SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 20-F/A
Amendment No. 1
(Mark One)
☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or
☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2017
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 1-10409
InterContinental Hotels Group PLC
(Exact name of registrant as specified in its charter)
England and Wales
(Jurisdiction of incorporation or organization)
Broadwater Park,
Denham, Buckinghamshire UB9 5HR
(Address of principal executive offices)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class |
Name of each exchange on which registered | |
American Depositary Shares Ordinary Shares of 19 17/21 pence each |
New York Stock Exchange New York Stock Exchange* |
* Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual report:
Ordinary Shares of 19 17/21 pence each | 189,990,180 |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☑ No ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days: Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Emerging growth company | ☐ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
US GAAP ☐ |
International Reporting Standards as issued by the International Standards Accounting Board ☑ |
Other ☐ |
If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes ☐ No ☑
(Applicable only to Issuers involved in bankruptcy proceedings during the past five years).
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
☐ Yes ☐No
Explanatory Note
This Amendment No. 1 to the Annual Report on Form 20-F of InterContinental Hotels Group PLC (IHG) amends IHGs Annual Report on Form 20-F for the year ended December 31, 2017 (the Original 20-F), which was filed with the Securities and Exchange Commission on March 1, 2018. IHG is filing this Amendment No. 1 solely to furnish Exhibit 101, which was not included in the Original 20-F. Exhibit 101 includes information in eXtensible Business Reporting Language (XBRL).
Except as described above, this Amendment No. 1 does not amend any information set forth in the Original 20-F, and IHG has not updated disclosures included therein to reflect any events that occurred subsequent to March 1, 2018.
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and are otherwise not subject to liability under those sections.
PART III
ITEM 19. EXHIBITS
The following is a list of exhibits filed as part of this Amendment No. 1 to IHGs Annual Report on Form 20-F:
101.INS* XBRL Instance Document
101.SCH* XBRL Taxonomy Extension Schema Document
101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* XBRL Taxonomy Extension Label Linkbase Document
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document
* | In accordance with Rule 406T(b)(2) of Regulation S-T, this eXtensible Business Reporting Language (XBRL) information is furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
SIGNATURE
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the Annual Report on Form 20-F on its behalf.
INTERCONTINENTAL HOTELS GROUP PLC | ||||
(Registrant) | ||||
By: | /s/ Paul Edgecliffe-Johnson | |||
| ||||
Name: Paul Edgecliffe-Johnson | ||||
Title: Chief Financial Officer |
Date: March 8, 2018
Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | FY |
Trading Symbol | IHG |
Entity Registrant Name | INTERCONTINENTAL HOTELS GROUP PLC /NEW/ |
Entity Central Index Key | 0000858446 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 189,990,180 |
Group statement of comprehensive income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statement of comprehensive income [abstract] | |||
Gains on valuation of available-for-sale financial assets, net of related tax charge | $ (3) | $ 0 | $ 0 |
Exchange (losses)/gains on retranslation of foreign operations, net of related tax credit | 1 | (3) | (1) |
Re-measurement (losses)/gains on defined benefit plans, related tax credit/(charge) | $ 0 | $ 4 | $ (4) |
Accounting policies |
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Accounting policies | Accounting policies
General information This document constitutes the Annual Report and Financial Statements in accordance with UK Listing Rules requirements and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934. The Consolidated Financial Statements of InterContinental Hotels Group PLC (the Group or IHG) for the year ended 31 December 2017 were authorised for issue in accordance with a resolution of the Directors on 19 February 2018. InterContinental Hotels Group PLC (the Company) is incorporated and domiciled in Great Britain and registered in England and Wales. Significant accounting policies Basis of preparation The Consolidated Financial Statements of IHG have been prepared on a going concern basis and under the historical cost convention, except for available-for-sale equity securities and derivatives which are measured at fair value. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as issued by the IASB and in accordance with IFRS as adopted by the European Union (EU) and as applied in accordance with the provisions of the Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB. However, the differences have no impact on the Consolidated Financial Statements for the years presented. With effect from 1 January 2017, the Group has adopted:
Presentational currency The Consolidated Financial Statements are presented in millions of US dollars reflecting the profile of the Group’s revenue and operating profit which are primarily generated in US dollars or US dollar-linked currencies. In the Consolidated Financial Statements, equity share capital, the capital redemption reserve and shares held by employee share trusts are translated into US dollars at the rates of exchange on the last day of the period; the resultant exchange differences are recorded in other reserves. The functional currency of the Parent Company is sterling since this is a non-trading holding company located in the United Kingdom that has sterling denominated share capital and whose primary activity is the payment and receipt of sterling dividends and of interest on sterling denominated external borrowings and inter-company balances.
Basis of consolidation The Consolidated Financial Statements comprise the Financial Statements of the Parent Company and entities controlled by the Group. Control exists when the Group has:
All intra-group balances and transactions are eliminated on consolidation. The assets, liabilities and results of those businesses acquired or disposed of are consolidated for the period during which they were under the Group’s control. The Group operates a deferred compensation plan in the US which allows certain employees to make additional provision for retirement, through the deferral of salary with matching company contributions. Employees can draw down on the plan in certain limited circumstances during employment. The assets of the plan are held in a company-owned trust which is not consolidated as the relevant activity of the trust, being the investment of the funds in the trust, is directed by the participating employees of the plan and the company has no exposure to the gains and losses resulting from those investment decisions. The assets of the trust are held solely for the benefit of the participating employees and to pay plan expenses, other than in the case of a company insolvency in which case they can be claimed by the general creditors of the company. At 31 December 2017, the trust had assets with a fair value of $197m (2016: $161m). Foreign currencies Transactions in foreign currencies are translated to functional currency at the exchange rates ruling on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated to the functional currency at the relevant rates of exchange ruling on the last day of the period. Foreign exchange differences arising on translation are recognised in the income statement except on foreign currency borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to the currency translation reserve until the disposal of the net investment, at which time they are recycled against the gain or loss on disposal. The assets and liabilities of foreign operations, including goodwill, are translated into US dollars at the relevant rates of exchange ruling on the last day of the period. The revenues and expenses of foreign operations are translated into US dollars at average rates of exchange for the period. The exchange differences arising on retranslation are taken directly to the currency translation reserve. On disposal of a foreign operation, the cumulative amount recognised in the currency translation reserve relating to that particular foreign operation is recycled against the gain or loss on disposal. Property, plant and equipment Property, plant and equipment are stated at cost less depreciation and any impairment. Repairs and maintenance costs are expensed as incurred. Land is not depreciated. All other property, plant and equipment are depreciated to a residual value over their estimated useful lives, namely:
All depreciation is charged on a straight-line basis. Residual value is re-assessed annually. Property, plant and equipment are tested for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Assets that do not generate independent cash flows are combined into cash-generating units. If carrying values exceed their estimated recoverable amount, the assets or cash-generating units are written down to the recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses, and any subsequent reversals, are recognised in the income statement. On adoption of IFRS, the Group retained previous revaluations of property, plant and equipment which are included at deemed cost as permitted by IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’. Business combinations and goodwill On the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. Contingent liabilities assumed are measured at fair value unless this cannot be measured reliably, in which case they are not recognised but are disclosed in the same manner as other contingent liabilities. The measurement of deferred tax assets and liabilities arising on acquisition is as described in the general principles detailed within the ‘Taxes’ accounting policy note on page 98 with the exception that no deferred tax is provided on taxable temporary differences in connection with the initial recognition of goodwill. Goodwill is recorded at cost, being the difference between the fair value of the consideration and the fair value of net assets acquired. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses and is not amortised. Goodwill is tested for impairment at least annually by comparing carrying values of cash-generating units with their recoverable amounts. Impairment losses relating to goodwill cannot be subsequently reversed. Transaction costs are expensed and are not included in the cost of acquisition.
Intangible assets Brands Externally acquired brands are initially recorded at cost if separately acquired or fair value if acquired as part of a business combination, provided the brands are controlled through contractual or other legal rights, or are separable from the rest of the business, and the fair value can be reliably measured. Brands are amortised over their estimated useful lives (and tested for impairment if there are indicators of impairment) or tested for impairment at least annually if determined to have indefinite lives. The costs of developing internally generated brands are expensed as incurred. Management contracts Management contracts acquired as part of a business combination are initially recorded at the fair value attributed to those contracts on acquisition. When hotel assets are sold and a purchaser enters into a franchise or management contract with the Group, the Group capitalises as part of the gain or loss on disposal an estimate of the fair value of the contract entered into. The value of management contracts is amortised on a straight-line basis over the life of the contract including any extension periods at IHG’s option up to a maximum of 50 years. Software Acquired and internally developed software are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs are generally amortised over estimated useful lives of three to five years on a straight-line basis. Internally generated development costs are expensed unless forecast revenues exceed attributable forecast development costs, in which case they are capitalised and amortised over the estimated useful life of the asset. Other intangible assets Amounts paid to hotel owners to secure management contracts and franchise agreements are capitalised and amortised on a straight-line basis over their estimated useful lives, being the full contractual term, up to a maximum of 50 years. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but is not control or joint control over those policies. A joint venture exists when two or more parties have joint control over, and rights to the net assets of, the venture. Joint control is the contractually agreed sharing of control which only exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates and joint ventures are accounted for using the equity method unless the associate or joint venture is classified as held for sale. Under the equity method, the Group’s investment is recorded at cost adjusted by the Group’s share of post-acquisition profits and losses and other movements in the investee’s reserves. When the Group’s share of losses exceeds its interest in an associate or joint venture, the Group’s carrying amount is reduced to $nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. If there is objective evidence that an associate or joint venture is impaired, an impairment charge is recognised if the carrying amount of the investment exceeds its recoverable amount. Upon loss of significant influence over an associate or joint control of a joint venture, any retained investment is measured at fair value with any difference to carrying value recognised in the income statement. Financial assets The Group classifies its financial assets into one of the two following categories: loans and receivables or available-for-sale financial assets. Management determines the classification of financial assets on initial recognition and they are subsequently held at amortised cost (loans and receivables) or fair value (available-for-sale financial assets). Interest on loans and receivables is calculated using the effective interest rate method and is recognised in the income statement as interest income. Changes in fair values of available-for-sale financial assets are recorded directly in equity within the unrealised gains and losses reserve. On disposal, the accumulated fair value adjustments recognised in equity are recycled to the income statement. Dividends from available-for-sale financial assets are recognised in the income statement as other operating income and expenses. Financial assets are assessed for impairment at each period-end date. In the case of an equity investment classified as available-for-sale, a significant or prolonged decline in fair value below cost is evidence that the asset is impaired. If an available-for-sale financial asset is impaired, the difference between original cost and fair value is transferred from equity to the income statement to the extent of any cumulative loss recorded in equity, with any excess charged directly to the income statement. Subsequent impairment reversals relating to previously impaired equity instruments are recorded in equity. Trade receivables Trade receivables are recorded at their original amount less provision for impairment. It is the Group’s policy to provide for 100% of the previous month’s aged receivables balances which are more than 180 days past due. Adjustments to the policy may be made due to specific or exceptional circumstances. The carrying amount of the receivable is reduced through the use of a provision account and movements in the provision are recognised in the income statement within cost of sales. When a previously provided trade receivable is uncollectable, it is written off against the provision. Cash and cash equivalents Cash comprises cash in hand and demand deposits. Cash equivalents are short-term highly liquid investments with an original maturity of three months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. In the statement of cash flows, cash and cash equivalents are shown net of short-term overdrafts which are repayable on demand and form an integral part of the Group’s cash management. Assets held for sale Assets and liabilities are classified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is highly probable and expected to complete within one year. For a sale to be highly probable, management need to be committed to a plan to sell the asset and the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value. Assets designated as held for sale are held at the lower of carrying amount at designation and fair value less costs to sell. Depreciation is not charged against property, plant and equipment classified as held for sale. Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset and the net amount is reported in the Group statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liabilities simultaneously. To meet these criteria, the right of set-off must not be contingent on a future event and must be legally enforceable in all of the following circumstances: the normal course of business, the event of default and the event of insolvency or bankruptcy of the Group and all of the counterparties. Bank and other borrowings Bank and other borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. They are subsequently measured at amortised cost. Finance charges, including the transaction costs and any discount or premium on issue, are recognised in the income statement using the effective interest rate method. Borrowings are classified as non-current when the repayment date is more than 12 months from the period-end date or where they are drawn on a facility with more than 12 months to expiry. Derivative financial instruments and hedging Derivatives are initially recognised and subsequently re-measured at fair value. The method of recognising the re-measurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income and the unrealised gains and losses reserve to the extent that the hedges are effective. When the hedged item is recognised, the cumulative gains and losses on the related hedging instrument are reclassified to the income statement. Changes in the fair value of derivatives designated as net investment hedges are recorded in other comprehensive income and the currency translation reserve to the extent that the hedges are effective. The cumulative gains and losses remain in equity until a foreign operation is sold, at which point they are reclassified to the income statement. Changes in the fair value of derivatives which have either not been designated as hedging instruments or relate to the ineffective portion of hedges are recognised immediately in the income statement. Documentation outlining the measurement and effectiveness of any hedging arrangement is maintained throughout the life of the hedge relationship. Interest arising from currency derivatives and interest rate swaps is recorded in either financial income or expenses over the term of the agreement, unless the accounting treatment for the hedging relationship requires the interest to be taken to reserves. Self insurance Liabilities in respect of self insured risks include projected settlements for known and incurred but not reported claims. Projected settlements are estimated based on historical trends and actuarial data. Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that a payment will be made and a reliable estimate of the amount payable can be made. If the effect of the time value of money is material, the provision is discounted using a currentpre-tax discount rate that reflects the risks specific to the liability. An onerous contract provision is recognised when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. In respect of litigation, provision is made when management consider it probable that payment may occur even though the defence of the related claim may still be ongoing through the court process. Taxes Current tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities, including interest. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period.
