fully entitled to the award (vesting date).
\nThe Group income statement charge represents the movement in
\ncumulative expense recognised at the beginning and end of that
\nyear. No expense is recognised for awards that do not ultimately
\nvest, except for awards where vesting is conditional upon a market
\nor non-vesting condition, which are treated as vesting irrespective
\nof whether or not the market or non-vesting condition is satis
fied,
\nprovided that all other performance and/or service conditions
\nare satisfied.
\nAccounting policies
continued
\n166
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Provisions
\nProvisions are recognised when the Group has a present obligation
\nas a result of a past event, it is probable that a payment will be made
\nand a reliable estimate of the amount payable can be made. If the
\ne\ufb00ect of the time value of money is material, the provision is
\ndiscounted using a current pre-tax discount rate that reflects the
\nrisks specific to the liability. No amounts are currently discounted.
\nCommercial litigation and disputes
\nA provision is made when management consider it probable that
\npayment may occur and the amount can be reliably estimated even
\nthough the defence of the related claim may still be ongoing through
\nthe court process.
\nInsurance reserves
\nThe Group holds insurance policies with third-party insurers against
\ncertain risks relating to its corporate operations and owned and
\nleased properties. An element of these risks are reinsured through
\nthe Captive.
\nIn addition, the Group\u2019s managed hotels obtain insurance from
\nthird-party insurers. The Group has agreements in place with the
\nthird-party insurers to reinsure certain risks through the Captive.
\nBoth of these arrangements have the e\ufb00ect of reducing the cost
\nof insurance.
\nIn addition to the Captive obtaining regulatory approval, each line
\nof insurance is subject to review and approval by the Insurance
\nExecutive Sub-Committee. The level of retained risk and expected
\nloss is reviewed annually to balance the level of risk against external
\nrisk transfer costs.
\nInsurance reserves are held principally in the Captive, and are
\nestablished using independent actuarial assessments, which reflects
\ncurrent expectations of the future economic outlook, or are based
\non past claims experience provided by third parties.
\nAmounts utilised are principally paid to third-party insurers or
\ndedicated claims handlers for subsequent settlement with the
\nclaimant. In order to protect the third-party insurer against the
\nsolvency risk of the Captive, the Group has outstanding letters
\nof credit (see note 30).
\nContingent liabilities
\nIn limited cases, the Group may guarantee part of mortgage
\nloans made to facilitate third-party ownership of hotels under
\nIHG management or franchise agreements. These guarantee
\narrangements are accounted for as insurance contracts as IHG is
\ninsuring the bank against default by the hotel, with a liability only
\nbeing recognised in the event that a payout becomes probable.
\nDisposal of non-current assets
\nThe Group recognises sales proceeds and any related gain or loss on
\ndisposal on completion of the sales process. In determining whether
\nthe gain or loss should be recorded, the Group considers whether it:
\n\u2022
Has a continuing managerial involvement to the degree associated
\nwith asset ownership;
\n\u2022
Has transferred the signi
ficant risks and rewards associated with
\nasset ownership; and
\n\u2022
Can reliably measure and will actually receive the proceeds.
\nEquity share capital and reserves
\nEquity share capital
\nEquity share capital includes the total net proceeds (both nominal
\nvalue and share premium) on issue of the Company\u2019s equity share
\ncapital. Share premium represents the amount of proceeds received
\nfor shares in excess of their nominal value.
\nCapital redemption reserve
\nThe capital redemption reserve maintains the nominal value of the
\nequity share capital of the Company when shares are repurchased
\nand cancelled.
\nShares held by employee share trusts
\nShares held by employee share trusts comprise ordinary shares
\nheld by employee share trusts.
\nOther reserves
\nOther reserves comprise the merger and revaluation reserves
\npreviously recognised under UK GAAP, together with the reserve
\narising as a consequence of the Group\u2019s capital reorganisation in
\nJune 2005. The revaluation reserve relates to the previous revaluations
\nof property, plant and equipment which were included at deemed
\ncost on adoption of IFRS. Following the change in presentational
\ncurrency to US dollars in 2008, this reserve also includes exchange
\ndi\ufb00erences arising on retranslation to period-end exchange rates of
\nequity share capital, the capital redemption reserve and shares held
\nby employee share trusts.
\nFair value reserve
\nThe fair value reserve comprises movements in the value of
financial
\nassets measured at fair value through other comprehensive income.
\nCash flow hedge reserves
\nThe cash flow hedge reserves comprise:
\n\u2022
Cash flow hedge reserve: the e\ufb00ective portion o
f the cumulative
\nnet change in the fair value of hedging instruments used in cash
\nflow hedges pending subsequent recognition in profit or loss; and
\n\u2022
Cost of hedging reserve: the gain or loss which is excluded from
\nthe designated hedging instrument relating to the foreign currency
\nbasis spread of currency swaps.
\nCurrency translation reserve
\nThe currency translation reserve comprises the movement in
\nexchange di\ufb00erences arising from the translation of foreign operations
\nand exchange di\ufb00erences on foreign currency borrowings and
\nderivative financial instruments that provide a hedge against net
\ninvestments in foreign operations. On adoption of IFRS, cumulative
\nexchange di\ufb00erences were deemed to be $nil.
\nNon-controlling interest
\nA non-controlling interest is equity in a subsidiary of the Group not
\nattributable, directly or indirectly, to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24871": {
"value": "Basis of consolidation The Consolidated Financial Statements comprise the financial
\nstatements of the Parent Company and entities controlled by
\nthe Group. Control exists when the Group has:
\n\u2022
Power over an investee (i.e., existing rights that give it the current
\nability to direct the relevant activities of the investee);
\n\u2022
Exposure, or rights, to variable returns from its involvement with
\nthe investee; and
\n\u2022
The ability to use its power over the investee to a\ufb00ect its returns.
\nAll intra-group balances and transactions are eliminated on
\nconsolidation.
\nThe assets, liabilities and results of those businesses acquired or
\ndisposed of are consolidated for the period during which they were
\nunder the Group\u2019s control.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24891": {
"value": "Foreign currencies Within the Group\u2019s subsidiaries, transactions in foreign currencies are
\ntranslated to the subsidiary\u2019s functional currency at the exchange
\nrates ruling on the dates of the transactions. Monetary assets and
\nliabilities denominated in foreign currencies are retranslated to the
\nsubsidiary\u2019s functional currency at the relevant rates of exchange
\nruling on the last day of the period. On consolidation:
\n\u2022
The assets and liabilities of foreign operations of the Group\u2019s
\nsubsidiaries with a functional currency other than US dollars are
\ntranslated into US dollars at the relevant rates of exchange ruling
\non the last day of the period. The revenues and expenses of foreign
\noperations are translated into US dollars at average rates of exchange
\nfor each month of the reporting period. The Group treats speci
fic
\nintercompany loan balances, which are not intended to be repaid
\nin the foreseeable future, as part of its net investment. The exchange
\ndi\ufb00erences arising on retranslation are taken to the currency
\ntranslation reserve; and
\n\u2022
Exchange di\ufb00erences arising from the translation of borrowings
\nthat are designated as a hedge against a net investment in a
\nforeign operation are taken to the currency translation reserve.
\nOn disposal of a foreign operation, the cumulative amount
\nrecognised in the currency translation reserve relating to that
\nparticular foreign operation is recycled as part of the gain or
\nloss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24938": {
"value": "Revenue recognition Revenue is recognised at an amount that reflects the consideration
\nto which the Group expects to be entitled in exchange for transferring
\ngoods or services to a customer.
\nFee business revenue
\nUnder franchise agreements, the Group\u2019s performance obligation
\nis to provide a licence to use IHG\u2019s trademarks and other intellectual
\nproperty. Franchise royalty fees are typically charged as a percentage
\nof hotel gross rooms revenues and are treated as variable
\nconsideration, recognised as the underlying hotel revenues occur.
\nUnder management agreements, the Group\u2019s performance
\nobligation is to provide hotel management services and a licence
\nto use IHG\u2019s trademarks and other intellectual property. Base and
\nincentive management fees are typically charged. Base management
\nfees are typically a percentage of total hotel revenues and incentive
\nmanagement fees are generally based on the hotel\u2019s pro
fitability or
\ncash flows. Both are treated as variable consideration. Like
franchise
\nfees, base management fees are recognised as the underlying hotel
\nrevenues occur. Incentive management fees are recognised over
\ntime when it is considered highly probable that the related
\nperformance criteria for each annual period will be met, provided
\nthere is no expectation of a subsequent reversal of the revenue.
\nApplication and re-licensing fees are not considered to be distinct
\nfrom the franchise performance obligation and are recognised over
\nthe life of the related agreement.
\nFranchise and management agreements also contain a promise
\nto provide technology support and network services to hotels.
\nA monthly technology fee, based on either gross rooms revenues
\nor the number of rooms in the hotel, is charged and recognised
\nover time as these services are delivered. Technology fee income
\nis included in Central revenue.
\nTechnical service fees are received in relation to design and
\nengineering support provided prior to the opening of certain hotel
\nproperties. These services are a distinct performance obligation
\nand the fees are recognised as revenue over the pre-opening period
\nin line with the Group\u2019s assessment of the stage of completion of the
\nproject, based on the latest expectation of hotel opening date and
\nits knowledge and experience of the pattern of work performed on
\ncomparable projects.
\nIHG\u2019s global insurance programme provides coverage to managed
\nhotels for certain risks. Premiums are payable by the hotels to the
\nthird-party insurance provider. Some of the risk is reinsured by the
\nGroup\u2019s captive insurance company (the \u2018Captive\u2019), SCH Insurance
\nCompany; reinsurance premiums paid from the third-party insurance
\nprovider to the Captive are recognised within Central revenue as
\nearned. This insurance revenue is outside the scope of IFRS 15.
\nThe Group has applied the practical expedient in IFRS 15 not to
\ndisclose the aggregate amount of the transaction price allocated to
\nperformance obligations that are unsatis
fied or partially unsatisfied
\nas at the end of the reporting period for all amounts where the
\nGroup has a right to consideration in an amount that corresponds
\ndirectly with the value to the customer of the Group\u2019s performance
\ncompleted to date (including franchise and management fees).
\nContract assets
\nAmounts paid to hotel owners to secure management and franchise
\nagreements (\u2018key money\u2019) are treated as consideration payable to
\na customer. A contract asset is recorded which is recognised as
\na deduction to revenue over the initial term of the agreement.
\nIn limited cases loans can be provided to an owner, in such cases
\nthe initial credit risk will be low. The di\ufb00erence, if any, between the
\nface and market value of the loan on inception is recognised as
\na contract asset.
\nIn limited cases, the Group may provide performance guarantees
\nto third-party hotel owners. The expected value of payments under
\nperformance guarantees reduces the overall transaction price and is
\nrecognised as a deduction to revenue over the term of the agreement.
\nTypically, contract assets are not financial assets as they represent
\namounts paid by the Group at the beginning of a contract, and so
\nare tested for impairment based on value in use rather than with
\nreference to expected credit losses. Contract assets are reviewed
\nfor impairment when events or changes in circumstances indicate
\nthat the carrying value may not be recoverable. If carrying values
\nexceed the recoverable amount, determined by reference to
\nestimated future cash
flows discounted to their present value using
\na pre-tax discount rate, the contract assets are written down to the
\nrecoverable amount.
\nDeferred revenue
\nDeferred revenue is recognised when payment is received before
\nthe related performance obligation is satis
fied.
\nRevenue is also deferred when key money is committed and is highly
\nlikely to be paid. The annual revenue deferral is equal to the reduction
\nto revenue that would arise if the key money were paid at inception
\nof the contract. When payment is made, a net contract asset is
\nrecorded which is amortised over the remaining initial term of
\nthe agreement.
\nContract costs
\nCertain costs incurred to secure management and franchise
\nagreements, typically developer commissions, are capitalised and
\namortised as an expense over the initial term of the related agreement.
\nThese costs are presented as contract costs in the Group statement
\nof
financial position.
\nContract costs are reviewed for impairment when events or
\nchanges in circumstances indicate that the carrying value may not
\nbe recoverable with reference to the future expected cash
flows
\nfrom the contract.
\nRevenue from owned, leased and managed lease hotels
\nAt its owned, leased and managed lease hotels, the Group\u2019s
\nperformance obligation is to provide accommodation and other
\ngoods and services to guests. Revenue includes rooms revenue and
\nfood and beverage sales, which are recognised when the rooms are
\noccupied and food and beverages are sold. Guest deposits received
\nin advance of hotel stays are recorded as deferred revenue in the
\nGroup statement of
financial position. They are recognised as revenue
\nalong with any balancing payment from the guest when the associated
\nstay occurs, or are returned to the customer in the event of
\na cancellation.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n159
Accounting policies
continued
\nCost reimbursements
\nIn a managed property, the Group typically acts as employer of the
\ngeneral manager and, in some cases, other employees at the hotel
\nand is entitled to reimbursement of these costs. The performance
\nobligation is satisfied over time as the employees per
form their
\nduties, consistent with when reimbursement is received.
\nReimbursements for these services are shown as revenue with an
\nequal matching employee cost, with no profit impact. Certain other
\ncosts relating to both managed and franchised hotels are also
\ncontractually reimbursable to IHG and, where IHG is deemed to
\nbe acting as principal in the provision of the related services, the
\nrevenue and cost are shown on a gross basis.
\nSystem Fund and other co-brand revenues
\nThe Group operates the Fund to collect and administer cash
\nassessments from hotel owners for the speci
fic purpose o
f use in
\nmarketing, the Guest Reservation System and hotel loyalty programme.
\nThe Fund also benefits
from proceeds from the sale of loyalty points
\nunder third-party co-branding arrangements. The Fund is not
\nmanaged to generate a surplus or deficit
for IHG over the longer
\nterm, but is managed for the bene
fit o
f the IHG System with the
\nobjective of driving revenues for the hotels in the System.
\nThe growth in the IHG One Rewards programme means that,
\nalthough assessments are received from hotels up front when a
\nmember earns points, more revenue is deferred each year than is
\nrecognised in the System Fund. This can lead to accounting losses
\nin the System Fund each year as the deferred revenue balance grows.
\nUnder both franchise and management agreements, the Group is
\nrequired to provide marketing and reservations services, as well as
\nother centrally managed programmes. These services are provided
\nby the Fund and are funded by assessment fees. Costs are incurred
\nand allocated to the Fund in accordance with the principles agreed
\nwith the IHG Owners Association. The Group acts as principal in the
\nprovision of the services as the related expenses primarily comprise
\npayroll and marketing expenses under contracts entered into by the
\nGroup. The assessment fees from hotel owners are generally levied
\nas a percentage of hotel revenues and are recognised as those hotel
\nrevenues occur.
\nCertain travel agency commission revenues within the Fund are
\nrecognised on a net basis, where it has been determined that IHG
\nis acting as agent.
\nIn respect of the loyalty programme, IHG One Rewards, the
\nperformance obligations are to arrange for the provision of future
\nbenefits to members on consumption o
f previously earned reward
\npoints and Milestone Rewards (following changes to the programme
\nstructure in the year). Points are exchanged for reward nights at an
\nIHG hotel or other goods or services provided by third parties.
\nMilestone Rewards comprise points or other benefits such as
\nupgrades and food and beverage vouchers.
\nUnder its franchise and management agreements, IHG receives
\nassessment fees based on total qualifying hotel revenue from IHG
\nOne Rewards members\u2019 hotel stays.
\nThe Group\u2019s performance obligation is not satis
fied in
full until the
\nmember has consumed the relevant benefits. Accordingly, loyalty
\nassessments are allocated between points and Milestone Rewards
\nand deferred in an amount that re
flects the stand-alone selling price
\nof the future bene
fit to the member. Revenue is impacted by a
\n\u2018breakage\u2019 estimate of the bene
fits that will never be consumed.
\nOn an annual basis, the Group engages an external actuary who
\nuses statistical formulae to assist in formulating this estimate, which
\nis adjusted to reflect actual experience up to the reporting date.
\nAs materially all of the awards will be either consumed at IHG
\nmanaged or franchised hotels owned by third parties, or exchanged
\nfor awards provided by third parties, IHG is deemed to be acting as
\nagent on consumption and therefore recognises the related revenue
\nnet of the cost of reimbursing the hotel or third party that is
\nproviding the benefit.
\nPerformance obligations under the Group\u2019s co-brand credit card
\nagreements comprise:
\na) Arranging for the provision of future bene
fits to members who
\nhave earned points or free night certi
ficates;
\nb) Marketing services; and
\nc) Providing the co-brand partner with the right to access the
\nloyalty programme.
\nRevenue from a) and b) are reported within System Fund revenues
\nand revenue from c) is reported within fee business revenue.
\nFees from these agreements comprise
fixed amounts normally
\npayable at the beginning of the contract, and variable amounts
\npaid on a monthly basis. Variable amounts are typically based on
\nthe number of points and free night certi
ficates issued to members
\nand the marketing services performed by the Group. Total fees are
\nallocated to the performance obligations based on their estimated
\nstand-alone selling prices. Revenue allocated to marketing and
\nlicensing obligations is recognised on a monthly basis as the
\nobligations are satisfied. Revenue relating to points and
free night
\ncertificates is recognised when the member has consumed the
\npoints or certificates at a participating hotel or has selected a reward
\nfrom a third party, net of the cost of reimbursing the hotel or third
\nparty that is providing the benefit.
\nJudgement is required in estimating the stand-alone selling prices
\nwhich are based upon generally accepted valuation methodologies
\nregarding the value of the licence provided and the number of points
\nand certificates expected to be issued. However, the value o
f revenue
\nrecognised and the deferred revenue balance at the end of the year
\nis not materially sensitive to changes in these assumptions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25188": {
"value": "Segmental information The Group has four reportable segments re
flecting its geographical
\nregions (Americas, EMEAA, Greater China) and its Central functions.
\nCentral functions include technology, sales and marketing,
finance,
\nhuman resources and corporate services; Central revenue arises
\nprincipally from technology fee income.
\nNo operating segments are aggregated to form these
\nreportable segments.
\nManagement monitors the operating results of these reportable
\nsegments for the purpose of making decisions about resource
\nallocation and performance assessment. Each of the geographical
\nregions is led by its own Chief Executive O\ufb00icer who reports to the
\nGroup Chief Executive O\ufb00icer.
\nAs the System Fund is not managed to generate a profit or loss
for
\nIHG over the longer term, its results are not regularly reviewed by the
\nChief Operating Decision Maker (\u2018CODM\u2019) and it does not constitute
\nan operating segment under IFRS 8 \u2018Operating Segments\u2019. Similarly,
\nreimbursements of costs are not reported to the CODM and so are
\nnot included within the reportable segments.
\n160
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
Segmental performance is evaluated based on operating pro
fit or
\nloss and is measured consistently with operating profit or loss in the
\nGroup Financial Statements, excluding System Fund and exceptional
\nitems. Group financing activities,
fair value gains or losses on
\ncontingent purchase consideration and income taxes are managed
\non a Group basis and are not allocated to reportable segments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25238": {
"value": "Government grants The Group receives government support income relating to the
\nGroup\u2019s corporate o\ufb00ice presence in certain countries and, as a
\nresult of Covid-19, has received support at certain of the Group\u2019s
\nleased hotels.
\nWhere grants are intended to compensate payroll costs they are
\nrecognised as an o\ufb00set within sta\ufb00 costs; those which are unrelated
\nto specific costs are presented within other operating income.
\nAs grants are recognised only where there is reasonable assurance
\nthat the grant will be received and all attached conditions will be
\ncomplied with, the grants may be recognised in subsequent years.
\nReceiving support at leased hotels may result in additional variable
\nrent; these amounts are not o\ufb00set in the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25254": {
"value": "Financial income and expenses Financial income and expenses include income and charges
\non the Group\u2019s financial assets and liabilities and related hedging
\ninstruments, and foreign exchange gains/losses primarily related
\nto the Group\u2019s internal funding structure.
\nFinance charges relating to bank and other borrowings, including
\ntransaction costs and any discount or premium on issue, are
\nrecognised in the Group income statement using the e\ufb00ective
\ninterest rate method.
\nBorrowing costs attributable to the acquisition or development of
\nassets that necessarily take a substantial period of time to prepare
\nfor their intended use are capitalised as part of the asset cost.
\nIn the Group statement of cash
flows, interest paid and received is
\npresented within cash from operating activities, including any fees
\nand discounts on issuance or settlement of borrowings. Capitalised
\ninterest paid is presented within investing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25255": {
"value": "Financial income and expenses Financial income and expenses include income and charges
\non the Group\u2019s financial assets and liabilities and related hedging
\ninstruments, and foreign exchange gains/losses primarily related
\nto the Group\u2019s internal funding structure.
\nFinance charges relating to bank and other borrowings, including
\ntransaction costs and any discount or premium on issue, are
\nrecognised in the Group income statement using the e\ufb00ective
\ninterest rate method.
\nBorrowing costs attributable to the acquisition or development of
\nassets that necessarily take a substantial period of time to prepare
\nfor their intended use are capitalised as part of the asset cost.
\nIn the Group statement of cash
flows, interest paid and received is
\npresented within cash from operating activities, including any fees
\nand discounts on issuance or settlement of borrowings. Capitalised
\ninterest paid is presented within investing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25277": {
"value": "Exceptional items The Group discloses certain financial in
formation both including
\nand excluding exceptional items. The presentation of information
\nexcluding exceptional items allows a better understanding of the
\nunderlying trading performance and trends of the Group and its
\nreportable segments; and provides consistency with the Group\u2019s
\ninternal management reporting.
\nIn determining whether an event or transaction is exceptional,
\nquantitative and qualitative factors are considered. Exceptional
\nitems are identified by virtue o
f their size, nature, or incidence, with
\nconsideration given to consistency of treatment with prior years and
\nbetween gains and losses.
\nThe tax e\ufb00ect of exceptional items is also presented as exceptional.
\nExamples of exceptional items include, but are not restricted to,
\ngains and losses on the disposal of assets, impairment charges
\nand reversals, the costs of individually signi
ficant legal cases or
\ncommercial disputes and reorganisation costs. All exceptional items
\nare subject to review by the Audit Committee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25301": {
"value": "Earnings per share Basic earnings or loss per ordinary share is calculated by dividing
\nthe profit or loss
for the year available for IHG equity holders by the
\nweighted average number of ordinary shares, excluding investment
\nin own shares, in issue during the year.
\nDiluted earnings or loss per ordinary share is calculated by adjusting
\nbasic earnings or loss per ordinary share to reflect the notional
\nexercise of the weighted average number of dilutive ordinary share
\nawards outstanding during the year. Where the e\ufb00ect of the notional
\nexercise of outstanding ordinary share awards is anti-dilutive, these
\nare excluded from the diluted earnings per share calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25316": {
"value": "Business combinations and goodwill On the acquisition of a business, identi
fiable assets acquired
\nand liabilities assumed are measured at their fair value. Contingent
\nliabilities assumed are measured at fair value unless this cannot
\nbe measured reliably, in which case they are not recognised but
\nare disclosed in the same manner as other contingent liabilities.
\nThe measurement of deferred tax assets and liabilities arising on
\nacquisition is as described in the general principles detailed within
\nthe \u2018Taxes\u2019 accounting policy note on page 166 with the exception
\nthat no deferred tax is provided on taxable temporary di\ufb00erences
\nin connection with the initial recognition of goodwill.
\nThe cost of an acquisition is measured as the aggregate of the
\nfair value of the consideration transferred. Contingent purchase
\nconsideration is measured at fair value on the date of acquisition
\nand is re-measured at fair value at each reporting date with changes
\nin fair value recognised on the face of the Group income statement
\nbelow operating profit. De
ferred purchase consideration is measured
\nat amortised cost and the e\ufb00ect of unwinding the discount is
\nrecorded in financial expenses.
\nPayments of contingent and deferred purchase consideration
\nreduce the respective liabilities. In respect of contingent purchase
\nconsideration, the portion of each payment relating to its original
\nestimate of fair value on acquisition is reported within cash
flow
\nfrom investing activities in the Group statement of cash
flows and
\nthe portion of each payment relating to the increase or decrease
\nin the liability since the acquisition date is reported within cash
\nflow
from operating activities. In respect of deferred purchase
\nconsideration, the cash paid in excess of the initial fair value is
\nreported within interest paid, and the remainder is reported within
\ncash flows
from investing activities.
\nGoodwill is recorded at cost, being the di\ufb00erence between the fair
\nvalue of the consideration and the fair value of net assets acquired.
\nFollowing initial recognition, goodwill is measured at cost less any
\naccumulated impairment losses and is not amortised.
\nTransaction costs are expensed and are not included in the cost
\nof acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25317": {
"value": "Business combinations and goodwill On the acquisition of a business, identi
fiable assets acquired
\nand liabilities assumed are measured at their fair value. Contingent
\nliabilities assumed are measured at fair value unless this cannot
\nbe measured reliably, in which case they are not recognised but
\nare disclosed in the same manner as other contingent liabilities.
\nThe measurement of deferred tax assets and liabilities arising on
\nacquisition is as described in the general principles detailed within
\nthe \u2018Taxes\u2019 accounting policy note on page 166 with the exception
\nthat no deferred tax is provided on taxable temporary di\ufb00erences
\nin connection with the initial recognition of goodwill.
\nThe cost of an acquisition is measured as the aggregate of the
\nfair value of the consideration transferred. Contingent purchase
\nconsideration is measured at fair value on the date of acquisition
\nand is re-measured at fair value at each reporting date with changes
\nin fair value recognised on the face of the Group income statement
\nbelow operating profit. De
ferred purchase consideration is measured
\nat amortised cost and the e\ufb00ect of unwinding the discount is
\nrecorded in financial expenses.
\nPayments of contingent and deferred purchase consideration
\nreduce the respective liabilities. In respect of contingent purchase
\nconsideration, the portion of each payment relating to its original
\nestimate of fair value on acquisition is reported within cash
flow
\nfrom investing activities in the Group statement of cash
flows and
\nthe portion of each payment relating to the increase or decrease
\nin the liability since the acquisition date is reported within cash
\nflow
from operating activities. In respect of deferred purchase
\nconsideration, the cash paid in excess of the initial fair value is
\nreported within interest paid, and the remainder is reported within
\ncash flows
from investing activities.
\nGoodwill is recorded at cost, being the di\ufb00erence between the fair
\nvalue of the consideration and the fair value of net assets acquired.
\nFollowing initial recognition, goodwill is measured at cost less any
\naccumulated impairment losses and is not amortised.
\nTransaction costs are expensed and are not included in the cost
\nof acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25318": {
"value": "Business combinations and goodwill On the acquisition of a business, identi
fiable assets acquired
\nand liabilities assumed are measured at their fair value. Contingent
\nliabilities assumed are measured at fair value unless this cannot
\nbe measured reliably, in which case they are not recognised but
\nare disclosed in the same manner as other contingent liabilities.
\nThe measurement of deferred tax assets and liabilities arising on
\nacquisition is as described in the general principles detailed within
\nthe \u2018Taxes\u2019 accounting policy note on page 166 with the exception
\nthat no deferred tax is provided on taxable temporary di\ufb00erences
\nin connection with the initial recognition of goodwill.
\nThe cost of an acquisition is measured as the aggregate of the
\nfair value of the consideration transferred. Contingent purchase
\nconsideration is measured at fair value on the date of acquisition
\nand is re-measured at fair value at each reporting date with changes
\nin fair value recognised on the face of the Group income statement
\nbelow operating profit. De
ferred purchase consideration is measured
\nat amortised cost and the e\ufb00ect of unwinding the discount is
\nrecorded in financial expenses.
\nPayments of contingent and deferred purchase consideration
\nreduce the respective liabilities. In respect of contingent purchase
\nconsideration, the portion of each payment relating to its original
\nestimate of fair value on acquisition is reported within cash
flow
\nfrom investing activities in the Group statement of cash
flows and
\nthe portion of each payment relating to the increase or decrease
\nin the liability since the acquisition date is reported within cash
\nflow
from operating activities. In respect of deferred purchase
\nconsideration, the cash paid in excess of the initial fair value is
\nreported within interest paid, and the remainder is reported within
\ncash flows
from investing activities.
\nGoodwill is recorded at cost, being the di\ufb00erence between the fair
\nvalue of the consideration and the fair value of net assets acquired.
\nFollowing initial recognition, goodwill is measured at cost less any
\naccumulated impairment losses and is not amortised.
\nTransaction costs are expensed and are not included in the cost
\nof acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25385": {
"value": "Intangible assets Brands
\nExternally acquired brands are initially recorded at cost if separately
\nacquired or fair value if acquired as part of a business combination,
\nprovided the brands are controlled through contractual or other
\nlegal rights, or are separable from the rest of the business.
\nBrands are tested for impairment at least annually if determined
\nto have indefinite lives.
\nThe costs of developing internally generated brands are expensed
\nas incurred.
\nManagement agreements
\nManagement agreements acquired as part of a business combination
\nare initially recognised at the fair value attributed to those contracts
\non acquisition and are subsequently amortised on a straight-line
\nbasis over the term of the agreements, including any extension
\nperiods at the Group\u2019s option.
\nSoftware
\nSubstantially all software is internally generated; amounts capitalised
\ninclude internal and third-party labour and consultancy costs.
\nInternally generated development costs are capitalised when all
\nof the following can be demonstrated:
\n\u2022
The ability and intention to complete the project;
\n\u2022
That the completed software will generate probable future
\neconomic benefits;
\n\u2022
The availability of adequate technical,
financial and other resources
\nto complete the project; and
\n\u2022
The ability to measure the expenditure.
\nFollowing initial recognition, the asset is carried at cost less any
\naccumulated amortisation and impairment losses. Costs are
\ngenerally amortised over estimated useful lives of three to
five years
\non a straight-line basis with the exception of the Guest Reservation
\nSystem which is amortised over seven to 10 years (see page 186).
\nCosts incurred in the research phase are expensed. In addition,
\nconfiguration and customisation costs relating to cloud computing
\narrangements are expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25429": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less depreciation
\nand any accumulated impairment.
\nRepairs and maintenance costs are expensed as incurred.
\nLand is not depreciated. All other property, plant and equipment
\nare depreciated to a residual value over their estimated useful
\nlives, namely:
\n\u2022
Buildings \u2013 over a maximum of 50 years; and
\n\u2022
Fixtures, fittings and equipment \u2013 three to 25 years.
\nAll depreciation is charged on a straight-line basis. Residual value
\nis reassessed annually.
\nWhere the Group holds land or other property which it intends
\nto occupy and provide hotel services, either as owner or manager,
\nit is classified as property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25448": {
"value": "Leases The Group as lessee
\nOn inception of a contract, the Group assesses whether it contains
\na lease. A contract contains a lease when it conveys the right to
\ncontrol the use of an identi
fied asset
for a period of time in exchange
\nfor consideration. The right to use the asset and the obligation under
\nthe lease to make payments are recognised in the Group statement
\nof
financial position as a right-o
f-use asset and a lease liability.
\nLease contracts may contain both lease and non-lease components.
\nThe Group allocates payments in the contract to the lease and
\nnon-lease components based on their relative stand-alone prices
\nand applies the lease accounting model only to lease components.
\nThe right-of-use asset recognised at lease commencement includes
\nthe amount of lease liability recognised, initial direct costs incurred
\nand lease payments made at or before the commencement date,
\nless any lease incentives received. Right-of-use assets are
\ndepreciated to a residual value over the shorter of the asset\u2019s
\nestimated useful life and the lease term. Right-of-use assets are also
\nadjusted for any re-measurement of lease liabilities and are subject
\nto impairment testing. Residual value is reassessed annually.
\nA lease liability is recorded when the leased asset is available for use
\nby the Group and is initially measured at the present value of the
\nlease payments to be made over the lease term. The lease payments
\ninclude fixed payments (including \u2018in-substance fixed\u2019 payments)
\nand variable lease payments that depend on an index or a rate
\n(initially measured using the index or rate at commencement), less
\nany lease incentives receivable. \u2018In-substance fixed\u2019 payments are
\npayments that may, in form, contain variability but that, in substance,
\nare unavoidable. In calculating the present value of lease payments,
\nthe Group uses its incremental borrowing rate at the lease
\ncommencement date if the interest rate implicit in the lease is not
\nreadily determinable.
\nThe lease term includes periods subject to extension options which
\nthe Group is reasonably certain to exercise and excludes the e\ufb00ect
\nof early termination options where the Group is reasonably certain
\nthat it will not exercise the option. Minimum lease payments include
\nthe cost of a purchase option if the Group is reasonably certain it will
\npurchase the underlying asset after the lease term.
\nAfter the commencement date, the amount of lease liabilities is
\nincreased to reflect the accretion o
f interest and reduced for lease
\npayments made. The carrying amount of lease liabilities is
\nre-measured if there is a modi
fication, a change in the lease term,
\na change in the \u2018in-substance fixed\u2019 lease payments or as a result
\nof a rent review or change in the relevant index or rate.
\nVariable lease payments are payable under certain of the Group\u2019s
\nhotel leases and arise where the Group is committed to making
\nlease payments that are contingent on the performance of these
\nhotels. Such lease payments that do not depend on an index or
\na rate are recognised as an expense in the period over which the
\nevent or condition that triggers the payment occurs.
\n162
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
The Group has opted not to apply the lease accounting model to
\nintangible assets, leases of low-value assets or leases which have
\na term of less than 12 months. Costs associated with these leases
\nare recognised as an expense on a straight-line basis over the
\nlease term.
\nPayments and receipts are presented as follows in the Group
\nstatement of cash
flows:
\n\u2022
Short-term lease payments, payments for leases of low-value
\nassets and variable lease payments that are not included in the
\nmeasurement of the lease liabilities are presented within cash
\nflows
from operating activities;
\n\u2022
Payments for the interest element of recognised lease liabilities are
\nincluded in interest paid within cash flows
from operating activities;
\n\u2022
Payments for the principal element of recognised lease liabilities
\nare presented within cash flows
from
financing activities; and
\n\u2022
Lease incentives received are presented within cash flows
from
\ninvesting activities where they represent a reimbursement of initial
\nfit-out costs.
\nThe Group as lessor
\nLeases, including subleases, for which the Group is a lessor are
\nclassified as finance or operating leases. Whenever the terms o
f the
\nlease transfer substantially all the risks and rewards of ownership to
\nthe lessee, the lease is classified as a finance lease. All other leases
\nare classified as operating leases. Where a leased property earns
\nrentals under an operating sublease outside of the normal course
\nof business, the Group\u2019s interest in the lease is classi
fied as an
\ninvestment property within right-of-use assets; these are subsequently
\nmeasured under the cost model.
\nWhen the lease is classified as an operating lease, rental income
\narising is accounted for on a straight-line basis in the Group
\nincome statement.