Deferred tax Deferred tax assets and liabilities are recognised in respect of temporary differences between the tax base and carrying value of assets and liabilities including accelerated capital allowances, unrelieved tax losses, unremitted profits from subsidiaries, gains rolled over into replacement assets, gains on previously revalued properties and other short-term temporary differences. Judgement is used when assessing the extent to which deferred tax assets, particularly in respect of tax losses, should be recognised. Deferred tax assets are therefore recognised to the extent that it is regarded as probable that there will be sufficient and suitable taxable profits (including the future release of deferred tax liabilities) in the relevant legal entity or tax group against which such assets can be utilised in the future. For this purpose, forecasts of future taxable profits are considered by assessing the Group’s forecast revenue and profit models, taking into account future growth predictions and operating cost assumptions. Accordingly, changes in assumptions to the Group’s forecasts may have an impact on the amount of future taxable profits and therefore the period over which any deferred tax assets might be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Where deferred tax assets and liabilities arise in the same entity or group of entities and there would be a legal right to offset the assets and liabilities were they to reverse, the assets and liabilities are also offset on the Group statement of financial position. Similarly, if there is no legal right to offset assets against liabilities, the assets and liabilities are not offset. Retirement benefits Defined contribution plans Payments to defined contribution schemes are charged to the income statement as they fall due. Defined benefit plans Plan assets are measured at fair value and plan liabilities are measured on an actuarial basis, using the projected unit credit method and discounting at an interest rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The difference between the value of plan assets and liabilities at the period-end date is the amount of surplus or deficit recorded in the statement of financial position as an asset or liability. An asset is recognised when the employer has an unconditional right to use the surplus at some point during the life of the plan or on its wind-up. The service cost of providing pension benefits to employees, together with the net interest expense or income for the year, is charged to the income statement within ‘administrative expenses’. Net interest is calculated by applying the discount rate to the net defined benefit asset or liability, after any asset restriction. Past service costs and gains, which are the change in the present value of the defined benefit obligation for employee service in prior periods resulting from plan amendments, are recognised immediately the plan amendment occurs. Settlement gains and losses, being the difference between the settlement cost and the present value of the defined benefit obligations being settled, are recognised when the settlement occurs. Re-measurements comprise actuarial gains and losses, the return on plan assets (excluding amounts included in net interest) and changes in the amount of any asset restrictions. Actuarial gains and losses may result from: differences between the actuarial assumptions underlying the plan liabilities and actual experience during the year or changes in the actuarial assumptions used in the valuation of the plan liabilities. Re-measurement gains and losses, and taxation thereon, are recognised in other comprehensive income and are not reclassified to profit or loss in subsequent periods. Actuarial valuations are carried out on a regular basis and are updated for material transactions and other material changes in circumstances (including changes in market prices and interest rates) up to the end of the reporting period. Revenue recognition Revenue arises from the sale of goods and provision of services where these activities give rise to economic benefits received and receivable by the Group on its own account and result in increases in equity. Revenue is derived from the following sources: franchise fees; management fees; owned and leased properties and other revenues which are ancillary to the Group’s operations, including technology fee income. Revenue is recorded (excluding VAT and similar taxes) net of discounts. The following is a description of the composition of revenues of the Group. Franchise fees Received in connection with the licence of the Group’s brand names, usually under long-term contracts with the hotel owner. The Group charges franchise royalty fees as a percentage of hotel rooms revenue and recognises the fees as the hotel revenues occur. Management fees Earned from hotels managed by the Group, usually under long-term contracts with the hotel owner. Management fees include a base fee, generally a percentage of hotel revenue, which is recognised as the hotel revenues occur and an incentive fee, generally based on the hotel’s annual profitability or cash flows, which is recognised over time when it is considered probable that the related performance criteria will be met. Owned and leased Primarily derived from hotel operations, including the rental of rooms and food and beverage sales from owned and leased hotels operated under the Group’s brand names. Revenue is recognised when rooms are occupied and food and beverages are sold. Franchise fees and management fees include liquidated damages received from the early termination of contracts. Other revenues are recognised when earned in accordance with the terms of the contract. Share-based payments The cost of equity-settled transactions with employees is measured by reference to fair value at the date at which the right to the shares is granted. Fair value is determined by an external valuer using option pricing models. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which any performance or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (vesting date). The income statement charge for a period represents the movement in cumulative expense recognised at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vestingcondition, which are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. Leases Operating lease rentals are charged to the income statement on a straight-line basis over the term of the lease. Assets held under finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease, with a corresponding liability being recognised for the fair value of the leased asset or, if lower, the present value of the minimum lease payments. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Assets held under finance leases are depreciated over the shorter of the estimated useful life of the asset and the lease term. Disposal of non-current assets The Group recognises sales proceeds and any related gain or loss on disposal on completion of the sales process. In determining whether the gain or loss should be recorded, the Group considers whether it:
Fair value measurement The Group measures available-for-sale equity securities and derivatives at fair value on a recurring basis and other assets when impaired by reference to fair value less costs of disposal. Additionally, the fair value of other financial assets and liabilities require disclosure. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured by reference to the principal market for the asset or liability assuming that market participants act in their economic best interests. The fair value of a non-financial asset assumes the asset is used in its highest and best use, either through continuing ownership or by selling it. The Group uses valuation techniques that maximise the use of relevant observable inputs using the following valuation hierarchy:
Further disclosures on the particular valuation techniques used by the Group are provided in note 23. For impairment testing purposes and where significant assets (such as property) are valued by reference to fair value less costs of disposal, an external valuation will normally be obtained using professional valuers who have appropriate market knowledge, reputation and independence. Exceptional items The Group discloses certain financial information both including and excluding exceptional items. The presentation of information excluding exceptional items allows a better understanding of the underlying trading performance of the Group and provides consistency with the Group’s internal management reporting. Exceptional items are identified by virtue of either their size or nature so as to facilitate comparison with prior periods and to assess underlying trends in the financial performance of the Group and its regional operating segments. Exceptional items can include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals and restructuring costs.
Critical accounting policies and the use of judgements, estimates and assumptions In determining and applying the Group’s accounting policies, management are required to make judgements, estimates and assumptions. An accounting policy is considered to be critical if its selection or application could materially affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Management consider accounting for the System Fund to be a critical judgement and that critical estimates and assumptions are used in impairment testing and for measuring the loyalty programme liability, as discussed in further detail below. Estimates and assumptions are evaluated by management using historical experience and other factors believed to be reasonable based on current circumstances. Actual results could differ under different policies, judgements, estimates and assumptions or due to unforeseen circumstances. System Fund – in addition to management or franchise fees, hotels within the IHG System (other than for Kimpton and InterContinental hotels) pay cash assessments and contributions which are collected by IHG for specific use within the System Fund (the Fund). The Fund also receives proceeds from the sale of IHG Rewards Club points. IHG exerts significant influence over the operation of the Fund, however the Fund is managed for the benefit of hotels in the System with the objective of driving revenues for the hotels. The Fund is used to pay for marketing, the IHG Rewards Club loyalty programme and the Guest Reservation System. The Fund is planned to operate at breakeven with any short-term timing surplus or deficit carried in the Group statement of financial position within working capital. As all Fund income is designated for specific purposes and does not result in a profit or loss for the Group, the revenue recognition criteria as outlined in the accounting policy above are not met and therefore the income and expenses of the Fund are not included in the Group income statement. The assets and liabilities relating to the Fund are included in the appropriate headings in the Group statement of financial position as the related legal, but not beneficial, rights and obligations rest with the Group. These assets and liabilities include the IHG Rewards Club liability, short-term timing surpluses and deficits and any receivables and payables related to the Fund. The cash flows relating to the Fund are reported within ‘cash flow from operations’ in the Group statement of cash flows due to the close interrelationship between the Fund and the trading operations of the Group.
Loyalty programme – the hotel loyalty programme, IHG Rewards Club, enables members to earn points, funded through hotel assessments, during each qualifying stay at an IHG branded hotel and redeem points at a later date for free accommodation or other benefits. The future redemption liability is calculated by multiplying the number of points expected to be redeemed before they expire by the redemption cost per point. On an annual basis the Group engages an external actuary who uses statistical formulae to assist in the estimate of the number of points that will never be redeemed (‘breakage’). Following the introduction of a points expiration policy in 2015, breakage has become more judgemental due to there being limited historical data on the impact of such a change. Actuarial gains and losses on the future redemption liability are borne by the System Fund and any resulting changes in the liability would correspondingly adjust the amount of short-term timing surpluses and deficits held in the Group statement of financial position. At 31 December 2017, the future redemption liability was $760m (2016: $685m). Based on the conditions existing at the balance sheet date, a one percentage point decrease in the breakage estimate would increase this liability by approximately $10m. Impairment testing – intangible assets with definite useful lives, and property, plant and equipment are tested for impairment when events or circumstances indicate that their carrying value may not be recoverable. Goodwill and intangible assets with indefinite useful lives are subject to an impairment test on an annual basis or more frequently if there are indicators of impairment. Assets that do not generate independent cash flows are combined into cash-generating units. Associates and joint ventures are tested for impairment when there is objective evidence that they might be impaired. The impairment testing of individual assets or cash-generating units requires an assessment of the recoverable amount of the asset or cash-generating unit. If the carrying value of the asset or cash-generating unit exceeds its estimated recoverable amount, the asset or cash-generating unit is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that is based on the Group’s weighted average cost of capital adjusted to reflect the risks specific to the business model and territory of the cash-generating unit or asset being tested. The outcome of such an assessment is subjective, and the result sensitive to the assumed future cash flows to be generated by the cash-generating units or assets and discount rates applied in calculating the value in use. At 31 December 2017, the Group had goodwill of $237m (2016: $232m) and brands of $193m (2016: $193m), both of which are subject to annual impairment testing. Information on the impairment tests performed is included in note 13. At 31 December 2017, the Group also had property, plant and equipment, other intangible assets and investments in associates and joint ventures with a net book value of $425m, $1,037m and $141m (2016: $419m, $867m and $111m) respectively. In 2017, an impairment charge of $18m (2016: $16m) was recognised in relation to an associate investment as described in detail in note 14. In respect of those other assets requiring an impairment test and depending on how recoverable amount was assessed, a 10% reduction in fair value or estimated future cash flows would have resulted in a further impairment charge of $13m. New standards issued but not effective The new and amended accounting standards discussed below are those which are expected to be relevant to the Group Financial Statements. IFRS 15 ‘Revenue from Contracts with Customers’ IFRS 15 introduces a new five-step approach to measuring and recognising revenue from contracts with customers and will be adopted by the Group with effect from 1 January 2018. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Management’s assessment of the impact of IFRS 15 is substantially complete and a summary of the main changes and impacts on IHG are as follows: 1. Employee cost reimbursements Under IFRS 15, the provision of employees to managed hotels is not considered to be a service that is distinct from the general hotel management service. Reimbursements for the costs of IHG employees working in managed hotels will therefore be shown as revenue with an equal matching cost, with no profit impact. Under current accounting, no revenue or matching cost is recognised. 2. Initial franchise and re-licensing fees Under current accounting, application and re-licensing fees are recognised as revenue when billed as the monies received are not refundable and IHG has no further obligations to satisfy. Under IFRS 15, there is a requirement to consider whether the payment of these fees transfers a good or service to the customer that is distinct from the promise to provide franchise services. As this is not the case, IFRS 15 requires initial franchise and re-licensing fees to be recognised as franchise services are provided, over the life of the related contract. The spreading of these fees will result in an initial reduction to revenue and operating profit, and the recognition of deferred revenue on the balance sheet, reflecting the profile of increased amounts received in recent years. 3. Contract acquisition costs Contract acquisition costs related to securing management and franchise contracts are currently charged to the income statement as incurred. Under IFRS 15, certain costs qualify to be capitalised as the cost of obtaining a contract and are amortised over the initial term of the related contract. This change results in an increase to operating profit and the capitalisation of contract costs on the balance sheet. 4. Amounts paid to hotel owners to secure management contracts and franchise agreements (‘Key money’) Under current accounting, key money payments are capitalised as intangible assets and amortised over the life of the related contracts. Under IFRS 15, these payments are treated as consideration payable to a customer and therefore recognised as a deduction to revenue over the contract term. This change will result in a reduction to revenue, no change to operating profit, and the reclassification of key money on the balance sheet from intangible assets to contract assets.
5. Owned hotel disposals subject to a management contract Under current accounting, when hotels are sold and the Group retains management of the hotel, the consideration recognised includes both the cash received and the fair value of the management contract which is capitalised as an intangible asset and subsequently amortised to the income statement. This accounting is governed by the ‘exchange of assets’ criteria included in IAS 16 ‘Property, Plant and Equipment’ and IAS 38 ‘Intangible Assets’. IFRS 15 specifically includes property sales in its scope and results in the sales consideration being recorded at the fair value of the encumbered hotel, which generally will be equivalent to the cash received. This change will result in the derecognition of historic intangible asset balances and a lower amortisation charge in the income statement. 6. System Fund revenues and expenses The Group operates a System Fund (the Fund) to collect and administer cash assessments from hotel owners for the specific purpose of use in marketing, the guest reservation systems and hotel loyalty programme. The Fund also receives proceeds from the sale of loyalty points under third-party co-branding arrangements. The Fund is planned to break even and is managed for the benefit of hotels in the System with the objective of driving revenues for the hotels. Under current accounting, these receipts and expenses are not recorded in the Group income statement as set out on page 100. Under IFRS 15, an entity is regarded as a principal if it controls a service prior to transfer to the customer. As marketing and reservations expenses primarily comprise payroll and marketing costs incurred under contracts entered into by the Group, management have determined that the Group controls these services. Fund revenues and expenses will therefore be recognised on a gross basis in the Group income statement. Assessment fees from hotel owners are generally levied as a percentage of hotel revenues and will be recognised as those hotel revenues occur. In respect of the loyalty programme, the Group has determined that the related performance obligation is not satisfied in full until the member has redeemed the points at a participating hotel. Accordingly, revenue related to loyalty points earned by members or sold under co-brandingarrangements will be deferred in an amount that reflects the stand-alone selling price of the future benefit to the member. As materially all of the points will be redeemed at IHG managed or franchised hotels owned by third parties, IHG is deemed to be acting as agent on redemption and will therefore recognise the related revenue net of the cost of reimbursing the hotel that is providing the hotel stay. The deferred revenue balance under IFRS 15 will be significantly higher than the points redemption cost liability that is recognised under current accounting resulting in an increase in the Group’s net liabilities. Management has also determined that in addition to the performance obligation for the redemption of points, co-branding arrangements contain other performance obligations including marketing services and the right to access the loyalty programme. Revenue attributable to the stand-alone selling price of these additional services is recognised over the term of the co-branding arrangement. Certain travel agency commission revenues within the Fund will continue to be recognised on a net basis, where it has been determined that IHG acts as agent under IFRS 15.
7. System Fund surplus or deficit Under current accounting, the Fund surplus or deficit is carried forward on the Group statement of financial position as set out on page 100. Under IFRS 15, the Fund surplus or deficit will be recognised in the Group income statement. Both the current accounting treatment and the change on applying IFRS 15, and the equivalent US GAAP standard, are consistent with current and expected future practice across the hotel industry. The Fund surplus of $158m at 31 December 2017 will be derecognised resulting in a reduction in the Group’s net liabilities. The changes detailed in 6 and 7 above will result in an increase in recorded revenue and reduction in operating profit in 2017. 8. Presentation and disclosure The presentation and disclosure requirements of IFRS 15 represent a significant change from current practice and will increase the volume of disclosures required in the notes to the financial statements. 9. Quantification of impacts The Group will apply the full retrospective approach when transitioning to the new standard which will result in restated comparatives on the basis that IFRS 15 had always applied. The estimated impacts of adjustments 1. to 5. on the 2017 results are as follows:
The impact of deferring revenue in relation to the loyalty programme and recognising System Fund revenues and expenses in the Group income statement (items 6. and 7.) is expected to increase Group revenue by an additional $1.2bn. The impact on Group operating profit and Group net liabilities is still being assessed. The Group has an agreement with the IHG Owners Association to spend Fund income for the benefit of hotels in the IHG System such that the Group does not make a profit or loss from operating the Fund over the medium term.