\nWhen the lease is classified as a finance lease, the Group\u2019s interest
\nin the lease is derecognised and is replaced by a finance lease
\nreceivable. Any di\ufb00erence between those amounts is recognised
\nin the Group income statement. Finance lease receivables are
\npresented within other receivables and are initially measured at the
\npresent value of lease payments receivable under the sublease plus
\nany initial direct costs. Finance lease interest is recognised within
\nfinancial income in the Group income statement.
\nReceipts are presented as follows in the Group statement of
\ncash flows:
\n\u2022
Receipts from operating leases and investment properties are
\npresented within cash flows
from operating activities; and
\n\u2022
Receipts from
finance leases are presented within cash flows
\nfrom investing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25557": {
"value": "Where a leased property earns rentals under an operating sublease outside of the normal course
\nof business, the Group\u2019s interest in the lease is classi
fied as an
\ninvestment property within right-of-use assets; these are subsequently
\nmeasured under the cost model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25588": {
"value": "Associates and joint ventures An associate is an entity over which the Group has significant
\ninfluence. Significant influence is the power to participate in the
\nfinancial and operating policy decisions o
f the entity, but is not
\ncontrol or joint control over those policies. A joint venture exists
\nwhen two or more parties have joint control over, and rights to the
\nnet assets of, the venture. Joint control is the contractually agreed
\nsharing of control which only exists when decisions about the
\nrelevant activities require the unanimous consent of the parties
\nsharing control.
\nIn determining the extent of power or signi
ficant influence,
\nconsideration is given to other agreements between the Group,
\nthe investee entity, and the investing partners. This includes any
\nrelated management or franchise agreements and the existence
\nof any performance guarantees.
\nAssociates and joint ventures are accounted for using the equity
\nmethod unless the associate or joint venture is classified as held
for
\nsale. Under the equity method, the Group\u2019s investment is recorded
\nat cost adjusted by the Group\u2019s share of post-acquisition pro
fits and
\nlosses, and other movements in the investee\u2019s reserves, applying
\nconsistent accounting policies. When the Group\u2019s share of losses
\nexceeds its interest in an associate or joint venture, the Group\u2019s
\ncarrying amount is reduced to $nil and recognition of further losses
\nis discontinued except to the extent that the Group has incurred
\nlegal or constructive obligations or made payments on behalf of
\nan associate or joint venture.
\nIf there is objective evidence that an associate or joint venture is
\nimpaired, an impairment charge is recognised if the carrying amount
\nof the investment exceeds its recoverable amount.
\nUpon loss of signi
ficant influence over an associate or joint control
\nof a joint venture, any retained investment is measured at fair value
\nwith any di\ufb00erence to carrying value recognised in the Group
\nincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25589": {
"value": "Associates and joint ventures An associate is an entity over which the Group has significant
\ninfluence. Significant influence is the power to participate in the
\nfinancial and operating policy decisions o
f the entity, but is not
\ncontrol or joint control over those policies. A joint venture exists
\nwhen two or more parties have joint control over, and rights to the
\nnet assets of, the venture. Joint control is the contractually agreed
\nsharing of control which only exists when decisions about the
\nrelevant activities require the unanimous consent of the parties
\nsharing control.
\nIn determining the extent of power or signi
ficant influence,
\nconsideration is given to other agreements between the Group,
\nthe investee entity, and the investing partners. This includes any
\nrelated management or franchise agreements and the existence
\nof any performance guarantees.
\nAssociates and joint ventures are accounted for using the equity
\nmethod unless the associate or joint venture is classified as held
for
\nsale. Under the equity method, the Group\u2019s investment is recorded
\nat cost adjusted by the Group\u2019s share of post-acquisition pro
fits and
\nlosses, and other movements in the investee\u2019s reserves, applying
\nconsistent accounting policies. When the Group\u2019s share of losses
\nexceeds its interest in an associate or joint venture, the Group\u2019s
\ncarrying amount is reduced to $nil and recognition of further losses
\nis discontinued except to the extent that the Group has incurred
\nlegal or constructive obligations or made payments on behalf of
\nan associate or joint venture.
\nIf there is objective evidence that an associate or joint venture is
\nimpaired, an impairment charge is recognised if the carrying amount
\nof the investment exceeds its recoverable amount.
\nUpon loss of signi
ficant influence over an associate or joint control
\nof a joint venture, any retained investment is measured at fair value
\nwith any di\ufb00erence to carrying value recognised in the Group
\nincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25590": {
"value": "Associates and joint ventures An associate is an entity over which the Group has significant
\ninfluence. Significant influence is the power to participate in the
\nfinancial and operating policy decisions o
f the entity, but is not
\ncontrol or joint control over those policies. A joint venture exists
\nwhen two or more parties have joint control over, and rights to the
\nnet assets of, the venture. Joint control is the contractually agreed
\nsharing of control which only exists when decisions about the
\nrelevant activities require the unanimous consent of the parties
\nsharing control.
\nIn determining the extent of power or signi
ficant influence,
\nconsideration is given to other agreements between the Group,
\nthe investee entity, and the investing partners. This includes any
\nrelated management or franchise agreements and the existence
\nof any performance guarantees.
\nAssociates and joint ventures are accounted for using the equity
\nmethod unless the associate or joint venture is classified as held
for
\nsale. Under the equity method, the Group\u2019s investment is recorded
\nat cost adjusted by the Group\u2019s share of post-acquisition pro
fits and
\nlosses, and other movements in the investee\u2019s reserves, applying
\nconsistent accounting policies. When the Group\u2019s share of losses
\nexceeds its interest in an associate or joint venture, the Group\u2019s
\ncarrying amount is reduced to $nil and recognition of further losses
\nis discontinued except to the extent that the Group has incurred
\nlegal or constructive obligations or made payments on behalf of
\nan associate or joint venture.
\nIf there is objective evidence that an associate or joint venture is
\nimpaired, an impairment charge is recognised if the carrying amount
\nof the investment exceeds its recoverable amount.
\nUpon loss of signi
ficant influence over an associate or joint control
\nof a joint venture, any retained investment is measured at fair value
\nwith any di\ufb00erence to carrying value recognised in the Group
\nincome statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25635": {
"value": "Impairment of non-financial assets
\nNon-financial assets are tested
for impairment when events or
\nchanges in circumstances indicate that the carrying value may
\nnot be recoverable and, in the case of goodwill and brands with
\nindefinite lives, at least annually.
\nAssets that do not generate independent cash inflows are allocated
\nto the cash-generating unit (\u2018CGU\u2019), or group of CGUs, to which they
\nbelong. For impairment testing of hotel properties, each hotel is
\ndeemed to be a CGU.
\nIf carrying values exceed their estimated recoverable amount,
\nthe assets or CGUs are written down to the recoverable amount.
\nRecoverable amount is the greater of fair value less costs of disposal
\nand value in use. Value in use is assessed based on estimated future
\ncash flows, including the e\ufb00ect o
f in
flation, discounted to their
\npresent value using a pre-tax nominal discount rate that reflects
\ncurrent market assessments of the time value of money and the
\nrisks specific to the asset.
\nIHG
| Annual Report and Form 20-F 2022
Accounting policies
\nGroup Financial Statements
\n163
With the exception of goodwill, an assessment is made at each
\nreporting date to determine whether there is an indication that
\npreviously recognised impairment losses no longer exist or have
\ndecreased. A previously recognised impairment loss is reversed
\nonly if there has been a signi
ficant change in the assumptions used
\nto determine the asset\u2019s recoverable amount since the impairment
\nloss was recognised. The reversal is limited so that the carrying
\namount of the asset does not exceed its recoverable amount, nor
\nexceed the carrying amount that would have been determined,
\nnet of depreciation or amortisation, had no impairment loss been
\nrecognised for the asset in prior years.
\nImpairment losses, and any subsequent reversals, are recognised
\nin the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25691": {
"value": "Financial assets On initial recognition, the Group classifies its financial assets as
\nbeing subsequently measured at amortised cost, fair value through
\nother comprehensive income (\u2018FVOCI\u2019) or fair value through pro
fit
\nor loss (\u2018FVTPL\u2019).
\nFinancial assets which are held to collect contractual cash flows
\nand give rise to cash flows that are solely payments o
f principal and
\ninterest are subsequently measured at amortised cost. Interest on
\nthese assets is calculated using the e\ufb00ective interest rate method
\nand is recognised in the Group income statement as financial
\nincome. The Group recognises a provision for expected credit losses
\nfor
financial assets held at amortised cost. With the exception o
f
\ntrade receivables (see below), where there has not been a significant
\nincrease in credit risk since initial recognition, provision is made for
\ndefaults that are possible within the next 12 months, and where there
\nhas been a significant increase in credit risk since initial recognition,
\nfor example trade deposits and loans where the borrower is in
\nfinancial di\ufb00iculty or has not met repayments as they
fall due,
\nprovision is made for credit losses expected over the remaining life
\nof the asset.
\nThe Group has elected to irrevocably designate equity investments
\nas FVOCI as they mainly comprise strategic investments in entities
\nthat own hotels which the Group manages. Changes in their value
\nare recognised within gains or losses on equity instruments
\nclassified as FVOCI in the Group statement o
f comprehensive
\nincome and are never recycled to the Group income statement.
\nOn disposal, any related balance within the fair value reserve is
\nreclassified to retained earnings. Dividends
from equity investments
\nclassified as FVOCI are recognised in the Group income statement
\nas other operating income when the dividend has been declared,
\nwhen receipt of the funds is probable and when the dividend is not
\na return of invested capital. Equity instruments classi
fied as FVOCI
\nare not subject to impairment assessment.
\nFinancial assets not meeting the above criteria are measured at
\nFVTPL. These include money market funds, investments which do
\nnot meet the definition o
f equity and other
financial assets, including
\nthose which do not have a fixed date o
f repayment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25742": {
"value": "Trade receivables A trade receivable is recorded when the Group has an unconditional
\nright to receive payment. In respect of franchise fees, base and
\nincentive management fees, Central revenue and revenues from
\nowned, leased and managed lease hotels, the invoice is typically
\nissued as the related performance obligations are satis
fied, as
\ndescribed on page 159. Trade receivables typically do not bear
\ninterest and are generally on payment terms of up to 30 days.
\nTrade receivables are initially recognised at fair value and subsequently
\nmeasured at amortised cost. A provision for impairment is made for
\nlifetime expected credit losses. The Group has established a provision
\nmatrix that is based on its historical credit loss experience by region
\nand number of days past due. Where the historical experience is not
\nrelevant to defined owner groups,
for example those in
financial
\ndistress, the lifetime expected credit losses are calculated by
\nreference to other sources of data.
\nTrade receivables are written o\ufb00 once determined to be uncollectable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25765": {
"value": "Cash and cash equivalents Cash comprises cash on hand and demand deposits.
\nCash and cash equivalents comprise short-term deposits, money
\nmarket funds and repurchase agreements that are readily convertible
\nto a known amount of cash and are subject to an insigni
ficant risk o
f
\nchanges in value. They generally have an original maturity of three
\nmonths or less.
\nCash and cash equivalents may include amounts which are subject
\nto regulatory or other contractual restrictions and are not available
\nfor general use by the Group.
\nCash balances are classified as other financial assets when the
\nGroup is not able to freely access the funds and they are subject to
\na specific charge or contractually ring-
fenced for a speci
fic purpose.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25776": {
"value": "Cash and cash equivalents may include amounts which are subject to regulatory or other contractual restrictions and are not available
\nfor general use by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25791": {
"value": "Bank and other borrowings Bank and other borrowings are initially recognised at the fair value
\nof the consideration received less directly attributable transaction
\ncosts. They are subsequently measured at amortised cost.
\nBorrowings are classified as non-current when the repayment date
\nis more than 12 months from the period-end date or where they are
\ndrawn on a facility with more than 12 months to expiry.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25818": {
"value": "Derivative financial instruments and hedging Derivatives are initially recognised and subsequently measured at
\nfair value. The subsequent accounting treatment depends on whether
\nthe derivative is designated as a hedging instrument, and if so, the
\nnature of the item being hedged.
\nChanges in the fair value of derivatives which have either not been
\ndesignated as hedging instruments or relate to the ine\ufb00ective portion
\nof hedges are recognised immediately in the Group income statement.
\nDocumentation outlining the measurement and e\ufb00ectiveness of
\nany hedging arrangement is maintained throughout the life of the
\nhedge relationship.
\nInterest arising from currency derivatives and interest rate swaps
\nis recorded in either financial income or expenses over the term
\nof the agreement, unless the accounting treatment for the hedging
\nrelationship requires the interest to be taken to reserves.
\nWithin the Group statement of cash
flows, interest paid includes
\ninterest paid on the Group\u2019s bonds and the related derivative
\nfinancial instruments.
\nCash flow hedges
\nFinancial instruments are designated as cash flow hedges when
\nthey hedge exposure to variability in cash flows that are attributable
\nto either a highly probable forecast transaction or a particular risk
\nassociated with a recognised asset or liability.
\nChanges in the fair value are recorded in other comprehensive
\nincome and cash flow hedge reserves to the extent that the hedges
\nare e\ufb00ective. When the hedged item is recognised, the cumulative
\ngains and losses on the related hedging instrument are reclassified
\nto the Group income statement, within financial expenses.
\nNet investment hedges
\nFinancial instruments are designated as net investment hedges
\nwhen they hedge the Group\u2019s net investment in foreign operations.
\nChanges in the fair value are recorded in other comprehensive
\nincome and the currency translation reserve to the extent that the
\nhedges are e\ufb00ective. The cumulative gains and losses remain in
\nequity until the relevant foreign operation is sold, at which point they
\nare reclassified to the Group income statement as part o
f the gain
\nor loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25821": {
"value": "Derivatives are initially recognised and subsequently measured at fair value. The subsequent accounting treatment depends on whether
\nthe derivative is designated as a hedging instrument, and if so, the
\nnature of the item being hedged.
\nChanges in the fair value of derivatives which have either not been
\ndesignated as hedging instruments or relate to the ine\ufb00ective portion
\nof hedges are recognised immediately in the Group income statement.
\nDocumentation outlining the measurement and e\ufb00ectiveness of
\nany hedging arrangement is maintained throughout the life of the
\nhedge relationship.
\nInterest arising from currency derivatives and interest rate swaps
\nis recorded in either financial income or expenses over the term
\nof the agreement, unless the accounting treatment for the hedging
\nrelationship requires the interest to be taken to reserves.
\nWithin the Group statement of cash
flows, interest paid includes
\ninterest paid on the Group\u2019s bonds and the related derivative
\nfinancial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25842": {
"value": "Cash flow hedges Financial instruments are designated as cash flow hedges when
\nthey hedge exposure to variability in cash flows that are attributable
\nto either a highly probable forecast transaction or a particular risk
\nassociated with a recognised asset or liability.
\nChanges in the fair value are recorded in other comprehensive
\nincome and cash flow hedge reserves to the extent that the hedges
\nare e\ufb00ective. When the hedged item is recognised, the cumulative
\ngains and losses on the related hedging instrument are reclassified
\nto the Group income statement, within financial expenses.
\nNet investment hedges
\nFinancial instruments are designated as net investment hedges
\nwhen they hedge the Group\u2019s net investment in foreign operations.
\nChanges in the fair value are recorded in other comprehensive
\nincome and the currency translation reserve to the extent that the
\nhedges are e\ufb00ective. The cumulative gains and losses remain in
\nequity until the relevant foreign operation is sold, at which point they
\nare reclassified to the Group income statement as part o
f the gain
or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25866": {
"value": "Fair value measurement The Group measures each of the following at fair value
\non a recurring basis:
\n\u2022
Financial assets and liabilities at FVTPL;
\n\u2022
Financial assets measured at FVOCI; and
\n\u2022
Derivative financial instruments.
\nOther assets are measured at fair value when impaired or
\nre-measured on classification as held
for sale by reference to fair
\nvalue less costs of disposal.
\nFair value is the price that would be received to sell an asset or
\npaid to transfer a liability in an orderly transaction between market
\nparticipants. Fair value is measured by reference to the principal
\nmarket for the asset or liability assuming that market participants
\nact in their economic best interests.
\nThe fair value of a non-
financial asset assumes the asset is used
\nin its highest and best use, either through continuing ownership
\nor by selling it.
\nThe Group uses valuation techniques that maximise the use of
\nrelevant observable inputs using the following valuation hierarchy:
\nLevel 1:
Quoted (unadjusted) prices in active markets for identical
\nassets or liabilities.
\nLevel 2:
Other techniques for which all inputs which have a
\nsignificant e\ufb00ect on the recorded
fair value are observable,
\neither directly or indirectly.
\nLevel 3:
Techniques which use inputs which have a significant e\ufb00ect
\non the recorded fair value that are not based on observable
\nmarket data.
\nFor assets and liabilities measured at fair value on a recurring basis,
\nthe Group determines whether transfers have occurred between
\nlevels in the hierarchy by reassessing categorisation (based on the
\nlowest level input that is significant to the
fair value measurement
\nas a whole) at the end of each reporting period.
\nFurther disclosures on the particular valuation techniques used by
\nthe Group are provided in note 24.
\nWhere significant assets, such as property, are valued by re
ference
\nto fair value less costs of disposal, an external valuation will normally
\nbe obtained using professional valuers who have appropriate market
\nknowledge, reputation and independence.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25918": {
"value": "O\ufb00setting of financial assets and financial liabilities
\nFinancial assets and financial liabilities are o\ufb00set and the net amount
\nis reported in the Group statement of
financial position i
f there is
\na currently enforceable legal right to o\ufb00set the recognised amounts
\nand there is an intention to settle on a net basis or to realise the assets
\nand settle the liabilities simultaneously. To meet these criteria, the
\nright of set-o\ufb00 must not be contingent on a future event and must be
\nlegally enforceable in all of the following circumstances: the normal
\ncourse of business; the event of default; and the event of insolvency
\nor bankruptcy of the Group and all of the counterparties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25950": {
"value": "Taxes Current tax
\nCurrent income tax assets and liabilities for the current and prior
\nperiods are measured at the amount expected to be recovered
\nfrom, or paid to, the tax authorities. The tax rates and tax laws used
\nto compute the amount are those that are enacted or substantively
\nenacted at the end of the reporting period.
\nThe calculation of the Group\u2019s current tax charge involves
\nconsideration of applicable tax laws and regulations in many
\njurisdictions throughout the world. From time to time, the Group
\nis subject to tax audits and uncertainties in these jurisdictions.
\nThe issues involved can be complex and audits may take a number
\nof years to conclude. Where the interpretation of local tax law is not
\nclear, management relies on judgement and accounting estimates
\nto ensure all uncertain tax positions are adequately provided for
\nin the Group Financial Statements, in accordance with IFRIC 23
\n\u2018Uncertainty over Income Tax Treatments\u2019, representing the Group\u2019s
\nview of the most likely outcome or, where multiple issues are
\nconsidered likely to be settled together, the probability weighted
\namounts of the range of possible outcomes.
\nThis may involve consideration of some or all of the following factors:
\n\u2022
strength of technical argument, impact of case law and clarity
\nof legislation;
\n\u2022
professional advice;
\n\u2022
experience of interactions, and precedents set, with the particular
\ntaxing authority; and
\n\u2022
agreements previously reached in other jurisdictions on
\ncomparable issues.
\nDeferred tax
\nDeferred tax assets and liabilities arise and are generally recognised
\nin respect of temporary di\ufb00erences between the tax base and
\ncarrying value of assets and liabilities.
\nDeferred tax is calculated at the tax rates that are expected to apply
\nin the periods in which the asset is released or the liability will be
\nsettled, based on tax rates and laws enacted or substantively
\nenacted at the end of the reporting period.
\nJudgement is used when assessing the extent to which deferred tax
\nassets, particularly in respect of tax losses, should be recognised.
\nDeferred tax assets are only recognised to the extent that it is
\nregarded as probable that there will be su\ufb00icient and suitable
\ntaxable profits or de
ferred tax liabilities in the relevant legal entity
\nor tax group against which such assets can be utilised in the future.
\nFor this purpose, forecasts of future pro
fits are considered by
\nassessing estimated future cash
flows, consistent with those
\ndisclosed on page 157 within \u2018Going concern\u2019. Tax assumptions
\nare overlaid to these profit
forecasts to estimate the future
\ntaxable profits.
\nDeferred tax is not provided on temporary di\ufb00erences arising on
\ninvestments in subsidiaries where the Group is able to control the
\ntiming of the reversal and it is probable that the temporary
\ndi\ufb00erence will not reverse in the foreseeable future.
\nWhere deferred tax assets and liabilities arise in the same entity, or
\ngroup of entities, and there would be a legal right to o\ufb00set the assets
\nand liabilities were they to reverse, the assets and liabilities are also
\no\ufb00set in the Group statement of
financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25984": {
"value": "Deferred tax Deferred tax assets and liabilities arise and are generally recognised
\nin respect of temporary di\ufb00erences between the tax base and
\ncarrying value of assets and liabilities.
\nDeferred tax is calculated at the tax rates that are expected to apply
\nin the periods in which the asset is released or the liability will be
\nsettled, based on tax rates and laws enacted or substantively
\nenacted at the end of the reporting period.
\nJudgement is used when assessing the extent to which deferred tax
\nassets, particularly in respect of tax losses, should be recognised.
\nDeferred tax assets are only recognised to the extent that it is
\nregarded as probable that there will be su\ufb00icient and suitable
\ntaxable profits or de
ferred tax liabilities in the relevant legal entity
\nor tax group against which such assets can be utilised in the future.
\nFor this purpose, forecasts of future pro
fits are considered by
\nassessing estimated future cash
flows, consistent with those
\ndisclosed on page 157 within \u2018Going concern\u2019. Tax assumptions
\nare overlaid to these profit
forecasts to estimate the future
\ntaxable profits.
\nDeferred tax is not provided on temporary di\ufb00erences arising on
\ninvestments in subsidiaries where the Group is able to control the
\ntiming of the reversal and it is probable that the temporary
\ndi\ufb00erence will not reverse in the foreseeable future.
\nWhere deferred tax assets and liabilities arise in the same entity, or
\ngroup of entities, and there would be a legal right to o\ufb00set the assets
\nand liabilities were they to reverse, the assets and liabilities are also
\no\ufb00set in the Group statement of
financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26020": {
"value": "Retirement benefits Defined contribution plans
\nPayments to defined contribution plans are charged to the Group
\nincome statement as they fall due.
\nDefined benefit plans
\nPlan assets are measured at fair value and plan liabilities are
\nmeasured on an actuarial basis using the projected unit credit
\nmethod, discounted at an interest rate equivalent to the current rate
\nof return on a high-quality corporate bond of equivalent currency
\nand term to the plan liabilities. The di\ufb00erence between the value
\nof plan assets and liabilities at the period-end date is the amount
\nof surplus or de
ficit recorded in the Group statement o
f
financial
\nposition as an asset or liability. An asset is recognised when the
\nemployer has an unconditional right to use the surplus at some point
\nduring the life of the plan or on its wind-up.
\nThe service cost of providing pension bene
fits to employees,
\ntogether with the net interest expense or income for the year,
\nis charged to the Group income statement within administrative
\nexpenses. Net interest is calculated by applying the discount rate
\nto the net defined benefit asset or liability, a
fter any asset restriction.
\nRe-measurements comprise actuarial gains and losses, the return
\non plan assets and changes in the amount of any asset restrictions.
\nActuarial gains and losses may result from di\ufb00erences between
\nthe actuarial assumptions underlying the plan liabilities and actual
\nexperience during the year or changes in the actuarial assumptions
\nused in the valuation of the plan liabilities. Re-measurement gains
\nand losses, and taxation thereon, are recognised in other
\ncomprehensive income and are not reclassified to profit or loss
\nin subsequent periods.
\nActuarial valuations are carried out on a regular basis and are
\nupdated for material transactions and other material changes in
\ncircumstances (including changes in market prices and interest
\nrates) up to the end of the reporting period.
\nDeferred compensation plan
\nThe Group operates a deferred compensation plan in the US which
\nallows certain employees to make additional provision for retirement
\nthrough the deferral of salary with matching company contributions
\nwithin a dedicated trust. The related assets and liabilities are
\nrecognised in the Group statement of
financial position. The Group\u2019s
\nobligation to employees under the plan is limited to the fair value of
\nassets held by the plan and so the assets and liabilities are valued at
\nthe same amount, with no net impact on profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26060": {
"value": "Deferred compensation plan The Group operates a deferred compensation plan in the US which
\nallows certain employees to make additional provision for retirement
\nthrough the deferral of salary with matching company contributions
\nwithin a dedicated trust. The related assets and liabilities are
\nrecognised in the Group statement of
financial position. The Group\u2019s
\nobligation to employees under the plan is limited to the fair value of
\nassets held by the plan and so the assets and liabilities are valued at
the same amount, with no net impact on profit or loss.",
"dimensions": {
"concept": "ihg:DescriptionOfAccountingPolicyForDeferredCompensationPlanExplanatoryPolicyTextBlock",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26074": {
"value": "Share-based payments The cost of equity-settled share-based payment transactions with
\nemployees is measured by reference to fair value at the date at
\nwhich the right to the shares is granted. Fair value is determined
\nby an external valuer using option pricing models.
\nThe cost of equity-settled share-based payment transactions is
\nrecognised, together with a corresponding increase in equity,
\nover the period in which any performance or service conditions
\nare ful
filled, ending on the date on which the relevant employees
\nbecome fully entitled to the award (vesting date).
\nThe Group income statement charge represents the movement in
\ncumulative expense recognised at the beginning and end of that
\nyear. No expense is recognised for awards that do not ultimately
\nvest, except for awards where vesting is conditional upon a market
\nor non-vesting condition, which are treated as vesting irrespective
\nof whether or not the market or non-vesting condition is satis
fied,
\nprovided that all other performance and/or service conditions
\nare satisfied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26114": {
"value": "Provisions Provisions are recognised when the Group has a present obligation
\nas a result of a past event, it is probable that a payment will be made
\nand a reliable estimate of the amount payable can be made. If the
\ne\ufb00ect of the time value of money is material, the provision is
\ndiscounted using a current pre-tax discount rate that reflects the
\nrisks specific to the liability. No amounts are currently discounted.
\nCommercial litigation and disputes
\nA provision is made when management consider it probable that
\npayment may occur and the amount can be reliably estimated even
\nthough the defence of the related claim may still be ongoing through
\nthe court process.
\nInsurance reserves
\nThe Group holds insurance policies with third-party insurers against
\ncertain risks relating to its corporate operations and owned and
\nleased properties. An element of these risks are reinsured through
\nthe Captive.
\nIn addition, the Group\u2019s managed hotels obtain insurance from
\nthird-party insurers. The Group has agreements in place with the
\nthird-party insurers to reinsure certain risks through the Captive.
\nBoth of these arrangements have the e\ufb00ect of reducing the cost
\nof insurance.
\nIn addition to the Captive obtaining regulatory approval, each line
\nof insurance is subject to review and approval by the Insurance
\nExecutive Sub-Committee. The level of retained risk and expected
\nloss is reviewed annually to balance the level of risk against external
\nrisk transfer costs.
\nInsurance reserves are held principally in the Captive, and are
\nestablished using independent actuarial assessments, which reflects
\ncurrent expectations of the future economic outlook, or are based
\non past claims experience provided by third parties.
\nAmounts utilised are principally paid to third-party insurers or
\ndedicated claims handlers for subsequent settlement with the
\nclaimant. In order to protect the third-party insurer against the
\nsolvency risk of the Captive, the Group has outstanding letters
\nof credit (see note 30).
\nContingent liabilities
\nIn limited cases, the Group may guarantee part of mortgage
\nloans made to facilitate third-party ownership of hotels under
\nIHG management or franchise agreements. These guarantee
\narrangements are accounted for as insurance contracts as IHG is
\ninsuring the bank against default by the hotel, with a liability only
\nbeing recognised in the event that a payout becomes probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26152": {
"value": "Contingent liabilities In limited cases, the Group may guarantee part of mortgage
\nloans made to facilitate third-party ownership of hotels under
\nIHG management or franchise agreements. These guarantee
\narrangements are accounted for as insurance contracts as IHG is
\ninsuring the bank against default by the hotel, with a liability only
being recognised in the event that a payout becomes probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26163": {
"value": "Disposal of non-current assets The Group recognises sales proceeds and any related gain or loss on
\ndisposal on completion of the sales process. In determining whether
\nthe gain or loss should be recorded, the Group considers whether it:
\n\u2022
Has a continuing managerial involvement to the degree associated
\nwith asset ownership;
\n\u2022
Has transferred the signi
ficant risks and rewards associated with
\nasset ownership; and
\n\u2022
Can reliably measure and will actually receive the proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26180": {
"value": "Equity share capital Equity share capital includes the total net proceeds (both nominal
\nvalue and share premium) on issue of the Company\u2019s equity share
\ncapital. Share premium represents the amount of proceeds received
\nfor shares in excess of their nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26228": {
"value": "Non-controlling interest A non-controlling interest is equity in a subsidiary of the Group not
attributable, directly or indirectly, to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26249": {
"value": "Climate change In preparing the Consolidated Financial Statements, the potential
\nimpacts of climate change have been considered. There are no
\nclimate-related estimates and assumptions that have a material
\nimpact. In particular, the following have been considered:
\n\u2022
In the case of goodwill, the number of years of Base Case forecasts
\nrequired to recover the carrying value.
\n\u2022
The useful economic lives of assets and in the case of hotel assets
\n(within property, plant and equipment, right-of-use assets,
\nassociates or other financial assets) whether they are sensitive to
\nthe impact of transitional risks or are susceptible to physical risks.
\n\u2022
In the case of the InterContinental Boston, for which the lease
\nexpires in 2105, current estimates of fair value less costs of disposal
\ncould withstand a 1.75ppt increase in pre-tax discount rate and
\nterminal capitalisation rate before the asset would be impaired.
\n\u2022
The period of coverage of performance guarantees and owner
\nloan guarantees.
\n\u2022
In the case of the recoverability of the UK deferred tax asset, the
\nimpact of the potential downside risk on the Group\u2019s forecasts.
\nAdditionally, increasing operating costs over a medium term, for
\nexample energy, are not expected to have a material impact on any
\nof the Group\u2019s assets.
\nWhile there is currently no material medium-term impact expected
\nfrom climate change, the risks attached to climate change continue
\nto evolve and these will continue to be assessed against the Group\u2019s
\njudgements and estimates.",
"dimensions": {
"concept": "ihg:DescriptionOfAccountingPolicyForPotentialImpactOfClimateChangeExplanatoryPolicyTextBlock",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26283": {
"value": "New accounting standards Adoption of new accounting standards
\nThe Group has applied the following amendments:
\n\u2022
IAS 37 \u2013 Onerous Contracts: Costs of Ful
filling a Contract;
\n\u2022
IAS 16 \u2013 Property, Plant and Equipment: Proceeds before
\nIntended Use; and
\n\u2022
Other existing standards arising from the Annual Improvements
\nto IFRS 2018-2020 cycle.
\nThere was no material impact on the Group\u2019s reported financial
\nperformance or position.
\nNew standards issued but not yet e\ufb00ective
\nFrom 1 January 2023, the Group will apply the amendments to:
\n\u2022
IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting
\nPolicies;
\n\u2022
IAS 8 \u2013 Definition o
f Accounting Estimates; and
\n\u2022
IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising
\nfrom a Single Transaction.
\nFrom 1 January 2024, the Group will apply the amendments to:
\n\u2022
IAS 1 \u2013 Classification o
f Liabilities as Current or Non-Current;
\n\u2022
IAS 1 \u2013 Non-current Liabilities with Covenants; and
\n\u2022
IFRS 16 \u2013 Lease Liability in a Sale and Leaseback.
\nThere is no anticipated material impact from these amendments
\non the Group\u2019s reported financial per
formance or position.
\nIFRS 17 \u2018Insurance contracts\u2019
\nFrom 1 January 2023, the Group will apply IFRS 17. The standard
\nreplaces IFRS 4 \u2018Insurance Contracts\u2019 and introduces a new
\nmeasurement and disclosure model for insurance
\ncontract arrangements.
\nThe Group has assessed its performance guarantees provided to
\nthird-party hotel owners and concluded that current arrangements
\ndo not include significant insurance risk. They remain within the scope
\nof the Group\u2019s existing revenue recognition accounting policies.
\nUnder the transitional provisions of IFRS 17, the Group will no longer
\naccount for issued
financial guarantee contracts as insurance
\ncontracts and will instead apply the requirements of IFRS 9 \u2018Financial
\nInstruments\u2019 to these arrangements. The fair value of
financial
\nguarantee liabilities under IFRS 9 is immaterial as at 1 January and
\n31 December 2022.
\nThe Group\u2019s insurance obligations relating to managed hotels,
\ncurrently included within provisions, will be included in the Group
\nstatement of
financial position as a new line item \u2018Insurance liabilities\u2019.
\nAs at 1 January 2022, this re-presentation totals $25m. The impact
\nof discounting is immaterial.
\nIAS 1 \u2018Presentation of Financial Statements\u2019 requires separate
\npresentation of insurance revenue and expense. The impact of this
\nchange in presentation is shown below.
\nYear ended 31 December 2022
$m
\nRevenue from fee business
(15)
\nInsurance revenue
15
\nTotal revenue
\u2013
\nAdministrative expenses
11
\nInsurance expenses
(11)
\nOperating profit
\u2013
\nThe estimated impact on the Group statement of
financial position
\nwould have been as follows:
\n31 December 2022
$m
\nCurrent liabilities
\nProvisions
9
\nInsurance liabilities
(9)
\nNon-current liabilities
\nProvisions
23
\nInsurance liabilities
(23)
\nNet assets
\u2013
\nThese estimates are subject to finalisation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26405": {
"value": "1. Exchange rates 2022
2021
2020
\n$1 equivalent
Average
Closing
Average
Closing
Average
Closing
\nSterling
\u00a30.81
\u00a30.83
\u00a30.73
\u00a30.74
\u00a30.78
\u00a30.73
\nEuro
\u20ac0.95
\u20ac0.94
\u20ac0.85
\u20ac0.88
\u20ac0.88
\u20ac0.81",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26433": {
"value": "2. Segmental information Revenue
\nYear ended 31 December
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAmericas
1,005
774
512
\nEMEAA
552
303
221
\nGreater China
87
116
77
\nCentral
199
197
182
\nRevenue from reportable segments
1,843
1,390
992
\nSystem Fund revenues
1,217
928
765
\nReimbursement of costs
832
589
637
\nTotal revenue
3,892
2,907
2,394
\nProfit/(loss)
\nYear ended 31 December
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAmericas
761
559
296
\nEMEAA
152
5
(50)
\nGreater China
23
58
35
\nCentral
(108)
(88)
(62)
\nOperating profit
from reportable segments
828
534
219
\nSystem Fund
(105)
(11)
(102)
\nOperating exceptional items (note 6)
(95)
(29)
(270)
\nOperating profit/(loss)
628
494
(153)
\nNet financial expenses
(96)
(139)
(140)
\nFair value gains on contingent purchase consideration
8
6
13
\nProfit/(loss) be
fore tax
540
361
(280)
\nTax
(164)
(96)
20
\nProfit/(loss)
for the year
376
265
(260)
\nOperating profit
from reportable segments includes the following, which are included within other operating income in the Group
\nincome statement:
\n\u2022
In 2022, $6m relating to business insurance claims principally in the Americas region (see note 30) and $16m government support income
\nrelating to the EMEAA region. The net impact of government support income on operating pro
fit
from reportable segments is $6m after
\ndeducting additional variable rent of $10m which became payable as a direct result of the support received;
\n\u2022
In 2021, $5m government support income relating to the EMEAA region; and
\n\u2022
In 2020, $4m business interruption insurance proceeds and $4m favourable litigation settlement, both in the Americas region, and $3m
\ngain on disposal of hotel assets in the EMEAA region.