IFRS 9 ‘Financial Instruments’ IFRS 9, which will be adopted by the Group with effect from 1 January 2018, introduces new requirements for classification and measurement of financial assets and financial liabilities, impairment and hedge accounting. Management’s assessment of the impact of IFRS 9 is substantially complete and a summary of the changes and impacts on IHG are as follows: 1. Financial assets at fair value through other comprehensive income The Group holds equity investments which it currently classifies as available-for-sale financial assets. Changes in fair value are accumulated in equity and on disposal are recycled through the income statement. Under IFRS 9, these assets will be recorded at fair value through other comprehensive income with no recycling to the income statement. IFRS 9 will not be applied to assets derecognised prior to 1 January 2018 and therefore there will be no change to the gain of $73m recognised on disposal of an available-for-sale equity investment in 2017 (see note 5). 2. Trade receivables and loans issued to hotel owners to secure management contracts and franchise agreements Trade receivables, trade deposits and loans issued to hotel owners to secure management contracts and franchise agreements are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. Management have therefore concluded that they continue to meet the criteria for amortised cost measurement under IFRS 9. 3. Impairment The Group will apply the three-stage expected credit loss model introduced by IFRS 9 in respect of trade deposits and loans issued to hotel owners to secure management contracts and franchise agreements. The expected credit loss model is based on the concepts of ’12-month expected credit losses’ or ‘lifetime expected credit losses’ depending on the performance of the underlying asset. Management’s current assessments do not indicate any material change in impairment provisions as a result of IFRS 9. The Group will apply the simplified version of the expected credit loss model permitted by IFRS 9 in respect of trade receivables, which involves assessing lifetime expected credit losses on all balances. To estimate the required impairment provision, management has assessed historical collection rates by geographical region, incorporating adjustments for future expectations. No material impact on the financial statements is expected from application of the expected credit loss model to trade receivables. 4. Hedge accounting Management have determined that all existing hedge relationships that are currently designated effective hedging relationships will continue to qualify for hedge accounting under IFRS 9. As IFRS 9 does not change the general principles of how an entity accounts for effective hedges, applying the hedging requirements of IFRS 9 will not impact the Group Financial Statements.
5. Financial liabilities Management’s initial assessments indicate no impact on the Group’s accounting for financial liabilities as the rules on classification and measurement of financial liabilities remain largely unchanged compared with IAS 39. Except for hedge accounting, retrospective application of IFRS 9 is required. The new rules for hedge accounting will be applied prospectively in line with the requirements of the new standard. The Group does not plan to restate prior periods as allowed by the transition provisions of IFRS 9. IFRS 16 ‘Leases’ The Group will adopt IFRS 16 with effect from 1 January 2019. The standard eliminates the classification of leases as either operating or finance leases and introduces a single accounting model which is similar to the current accounting model for finance leases under IAS 17. Lessees will be required to recognise on the balance sheet ‘right-of-use’ assets which represent the right to use underlying assets during the lease term and a lease liability representing the minimum lease payment for all leases. Depreciation of ‘right-of-use’ assets and interest on lease liabilities will be charged to the income statement, replacing the corresponding operating lease rentals. The Group will take the elections available under IFRS 16 not to apply the lease accounting model to leases which are considered low value or which have a term of less than 12 months. The Group currently plans to apply the full retrospective method of application. Management are currently quantifying the impact of adopting IFRS 16 which is expected to result in an increase in lease liabilities of $350m–$400m at 31 December 2017, and an immaterial impact on profit after tax. Other From 1 January 2018, the Group will apply Amendments to IFRS 2 ‘Classification and Measurement of Share-Based Payment Transactions’. The amendments address the effects of vesting conditions on the measurement of cash-settled share-based payment transactions; the classification of a share-based payment transaction with net settlement features for withholding tax obligations and accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash-settled to equity-settled. Adoption of this amendment is not expected to have a material impact on the financial statements. From 1 January 2019, the Group will apply the amendments to:
The amendments are not expected to have a material impact on the Group’s reported financial performance or position. 1. Exchange rates The results of operations have been translated into US dollars at the average rates of exchange for the year. In the case of sterling, the translation rate is $1=£0.78 (2016: $1=£0.74, 2015: $1=£0.65). In the case of the euro, the translation rate is $1=€0.89 (2016: $1=€0.90, 2015: $1=€0.90). Assets and liabilities have been translated into US dollars at the rates of exchange on the last day of the year. In the case of sterling, the translation rate is $1=£0.74 (2016: $1=£0.81, 2015: $1=£0.68). In the case of the euro, the translation rate is $1=€0.83 (2016: $1=€0.95, 2015: $1=€0.92). |
Segmental information |
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Segmental information | 2. Segmental information The management of the Group’s operations, excluding Central functions, is organised within four geographical regions:
These, together with Central functions, comprise the Group’s five reportable segments. No operating segments have been aggregated to form these reportable segments. Central functions include costs of global functions including technology, sales and marketing, finance, human resources and corporate services; central revenue arises principally from technology fee income. Central liabilities include the loyalty programme liability and the cumulative System Fund surplus. Each of the geographical regions is led by its own Chief Executive Officer and derives its revenues from either franchising, managing or owning hotels and additional segmental disclosures are provided accordingly. Management monitors the operating results of the geographical regions and Central functions separately for the purpose of making decisions about resource allocation and performance assessment. Segmental performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Consolidated Financial Statements, excluding exceptional items. Group financing activities and income taxes are managed on a group basis and are not allocated to reportable segments.
All items above relate to continuing operations.
All items above relate to continuing operations.
All items above relate to continuing operations.
For the purposes of the above table, hotel revenue is determined according to 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 individual country is separately disclosed when it represents 10% or more of total revenue.
For the purposes of the above table, non-current assets comprise property, plant and equipment, goodwill and other intangible assets, investments in associates and joint ventures and non-current trade and other receivables. In addition to the United Kingdom, non-current assets relating to an individual country are separately disclosed when they represent 10% or more of total non-current assets, as defined above. |
Staff costs and Directors' emoluments |
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Staff costs and Directors' emoluments | 3. Staff costs and Directors’ emoluments
The costs of the above employees are borne by IHG. Of these, 91% were employed on a full-time basis and 9% were employed on a part-time basis. In addition to the above, the Group has employees who work directly on behalf of the System Fund and whose costs are borne by the Fund as disclosed in note 32. In line with IHG’s business model, IHG also employs General Managers and, in the US predominantly, other hotel workers who work in the managed hotels and who have contracts or letters of service with IHG. The total number of these employees is 22,577 (2016: 22,002, 2015: 20,452) and their costs of $1,056m (2016: $1,002m, 2015: $936m) are borne by those hotels.
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Auditor's remuneration paid to Ernst & Young LLP |
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Auditor's remuneration paid to Ernst & Young LLP | 4. Auditor’s remuneration paid to Ernst & Young LLP
Audit fees in respect of the pension scheme were not material. |
Exceptional items |
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Exceptional items | 5. Exceptional items
All items above relate to continuing operations.
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Finance costs |
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Finance costs | 6. Finance costs
Interest income and expense relate to financial assets and liabilities held at amortised cost, calculated using the effective interest rate method. Included within interest expense is $7m (2016: $3m, 2015: $2m) payable to the IHG Rewards Club loyalty programme relating to interest on the accumulated balance of cash received in advance of the redemption of points awarded. The rate used for capitalisation of interest was 3.0% (2016: 3.8%, 2015: 3.4%). |
Tax |
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Tax | 7. Tax Tax on profit
All items above relate to continuing operations.
Tax paid Total net tax paid during the year of $172m (2016: $130m, 2015: $110m) comprises $147m (2016: $130m, 2015: $109m) paid in respect of operating activities and $25m (2016: $nil, 2015: $1m) paid in respect of investing activities. A reconciliation of tax paid to the total tax charge in the income statement follows:
The cash tax rate of 8% for 2015 is low owing to the impact of exceptional accounting gains taxable on a deferred basis, without which the rate would have been 20% and thus broadly consistent with the cash tax rates for 2016 and 2017. Current tax Within current tax payable is $42m (2016: $39m) in respect of uncertain tax positions and offset against current tax receivable is $nil (2016: $5m) in respect of uncertain tax positions. The calculation of the Group’s total tax charge involves consideration of applicable tax laws and regulations in many jurisdictions throughout the world. From time to time, the Group is subject to tax audits and uncertainties in these jurisdictions. The issues involved can be complex and disputes may take a number of years to resolve. Where the interpretation of local tax law is not clear, management relies on judgement and accounting estimates to ensure all uncertain tax positions are adequately provided for in the Group Financial Statements. This may involve consideration of some or all of the following factors:
The largest single contingency item within the current tax payable balance does not exceed $8m (2016: $8m).
7. Tax continued Deferred tax
Deferred gains on investments represent tax which would crystallise upon a sale of a related joint venture, associate or other equity investment. The Group released its deferred tax provision (2016: $59m) in relation to temporary differences associated with post-acquisition undistributed earnings of subsidiaries largely as a result of the impact of the new US transition tax charge. Deferred gains on loan notes represent tax which is expected to fall due for payment in 2025 (2016: 2025). The deferred tax asset recognised in respect of losses of $40m (2016: $44m) is wholly in respect of revenue losses. A deferred tax asset of $2m (2016: $nil) is recognised in a legal entity which suffered a tax loss in the current or preceding period; this asset is recognised based on the profit forecast of the entity in question. Within deferred tax liabilities is $nil (2016: $10m) in respect of uncertain tax positions and offset against deferred tax assets is $5m (2016: $2m) in respect of uncertain tax positions. The closing balance is further analysed by key territory as follows:
The analysis of the deferred tax balance after considering the offset of assets and liabilities within entities where there is a legal right to do so is as follows:
The Group does not recognise deferred tax assets if it cannot anticipate being able to offset them against future profits or gains. The total unrecognised deferred tax position is as follows:
There is no expiry date to any of the above unrecognised assets other than for the losses as shown in the table below:
No deferred tax liability has been recognised in respect of $0.5bn (2016: $0.9bn) of taxable temporary differences relating to subsidiaries (comprising undistributed earnings and net inherent gains) because the Group is in a position to control the timing of the reversal of these temporary differences and it is probable that such differences will not reverse in the foreseeable future. Tax risks, policies and governance
Factors that may affect the future tax charge Many factors will affect the Group’s future tax rate, the key ones being future legislative developments, future profitability of underlying subsidiaries and tax uncertainties. There are many potential future changes to worldwide taxation systems as a result of the potential adoption by individual territories of recommendations of the OECD’s Base Erosion and Profit Shifting project, and other similar initiatives being driven by governments and tax authorities. The Group continues to monitor activity in this area. Significant US tax reform was enacted on 22 December 2017, which notably included a reduction in the US federal tax rate from 35% to 21%, with effect from 1 January 2018 for IHG. Although most of the new provisions only take effect from 2018, some aspects have a direct impact on the Group’s 2017 position and are detailed in note 5. The Group continues to evaluate the impact of the provisions that will take effect during 2018, noting that new regulations and guidance on US state and federal tax are anticipated to be released during the year. At this stage, we are anticipating an overall Group tax rate reduction of mid to high single digit percentage points for 2018 onwards. Rules restricting UK loss usage and interest deductibility were enacted in 2017. These rules will increase the amount of UK cash tax paid in the near future, although this is not expected to be significant in the context of the Group’s overall cash tax payable. The forthcoming reduction to the UK corporation tax rate (to 17%, effective 1 April 2020) is not expected to have a material effect on the Group. |
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Dividends | 8. Dividends
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Earnings per ordinary share |
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Earnings per ordinary share | 9. Earnings per ordinary share Basic earnings per ordinary share is calculated by dividing the profit for the year available for IHG equity holders by the weighted average number of ordinary shares, excluding investment in own shares, in issue during the year. Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number of dilutive ordinary share awards outstanding during the year. Adjusted earnings per ordinary share is disclosed in order to show performance undistorted by exceptional items, to give a more meaningful comparison of the Group’s performance.