\nIn support of the Iberostar agreement signed in 2022, $5m of costs were incurred within Central functions. The costs are presented within
\nadministrative expenses in the Group income statement.
\n169
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n2. Segmental information
continued
\nNon-cash items included within operating profit
from reportable segments
\nYear ended 31 December 2022
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nDepreciation and amortisation
\na
\n23
13
4
28
68
\nEquity-settled share-based payments cost
8
4
2
14
28
\nShare of pro
fit o
f associates (excluding exceptional items)
(1)
\u2013
\u2013
\u2013
(1)
\nYear ended 31 December 2021
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nDepreciation and amortisation
\na
\n30
18
6
44
98
\nEquity-settled share-based payments cost
8
4
3
11
26
\nShare of losses of associates
7
1
\u2013
\u2013
8
\nYear ended 31 December 2020
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nDepreciation and amortisation
\na
\n41
21
6
42
110
\nEquity-settled share-based payments cost
7
3
2
7
19
\nShare of losses of associates and joint ventures
14
\u2013
\u2013
\u2013
14
\na
\nIncludes $15m (2021: $20m, 2020: $29m) relating to cost of sales in owned, leased and managed lease hotels, and $53m (2021: $78m, 2020: $81m) relating to other assets.
\nA further $86m (2021: $94m, 2020: $62m) was recorded within System Fund expenses.
\nCapital expenditure
\nYear ended 31 December 2022
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nCapital expenditure per management reporting
71
21
2
67
161
\nContract acquisition costs, net of repayments
(47)
(16)
(1)
\u2013
(64)
\nLease incentives received
\u2013
\u2013
\u2013
6
6
\nTiming di\ufb00erences and other adjustments
\u2013
\u2013
(1)
2
1
\nAdditions per the Group Financial Statements
24
5
\u2013
75
104
\nComprising additions to:
\nGoodwill and other intangible assets
\u2013
\u2013
\u2013
46
46
\nProperty, plant and equipment
23
5
\u2013
29
57
\nInvestment in associates
1
\u2013
\u2013
\u2013
1
\n24
5
\u2013
75
104
\nYear ended 31 December 2021
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nCapital expenditure per management reporting
35
25
1
39
100
\nContract acquisition costs, net of repayments
(32)
(10)
(1)
\u2013
(43)
\nTiming di\ufb00erences and other adjustments
3
(5)
\u2013
4
2
\nAdditions per the Group Financial Statements
6
10
\u2013
43
59
\nComprising additions to:
\nGoodwill and other intangible assets
1
\u2013
\u2013
32
33
\nProperty, plant and equipment
1
5
\u2013
11
17
\nInvestment in associates
4
\u2013
\u2013
\u2013
4
\nOther financial assets
\u2013
5
\u2013
\u2013
5
\n6
10
\u2013
43
59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26824": {
"value": "Geographical information Year ended 31 December
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nRevenue
\nUnited Kingdom
243
142
77
\nUnited States
1,659
1,263
1,067
\nRest of World
773
574
485
\n2,675
1,979
1,629
\nSystem Fund revenues (note 32)
1,217
928
765
\n3,892
2,907
2,394
\nFor the purposes of the above table, fee business, owned, leased and managed lease and reimbursable revenues are determined according
\nto the location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating to an
\nindividual country is separately disclosed when it represents 10% or more of total revenue. System Fund revenues are not included in the
\ngeographical analysis as the Group does not monitor the Fund\u2019s revenue by location of the hotel, or in the case of the loyalty programme,
\naccording to the location where members consume their rewards.
\n31 December
\n2022
\n$m
\n2021
\n$m
\nNon-current assets
\nUnited Kingdom
102
64
\nUnited States
1,308
1,346
\nRest of World
621
661
\n2,031
2,071
\nFor the purposes of the above table, non-current assets comprise goodwill and other intangible assets, property, plant and equipment,
\nright-of-use assets, investments in associates, non-current other receivables, non-current contract costs and non-current contract assets.
\nIn addition to the United Kingdom, non-current assets relating to an individual country are separately disclosed when they represent 10%
\nor more of total non-current assets, as de
fined above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26885": {
"value": "3. Revenue Disaggregation of revenue
\nYear ended 31 December 2022
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nFranchise and base management fees
861
215
71
\u2013
1,147
\nIncentive management fees
18
69
16
\u2013
103
\nCentral revenue
\u2013
\u2013
\u2013
199
199
\nRevenue from fee business
879
284
87
199
1,449
\nRevenue from owned, leased and managed lease hotels
126
268
\u2013
\u2013
394
\n1,005
552
87
199
1,843
\nSystem Fund revenues (note 32)
1,217
\nReimbursement of costs
832
\nTotal revenue
3,892
\nYear ended 31 December 2021
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nFranchise and base management fees
683
120
91
\u2013
894
\nIncentive management fees
8
29
25
\u2013
62
\nCentral revenue
\u2013
\u2013
\u2013
197
197
\nRevenue from fee business
691
149
116
197
1,153
\nRevenue from owned, leased and managed lease hotels
83
154
\u2013
\u2013
237
\n774
303
116
197
1,390
\nSystem Fund revenues (note 32)
928
\nReimbursement of costs
589
\nTotal revenue
2,907
\n171
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
3. Revenue
continued
\nYear ended 31 December 2020
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nGroup
\n$m
\nFranchise and base management fees
452
93
61
\u2013
606
\nIncentive management fees
5
14
16
\u2013
35
\nCentral revenue
\u2013
\u2013
\u2013
182
182
\nRevenue from fee business
457
107
77
182
823
\nRevenue from owned, leased and managed lease hotels
55
114
\u2013
\u2013
169
\n512
221
77
182
992
\nSystem Fund revenues (note 32)
765
\nReimbursement of costs
637
\nTotal revenue
2,394
\nContract balances
\n2022
\n$m
\n2021
\n$m
\nTrade receivables (note 17)
493
399
\nContract assets
367
346
\nDeferred revenue
(1,724)
(1,613)
\nContract assets
\n2022
\n$m
\n2021
\n$m
\nAt 1 January
346
336
\nAdditions
70
45
\nRecognised as a deduction to revenue
(32)
(35)
\nImpairment charges (note 6)
(5)
\u2013
\nImpairment reversals (note 6)
3
\u2013
\nRepayments
(3)
(1)
\nExchange and other adjustments
(12)
1
\nAt 31 December
367
346
\nAnalysed as:
\nCurrent
31
30
\nNon-current
336
316
\n367
346
\nThe Group also has future commitments for key money payments which are contingent upon future events and may reverse.
\nAt 31 December 2022, the maximum exposure remaining under performance guarantees was $75m (2021: $85m).
\nNotes to the Group Financial Statements
continued
\n172
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
3. Revenue
continued
\nDeferred revenue
\nLoyalty
\nprogramme
\n$m
\nOther
\nco-brand
\nfees
\n$m
\nApplication &
\nre-licensing
\nfees
\n$m
\nOther
\n$m
\nTotal
\n$m
\nAt 1 January 2021
1,245
55
166
103
1,569
\nIncrease in deferred revenue
384
\u2013
19
45
448
\nRecognised as revenue
(337)
(11)
(22)
(35)
(405)
\nExchange and other adjustments
\u2013
\u2013
\u2013
1
1
\nAt 31 December 2021
1,292
44
163
114
1,613
\nIncrease in deferred revenue
532
\u2013
27
44
603
\nRecognised as revenue
(413)
(11)
(23)
(44)
(491)
\nExchange and other adjustments
\u2013
\u2013
\u2013
(1)
(1)
\nAt 31 December 2022
1,411
33
167
113
1,724
\nAnalysed as:
\nCurrent
584
11
23
63
681
\nNon-current
827
22
144
50
1,043
\n1,411
33
167
113
1,724
\nAt 31 December 2021:
\nCurrent
535
11
21
50
617
\nNon-current
757
33
142
64
996
\n1,292
44
163
114
1,613
\nThis table does not include amounts which were received and recognised as revenue in the same year. Amounts recognised as revenue
\nwere included in deferred revenue at the beginning of the year.
\nLoyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the Group
\nincome statement.
\nOther deferred revenue includes technical service fees and guest deposits received by owned, leased and managed lease hotels.
\nTransaction price allocated to remaining performance obligations
\nThe expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were unsatis
fied
\nat the year end are as follows:
\n2022
2021
\nLoyalty and
\nco-brand
\n$m
\nOther
\n$m
\nTotal
\n$m
\nLoyalty and
\nco-brand
\n$m
\nOther
\n$m
\nTotal
\n$m
\nLess than one year
595
86
681
546
71
617
\nBetween one and two years
339
46
385
406
45
451
\nBetween two and three years
199
32
231
155
33
188
\nBetween three and four years
114
27
141
98
25
123
\nBetween four and
five years
70
22
92
53
22
75
\nMore than five years
127
67
194
78
81
159
\n1,444
280
1,724
1,336
277
1,613
\nContract costs
\n2022
\n$m
\n2021
\n$m
\nAt 1 January
77
75
\nCosts incurred
13
11
\nCharged to income statement
(8)
(9)
\nExchange and other adjustments
(2)
\u2013
\nAt 31 December
80
77
\nAnalysed as:
\nCurrent
5
5
\nNon-current
75
72
\n80
77",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27139": {
"value": "Deferred revenue Loyalty
\nprogramme
\n$m
\nOther
\nco-brand
\nfees
\n$m
\nApplication &
\nre-licensing
\nfees
\n$m
\nOther
\n$m
\nTotal
\n$m
\nAt 1 January 2021
1,245
55
166
103
1,569
\nIncrease in deferred revenue
384
\u2013
19
45
448
\nRecognised as revenue
(337)
(11)
(22)
(35)
(405)
\nExchange and other adjustments
\u2013
\u2013
\u2013
1
1
\nAt 31 December 2021
1,292
44
163
114
1,613
\nIncrease in deferred revenue
532
\u2013
27
44
603
\nRecognised as revenue
(413)
(11)
(23)
(44)
(491)
\nExchange and other adjustments
\u2013
\u2013
\u2013
(1)
(1)
\nAt 31 December 2022
1,411
33
167
113
1,724
\nAnalysed as:
\nCurrent
584
11
23
63
681
\nNon-current
827
22
144
50
1,043
\n1,411
33
167
113
1,724
\nAt 31 December 2021:
\nCurrent
535
11
21
50
617
\nNon-current
757
33
142
64
996
\n1,292
44
163
114
1,613
\nThis table does not include amounts which were received and recognised as revenue in the same year. Amounts recognised as revenue
\nwere included in deferred revenue at the beginning of the year.
\nLoyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the Group
\nincome statement.
\nOther deferred revenue includes technical service fees and guest deposits received by owned, leased and managed lease hotels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27366": {
"value": "4. Sta\ufb00 costs and Directors\u2019 remuneration Sta\ufb00 costs and average number of employees
\nSta\ufb00 costs
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nWages and salaries
1,604
1,315
1,233
\nSocial security costs
117
86
86
\nPension and other post-retirement benefits:
\nDefined benefit plans (note 26)
2
2
3
\nDefined contribution plans
53
41
36
\n1,776
1,444
1,358
\nAnalysed as:
\nCosts borne by IHG
\na
\n646
569
500
\nCosts borne by the System Fund
\nb
\n341
304
242
\nCosts reimbursed
789
571
616
\n1,776
1,444
1,358
\na
\nIn 2022, includes $1m classified as exceptional relating to the costs o
f ceasing operations in Russia. In 2020, included $27m classi
fied as exceptional relating to reorganisation programmes.
\nb
\nIn 2020, included $20m relating to the 2020 corporate reorganisation programme.
\nSta\ufb00 costs are presented net of government support income of $5m (2021: $23m, 2020: $36m). $nil (2021: $12m, 2020: $28m) relates
\nprincipally to employee costs at certain of the Group\u2019s leased hotels and $5m (2021: $11m, 2020: $8m) relates to support received in the
\nform of tax credits which relate to the Group\u2019s corporate o\ufb00ice presence in certain countries. There are no unful
filled conditions or other
\ncontingencies attached to these grants.
\nMonthly average number of employees, including part-time employees
2022
2021
2020
\nEmployees whose costs are borne by IHG:
\nAmericas
1,556
1,481
1,931
\nEMEAA
3,711
2,808
4,088
\nGreater China
336
299
314
\nCentral
1,444
1,425
1,813
\n7,047
6,013
8,146
\nEmployees whose costs are borne by the System Fund
5,655
4,508
4,686
\nEmployees whose costs are reimbursed
13,178
11,807
15,980
\n25,880
22,328
28,812
\nDirectors\u2019 remuneration
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nBase salaries, fees, annual performance payments and bene
fits
7.9
8.4
4.2
\nMore detailed information on the remuneration including pensions, share awards and shareholdings for each Director is shown in the Directors\u2019
\nRemuneration Report on pages 127 and 134. In addition, amounts received or receivable under long-term incentive schemes are shown on page 127. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27476": {
"value": "5. Auditor\u2019s remuneration 2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAudit of the Financial Statements
6
4
4
\nAudit of subsidiaries
2
3
3
\nOther assurance services
1
1
1
\n9
8
8
\nUnder SEC regulations analysed as:
\nAudit
8
7
7
\nOther audit-related
1
1
1
\n9
8
8
\nIn 2022 and 2021, auditor\u2019s remuneration was paid to PricewaterhouseCoopers LLP; in 2020 auditor\u2019s remuneration was paid
\nto Ernst & Young LLP.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27530": {
"value": "6. Exceptional items Note
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCost of sales:
\nDerecognition of right-of-use assets and lease liabilities
(a)(k)
\u2013
\u2013
22
\nGain on lease termination
(b)
\u2013
\u2013
30
\nProvision for onerous contractual expenditure
(k)
\u2013
\u2013
(10)
\nReorganisation costs
(c)(k)
\u2013
\u2013
(8)
\n\u2013
\u2013
34
\nAdministrative expenses:
\nCosts of ceasing operations in Russia
(d)
(12)
\u2013
\u2013
\nCommercial litigation and disputes
(e)
(28)
(25)
(5)
\nReorganisation costs
(c)
\u2013
\u2013
(19)
\nIntegration costs
(f)
\u2013
\u2013
(6)
\n(40)
(25)
(30)
\nShare of losses of associate
(g)
(60)
\u2013
\u2013
\nImpairment loss on financial assets
(h)
\u2013
\u2013
(48)
\nOther net impairment reversals/(charges):
\nManagement agreements
\u2013 charge
12
\u2013
\u2013
(48)
\n\u2013 reversal
12
12
\u2013
\u2013
\nProperty, plant and equipment \u2013 charge
13, (k)
(10)
\u2013
(90)
\n\u2013 reversal
(k)
3
\u2013
\u2013
\nRight-of-use assets
\u2013 charge
13
(2)
\u2013
(16)
\n\u2013 reversal
14
2
\u2013
\u2013
\nAssociates
\u2013 charge
15
\u2013
(4)
(19)
\n\u2013 reversal
15
2
\u2013
\u2013
\nContract assets
\u2013 charge
(i)
(5)
\u2013
(53)
\n\u2013 reversal
(i)
3
\u2013
\u2013
\n5
(4)
(226)
\nOperating exceptional items
(95)
(29)
(270)
\nFinancial expenses
(j)
\u2013
\u2013
(14)
\nFair value gains on contingent purchase consideration
(k)
\u2013
\u2013
21
\nExceptional items before tax
(95)
(29)
(263)
\nTax on exceptional items
(l)
26
3
52
\nExceptional tax
(m)
\u2013
26
\u2013
\nTax
26
29
52
\nOperating exceptional items analysed as:
\nAmericas
(46)
(22)
(118)
\nEMEAA
(49)
(7)
(128)
\nGreater China
\u2013
\u2013
(5)
\nCentral
\u2013
\u2013
(19)
\n(95)
(29)
(270)
\nThe above items are defined by management as exceptional as
further described on page 161.
\n175
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
6. Exceptional items
continued
\n(a) Derecognition of right-of-use assets and lease liabilities
\nRelated to right-of-use assets ($49m) and lease liabilities ($71m) associated with the UK portfolio and German leases which were derecognised
\nfollowing a reassessment of the leases as fully variable. The net gain of $22m was presented as exceptional due to the size of the
\nderecognised assets and liabilities.
\n(b) Gain on lease termination
\nRelated to the termination of the InterContinental San Juan lease, which was part of the Service Properties Trust (\u2018SVC\u2019) portfolio.
\nThe right-of-use assets ($60m) and lease liabilities ($90m) associated with this hotel were derecognised, resulting in a net gain of $30m,
\nwhich was presented as exceptional due to the value of the assets and liabilities derecognised and for consistency with the impairments
\nof other assets related to the SVC portfolio.
\n(c) Reorganisation costs
\nRelated to the UK portfolio, other owned and leased hotels and a corporate reorganisation re
flecting the reassessment o
f near-term
\npriorities and the resources needed to support reduced levels of demand. An additional $20m related to the corporate restructuring was
\ncharged to the System Fund.
\nThese charges were presented as exceptional as they related to a significant programme carried out in response to the impacts o
f Covid-19
\nwhich does not reflect normal, ongoing costs o
f the business.
\n(d) Costs of ceasing operations in Russia
\nOn 27 June 2022, the Group announced it was in the process of ceasing all operations in Russia consistent with evolving UK, US and EU
\nsanction regimes and the ongoing and increasing challenges of operating there. The costs associated with the cessation of corporate
\noperations in Moscow and long-term management and franchise contracts are presented as exceptional due to the nature of the war in
\nUkraine which has driven the Group\u2019s response.
\n(e) Commercial litigation and disputes
\nFrom time to time, the Group is subject to legal proceedings, the ultimate outcome of each is always subject to many uncertainties inherent
\nin litigation. The provision for commercial litigation and disputes as at 31 December 2022 principally relates to the EMEAA region and includes
\nthe following uncertainties: timing of resolution, quantum of legal costs, quantum of interest and, in one case, the likelihood of the Group\u2019s
\nappeal against an adverse opinion. Further information usually required by IAS 37 is not disclosed as such disclosure could prejudice
\nseriously the outcome.
\nIn 2021, related to the agreed costs to settle two commercial disputes, $18m in the Americas region and $7m in the EMEAA region.
\nIn 2020, related to the agreed cost of settlement of $14m in the EMEAA region, o\ufb00set by a partial release in the Americas region.
\nThese costs are presented as exceptional reflecting (i) quantum, (ii) the nature o
f the disputes, and (iii) in respect of releases, consistency
\nwith prior years.
\n(f) Integration costs
\nRelated to the integration of Six Senses into the operations of the Group. Costs were presented as exceptional re
flecting the
fact that the
\nacquisition of Six Senses is not a recurring event.
\n(g) Share of losses of associate
\nAs part of an agreed settlement of the 2021 Americas commercial dispute in relation to the Barclay associate, in 2022 the Group was
\nallocated expenses in excess of its actual percentage share which directly reduced the Group\u2019s current interest in the associate. This resulted
\nin $60m of additional expenses being allocated to the Group in 2022, with a current tax bene
fit o
f $15m and, applying equity accounting
\nto this additional share of expenses, reduced the Group\u2019s investment to $nil. In addition, a liability of $18m was recognised, re
flecting an
\nunavoidable obligation to repay this amount in certain circumstances. Should the hotel property increase in value in future periods, such
\nrevaluation gains will be attributed first to the Group up to the amount o
f the additional share of expenses; this would be re
flected first as
\na reduction of the liability and subsequently as a trigger for impairment reversal of the associate. This charge is presented as exceptional
\nby reason of its size and the nature of the agreement.
\n(h) Impairment loss on financial assets
\nComprised $33m and $15m related to SVC and other trade deposits and loans respectively. The impairment losses were presented as
\nexceptional as they related to the termination of a signi
ficant port
folio of over 100 management agreements and to signi
ficant changes
\nin credit risk on other trade deposits and loans as a result of Covid-19.
\n(i) Impairment charge/reversals on contract assets
\nIn 2022, the $5m charge relates to key money pertaining to managed and franchised hotels in Russia. The $3m reversal relates to impairments
\noriginally recorded in 2020 and arises as a result of the improved
financial position o
f owners or performance of the related hotels.
\nIn 2020, related primarily to deposits made to SVC of $33m. The remaining impairment of $20m related to key money and performance
\nguarantee payments on individual properties which were tested with reference to future franchise and management fees.
\nThese costs are presented as exceptional consistently with (d) and (h) above and, in respect of releases, consistently with the treatment
\napplied in prior years.
\n(j) Financial expenses
\nIn 2020, management undertook actions to strengthen liquidity and extend the maturity profile o
f the Group\u2019s debt. The Group issued a
\ntender o\ufb00er for its \u00a3400m 3.875% 2022 bonds resulting in a repayment of \u00a3227m and concurrently issued \u20ac500m 1.625% 2024 bonds and
\n\u00a3400m 3.375% 2028 bonds. The exceptional charge included the premium on repayment and associated write-o\ufb00 of fees and discount.
\nThe charge was presented as exceptional primarily due to the size of the charge as well as the nature of the re
financing which was driven
\nby increased liquidity requirements resulting from Covid-19.
\nNotes to the Group Financial Statements
continued
\n176
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
6. Exceptional items
continued
\n(k) Exceptional items relating to the UK portfolio
\nIncluded within exceptional items are the following items relating to the UK portfolio:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCost of sales:
\nDerecognition of right-of-use assets and lease liabilities
\u2013
\u2013
18
\nProvision for onerous contractual expenditure
\u2013
\u2013
(10)
\nReorganisation costs
\u2013
\u2013
(4)
\n\u2013
\u2013
4
\nOther net impairment reversals/(charges):
\nProperty, plant and equipment
3
\u2013
(50)
\n3
\u2013
(50)
\nOperating exceptional items
3
\u2013
(46)
\nFair value gains on contingent purchase consideration
\u2013
\u2013
21
\nExceptional items before tax
3
\u2013
(25)
\nIn 2022, the Group agreed to restructure the UK portfolio leases (see note 14) resulting in a reversal of previous impairment of property,
\nplant and equipment.
\nIn 2020, the UK portfolio experienced hugely challenging trading conditions as a result of Covid-19, with all hotels within the portfolio
\nclosing for extended periods and experiencing historically low occupancies during periods of temporary reopenings. The following
\nexceptional items were recorded:
\n\u2022
The right-of-use asset ($22m) and lease liability ($40m) relating to the UK portfolio were derecognised as a result of the re-estimation of
\nthe \u2018in-substance fixed\u2019 rent payable under the leases, resulting in a gain o
f $18m; from 2020 the leases were considered to be fully variable.
\n\u2022
A $10m provision was recognised to the extent the costs of contractual expenditure committed under the hotel leases exceeded the
\nfuture economic bene
fits expected to be received under the leases.
\n\u2022
A total cost of $4m to restructure hotel operations in response to the impact of Covid-19 on hotel occupancy and revenues.
\n\u2022
Impairment of property, plant and equipment (see note 13).
\n\u2022
A fair value gain on contingent purchase consideration (see note 24).
\n(l) Tax on exceptional items
\nThe tax impacts of the exceptional items are shown in the table below:
\n2022
2021
2020
\nCurrent tax
\n$m
\nDeferred tax
\n$m
\nCurrent tax
\n$m
\nDeferred tax
\n$m
\nCurrent tax
\n$m
\nDeferred tax
\n$m
\nDerecognition of right-of-use assets and lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
\nProvision for onerous contractual expenditure
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nReorganisation costs
\u2013
\u2013
\u2013
\u2013
3
2
\nCosts of ceasing operations in Russia
3
\u2013
\u2013
\u2013
\u2013
\u2013
\nCommercial litigation and disputes
8
(2)
\u2013
4
\u2013
\u2013
\nIntegration costs
\u2013
\u2013
\u2013
\u2013
1
\u2013
\nShare of losses of associate
15
\u2013
\u2013
\u2013
\u2013
\u2013
\nImpairment loss on financial assets
\u2013
\u2013
\u2013
\u2013
4
2
\nOther net impairment reversals/(charges)
1
(5)
\u2013
1
6
37
\nFinancial expenses
\u2013
\u2013
\u2013
\u2013
\u2013
3
\nFair value gains on contingent purchase consideration
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
\nAdjustments in respect of prior years
\na
\n6
\u2013
(2)
\u2013
\u2013
\u2013
\n33
(7)
(2)
5
14
38
\nTotal current and deferred tax
26
3
52
\na
\nIn 2022, relates to the release of tax contingencies no longer needed; one of these was as a result of the closure of a tax audit of the 2014 US federal income tax return. In 2021, the tax
\ncharge related to the same audit.
\n177
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
6. Exceptional items
continued
\n(m) Exceptional tax
\nRelated to the enactment of a change to the UK rate of corporate income tax from 19% to 25%, e\ufb00ective 1 April 2023. The change resulted in
\nthe re-measurement of those UK deferred tax assets and liabilities which are forecast to be utilised or crystallise after this e\ufb00ective date, using
\nthe higher tax rate. A further credit of $4m was recorded within the Group statement of comprehensive income in respect of movements in
\ndeferred tax assets and liabilities originally recorded there. The value attributable to unrecognised deferred tax assets increased by $34m
\nas a result of the rate change; this had no impact on the reported tax charge.",
"dimensions": {
"concept": "ihg:DisclosureOfExceptionalItemsExplanatoryTextBlock",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28028": {
"value": "7. Financial income and expenses 2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nFinancial income
\nFinancial income on deposits and money market funds
17
2
2
\nInterest income on loans and other assets
5
6
2
\n22
8
4
\nFinancial expenses
\nInterest expense on external borrowings
92
109
102
\nInterest expense on lease liabilities
29
29
37
\nCapitalised interest
\u2013
\u2013
(1)
\nUnwind of discount on deferred purchase consideration
\u2013
1
1
\nForeign exchange gains
(10)
\u2013
\u2013
\nOther charges
7
8
5
\n118
147
144
\nAnalysed as:
\nFinancial expenses before exceptional items
118
147
130
\nExceptional financial expenses (note 6)
\u2013
\u2013
14
\n118
147
144
\nFinancial income comprises $12m (2021: $8m, 2020: $4m) relating to financial assets held at amortised cost and $10m (2021: $nil, 2020: $nil)
\nrelating to assets held at FVTPL.
\nInterest expense on external borrowings and unwind of discount on deferred purchase consideration relate to
financial liabilities which are
\nheld at amortised cost. Other charges includes bank charges and non-bank interest expense.
\nIn 2022, $15m (2021: $1m, 2020: $3m) was payable to the IHG One Rewards loyalty programme relating to interest on the accumulated
\nbalance of cash received in advance of the consumption of points awarded. The expense and corresponding System Fund interest income
\nare eliminated within financial expenses. On a net basis, financial income and expenses includes $1m (2021: $2m, 2020: $nil) o
f other
\ninterest which is also attributable to the System Fund.
\nNet interest payable as calculated for bank covenants can be found on page 201.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28116": {
"value": "8. Tax Tax on profit/(loss)
\nUnited Kingdom
Other jurisdictions
Total
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCurrent tax
\nCurrent period
6
1
\u2013
177
138
43
183
139
43
\nBenefit o
f tax reliefs on which no deferred tax
\npreviously recognised
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
(2)
\nAdjustments in respect of prior periods
(2)
\u2013
(2)
(5)
4
(5)
(7)
4
(7)
\n4
1
(2)
172
142
36
176
143
34
\nDeferred tax
\nOrigination and reversal of temporary di\ufb00erences
(1)
(7)
(12)
(6)
(14)
(23)
(7)
(21)
(35)
\nChanges in tax rates and tax laws
\u2013
(25)
(7)
\u2013
\u2013
(1)
\u2013
(25)
(8)
\nAdjustments to estimated recoverable deferred
\ntax assets
\na
\n(2)
2
(14)
\u2013
\u2013
\u2013
(2)
2
(14)
\nReduction in deferred tax expense by previously
\nunrecognised tax assets
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
\nAdjustments in respect of prior periods
2
1
(1)
(5)
(4)
5
(3)
(3)
4
\n(1)
(29)
(34)
(11)
(18)
(20)
(12)
(47)
(54)
\nIncome tax charge/(credit) for the year
3
(28)
(36)
161
124
16
164
96
(20)
\nAnalysed as tax relating to:
\nProfit be
fore exceptional items and foreign
\nexchange gains
\nb
\n11
(2)
(24)
183
127
56
194
125
32
\nForeign exchange gains (note 7)
\u2013
\u2013
\u2013
(4)
\u2013
\u2013
(4)
\u2013
\u2013
\nExceptional items:
\nTax on exceptional items (note 6)
(8)
\u2013
(12)
(18)
(3)
(40)
(26)
(3)
(52)
\nExceptional tax (note 6)
\u2013
(26)
\u2013
\u2013
\u2013
\u2013
\u2013
(26)
\u2013
\n3
(28)
(36)
161
124
16
164
96
(20)
\na
\nRepresents a reassessment of the recovery of deferred taxes in line with the Group\u2019s pro
fit
forecasts.
\nb
\n\u2018Other jurisdictions\u2019 includes $151m (2021: $115m, 2020: $41m) in respect of US taxes.
\n179
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
8. Tax
continued
\nReconciliation of tax charge
\nTotal
\nBefore exceptional items, foreign
\nexchange gains and System Fund
\n2022
\n%
\n2021
\n%
\n2020
\n%
\n2022
\n%
\n2021
\n%
\n2020
\n%
\nTax at UK rate
19.0
19.0
19.0
19.0
19.0
19.0
\nTax credits
(0.1)
(0.1)
0.5
(0.1)
(0.1)
(1.7)
\nSystem Fund
\na
\n3.1
0.4
(6.6)
(0.4)
(0.1)
(1.1)
\nForeign exchange gains (note 7)
(0.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\nOther permanent di\ufb00erences
\nb
\n0.5
1.4
(4.2)
0.4
1.2
12.1
\nNon-recoverable foreign taxes
3.5
3.5
(5.1)
2.5
3.1
16.9
\nNet e\ufb00ect of di\ufb00erent rates of tax
\nc
\n6.3
6.8
(4.5)
5.6
6.9
18.9
\nE\ufb00ect of changes in UK tax rates and laws
\nd
\n\u2013
(7.0)
2.4
\u2013
\u2013
(7.9)
\nE\ufb00ect of changes in other tax rates and laws
0.1
\u2013
0.5
\u2013
\u2013
(1.7)
\nReduction in current tax expense by previously unrecognised deferred
\ntax assets
\u2013
(0.1)
0.7
\u2013
(0.1)
(2.4)
\nItems on which deferred tax arose but where no deferred tax is recognised
\ne
\n1.2
2.0
(1.9)
0.4
1.3
5.1
\nE\ufb00ect of adjustments to estimated recoverable deferred tax assets
\nf
\n(0.4)
0.5
5.1
(0.3)
0.4
(16.9)
\nReduction in deferred tax expense by previously unrecognised deferred
\ntax assets
\u2013
\u2013
0.3
\u2013
\u2013
\u2013
\nAdjustment to tax charge in respect of prior periods
(1.9)
0.2
0.9
(0.5)
(0.4)
(2.7)
\n30.4
26.6
7.1
26.6
31.2
37.6
\na
\nThe System Fund is, in general, not subject to taxation.
\nb
\nBefore exceptional items, foreign exchange gains and System Fund includes (0.8) percentage points (2021: (0.6) percentage points, 2020: (1.2) percentage points) in respect of the
\nUS Foreign-derived intangible income regime.
\nc
\nBefore exceptional items, foreign exchange gains and System Fund includes 5.5 percentage points (2021: 6.7 percentage points, 2020: 18.9 percentage points) driven by the relatively
\nhigh blended US rate, which includes US Federal and State taxes as well as Base Erosion and Anti-Avoidance Tax (\u2018BEAT\u2019). In 2020, the lower profitability resulted in a large impact
\nof BEAT, and the trading results in the year led to a higher proportion of the Group\u2019s pro
fit being taxed in the US.
\nd
\nIn 2021, the UK Government enacted an increase to the UK rate of Corporation Tax from 19% to 25%. In 2020, the UK Government reversed a previously enacted drop to the UK rate
\nof Corporation Tax.
\ne
\nPredominantly in respect of losses arising in the year.
\nf
\nIn 2020, the Group simplified its Group structure which led to an increase to existing de
ferred tax assets within the UK.
\nA reconciliation between total tax rate and tax rate excluding the impact of foreign exchange gains, exceptional items and System Fund
\nis shown below:
\n2022
2021
2020
\nProfit
\nbefore tax
\n$m
\nTax
\n$m
\nRate
\n%
\nProfit
\nbefore tax
\n$m
\nTax
\n$m
\nRate
\n%
\n(Loss)/
\nprofit
\nbefore tax
\n$m
\nTax
\n$m
\nRate
\n%
\nGroup income statement
540
164
30.4
361
96
26.6
(280)
(20)
7.1
\nAdjust for:
\nExceptional items (note 6)
95
26
29
29
263
52
\nForeign exchange gains (note 7)
(10)
4
\u2013
\u2013
\u2013
\u2013
\nSystem Fund
105
\u2013
11
\u2013
102
\u2013
\n730
194
26.6
401
125
31.2
85
32
37.6
\nInformation concerning Non-GAAP measures can be found in the Strategic Report.
\nFactors that may a\ufb00ect the future tax charge
\nMany factors will a\ufb00ect the Group\u2019s future tax rate, the main ones being future legislative developments, future pro
fitability o
f underlying
\nsubsidiaries and tax uncertainties.
\nWorldwide tax reform continues, notably for the Group with the OECD\u2019s proposals in connection with the \u2018Pillar 2\u2019 Global Anti-Base
\nErosion Rules. At the balance sheet date, no country has substantively enacted legislation to fully implement Pillar 2. The Group expects
\nfurther guidance and detailed legislation to be published in 2023 and will continue to assess potential impacts.
\nNotes to the Group Financial Statements
continued
\n180
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
8. Tax
continued
\nTax paid
\nTotal tax paid (net of refunds) is entirely in respect of operating activities. This comprises taxes paid directly by Group entities to taxing
\nauthorities and taxes withheld at source in respect of fees payable to the Group. Taxes withheld at source are paid by hotel owners to their
\nlocal taxing authorities on behalf of the Group. The table below shows the territories to whom taxes are directly paid by the Group which
\nexceed $5m in the current or comparative periods, in addition to the UK, the Group\u2019s headquarter jurisdiction. The year-on-year increases are
\npredominantly driven by corresponding increases to Group profitability and re
funds received in 2020 and 2021 in respect of earlier periods.
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nChina
\na
\n10
3
6
\nUK
3
(2)
2
\nUSA
\nb
\n165
68
\u2013
\nOther jurisdictions
11
1
20
\n189
70
28
\nTaxes withheld at source
22
16
13
\nTax paid per cash flow
211
86
41
\na
\nTax payments are typically based upon the previous year\u2019s profits.
\nb
\nIncludes refunds in respect of earlier periods of $nil (2021: $15m, 2020: $24m).
\nA reconciliation of tax paid to the total current tax charge in the Group income statement is as follows:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nCurrent tax charge in the Group income statement
176
143
34
\nCurrent tax (credit)/charge in the Group statement of comprehensive income
(2)
\u2013
1
\nTotal current tax charge
174
143
35
\nMovements to tax contingencies
\na
\n10
(4)
8
\nTiming di\ufb00erences of cash tax paid and foreign exchange di\ufb00erences
\nb
\n27
(53)
(2)
\nTax paid per cash flow
211
86
41
\na
\nTax contingency movements are included within the current tax charge but do not impact cash tax paid in the year. Settlements of tax contingencies are included within cash tax
\npaid in the year but not recorded in the current year tax charge.
\nb
\n2021 included $20m of refunds in respect of earlier years, $12m of other receivables which have been allocated to payments that otherwise would have been due and $28m
\nof payments due in 2022.
\n181
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
8. Tax
continued
\nDeferred tax
\nProperty,
\nplant,
\nequipment
\nand
\nsoftware
\n$m
\nApplication
\nfees
\n$m
\nDeferred
\ngains on
\nloan notes
\na
\n$m
\nAssociates
\n$m
\nLosses
\nb
\n$m
\nEmployee
\nbenefits
\n$m
\nDeferred
\ncompensation
\n$m
\nExpected
\ncredit
\nlosses
\non trade
\nreceivables
\n$m
\nIntangible
\nassets
\nexcluding
\nsoftware
\nc
\n$m
\nOther
\nshort-term
\ntemporary
\ndi\ufb00erences
\nc,d
\n$m
\nTotal
\n$m
\nAt 1 January 2021
(95)
42
(34)
(57)
61
34
42
22
(4)
7
18
\nGroup income
\nstatement
15
(2)
\u2013
2
21
4
6
(1)
(12)
14
47
\nGroup statement
\nof comprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
4
\u2013
\u2013
\u2013
\u2013
(15)
(11)
\nGroup statement
\nof changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\nExchange and
\nother adjustments
(1)
\u2013
\u2013
\u2013
(2)
(1)
\u2013
(1)
\u2013
3
(2)
\nAt 31 December 2021
(81)
40
(34)
(55)
84
39
48
20
(16)
9
54
\nGroup income
\nstatement
32
1
\u2013
(4)
5
1
4
(5)
(21)
(1)
12
\nGroup statement
\nof comprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
(1)
(6)
\u2013
\u2013
\u2013
8
1
\nGroup statement
\nof changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
\nExchange and
\nother adjustments
(4)
\u2013
\u2013
\u2013
(9)
(3)
\u2013
(1)
(3)
\u2013
(20)
\nAt 31 December 2022
(53)
41
(34)
(59)
79
32
52
14
(40)
16
48
\na
\nExpected to become due in 2025.
\nb
\nWholly in respect of revenue losses.
\nc
\nThe above table has been re-presented in order that no balances exceeding $20m are contained within \u2018Other short-term temporary di\ufb00erences\u2019.
\nd
\nPrimarily in respect of contract costs, right-of-use assets, lease liabilities and expenses for which tax relief has not yet been obtained.
\nThe analysis of the deferred tax balance after considering the o\ufb00set of assets and liabilities within entities where there is a legal right to do
\nso and an analysis of the deferred tax balance showing all territories with balances greater than $10m in either the current or prior year are
\nas follows:
\n2022
\n$m
\n2021
\n$m
\nDeferred tax assets
126
147
\nDeferred tax liabilities
(78)
(93)
\n48
54
\nAnalysed as:
\nUnited Kingdom
109
127
\nUnited States
(73)
(87)
\nOther
12
14
\n48
54
\nA deferred tax asset of $107m (2021: $120m) has been recognised in legal entities which have made a loss in the current or the previous year.
\nOf this, $102m (2021: $114m) is within the UK tax group and predominantly represents revenue tax losses and future tax deductions
\nfor amortisation.
\nAdditional UK deferred tax assets of $7m (2021: $13m) are recognised in legal entities which were pro
fitable in both the current and previous
\nyears.
\nRecoverability of UK deferred tax assets
\nThe Group has recognised UK deferred tax assets of $109m (2021: $127m), including revenue losses of $73m (2021: $73m). The deferred
\ntax assets have been recognised following the consideration of both positive and negative evidence in respect of the probability of future
\ntaxable profits against which the assets could be recovered. The losses have arisen by identifiable non-recurring events,
for example special
\ncontributions into a former Group pension scheme and the impact of Covid-19, absent which, the UK tax group would have been pro
fitable.
\nThe losses do not expire, although they can only be o\ufb00set against 50% of annual UK taxable pro
fits. The UK de
ferred tax asset should reverse
\nover a seven- to ten-year period (2021: seven- to ten-year period), with the lower end of this range based on the Group\u2019s Base Case forecast
\n(see page 157 within \u2018Going concern\u2019) and the upper end of the range based on the Group\u2019s Severe Downside Case forecast.
\nNotes to the Group Financial Statements
continued
\n182
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
8. Tax
continued
\nThe Group\u2019s TCFD disclosures describe how physical and transitional climate risks present both risks and opportunities for IHG. The potential
\ndownside risk has been considered in the context of the UK deferred tax asset recoverability, without taking account of opportunities or
\nmitigating actions, and could be absorbed within the sensitivities disclosed above.
\nUnrecognised deferred tax assets
\nThe Group does not recognise deferred tax assets if it cannot anticipate being able to o\ufb00set them against existing deferred tax liabilities
\nor against future pro
fits or gains.
\nThe total unrecognised deferred tax position is as follows:
\nGross
Unrecognised deferred tax
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\nRevenue losses
430
458
78
87
\nCapital losses
549
551
138
138
\n979
1,009
216
225
\nTax credits
25
10
25
10
\nOther
\na
\n31
16
8
3
\n1,035
1,035
249
238
\na
\nPrimarily relates to costs incurred for which tax relief has not been obtained.
\nThere is no expiry date to any of the above unrecognised assets other than for the losses and tax credits as shown in the table below:
\nGross
Unrecognised deferred tax
\nExpiry date
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\n2022
\u2013
10
\u2013
3
\n2023
1
2
\u2013
\u2013
\n2024
4
4
1
1
\n2025
\na
\n9
100
1
25
\n2026
18
13
4
2
\n2027
3
\u2013
\u2013
\u2013
\n2028
\u2013
6
\u2013
2
\n2029
10
10
10
10
\nAfter 2029
18
2
16
1
\na
\nFollowing a change in law, $91m of losses will no longer expire, but they continue to remain unrecognised as the Group does not anticipate being able to o\ufb00set them against
\nfuture pro
fits.
\nUnprovided deferred tax liabilities
\nNo deferred tax liability has been provided in respect of $0.5bn (2021: $0.4bn) of taxable temporary di\ufb00erences relating to subsidiaries
\n(comprising undistributed earnings and net inherent gains).
\nUncertain tax positions
\nCurrent tax payable includes $9m (2021: $24m) in respect of uncertain tax positions, with the largest single item not exceeding $3m
\n(2021: $10m). There are no amounts recognised in relation to uncertain tax positions within deferred tax in either the current or prior year.
\nThe Group\u2019s most material territories for tax are the USA and the UK and the Group carries provisions of $3m (2021: $13m) in respect of US
\nfederal and state tax uncertainties and $nil (2021: $2m) in respect of UK Corporation Tax uncertainties.
\nIn the USA, the Internal Revenue Service (\u2018IRS\u2019) has the right to commence a routine audit of a federal income tax return for up to three
\nyears following the
filing o
f the return. In December 2022, the Group agreed the 2014 return which will result in federal and state tax
\noutflows in 2023 o
f $5m and a further $3m in respect of interest. Surplus tax provisions related to this period of $4m have been released
\nwithin tax in the Group income statement. Following 31 December 2022, the IRS confirmed the 2015 and 2016 periods are also closed.
\nThe Group has therefore now agreed all federal tax returns up to and including 2017.
\nIn the UK, HM Revenue and Customs (\u2018HMRC\u2019) has the right to commence a routine audit of a UK Corporation Tax return for up to 12 months
\nfollowing the
filing o
f the return. The Group has agreed all UK tax returns for periods up to and including 2015, and for 2020. The Group
\nreceived a single question from HMRC in respect of the 2016 period in 2019, to which a response was provided also in 2019. Following
\n31 December 2022, the Group received a request for further information but still considers the risk of material adjustment to be low.
\nIn addition, a transfer pricing audit was initiated by HMRC in September 2019 in respect of 2017 onwards. In December 2022, the Group
\nreached verbal agreement with HMRC that no adjustments to the filed returns were necessary and the Group expects to receive
formal
\nagreement of the closure of the 2017 to 2019 periods in early 2023. The Group has provisions of $nil (2021: $2m) in respect of UK
\nCorporation Tax uncertainties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28679": {
"value": "Deferred tax Property,
\nplant,
\nequipment
\nand
\nsoftware
\n$m
\nApplication
\nfees
\n$m
\nDeferred
\ngains on
\nloan notes
\na
\n$m
\nAssociates
\n$m
\nLosses
\nb
\n$m
\nEmployee
\nbenefits
\n$m
\nDeferred
\ncompensation
\n$m
\nExpected
\ncredit
\nlosses
\non trade
\nreceivables
\n$m
\nIntangible
\nassets
\nexcluding
\nsoftware
\nc
\n$m
\nOther
\nshort-term
\ntemporary
\ndi\ufb00erences
\nc,d
\n$m
\nTotal
\n$m
\nAt 1 January 2021
(95)
42
(34)
(57)
61
34
42
22
(4)
7
18
\nGroup income
\nstatement
15
(2)
\u2013
2
21
4
6
(1)
(12)
14
47
\nGroup statement
\nof comprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
4
\u2013
\u2013
\u2013
\u2013
(15)
(11)
\nGroup statement
\nof changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\nExchange and
\nother adjustments
(1)
\u2013
\u2013
\u2013
(2)
(1)
\u2013
(1)
\u2013
3
(2)
\nAt 31 December 2021
(81)
40
(34)
(55)
84
39
48
20
(16)
9
54
\nGroup income
\nstatement
32
1
\u2013
(4)
5
1
4
(5)
(21)
(1)
12
\nGroup statement
\nof comprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
(1)
(6)
\u2013
\u2013
\u2013
8
1
\nGroup statement
\nof changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
\nExchange and
\nother adjustments
(4)
\u2013
\u2013
\u2013
(9)
(3)
\u2013
(1)
(3)
\u2013
(20)
\nAt 31 December 2022
(53)
41
(34)
(59)
79
32
52
14
(40)
16
48
\na
\nExpected to become due in 2025.
\nb
\nWholly in respect of revenue losses.
\nc
\nThe above table has been re-presented in order that no balances exceeding $20m are contained within \u2018Other short-term temporary di\ufb00erences\u2019.
\nd
\nPrimarily in respect of contract costs, right-of-use assets, lease liabilities and expenses for which tax relief has not yet been obtained.
\nThe analysis of the deferred tax balance after considering the o\ufb00set of assets and liabilities within entities where there is a legal right to do
\nso and an analysis of the deferred tax balance showing all territories with balances greater than $10m in either the current or prior year are
\nas follows:
\n2022
\n$m
\n2021
\n$m
\nDeferred tax assets
126
147
\nDeferred tax liabilities
(78)
(93)
\n48
54
\nAnalysed as:
\nUnited Kingdom
109
127
\nUnited States
(73)
(87)
\nOther
12
14
\n48
54
\nA deferred tax asset of $107m (2021: $120m) has been recognised in legal entities which have made a loss in the current or the previous year.
\nOf this, $102m (2021: $114m) is within the UK tax group and predominantly represents revenue tax losses and future tax deductions
\nfor amortisation.
\nAdditional UK deferred tax assets of $7m (2021: $13m) are recognised in legal entities which were pro
fitable in both the current and previous
\nyears.
\nRecoverability of UK deferred tax assets
\nThe Group has recognised UK deferred tax assets of $109m (2021: $127m), including revenue losses of $73m (2021: $73m). The deferred
\ntax assets have been recognised following the consideration of both positive and negative evidence in respect of the probability of future
\ntaxable profits against which the assets could be recovered. The losses have arisen by identifiable non-recurring events,
for example special
\ncontributions into a former Group pension scheme and the impact of Covid-19, absent which, the UK tax group would have been pro
fitable.
\nThe losses do not expire, although they can only be o\ufb00set against 50% of annual UK taxable pro
fits. The UK de
ferred tax asset should reverse
\nover a seven- to ten-year period (2021: seven- to ten-year period), with the lower end of this range based on the Group\u2019s Base Case forecast
\n(see page 157 within \u2018Going concern\u2019) and the upper end of the range based on the Group\u2019s Severe Downside Case forecast.
\nNotes to the Group Financial Statements
continued
\n182
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
8. Tax
continued
\nThe Group\u2019s TCFD disclosures describe how physical and transitional climate risks present both risks and opportunities for IHG. The potential
\ndownside risk has been considered in the context of the UK deferred tax asset recoverability, without taking account of opportunities or
\nmitigating actions, and could be absorbed within the sensitivities disclosed above.
\nUnrecognised deferred tax assets
\nThe Group does not recognise deferred tax assets if it cannot anticipate being able to o\ufb00set them against existing deferred tax liabilities
\nor against future pro
fits or gains.
\nThe total unrecognised deferred tax position is as follows:
\nGross
Unrecognised deferred tax
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\nRevenue losses
430
458
78
87
\nCapital losses
549
551
138
138
\n979
1,009
216
225
\nTax credits
25
10
25
10
\nOther
\na
\n31
16
8
3
\n1,035
1,035
249
238
\na
\nPrimarily relates to costs incurred for which tax relief has not been obtained.
\nThere is no expiry date to any of the above unrecognised assets other than for the losses and tax credits as shown in the table below:
\nGross
Unrecognised deferred tax
\nExpiry date
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\n2022
\u2013
10
\u2013
3
\n2023
1
2
\u2013
\u2013
\n2024
4
4
1
1
\n2025
\na
\n9
100
1
25
\n2026
18
13
4
2
\n2027
3
\u2013
\u2013
\u2013
\n2028
\u2013
6
\u2013
2
\n2029
10
10
10
10
\nAfter 2029
18
2
16
1
\na
\nFollowing a change in law, $91m of losses will no longer expire, but they continue to remain unrecognised as the Group does not anticipate being able to o\ufb00set them against
\nfuture pro
fits.
\nUnprovided deferred tax liabilities
\nNo deferred tax liability has been provided in respect of $0.5bn (2021: $0.4bn) of taxable temporary di\ufb00erences relating to subsidiaries
\n(comprising undistributed earnings and net inherent gains).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29097": {
"value": "9. Dividends 2022
2021
2020
\nPaid during the year
\ncents
\nper share
$m
\ncents
\nper share
$m
\ncents
\nper share
$m
\nFinal (declared for previous year)
85.9
154
\u2013
\u2013
\u2013
\u2013
\nInterim
43.9
79
\u2013
\u2013
\u2013
\u2013
\n129.8
233
\u2013
\u2013
\u2013
\u2013
\nThe final dividend in respect o
f 2022 of 94.5\u00a2 per ordinary share (amounting to $165m) is proposed for approval at the AGM on 5 May 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29136": {
"value": "10. Earnings/(loss) per ordinary share Basic earnings/(loss) per ordinary share
2022
2021
2020
\nProfit/(loss) available
for equity holders ($m)
375
266
(260)
\nBasic weighted average number of ordinary shares (millions)
181
183
182
\nBasic earnings/(loss) per ordinary share (cents)
207.2
145.4
(142.9)
\nDiluted earnings/(loss) per ordinary share
\nProfit/(loss) available
for equity holders ($m)
375
266
(260)
\nDiluted weighted average number of ordinary shares (millions)
182
184
182
\nDiluted earnings/(loss) per ordinary share (cents)
206.0
144.6
(142.9)
\nBasic and diluted share denominators are calculated as follows:
\n2022
\nmillions
\n2021
\nmillions
\n2020
\nmillions
\nWeighted average number of ordinary shares in issue
187
187
187
\nWeighted average number of treasury shares
(6)
(4)
(5)
\nBasic weighted average number of ordinary shares
181
183
182
\nDilutive potential ordinary shares
1
1
\u2013
\nDiluted weighted average number of ordinary shares
182
184
182
\nOn 9 August 2022, the Company announced a $500m share buyback which commenced on the same day (see note 28). This share
\nrepurchase represents a reduction in share capital with a corresponding change in resources hence earnings per share has not been
\nrestated for prior periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29201": {
"value": "11. Assets and liabilities sold In 2021, three hotels in the Americas region were sold. Total cash consideration of $46m was received with no gain or loss arising after
\ncharging disposal costs. Net assets of $44m disposed comprised $45m property, plant and equipment and $2m right-of-use assets, less
\n$3m lease liabilities. The net cash inflow arising was $44m.
\nIn 2020, the Group sold one hotel in EMEAA, the Holiday Inn Melbourne Airport. Total consideration of $2m was received with a total gain,
\nnet of disposal costs, of $3m. The gain was included in other operating income in the Group income statement.",
"dimensions": {
"concept": "ihg:DisclosureOfAssetsAndLiabilitiesClassifiedAsHeldForSaleExplanatoryTextBlock",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29225": {
"value": "12. Goodwill and other intangible assets Goodwill
\n$m
\nBrands
\n$m
\nSoftware
\n$m
\nManagement
\nagreements
\n$m
\nOther
\nintangibles
\n$m
\nTotal
\n$m
\nCost
\nAt 1 January 2021
537
439
886
122
25
2,009
\nAdditions
\u2013
\u2013
32
\u2013
1
33
\nDisposals
\u2013
\u2013
(40)
\u2013
\u2013
(40)
\nExchange and other adjustments
(5)
\u2013
\u2013
\u2013
\u2013
(5)
\nAt 31 December 2021
532
439
878
122
26
1,997
\nAdditions
\u2013
\u2013
46
\u2013
\u2013
46
\nFully amortised assets written o\ufb00
\u2013
\u2013
(94)
\u2013
\u2013
(94)
\nDisposals
(8)
\u2013
\u2013
\u2013
\u2013
(8)
\nExchange and other adjustments
(11)
\u2013
(5)
\u2013
\u2013
(16)
\nAt 31 December 2022
513
439
825
122
26
1,925
\nAmortisation and impairment
\nAt 1 January 2021
(191)
\u2013
(402)
(112)
(11)
(716)
\nProvided
\u2013
\u2013
(30)
(1)
(1)
(32)
\nSystem Fund expense
\u2013
\u2013
(82)
\u2013
(1)
(83)
\nDisposals
\u2013
\u2013
28
\u2013
\u2013
28
\nExchange and other adjustments
\u2013
\u2013
1
\u2013
\u2013
1
\nAt 31 December 2021
(191)
\u2013
(485)
(113)
(13)
(802)
\nProvided
\u2013
\u2013
(20)
\u2013
(3)
(23)
\nSystem Fund expense
\u2013
\u2013
(78)
\u2013
(1)
(79)
\nImpairment reversal
\u2013
\u2013
\u2013
12
\u2013
12
\nFully amortised assets written o\ufb00
\u2013
\u2013
94
\u2013
\u2013
94
\nDisposals
8
\u2013
\u2013
\u2013
\u2013
8
\nExchange and other adjustments
5
\u2013
3
\u2013
1
9
\nAt 31 December 2022
(178)
\u2013
(486)
(101)
(16)
(781)
\nNet book value
\nAt 31 December 2022
335
439
339
21
10
1,144
\nAt 31 December 2021
341
439
393
9
13
1,195
\nAt 1 January 2021
346
439
484
10
14
1,293
\nGoodwill and brands
\nBrands
\nBrands relate to the acquisitions of Kimpton ($193m), Regent ($57m) and Six Senses ($189m). They are each considered to have an
\nindefinite li
fe given their strong brand awareness and reputation, and management\u2019s commitment to continued investment in their growth.
\nThe brands are protected by trademarks and there are not believed to be any legal, regulatory or contractual provisions that limit the useful
\nlives of the brands. In the hotel industry there are a number of brands that have existed for many years and IHG has brands that are over
\n60 years old.
\nAllocation of goodwill and brands to CGUs
\nAt
\n1 January
\n2021
\n$m
\nExchange
\nadjustments
\n$m
\nAt
\n31 December
\n2021
\n$m
\nExchange
\nadjustments
\n$m
\nAt
\n31 December
\n2022
\n$m
\nAnalysed as:
\nGoodwill
\n$m
\nBrands
\n$m
\nAmericas (group of CGUs)
421
(2)
419
\u2013
419
132
287
\nEMEAA (group of CGUs)
339
(2)
337
(6)
331
195
136
\nGreater China
25
(1)
24
\u2013
24
8
16
\n785
(5)
780
(6)
774
335
439
\n185
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
12. Goodwill and other intangible assets
continued
\nThe recoverable amounts of the CGUs, or groups of CGUs, have been determined from value in use calculations. The key assumptions
\nare RevPAR growth (detailed on page 157 within \u2018Going concern\u2019), terminal growth rates and pre-tax discount rates. Cash flows beyond the
\nfive-year period are extrapolated using terminal growth rates that do not exceed the average long-term growth rates
for the relevant markets.
\nCash flow projections are discounted using pre-tax rates that are based on the Group\u2019s weighted average cost o
f capital and incorporate
\nadjustments reflecting risks specific to the territory o
f the CGU.
\nThe weighted average terminal growth rates and pre-tax discount rates are as follows:
\n2022
2021
\nTerminal
\ngrowth
\nrate
\n%
\nPre-tax
\ndiscount
\nrate
\n%
\nTerminal
\ngrowth
\nrate
\n%
\nPre-tax
\ndiscount
\nrate
\n%
\nAmericas
1.9
13.7
2.0
10.2
\nEMEAA
2.5
16.2
2.2
12.8
\nGreater China
2.5
13.8
2.5
12.6
\nThe increase in discount rates in 2022 in Americas and EMEAA was primarily driven by increased equity risk premiums and long-term
\nrisk-free rates.
\nThe recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying value such that no impairment has arisen.
\nAssumptions were sensitised, including using the Downside Case scenario (detailed on page 157 within \u2018Going concern\u2019), with no impairment
\narising reflecting the number o
f years of Base Case forecasts required to recover the carrying value.
\nSoftware
\nSoftware includes $190m relating to the development of the next-generation Guest Reservation System with Amadeus. Internally developed
\nsoftware with an original cost of $130m developed within the two phases of the project is being amortised over 10 years and seven years
\nrespectively, with six years remaining at 31 December 2022, reflecting the Group\u2019s experience o
f the long life of guest reservation systems
\nand the initial term over which the Group is party to a technology agreement with Amadeus. The remaining project value relates to
\nenhancements to existing systems as part of the project, which are amortised over
five years.
\nIn 2022 and 2021, no impairment was charged. In 2020, $4m impairment was charged to the System Fund.
\nA loss on disposal of software assets of $12m was recorded in 2021, relating to amounts previously capitalised in respect of costs incurred
\nto implement cloud computing arrangements. These losses were recorded within depreciation and amortisation ($8m) and System Fund
\ndepreciation and amortisation ($4m) in the Group income statement.
\nManagement agreements
\nManagement agreements relate to contracts recognised at fair value on acquisition. The weighted average remaining amortisation period
\nfor all management agreements is 15 years (2021: 17 years).
\n2022 impairment reversal
\nThe impairment reversal of $12m relates to the Kimpton management agreement portfolio in the Americas region and arises due to strong
\ntrading conditions in 2022 and significantly improved industry
forecasts. The key assumption is RevPAR growth which is approximately in
\nline with the Group forecast detailed on page 157. Cash
flows beyond the five-year period are extrapolated using a 1.8% long-term growth
\nrate that does not exceed the average long-term growth rates for the relevant market.
\nThe portfolio was valued at value in use (which exceeded fair value less costs of disposal) using discounted cash
flow techniques that measure
\nthe present value of projected post-tax income
flows. The post-tax discount rate used was 10.8% (rate used
for 2020 impairment: 8.4%);
\nthe pre-tax equivalent rate is 14.8%.
\n2020 impairment
\nImpairment of $48m related to the Kimpton ($5m), Regent ($2m) and Six Senses ($41m) management agreement portfolios acquired in
\n2015, 2018 and 2019 respectively. The key assumption was RevPAR growth which assumed a recovery to 2019 levels over a five-year period
\nfrom 2021.
\nContracts were valued at the higher of value in use and fair value less costs of disposal, using discounted cash
flow techniques. Where the
\nrecoverable amount was measured at fair value, this was categorised as a Level 3 fair value measurement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29607": {
"value": "13. Property, plant and equipment Land and
\nbuildings
\n$m
\nFixtures,
\nfittings and
\nequipment
\n$m
\nTotal
\n$m
\nCost
\nAt 1 January 2021
208
322
530
\nAdditions
\u2013
17
17
\nFully depreciated assets written o\ufb00
\u2013
(7)
(7)
\nDisposals
(103)
(29)
(132)
\nExchange and other adjustments
\u2013
(4)
(4)
\nAt 31 December 2021
105
299
404
\nAdditions
15
42
57
\nFully depreciated assets written o\ufb00
\u2013
(30)
(30)
\nDisposals
(7)
(5)
(12)
\nExchange and other adjustments
(1)
(14)
(15)
\nAt 31 December 2022
112
292
404
\nDepreciation and impairment
\nAt 1 January 2021
(115)
(214)
(329)
\nProvided
(4)
(27)
(31)
\nSystem Fund expense
\u2013
(4)
(4)
\nFully depreciated assets written o\ufb00
\u2013
7
7
\nDisposals
66
21
87
\nExchange and other adjustments
\u2013
3
3
\nAt 31 December 2021
(53)
(214)
(267)
\nProvided
(3)
(17)
(20)
\nSystem Fund expense
\u2013
(4)
(4)
\nImpairment charge
\u2013
(10)
(10)
\nImpairment reversal
\u2013
3
3
\nFully depreciated assets written o\ufb00
\u2013
30
30
\nDisposals
4
5
9
\nExchange and other adjustments
1
11
12
\nAt 31 December 2022
(51)
(196)
(247)
\nNet book value
\nAt 31 December 2022
61
96
157
\nAt 31 December 2021
52
85
137
\nAt 1 January 2021
93
108
201
\nThe Group\u2019s property, plant and equipment mainly comprises buildings and leasehold improvements on 16 hotels (2021: 19 hotels), but also
\no\ufb00ices and computer hardware, throughout the world.
\nNet book value by operating segment
\nAmericas
\n$m
\nEMEAA
\n$m
\nGreater
\nChina
\n$m
\nCentral
\n$m
\nTotal
\n$m
\nLand and buildings
53
1
\u2013
7
61
\nFixtures, fittings and equipment
33
5
\u2013
58
96
\n86
6
\u2013
65
157
\nImpairment and impairment reversals
\n2022 impairment
\nAn impairment charge of $10m was recognised in the year on property, plant and equipment relating to one hotel in the EMEAA region.
\nA further $2m impairment of right-of-use assets was recognised in relation to the same hotel. The charge arises, and is classed as exceptional,
\ndue to recent cost inflation which is impacting operating costs but also the projected variable rent payments. The assets were measured
\nat value in use, using a discounted cash flow approach which is based on the hotel\u2019s five-year plan. Cash flows beyond the five-year period
\nwere extrapolated using a long-term growth rate which does not exceed the long-term average growth rate for the relevant country.
\nEstimated future cash
flows were discounted at a pre-tax rate o
f 9.6%. The recoverable amount was $nil and the impairment charge is not
\nsensitive to changes in assumptions.
\n187
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
13. Property, plant and equipment
continued
\n2022 impairment reversal
\nImpairment reversals of $3m were recognised in relation to the UK portfolio (EMEAA region) and arose as a result of the renegotiation
\nof contractual agreements, as described on page 190, enhancing the cash-generating potential of those hotels. The recoverable amount
\nwas measured at value in use, using a discounted cash flow
forecast used to assess the new deal with rentals based on the agreed
\ncontractual terms. A pre-tax discount rate of 14.2% was applied (rate used for 2020 impairment: 10.1%).
\nIn both impairment tests, hotel specific plans were used which use the RevPAR
forecasts described on page 157 adjusted for factors speci
fic
\nto the individual property (such as revenue from food and beverage facilities and the impact of renovations on occupancy and rate).
\n2020 impairment
\nImpairment of $90m was recognised and a further $5m was recognised in the System Fund, comprising:
\n\u2022
$50m related to the UK portfolio. The recoverable amount was measured at value in use, using a discounted cash
flow approach. The key
\nassumptions were 2021 revenues and profits, and that the landlord would exercise a termination right such that the current leases would
\nend in 2022.
\n\u2022
$35m related to three premium-branded hotels in North America which were sold in 2021 (see note 11).
\n\u2022
$3m related to three land sites held by the Group in the US which were measured at fair value. The sites were appraised by a professional
\nexternal valuer using comparable sales data. Within the fair value hierarchy, this was categorised as a Level 3 measurement.
\n\u2022
$7m related to the US corporate headquarters. $5m of this impairment charge was borne by the System Fund.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29823": {
"value": "14. Leases Right-of-use assets
\nLand and
\nbuildings
\n$m
\nInvestment
\nproperty
\n$m
\nOther
\n$m
\nTotal
\n$m
\nCost
\nAt 1 January 2021
617
\u2013
4
621
\nAdditions and other re-measurements
4
\u2013
\u2013
4
\nTerminations and disposals
(9)
\u2013
(1)
(10)
\nExchange and other adjustments
(5)
\u2013
\u2013
(5)
\nAt 31 December 2021
607
\u2013
3
610
\nAdditions and other re-measurements
40
\u2013
\u2013
40
\nTransfers to investment property
(50)
50
\u2013
\u2013
\nTransfers to
finance lease receivable
(5)
\u2013
\u2013
(5)
\nTerminations
(9)
\u2013
(1)
(10)
\nExchange and other adjustments
(12)
\u2013
\u2013
(12)
\nAt 31 December 2022
571
50
2
623
\nDepreciation and impairment
\nAt 1 January 2021
(316)
\u2013
(2)
(318)
\nProvided
(26)
\u2013
(1)
(27)
\nSystem Fund expense
(3)
\u2013
\u2013
(3)
\nSystem Fund impairment reversal
3
\u2013
\u2013
3
\nTerminations and disposals
5
\u2013
1
6
\nExchange and other adjustments
3
\u2013
\u2013
3
\nAt 31 December 2021
(334)
\u2013
(2)
(336)
\nProvided
(24)
\u2013
(1)
(25)
\nSystem Fund expense
(3)
\u2013
\u2013
(3)
\nImpairment charge
(2)
\u2013
\u2013
(2)
\nImpairment reversal
2
\u2013
\u2013
2
\nTransfers to investment property
47
(47)
\u2013
\u2013
\nTransfers to
finance lease receivable
3
\u2013
\u2013
3
\nTerminations
9
\u2013
1
10
\nExchange and other adjustments
8
\u2013
\u2013
8
\nAt 31 December 2022
(294)
(47)
(2)
(343)
\nNet book value
\nAt 31 December 2022
277
3
\u2013
280
\nAt 31 December 2021
273
\u2013
1
274
\nAt 1 January 2021
301
\u2013
2
303
\nNotes to the Group Financial Statements
continued
\n188
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
14. Leases
continued
\nThe Group\u2019s leased assets mainly comprise hotels and o\ufb00ices. Leases contain a wide range of di
\ufb00erent terms and conditions. The term of
\nproperty leases ranges from 1-99 years. The weighted average lease term remaining on the Group\u2019s top eight leases (which comprise 95%
\n(2021: 94%) of the right-of-use asset net book value) is 56 years (2021: 56 years). The InterContinental Boston lease, expiring in 2105, has
\na significant impact on this weighted average lease term; excluding this lease the weighted average lease term is 9 years (2021: 8 years).
\nUndiscounted cash flows on the Boston lease o
f $3,233m (2021: $3,252m) represent 94% (2021: 94%) of the total undiscounted cash
flows
\nrelating to lease liabilities.
\nMany of the Group\u2019s property leases contain extension or early termination options, which are used for operational
flexibility. The lease
\nagreement over the US corporate headquarters contains a material extension option which is not included in the calculation of the lease
\nasset and liability as the extension would not take e\ufb00ect before 2031 and there is no reasonable certainty the option will be exercised.
\nThe value of the undiscounted rental payments relating to this lease and not included in the value of the lease asset and liability is $289m.
\nAdditionally, the Group has the option to extend the term of the InterContinental Boston lease for two additional 20-year terms, the
first
\nof which would take e\ufb00ect from 2105. These extension options have not been included in the calculation of the lease liability.
\nImpairment and impairment reversals
\n2022 impairment
\nDetails of the $2m impairment charge are contained in note 13.
\n2022 impairment reversal
\nImpairment reversals of $2m were recognised in relation to one hotel in the EMEAA region and arose due to improved recovery forecasts
\nas well as strong 2022 trading. The asset was measured at value in use, using a discounted cash flow
for the remaining
five-year lease term.
\nEstimated future cash
flows were discounted at a pre-tax rate o
f 17.6%. The recoverable amount was $9m which represents the depreciated
\nvalue of the original asset.
\n2021 impairment reversal
\nImpairment reversals of $3m were recognised in relation to the US corporate headquarters and arose as a result of contractual agreements
\nto sublease or surrender certain areas for the remainder of the lease term, removing uncertainty over future cash
flows
for those areas.
\nThe recoverable amount was measured at value in use, using a discounted cash flow based on the agreed contractual terms. A pre-tax
\ndiscount rate of 9.5% was applied.
\nThe impairment reversal was substantially all recognised in the System Fund in line with existing principles for cost allocation relating to this
\nfacility.