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Acquisition of business |
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Dec. 31, 2017 | |
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Acquisition of business | 10. Acquisition of business On 16 January 2015, the Group acquired a 100% interest in Kimpton Hotel & Restaurant Group, LLC (Kimpton), an unlisted company based in the US, for cash consideration of $438m, net of $3m cash acquired. The fair value of the net assets acquired was $441m, including goodwill of $167m, brands of $193m and management contracts of $71m. No subsequent adjustments were made to the initial acquisition date fair values of the net assets acquired. |
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Assets sold | 11. Assets sold The Group did not dispose of any hotels during either 2017 or 2016 but incurred $5m of costs relating to prior year disposals in 2016. During the year ended 31 December 2015, the Group sold one hotel in the Europe region, InterContinental Paris – Le Grand on 20 May 2015 and one hotel in the Greater China region, InterContinental Hong Kong on 30 September 2015. On 30 November 2015, the Group disposed of its share of assets and liabilities in a joint operation in the AMEA region. Total consideration received in respect of these disposals amounted to $1,276m, net of costs paid and cash and cash equivalents disposed, and total gains of $871m were recognised during the year ended 31 December 2015. |
Property, plant and equipment |
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Property, plant and equipment | 12. Property, plant and equipment
The Group’s property, plant and equipment mainly comprises hotels, but also offices and computer hardware, throughout the world. 43% (2016: 44%) of the net book value relates to the largest owned and leased hotel, of a total of eight open hotels (2016: eight open hotels). At 31 December 2017 and 31 December 2016, there were no hotels under construction. The carrying value of property, plant and equipment held under finance leases at 31 December 2017 was $181m (2016: $182m). 26% (2016: 25%) of hotel properties by net book value were directly owned, with 57% (2016: 58%) held under leases having a term of 50 years or longer. Due to localised adverse market conditions, an impairment charge of $27m was recognised during 2015 relating to two hotels in North America following a re-assessment of their recoverable amounts to $37m, based on value in use calculations. Estimated future cash flows were discounted at a pre-tax rate of 11.75%. All impairment charges are included within ‘impairment charges’ on the face of the Group income statement. The table below analyses the net book value of the Group’s property, plant and equipment by operating segment at 31 December 2017:
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Goodwill and other intangible assets |
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Goodwill and other intangible assets | 13. Goodwill and other intangible assets
Goodwill and brands During 2015, the Group acquired Kimpton (see note 10) resulting in the recognition of goodwill of $167m and brands of $193m, together with management contracts of $71m. The Kimpton brands are considered to have an indefinite life given their strong brand awareness and reputation in the upscale boutique hotel sector, and management’s commitment to continued investment in their growth. The brands are protected by trademarks and there are not believed to be any legal, regulatory or contractual provisions that limit the useful lives 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 60 years old. The Group tests goodwill and indefinite life intangible assets for impairment annually, or more frequently if there are any indicators that an impairment may have arisen. The year-end carrying value of goodwill and indefinite life brands have been allocated to cash-generating units (CGUs) for impairment testing purposes as follows:
The recoverable amounts of the CGUs are determined from value in use calculations. These calculations include a three-year period using pre-tax cash flow forecasts derived from the most recent financial budgets approved by management, incorporating growth rates based on management’s past experience and industry growth forecasts. The key assumptions that underpin the financial budgets are RevPAR growth and net System size growth. Cash flows beyond the three-year period are extrapolated using terminal growth rates that do not exceed the average long-term growth rates for the relevant markets. A 10% contingency factor is applied to reduce all cash flow projections before being discounted using pre-tax rates that are based on the Group’s weighted average cost of capital adjusted to reflect the risks specific to the business model and territory of the CGU being tested. The terminal growth rates and discount rates used, which are considered to be key assumptions, are as follows:
Impairment was not required at either 31 December 2017 or 31 December 2016. Given the contingency factor applied to the cash flow projections and the significant amounts by which the recoverable amounts of the CGUs exceed their carrying amounts, management have determined that impairment charges would not arise from reasonably possible changes in the key assumptions. Software Software includes $234m relating to the development of the next-generation Guest Reservation System with Amadeus. The asset was not amortised during the year as the roll-out to hotels is expected to commence in 2018. Substantially all software additions are internally developed. Management contracts In addition to the management contracts acquired with the Kimpton acquisition in 2015 (see note 10), management contracts relate to contract values recognised as part of the proceeds for hotels sold. At 31 December 2017, the net book value and remaining amortisation period of the principal management contracts were as follows:
The weighted average remaining amortisation period for all management contracts is 30 years (2016: 31 years).
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Investment in associates and joint ventures | 14. Investment in associates and joint ventures
All associates and joint ventures are accounted for using the equity method. During 2016, an investment for which the Group has a 30% interest was transferred to other financial assets following loss of significant influence over the operating and financial policy decisions of the entity. The impairment charges of $18m and $16m in 2017 and 2016 respectively, relate to the Barclay associate (see following page) and result from the currently depressed trading outlook for the New York hotel market and the high costs of renovating the hotel. The recoverable amount of the investment has been measured at its fair value less costs of disposal, based on the Group’s share of the market value of the hotel less debt in the associate. The hotel was appraised by a professional external valuer using an income capitalisation approach which is a discounted cash flow technique that measures the present value of projected income flows (over a 10-year period) and the reversion of the property sale. Within the fair value hierarchy, this is categorised as a Level 3 fair value measurement. In addition to the projected income flows, the key assumptions used were a discount rate of 7.3% (2016: 7.3%) and a terminal capitalisation rate of 6.3% (2016: 6.0%). Due to localised adverse market conditions, an impairment charge of $9m was recognised during 2015 relating to an associate investment in the AMEA region following a re-assessment of its recoverable amount to $nil, based on value in use calculations. Estimated future cash flows were discounted at a pre-tax rate of 13.2%. During 2017, the investment was disposed of for $nil proceeds. On 20 November 2015, the Group disposed of an associate investment in the AMEA region realising a gain on disposal of $9m. At the time of disposal, the investment had a $nil net book value. Barclay associate The Group held one material associate investment at 31 December 2017, a 19.9% interest in 111 East 48th Street Holdings, LLC (the Barclay associate) which owns InterContinental New York Barclay (the hotel), a hotel managed by the Group. The hotel reopened for trading in April 2016 following a major renovation. The investment is classified as an associate and equity accounted. Whilst the Group has the ability to exercise significant influence through certain decision rights, approval rights relating to the hotel’s operating and capital budgets rest solely with the 80.1% majority member. The Group’s ability to receive cash dividends is dependent on the hotel generating sufficient income to satisfy specified owner returns. In March 2017, the Group invested $43m in the Barclay associate in conjunction with a refinancing of the hotel. The cash was used to repay a $43m supplemental bank loan for which the Group had previously provided an indemnity for 100% of the related obligations. As a consequence, the indemnity has been extinguished. Summarised financial information in respect of the Barclay associate is set out below:
Other associates and joint ventures The summarised aggregated financial information for individually immaterial associates and joint ventures is set out below. These are mainly investments in entities that own hotels which the Group manages.
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Other financial assets |
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Other financial assets | 15. Other financial assets
Equity securities available-for-sale are measured at fair value (see note 23) and loans and receivables are held at amortised cost. Equity securities available-for-sale were denominated in the following currencies: US dollars $93m (2016: $121m), Hong Kong dollars $25m (2016: $24m) and other currencies $9m (2016: $11m). Unlisted equity shares are mainly investments in entities that own hotels which the Group manages. Dividend income from available-for-sale equity securities of $10m (2016: $7m) is reported as ‘other operating income and expenses’ in the Group income statement. On 13 December 2017, the sale of Avendra, LLC (Avendra) to Aramark Services, Inc., resulted in the Group receiving cash proceeds of $75m from its 6.29% interest in Avendra and the recording of a $73m exceptional gain in the Group income statement (see note 5). Prior to the sale, the Group’s investment in Avendra was included in unquoted equity securities available-for-sale. Avendra is a North American hospitality procurement services provider. Trade deposits and loans include deposits of $66m made to a hotel owner in connection with a portfolio of management contracts. The deposits are non-interest-bearing and repayable at the end of the management contract terms, and are therefore held at a discounted value of $28m (2016: $19m); the discount unwinds to the income statement within ‘financial income’ over the period to repayment. Restricted funds comprise cash ring-fenced to satisfy insurance claims. The bank accounts pledged as security (£31m) are subject to a charge in favour of the members of the UK unfunded pension arrangement (see note 25). The movement in the provision for impairment of other financial assets during the year is as follows:
The provision is used to record impairment losses unless the Group is satisfied that no recovery of the amount is possible; at that point the amount considered irrecoverable is either written off directly to the income statement or, if previously provided, against the financial asset with no impact on the income statement. |
Trade and other receivables |
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Trade and other receivables | 16. Trade and other receivables
Trade and other receivables are designated as loans and receivables and are held at amortised cost. Trade receivables are non-interest-bearing and are generally on payment terms of up to 30 days. The fair value of trade and other receivables approximates their carrying value. The maximum exposure to credit risk for trade and other receivables, excluding prepayments, at the end of the reporting period by geographic region is:
The ageing of trade and other receivables, excluding prepayments, at the end of the reporting period is:
The credit risk relating to balances not past due is not deemed to be significant. The movement in the provision for impairment of trade and other receivables during the year is as follows:
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Cash and cash equivalents | 17. Cash and cash equivalents
Cash at bank and in hand includes bank balances of $116m (2016: $91m) which are matched by bank overdrafts of $110m (2016: $89m) under the Group’s cash pooling arrangements. Under these arrangements, each pool contains a number of bank accounts with the same financial institution and the Group pays interest on net overdraft balances within each pool. The cash pools are used for day-to-day cash management purposes and are managed as closely as possible to a zero balance on a net basis for each pool. Overseas subsidiaries are typically in a cash-positive position with the matching overdrafts held by the Group’s central treasury company in the UK. For the purposes of the Group statement of cash flows, cash and cash equivalents comprise the following:
Short-term deposits are highly liquid investments with an original maturity of three months or less. |
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Trade and other payables | 18. Trade and other payables
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Provisions |
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Provisions | 19. Provisions
The amount provided in 2016 in respect of the Security Incidents was recognised within Central costs in the Group income statement. Litigation largely relates to actions brought against the Group in the Americas region. In relation to the $12m settled during 2016, an insurance recovery of $8m was also recorded by the System Fund. |
Loans and other borrowings |
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Loans and other borrowings | 20. Loans and other borrowings
Loans and other borrowings, excluding bank overdrafts, comprise the liabilities included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:
Unsecured bank loans Unsecured bank loans are borrowings under the Group’s Syndicated and Bilateral Facilities. Amounts are classified as non-current when the facilities have more than 12 months to expiry. The Syndicated Facility comprises a $1,275m five-year revolving credit facility maturing in March 2022. The Bilateral Facility comprises a $75m revolving credit facility maturing in March 2022. The Bilateral Facility contains the same terms and covenants as the Syndicated Facility. A variable rate of interest is payable on amounts drawn under both facilities, which was 2.15% at 31 December 2017. Finance lease obligations Finance lease obligations, which relate primarily to the 99-year lease (of which 88 years remain) on the InterContinental Boston hotel, are payable as follows:
The Group has the option to extend the term of the InterContinental Boston lease for two additional 20-year terms. Payments under the lease step up at regular intervals over the lease term. Interest is payable on the obligation at a fixed rate of 9.7%. £400m 3.875% bonds 2022 The 3.875% fixed interest sterling bonds were issued on 28 November 2012 and are repayable in full on 28 November 2022. Interest is payable annually on 28 November. The bonds were initially priced at 98.787% of face value and are unsecured. £300m 3.75% bonds 2025 The 3.75% fixed interest sterling bonds were issued on 14 August 2015 and are repayable in full on 14 August 2025. Interest is payable annually on 14 August. The bonds were initially priced at 99.014% of face value and are unsecured. £350m 2.125% bonds 2026 The 2.125% fixed interest sterling bonds were issued on 24 August 2016 and are repayable in full on 24 August 2026. Interest is payable annually on 24 August. The bonds were initially priced at 99.45% of face value and are unsecured. Bank overdrafts Bank overdrafts are matched by equivalent amounts of cash and cash equivalents under the Group’s cash pooling arrangements (see note 17). Facilities provided by banks
Utilised facilities are calculated based on actual drawings and may not agree to the carrying value of loans held at amortised cost. |
Net debt |
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Net debt | 21. Net debt
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Financial risk management |
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Financial risk management | 22. Financial risk management Overview The Group is exposed to financial risks that arise in relation to underlying business activities. These risks include: foreign exchange risk, liquidity risk, interest rate risk, credit risk and capital risk. There are Board approved policies in place to manage these risks. Treasury activities to manage these risks may include money market investments, repurchase agreements, spot and forward foreign exchange instruments, currency swaps, interest rate swaps and forward rate agreements. Foreign exchange risk The US dollar is the predominant currency of the Group’s revenue and cash flows. Movements in foreign exchange rates can affect the Group’s reported profit, net liabilities and interest cover. The most significant exposures of the Group are in currencies that are freely convertible. The Group’s reported debt has an exposure to borrowings held in pounds sterling. Foreign exchange hedging From time to time, the Group hedges a portion of forecast foreign currency income by taking out forward exchange contracts. The designated risk is the spot foreign exchange risk. There were no such contracts in place at either 31 December 2017 or 31 December 2016. The Group also uses short-dated foreign exchange swaps to manage sterling surplus cash and reduce US dollar borrowings whilst maintaining operational flexibility. At 31 December 2017, the Group held short-dated foreign exchange swaps with principals of $30m (2016: $120m). The fair value of these derivative financial instruments at 31 December 2017 was $nil (2016: $3m liability). Hedge of net investment in foreign operations Wherever possible, the Group matches the currency of its debt (either directly or via derivatives) to the currency of its net assets, whilst maximising the amount of US dollars borrowed to reflect the predominant trading currency. However US dollars are only borrowed to the extent that hedge accounting can be achieved. The Group designates certain foreign currency bank borrowings and currency derivatives as net investment hedges of foreign operations. The designated risk is the spot foreign exchange risk for loans and short-dated derivatives. The interest on these financial instruments is taken through financial income or expense. The maximum amount of foreign exchange derivatives held during the year as net investment hedges and measured at calendar quarter ends were short-dated foreign exchange swaps with principals of $160m (2016: $325m). Hedge effectiveness is measured at calendar quarter ends. No ineffectiveness arose in respect of the Group’s net investment hedges during the current or prior year.
22. Financial risk management continued Interest rate risk The Group is exposed to interest rate risk in relation to its fixed and floating rate borrowings. The Group’s policy requires a minimum of 50% fixed rate debt over the next 12 months. With the exception of overdrafts, 86% of borrowings were fixed rate debt at 31 December 2017 (2016: 93%). Interest rate hedging If required, the Group uses interest rate swaps to manage the exposure. The Group designates interest rate swaps as cash flow hedges. No interest rate swaps were used during 2017, 2016 or 2015. Interest and foreign exchange risk sensitivities The following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group’s profit before tax and net liabilities, and the impact of a rise in US dollar, euro and sterling interest rates on the Group’s profit before tax.
The impact of a weakening in the US dollar or a fall in interest rates would be the reverse of the above values. Interest rate sensitivities are calculated based on the year-end net debt position. Liquidity risk The Group policy ensures sufficient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide headroom against unforeseen obligations. Cash and cash equivalents is held in short-term deposits and cash funds which allow daily withdrawals of cash. Most of the Group’s funds are held in the UK or US, although $3m (2016: $3m) is held in countries where repatriation is restricted as a result of foreign exchange regulations. Medium and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 20. Short-term borrowing requirements may be met from drawings under uncommitted overdrafts and facilities. The Syndicated and Bilateral Facilities contain two financial covenants: interest cover and net debt divided by earnings before interest, tax, depreciation and amortisation (EBITDA). The Group has been in compliance with all of the financial covenants in its loan documents throughout the year and expects to continue to have significant headroom for the foreseeable future.
The following are the undiscounted contractual cash flows of financial liabilities, including interest payments:
Trade and other payables above includes the cash flows relating to the future redemption liability of the Group’s loyalty programme. The repayment profile has been determined by actuaries based on expected redemption profiles and could in reality be different from expectations. Credit risk Credit risk on treasury transactions is minimised by operating a policy on the investment of surplus cash that generally restricts counterparties to those with a BBB credit rating or better or those providing adequate security. The Group uses long-term credit ratings from Standard and Poor’s, Moody’s and Fitch Ratings as a basis for setting its counterparty limits. In order to manage the Group’s credit risk exposure, the treasury function sets counterparty exposure limits using metrics including credit ratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the relevant counterparty. The Group trades only with recognised, creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In respect of credit risk arising from financial assets, the Group’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The carrying amount of financial assets represents the maximum exposure to credit risk.
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 share capital and reserves totalling $993m at 31 December 2017 (2016: $739m). The structure is managed to maintain an investment grade credit rating, to provide ongoing returns to shareholders and to service debt obligations, whilst maintaining maximum operational flexibility. A key characteristic of IHG’s managed and franchised business model is that it is highly cash generative, with a high return on capital employed. Surplus cash is either reinvested in the business, used to repay debt or returned to shareholders. The Group’s debt is monitored on the basis of a cash flow leverage ratio, being net debt divided by EBITDA, with the objective of maintaining an investment grade credit rating. |
Fair value measurement |
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Fair value measurement | 23. Fair value measurement Fair values The following table compares carrying amounts and fair values of the Group’s financial assets and liabilities:
There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis, or for which fair value is disclosed, other than as described in note 14. The fair value of cash and cash equivalents and bank overdrafts approximates book value due to the short maturity of the investments and deposits, and the fair value of other financial assets approximates book value based on prevailing market rates. The fair value of the unsecured bank loans approximates book value as interest rates reset to market rates on a frequent basis. The fair value of trade and other receivables, trade and other payables, the future redemption liability of the Group’s loyalty programme and current provisions approximates to their carrying value.
Fair value hierarchy The following table provides the fair value measurement hierarchy of the above assets and liabilities, other than those with carrying amounts which are reasonable approximations of their fair values: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
There were no transfers between Level 1 and Level 2 fair value measurements during the year and no transfers into and out of Level 3. The fair value of quoted equity shares and the bonds is based on their quoted market price. Derivatives are fair valued using discounted future cash flows, taking into consideration exchange rates prevailing on the last day of the reporting period and interest rates from observable swap curves. Finance lease obligations relate primarily to the lease of InterContinental Boston, which is fair valued by discounting the future cash flows payable under the loan, which are fixed, at a risk adjusted long-term interest rate. The interest rate used to discount the cash flows at 31 December 2017 was 6.9% (2016: 7.2%). Unquoted equity shares are fair valued using the International Private Equity and Venture Capital Valuation Guidelines either by applying an average price-earnings (P/E) ratio for a competitor group to the earnings generated by the investment or by reference to share of net assets if the investment is currently loss-making or a recent property valuation is available. The average P/E ratio for the year was 30.7 (2016: 24.5) and a non-marketability factor of 30% (2016: 30%) is applied. A 10% increase in the average P/E ratio would result in a $2m increase (2016: $2m) in the fair value of the investments and a 10% decrease in the average P/E ratio would result in a $2m decrease (2016: $2m) in the fair value of the investments. A 10% increase in net assets would result in a $7m increase (2016: $7m) in the fair value of the investments and a 10% decrease in net assets would result in a $7m decrease (2016: $7m) in the fair value of the investments. The following table reconciles the movements in the fair values of investments classified as Level 3 during the year:
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Reconciliation of profit for the year to cash flow from operations |
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Reconciliation of profit for the year to cash flow from operations | 24. Reconciliation of profit for the year to cash flow from operations
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Retirement benefits |
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Retirement benefits | 25. Retirement benefits UK Since 6 August 2014, UK retirement and death in service benefits are provided for eligible employees by the IHG UK Defined Contribution Pension Plan. Members, including those who have been auto-enrolled since 1 September 2013, are provided with defined contribution arrangements under this plan; benefits are based on each individual member’s personal account. The plan is HM Revenue and Customs registered and governed by an independent trustee, assisted by professional advisers as and when required. The overall operation of the plan is subject to the oversight of The Pensions Regulator. The former defined benefit plan, the InterContinental Hotels UK Pension Plan, was wound up on 21 July 2015 following the completion of the buy-out and transfer of the defined benefit obligations to Rothesay Life on 31 October 2014. Residual defined benefit obligations remain in respect of additional benefits provided to members of an unfunded pension arrangement who were affected by lifetime or annual allowances under the former defined benefit arrangements. Accrual under this arrangement ceased with effect from 1 July 2013 and a cash-out offer in 2014 resulted in the extinguishment of approximately 70% of the unfunded pension obligations. The Company meets the benefit payment obligations of the remaining members as they fall due. A charge over certain ring-fenced bank accounts totalling £31m at 31 December 2017 (see note 15) is currently held as security on behalf of the remaining members. US The Group also maintains the following US-based defined benefit plans: the funded Inter-Continental Hotels Pension Plan (the Plan), unfunded Inter-Continental Hotels Non-qualified Pension Plans and unfunded Inter-Continental Hotels Corporation Postretirement Medical, Dental, Vision and Death Benefit Plan. All plans are closed to new members. In respect of the Plan, an Investment Committee has responsibility for the oversight and management of the Plan’s assets, which are held in a separate trust. The Committee comprises senior Company employees and is assisted by professional advisers as and when required. During 2016, the Group made a funding contribution of $32m to the Plan which enabled it to achieve full funding. The assets of the Plan were subsequently invested in liability-matching assets. In November 2017, the Company received approval from the Internal Revenue Service to proceed with a plan termination and distribution of the assets from the Plan in 2018. This will involve certain members being offered lump-sum payments with remaining plan interests subject to the expected purchase of annuity contracts. During 2015, the Group made a lump sum cash-out offer to the terminated vested members of the Inter-Continental Hotels Pension Plan. Members accepting the offer received lump sum cash payments totalling $11m on 1 November 2015. Other The Group also operates a number of smaller pension schemes outside the UK, the most significant of which is a defined contribution scheme in the US; there is no material difference between the pension costs of, and contributions to, these schemes. In respect of the defined benefit plans, the amounts recognised in the Group income statement, in ‘administrative expenses’, are:
The settlement gain in 2015 resulted from the partial cash-out of the US Inter-Continental Hotels Pension Plan and comprised the difference between the accounting value of the liabilities extinguished and the amount of the lump sum payments. Re-measurement gains and losses recognised in the Group statement of comprehensive income are:
The assets and liabilities of the schemes and the amounts recognised in the Group statement of financial position are:
Assumptions The principal financial assumptions used by the actuaries to determine the benefit obligations are:
Mortality is the most significant demographic assumption. The current assumptions for the UK are based on the S2PA ‘light’ year of birth tables with projected mortality improvements using the CMI_2016 model and a 1.25% per annum long-term trend with age rated down by 0.7 and 2.3 years for pensioners and 0.5 and 2.6 years for non-pensioners, male and female respectively. In the US, the current assumptions are based on the RP-2014 Employee/Healthy Annuitant Generationally Projected with Scale MP-2017 mortality tables. In both the UK and US, the assumptions have been revised during the year to reflect life expectancy at retirement age as follows:
The assumptions allow for expected increases in longevity. Sensitivities Changes in assumptions used for determining retirement benefit costs and obligations may have a material impact on the income statement and the statement of financial position. The key assumptions are the pension increases, discount rate, the rate of inflation and the assumed mortality rate. The sensitivity analysis below is based on extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between the assumptions.
A one percentage point increase in assumed healthcare costs trend rate would increase the accumulated post-employment benefit obligations as at 31 December 2017 by $1.9m (2016: $1.9m, 2015: $2.0m) and a one percentage point decrease would decrease the obligations by $1.8m (2016: $1.7m, 2015: $1.8m). Movement in benefit obligation
Movement in plan assets
Company payments are expected to be $9m in 2018. The plan assets are measured at fair value and comprise the following:
Estimated future benefit payments
The above table assumes a continuation of the US Inter-Continental Hotels Pension Plan. |
Share-based payments |
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Share-based payments | 26. Share-based payments Annual Performance Plan Under the IHG Annual Performance Plan (APP), eligible employees (including Executive Directors) can receive all or part of their bonus in the form of deferred shares and/or receive one-off awards of shares. Deferred shares are released on the third anniversary of the award date. Under the terms of awards that are referred to in this note, a fixed percentage of the award is made in the form of shares. Awards under the APP are conditional on the participants remaining in the employment of a participating company or leaving for a qualifying reason as per the plan rules. The award of deferred shares under the APP is at the discretion of the Remuneration Committee. The number of shares is calculated by dividing a specific percentage of the participant’s annual performance-related award by the middle market quoted prices on the three consecutive dealing days immediately preceding the date of grant. A number of executives participated in the APP during the year and conditional rights over 234,918 (2016: 335,775, 2015: 265,285) shares were awarded to participants. In 2017 this number included 79,471 (2016: 103,071, 2015: 58,338) shares awarded as part of recruitment terms or for one-off individual awards. New plan rules for the APP were approved by shareholders at the AGM on 2 May 2014, and apply to awards made in respect of the 2015 and subsequent financial years. The new plan rules contain substantially the same terms as the superseded plan rules. Long Term Incentive Plan The Long Term Incentive Plan (LTIP) allows Executive Directors and eligible employees to receive conditional share awards, which normally have a vesting period of three years. Performance-related awards: Awards to the Executive Directors, and some awards to other eligible employees, are granted subject to the achievement of performance conditions set by the Remuneration Committee, which are normally measured over the vesting period. Restricted stock units: Awards to eligible employees are granted subject to continued employment. Awards are normally made annually and, except in exceptional circumstances, will not exceed three times salary for eligible employees. The plan provides for the grant of ‘nil cost options’ to participants as an alternative to conditional share awards. During the year, conditional rights over 805,045 (2016: 1,355,721, 2015: 1,803,308) shares were awarded to employees under the plan, comprising 280,458 (2016: 888,518, 2015: 1,803,308) performance-related awards and 524,587 (2016: 467,203, 2015: nil) restricted stock units. New plan rules for the LTIP were approved by shareholders at the AGM on 2 May 2014, and apply to awards made in respect of the 2015-17 and subsequent LTIP cycles. The new plan rules contain substantially the same terms as the superseded plan rules.
The Group recognised a cost of $21m (2016: $17m, 2015: $19m) in operating profit and $2m (2016: $nil, 2015: $nil) within exceptional administrative expenses related to equity-settled share-based payment transactions during the year, net of amounts borne by the System Fund. No aggregate consideration was received in respect of ordinary shares issued under option schemes during 2017, 2016 or 2015. The Group uses separate option pricing models and assumptions depending on the plan. The following table sets out information about awards granted in 2017, 2016 and 2015:
Movements in the awards outstanding under the schemes are as follows:
The above awards do not vest until the performance and service conditions have been met. The weighted average share price at the date of exercise for share awards vested during the year was 3,804.7p (2016: 2,511.1p). The closing share price on 31 December 2017 was 4,719.0p and the range during the year was 3,655.4p to 4,719.0p per share. |
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Equity | 27. Equity Equity share capital
The authority given to the Company at the AGM held on 5 May 2017 to purchase its own shares was still valid at 31 December 2017. A resolution to renew the authority will be put to shareholders at the AGM on 4 May 2018. The Company no longer has an authorised share capital. On 23 February 2016, the Group announced a $1.5bn return of funds to shareholders by way of a special dividend and share consolidation. On 6 May 2016, shareholders approved the share consolidation on the basis of 5 new ordinary shares of 18318/329p per share for every 6 existing ordinary shares of 15265/329p, which became effective on 9 May 2016. The special dividend was paid to shareholders on 23 May 2016. The dividend and share consolidation had the same economic effect as a share repurchase at fair value, therefore previously reported earnings per share has not been restated. On 21 February 2017, the Group announced a $400m return of funds to shareholders by way of a special dividend and share consolidation. On 5 May 2017, shareholders approved the share consolidation on the basis of 45 new ordinary shares of 1917/21p per share for every 47 existing ordinary shares of 18318/329p, which became effective on 8 May 2017. The special dividend was paid to shareholders on 22 May 2017. The dividend and share consolidation had the same economic effect as a share repurchase at fair value, therefore previously reported earnings per share has not been restated. The balance classified as equity share capital includes the total net proceeds (both nominal value and share premium) on issue of the Company’s equity share capital, comprising 1917/21p shares. The share premium reserve represents the amount of proceeds received for shares in excess of their nominal value. The nature and purpose of the other reserves shown in the Group statement of changes in equity on pages 90 to 92 of the Financial Statements is as follows: Capital redemption reserve This reserve maintains the nominal value of the equity share capital of the Company when shares are repurchased or cancelled. Shares held by employee share trusts Comprises $5.4m (2016: $10.5m, 2015: $18.3m) in respect of 0.2m (2016: 0.3m, 2015: 0.5m) InterContinental Hotels Group PLC ordinary shares held by employee share trusts, with a market value at 31 December 2017 of $12.1m (2016: $15.0m, 2015: $19.8m). Other reserves Comprises the merger and revaluation reserves previously recognised under UK GAAP, together with the reserve arising as a consequence of the Group’s capital reorganisation in June 2005. Following the change in presentational currency to the US dollar in 2008, this reserve also includes exchange differences arising on retranslation to period-end exchange rates of equity share capital, the capital redemption reserve and shares held by employee share trusts. Unrealised gains and losses reserve This reserve records movements in the fair value of available-for-sale financial assets and the effective portion of the cumulative net change in the fair value of the cash flow hedging instruments related to hedged transactions that have not yet occurred. Currency translation reserve This reserve records the movement in exchange differences arising from the translation of foreign operations and exchange differences on foreign currency borrowings and derivative instruments that provide a hedge against net investments in foreign operations. On adoption of IFRS, cumulative exchange differences were deemed to be $nil as permitted by IFRS 1. The fair value of derivative instruments designated as hedges of net investments in foreign operations outstanding at 31 December 2017 was $nil (2016: $3m net liability, 2015: $3m net liability). Treasury shares During 2017, 0.9m (2016: 0.9m) treasury shares were transferred to the employee share trusts. As a result of the 2017 share consolidation, the number of shares held in treasury reduced by 0.4m (2016: reduced by 1.7m as a result of the 2016 share consolidation). At 31 December 2017, 7.6m shares (2016: 8.9m, 2015: 11.5m) with a nominal value of $2.0m (2016: $2.1m, 2015: $2.7m) were held as treasury shares at cost and deducted from retained earnings. Non-controlling interest A non-controlling interest is equity in a subsidiary of the Group not attributable, directly or indirectly, to the Group. Non-controlling interests are not material to the Group. |
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Operating leases | 28. Operating leases During the year ended 31 December 2017, $86m (2016: $84m, 2015: $77m) was recognised as an expense in the Group income statement in respect of operating leases, net of amounts borne directly by the System Fund. The expense includes contingent rents of $32m (2016: $32m, 2015: $29m). $2m (2016: $2m, 2015: $3m) was recognised as income from sub-leases. Future minimum lease payments under non-cancellable operating leases are as follows:
In addition, in certain circumstances the Group is committed to making additional lease payments that are contingent on the performance of the hotels that are being leased. The average remaining term of these leases, which generally contain renewal options, is approximately 15 years (2016: 17 years). No material restrictions or guarantees exist in the Group’s lease obligations. Total future minimum rentals expected to be received under non-cancellable sub-leases are $4m (2016: $4m). |
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Capital and other commitments | 29. Capital and other commitments
The Group has also committed to invest in a number of its associates, with an estimated outstanding commitment of $33m at 31 December 2017 (2016: $36m) based on current forecasts. A loan facility of $5m (2016: $nil) has also been made available to a hotel owner which was undrawn at 31 December 2017. |
Contingencies and guarantees |
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Contingencies and guarantees | 30. Contingencies and guarantees Security incidents In 2016, the Group was notified of (a) a security incident at a number of Kimpton hotels that resulted in unauthorised access to guest payment card data (the Kimpton Security Incident), and (b) a security incident that involved malware being installed on servers that processed payment cards used at restaurants and bars of 12 IHG managed properties (the Americas Security Incident), together the Security Incidents. A provision of $5m was made at 31 December 2016, and remains in place at 31 December 2017 (see note 19), to cover the estimated cost of reimbursing the impacted card networks for counterfeit fraud losses and related expenses. At 31 December 2017, this estimate relates to both the Kimpton and Americas Security Incidents whereas at 31 December 2016 it was Kimpton related only. The estimates continue to involve significant judgement based on currently available information and remain subject to change as actual claims are made and new information comes to light. The Group may be exposed to investigations regarding compliance with applicable State and Federal data security standards, and legal action from individuals and organisations impacted by the Security Incidents. Due to the general nature of the regulatory enquiries received and class action filings to date, it is not practicable to make a reliable estimate of the possible financial effects of any such claims on the Group at this time. To date, four lawsuits have been filed against IHG entities relating to the Security Incidents, all of which are in the early stages of litigation. In respect of the $5m provision, it is expected that a proportion will be recoverable under the Group’s insurance programmes although this, together with any potential recoveries in respect of the contingent liabilities detailed above, will be subject to specific agreement with the relevant insurance providers. Tax In November 2017, the European Commission (EC) gave formal notice of a preliminary view it had reached that the Group Financing Exemption, included in the UK’s Controlled Foreign Company rules, is in breach of the EU’s State Aid rules. The EC will conduct its detailed investigation during 2018, with a final decision expected later in the year, or even in 2019. Should the EC conclude that the State Aid rules are breached, the UK can appeal before the General Court (and possibly the Court of Justice thereafter). The Group and its advisors consider that it is unlikely that a finding of State Aid will ultimately be upheld. Other In limited cases, the Group may provide performance guarantees to third-party hotel owners to secure management contracts. At 31 December 2017, the amount provided in the Financial Statements was $6m (2016: $5m) and the maximum unprovided exposure under such guarantees was $31m (2016: $14m). At 31 December 2017, the Group had outstanding letters of credit of $35m (2016: $37m) mainly relating to self insurance programmes. The Group may guarantee bank loans made to facilitate third-party ownership of hotels under IHG management or franchise contracts. At 31 December 2017, there were guarantees of $54m in place (2016: $33m). From time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties inherent in litigation. In particular, the Group is currently subject to the claims listed under ‘Legal proceedings’ on page 172. The 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 than to the extent that liabilities have been provided for in these Financial Statements, it is not possible to quantify any loss to which these proceedings or claims under these warranties may give rise, however, as at the date of reporting, the Group does not believe that the outcome of these matters will have a material effect on the Group’s financial position. At 31 December 2017, the Group had no other contingent liabilities (2016: $nil). |
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Related party disclosures | 31. Related party disclosures
There were no other transactions with key management personnel during the years ended 31 December 2017, 2016 or 2015. Key management personnel comprises the Board and Executive Committee. Related party disclosures for associates and joint ventures are as follows:
In addition, loans both to and from the Barclay associate of $237m (2016: $237m) are offset in accordance with the provisions of IAS 32 and presented net in the Group statement of financial position. Interest payable and receivable under the loans is equivalent (average interest rate of 2.0% in 2017 (2016: 1.4%)) and presented net in the Group income statement. During 2015, short-term advances of $22m were made to the Barclay associate which were repaid on 31 December 2015. |
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System Fund | 32. System Fund The Group operates a System Fund (the Fund) to collect and administer assessments and contributions from hotel owners (other than for Kimpton and InterContinental hotels) for specific use in marketing, the IHG Rewards Club loyalty programme and the Guest Reservation System. The Fund and loyalty programme are accounted for in accordance with the accounting policies set out on page 100 of the Financial Statements. Following the announcement on 14 April 2015 of the introduction of an expiration policy for points earned under the loyalty programme, the Group released $156m from the programme’s future redemption liability in 2015. The amount released was based on the advice of an external actuary using statistical models to estimate the impact of the programme change on members’ behaviour. The liability release resulted in a corresponding increase in the System Fund surplus which was also recorded in the Group statement of financial position. The following information is relevant to the operation of the Fund:
The payroll costs above relate to 5,555 (2016: 5,434, 2015: 5,416) employees whose costs are borne by the Fund. The following liabilities relating to the Fund are included in the Group statement of financial position:
The net change in the loyalty programme liability and Fund surplus contributed an inflow of $8m (2016: $65m, 2015: $42m) to the Group’s cash flow from operations. |
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Group companies | 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 to 20%, the registered office and effective percentage of equity owned as at 31 December 2017 are disclosed below. Unless otherwise stated the share capital disclosed comprises ordinary shares which are indirectly held by InterContinental Hotels Group PLC.
Fully owned subsidiaries “IHG Management” d.o.o. Beograd (j) 24th Street Operator Sub, LLC (g) (k) 36th Street IHG Sub, LLC (g) (k) 426 Main Ave LLC (g) (k) 46 Nevins Street Associates, LLC (g) (k) 2250 Blake Street Hotel, LLC (g) (k) Allegro Management LLC (g) (k) Alpha Kimball Hotel LLC (g) (k) American Commonwealth Assurance Co. Ltd. (m) Asia Pacific Holdings Limited (n) Barclay Operating Corp. (k) BHMC Canada Inc. (o) BHR Holdings B.V. (p) BHR Luxembourg SARL (q) BHR Pacific Holdings, Inc. (k) BHTC Canada Inc. (o) BOC Barclay Sub LLC (g) (cj) Bristol Oakbrook Tenant Company (k) Café Biarritz (n) Cambridge Lodging LLC (g) (k) Capital Lodging LLC (g) (k) Compañia Inter-Continental De Hoteles El Salvador SA (n) Crowne Plaza Amsterdam (Management) B.V. (r) Crowne Plaza LLC (g) (k) Cumberland Akers Hotel LLC (g) (k) Dunwoody Operations, Inc. (k) Edinburgh IC Limited (s) EVEN Real Estate Holding LLC (g) (k) General Innkeeping Acceptance Corporation (b) (l) Guangzhou SC Hotels Services Ltd. (t) H.I. (Ireland) Limited (u) HI Sugarloaf, LLC (g) (ci) Hale International Ltd. (v) HC International Holdings, Inc. (w) HH France Holdings SAS (x) HH Hotels (EMEA) B.V. (p) HH Hotels (Romania) SRL (y) HIM (Aruba) NV (z) Hoft Properties LLC (g) (k) Holiday Hospitality Franchising, LLC (g) (k) Holiday Inn Mexicana S.A. de C.V. (ab) Holiday Inns (China) Ltd (ac) Holiday Inns (Chongqing), Inc. (l) Holiday Inns (Courtalin) Holdings SAS (x) Holiday Inns (Courtalin) SAS (b) (x) Holiday Inns (England) Ltd. (n) Holiday Inns (Germany), LLC (g) (l) Holiday Inns (Guangzhou), Inc. (l) Holiday Inns (Jamaica) Inc. (l) Holiday Inns (Malaysia) Ltd. (ac) Holiday Inns (Middle East) Ltd. (ac) Holiday Inns (Philippines), Inc. (l) Holiday Inns (Saudi Arabia), Inc. (l) Holiday Inns (South East Asia) Inc. (l) Holiday Inns (Thailand) Ltd. (ac) Holiday Inns (UK), Inc. (l) Holiday Inns Crowne Plaza (Hong Kong), Inc. (l) Holiday Inns Holdings (Australia) Pty Ltd (aa) Holiday Inns Inc. (k) Holiday Inns Investment (Nepal) Ltd. (ac) Holiday Inns of America (UK) Ltd. (n) Holiday Inns of Belgium N.V. (ad) Holiday Pacific Equity Corporation (k) Holiday Pacific LLC (g) (k) Holiday Pacific Partners, LP (k) Hotel InterContinental London (Holdings) Limited (n) Hotel Inter-Continental London Limited (n) Hoteles Y Turismo HIH SRL (n) IC Hotelbetriebsfuhrungs GmbH (ae) IC Hotels Management (Portugal) Unipessoal, Lda (af) IC International Hotels Limited Liability Company (ag) IHC (Thailand) Limited (ah) IHC Buckhead, LLC (g) (ci) IHC Edinburgh (Holdings) (n) IHC Hopkins (Holdings) Corp. (k) IHC Hotel Limited (n) IHC Inter-Continental (Holdings) Corp. (k) IHC London (Holdings) (n) IHC May Fair (Holdings) Limited (n) IHC May Fair Hotel Limited (n) IHC M-H (Holdings) Corp.(k) IHC Overseas (U.K.) Limited (n) IHC UK (Holdings) Limited (n) IHC United States (Holdings) Corp. (b) (k) IHC Willard (Holdings) Corp. (k) IHG (Australasia) Limited (d) (ai) IHG (Marseille) SAS (x) IHG (Thailand) Limited (aj) IHG Bangkok Ltd (v) IHG Brasil Administracao de Hoteis e Servicos Ltda (ak) IHG Commission Services SRL (co) IHG Community Development, LLC (g) (ci) IHG Cyprus Limited (bw) IHG de Argentina SA (al) IHG ECS (Barbados) SRL (co) IHG Franchising Brasil Ltda (bd) IHG Franchising DR Corporation (k) IHG Franchising, LLC (g) (k) IHG Hotels (New Zealand) Limited (an) IHG Hotels Limited (n) IHG Hotels Management (Australia) Pty Limited (d) (aa) IHG Hotels Nigeria Limited (ao) IHG Hotels South Africa (Pty) Ltd (ap) IHG International Partnership (n) IHG Istanbul Otel Yönetim Limited Sirketi (bx) IHG Japan (Management) LLC (ar) IHG Japan (Osaka) LLC (ar) IHG Management (Maryland) LLC (g) (as) IHG Management (Netherlands) B.V. (p) IHG Management MD Barclay Sub LLC (g) (cj) IHG Management SL d.o.o (bo) IHG Orchard Street Member, LLC (g) (k) IHG PS Nominees Limited (n) IHG Systems Pty Ltd (d) (aa) IHG Szalloda Budapest Szolgaltato Kft. (at) IND East Village SD Holdings, LLC (g) (k) InterContinental Berlin Service Company GmbH (au) InterContinental (Branston) 1 Limited (c) (n) InterContinental (PB) 1 (n) InterContinental (PB) 2 (ay) InterContinental (PB) 3 Limited (n) InterContinental Brasil Administracao de Hoteis Ltda (ak) Inter-Continental D.C. Operating Corp. (k) Inter-Continental Florida Investment Corp. (k) Inter-Continental Florida Partner Corp. (k) InterContinental Gestion Hotelera S.L. (by) Inter-Continental Hospitality Corporation (k) InterContinental Hotel Berlin GmbH (au) InterContinental Hotel Düsseldorf GmbH (Germany) (av) Inter-Continental Hoteleira Limitada (aw) Inter-Continental Hotels (Montreal) Operating Corp. (ax) Inter-Continental Hotels (Montreal) Owning Corp. (ax) InterContinental Hotels (Puerto Rico) Inc. (az) Inter-Continental Hotels (Singapore) Pte. Ltd. (ai) Inter-Continental Hotels Corporation (k) Inter-Continental Hotels Corporation de Venezuela C.A. (ba) Intercontinental Hotels Corporation Limited (d) (m) InterContinental Hotels Group (Asia Pacific) Pte Ltd (ai) InterContinental Hotels Group (Australia) Pty Limited (aa) InterContinental Hotels Group (Canada) Inc. (o) InterContinental Hotels Group (España) SA (by) InterContinental Hotels Group (Greater China) Limited (ac) InterContinental Hotels Group (India) Pvt. Ltd (aq) InterContinental Hotels Group (Japan) Inc. (l) InterContinental Hotels Group (New Zealand) Limited (an) InterContinental Hotels Group (Shanghai) Ltd. (bb) InterContinental Hotels Group Customer Services Ltd. (n) InterContinental Hotels Group do Brasil Limitada (bc) InterContinental Hotels Group Healthcare Trustee Limited (n) InterContinental Hotels Group Operating Corp. (e) (k) InterContinental Hotels Group Resources Inc. (b) (k) InterContinental Hotels Group Services Company (n) InterContinental Hotels Italia, S.r.L. (be) InterContinental Hotels Limited (a) (n) InterContinental Hotels Management GmbH (bf) InterContinental Hotels Nevada Corporation (ck) Inter-Continental Hotels of San Francisco Inc. (k) Inter-Continental IOHC (Mauritius) Limited (bg) Inter-Continental Management (Australia) Pty Limited (aa) InterContinental Management AM LLC (cm) InterContinental Management Bulgaria EOOD (bp) InterContinental Management France SAS (x) InterContinental Management Poland sp. z.o.o (cn) InterContinental Overseas Holding Corporation (k)
Fully owned subsidiaries continued KG Benefits LLC (g) (k) KG Gift Card Inc. (bz) KG Liability LLC (g) (k) KG Technology, LLC (g) (k) KHP Washington Operator LLC (g) (k) KHRG 11th Avenue Hotel LLC (g) (k) KHRG 851 LLC (g) (k) KHRG Aertson LLC (g) (k) KHRG Alexandria LLC (g) (k) KHRG Alexis, LLC (g) (k) KHRG Allegro, LLC (g) (k) KHRG Argyle, LLC (g) (k) KHRG Austin Beverage Company, LLC (g) (k) KHRG Baltimore, LLC (g) (k) KHRG Born LLC (g) (k) KHRG Boston Hotel, LLC (g) (k) KHRG Canary LLC (g) (k) KHRG Cayman LLC (g) (k) KHRG Cayman Employer Ltd. (k) KHRG DC 1731 LLC (g) (k) KHRG DC 2505 LLC (g) (k) KHRG Donovan LLC (g) (k) KHRG Employer, LLC (g) (k) KHRG Goleta LLC (g) (k) KHRG Gray LLC (g) (k) KHRG Gray U2 LLC (g) (k) KHRG Hillcrest, LLC (g) (k) KHRG Huntington Beach LLC (g) (k) KHRG King Street, LLC (g) (k) KHRG La Peer LLC (g) (k) KHRG Miami Beach LLC (g) (k) KHRG Muse LLC (g) (k) KHRG NPC LLC (g) (k) KHRG Onyx LLC (g) (k) KHRG Palladian LLC (g) (k) KHRG Palomar Phoenix LLC (g) (k) KHRG Philly Monaco LLC (g) (k) KHRG Pittsburgh LLC (g) (k) KHRG Reynolds LLC (g) (k) KHRG Riverplace LLC (g) (k) KHRG Sacramento LLC (g) (k) KHRG Savannah LLC (g) (k) KHRG Schofield LLC (g) (k) KHRG Sedona LLC (g) (k) KHRG SFD LLC (g) (k) KHRG State Street LLC (g) (k) KHRG Sutter LLC (g) (k) KHRG Sutter Union LLC (g) (k) KHRG Taconic LLC (g) (k) KHRG Tariff LLC (g) (k) KHRG Texas Hospitality, LLC (g) (k) KHRG Texas Operations, LLC (g) (k)
KHRG Tryon LLC (g) (k) KHRG Vero Beach, LLC (g) (k) KHRG Vintage Park LLC (g) (k) KHRG VZ Austin LLC (g) (k) KHRG Wabash LLC (g) (k) KHRG Westwood, LLC (g) (k) KHRG Wilshire LLC (g) (k) KHRG WPB LLC (g) (k) KHRG Zamora LLC (g) (k) Kimpton Hollywood Licenses LLC (g) (k) Kimpton Hotel & Restaurant Group, LLC (g) (k) Kimpton Phoenix Licenses Holdings LLC (g) (k) Kimpton Sedona Licenses LLC (g) (k) Louisiana Acquisitions Corp. (k) Mercer Fairview Holdings LLC (g) (k) MH Lodging LLC (g) (k) PML Services LLC (g) (as) Pollstrong Limited (n) Powell Pine, Inc. (k) Priscilla Holiday of Texas, Inc. (cl) PT SC Hotels & Resorts Indonesia (bh) Resort Services International (Cayo Largo) L.P. (ci) RM Lodging LLC (g) (k) SBS Maryland Beverage Company LLC (g) (as) SC Cellars Limited (ay) SC Hotels International Services, Inc. (k) SC Leisure Group Limited (n) SC NAS 2 Limited (n) SC Quest Limited (n) SC Reservations (Philippines) Inc. (l) SCH Insurance Company (bi) SCIH Branston 3 (n) Semiramis for training of Hotel Personnel and Hotel Management SAE (ch) SF MH Acquisition LLC (g) (k) Six Continents Corporate Services (ay) Six Continents Holdings Limited (n) Six Continents Hotels de Colombia SA (bj) Six Continents Hotels International Limited (n) Six Continents Hotels, Inc. (k) Six Continents International Holdings B.V. (p) Six Continents Investments Limited (f) (n) Six Continents Limited (n) Six Continents Overseas Holdings Limited (n) Six Continents Restaurants Limited (n) SixCo North America, Inc. (w) Solamar Lodging LLC (g) (k) Southern Pacific Hotel Corporation (BVI) Ltd. (v) Southern Pacific Hotels Properties Limited (v) SPHC Group Pty Ltd. (aa) SPHC Management Ltd. (bq) Universal de Hoteles SA (bj) White Shield Insurance Company Limited (bk)
Subsidiaries where the effective interest is less than 100% H.I. Soaltee Management Company Ltd (76.5%) (ac) IHG ANA Hotels Group Japan LLC (74.66%) (ar) IHG ANA Hotels Holdings Co., Ltd. (66%) (ar) World Trade Centre Montreal Hotel Corporation (74.11%) (bl) Associates and joint ventures 111 East 48th Street Holdings LLC (19.9%) (g) (h) (k) Alkoer, S. de R.L. de C.V. (50%) (h) (cg) BCRE IHG 180 Orchard Holdings LLC (49%) (g) (cf) Beijing Orient Express Hotel Co., Ltd. (16.24%) (bm) Blue Blood (Tianjin) Equity Investment Management Co., Limited (30.05%) (bn) Carr Clark SWW Subventure, LLC (26.67%) (g) (ca) Carr Waterfront Hotel, LLC (11.46%) (g) (h) (ca) China Hotel Investment Limited (30.05%) (i) (am) Desarrollo Alkoer Irapuato S. de R.L. de C.V. (50%) (cg) Desarrollo Alkoer Silao S. de R.L. de C.V. (50%) (cg) Gestion Hotelera Gestel, C.A. (50%) (c) (h) (ba) H.I. Soaltee Hotel Company Private Ltd (33.4%) (br) Hotel JV Services LLC (16.67%) (c) (g) (cb) Inter-Continental Hotels Saudi Arabia Limited (40%) (bs) NF III Seattle, LLC (25%) (g) (cc) Nuevas Fronteras S.A. (23.66%) (cd) Panacon (33.33%) (ce) President Hotel & Tower Co Ltd. (30%) (bu) Tianjin ICBCI IHG Equity Investment Fund Management Co., Limited (21.04%) (bv)
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Accounting policies (Policies) |