\n2020 impairment
\nImpairment of $16m was recognised and a further $32m was recognised in the System Fund, comprising:
\n\u2022
$5m related to one hotel in the EMEAA region, based on value in use calculations. Trading projections reflected a five-year RevPAR
\nrecovery period to 2019 levels.
\n\u2022
$43m related to the US corporate headquarters. Future sublease rentals were expected to be lower than the head lease rentals which,
\ntogether with the impact of the expected time taken and costs incurred to sublet the space, resulted in an impairment. Of the $43m,
\n$32m was borne by the System Fund in line with the principles for cost allocation relating to this facility with the remaining $11m recognised
\nin the Americas region ($5m) and Central ($6m). An additional $7m was recorded in property, plant and equipment. The recoverable
\namount was measured at fair value less costs of disposal. This was equivalent to value in use given subletting the
floors was considered
\nto represent the highest and best use of the asset and so the cash
flows were the same in both scenarios.
\nLease liabilities
\nThe majority of the Group\u2019s lease liabilities are discounted at incremental borrowing rates of up to 11%. The rate implicit in the InterContinental
\nBoston lease was 9.7% and was derived from a valuation of the hotel at lease inception in 2006.
\nCurrency
\n2022
\n$m
\n2021
\n$m
\nUS dollars
363
374
\nSterling
31
6
\nEuros
5
5
\nOther
28
34
\n427
419
\nAnalysed as:
\nCurrent
26
35
\nNon-current
401
384
\n427
419
\nThe maturity analysis of lease liabilities is disclosed in note 23.
\nThe Group\u2019s lease liability is not materially sensitive to inflation as $348m (2021: $356m) relates to the InterContinental Boston and the
\nUS corporate headquarters, which both include fixed payments and are not subject to inflationary adjustments.
\n189
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
14. Leases
continued
\nAmounts recognised in the Group income statement
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nDepreciation of right-of-use assets
25
27
35
\nSystem Fund depreciation of right-of-use assets
3
3
4
\nNet impairment (reversal)/charge
\u2013
\u2013
16
\nSystem Fund impairment (reversal)/charge
\u2013
(3)
32
\nDerecognition of right-of-use assets and lease liabilities
\u2013
\u2013
(22)
\nGain on lease termination
\u2013
\u2013
(30)
\nExpense relating to variable lease payments
47
31
7
\nExpense relating to short-term leases and low-value assets
1
1
2
\nIncome from operating subleases of right-of-use assets
(1)
(1)
(1)
\nRecognised in operating profit/(loss)
75
58
43
\nInterest on lease liabilities
29
29
37
\nTotal recognised in the Group income statement
104
87
80
\nVariable lease payments
\nIn 2022, the Group agreed to restructure the UK portfolio leases with substantially lower rental payments. The revised portfolio comprises
\nnine IHG-branded hotels, with the leases of three unbranded hotels terminated in the second half of 2022.
\nThe structure of the revised leases is similar to the previous leases which contained guarantees that the Group will fund any shortfalls in
\nlease payments up to an annual and cumulative cap. These caps limit the Group\u2019s exposure to trading losses, meaning that rental payments
\nare reduced if insu\ufb00icient cash
flows are generated by the hotels. Since there is no floor to the rent reduction applicable under these leases,
\nthey are treated as fully variable. In the event that rent reductions are not applicable, annual base rental payments stabilise at \u00a334m over the
\nremaining lease term of 21 years. Additional performance-based rental payments are calculated using hotel revenues and net cash
flows.
\nIn addition, one German hotel lease is treated as fully variable. A further German hotel lease which was treated as fully variable was terminated
\nin early 2022 following settlement of a commercial dispute. One further German hotel lease under a similar structure is expected to commence
\nin 2024.
\nSublease arrangements
\nAt 31 December 2022, the Group\u2019s largest sublease arrangements relate to the Group\u2019s US corporate headquarters.
\nOperating subleases
\nOperating sublease payments receivable
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2 years
\n$m
\nBetween
\n2 and 5 years
\n$m
\nTotal
\n$m
\nAt 31 December 2022
2
2
5
9
\nAt 31 December 2021
2
2
5
9
\nAt 31 December 2020, the undiscounted future cash
flows receivable
from subleased properties amounted to $2m.
\nFinance subleases
\nIn 2022, the Group subleased a component of the US corporate headquarters for the remainder of the head lease term. No gain or loss arose.
\nFinance lease payments receivable
\nMore than
\n5 years
\n$m
\nTotal
\nundiscounted
\nlease
\nreceivable
\n$m
\nUnearned
\nfinance
\nincome
\n$m
\nFinance
\nlease
\nreceivable
\n$m
\nAt 31 December 2022
2
2
\u2013
2
\nAmounts recognised in the Group statement of cash
flows
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nOperating activities
72
55
39
\nInvesting activities
(6)
\u2013
\u2013
\nFinancing activities
36
32
65
\nNet cash paid
102
87
104 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30275": {
"value": "15. Investment in associates 2022
\n$m
\n2021
\n$m
\nCost
\nAt 1 January
132
136
\nAdditions
1
4
\nShare of pro
fits/(losses)
\na
\n(41)
(8)
\nSystem Fund share of losses
(1)
(2)
\nDividends and distributions
(1)
\u2013
\nExchange and other adjustments
(1)
2
\nAt 31 December
89
132
\nImpairment
\nAt 1 January
(55)
(55)
\nImpairment reversal
2
\u2013
\nAt 31 December
(53)
(55)
\nNet book value
36
77
\nAnalysed as:
\nMaterial associates
\u2013
42
\nOther associates
36
35
\n36
77
\na
\nIn 2022, comprises $42m losses presented as exceptional (note 6) and $1m share of pro
fits
from other associates. The total share of losses in the Group income statement includes
\na further $18m recognised as a liability within other payables (note 19).
\nBarclay associate
\nThe Group held one associate investment at 31 December 2022 which had a material impact on profit
for the year, a 19.9% interest in
\n111 East 48th Street Holdings, LLC (the \u2018Barclay associate\u2019) which owns InterContinental New York Barclay, a hotel managed by the Group.
\nThe investment is classified as an associate and equity accounted. While the Group has the ability to exercise significant influence through
\ncertain decision rights, approval rights relating to the hotel\u2019s operating and capital budgets rest solely with the 80.1% majority member.
\nThe Group\u2019s ability to receive cash dividends is dependent on the hotel generating su\ufb00icient income to satisfy speci
fied owner returns.
\n$18m was provided in 2021 in relation to settlement of a commercial dispute regarding owner returns during the pandemic.
\nDue to the significant trading impact o
f Covid-19 and resulting restrictions in New York, the hotel was closed for most of 2020 and Spring 2021.
\nThe closure period and the significant impact on RevPAR during the recovery period resulted in an impairment charge o
f $13m in 2020.
\nThe recoverable amount of the investment was measured at fair value less costs of disposal, based on the Group\u2019s share of the market value
\nof the hotel less debt in the associate. The hotel was appraised by a professional external valuer using an income capitalisation approach
\nwhich is a discounted cash flow technique that measures the present value o
f projected income
flows (over a 10-year period) and the
\nproperty sale. Within the fair value hierarchy, this was categorised as a Level 3 fair value measurement. The external valuer assumed a return
\nto 2019 RevPAR levels over a three- to four-year period, based on industry data speci
fic to the New York market and supply
factors in the
\nluxury market located close to the InterContinental New York Barclay.
\nThe 2020 impairment charge was presented net of a $4m fair value gain on a put option over part of the Group\u2019s investment in the associate
\ngiven there is an interdependency between the value of the option and the fair value of the associate investment. This fair value gain
\nreversed in 2021.
\n191
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n15. Investment in associates
continued
\nSummarised financial in
formation in respect of the Barclay associate is set out below:
\n2022
\n$m
\n2021
\n$m
\nNon-current assets
472
485
\nCurrent assets
64
38
\nCurrent liabilities
(33)
(32)
\nNon-current liabilities
(250)
(246)
\nNet assets
253
245
\nGroup share of reported net assets at 19.9%
50
49
\nAdjustments to reflect impairment, capitalised costs, and additional rights and obligations under the shareholder agreement
(8)
(7)
\nE\ufb00ect of specially allocated expenses (note 6)
(42)
\u2013
\nCarrying amount
\u2013
42
\n2022
\n$m
\n2021
\n$m
\nRevenue
106
42
\nProfit/(loss)
from continuing operations and total comprehensive income/(loss) for the year
8
(24)
\nGroup\u2019s share of pro
fit/(loss)
for the year
\na
\n(42)
(5)
\na
\nIncludes specially allocated expenses and the cost of funding owner returns.
\nIn 2020, the Group\u2019s share of losses from the Barclay associate was $13m.
\nOther associates
\nAssociates
Joint ventures
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nProfits/(losses)
from continuing operations and total comprehensive
\nincome/(loss) for the year
1
(3)
(3)
\u2013
\u2013
2
\nIn 2022, impairment reversal of $2m relates to an associate in the Americas region and arises due to strong trading conditions in 2022 and
\nsignificantly improved industry
forecasts. The recoverable amount was measured at fair value less costs of disposal, using a discounted cash
\nflow approach that measures the present value o
f projected income
flows (over a 10-year period) and the property sale. The key assumptions
\nare RevPAR growth (which is in line with the Group forecast detailed on page 157), discount rate of 9.75% and terminal capitalisation rate
\nof 7.25%. The valuation is not signi
ficantly sensitive to changes in assumptions.
\nIn 2020, impairment charges of $8m and $2m were recognised in relation to two associates in the Americas region and one associate which
\nwas liquidated with the corresponding charge recognised within Central costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30468": {
"value": "16. Other financial assets 2022
\n$m
\n2021
\n$m
\nEquity securities
103
106
\nRestricted funds:
\nShortfall reserve deposit
\na
\n\u2013
6
\nRing-fenced amounts to satisfy insurance claims:
\nCash
\na
\n2
4
\nMoney market funds
3
8
\nBank accounts pledged as security
39
42
\nOther
1
1
\n45
61
\nTrade deposits and loans
8
8
\n156
175
\nAnalysed as:
\nCurrent
\u2013
2
\nNon-current
156
173
\n156
175
\na
\nAs described on page 168, amounts within these lines have been re-presented as cash and cash equivalents.
\n192
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
16. Other financial assets
continued
\nEquity securities
\nThe methodology to calculate fair value and the sensitivities to the relevant signi
ficant unobservable inputs are detailed in note 24.
\nThe significant investments are as
follows:
\n2022
2021
\nFair value
\n$m
\nDividend
\nincome
\n$m
\nFair value
\n$m
\nDividend
\nincome
\n$m
\nInvestment in entity which owns:
\nInterContinental The Willard Washington DC
27
\u2013
25
\u2013
\nInterContinental San Francisco
16
\u2013
17
\u2013
\nInterContinental Grand Stanford Hong Kong
35
\u2013
35
\u2013
\nRestricted funds
\nThe shortfall reserve deposit is held for the speci
fic purpose o
f funding shortfalls in owner returns relating to the Barclay associate.
\nAny shortfalls funded are subject to potential clawback in future years. The maximum length of time for which the restricted funds will be
\nheld is the life of the hotel management agreement. In 2021, $3m was withdrawn from the deposit to fund working capital requirements.
\nIn 2022, the remaining balance was reclassified to cash and cash equivalents reflecting the Group\u2019s ability to access these
funds although
\nthey are held for a de
fined purpose under the management agreement. The prior year amount is immaterial and has not been re-presented.
\nAmounts ring-fenced to satisfy insurance claims are principally held in the Group\u2019s Captive, which is a regulated entity.
\nThe bank accounts pledged as security (\u00a331m) are subject to a charge in favour of the members of the UK unfunded pension arrangement
\n(see note 26). The amounts pledged as security may change in future years subject to the trustees\u2019 agreement and updated actuarial valuations.
\nThe bank accounts will continue to be pledged as security until the date at which the UK unfunded pension liabilities have been fully
\ndischarged, unless otherwise agreed with the trustees.
\nExpected credit losses
\nOther financial assets with a total value o
f $50m (2021: $61m) are subject to the expected credit loss model requirements of IFRS 9.
\nEquity securities, money market funds and other amounts measured at fair value are excluded. With the exception of the expected credit
\nloss arising on trade deposits and loans (see below), expected credit losses are considered to be immaterial.
\n2022
2021
\nTrade deposits and loans
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nAmounts due with no significant increase in credit risk since initial recognition
8
\u2013
8
6
\u2013
6
\nAmounts due with significant increase in credit risk since initial recognition:
\nNot past due
1
(1)
\u2013
7
(5)
2
\nPast due
11
(11)
\u2013
10
(10)
\u2013
\n20
(12)
8
23
(15)
8
\nMovement in the allowance for expected credit losses
\n2022
\n$m
\n2021
\na
\n$m
\nAt 1 January
(15)
(15)
\nAmounts written o\ufb00
2
\u2013
\nExchange and other adjustments
1
\u2013
\nAt 31 December
(12)
(15)
\na
\nIn 2021, $4m was collected in respect of an asset which was measured at $nil at initial recognition as part of a business acquisition. This did not impact the allowance for expected
\ncredit losses.
\nCredit risk
\nRestricted funds are held with bank counterparties which are rated at least A+ based on Standard and Poor\u2019s ratings.
\nThe maximum exposure to credit risk of other
financial assets at the end o
f the reporting period by geographic region is as follows:
\n2022
\n$m
\n2021
\n$m
\nAmericas
54
66
\nEMEAA
62
67
\nGreater China
40
42
\n156
175",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30686": {
"value": "17. Trade and other receivables 2022
\n$m
\n2021
\n$m
\nTrade receivables
493
399
\nOther receivables
49
102
\nPrepayments
104
73
\n646
574
\nIn 2021, other receivables included $53m relating to the UK portfolio rent. The Group had deferred certain rent payments due since 1 April 2020
\nwith consideration given to the UK Government and other commercial tenant protection measures which were in place up to 31 March 2022.
\nA rent reconciliation was finalised in 2022 as part o
f the restructuring of the UK portfolio leases which resulted in the settlement of outstanding
\nreceivables and payables.
\nExpected credit losses
\nThe ageing of trade receivables shown below re
flects the initial terms under the invoice rather than the revised terms where payment flexibility
\nhas been provided to owners. The net balances presented in the table below could result in additional credit losses if they are ultimately
\nfound to be uncollectable. Expected credit losses relating to other receivables following their initial recognition are immaterial.
\n2022
2021
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nGross
\n$m
\nCredit loss
\nallowance
\n$m
\nNet
\n$m
\nNot past due
307
(1)
306
249
(2)
247
\nPast due 1 to 30 days
76
(7)
69
66
(5)
61
\nPast due 31 to 90 days
57
(6)
51
52
(7)
45
\nPast due 91 to 180 days
46
(9)
37
36
(9)
27
\nPast due 181 to 360 days
34
(11)
23
38
(21)
17
\nPast due more than 361 days
90
(83)
7
91
(89)
2
\n610
(117)
493
532
(133)
399
\nMovement in the allowance for expected lifetime credit losses
\n2022
\n$m
\n2021
\n$m
\nAt 1 January
(133)
(78)
\nFully provided receivables reinstated
\na
\n\u2013
(60)
\nReclassification to other receivables
\nb
\n9
\u2013
\nImpairment loss
\nc
\n(5)
(4)
\nSystem Fund impairment (loss)/reversal
(7)
6
\nAmounts written o\ufb00
17
8
\nExchange and other adjustments
2
(5)
\nAt 31 December
(117)
(133)
\na
\nIn 2021, fully provided receivables were reinstated re
flecting the Group\u2019s increased
focus on older receivables. There was no impact to total amounts receivable, total credit loss
\nprovisions or the impairment loss recorded in the Group income statement.
\nb
\nIn 2022, net receivables of $1m relating to
finance charges on overdue receivables have been reclassified to other receivables. Provisions o
f $9m, which includes expected credit
\nlosses at initial recognition, associated with these receivables have been removed from the reconciliation. Expected credit losses following initial recognition are immaterial.
\nc
\nIn 2021, the impairment loss on financial assets disclosed on the
face of the Group income statement also included a gain of $4m related to trade deposits and loans.
\nAs a result of recent collection experience of older balances for some owner groups in Greater China the regional provision matrix has been
\nextended, with $4m (2021: $nil) of the net balance past due more than 361 days relating to Greater China.
\nIf the regional provision matrix was applied to all owner groups (rather than by reference to other sources of data), the provision would reduce
\nby $15m, or $12m if the regional provision matrix had not been extended (2021: $16m).
\nCredit risk
\nThe Group trades only with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to trade on credit terms
\nare subject to credit verification procedures. The maximum exposure to credit risk
for trade and other receivables, excluding prepayments,
\nat the end of the reporting period by geographic region is as follows:
\n2022
\n$m
\n2021
\n$m
\nAmericas
318
275
\nEMEAA
152
172
\nGreater China
72
54
\n542
501",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30863": {
"value": "18. Cash and cash equivalents 2022
\n$m
\n2021
\n$m
\nCash at bank and in hand
165
124
\nShort-term deposits
421
301
\nMoney market funds
360
1,025
\nRepurchase agreements
30
\u2013
\nCash and cash equivalents as recorded in the Group statement of
financial position
976
1,450
\nBank overdrafts (note 21)
(55)
(59)
\nCash and cash equivalents as recorded in the Group statement of cash
flows
921
1,391
\nCash at bank and in hand includes bank balances of $86m (2021: $67m) which are matched by bank overdrafts of $55m (2021: $59m) under
\nthe Group\u2019s cash pooling arrangements. Under these arrangements, each pool contains a number of bank accounts with the same
financial
\ninstitution and the Group pays interest on net overdraft balances within each pool. The cash pools are used for day-to-day cash management
\npurposes and are managed as closely as possible to a zero balance on a net basis for each pool. Overseas subsidiaries are typically in a
\ncash-positive position with the matching overdrafts held by the Group\u2019s central treasury company in the UK. Accordingly, bank overdrafts
\nare included within cash and cash equivalents for the purposes of the cash
flow statement.
\nCash and cash equivalents with restrictions on use
\n2022
\n$m
\n2021
\n$m
\nCountries with restrictions on repatriation
24
77
\nCapital expenditure under lease agreements
11
9
\nOther restrictions
12
\u2013
\n47
86
\nDetails of the credit risk on cash and cash equivalents is included in note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30901": {
"value": "Cash and cash equivalents with restrictions on use 2022
\n$m
\n2021
\n$m
\nCountries with restrictions on repatriation
24
77
\nCapital expenditure under lease agreements
11
9
\nOther restrictions
12
\u2013
\n47
86",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30922": {
"value": "19. Trade and other payables 2022
\n$m
\n2021
\n$m
\nCurrent
\nTrade payables
152
109
\nOther tax and social security payable
37
29
\nOther payables
173
119
\nAccruals
335
322
\n697
579
\nNon-current
\nOther payables
4
4
\nDeferred purchase consideration
12
12
\nContingent purchase consideration (note 24)
65
73
\n81
89
\nIn 2022, current other payables includes $29m and current accruals includes $2m relating to the outstanding portion of the share
\nrepurchase programme. Of the total, $20m relates to the unavoidable contractual cost of shares to be repurchased and $11m to the associated
\nperformance fee. Current other payables also includes $18m relating to obligations created by the special allocation of expenses from an
\nassociate investment (note 6).
\nIn 2021, other payables included $29m relating to the UK portfolio rent (see note 17).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30976": {
"value": "20. Provisions Commercial
\nlitigation and
\ndisputes
\n$m
\nInsurance
\nreserves
\n$m
\nOnerous
\ncontractual
\nexpenditure
\n$m
\nDilapidations
\nand other
\n$m
\nTotal
\n$m
\nAt 31 December 2021
37
39
8
6
90
\nProvided, of which $28m is recorded within exceptional items (note 6)
28
18
2
6
54
\nUtilised
(31)
(7)
(7)
\u2013
(45)
\nReleased
(1)
\u2013
\u2013
\u2013
(1)
\nExchange and other adjustments
\u2013
\u2013
(2)
\u2013
(2)
\nAt 31 December 2022
33
50
1
12
96
\nAnalysed as:
\nCurrent
32
15
1
5
53
\nNon-current
1
35
\u2013
7
43
\n33
50
1
12
96
\nCommercial litigation and disputes
\nThe utilisation of the provision principally re
flects the settlement o
f commercial litigation and disputes in the Americas and EMEAA regions
\nwhich were fully provided for in the prior year. The remaining balance includes $4m relating to management\u2019s best estimate of settlements
\nrequired in respect of lawsuits
filed against the Group in the Americas region. Settlement terms have been agreed and, in addition to payments
\nin 2022, final amounts are expected to be paid in 2023. There are certain amounts that the Group will pursue in relation to these matters,
\n$1m has been recognised within administrative expenses in 2022 reflecting those amounts which are virtually certain.
\nInsurance reserves
\nIncurred but not reported
\nclaims (\u2018IBNR\u2019)
\na
\nReported but not yet
\nsettled claims
Total
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\n2022
\n$m
\n2021
\n$m
\nCorporate operations and owned and leased properties
11
11
7
3
18
14
\nManaged hotels
25
19
7
6
32
25
\n36
30
14
9
50
39
\na
\nIncludes unallocated loss expenses.
\nOf the total reserves, $19m relates to international general liability principally for managed hotels. The utilisation of IBNR reserves is dependent
\non the timing of claims being reported and ultimately being settled; based on historical experience this is expected to be approximately
five
\nyears. The maximum liabilities of the last
five policy years is $36m
for corporate operations and owned and leased properties and $42m for
\nmanaged hotels, noting that actual claims did not significantly di\ufb00er to estimates in 2022 or 2021.
\nIn respect of managed hotels, the Group recognised reinsurance pro
fits o
f $4m (2021: $3m, 2020: $3m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31125": {
"value": "21. Loans and other borrowings Maturity
\ndate
\nDiscount
\nat issue
\n%
\n2022
\n$m
\n2021
\n$m
\nCurrent
\nBank overdrafts (note 18)
n/a
n/a
55
59
\n\u00a3173m 3.875% bonds 2022
28 November 2022
1.213
\u2013
233
\n55
292
\nNon\u2011current
\n\u20ac500m 1.625% bonds 2024
8 October 2024
0.437
534
565
\n\u00a3300m 3.75% bonds 2025
14 August 2025
0.986
365
408
\n\u00a3350m 2.125% bonds 2026
24 August 2026
0.550
423
473
\n\u20ac500m 2.125% bonds 2027
15 May 2027
0.470
539
570
\n\u00a3400m 3.375% bonds 2028
8 October 2028
1.034
480
537
\n2,341
2,553
\nTotal loans and other borrowings
2,396
2,845
\nDenominated in the following currencies:
\nSterling
1,269
1,652
\nUS dollars
53
57
\nEuros
1,073
1,135
\nOther
1
1
\n2,396
2,845
\nBonds
\nInterest is payable annually on the dates in the table, at the rates stated.
\nRevolving Credit Facility
\nThere were no amounts drawn as at 31 December 2022 or 31 December 2021.
\nIn April 2022, the Group\u2019s $1,275m revolving syndicated bank facility and $75m revolving bilateral facility were re
financed with a $1,350m
\nRevolving Credit Facility (\u2018RCF\u2019). The facility matures in 2027, with options to extend for a further two years. A variable rate of interest is
\npayable on amounts drawn. No amounts were drawn throughout 2022 (2021: both facilities were undrawn).
\nIn addition to the RCF, the Group has access to $30m of uncommitted facilities (2021: $50m) which were also undrawn at 31 December 2022
\nand 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31221": {
"value": "22. Net debt 2022
\n$m
\n2021
\n$m
\nCash and cash equivalents
976
1,450
\nLoans and other borrowings \u2013 current
(55)
(292)
\n\u2013 non-current
(2,341)
(2,553)
\nLease liabilities
\u2013 current
(26)
(35)
\n\u2013 non-current
(401)
(384)
\nDerivative financial instruments hedging debt values (note 23)
(4)
(67)
\nNet debt
(1,851)
(1,881)
\nMovement in net debt
\n2022
\n$m
\n2021
\n$m
\nNet decrease in cash and cash equivalents, net of overdrafts
(393)
(236)
\nAdd back financing cash flows in respect o
f other components of net debt:
\nPrincipal element of lease payments
36
32
\nRepayment of \u00a3600m commercial paper
\na
\n\u2013
828
\nRepayment of long-term bonds
209
\u2013
\n245
860
\n(Increase)/decrease in net debt arising from cash
flows
(148)
624
\nOther movements:
\nLease liabilities
(48)
(7)
\nIncrease in accrued interest
(1)
(1)
\nDisposals
\u2013
3
\nExchange and other adjustments
227
29
\n178
24
\nDecrease in net debt
30
648
\nNet debt at beginning of the year
(1,881)
(2,529)
\nNet debt at end of the year
(1,851)
(1,881)
\na
\nUnder the UK Government\u2019s Covid Corporate Financing Facility (\u2018CCFF\u2019).
\nInformation concerning Non-GAAP measures can be found in the Strategic Report.
\nNet debt as calculated for bank covenants can be found on page 201.
\nNotes to the Group Financial Statements
continued
\n198
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
22. Net debt
continued
\nLoans and other borrowings (excluding bank overdrafts), lease liabilities and currency swaps comprise the liabilities included in the
financing
\nactivities section of the Group statement of cash
flows and their movements are analysed as
follows:
\nAt 1 January
\n2022
\n$m
\nFinancing
\ncash flows
\n$m
\nExchange
\nadjustments
\n$m
\nDisposal
\n$m
\nOther
\na,b
\n$m
\nAt 31 December
\n2022
\n$m
\nLease liabilities
419
(36)
(4)
\u2013
48
427
\n\u00a3173m 3.875% bonds 2022
233
(209)
(24)
\u2013
\u2013
\u2013
\n\u20ac500m 1.625% bonds 2024
565
\u2013
(32)
\u2013
1
534
\n\u00a3300m 3.75% bonds 2025
408
\u2013
(45)
\u2013
2
365
\n\u00a3350m 2.125% bonds 2026
473
\u2013
(50)
\u2013
\u2013
423
\n\u20ac500m 2.125% bonds 2027
570
\u2013
(32)
\u2013
1
539
\n\u00a3400m 3.375% bonds 2028
537
\u2013
(57)
\u2013
\u2013
480
\n3,205
(245)
(244)
\u2013
52
2,768
\nCurrency swaps
62
\u2013
\u2013
\u2013
(58)
4
\n3,267
(245)
(244)
\u2013
(6)
2,772
\nAt 1 January
\n2021
\n$m
\nFinancing
\ncash flows
\n$m
\nExchange
\nadjustments
\n$m
\nDisposal
\n$m
\nOther
\nb
\n$m
\nAt 31 December
\n2021
\n$m
\nLease liabilities
450
(32)
(3)
(3)
7
419
\n\u00a3173m 3.875% bonds 2022
235
\u2013
(3)
\u2013
1
233
\n\u20ac500m 1.625% bonds 2024
611
\u2013
(48)
\u2013
2
565
\n\u00a3300m 3.75% bonds 2025
413
\u2013
(5)
\u2013
\u2013
408
\n\u00a3350m 2.125% bonds 2026
479
\u2013
(6)
\u2013
\u2013
473
\n\u20ac500m 2.125% bonds 2027
618
\u2013
(48)
\u2013
\u2013
570
\n\u00a3400m 3.375% bonds 2028
542
\u2013
(7)
\u2013
2
537
\nCommercial paper
818
(828)
13
\u2013
(3)
\u2013
\n4,166
(860)
(107)
(3)
9
3,205
\nCurrency swaps
17
\u2013
\u2013
\u2013
45
62
\n4,183
(860)
(107)
(3)
54
3,267
\na
\nThe non-cash increase in lease liabilities principally arises from additions.
\nb
\nThe change in value of currency swaps represents fair value movements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31510": {
"value": "23. Financial risk management and derivative financial instruments Overview
\nThe Group is exposed to financial risks that arise in relation to underlying business activities. These risks include: market risk, liquidity risk,
\ncredit risk and capital risk. There are Board approved policies in place to manage these risks. Treasury activities to manage these risks may
\ninclude money market funds, repurchase agreements, spot and forward foreign exchange instruments, currency swaps, interest rate swaps
\nand forward rate agreements.
\nMarket risk
\nMarket risk is the risk that the fair value or future cash
flows o
f a
financial instrument will fluctuate because o
f changes in market prices.
\nMarket risk comprises: foreign exchange risk and interest rate risk. Financial instruments a\ufb00ected by market risk include loans and other
\nborrowings, cash and cash equivalents, debt and equity investments and derivatives.
\nForeign exchange risk
\nThe US dollar is the predominant currency of the Group\u2019s revenue and cash
flows. Movements in
foreign exchange rates can a\ufb00ect the
\nGroup\u2019s reported profit or loss, net liabilities and its interest cover. The most significant exposures o
f the Group are in currencies that are
\nfreely convertible. The Group\u2019s reported debt has an exposure to borrowings held in sterling and euros. After the e\ufb00ect of currency swaps,
\nthe Group holds its bond debt in sterling which is the primary currency of shareholder returns. US dollars are also borrowed when required
\nto reflect the predominant trading currency and act as a net investment hedge o
f US dollar denominated assets.
\nThe Group transacted currency swaps at the same time as the \u20ac500m 2.125% 2027 and \u20ac500m 1.625% 2024 bonds were issued in
\nNovember 2018 and October 2020 respectively in order to swap the bonds\u2019 proceeds and interest flows into sterling (see page 200).
\nInterest rate risk
\nThe Group is exposed to interest rate risk in relation to its fixed and floating rate borrowings. The Group\u2019s policy requires a minimum o
f 50%
\nfixed rate debt over the next 12 months. With the exception o
f overdrafts, 100% of borrowings were
fixed rate debt at 31 December 2022
\n(2021: 100%).
\n199
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n23. Financial risk management and derivative financial instruments
continued
\nDerivative financial instruments
\nDerivatives are recorded in the Group statement of
financial position at
fair value (see note 24) as follows:
\nDerivatives
\n2022
\n$m
\n2021
\n$m
\nCurrency swaps
(4)
(62)
\nAnalysed as:
\nNon-current assets
7
\u2013
\nNon-current liabilities
(11)
(62)
\n(4)
(62)
\nThe carrying amount of currency swaps comprises $4m loss (2021: $67m loss) relating to exchange movements on the underlying principal,
\nincluded within net debt (see note 22), and $nil (2021: $5m gain) relating to other fair value movements.
\nDetails of the credit risk on derivative
financial instruments are included on page 202.
\nCash flow hedges
\nCurrency swaps have been transacted to swap the proceeds from the euro bonds to sterling as follows:
\nDate of designation
Pay leg
Interest rate
Receive leg
Interest rate
Maturity
Risk
Hedge type
Hedged item
\nNovember 2018
\u00a3436m
3.5%
\u20ac500m
2.125%
May 2027
Foreign exchange
Cash flow
\u20ac500m 2.125% bonds 2027
\nOctober 2020
\u00a3454m
2.7%
\u20ac500m
1.625%
October 2024
Foreign exchange
Cash flow
\u20ac500m 1.625% bonds 2024
\nThere is an economic relationship between the hedged item and the hedging instrument as the critical terms are aligned, such that the
\nhedge ratio is 1:1.
\nThe change in the fair value of hedging instruments used to measure hedge ine\ufb00ectiveness in the period mirrors that of the hypothetical
\nderivative (hedged item) and was $48m gain (2021: $40m loss).
\nHedge ine\ufb00ectiveness arises where the cumulative change in the fair value of the swaps exceeds the change in fair value of the future
\ncash flows o
f the bonds, and may be due to any opening fair value of the hedging instrument, or a change in the credit risk of the Group
\nor counterparty. There was no cumulative ine\ufb00ectiveness in 2022 or 2021.
\nAmounts recognised in the cash flow hedge reserves are analysed in note 28.
\nNet investment hedges
\nThe Group designates the following as net investment hedges of its foreign operations, being the net assets of certain Group subsidiaries
\nwith a US dollar functional currency:
\n\u2022
Borrowings under the RCF; and
\n\u2022
Short-dated foreign exchange swaps.
\nThe designated risk is the spot foreign exchange risk and interest on these
financial instruments is taken through financial income or expense.
\nShort-dated foreign exchange swaps are used when needed to manage sterling surplus cash and reduce US dollar borrowings while
\nmaintaining operational flexibility.
\nThere is an economic relationship between the hedged item and the hedging instrument as the net investment creates a foreign exchange
\nrisk that will match the foreign exchange risk on the short-dated foreign exchange swaps. The Group has established a hedge ratio of 1:1
\nas the underlying risk of the hedging instrument is identical to the hedged risk component.
\nThe change in value of hedging instruments recognised in the currency translation reserve through other comprehensive income was a loss
\nof $6m (2021: $nil). There was no ine\ufb00ectiveness recognised in the Group income statement during the current or prior year.
\n200
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
23. Financial risk management and derivative financial instruments
continued
\nInterest and foreign exchange risk sensitivities
\nThe following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group\u2019s pro
fit or loss be
fore
\ntax and net liabilities, and the impact of a rise in US dollar, euro and sterling interest rates on the Group\u2019s pro
fit or loss be
fore tax. The impact
\nof the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair value of the currency swaps.
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nIncrease in profit be
fore tax
\nSterling: US dollar exchange rate
$0.05 fall
(2.9)
7.0
5.9
\nEuro: US dollar exchange rate
$0.05 fall
(0.3)
0.2
0.3
\nUS dollar interest rates
1% increase
4.2
7.1
2.2
\nSterling interest rates
1% increase
3.6
5.2
12.9
\nDecrease in net liabilities
\nSterling: US dollar exchange rate
$0.05 fall
26.5
29.1
30.2
\nEuro: US dollar exchange rate
$0.05 fall
49.6
49.7
50.6
\nSterling: euro exchange rate
\u20ac0.05 fall
60.2
67.4
68.2
\nInterest rate sensitivity relates to cash balances and would only be realised to the extent deposit rates increase by 1%.
\nInterest rate sensitivities include the impact of hedging and are calculated based on the year-end net debt position.
\nLiquidity risk
\nGroup policy ensures su\ufb00icient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide headroom
\nagainst unforeseen obligations.
\nCash and cash equivalents are held in short-term deposits, repurchase agreements and cash funds which allow daily withdrawals of cash.
\nMost of the Group\u2019s funds are held in the UK or US, although $24m (2021: $77m) is held in countries where repatriation is restricted
\n(see note 18).
\nMedium- and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 21.
\nThe new RCF (see note 21) contains two financial covenants: interest cover (Covenant EBITDA: Covenant interest payable) and a leverage
\nratio (Covenant net debt: Covenant EBITDA). These are tested at half year and full year on a trailing 12-month basis.
\nIn 2021 and 2020, covenant measures were reported on a frozen GAAP basis excluding the e\ufb00ect of IFRS 16, an adjustment which has been
\neliminated under the new facility.