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Basis of preparation | Basis of preparation The Consolidated Financial Statements of IHG have been prepared on a going concern basis and under the historical cost convention, except for available-for-sale equity securities and derivatives which are measured at fair value. The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as issued by the IASB and in accordance with IFRS as adopted by the European Union (EU) and as applied in accordance with the provisions of the Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB. However, the differences have no impact on the Consolidated Financial Statements for the years presented. |
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Description of initial application of Standards or Interpretations | With effect from 1 January 2017, the Group has adopted:
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Presentational currency | Presentational currency The Consolidated Financial Statements are presented in millions of US dollars reflecting the profile of the Group’s revenue and operating profit which are primarily generated in US dollars or US dollar-linked currencies. In the Consolidated Financial Statements, equity share capital, the capital redemption reserve and shares held by employee share trusts are translated into US dollars at the rates of exchange on the last day of the period; the resultant exchange differences are recorded in other reserves. The functional currency of the Parent Company is sterling since this is a non-trading holding company located in the United Kingdom that has sterling denominated share capital and whose primary activity is the payment and receipt of sterling dividends and of interest on sterling denominated external borrowings and inter-company balances. |
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Basis of consolidation | Basis of consolidation The Consolidated Financial Statements comprise the Financial Statements of the Parent Company and entities controlled by the Group. Control exists when the Group has:
All intra-group balances and transactions are eliminated on consolidation. The assets, liabilities and results of those businesses acquired or disposed of are consolidated for the period during which they were under the Group’s control. |
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Information about interests in structured entity | The Group operates a deferred compensation plan in the US which allows certain employees to make additional provision for retirement, through the deferral of salary with matching company contributions. Employees can draw down on the plan in certain limited circumstances during employment. The assets of the plan are held in a company-owned trust which is not consolidated as the relevant activity of the trust, being the investment of the funds in the trust, is directed by the participating employees of the plan and the company has no exposure to the gains and losses resulting from those investment decisions. The assets of the trust are held solely for the benefit of the participating employees and to pay plan expenses, other than in the case of a company insolvency in which case they can be claimed by the general creditors of the company. At 31 December 2017, the trust had assets with a fair value of $197m (2016: $161m). |
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Foreign currencies | Foreign currencies Transactions in foreign currencies are translated to functional currency at the exchange rates ruling on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated to the functional currency at the relevant rates of exchange ruling on the last day of the period. Foreign exchange differences arising on translation are recognised in the income statement except on foreign currency borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to the currency translation reserve until the disposal of the net investment, at which time they are recycled against the gain or loss on disposal. The assets and liabilities of foreign operations, including goodwill, are translated into US dollars at the relevant rates of exchange ruling on the last day of the period. The revenues and expenses of foreign operations are translated into US dollars at average rates of exchange for the period. The exchange differences arising on retranslation are taken directly to the currency translation reserve. On disposal of a foreign operation, the cumulative amount recognised in the currency translation reserve relating to that particular foreign operation is recycled against the gain or loss on disposal. |
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Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less depreciation and any impairment. Repairs and maintenance costs are expensed as incurred. Land is not depreciated. All other property, plant and equipment are depreciated to a residual value over their estimated useful lives, namely:
All depreciation is charged on a straight-line basis. Residual value is re-assessed annually. Property, plant and equipment are tested for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Assets that do not generate independent cash flows are combined into cash-generating units. If carrying values exceed their estimated recoverable amount, the assets or cash-generating units are written down to the recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses, and any subsequent reversals, are recognised in the income statement. On adoption of IFRS, the Group retained previous revaluations of property, plant and equipment which are included at deemed cost as permitted by IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’. |
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Business combinations and goodwill | Business combinations and goodwill On the acquisition of a business, identifiable assets and liabilities acquired are measured at their fair value. Contingent liabilities assumed are measured at fair value unless this cannot be measured reliably, in which case they are not recognised but are disclosed in the same manner as other contingent liabilities. The measurement of deferred tax assets and liabilities arising on acquisition is as described in the general principles detailed within the ‘Taxes’ accounting policy note on page 98 with the exception that no deferred tax is provided on taxable temporary differences in connection with the initial recognition of goodwill. Goodwill is recorded at cost, being the difference between the fair value of the consideration and the fair value of net assets acquired. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses and is not amortised. Goodwill is tested for impairment at least annually by comparing carrying values of cash-generating units with their recoverable amounts. Impairment losses relating to goodwill cannot be subsequently reversed. Transaction costs are expensed and are not included in the cost of acquisition. |
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Intangible assets | Intangible assets Brands Externally acquired brands are initially recorded at cost if separately acquired or fair value if acquired as part of a business combination, provided the brands are controlled through contractual or other legal rights, or are separable from the rest of the business, and the fair value can be reliably measured. Brands are amortised over their estimated useful lives (and tested for impairment if there are indicators of impairment) or tested for impairment at least annually if determined to have indefinite lives. The costs of developing internally generated brands are expensed as incurred.
Management contracts Management contracts acquired as part of a business combination are initially recorded at the fair value attributed to those contracts on acquisition. When hotel assets are sold and a purchaser enters into a franchise or management contract with the Group, the Group capitalises as part of the gain or loss on disposal an estimate of the fair value of the contract entered into. The value of management contracts is amortised on a straight-line basis over the life of the contract including any extension periods at IHG’s option up to a maximum of 50 years. Software Acquired and internally developed software are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs are generally amortised over estimated useful lives of three to five years on a straight-line basis. Internally generated development costs are expensed unless forecast revenues exceed attributable forecast development costs, in which case they are capitalised and amortised over the estimated useful life of the asset. Other intangible assets Amounts paid to hotel owners to secure management contracts and franchise agreements are capitalised and amortised on a straight-line basis over their estimated useful lives, being the full contractual term, up to a maximum of 50 years. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. |
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Associates and joint ventures | Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but is not control or joint control over those policies. A joint venture exists when two or more parties have joint control over, and rights to the net assets of, the venture. Joint control is the contractually agreed sharing of control which only exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates and joint ventures are accounted for using the equity method unless the associate or joint venture is classified as held for sale. Under the equity method, the Group’s investment is recorded at cost adjusted by the Group’s share of post-acquisition profits and losses and other movements in the investee’s reserves. When the Group’s share of losses exceeds its interest in an associate or joint venture, the Group’s carrying amount is reduced to $nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate or joint venture. If there is objective evidence that an associate or joint venture is impaired, an impairment charge is recognised if the carrying amount of the investment exceeds its recoverable amount. Upon loss of significant influence over an associate or joint control of a joint venture, any retained investment is measured at fair value with any difference to carrying value recognised in the income statement. |
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Financial assets | Financial assets The Group classifies its financial assets into one of the two following categories: loans and receivables or available-for-sale financial assets. Management determines the classification of financial assets on initial recognition and they are subsequently held at amortised cost (loans and receivables) or fair value (available-for-sale financial assets). Interest on loans and receivables is calculated using the effective interest rate method and is recognised in the income statement as interest income. Changes in fair values of available-for-sale financial assets are recorded directly in equity within the unrealised gains and losses reserve. On disposal, the accumulated fair value adjustments recognised in equity are recycled to the income statement. Dividends from available-for-sale financial assets are recognised in the income statement as other operating income and expenses. |
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Impairment of financial assets | Financial assets are assessed for impairment at each period-end date. In the case of an equity investment classified as available-for-sale, a significant or prolonged decline in fair value below cost is evidence that the asset is impaired. If an available-for-sale financial asset is impaired, the difference between original cost and fair value is transferred from equity to the income statement to the extent of any cumulative loss recorded in equity, with any excess charged directly to the income statement. Subsequent impairment reversals relating to previously impaired equity instruments are recorded in equity. |
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Trade receivables | Trade receivables Trade receivables are recorded at their original amount less provision for impairment. It is the Group’s policy to provide for 100% of the previous month’s aged receivables balances which are more than 180 days past due. Adjustments to the policy may be made due to specific or exceptional circumstances. The carrying amount of the receivable is reduced through the use of a provision account and movements in the provision are recognised in the income statement within cost of sales. When a previously provided trade receivable is uncollectable, it is written off against the provision. |
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Cash and cash equivalents | Cash and cash equivalents Cash comprises cash in hand and demand deposits. Cash equivalents are short-term highly liquid investments with an original maturity of three months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. In the statement of cash flows, cash and cash equivalents are shown net of short-term overdrafts which are repayable on demand and form an integral part of the Group’s cash management. |
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Assets held for sale | Assets held for sale Assets and liabilities are classified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is highly probable and expected to complete within one year. For a sale to be highly probable, management need to be committed to a plan to sell the asset and the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value. Assets designated as held for sale are held at the lower of carrying amount at designation and fair value less costs to sell. Depreciation is not charged against property, plant and equipment classified as held for sale. |
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Offsetting of financial assets and financial liabilities | Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset and the net amount is reported in the Group statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liabilities simultaneously. To meet these criteria, the right of set-off must not be contingent on a future event and must be legally enforceable in all of the following circumstances: the normal course of business, the event of default and the event of insolvency or bankruptcy of the Group and all of the counterparties. |
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Bank and other borrowings | Bank and other borrowings Bank and other borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. They are subsequently measured at amortised cost. Finance charges, including the transaction costs and any discount or premium on issue, are recognised in the income statement using the effective interest rate method. Borrowings are classified as non-current when the repayment date is more than 12 months from the period-end date or where they are drawn on a facility with more than 12 months to expiry. |
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Derivative financial instruments and hedging | Derivative financial instruments and hedging Derivatives are initially recognised and subsequently re-measured at fair value. The method of recognising the re-measurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income and the unrealised gains and losses reserve to the extent that the hedges are effective. When the hedged item is recognised, the cumulative gains and losses on the related hedging instrument are reclassified to the income statement. Changes in the fair value of derivatives designated as net investment hedges are recorded in other comprehensive income and the currency translation reserve to the extent that the hedges are effective. The cumulative gains and losses remain in equity until a foreign operation is sold, at which point they are reclassified to the income statement. Changes in the fair value of derivatives which have either not been designated as hedging instruments or relate to the ineffective portion of hedges are recognised immediately in the income statement. Documentation outlining the measurement and effectiveness of any hedging arrangement is maintained throughout the life of the hedge relationship. Interest arising from currency derivatives and interest rate swaps is recorded in either financial income or expenses over the term of the agreement, unless the accounting treatment for the hedging relationship requires the interest to be taken to reserves. |
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Self insurance | Self insurance Liabilities in respect of self insured risks include projected settlements for known and incurred but not reported claims. Projected settlements are estimated based on historical trends and actuarial data. |
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Provisions | Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that a payment will be made and a reliable estimate of the amount payable can be made. If the effect of the time value of money is material, the provision is discounted using a current pre-tax discount rate that reflects the risks specific to the liability. An onerous contract provision is recognised when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. In respect of litigation, provision is made when management consider it probable that payment may occur even though the defence of the related claim may still be ongoing through the court process. |
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Taxes | Taxes Current tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities, including interest. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period. |
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Deferred tax | Deferred tax Deferred tax assets and liabilities are recognised in respect of temporary differences between the tax base and carrying value of assets and liabilities including accelerated capital allowances, unrelieved tax losses, unremitted profits from subsidiaries, gains rolled over into replacement assets, gains on previously revalued properties and other short-term temporary differences. Judgement is used when assessing the extent to which deferred tax assets, particularly in respect of tax losses, should be recognised. Deferred tax assets are therefore recognised to the extent that it is regarded as probable that there will be sufficient and suitable taxable profits (including the future release of deferred tax liabilities) in the relevant legal entity or tax group against which such assets can be utilised in the future. For this purpose, forecasts of future taxable profits are considered by assessing the Group’s forecast revenue and profit models, taking into account future growth predictions and operating cost assumptions. Accordingly, changes in assumptions to the Group’s forecasts may have an impact on the amount of future taxable profits and therefore the period over which any deferred tax assets might be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Where deferred tax assets and liabilities arise in the same entity or group of entities and there would be a legal right to offset the assets and liabilities were they to reverse, the assets and liabilities are also offset on the Group statement of financial position. Similarly, if there is no legal right to offset assets against liabilities, the assets and liabilities are not offset. |