\n31 December
\n2022
\n31 December
\n2020 and 2021
\nCovenant test levels for RCF
\nLeverage
<4.0x
waived
\nInterest cover
>3.5x
waived
\nLiquidity
n/a
$400m
\na
\na
\nDefined as unrestricted cash and cash equivalents (net o
f bank overdrafts) plus undrawn facilities with a remaining term of at least six months.
\n2022
2021
\na
\n2020
\na
\nCovenant measures
\nCovenant EBITDA ($m)
896
601
272
\nCovenant net debt ($m)
1,898
1,801
2,375
\nCovenant interest payable ($m)
109
133
111
\nLeverage
2.12
3.00
8.73
\nInterest cover
8.22
4.52
2.45
\nLiquidity ($m)
n/a
2,655
2,925
\na
\nAt 31 December 2021 and 2020, the leverage and interest covenants under the previous facilities were waived and replaced with a liquidity requirement of $400m.
\nThe interest margin payable on the RCF is linked to the Group\u2019s credit rating and is currently 0.60%.
\n201
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n23. Financial risk management and derivative financial instruments
continued
\nThe following are the undiscounted contractual cash
flows o
f
financial liabilities, including interest payments. Liabilities relating to the Group\u2019s
\ndeferred compensation plan are excluded; their settlement is funded entirely by the realisation of the related deferred compensation plan
\ninvestments and no net cash flow arises.
\n31 December 2022
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2
\nyears
\n$m
\nBetween
\n2 and 5
\nyears
\n$m
\nMore than
\n5 years
\n$m
\nTotal
\n$m
\nNon-derivative financial liabilities:
\nBank overdrafts
55
\u2013
\u2013
\u2013
55
\n\u20ac500m 1.625% bonds 2024
9
543
\u2013
\u2013
552
\n\u00a3300m 3.75% bonds 2025
14
14
375
\u2013
403
\n\u00a3350m 2.125% bonds 2026
9
9
439
\u2013
457
\n\u20ac500m 2.125% bonds 2027
11
11
568
\u2013
590
\n\u00a3400m 3.375% bonds 2028
16
16
49
498
579
\nLease liabilities
53
50
126
3,201
3,430
\nTrade and other payables (excluding deferred and contingent purchase consideration)
660
1
1
2
664
\nDeferred and contingent purchase consideration
\u2013
13
39
42
94
\nDerivative financial liabilities:
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 outflows
14
561
\u2013
\u2013
575
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 inflows
(9)
(543)
\u2013
\u2013
(552)
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 outflows
18
18
571
\u2013
607
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 inflows
(11)
(11)
(568)
\u2013
(590)
\n31 December 2021
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2
\nyears
\n$m
\nBetween
\n2 and 5
\nyears
\n$m
\nMore than
\n5 years
\n$m
\nTotal
\n$m
\nNon-derivative financial liabilities:
\nBank overdrafts
59
\u2013
\u2013
\u2013
59
\n\u00a3173m 3.875% bonds 2022
241
\u2013
\u2013
\u2013
241
\n\u20ac500m 1.625% bonds 2024
9
9
575
\u2013
593
\n\u00a3300m 3.75% bonds 2025
15
15
435
\u2013
465
\n\u00a3350m 2.125% bonds 2026
10
10
502
\u2013
522
\n\u20ac500m 2.125% bonds 2027
12
12
36
578
638
\n\u00a3400m 3.375% bonds 2028
18
18
55
575
666
\nLease liabilities
58
49
123
3,212
3,442
\nTrade and other payables (excluding deferred and contingent purchase consideration)
550
2
1
2
555
\nDeferred and contingent purchase consideration
\u2013
\u2013
52
42
94
\nDerivative financial liabilities:
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 outflows
16
16
628
\u2013
660
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 inflows
(9)
(9)
(575)
\u2013
(593)
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 outflows
21
21
62
598
702
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 inflows
(12)
(12)
(36)
(578)
(638)
\nCredit risk
\nCredit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally restricts
\ncounterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses long-term credit ratings
\nfrom Standard and Poor\u2019s, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
\nIn order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics including credit
\nratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the relevant counterparty.
\nRepurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only government
\nor supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership of these securities
\nwould revert to the Group. The securities held as collateral are to protect against default by the counterparty.
\nThe Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying amount
\nof each
financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents is considered
\nto be immaterial.
\n202
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
23. Financial risk management and derivative financial instruments
continued
\nThe table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classi
fied as cash and
\ncash equivalents by counterparty credit rating:
\n31 December 2022
\nAAA
\n$m
\nAA+
\n$m
\nAA
\n$m
\nAA\u2011
\n$m
\nA+
\n$m
\nA
\n$m
\nA\u2011
\n$m
\nBBB+ and
\nbelow
\n$m
\nTotal
\n$m
\nShort-term deposits
\u2013
\u2013
\u2013
66
127
141
50
37
421
\nMoney market funds
360
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
360
\nRepurchase agreement collateral
22
2
6
\u2013
\u2013
\u2013
\u2013
\u2013
30
\n31 December 2021
\nAAA
\n$m
\nAA+
\n$m
\nAA
\n$m
\nAA-
\n$m
\nA+
\n$m
\nA
\n$m
\nA-
\n$m
\nBBB+
\n$m
\nTotal
\n$m
\nShort-term deposits
\u2013
\u2013
\u2013
87
45
169
\u2013
\u2013
301
\nMoney market funds
1,025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,025
\nCapital risk management
\nThe Group manages its capital to ensure that it will be able to continue as a going concern. The capital structure consists of net debt, issued
\nshare capital and reserves. The structure is managed with the objective of maintaining an investment grade credit rating, to provide ongoing
\nreturns to shareholders and to service debt obligations, while maintaining maximum operational flexibility. A key characteristic o
f IHG\u2019s
\nmanaged and franchised business model is that it is highly cash generative, with a high return on capital employed. Surplus cash is either
\nreinvested in the business, used to repay debt or returned to shareholders.
\nThe Group\u2019s debt is monitored on the basis of a cash
flow leverage ratio, being net debt divided by adjusted EBITDA. The Group has a stated
\naim of maintaining this ratio at 2.5x to 3.0x. The ratio at 31 December 2022 (which di\ufb00ers from the ratio as calculated for covenant tests) was
\n2.07 (2021: 2.98).
\nThe Group currently has a senior unsecured long-term credit rating of BBB from Standard and Poor\u2019s. In the event this rating was downgraded
\nbelow BBB- (a downgrade of two levels) there would be an additional step-up coupon of 1.25% payable on the bonds which would result in
\nadditional interest of approximately $29m per year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31518": {
"value": "Market risk Market risk is the risk that the fair value or future cash
flows o
f a
financial instrument will fluctuate because o
f changes in market prices.
\nMarket risk comprises: foreign exchange risk and interest rate risk. Financial instruments a\ufb00ected by market risk include loans and other
\nborrowings, cash and cash equivalents, debt and equity investments and derivatives.
\nForeign exchange risk
\nThe US dollar is the predominant currency of the Group\u2019s revenue and cash
flows. Movements in
foreign exchange rates can a\ufb00ect the
\nGroup\u2019s reported profit or loss, net liabilities and its interest cover. The most significant exposures o
f the Group are in currencies that are
\nfreely convertible. The Group\u2019s reported debt has an exposure to borrowings held in sterling and euros. After the e\ufb00ect of currency swaps,
\nthe Group holds its bond debt in sterling which is the primary currency of shareholder returns. US dollars are also borrowed when required
\nto reflect the predominant trading currency and act as a net investment hedge o
f US dollar denominated assets.
\nThe Group transacted currency swaps at the same time as the \u20ac500m 2.125% 2027 and \u20ac500m 1.625% 2024 bonds were issued in
\nNovember 2018 and October 2020 respectively in order to swap the bonds\u2019 proceeds and interest flows into sterling (see page 200).
\nInterest rate risk
\nThe Group is exposed to interest rate risk in relation to its fixed and floating rate borrowings. The Group\u2019s policy requires a minimum o
f 50%
\nfixed rate debt over the next 12 months. With the exception o
f overdrafts, 100% of borrowings were
fixed rate debt at 31 December 2022
\n(2021: 100%).
\n199
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n23. Financial risk management and derivative financial instruments
continued
\nDerivative financial instruments
\nDerivatives are recorded in the Group statement of
financial position at
fair value (see note 24) as follows:
\nDerivatives
\n2022
\n$m
\n2021
\n$m
\nCurrency swaps
(4)
(62)
\nAnalysed as:
\nNon-current assets
7
\u2013
\nNon-current liabilities
(11)
(62)
\n(4)
(62)
\nThe carrying amount of currency swaps comprises $4m loss (2021: $67m loss) relating to exchange movements on the underlying principal,
\nincluded within net debt (see note 22), and $nil (2021: $5m gain) relating to other fair value movements.
\nDetails of the credit risk on derivative
financial instruments are included on page 202.
\nCash flow hedges
\nCurrency swaps have been transacted to swap the proceeds from the euro bonds to sterling as follows:
\nDate of designation
Pay leg
Interest rate
Receive leg
Interest rate
Maturity
Risk
Hedge type
Hedged item
\nNovember 2018
\u00a3436m
3.5%
\u20ac500m
2.125%
May 2027
Foreign exchange
Cash flow
\u20ac500m 2.125% bonds 2027
\nOctober 2020
\u00a3454m
2.7%
\u20ac500m
1.625%
October 2024
Foreign exchange
Cash flow
\u20ac500m 1.625% bonds 2024
\nThere is an economic relationship between the hedged item and the hedging instrument as the critical terms are aligned, such that the
\nhedge ratio is 1:1.
\nThe change in the fair value of hedging instruments used to measure hedge ine\ufb00ectiveness in the period mirrors that of the hypothetical
\nderivative (hedged item) and was $48m gain (2021: $40m loss).
\nHedge ine\ufb00ectiveness arises where the cumulative change in the fair value of the swaps exceeds the change in fair value of the future
\ncash flows o
f the bonds, and may be due to any opening fair value of the hedging instrument, or a change in the credit risk of the Group
\nor counterparty. There was no cumulative ine\ufb00ectiveness in 2022 or 2021.
\nAmounts recognised in the cash flow hedge reserves are analysed in note 28.
\nNet investment hedges
\nThe Group designates the following as net investment hedges of its foreign operations, being the net assets of certain Group subsidiaries
\nwith a US dollar functional currency:
\n\u2022
Borrowings under the RCF; and
\n\u2022
Short-dated foreign exchange swaps.
\nThe designated risk is the spot foreign exchange risk and interest on these
financial instruments is taken through financial income or expense.
\nShort-dated foreign exchange swaps are used when needed to manage sterling surplus cash and reduce US dollar borrowings while
\nmaintaining operational flexibility.
\nThere is an economic relationship between the hedged item and the hedging instrument as the net investment creates a foreign exchange
\nrisk that will match the foreign exchange risk on the short-dated foreign exchange swaps. The Group has established a hedge ratio of 1:1
\nas the underlying risk of the hedging instrument is identical to the hedged risk component.
\nThe change in value of hedging instruments recognised in the currency translation reserve through other comprehensive income was a loss
\nof $6m (2021: $nil). There was no ine\ufb00ectiveness recognised in the Group income statement during the current or prior year.
\n200
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
23. Financial risk management and derivative financial instruments
continued
\nInterest and foreign exchange risk sensitivities
\nThe following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group\u2019s pro
fit or loss be
fore
\ntax and net liabilities, and the impact of a rise in US dollar, euro and sterling interest rates on the Group\u2019s pro
fit or loss be
fore tax. The impact
\nof the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair value of the currency swaps.
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nIncrease in profit be
fore tax
\nSterling: US dollar exchange rate
$0.05 fall
(2.9)
7.0
5.9
\nEuro: US dollar exchange rate
$0.05 fall
(0.3)
0.2
0.3
\nUS dollar interest rates
1% increase
4.2
7.1
2.2
\nSterling interest rates
1% increase
3.6
5.2
12.9
\nDecrease in net liabilities
\nSterling: US dollar exchange rate
$0.05 fall
26.5
29.1
30.2
\nEuro: US dollar exchange rate
$0.05 fall
49.6
49.7
50.6
\nSterling: euro exchange rate
\u20ac0.05 fall
60.2
67.4
68.2
\nInterest rate sensitivity relates to cash balances and would only be realised to the extent deposit rates increase by 1%.
\nInterest rate sensitivities include the impact of hedging and are calculated based on the year-end net debt position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31722": {
"value": "Liquidity risk Group policy ensures su\ufb00icient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide headroom
\nagainst unforeseen obligations.
\nCash and cash equivalents are held in short-term deposits, repurchase agreements and cash funds which allow daily withdrawals of cash.
\nMost of the Group\u2019s funds are held in the UK or US, although $24m (2021: $77m) is held in countries where repatriation is restricted
\n(see note 18).
\nMedium- and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 21.
\nThe new RCF (see note 21) contains two financial covenants: interest cover (Covenant EBITDA: Covenant interest payable) and a leverage
\nratio (Covenant net debt: Covenant EBITDA). These are tested at half year and full year on a trailing 12-month basis.
\nIn 2021 and 2020, covenant measures were reported on a frozen GAAP basis excluding the e\ufb00ect of IFRS 16, an adjustment which has been
\neliminated under the new facility.
\n31 December
\n2022
\n31 December
\n2020 and 2021
\nCovenant test levels for RCF
\nLeverage
<4.0x
waived
\nInterest cover
>3.5x
waived
\nLiquidity
n/a
$400m
\na
\na
\nDefined as unrestricted cash and cash equivalents (net o
f bank overdrafts) plus undrawn facilities with a remaining term of at least six months.
\n2022
2021
\na
\n2020
\na
\nCovenant measures
\nCovenant EBITDA ($m)
896
601
272
\nCovenant net debt ($m)
1,898
1,801
2,375
\nCovenant interest payable ($m)
109
133
111
\nLeverage
2.12
3.00
8.73
\nInterest cover
8.22
4.52
2.45
\nLiquidity ($m)
n/a
2,655
2,925
\na
\nAt 31 December 2021 and 2020, the leverage and interest covenants under the previous facilities were waived and replaced with a liquidity requirement of $400m.
\nThe interest margin payable on the RCF is linked to the Group\u2019s credit rating and is currently 0.60%.
\n201
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n23. Financial risk management and derivative financial instruments
continued
\nThe following are the undiscounted contractual cash
flows o
f
financial liabilities, including interest payments. Liabilities relating to the Group\u2019s
\ndeferred compensation plan are excluded; their settlement is funded entirely by the realisation of the related deferred compensation plan
\ninvestments and no net cash flow arises.
\n31 December 2022
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2
\nyears
\n$m
\nBetween
\n2 and 5
\nyears
\n$m
\nMore than
\n5 years
\n$m
\nTotal
\n$m
\nNon-derivative financial liabilities:
\nBank overdrafts
55
\u2013
\u2013
\u2013
55
\n\u20ac500m 1.625% bonds 2024
9
543
\u2013
\u2013
552
\n\u00a3300m 3.75% bonds 2025
14
14
375
\u2013
403
\n\u00a3350m 2.125% bonds 2026
9
9
439
\u2013
457
\n\u20ac500m 2.125% bonds 2027
11
11
568
\u2013
590
\n\u00a3400m 3.375% bonds 2028
16
16
49
498
579
\nLease liabilities
53
50
126
3,201
3,430
\nTrade and other payables (excluding deferred and contingent purchase consideration)
660
1
1
2
664
\nDeferred and contingent purchase consideration
\u2013
13
39
42
94
\nDerivative financial liabilities:
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 outflows
14
561
\u2013
\u2013
575
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 inflows
(9)
(543)
\u2013
\u2013
(552)
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 outflows
18
18
571
\u2013
607
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 inflows
(11)
(11)
(568)
\u2013
(590)
\n31 December 2021
\nLess than
\n1 year
\n$m
\nBetween
\n1 and 2
\nyears
\n$m
\nBetween
\n2 and 5
\nyears
\n$m
\nMore than
\n5 years
\n$m
\nTotal
\n$m
\nNon-derivative financial liabilities:
\nBank overdrafts
59
\u2013
\u2013
\u2013
59
\n\u00a3173m 3.875% bonds 2022
241
\u2013
\u2013
\u2013
241
\n\u20ac500m 1.625% bonds 2024
9
9
575
\u2013
593
\n\u00a3300m 3.75% bonds 2025
15
15
435
\u2013
465
\n\u00a3350m 2.125% bonds 2026
10
10
502
\u2013
522
\n\u20ac500m 2.125% bonds 2027
12
12
36
578
638
\n\u00a3400m 3.375% bonds 2028
18
18
55
575
666
\nLease liabilities
58
49
123
3,212
3,442
\nTrade and other payables (excluding deferred and contingent purchase consideration)
550
2
1
2
555
\nDeferred and contingent purchase consideration
\u2013
\u2013
52
42
94
\nDerivative financial liabilities:
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 outflows
16
16
628
\u2013
660
\nCurrency swaps hedging \u20ac500m 1.625% bonds 2024 inflows
(9)
(9)
(575)
\u2013
(593)
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 outflows
21
21
62
598
702
\nCurrency swaps hedging \u20ac500m 2.125% bonds 2027 inflows
(12)
(12)
(36)
(578)
(638)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32015": {
"value": "Credit risk Credit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally restricts
\ncounterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses long-term credit ratings
\nfrom Standard and Poor\u2019s, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
\nIn order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics including credit
\nratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the relevant counterparty.
\nRepurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only government
\nor supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership of these securities
\nwould revert to the Group. The securities held as collateral are to protect against default by the counterparty.
\nThe Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying amount
\nof each
financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents is considered
\nto be immaterial.
\n202
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
23. Financial risk management and derivative financial instruments
continued
\nThe table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classi
fied as cash and
\ncash equivalents by counterparty credit rating:
\n31 December 2022
\nAAA
\n$m
\nAA+
\n$m
\nAA
\n$m
\nAA\u2011
\n$m
\nA+
\n$m
\nA
\n$m
\nA\u2011
\n$m
\nBBB+ and
\nbelow
\n$m
\nTotal
\n$m
\nShort-term deposits
\u2013
\u2013
\u2013
66
127
141
50
37
421
\nMoney market funds
360
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
360
\nRepurchase agreement collateral
22
2
6
\u2013
\u2013
\u2013
\u2013
\u2013
30
\n31 December 2021
\nAAA
\n$m
\nAA+
\n$m
\nAA
\n$m
\nAA-
\n$m
\nA+
\n$m
\nA
\n$m
\nA-
\n$m
\nBBB+
\n$m
\nTotal
\n$m
\nShort-term deposits
\u2013
\u2013
\u2013
87
45
169
\u2013
\u2013
301
\nMoney market funds
1,025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,025",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32142": {
"value": "Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern. The capital structure consists of net debt, issued
\nshare capital and reserves. The structure is managed with the objective of maintaining an investment grade credit rating, to provide ongoing
\nreturns to shareholders and to service debt obligations, while maintaining maximum operational flexibility. A key characteristic o
f IHG\u2019s
\nmanaged and franchised business model is that it is highly cash generative, with a high return on capital employed. Surplus cash is either
\nreinvested in the business, used to repay debt or returned to shareholders.
\nThe Group\u2019s debt is monitored on the basis of a cash
flow leverage ratio, being net debt divided by adjusted EBITDA. The Group has a stated
\naim of maintaining this ratio at 2.5x to 3.0x. The ratio at 31 December 2022 (which di\ufb00ers from the ratio as calculated for covenant tests) was
\n2.07 (2021: 2.98).
\nThe Group currently has a senior unsecured long-term credit rating of BBB from Standard and Poor\u2019s. In the event this rating was downgraded
\nbelow BBB- (a downgrade of two levels) there would be an additional step-up coupon of 1.25% payable on the bonds which would result in
additional interest of approximately $29m per year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32160": {
"value": "24. Classification and measurement of
financial instruments
\nAccounting classification and
fair value hierarchy
\n2022
2021
\nHierarchy of
\nfair value
\nmeasurement
\nFair value
\na
\n$m
\nAmortised
\ncost
\n$m
\nNot
\ncategorised
\nas a financial
\ninstrument
\n$m
\nTotal
\n$m
\nFair value
\na
\n$m
\nAmortised
\ncost
\n$m
\nNot
\ncategorised
\nas a financial
\ninstrument
\n$m
\nTotal
\n$m
\nFinancial assets
\nOther financial assets
1,3
\nb
\n106
50
\u2013
156
114
61
\u2013
175
\nCash and cash equivalents
1
360
616
\u2013
976
1,025
425
\u2013
1,450
\nDerivative financial instruments
2
7
\u2013
\u2013
7
\u2013
\u2013
\u2013
\u2013
\nDeferred compensation
\nplan investments
1
216
\u2013
\u2013
216
256
\u2013
\u2013
256
\nTrade and other receivables
\u2013
\u2013
542
104
646
\u2013
501
73
574
\nFinancial liabilities
\nDerivative financial instruments
2
(11)
\u2013
\u2013
(11)
(62)
\u2013
\u2013
(62)
\nDeferred compensation
\nplan liabilities
1
(216)
\u2013
\u2013
(216)
(256)
\u2013
\u2013
(256)
\nLoans and other borrowings
\u2013
\u2013
(2,396)
\u2013
(2,396)
\u2013
(2,845)
\u2013
(2,845)
\nTrade and other payables
3
(83)
(658)
(37)
(778)
(73)
(566)
(29)
(668)
\na
\nWith the exception of equity securities of $88m (2021: $106m) measured at fair value through other comprehensive income, all are measured at fair value through pro
fit or loss.
\nOf those, the
financial assets related to the de
ferred compensation plan investments were designated as such upon initial recognition.
\nb
\nOf those measured at fair value, $3m (2021: $8m) are Level 1 and $103m (2021: $106m) are Level 3.
\n203
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n24. Classification and measurement o
f
financial instruments
continued
\nFinancial assets and liabilities measured at amortised cost whose carrying amount is not a reasonable approximation of fair value are
\nas follows:
\nHierarchy of
\nfair value
\nmeasurement
\n2022
2021
\nCarrying value
\n$m
\nFair value
\n$m
\nCarrying value
\n$m
\nFair value
\n$m
\n\u00a3173m 3.875% bonds 2022
1
\u2013
\u2013
(233)
(239)
\n\u20ac500m 1.625% bonds 2024
1
(534)
(511)
(565)
(585)
\n\u00a3300m 3.75% bonds 2025
1
(365)
(344)
(408)
(428)
\n\u00a3350m 2.125% bonds 2026
1
(423)
(367)
(473)
(471)
\n\u20ac500m 2.125% bonds 2027
1
(539)
(492)
(570)
(601)
\n\u00a3400m 3.375% bonds 2028
1
(480)
(417)
(537)
(566)
\nRight of o\ufb00set
\nOther than in relation to cash pooling arrangements (see note 18), there are no financial instruments with a significant
fair value subject
\nto enforceable master netting arrangements and other similar agreements that are not o\ufb00set in the Group statement of
financial position.
\nValuation techniques
\nMoney market funds, deferred compensation plan investments and bonds
\nThe fair value of money market funds, deferred compensation plan investments and bonds is based on their quoted market price.
\nUnquoted equity securities
\nUnquoted equity securities are fair valued using a discounted cash
flow model, either internally or using pro
fessional external valuers.
\nThe significant unobservable inputs used to determine the
fair value of the equity securities are RevPAR growth (based on the market-
\nspecific growth assumptions used by external valuers), pre-tax discount rate which ranged
from 6.3% to 10.0% (2021: 6.3% to 9.3%),
\nand a non-marketability factor which ranged from 20.0% to 30.0% (2021: 20.0% to 30.0%).
\nApplying a one-year slower/faster RevPAR recovery period would result in a $5m/$7m (2021: $7m) (decrease)/increase in fair value
\nrespectively. A one percentage point increase/decrease in the discount rate would result in a $8m/$9m (2021: $9m) (decrease)/increase
\nin fair value respectively. A
five percentage point increase/decrease in the non-marketability
factor would result in a $6m (2021: $6m)
\n(decrease)/increase in fair value.
\nDerivative financial instruments and other payables
\nCurrency swaps are measured at the present value of future cash
flows discounted back based on quoted
forward exchange rates and
\nthe applicable yield curves derived from quoted interest rates. Adjustments for credit risk use observable credit default swap spreads.
\nThe put option over part of the Group\u2019s investment in the Barclay associate was valued at $nil at 31 December 2022 and 2021. The value
\nis equal to the excess of the amount receivable under the option (which is based on the Group\u2019s capital invested to date) over fair value.
\nThe fair value of the hotel was derived from a pricing opinion provided by a professional external valuer. In 2022, the value of the put option
\nis also a\ufb00ected by specially allocated expenses which results in an obligation valued at $18m (see note 6) recorded within other payables.
\nFor the purposes of valuing these instruments, the fair value of the hotel was derived from a pricing opinion provided by a professional
\nexternal valuer which is categorised as a Level 3 fair value measurement.
\nDeferred purchase consideration
\nDeferred purchase consideration arose in respect of the acquisition of Regent, and comprises the present value of $13m payable in 2024.
\nThe first instalment o
f $13m was paid in 2021. The discount rate applied is based on observable US corporate bond rates of similar term
\nto the expected payment date.
\nContingent purchase consideration
\nRegent $65m (2021: $73m)
\nIn 2018, the Group acquired a 51% controlling interest in Regent Hospitality Worldwide, Inc (\u2018RHW\u2019), with put and call options existing over
\nthe remaining 49% shareholding exercisable in a phased manner from 2026 to 2033. The Group has a present ownership interest in the
\nremaining shares and the acquisition was accounted for as 100% owned with no non-controlling interest recognised and contingent
\npurchase consideration comprising the present value of the expected amounts payable on exercise of the options based on the annual
\ntrailing revenue of RHW in the year preceding exercise with a
floor applied.
\nThe value of the contingent purchase consideration is subject to periodic reassessment as interest rates and RHW revenue expectations
\nchange. At 31 December 2022, it is assumed that $39m will be paid in 2026 to acquire an additional 25% of RHW with the remaining 24%
\nacquired in 2028 for $42m. This assumes that the options will be exercised at the earliest permissible date which is consistent with the
\nassumption made on acquisition. The amount recognised is the discounted value of the total expected amount payable of $81m.
\nThe discount rate applied is based on observable US corporate bond rates of similar term to the expected payment dates. The range
\nof possible outcomes remains unchanged from the date of acquisition at $81m to $261m (undiscounted).
\nThe significant unobservable inputs used to determine the
fair value of the contingent purchase consideration are the projected trailing
\nrevenues of RHW and the date of exercising the options. If the annual trailing revenue of RHW were to exceed the
floor by 10%, the amount
\nof the contingent purchase consideration recognised in the Group Financial Statements would increase by $6m (2021: $7m). If the date for
\nexercising the options is assumed to be 2033, the amount of the undiscounted contingent purchase consideration would be $86m
\n(2021: $86m).
\n204
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
24. Classification and measurement o
f
financial instruments
continued
\nUK portfolio $nil (2021: $nil)
\nAs the leases were restructured in 2022 and were subject to significant rental reductions, there is no longer any contingent purchase
\nconsideration in relation to the UK portfolio hotels.
\nIn relation to the leases signed on acquisition of the portfolio, the contingent purchase consideration comprised the present value of the
\nabove-market element of the expected lease payments to the lessor. In 2020, a fair value adjustment of $21m was recognised which
\nreduced the value of the liability arising mainly from a reduction in expected future rentals payable.
\nLevel 3 reconciliation
\nOther
\nfinancial
\nassets
\n$m
\nDerivative
\nfinancial
\ninstruments
\n$m
\nOther
\npayables
\n$m
\nContingent
\npurchase
\nconsideration
\n$m
\nAt 1 January 2021
88
4
\u2013
(79)
\nAdditions
3
\u2013
\u2013
\u2013
\nValuation gains recognised in other comprehensive income
15
\u2013
\u2013
\u2013
\nUnrealised changes in fair value
\na
\n\u2013
(4)
\u2013
6
\nAt 31 December 2021
106
\u2013
\u2013
(73)
\nValuation losses recognised in other comprehensive income
(1)
\u2013
\u2013
\u2013
\nUnrealised changes in fair value
\nb
\n\u2013
\u2013
(18)
8
\nExchange adjustments
(2)
\u2013
\u2013
\u2013
\nAt 31 December 2022
103
\u2013
(18)
(65)
\na
\nThe change in the fair value of derivative
financial instruments was recognised within other net impairment charges in the Group income statement and was presented as an
\nexceptional item.
\nb
\nThe change in the fair value of other payables was recognised within share of losses from associates in the Group income statement and is presented as an exceptional item.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32545": {
"value": "25. Reconciliation of profit/(loss)
for the year to cash
flow
from operations
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nProfit/(loss)
for the year
376
265
(260)
\nAdjustments for:
\nNet financial expenses
96
139
140
\nFair value gains on contingent purchase consideration
(8)
(6)
(13)
\nIncome tax charge/(credit)
164
96
(20)
\nOperating profit adjustments:
\nImpairment loss on financial assets
5
\u2013
88
\nOther net impairment (reversals)/charges
(5)
4
226
\nOther operating exceptional items
100
25
(4)
\nDepreciation and amortisation
68
98
110
\n168
127
420
\nContract assets deduction in revenue
32
35
25
\nShare-based payments cost
30
28
21
\nShare of (pro
fits)/losses o
f associates and joint ventures (before exceptional items)
(1)
8
14
\n61
71
60
\nSystem Fund adjustments:
\nDepreciation and amortisation
86
94
62
\nImpairment loss/(reversal) on financial assets
7
(6)
24
\nOther impairment (reversals)/charges
\u2013
(3)
41
\nOther operating exceptional items
\u2013
\u2013
20
\nShare-based payments cost
16
13
11
\nShare of losses of associates
1
2
1
\n110
100
159
\nWorking capital and other adjustments:
\nIncrease in deferred revenue
108
39
1
\nDecrease in inventories
\u2013
1
1
\n(Increase)/decrease in trade and other receivables
(132)
(75)
38
\nIncrease/(decrease) in trade and other payables
121
153
(69)
\nOther adjustments
4
(8)
2
\n101
110
(27)
\nCash flows relating to exceptional items
(43)
(12)
(87)
\nContract acquisition costs, net of repayments
(64)
(42)
(64)
\nTotal adjustments
585
583
568
\nCash flow
from operations
961
848
308",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32683": {
"value": "26. Retirement benefits UK
\nSince 2014, UK retirement and death in service benefits are provided
for eligible employees by the IHG UK De
fined Contribution Pension Plan.
\nMembers are provided with defined contribution arrangements under this plan; benefits are based on each individual member\u2019s personal
\naccount. The plan is HM Revenue & Customs registered and governed by an independent trustee, assisted by professional advisers as and
\nwhen required. The overall operation of the plan is subject to the oversight of The Pensions Regulator.
\nThe former de
fined benefit plan, the InterContinental Hotels UK Pension Plan, was wound up in 2015
following the completion of the buy-out
\nand transfer of the de
fined benefit obligations to Rothesay Li
fe.
\nResidual defined benefit obligations remain in respect o
f additional bene
fits provided to members o
f an unfunded pension arrangement
\n(\u2018UK plan\u2019) who were a\ufb00ected by lifetime or annual allowances under the former de
fined benefit arrangements. Accrual under this
\narrangement ceased with e\ufb00ect from 1 July 2013 and a cash-out o\ufb00er in 2014 resulted in the extinguishment of approximately 70% of the
\nunfunded pension obligations. The Group meets the bene
fit payment obligations o
f the remaining members as they fall due. A charge over
\ncertain ring-fenced bank accounts totalling $39m (\u00a331m) at 31 December 2022 (see note 16) is currently held as security on behalf of the
\nremaining members.
\n206
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
26. Retirement benefits
continued
\nUS
\nDuring 2018, the Group completed a termination of the US funded Inter-Continental Hotels Pension Plan, which involved certain qualifying
\nmembers receiving lump-sum cash-out payments with the remaining pension obligations subject to a buy-out by Banner Life Insurance
\nCompany, a subsidiary of Legal & General America.
\nThe Group continues to maintain the unfunded Inter-Continental Hotels Non-quali
fied Pension Plans (\u2018US plans\u2019) and un
funded Inter-Continental
\nHotels Corporation Postretirement Medical, Dental, Vision and Death Benefit Plan (\u2018US post-retirement plan\u2019), both o
f which are de
fined
\nbenefit plans. Both plans are closed to new members. A Retirement Committee, comprising senior Group employees and assisted by
\nprofessional advisers as and when required, has responsibility for oversight of the plans.
\nMovement in UK and US retirement benefit obligations
\nDefined benefit obligation
Fair value of plan assets
Net defined benefit obligation
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAt 1 January
92
103
96
\u2013
\u2013
\u2013
92
103
96
\nRecognised in profit or loss
\nInterest expense
2
2
3
\u2013
\u2013
\u2013
2
2
3
\n2
2
3
\u2013
\u2013
\u2013
2
2
3
\nRecognised in other
\ncomprehensive income
\nActuarial (gain)/loss arising from
\nchanges in:
\nDemographic assumptions
(1)
(3)
(3)
\u2013
\u2013
\u2013
(1)
(3)
(3)
\nFinancial assumptions
(22)
(3)
10
\u2013
\u2013
\u2013
(22)
(3)
10
\nExperience adjustments
2
(1)
1
\u2013
\u2013
\u2013
2
(1)
1
\nRe-measurement (gain)/loss
(21)
(7)
8
\u2013
\u2013
\u2013
(21)
(7)
8
\nExchange adjustments
(2)
(1)
2
\u2013
\u2013
\u2013
(2)
(1)
2
\n(23)
(8)
10
\u2013
\u2013
\u2013
(23)
(8)
10
\nOther
\nGroup contributions
\u2013
\u2013
\u2013
(5)
(5)
(6)
(5)
(5)
(6)
\nBenefits paid
(5)
(5)
(6)
5
5
6
\u2013
\u2013
\u2013
\n(5)
(5)
(6)
\u2013
\u2013
\u2013
(5)
(5)
(6)
\nAt 31 December
66
92
103
\u2013
\u2013
\u2013
66
92
103
\nComprising:
\nUK plan
18
30
31
\u2013
\u2013
\u2013
18
30
31
\nUS plans
35
45
50
\u2013
\u2013
\u2013
35
45
50
\nUS post-retirement plan
13
17
22
\u2013
\u2013
\u2013
13
17
22
\n66
92
103
\u2013
\u2013
\u2013
66
92
103
\nAssumptions
\nThe principal financial assumptions used by the actuaries to determine the defined benefit obligations are:
\n2022
\n%
\n2021
\n%
\n2020
\n%
\nUK plan only:
\nPension increases
3.2
3.4
3.0
\nInflation rate
3.2
3.4
3.0
\nDiscount rate:
\nUK plan
5.0
1.8
1.4
\nUS plans
4.9
2.4
1.9
\nUS post-retirement plan
4.9
2.4
2.0
\nUS healthcare cost trend rate assumed for the next year:
\nPre-65 (ultimate rate reached in 2032)
6.9
6.2
6.4
\nPost-65 (ultimate rate reached in 2032)
7.3
6.5
6.8
\nUltimate rate that the cost rate trends to
4.5
4.5
4.5
\nMortality is the most significant demographic assumption. The current assumptions
for the UK are based on the S3PA \u2018light\u2019 year of birth
\ntables with projected mortality improvements using the CMI_2021 model and a 1.25% per annum long-term trend and a smoothing parameter
\n(\u2018s-kappa\u2019) of 7.5 with weightings of 95% and 88% for pensioners and 90% and 88% for non-pensioners, male and female respectively. In the
\nUS, the current assumptions use rates from the Pri-2012 Mortality Study and Generationally Projected with Scale MP
-2021 mortality tables.
\n207
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n26. Retirement benefits
continued
\nThe assumptions applied to the UK plan and US plans for life expectancy at retirement age are as follows:
\nUK
US
\n2022
\nyears
\n2021
\nyears
\n2020
\nyears
\n2022
\nyears
\n2021
\nyears
\n2020
\nyears
\nCurrent pensioners at 65
\na
\n\u2013 male
24
24
24
22
22
22
\n\u2013 female
26
26
26
23
23
23
\nFuture pensioners at 65
\nb
\n\u2013 male
25
25
25
23
23
23
\n\u2013 female
27
28
28
25
25
24
\na
\nRelates to assumptions based on longevity following retirement at the end of the reporting period.
\nb
\nRelates to assumptions based on longevity relating to an employee retiring in 2042.
\nThe assumptions allow for expected increases in longevity.
\nSensitivities
\nChanges in assumptions used for determining retirement bene
fit costs and obligations may have an impact on the Group income statement
\nand the Group statement of
financial position. The key assumptions are the discount rate, the rate o
f in
flation, the assumed mortality rate
\nand the healthcare costs trend rate. The sensitivity analysis below relates to the increase/(decrease) in the benefit obligation and is based
\non extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between
\nthe assumptions:
\n2022
\n$m
\n2021
\na
\n$m
\nDiscount rate
1% decrease
6.6
11.4
\n1% increase
(5.4)
(11.2)
\nInflation rate
0.25% decrease
(0.5)
(1.2)
\n0.25% increase
0.6
1.3
\nMortality rate
One-year increase
2.5
5.1
\nHealthcare costs trend rate
1% decrease
(0.8)
(1.2)
\n1% increase
0.8
1.3
\na
\n2021 sensitivities have been re-presented to show the e\ufb00ect of a 1% change in discount rate, consistent with 2022.
\nEstimated future bene
fit payments
\n2022
\n$m
\n2021
\n$m
\nWithin one year
5
5
\nBetween one and five years
20
21
\nMore than five years
89
96
\n114
122
\nAverage duration of pension obligations
\n2022
\nyears
\n2021
\nyears
\nUK plan
14.0
19.0
\nUS plans
7.6
9.0
\nUS post-retirement plan
8.0
9.4
\nOther pension plans
\nPhilippines
\nThe Group maintains a further, immaterial, pension plan for employees in the Philippines which is accounted for as a de
fined benefit plan.
\nAt 31 December 2022, the net retirement benefit asset was $2m (2021: $2m) comprising plan assets o
f $9m (2021: $9m) and a de
fined
\nbenefit obligation o
f $7m (2021: $7m). Plan assets comprise $6m (2021: $7m) domestic government securities, $2m (2021: $2m) domestic
\nequity investments and $1m (2021: $nil) money market funds.
\nContributions in the year were $1m (2021: $1m); the charge to the Group income statement was $1m and all other movements were less than
\n$1m (2021: less than $1m).
\nKey assumptions used in the valuation are the discount rate of 7.0% (2021: 5.0%) and the rate of salary increases of 6.0% (2021: 7.0% after 2022).
\nThe weighted average duration of liabilities is 11 years (2021: 13 years); estimated future bene
fit payments are less than $1m in all years.
\nDefined contribution plans
\nThe Group also operates a number of smaller pension plans outside the UK, the most signi
ficant o
f which is a de
fined contribution plan
\nin the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33164": {
"value": "27. Share\u2011based payments Annual Performance Plan
\nUnder the IHG Annual Performance Plan (\u2018APP\u2019), eligible employees (including Executive Directors) receive all or part of their bonus in
\nthe form of deferred shares and/or receive one-o\ufb00 awards of shares. Deferred shares in relation to bonus plans are released on the third
\nanniversary of the award date. Awards under the APP are conditional on the participants remaining in the employment of a participating
\ncompany or leaving for a qualifying reason as per the plan rules. The grant of deferred shares under the APP is at the discretion of the
\nRemuneration Committee.
\nThe number of shares is calculated by dividing a speci
fic percentage o
f the participant\u2019s annual performance-related award by the average
\nof the middle market quoted prices on the three consecutive business days following the announcement of the Group\u2019s results for the
\nrelevant financial year.
\nLong Term Incentive Plan
\nThe Long Term Incentive Plan (\u2018LTIP\u2019) allows Executive Directors and eligible employees to receive conditional share awards, which normally
\nhave a vesting period of three years. In addition, certain awards to Executive Directors are subject to a further two-year holding period
\nafter vesting.
\nPerformance-related awards:
Executive Directors and other eligible employees are granted share awards containing performance-based
\nvesting conditions set by the Remuneration Committee, which are normally measured over the vesting period.
\nRestricted stock units:
Awards to eligible employees are granted subject to continued employment.
\nAwards are normally made annually and, except in exceptional circumstances, will not exceed 3.5 times salary for eligible employees under
\nthe current plan rules.
\nColleague Share Plan
\nThe Colleague Share Plan gives eligible corporate employees the opportunity to purchase shares up to an annual limit. After the end of the
\nplan year, the participant will be awarded the right to receive one matching share for every purchased share (subject to continued employment).
\nIf the participant holds the purchased shares until the second anniversary of the end of the plan year, the conditional right to matching
\nshares vests.
\nThe total fair value of the Colleague Share Plan is not signi
ficant.
\nMore detailed information on the performance measures for awards to Executive Directors is shown in the Directors\u2019 Remuneration Report
\non pages 114 to 136.
\nCosts relating to share\u2011based payment transactions
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nEquity\u2011settled
\nOperating profit be
fore System Fund and exceptional items
28
26
19
\nSystem Fund
16
13
11
\n44
39
30
\nCash\u2011settled
\nOperating profit be
fore System Fund and exceptional items
2
2
2
\n46
41
32
\nNo consideration was received in respect of ordinary shares issued under option schemes during 2022, 2021 or 2020.
\nOption pricing models, assumptions and movements in awards outstanding
\nOption pricing models and assumptions
\nAPP
LTIP
\nBinomial valuation model
\nMonte Carlo Simulation, Binomial
\nand Finnerty valuation models
\n2022
2021
2020
2022
2021
2020
\nWeighted average share price (pence)
5,018.3
5,009.0
3,771.0
4,875.0
4,980.0
3,450.0
\nExpected dividend yield
2.29% to 2.67%
1.11%
1.48%
\nRisk-free interest rate
1.29%
0.09%
0.02%
\nVolatility
\na
\n35% to 45%
43%
33%
\nTerm (years)
1.7
1.5
3.0
3.0
3.0
3.0
\na
\nThe expected volatility was determined by calculating the historical volatility of the Company\u2019s share price corresponding to the expected life of the share award.
\n209
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\n27. Share\u2011based payments
continued
\nNumber of share awards (thousands)
\nAPP
LTIP
\nPerformance\u2011related
\nawards
\nRestricted stock
\nunits
\nOutstanding at 1 January 2020
496
695
1,275
\nGranted
138
383
696
\nVested
(188)
(179)
(413)
\nLapsed or cancelled
(33)
(85)
(137)
\nOutstanding at 31 December 2020
413
814
1,421
\nGranted
90
281
442
\nVested
(147)
(70)
(391)
\nLapsed or cancelled
(8)
(153)
(122)
\nOutstanding at 31 December 2021
348
872
1,350
\nGranted
236
323
706
\nVested
(254)
(23)
(391)
\nLapsed or cancelled
(9)
(239)
(90)
\nOutstanding at 31 December 2022
321
933
1,575
\nFair value of awards granted during the year (cents)
\n2022
6,180.2
3,770.0
5,656.4
\n2021
6,888.5
4,676.3
6,559.7
\n2020
4,965.9
2,473.5
4,397.5
\nWeighted average remaining contract life (years)
\nAt 31 December 2022
1.0
1.1
1.2
\nAt 31 December 2021
0.5
1.2
1.2
\nAt 31 December 2020
1.0
1.4
1.3
\nThe above awards do not vest until the performance and service conditions have been met.
\nThe weighted average share price at the date of exercise for share awards vested during the year was 4,950.5p (2021: 5,081.2p). The closing
\nshare price on 31 December 2022 was 4,744.0p (31 December 2021: 4,781.0p) and the range during the year was 4,193.0p to 5,338.0p
\n(2021: 4,399.0p to 5,336.0p).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33380": {
"value": "28. Equity Equity share capital
\nAllotted, called up and fully paid
\nNumber
\nof shares
\nmillions
\nNominal
\nvalue
\n$m
\nShare
\npremium
\n$m
\nEquity
\nshare
\ncapital
\n$m
\nAt 1 January 2020 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
52
99
151
\nExchange adjustments
\u2013
1
4
5
\nAt 31 December 2020 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
53
103
156
\nExchange adjustments
\u2013
\u2013
(2)
(2)
\nAt 31 December 2021 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
53
101
154
\nRepurchased and cancelled under share repurchase programme
(4)
(1)
\u2013
(1)
\nExchange adjustments
\u2013
(6)
(10)
(16)
\nAt 31 December 2022 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
183
46
91
137
\nUnder the authority given to the Company by shareholders at the AGM held on 6 May 2022 to purchase its own shares, on 9 August 2022
\nthe Company announced a $500m return of funds via a share repurchase programme. In the year ended 31 December 2022, 9.1m shares
\nwere repurchased for total consideration of $482m including $2m transaction costs, 4.5m are held as treasury shares and 4.6m were cancelled.
\nThe cost of treasury shares and related transaction costs have been deducted from retained earnings. A liability, re
flecting outstanding
\namounts payable under the repurchase plan and associated transaction costs, is recognised within current other payables (see note 19).
\nThe share repurchase programme was completed on 31 January 2023.
\nWhen approving shareholder returns in 2022 and 2023, the Board first reviewed the Parent Company Financial Statements to confirm
\navailability of su\ufb00icient distributable reserves.
\nThe authority to repurchase shares remains valid and, in February 2023, the Board approved a further $750m share buyback programme.
\nA resolution to renew the authority will be put to shareholders at the AGM on 5 May 2023.
\nThe Company no longer has an authorised share capital.
\n210
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
28. Equity
continued
\nShares held by employee share trusts
\nNumber of
\nshares
\nmillions
\nCarrying
\nvalue
\n$m
\nMarket
\nvalue
\n$m
\n31 December 2022
1.1
37.0
62.8
\n31 December 2021
0.9
21.7
57.3
\n31 December 2020
0.1
1.4
3.1
\nShares held by employee share trusts includes 0.2m shares held in a nominee account on behalf of participants.
\nTreasury shares
\nNumber of
\nshares
\nmillions
\nNominal
\nvalue
\n$m
\nAt 1 January 2020
5.7
1.6
\nTransferred to employee share trusts
(0.6)
(0.2)
\nAt 31 December 2020
5.1
1.4
\nTransferred to employee share trusts
(1.4)
(0.4)
\nAt 31 December 2021
3.7
1.0
\nTransferred to employee share trusts
(0.7)
(0.2)
\nRepurchased under share repurchase programme
4.5
1.1
\nAt 31 December 2022
7.5
1.9
\nCash flow hedge reserves
\nCash flow
\nhedge
\nreserve
\n$m
\nCost of
\nhedging
\nreserve
\n$m
\nTotal
\n$m
\nAt 1 January 2020
1
(7)
(6)
\nCosts of hedging deferred and recognised in other comprehensive income
\u2013
(6)
(6)
\nChange in fair value of currency swaps recognised in other comprehensive income
(1)
\u2013
(1)
\nReclassified
from other comprehensive income to pro
fit or loss \u2013 included in financial expenses
(13)
\u2013
(13)
\nDeferred tax
4
\u2013
4
\nExchange adjustments
(2)
\u2013
(2)
\nAt 31 December 2020
(11)
(13)
(24)
\nCosts of hedging deferred and recognised in other comprehensive income
\u2013
2
2
\nChange in fair value of currency swaps recognised in other comprehensive income
(62)
\u2013
(62)
\nReclassified
from other comprehensive income to pro
fit or loss \u2013 included in financial expenses
96
\u2013
96
\nDeferred tax
(7)
\u2013
(7)
\nAt 31 December 2021
16
(11)
5
\nCosts of hedging deferred and recognised in other comprehensive income
\u2013
3
3
\nChange in fair value of currency swaps recognised in other comprehensive income
33
\u2013
33
\nReclassified
from other comprehensive income to pro
fit or loss \u2013 included in financial expenses
(43)
\u2013
(43)
\nDeferred tax
2
\u2013
2
\nAt 31 December 2022
8
(8)
\u2013
\nAmounts reclassified
from other comprehensive income to
financial expenses comprise $14m (2021: $15m, 2020: $9m) net interest payable
\non the currency swaps and an exchange gain of $57m (2021: $81m loss, 2020: $22m gain) which o\ufb00sets a corresponding gain or loss on the
\nhedged bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33383": {
"value": "Equity share capital Allotted, called up and fully paid
\nNumber
\nof shares
\nmillions
\nNominal
\nvalue
\n$m
\nShare
\npremium
\n$m
\nEquity
\nshare
\ncapital
\n$m
\nAt 1 January 2020 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
52
99
151
\nExchange adjustments
\u2013
1
4
5
\nAt 31 December 2020 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
53
103
156
\nExchange adjustments
\u2013
\u2013
(2)
(2)
\nAt 31 December 2021 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
187
53
101
154
\nRepurchased and cancelled under share repurchase programme
(4)
(1)
\u2013
(1)
\nExchange adjustments
\u2013
(6)
(10)
(16)
\nAt 31 December 2022 (ordinary shares of 20
\n340
\n\u2044
\n399
\np each)
183
46
91
137",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33509": {
"value": "Treasury shares Number of
\nshares
\nmillions
\nNominal
\nvalue
\n$m
\nAt 1 January 2020
5.7
1.6
\nTransferred to employee share trusts
(0.6)
(0.2)
\nAt 31 December 2020
5.1
1.4
\nTransferred to employee share trusts
(1.4)
(0.4)
\nAt 31 December 2021
3.7
1.0
\nTransferred to employee share trusts
(0.7)
(0.2)
\nRepurchased under share repurchase programme
4.5
1.1
\nAt 31 December 2022
7.5
1.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33634": {
"value": "29. Capital and other commitments 2022
\n$m
\n2021
\n$m
\nContracts placed for expenditure not provided in the Group Financial Statements
\nProperty, plant and equipment
5
13
\nIntangible assets
1
4
\n6
17
\nThe Group has also committed to invest a further $6m (2021: $6m) in one of its associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33668": {
"value": "30. Contingencies and guarantees 2022 criminal unauthorised access to technology systems
\nOn 6 September 2022, the Group announced that parts of the Group\u2019s technology systems had been subject to unauthorised activity
\ncausing disruption to IHG\u2019s booking channels and other applications. No evidence of unauthorised access to systems storing guest data
\nwas identified and precautionary regulatory notifications were filed and have been closed.
\nA class action has been filed, although alleged damages have not been specified. Given the uncertainty around the timing o
f the legal
\nprocess and the quantum of any damages, it is not practicable to make a reliable estimate of the possible
financial e\ufb00ect o
f any claims
\non the Group at this time.
\nThe Group holds third-party insurance policies in respect of cyber risks and reinsures $5m through the Captive. This is fully provided for
\nin the Group\u2019s insurance reserves (see note 20). It is expected that any payment of claims above the Captive\u2019s exposure will be recoverable
\nunder insurance policies, subject to specific agreement with the insurance providers.
\nLitigation
\nFrom time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties
\ninherent in litigation. These legal claims and proceedings are in various stages and include disputes related to specific hotels where the
\npotential materiality is not yet known; such proceedings, either individually or in the aggregate, have not in the recent past and are not likely
\nto have a material e\ufb00ect on the Group\u2019s financial position or profitability. In 2022, in the EMEAA region, one such dispute has been
found
\nin the Group\u2019s favour with no liability arising; a provision has been recorded against a further matter in the EMEAA region which includes
\na number of uncertainties (see note 6). Other contingent liabilities previously reported have been resolved or are considered remote.
\nThe Group has also given warranties in respect of the disposal of certain of its former subsidiaries. It is the view of the Directors that, other
\nthan to the extent that liabilities have been provided for in these Group Financial Statements (see note 20), it is not possible to quantify any
\nloss to which these proceedings or claims under these warranties may give rise, however, as at the date of reporting, the Group does not
\nbelieve that the outcome of these matters will have a material e\ufb00ect on the Group\u2019s
financial position.
\nThird\u2011party bank loans
\nAt 31 December 2022, there were guarantees of up to $50m in place (2021: $69m). The likelihood of a payment under any of the guarantees
\nis currently considered to be not probable. The largest guarantee is $21m and the underlying loan matures in 2029. Should the Group fund
\nany amount under the guarantee, there is a cross-indemnity that the Group would seek to pursue for the other parties\u2019 share.
\nOther
\nAt 31 December 2022, the Group had outstanding letters of credit of $55m (2021: $45m) mainly relating to the Group\u2019s Captive. The letters
\nof credit do not have set expiry dates, but are reviewed and amended as required.
\nIn 2020, the Group made business insurance claims in relation to a small number of owned, leased and managed properties relating to the
\nimpact of Covid-19. These claims are ongoing and although $6m has been recognised in other operating income in the current year, it is not
\ncurrently possible to determine the final amounts which may ultimately be recovered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33721": {
"value": "31. Related party disclosures Key management personnel
\nTotal compensation
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nShort-term employment benefits
18.7
19.3
10.5
\nContributions to defined contribution pension plans
0.5
0.5
0.3
\nEquity compensation benefits
\na
\n13.4
8.1
2.3
\n32.6
27.9
13.1
\na
\nAs measured in accordance with IFRS 2 \u2018Share-based Payment\u2019.
\nThere were no other transactions with key management personnel, defined as the Board and Executive Committee, during the years ended
\n31 December 2022, 2021 or 2020.
\nAssociates and joint ventures
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nFee revenue
9
3
1
\nAmounts receivable
10
11
11
\nAmounts payable
\u2013
\u2013
(4)
\nThe Group has a performance guarantee with a maximum exposure remaining of $10m (2021: $10m) for one associate. In 2021, the Group
\nhad an outstanding guarantee of $12m against the bank loan of another associate (see note 30).
\nThe Group funds shortfalls in owner returns relating to the Barclay associate (see note 16). In addition, loans both to and from the Barclay
\nassociate of $237m (2021: $237m) are o\ufb00set in accordance with the provisions of IAS 32 \u2018Financial Instruments: Presentation\u2019 and presented
\nnet in the Group statement of
financial position. Interest payable and receivable under the loans is equivalent. The loans have an average
\ninterest rate of 2.7% (2021: 0.9%) and interest is presented net in the Group income statement. Notes 6 and 15 contain details of other
\ntransactions with the Barclay associate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33724": {
"value": "Key management personnel Total compensation
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nShort-term employment benefits
18.7
19.3
10.5
\nContributions to defined contribution pension plans
0.5
0.5
0.3
\nEquity compensation benefits
\na
\n13.4
8.1
2.3
\n32.6
27.9
13.1
\na
\nAs measured in accordance with IFRS 2 \u2018Share-based Payment\u2019.
\nThere were no other transactions with key management personnel, defined as the Board and Executive Committee, during the years ended
\n31 December 2022, 2021 or 2020.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33783": {
"value": "32. System Fund System Fund revenues comprise:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nAssessment fees and contributions received from hotels and other revenues
989
727
490
\nLoyalty programme revenues, net of the cost of point redemptions
228
201
275
\n1,217
928
765
\nSystem Fund expenses include:
\n2022
\n$m
\n2021
\n$m
\n2020
\n$m
\nMarketing
408
147
109
\nSta\ufb00 costs (note 4)
341
304
242
\nDepreciation and amortisation
86
94
62
\nImpairment loss/(reversal) on trade receivables (note 17)
7
(6)
24
\nOther net impairment (reversals)/charges
\u2013
(3)
41",
"dimensions": {
"concept": "ihg:DisclosureOfSystemFundExplanatoryTextBlock",
"language": "en",
"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33848": {
"value": "33. Group companies In accordance with Section 409 of the Companies Act 2006, a full list of entities in which the Group has an interest of greater than or equal
\nto 20%, the registered o\ufb00ice and e
\ufb00ective percentage of equity owned as at 31 December 2022 are disclosed below. Unless otherwise stated,
\nthe ownership interest disclosed comprises either ordinary shares, certificated or un-certificated membership interests which are indirectly
\nheld by InterContinental Hotels Group PLC.
\nFully owned subsidiaries
\n10000 Champion Acquisition LLC (k)
\n24th Street Operator Sub, LLC (k)
\n36th Street IHG Sub, LLC (k)
\n426 Main Ave, LLC (k)
\n46 Nevins Street Associates, LLC (k)
\n2250 Blake Street Hotel, LLC (k)
\nAlpha Kimball Hotel, LLC (k)
\nAsia Pacific Holdings Limited (n)
\nBarclay Operating Corp. (cj)
\nBHMC Canada Inc. (o)
\nBHR Holdings B.V. (p)
\nBHR Pacific Holdings, Inc. (k)
\nBHTC Canada Inc. (o)
\nBlythswood Square Glasgow Hotel OpCo Ltd. (n)
\nBOC Barclay Sub, LLC (cj)
\nBristol Oakbrook Tenant Company (k)
\nCambridge Lodging, LLC (k)
\nCapital Lodging, LLC (k)
\nCECNY Land Holdings, LLC (k)
\nCF Irving Owner, LLC (k)
\nCF McKinney Owner, LLC (k)
\nCompa\u00f1ia Inter-Continental De Hoteles
\nEl Salvador SA (n)
\nCrowne Plaza, LLC (k)
\nCumberland Akers Hotel, LLC (k)
\nDunwoody Operations, LLC (k)
\nEdinburgh George Street Hotel OpCo Ltd. (n)
\nEdinburgh IC Limited (cr)
\nEVEN Real Estate Holding, LLC (k)
\nGeneral Innkeeping Acceptance Corporation (b) (l)
\nGrand Central Glasgow Hotel OpCo Limited (n)
\nGuangzhou SC Hotels Services Ltd. (t)
\nHawthorne Land Holdings LLC (k)
\nH.I. Soaltee Management Company Ltd. (ac)
\nHC International Holdings, Inc. (w)
\nHH France Holdings SAS (x)
\nHH Hotels (EMEA) B.V. (p)
\nHH Hotels (Romania) SRL (y)
\nHIM (Aruba) NV (z)
\nHoft Properties, LLC (k)
\nHoliday Hospitality Franchising, LLC (k)
\nHoliday Inn Mexicana S.A. de C.V. (ab)
\nHoliday Inns (China) Ltd. (ac)
\nHoliday Inns (Courtalin) Holding SAS (x)
\nHoliday Inns (Courtalin) SAS (x)
\nHoliday Inns (England) Limited (cy) (dissolved on 2
\nFeburary 2023)
\nHoliday Inns (Germany), LLC (l)
\nHoliday Inns (Jamaica) Inc. (l)
\nHoliday Inns (Middle East) Limited (ac)
\nHoliday Inns (Philippines), Inc. (l)
\nHoliday Inns (Saudi Arabia), Inc. (l)
\nHoliday Inns (Thailand) Limited (ac)
\nHoliday Inns (UK), Inc. (l)
\nHoliday Inns Crowne Plaza (Hong Kong), Inc. (l)
\nHoliday Inns Holdings (Australia) Pty Limited (aa)
\nHoliday Inns Inc. (k)
\nHoliday Inns Investment (Nepal) Limited (ac)
\nHoliday Inns of America (UK) Limited (cb)
\nHoliday Inns of Belgium N.V. (ad)
\nHoliday Pacific Equity Corporation (k)
\nHoliday Pacific, LLC (k)
\nHoliday Pacific Partners, LP (k)
\nHotel InterContinental London (Holdings) Limited (n)
\nHotel Inter-Continental London Limited (n)
\nHoteles Y Turismo HIH SRL (n)
\nIC Hotelbetriebsf\u00fchrungs GmbH (ae)
\nIC Hotels Management (Portugal) Unipessoal, Lda (af)
\nIC International Hotels Limited Liability Company (ag)
\nIHC Arabia for Management, LLC (u)
\nIHC Buckhead, LLC (ci)
\nIHC Hopkins (Holdings) Corp. (k)
\nIHC Hotel Limited (n)
\nIHC Inter-Continental (Holdings) Corp. (k)
\nIHC London (Holdings) (n)
\nIHC May Fair (Holdings) Limited (cb)
\nIHC May Fair Hotel Limited (n)
\nIHC M-H (Holdings) Corp. (k)
\nIHC Overseas (U.K.) Limited (n)
\nIHC United States (Holdings) Corp. (b) (k)
\nIHC Willard (Holdings) Corp. (k)
\nIHG (Marseille) SAS (x)
\nIHG (Myanmar) Limited (ah)
\nIHG (Thailand) Limited (bu)
\nIHG Amsterdam Management BV (p)
\nIHG Bangkok Ltd. (v)
\nIHG Brasil Administracao de Hoteis e Servicos
\nLtd (ak)
\nIHG Commissions Services SRL (co)
\nIHG de Argentina SA (al)
\nIHG ECS (Barbados) SRL (co)
\nIHG Franchising Brasil Ltda. (bd)
\nIHG Franchising DR Corporation (k)
\nIHG Franchising, LLC (k)
\nIHG Hotels (New Zealand) Limited (an)
\nIHG Hotels Limited (n)
\nIHG Hotels Management (Australia)
\nPty Limited (b) (aa)
\nIHG Hotels Nigeria Limited (ao)
\nIHG Hotels South Africa (Pty) Limited (ap)
\nIHG International Partnership (n)
\nIHG Istanbul Otel Y\u00f6netim Limited Sirketi (bx)
\nIHG Japan (Management), LLC (ar)
\nIHG Japan (Osaka), LLC (ar)
\nIHG Management (Maryland), LLC (as)
\nIHG Management (Netherlands) B.V. (p)
\nIHG Management d.o.o. Beograd (cc)
\nIHG Management MD Barclay Sub, LLC (cj)
\nIHG Management SL d.o.o. (bo)
\nIHG Mexico Operaciones SA de CV (ab)
\nIHG Middle East Management Consultancies LLC (br)
\nIHG Peru SRL (cf)
\nIHG PS Nominees Limited (n)
\nIHG Sermex SA de CV (ab)
\nIHG Systems Pty Ltd. (b) (aa)
\nIHG Szalloda Budapest Szolgaltato Kft. (at)
\nIHG Technology Solutions, LLC (k)
\nInterContinental Berlin Service Company GmbH (au)
\nInterContinental (Branston) 1 Limited (c) (cy)
\nInterContinental (PB) 1 (n)
\nInterContinental (PB) 3 Limited (n)
\nIntercontinental D.C. Operating Corp. (k)
\nInter-Continental Florida Investment Corp. (k)
\nInter-Continental Florida Partner Corp. (k)
\nInterContinental Gestion Hotelera SLU (by)
\nIntercontinental Hospitality Corporation (k)
\nInterContinental Hotel Berlin GmbH (au)
\nInter-Continental Hoteleira Limitada (aw)
\nInter-Continental Hotels (Montreal)
\nOperating Corp. (ax)
\nInter-Continental Hotels (Montreal) Owning Corp. (ax)
\nInterContinental Hotels (Puerto Rico) Inc. (az)
\nInter-Continental Hotels (Singapore) Pte. Ltd. (ai)
\nInter-Continental Hotels Corporation (k)
\nIntercontinental Hotels Corporation de
\nVenezuela C.A. (ba)
\nIntercontinental Hotels Corporation Limited (b) (m)
\nInterContinental Hotels Group (Asia Pacific)
\nPte Ltd. (ai)
\nInterContinental Hotels Group (Australia)
\nPty Limited (aa)
\nInterContinental Hotels Group (Canada) Inc. (o)
\nInterContinental Hotels Group (Espa\u00f1a) SAU (by)
\nInterContinental Hotels Group (Greater China)
\nLimited (ac)
\nInterContinental Hotels Group (India) Pvt. Ltd. (aq)
\nInterContinental Hotels Group (Japan) Inc. (l)
\nInterContinental Hotels Group (New Zealand)
\nLimited (an)
\nInterContinental Hotels Group (Shanghai) Ltd. (bb)
\nInterContinental Hotels Group (Vietnam) Company
\nLimited (q)
\nInterContinental Hotels Group Customer Services
\nLimited (n)
\nInterContinental Hotels Group do Brasil Limitada (bc)
\nInterContinental Hotels Group Healthcare Trustee
\nLimited (n)
\nInterContinental Hotels Group Operating Corp. (e) (k)
\nInterContinental Hotels Group Resources, LLC (b) (k)
\nInterContinental Hotels Group Services Company (n)
\nInterContinental Hotels Italia, S.r.L. (be)
\nInterContinental Hotels Limited (a) (n)
\nInterContinental Hotels Management GmbH (bf)
\nInterContinental Hotels Management Montenegro
\nd.o.o. (ce)
\nInterContinental Hotels Nevada Corporation (ck)
\nInterContinental Hotels of San Francisco Inc. (k)
\nIntercontinental IOHC (Mauritius) Limited (bg)
\nInterContinental Management AM, LLC (cm)
\nInterContinental Management Bulgaria EOOD (bp)
\nInterContinental Management France SAS (x)
\nInterContinental Management Poland sp. Z.o.o (cn)
\nInterContinental Overseas Holdings, LLC (k)
\nKG Benefits, LLC (aj)
\nKG Gift Card Inc. (aj)
\nKG Liability, LLC (k)
\nKG Technology, LLC (k)
\nKHRG 851, LLC (k)
\nKHRG Aertson, LLC (k)
\nKHRG Allegro, LLC (k)
\nKHRG Argyle, LLC (k)
\nKHRG Atlanta Midtown, LLC (k)
\nKHRG Austin Beverage Company, LLC (k)
\nKHRG Baltimore, LLC (k)
\nKHRG Born, LLC (k)
\nKHRG Boston Hotel, LLC (k)
\nKHRG Bozeman, LLC (k)
\nKHRG Buckhead, LLC (k)
\nKHRG Canary, LLC (k)
\nKHRG Cayman, LLC (k)
\nKHRG Cayman Employer Ltd. (k)
\nKHRG Dallas, LLC (k)
\nKHRG Dallas Beverage Company, LLC (k)
\nKHRG Employer, LLC (k)
\nKHRG Charlottesville LLC (k)
\nKHRG Goleta, LLC (k)
\nKHRG Gray, LLC (k)
\nKHRG Gray U2, LLC (k)
\nKHRG Huntington Beach, LLC (k)
\nKHRG Key West, LLC (k)
\nKHRG King Street, LLC (k)
\nKHRG La Peer, LLC (k)
\nKHRG Miami Beach, LLC (k)
\nKHRG Muse, LLC (k)
\nKHRG New Orleans, LLC (k)
\nKHRG NPC, LLC (k)
\nKHRG Palladian, LLC (k)
\nKHRG Palomar Phoenix, LLC (k)
\nKHRG Philly Monaco, LLC (k)
\nKHRG Pittsburgh, LLC (k)
\nKHRG Porsche Drive, LLC (k)
\nKHRG Reynolds, LLC (k)
\n214
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
33. Group companies
continued
\nFully owned subsidiaries
continued
\nKHRG Riverplace, LLC (k)
\nKHRG Sacramento, LLC (k)
\nKHRG Schofield, LLC (k)
\nKHRG SFD, LLC (k)
\nKHRG SF Wharf, LLC (k)
\nKHRG SF Wharf U2, LLC (k)
\nKHRG South Beach, LLC (k)
\nKHRG State Street, LLC (k)
\nKHRG Sutter, LLC (k)
\nKHRG Sutter Union, LLC (k)
\nKHRG Taconic, LLC (k)
\nKHRG Tari\ufb00, LLC (k)
\nKHRG Texas Hospitality, LLC (k)
\nKHRG Texas Operations, LLC (k)
\nKHRG Tryon, LLC (k)
\nKHRG Vero Beach, LLC (k)
\nKHRG Vintage Park, LLC (k)
\nKHRG VZ Austin, LLC (k)
\nKHRG Wabash, LLC (k)
\nKHRG Westwood, LLC (k)
\nKHRG Wilshire, LLC (k)
\nKimpton Hollywood Licenses, LLC (k)
\nKimpton Hotel & Restaurant Group, LLC (k)
\nKimpton Hotel Frankfurt GmbH (bf)
\nKimpton Phoenix Licenses Holdings, LLC (k)
\nLouisiana Acquisitions Corp. (k)
\nLuxury Resorts and Spas (France) SAS (ct)
\nManchester Oxford Street Hotel OpCo Limited (n)
\nMercer Fairview Holdings, LLC (k)
\nMet Leeds Hotel OpCo Limited (n)
\nMH Lodging, LLC (k)
\nOxford Spires Hotel OpCo Limited (n)
\nOxford Thames Hotel OpCo Limited (n)
\nPML Services, LLC (as)
\nPollstrong Limited (n)
\nPowell Pine, Inc. (k)
\nPriscilla Holiday of Texas, Inc. (cl)
\nPT Regent Indonesia (bh)
\nPT SC Hotels & Resorts Indonesia (bh)
\nRaison d\u2019Etre Holdings (BVI) Limited (v)
\nRaison d\u2019Etre Services (BVI) Limited (v)
\nRaison d\u2019Etre Spas, Sweden AB (db)
\nRegent Asia Pacific Hotel Management Ltd. (bw)
\nRegent Asia Pacific Management Ltd. (cp)
\nRegent Berlin GmbH (cq)
\nRegent International Hotels Ltd (bw)
\nResort Services International (Cayo Largo) L.P. (ci)
\nRoxburghe Hotel Edinburgh OpCo Limited (n)
\nRussell London Hotel OpCo Limited (n)
\nSBS Maryland Beverage Company, LLC (as)
\nSC Hotels International Services, Inc. (k)
\nSC Leisure Group Limited (n)
\nSC NAS 2 Limited (n)
\nSC Quest Limited (n)
\nSC Reservations (Philippines) Inc. (l)
\nSCH Insurance Company (bi)
\nSemiramis for training of Hotel Personnel
\nand Hotels Management SAE (ch)
\nSF MH Acquisition, LLC (k)
\nSix Continents Holdings Limited (n)
\nSix Continents Hotels de Colombia SA (bj)
\nSix Continents Hotels International Limited (n)
\nSix Continents Hotels, Inc. (k)
\nSix Continents International Holdings B.V. (p)
\nSix Continents Investments Limited (f) (n)
\nSix Continents Limited (n)
\nSix Continents Overseas Holdings Limited (n)
\nSix Continents Restaurants Limited (cy)
\nSixCo North America, Inc (w)
\nSix Senses Americas IP, LLC (k)
\nSix Senses North America Management, LLC (k)
\nSLC Sustainable Luxury Cyprus Limited (cs)
\nSPHC Management Ltd. (bq)
\nSt David\u2019s Cardi\ufb00 Hotel OpCo Limited (n)
\nSustainable Luxury Holdings (BVI) Limited (v)
\nSustainable Luxury Lanka Pvt. Ltd (cv)
\nSustainable Luxury Maldives Private Limited (cw)
\nSustainable Luxury Mauritius Limited (cx)
\nSustainable Luxury Services (BVI) Limited (v)
\nSustainable Luxury Singapore Private Limited (ai)
\nSustainable Luxury UK Limited (n)
\nThe Grand Central Hotel Glasgow Limited (n)
\nThe Met Hotel Leeds Limited (n)
\nThe Principal Edinburgh George Street Limited (n)
\nThe Principal London Limited (n)
\nThe Principal Manchester Limited (n)
\nThe Principal York Limited (n)
\nThe Roxburghe Hotel Edinburgh Limited (s)
\nWhite Shield Company Limited (bk)
\nWotton House Hotel OpCo Limited (n)
\nWY BLL Owner, LLC (k)
\nYork Station Road Hotel OpCo Limited (n)
\nSubsidiaries where the e\ufb00ective interest
\nis less than 100%
\nIHG ANA Hotels Group Japan LLC (74.66%) (ar)
\nIHG ANA Hotels Holdings Co., Ltd. (66%) (ar)
\nRegent Hospitality Worldwide, Inc. (51%) (bt)
\nSustainable Luxury Holding (Thailand)
\nLimited (49%) (c) (j) (cu)
\nSustainable Luxury Hospitality (Thailand)
\nLimited (73.99%) (c) (j) (cu)
\nSustainable Luxury Management (Thailand)
\nLimited (73.99%) (c) (j) (cu)
\nSustainable Luxury Operations (Thailand)
\nLtd. (99.99%) (j) (cu)
\nUniversal de Hoteles SA (99.99%) (j) (bj)
\nWorld Trade Centre Montreal Hotel
\nCorporation (74.11%) (bl)
\nAssociates, joint ventures and other
\n111 East 48th Street Holdings LLC (19.9%) (g) (h) (k)
\nAlkoer, Sociedad de Responsabilidad Limitada de
\nCapital Variable (50%) (h) (cg)
\nBeijing Orient Express Hotel Co., Ltd. (16.25%) (bm)
\nBlue Blood (Tianjin) Equity Investment
\nManagement Co., Limited (30.05%) (bn)
\nCarr Clark SWW Subventure, LLC (26.67%) (g) (ca)
\nCarr Waterfront Hotel, LLC (11.46%) (g) (h) (ca)
\nChina Hotel Investment Limited (30.05%) (i) (am)
\nDesarrollo Alkoer Irapuato S. de R.L. de C.V.
\n(50%) (cg)
\nDesarrollo Alkoer Saltillo S. de R.L. de C.V.
\n(50%) (cg)
\nDesarrollo Alkoer Silao S. de R.L. de C.V. (50%) (cg)
\nEDG Alpharetta EH, LLC (0%) (d) (h) (r)
\nGestion Hotelera Gestel, C.A. (50%) (c) (h) (ba)
\nGroups360, LLC (10.60%) (h) (da)
\nInter-Continental Hotels Saudi Arabia
\nLimited (40%) (bs)
\nNF III Seattle, LLC (25%) (g) (r)
\nNF III Seattle Op Co, LLC (25%) (g) (r)
\nNuevas Fronteras S.A. (23.66%) (cd)
\nPresident Hotel & Tower Co Ltd. (30%) (bu)
\nShanghai Yuhuan Industrial Development Co.,
\nLtd. (1%) (da)
\nSustainable Luxury Gravity Global Private
\nLimited (51%) (h) (bz)
\nSURF-Samui Pte. Ltd. (49%) (ay)
\nTianjin ICBCI IHG Equity Investment Fund
\nManagement Co., Limited (21.04%) (bv)
\nKey
\n(a)
Directly owned by InterContinental
\nHotels Group PLC
\n(b)
Ordinary shares and preference shares
\n(c)
Ordinary A and ordinary B shares
\n(d)
8% cumulative preference shares
\n(e)
\u00bc vote ordinary shares and
\nordinary shares
\n(f)
Ordinary shares, 5% cumulative
\npreference shares and 7% cumulative
\npreference shares
\n(g)
The entities do not have share capital
\nand are governed by an operating
\nagreement
\n(h)
Accounted for as associates and joint
\nventures due to IHG\u2019s decision-making
\nrights contained in the partnership
\nagreement
\n(i)
Accounted for as an other
financial
\nasset due to IHG being unable to
\nexercise significant influence over the
\nfinancial and operating policy
\ndecisions of the entity
\n(j)
Minority interest relates to one or more
\nindividual shareholders who are
\nemployed or were previously employed
\nby the entity
\n215
IHG
| Annual Report and Form 20-F 2022
Notes to the Group Financial Statements
\nGroup Financial Statements
Notes to the Group Financial Statements
continued
\nRegistered addresses
\n(k)
3411 Silverside Road, Tatnall Building #104,
\nWilmington, DE 19810, USA
\n(l)
205 Powell Place, 37027 Brentwood,
\nTN 37027, USA
\n(m)
Clarendon House, 2 Church Street, Hamilton
\nHM11, Bermuda
\n(n)
Broadwater Park, Denham,
\nBuckinghamhamshire, UB9 5RH, UK
\n\u2013 on 1 January 2023 all entities with this
\ncorresponding mailing address changed
\naddress to 1 Windsor Dials, Arthur Road,
\nWindsor, Berkshire, SL4 1RS, UK
\n(o)
333 Bay Street, Suite 400, Toronto M5H 2R2,
\nOntario, Canada
\n(p)
Kingsfordweg 151, 1043 GR Amsterdam,
\nThe Netherlands
\n(q)
Room No. 38, Floor 16, Saigon Tower
\nBuilding, No. 29 Le Duan Street, Ben Nghe
\nWard, District I, Ho Chi Minh City, Vietnam
\n(r)
The Corporation Trust Centre, 1209 Orange
\nStreet, Wilmington, DE 19801, USA
\n(s)
Caledonian Exchange, 19a Canning Street,
\nEdinburgh, EH3 8HE, UK
\n(t)
Building 4, No 13 Xiao Gang Zhong Ma Road,
\nZhuhai District, Guangzhou, Guangdong,
\nP.R. China
\n(u)
Level 6, Akaria Plaza, North Wing, Gate D,
\nOlaya Street, PO Box 93228, Riyadh 1148,
\nSaudi Arabia
\n(v)
Flemming House, Wickhams Cay, P.O. Box
\n662, Road Town, Tortola VG1110, British
\nVirgin Islands
\n(w)
Wilmington Trust SP Services, Inc. 1105
\nNorth Market Street, Suite 1300, Wilmington,
\nDE 19801, USA
\n(x)
31-33 rue Mogador, 75009 Paris, France
\n(y)
Bucharest 011015, 1st District, 50-52 Buzesti
\nSt, 83 module, 11 floor, Romania
\n(z)
230 J E Irausquin Boulevard, 11025 Palm
\nBeach, Aruba
\n(aa)
Level 11, 20 Bond Street, Sydney NSW 2000,
\nAustralia
\n(ab)
Ontario # 1050, Col. Providencia,
\nGuadalajara, Jalisco CP44630, Mexico
\n(ac)
5/F, Manulife Place, 348 Kwung Tong Road,
\nKowloon, Hong Kong
\n(ad)
Rond-Point Robert Schuman 11, 1040
\nBrussels, Belgium
\n(ae)
QBC 4 \u2013 Am Belvedere 4, 1100, Vienna, Austria
\n(af)
Avenida da Republica, no 52 \u2013 9, 1069 \u2013 211,
\nLisbon, Portugal
\n(ag)
Room 60, Section 11 Floor 3 Premises I,
\nBuilding 1, House 125, Varshavskoye shosse
\nStr, Vn.Ter.G. Municipal District Severnoye
\nChertanovo, Moscow City, 117587, Russia
\n(ah)
No. 84, Pan Haliain Street, Unit #1, Level 8,
\nUniteam Marine O\ufb00ice Building, Sanchuang
\nTownship, Yangon, Myanmar
\n(ai)
230 Victoria Street, #13-00 Bugis Junction
\nTowers, 188024, Singapore
\n(aj)
4640 Admiralty Way, 5th Floor, Marina del
\nRey, CA 90292, USA
\n(ak)
Alameda Jau 536, Suite 3S-E, 01420-000
\nSao Paulo, Brasil
\n(al)
Avenida Cordoba 1547, piso 8, oficina A,
\n1055 Buenos Aires, Argentina
\n(am)
The Phoenix Centre, George Street, Belleville
\nSt. Michael, Barbados
\n(an)
Level 10, 55 Shortland Street, Auckland
\nCentral, Auckland 1010, New Zealand
\n(ao)
1, Murtala Muhammed Drive, Ikoyi, Lagos,
\nNigeria
\n(ap)
Central O\ufb00ice Park Unit 4, 257 Jean Avenue,
\nCenturion 0157, South Africa
\n(aq)
11th Floor, Building No. 10, Tower C, DLF
\nPhase-II, DLF Cyber City, Gurgaon,
\nHaryana-122002, India
\n(ar)
20th Floor, Toranomon Kotoshira Tower, 2-8,
\nToranomon 1-chom, Minato-ku, 105
-0001,
\nTokyo, Japan
\n(as)
2 Wisconsin Circle #700, Chevy Chase, MD,
\n20815, USA
\n(at)
1052 Budapest, Ap\u00e1czai Csere J\u00e1nus u.
\n12-14A, Hungary
\n(au)
Budapester Str. 2, 10787 Berlin, Germany
\n(av)
Grevgatan 13, 11453 Stockholm, Sweden
\n(aw)
Alameda Jau 536, Suite 3S-E, 01420-000
\nS\u00e3o Paulo, Brazil
\n(ax)
1980 P\u00e9rodeau Street, Vaudreuil-Dorion,
\nJ7V 8P7, Quebec, Canada
\n(ay)
168 Robinson Road, #16-01 SIF Building,
\n068899, Singapore
\n(az)
361 San Francisco Street Penthouse, San Juan,
\nPR 00901, Puerto Rico
\n(ba)
Hotel Tamanaco Inter-Continental, Final Av.
\nPpal, Mercedes, Caracas, Venezuela
\n(bb)
22nd Floor, Citigroup Tower, No. 33
\nHuayanshiqiao Road, Pudong, 200120,
\nShanghai, P.R. China
\n(bc)
Alameda Jau 536, Suite 3S-C, 01420-000
\nS\u00e3o Paulo, Brazil
\n(bd)
Alameda Jau 536, Suite 3S-D, 01420-000
\nS\u00e3o Paulo, Brazil
\n(be)
Viale Monte Nero n.84, 20135 Milano, Italy
\n(bf)
Thurn-und-Taxis-Platz 6 \u2013 60313 Frankfurt
\nam Main, Germany
\n(bg)
Juris Tax Services Ltd. Level 12, NeX Teracom
\nTower II, Ebene, Mauritius
\n(bh)
Menara Imperium 22nd Floor, Suite D, JI.
\nHR. Rasuna Said Kav.1, Guntur Sub-district,
\nSetiabudi District, South Jakarta 12980,
\nIndonesia
\n(bi)
Primmer Piper Eggleston & Cramer PC,
\n30 Main St., Suite 500, P.O. Box 1489,
\nBurlington, VT 05402-1489, USA
\n(bj)
Calle 49, Sur 45 A 300, Oficina 1102, 055422
\nEnvigado, Antioquia, Colombia
\n(bk)
21 Engineer Lane, Gibraltar, GX11 1AA,
\nGibraltar
\n(bl)
Suite 2500, 1000 de La Gauchetiere St.
\nWest, Montreal C H3B OA2, Canada
\n(bm)
Room 311, Building 1, No. 6 East Wen Hua
\nYuan Road, Beijing Economy and
\nTechnology Development Zone, Beijing,
\nP.R. China
\n(bn)
Room N306, 3rd Floor, Building 6, Binhai
\nFinancial Street, No. 52 West Xincheng Road,
\nTianjin Economy and Technology
\nDevelopment Zone, Tianjin, P.R. China
\n(bo)
Cesta v Mestni log 1, 1000 Ljubljana, Slovenia
\n(bp)
37A Professor Fridtjof Nansen Street,
\n5th Floor, District Sredets, Sofia, 1142, Bulgaria
\n(bq)
C/o Holiday Inn & Suites, Cnr Waigani Drive
\n& Wards Road, Port Moresby, National
\nCapital District, Papua New Guinea
\n(br)
Suite 2201, Festival Tower, Dubai Festival
\nCity, Al Rebbat St., P.O. Box 58191, Dubai,
\nUnited Arab Emirates
\n(bs)
Madinah Road, Jeddah, P.O Box 9456,
\nPost Code 21413, Jeddah, Saudi Arabia
\n(bt)
Maples Corporate Services Ltd. \u2013 PO Box
\n309, Ugland House, Grand Cayman \u2013
\nKY-1104, Cayman Islands
\n(bu)
971, 973 Ploenchit Road, Lumpini,
\nPathumwan, Bangkok 10330, Thailand
\n(bv)
Room R316, 3rd Floor, Building 6, Binhai
\nFinancial Street, No. 52 West Xincheng Road,
\nTianjin Economy and Technology
\nDevelopment Zone, Tianjin, P.R. China
\n(bw)
14th Floor, South China Building,
\n1-3 Wyndham Street, Hong Kong, SAR
\n(bx)
Eski B\u00fcy\u00fckdere Cd. Park Plaza No:14 K:4
\nMaslak \u2013 Sar\u0131yer, 34398, Istanbul, Turkey
\n(by)
Paseo de Recoletos 37 \u2013 41, 28004 Madrid,
\nSpain
\n(bz)
B-11515 Bhikaj Cama Place, New Delhi, South
\nDelhi, 110066 India
\n(ca)
Carr Hospitality, LLC, 1455 Pennsylvania
\nAvenue, NW, Suite 100, Washington,
\nDC 20004, USA
\n(cb)
Two Snowhill, Snow Hill, Queensway,
\nBirmingham, B4 6GA, UK
\n(cc)
Krunska 73, Beograd, 11000, Serbia
\n(cd)
Moreno 809 2 Piso, C1091AAQ Buenos Aires,
\nArgentina
\n(ce)
Bulevar Svetog Petra Cetinjskog 149 \u2013 81000
\nPodgorica, Montenegro
\n(cf)
Bernard Monteagudo 201, 15076, Lima, Peru
\n(cg)
Avenida Ejercito Nacional Mexicano No. 769,
\nTorre B Piso 8, Granada, Miguel Hidalgo,
\nCiudad de Mexico, CP 11520, Mexico
\n(ch)
Ground Floor, Al Kamel Law Building, Plot
\n52-b, Banks Area, Six of October City, Egypt
\n(ci)
2985 Gordy Parkway, 1st Floor, Marietta,
\nGA 30066, USA
\n(cj)
600 Mamaroneck Avenue #400, 10528
\nHarrison, NY 10528, USA
\n(ck)
8275 South Eastern Avenue #200, Las Vegas,
\nNV 89123, USA
\n(cl)
5444 Westheimer #1000, Houston, TX 77056,
\nUSA
\n(cm)
23/6 D, Anhaght Str., Yerevan, 0069, Armenia
\n(cn)
Generation Park Z \u2013 ul. Towarowa 28, 00-839
\nWarsaw, Poland
\n(co)
Suite 1, Ground Floor, The Financial Services
\nCentre, Bishops Court Hill, St. Michael,
\nBB14004, Barbados
\n(cp)
Brumby Centre, Lot 42, Jalan Muhibbah,
\n87000 Labuan F.T., Malaysia
\n(cq)
Charlottenstrasse 49, 10117 Berlin, Germany
\n(cr)
C/O BDO LLP, 4 Atlantic Quay, 70 York
\nStreet, Glasgow, G2 8JX, UK
\n(cs)
ATS Services Limited, Capital Center,
\n9th Floor, 2-4 Arch, Makarios III Ave., 1065
\nNicosia, Cyprus
\n(ct)
95 Blvd. Berthier, 75017 Paris, France
\n(cu)
57, 9th Floor, Park Ventures Ecoplex, Unit
\n902-904, Wireless Road, Limpini, Pathum
\nWan Bangkok 103330, Thailand
\n(cv)
Shop No. L3-6, Amity Building, No. 125,
\nHigh Level Road, Maharagama, Colombo,
\nSri Lanka
\n(cw)
Premier Chambers, M. Lux Lodge, 1st Floor,
\nOrchid Magu, Male, Republic of Maldives
\n(cx)
Venture Corporate Services (Mauritius) Ltd,
\nLevel 3, Tower 1, Nexteracom Towers,
\nCybercity, Ebene, Mauritius
\n(cy)
5 Temple Square, Temple Street, Liverpool,
\nL2 5RH, UK
\n(cz)
1st Floor, No. 68, Zhupan Road, Zhuqiao
\nTown, Pudong New Area,
\nShanghai, P.R. China
\n(da)
251 Little Falls Drive, Suite 400, Wilmington,
\nNew Castle County, DE 19808, USA",
"dimensions": {
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},
"f33856": {
"value": "Fully owned subsidiaries 10000 Champion Acquisition LLC (k)
\n24th Street Operator Sub, LLC (k)
\n36th Street IHG Sub, LLC (k)
\n426 Main Ave, LLC (k)
\n46 Nevins Street Associates, LLC (k)
\n2250 Blake Street Hotel, LLC (k)
\nAlpha Kimball Hotel, LLC (k)
\nAsia Pacific Holdings Limited (n)
\nBarclay Operating Corp. (cj)
\nBHMC Canada Inc. (o)
\nBHR Holdings B.V. (p)
\nBHR Pacific Holdings, Inc. (k)
\nBHTC Canada Inc. (o)
\nBlythswood Square Glasgow Hotel OpCo Ltd. (n)
\nBOC Barclay Sub, LLC (cj)
\nBristol Oakbrook Tenant Company (k)
\nCambridge Lodging, LLC (k)
\nCapital Lodging, LLC (k)
\nCECNY Land Holdings, LLC (k)
\nCF Irving Owner, LLC (k)
\nCF McKinney Owner, LLC (k)
\nCompa\u00f1ia Inter-Continental De Hoteles
\nEl Salvador SA (n)
\nCrowne Plaza, LLC (k)
\nCumberland Akers Hotel, LLC (k)
\nDunwoody Operations, LLC (k)
\nEdinburgh George Street Hotel OpCo Ltd. (n)
\nEdinburgh IC Limited (cr)
\nEVEN Real Estate Holding, LLC (k)
\nGeneral Innkeeping Acceptance Corporation (b) (l)
\nGrand Central Glasgow Hotel OpCo Limited (n)
\nGuangzhou SC Hotels Services Ltd. (t)
\nHawthorne Land Holdings LLC (k)
\nH.I. Soaltee Management Company Ltd. (ac)
\nHC International Holdings, Inc. (w)
\nHH France Holdings SAS (x)
\nHH Hotels (EMEA) B.V. (p)
\nHH Hotels (Romania) SRL (y)
\nHIM (Aruba) NV (z)
\nHoft Properties, LLC (k)
\nHoliday Hospitality Franchising, LLC (k)
\nHoliday Inn Mexicana S.A. de C.V. (ab)
\nHoliday Inns (China) Ltd. (ac)
\nHoliday Inns (Courtalin) Holding SAS (x)
\nHoliday Inns (Courtalin) SAS (x)
\nHoliday Inns (England) Limited (cy) (dissolved on 2
\nFeburary 2023)
\nHoliday Inns (Germany), LLC (l)
\nHoliday Inns (Jamaica) Inc. (l)
\nHoliday Inns (Middle East) Limited (ac)
\nHoliday Inns (Philippines), Inc. (l)
\nHoliday Inns (Saudi Arabia), Inc. (l)
\nHoliday Inns (Thailand) Limited (ac)
\nHoliday Inns (UK), Inc. (l)
\nHoliday Inns Crowne Plaza (Hong Kong), Inc. (l)
\nHoliday Inns Holdings (Australia) Pty Limited (aa)
\nHoliday Inns Inc. (k)
\nHoliday Inns Investment (Nepal) Limited (ac)
\nHoliday Inns of America (UK) Limited (cb)
\nHoliday Inns of Belgium N.V. (ad)
\nHoliday Pacific Equity Corporation (k)
\nHoliday Pacific, LLC (k)
\nHoliday Pacific Partners, LP (k)
\nHotel InterContinental London (Holdings) Limited (n)
\nHotel Inter-Continental London Limited (n)
\nHoteles Y Turismo HIH SRL (n)
\nIC Hotelbetriebsf\u00fchrungs GmbH (ae)
\nIC Hotels Management (Portugal) Unipessoal, Lda (af)
\nIC International Hotels Limited Liability Company (ag)
\nIHC Arabia for Management, LLC (u)
\nIHC Buckhead, LLC (ci)
\nIHC Hopkins (Holdings) Corp. (k)
\nIHC Hotel Limited (n)
\nIHC Inter-Continental (Holdings) Corp. (k)
\nIHC London (Holdings) (n)
\nIHC May Fair (Holdings) Limited (cb)
\nIHC May Fair Hotel Limited (n)
\nIHC M-H (Holdings) Corp. (k)
\nIHC Overseas (U.K.) Limited (n)
\nIHC United States (Holdings) Corp. (b) (k)
\nIHC Willard (Holdings) Corp. (k)
\nIHG (Marseille) SAS (x)
\nIHG (Myanmar) Limited (ah)
\nIHG (Thailand) Limited (bu)
\nIHG Amsterdam Management BV (p)
\nIHG Bangkok Ltd. (v)
\nIHG Brasil Administracao de Hoteis e Servicos
\nLtd (ak)
\nIHG Commissions Services SRL (co)
\nIHG de Argentina SA (al)
\nIHG ECS (Barbados) SRL (co)
\nIHG Franchising Brasil Ltda. (bd)
\nIHG Franchising DR Corporation (k)
\nIHG Franchising, LLC (k)
\nIHG Hotels (New Zealand) Limited (an)
\nIHG Hotels Limited (n)
\nIHG Hotels Management (Australia)
\nPty Limited (b) (aa)
\nIHG Hotels Nigeria Limited (ao)
\nIHG Hotels South Africa (Pty) Limited (ap)
\nIHG International Partnership (n)
\nIHG Istanbul Otel Y\u00f6netim Limited Sirketi (bx)
\nIHG Japan (Management), LLC (ar)
\nIHG Japan (Osaka), LLC (ar)
\nIHG Management (Maryland), LLC (as)
\nIHG Management (Netherlands) B.V. (p)
\nIHG Management d.o.o. Beograd (cc)
\nIHG Management MD Barclay Sub, LLC (cj)
\nIHG Management SL d.o.o. (bo)
\nIHG Mexico Operaciones SA de CV (ab)
\nIHG Middle East Management Consultancies LLC (br)
\nIHG Peru SRL (cf)
\nIHG PS Nominees Limited (n)
\nIHG Sermex SA de CV (ab)
\nIHG Systems Pty Ltd. (b) (aa)
\nIHG Szalloda Budapest Szolgaltato Kft. (at)
\nIHG Technology Solutions, LLC (k)
\nInterContinental Berlin Service Company GmbH (au)
\nInterContinental (Branston) 1 Limited (c) (cy)
\nInterContinental (PB) 1 (n)
\nInterContinental (PB) 3 Limited (n)
\nIntercontinental D.C. Operating Corp. (k)
\nInter-Continental Florida Investment Corp. (k)
\nInter-Continental Florida Partner Corp. (k)
\nInterContinental Gestion Hotelera SLU (by)
\nIntercontinental Hospitality Corporation (k)
\nInterContinental Hotel Berlin GmbH (au)
\nInter-Continental Hoteleira Limitada (aw)
\nInter-Continental Hotels (Montreal)
\nOperating Corp. (ax)
\nInter-Continental Hotels (Montreal) Owning Corp. (ax)
\nInterContinental Hotels (Puerto Rico) Inc. (az)
\nInter-Continental Hotels (Singapore) Pte. Ltd. (ai)
\nInter-Continental Hotels Corporation (k)
\nIntercontinental Hotels Corporation de
\nVenezuela C.A. (ba)
\nIntercontinental Hotels Corporation Limited (b) (m)
\nInterContinental Hotels Group (Asia Pacific)
\nPte Ltd. (ai)
\nInterContinental Hotels Group (Australia)
\nPty Limited (aa)
\nInterContinental Hotels Group (Canada) Inc. (o)
\nInterContinental Hotels Group (Espa\u00f1a) SAU (by)
\nInterContinental Hotels Group (Greater China)
\nLimited (ac)
\nInterContinental Hotels Group (India) Pvt. Ltd. (aq)
\nInterContinental Hotels Group (Japan) Inc. (l)
\nInterContinental Hotels Group (New Zealand)
\nLimited (an)
\nInterContinental Hotels Group (Shanghai) Ltd. (bb)
\nInterContinental Hotels Group (Vietnam) Company
\nLimited (q)
\nInterContinental Hotels Group Customer Services
\nLimited (n)
\nInterContinental Hotels Group do Brasil Limitada (bc)
\nInterContinental Hotels Group Healthcare Trustee
\nLimited (n)
\nInterContinental Hotels Group Operating Corp. (e) (k)
\nInterContinental Hotels Group Resources, LLC (b) (k)
\nInterContinental Hotels Group Services Company (n)
\nInterContinental Hotels Italia, S.r.L. (be)
\nInterContinental Hotels Limited (a) (n)
\nInterContinental Hotels Management GmbH (bf)
\nInterContinental Hotels Management Montenegro
\nd.o.o. (ce)
\nInterContinental Hotels Nevada Corporation (ck)
\nInterContinental Hotels of San Francisco Inc. (k)
\nIntercontinental IOHC (Mauritius) Limited (bg)
\nInterContinental Management AM, LLC (cm)
\nInterContinental Management Bulgaria EOOD (bp)
\nInterContinental Management France SAS (x)
\nInterContinental Management Poland sp. Z.o.o (cn)
\nInterContinental Overseas Holdings, LLC (k)
\nKG Benefits, LLC (aj)
\nKG Gift Card Inc. (aj)
\nKG Liability, LLC (k)
\nKG Technology, LLC (k)
\nKHRG 851, LLC (k)
\nKHRG Aertson, LLC (k)
\nKHRG Allegro, LLC (k)
\nKHRG Argyle, LLC (k)
\nKHRG Atlanta Midtown, LLC (k)
\nKHRG Austin Beverage Company, LLC (k)
\nKHRG Baltimore, LLC (k)
\nKHRG Born, LLC (k)
\nKHRG Boston Hotel, LLC (k)
\nKHRG Bozeman, LLC (k)
\nKHRG Buckhead, LLC (k)
\nKHRG Canary, LLC (k)
\nKHRG Cayman, LLC (k)
\nKHRG Cayman Employer Ltd. (k)
\nKHRG Dallas, LLC (k)
\nKHRG Dallas Beverage Company, LLC (k)
\nKHRG Employer, LLC (k)
\nKHRG Charlottesville LLC (k)
\nKHRG Goleta, LLC (k)
\nKHRG Gray, LLC (k)
\nKHRG Gray U2, LLC (k)
\nKHRG Huntington Beach, LLC (k)
\nKHRG Key West, LLC (k)
\nKHRG King Street, LLC (k)
\nKHRG La Peer, LLC (k)
\nKHRG Miami Beach, LLC (k)
\nKHRG Muse, LLC (k)
\nKHRG New Orleans, LLC (k)
\nKHRG NPC, LLC (k)
\nKHRG Palladian, LLC (k)
\nKHRG Palomar Phoenix, LLC (k)
\nKHRG Philly Monaco, LLC (k)
\nKHRG Pittsburgh, LLC (k)
\nKHRG Porsche Drive, LLC (k)
\nKHRG Reynolds, LLC (k)
\n214
IHG
| Annual Report and Form 20-F 2022
\nGroup Financial Statements
33. Group companies
continued
\nFully owned subsidiaries
continued
\nKHRG Riverplace, LLC (k)
\nKHRG Sacramento, LLC (k)
\nKHRG Schofield, LLC (k)
\nKHRG SFD, LLC (k)
\nKHRG SF Wharf, LLC (k)
\nKHRG SF Wharf U2, LLC (k)
\nKHRG South Beach, LLC (k)
\nKHRG State Street, LLC (k)
\nKHRG Sutter, LLC (k)
\nKHRG Sutter Union, LLC (k)
\nKHRG Taconic, LLC (k)
\nKHRG Tari\ufb00, LLC (k)
\nKHRG Texas Hospitality, LLC (k)
\nKHRG Texas Operations, LLC (k)
\nKHRG Tryon, LLC (k)
\nKHRG Vero Beach, LLC (k)
\nKHRG Vintage Park, LLC (k)
\nKHRG VZ Austin, LLC (k)
\nKHRG Wabash, LLC (k)
\nKHRG Westwood, LLC (k)
\nKHRG Wilshire, LLC (k)
\nKimpton Hollywood Licenses, LLC (k)
\nKimpton Hotel & Restaurant Group, LLC (k)
\nKimpton Hotel Frankfurt GmbH (bf)
\nKimpton Phoenix Licenses Holdings, LLC (k)
\nLouisiana Acquisitions Corp. (k)
\nLuxury Resorts and Spas (France) SAS (ct)
\nManchester Oxford Street Hotel OpCo Limited (n)
\nMercer Fairview Holdings, LLC (k)
\nMet Leeds Hotel OpCo Limited (n)
\nMH Lodging, LLC (k)
\nOxford Spires Hotel OpCo Limited (n)
\nOxford Thames Hotel OpCo Limited (n)
\nPML Services, LLC (as)
\nPollstrong Limited (n)
\nPowell Pine, Inc. (k)
\nPriscilla Holiday of Texas, Inc. (cl)
\nPT Regent Indonesia (bh)
\nPT SC Hotels & Resorts Indonesia (bh)
\nRaison d\u2019Etre Holdings (BVI) Limited (v)
\nRaison d\u2019Etre Services (BVI) Limited (v)
\nRaison d\u2019Etre Spas, Sweden AB (db)
\nRegent Asia Pacific Hotel Management Ltd. (bw)
\nRegent Asia Pacific Management Ltd. (cp)
\nRegent Berlin GmbH (cq)
\nRegent International Hotels Ltd (bw)
\nResort Services International (Cayo Largo) L.P. (ci)
\nRoxburghe Hotel Edinburgh OpCo Limited (n)
\nRussell London Hotel OpCo Limited (n)
\nSBS Maryland Beverage Company, LLC (as)
\nSC Hotels International Services, Inc. (k)
\nSC Leisure Group Limited (n)
\nSC NAS 2 Limited (n)
\nSC Quest Limited (n)
\nSC Reservations (Philippines) Inc. (l)
\nSCH Insurance Company (bi)
\nSemiramis for training of Hotel Personnel
\nand Hotels Management SAE (ch)
\nSF MH Acquisition, LLC (k)
\nSix Continents Holdings Limited (n)
\nSix Continents Hotels de Colombia SA (bj)
\nSix Continents Hotels International Limited (n)
\nSix Continents Hotels, Inc. (k)
\nSix Continents International Holdings B.V. (p)
\nSix Continents Investments Limited (f) (n)
\nSix Continents Limited (n)
\nSix Continents Overseas Holdings Limited (n)
\nSix Continents Restaurants Limited (cy)
\nSixCo North America, Inc (w)
\nSix Senses Americas IP, LLC (k)
\nSix Senses North America Management, LLC (k)
\nSLC Sustainable Luxury Cyprus Limited (cs)
\nSPHC Management Ltd. (bq)
\nSt David\u2019s Cardi\ufb00 Hotel OpCo Limited (n)
\nSustainable Luxury Holdings (BVI) Limited (v)
\nSustainable Luxury Lanka Pvt. Ltd (cv)
\nSustainable Luxury Maldives Private Limited (cw)
\nSustainable Luxury Mauritius Limited (cx)
\nSustainable Luxury Services (BVI) Limited (v)
\nSustainable Luxury Singapore Private Limited (ai)
\nSustainable Luxury UK Limited (n)
\nThe Grand Central Hotel Glasgow Limited (n)
\nThe Met Hotel Leeds Limited (n)
\nThe Principal Edinburgh George Street Limited (n)
\nThe Principal London Limited (n)
\nThe Principal Manchester Limited (n)
\nThe Principal York Limited (n)
\nThe Roxburghe Hotel Edinburgh Limited (s)
\nWhite Shield Company Limited (bk)
\nWotton House Hotel OpCo Limited (n)
\nWY BLL Owner, LLC (k)
\nYork Station Road Hotel OpCo Limited (n)
\nSubsidiaries where the e\ufb00ective interest
\nis less than 100%
\nIHG ANA Hotels Group Japan LLC (74.66%) (ar)
\nIHG ANA Hotels Holdings Co., Ltd. (66%) (ar)
\nRegent Hospitality Worldwide, Inc. (51%) (bt)
\nSustainable Luxury Holding (Thailand)
\nLimited (49%) (c) (j) (cu)
\nSustainable Luxury Hospitality (Thailand)
\nLimited (73.99%) (c) (j) (cu)
\nSustainable Luxury Management (Thailand)
\nLimited (73.99%) (c) (j) (cu)
\nSustainable Luxury Operations (Thailand)
\nLtd. (99.99%) (j) (cu)
\nUniversal de Hoteles SA (99.99%) (j) (bj)
\nWorld Trade Centre Montreal Hotel
\nCorporation (74.11%) (bl)",
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"entity": "scheme:2138007ZFQYRUSLU3J98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f34303": {
"value": "1 Windsor Dials, Arthur Road, Windsor, Berkshire, SL4 1RS, UK",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
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}