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Retirement benefits | Retirement benefits Defined contribution plans Payments to defined contribution schemes are charged to the income statement as they fall due. Defined benefit plans Plan assets are measured at fair value and plan liabilities are measured on an actuarial basis, using the projected unit credit method and discounting at an interest rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The difference between the value of plan assets and liabilities at the period-end date is the amount of surplus or deficit recorded in the statement of financial position as an asset or liability. An asset is recognised when the employer has an unconditional right to use the surplus at some point during the life of the plan or on its wind-up. The service cost of providing pension benefits to employees, together with the net interest expense or income for the year, is charged to the income statement within ‘administrative expenses’. Net interest is calculated by applying the discount rate to the net defined benefit asset or liability, after any asset restriction. Past service costs and gains, which are the change in the present value of the defined benefit obligation for employee service in prior periods resulting from plan amendments, are recognised immediately the plan amendment occurs. Settlement gains and losses, being the difference between the settlement cost and the present value of the defined benefit obligations being settled, are recognised when the settlement occurs. Re-measurements comprise actuarial gains and losses, the return on plan assets (excluding amounts included in net interest) and changes in the amount of any asset restrictions. Actuarial gains and losses may result from: differences between the actuarial assumptions underlying the plan liabilities and actual experience during the year or changes in the actuarial assumptions used in the valuation of the plan liabilities. Re-measurement gains and losses, and taxation thereon, are recognised in other comprehensive income and are not reclassified to profit or loss in subsequent periods. Actuarial valuations are carried out on a regular basis and are updated for material transactions and other material changes in circumstances (including changes in market prices and interest rates) up to the end of the reporting period. |
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Revenue recognition | Revenue recognition Revenue arises from the sale of goods and provision of services where these activities give rise to economic benefits received and receivable by the Group on its own account and result in increases in equity. Revenue is derived from the following sources: franchise fees; management fees; owned and leased properties and other revenues which are ancillary to the Group’s operations, including technology fee income. Revenue is recorded (excluding VAT and similar taxes) net of discounts. The following is a description of the composition of revenues of the Group. Franchise fees Received in connection with the licence of the Group’s brand names, usually under long-term contracts with the hotel owner. The Group charges franchise royalty fees as a percentage of hotel rooms revenue and recognises the fees as the hotel revenues occur. Management fees Earned from hotels managed by the Group, usually under long-term contracts with the hotel owner. Management fees include a base fee, generally a percentage of hotel revenue, which is recognised as the hotel revenues occur and an incentive fee, generally based on the hotel’s annual profitability or cash flows, which is recognised over time when it is considered probable that the related performance criteria will be met. Owned and leased Primarily derived from hotel operations, including the rental of rooms and food and beverage sales from owned and leased hotels operated under the Group’s brand names. Revenue is recognised when rooms are occupied and food and beverages are sold. Franchise fees and management fees include liquidated damages received from the early termination of contracts. Other revenues are recognised when earned in accordance with the terms of the contract. |
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Share-based payments | Share-based payments The cost of equity-settled transactions with employees is measured by reference to fair value at the date at which the right to the shares is granted. Fair value is determined by an external valuer using option pricing models. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which any performance or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (vesting date). The income statement charge for a period represents the movement in cumulative expense recognised at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vesting condition, which are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. |
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Leases | Leases Operating lease rentals are charged to the income statement on a straight-line basis over the term of the lease. Assets held under finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease, with a corresponding liability being recognised for the fair value of the leased asset or, if lower, the present value of the minimum lease payments. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Assets held under finance leases are depreciated over the shorter of the estimated useful life of the asset and the lease term. |
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Disposal of non-current assets | Disposal of non-current assets The Group recognises sales proceeds and any related gain or loss on disposal on completion of the sales process. In determining whether the gain or loss should be recorded, the Group considers whether it:
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Fair value measurement | Fair value measurement The Group measures available-for-sale equity securities and derivatives at fair value on a recurring basis and other assets when impaired by reference to fair value less costs of disposal. Additionally, the fair value of other financial assets and liabilities require disclosure. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured by reference to the principal market for the asset or liability assuming that market participants act in their economic best interests. The fair value of a non-financial asset assumes the asset is used in its highest and best use, either through continuing ownership or by selling it. The Group uses valuation techniques that maximise the use of relevant observable inputs using the following valuation hierarchy:
Further disclosures on the particular valuation techniques used by the Group are provided in note 23. For impairment testing purposes and where significant assets (such as property) are valued by reference to fair value less costs of disposal, an external valuation will normally be obtained using professional valuers who have appropriate market knowledge, reputation and independence. |
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Exceptional items | Exceptional items The Group discloses certain financial information both including and excluding exceptional items. The presentation of information excluding exceptional items allows a better understanding of the underlying trading performance of the Group and provides consistency with the Group’s internal management reporting. Exceptional items are identified by virtue of either their size or nature so as to facilitate comparison with prior periods and to assess underlying trends in the financial performance of the Group and its regional operating segments. Exceptional items can include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals and restructuring costs. |
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Critical accounting policies and the use of judgements, estimates and assumptions | Critical accounting policies and the use of judgements, estimates and assumptions In determining and applying the Group’s accounting policies, management are required to make judgements, estimates and assumptions. An accounting policy is considered to be critical if its selection or application could materially affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Management consider accounting for the System Fund to be a critical judgement and that critical estimates and assumptions are used in impairment testing and for measuring the loyalty programme liability, as discussed in further detail below. Estimates and assumptions are evaluated by management using historical experience and other factors believed to be reasonable based on current circumstances. Actual results could differ under different policies, judgements, estimates and assumptions or due to unforeseen circumstances. System Fund – in addition to management or franchise fees, hotels within the IHG System (other than for Kimpton and InterContinental hotels) pay cash assessments and contributions which are collected by IHG for specific use within the System Fund (the Fund). The Fund also receives proceeds from the sale of IHG Rewards Club points. IHG exerts significant influence over the operation of the Fund, however the Fund is managed for the benefit of hotels in the System with the objective of driving revenues for the hotels. The Fund is used to pay for marketing, the IHG Rewards Club loyalty programme and the Guest Reservation System. The Fund is planned to operate at breakeven with any short-term timing surplus or deficit carried in the Group statement of financial position within working capital. As all Fund income is designated for specific purposes and does not result in a profit or loss for the Group, the revenue recognition criteria as outlined in the accounting policy above are not met and therefore the income and expenses of the Fund are not included in the Group income statement. The assets and liabilities relating to the Fund are included in the appropriate headings in the Group statement of financial position as the related legal, but not beneficial, rights and obligations rest with the Group. These assets and liabilities include the IHG Rewards Club liability, short-term timing surpluses and deficits and any receivables and payables related to the Fund. The cash flows relating to the Fund are reported within ‘cash flow from operations’ in the Group statement of cash flows due to the close interrelationship between the Fund and the trading operations of the Group.
Loyalty programme – the hotel loyalty programme, IHG Rewards Club, enables members to earn points, funded through hotel assessments, during each qualifying stay at an IHG branded hotel and redeem points at a later date for free accommodation or other benefits. The future redemption liability is calculated by multiplying the number of points expected to be redeemed before they expire by the redemption cost per point. On an annual basis the Group engages an external actuary who uses statistical formulae to assist in the estimate of the number of points that will never be redeemed (‘breakage’). Following the introduction of a points expiration policy in 2015, breakage has become more judgemental due to there being limited historical data on the impact of such a change. Actuarial gains and losses on the future redemption liability are borne by the System Fund and any resulting changes in the liability would correspondingly adjust the amount of short-term timing surpluses and deficits held in the Group statement of financial position. At 31 December 2017, the future redemption liability was $760m (2016: $685m). Based on the conditions existing at the balance sheet date, a one percentage point decrease in the breakage estimate would increase this liability by approximately $10m. Impairment testing – intangible assets with definite useful lives, and property, plant and equipment are tested for impairment when events or circumstances indicate that their carrying value may not be recoverable. Goodwill and intangible assets with indefinite useful lives are subject to an impairment test on an annual basis or more frequently if there are indicators of impairment. Assets that do not generate independent cash flows are combined into cash-generating units. Associates and joint ventures are tested for impairment when there is objective evidence that they might be impaired. The impairment testing of individual assets or cash-generating units requires an assessment of the recoverable amount of the asset or cash-generating unit. If the carrying value of the asset or cash-generating unit exceeds its estimated recoverable amount, the asset or cash-generating unit is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs of disposal and value in use. Value in use is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that is based on the Group’s weighted average cost of capital adjusted to reflect the risks specific to the business model and territory of the cash-generating unit or asset being tested. The outcome of such an assessment is subjective, and the result sensitive to the assumed future cash flows to be generated by the cash-generating units or assets and discount rates applied in calculating the value in use. At 31 December 2017, the Group had goodwill of $237m (2016: $232m) and brands of $193m (2016: $193m), both of which are subject to annual impairment testing. Information on the impairment tests performed is included in note 13. At 31 December 2017, the Group also had property, plant and equipment, other intangible assets and investments in associates and joint ventures with a net book value of $425m, $1,037m and $141m (2016: $419m, $867m and $111m) respectively. In 2017, an impairment charge of $18m (2016: $16m) was recognised in relation to an associate investment as described in detail in note 14. In respect of those other assets requiring an impairment test and depending on how recoverable amount was assessed, a 10% reduction in fair value or estimated future cash flows would have resulted in a further impairment charge of $13m. |
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New standards issued but not effective | New standards issued but not effective The new and amended accounting standards discussed below are those which are expected to be relevant to the Group Financial Statements. IFRS 15 ‘Revenue from Contracts with Customers’ IFRS 15 introduces a new five-step approach to measuring and recognising revenue from contracts with customers and will be adopted by the Group with effect from 1 January 2018. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Management’s assessment of the impact of IFRS 15 is substantially complete and a summary of the main changes and impacts on IHG are as follows: 1. Employee cost reimbursements Under IFRS 15, the provision of employees to managed hotels is not considered to be a service that is distinct from the general hotel management service. Reimbursements for the costs of IHG employees working in managed hotels will therefore be shown as revenue with an equal matching cost, with no profit impact. Under current accounting, no revenue or matching cost is recognised. 2. Initial franchise and re-licensing fees Under current accounting, application and re-licensing fees are recognised as revenue when billed as the monies received are not refundable and IHG has no further obligations to satisfy. Under IFRS 15, there is a requirement to consider whether the payment of these fees transfers a good or service to the customer that is distinct from the promise to provide franchise services. As this is not the case, IFRS 15 requires initial franchise and re-licensing fees to be recognised as franchise services are provided, over the life of the related contract. The spreading of these fees will result in an initial reduction to revenue and operating profit, and the recognition of deferred revenue on the balance sheet, reflecting the profile of increased amounts received in recent years. 3. Contract acquisition costs Contract acquisition costs related to securing management and franchise contracts are currently charged to the income statement as incurred. Under IFRS 15, certain costs qualify to be capitalised as the cost of obtaining a contract and are amortised over the initial term of the related contract. This change results in an increase to operating profit and the capitalisation of contract costs on the balance sheet. 4. Amounts paid to hotel owners to secure management contracts and franchise agreements (‘Key money’) Under current accounting, key money payments are capitalised as intangible assets and amortised over the life of the related contracts. Under IFRS 15, these payments are treated as consideration payable to a customer and therefore recognised as a deduction to revenue over the contract term. This change will result in a reduction to revenue, no change to operating profit, and the reclassification of key money on the balance sheet from intangible assets to contract assets.
5. Owned hotel disposals subject to a management contract Under current accounting, when hotels are sold and the Group retains management of the hotel, the consideration recognised includes both the cash received and the fair value of the management contract which is capitalised as an intangible asset and subsequently amortised to the income statement. This accounting is governed by the ‘exchange of assets’ criteria included in IAS 16 ‘Property, Plant and Equipment’ and IAS 38 ‘Intangible Assets’. IFRS 15 specifically includes property sales in its scope and results in the sales consideration being recorded at the fair value of the encumbered hotel, which generally will be equivalent to the cash received. This change will result in the derecognition of historic intangible asset balances and a lower amortisation charge in the income statement. 6. System Fund revenues and expenses The Group operates a System Fund (the Fund) to collect and administer cash assessments from hotel owners for the specific purpose of use in marketing, the guest reservation systems and hotel loyalty programme. The Fund also receives proceeds from the sale of loyalty points under third-party co-branding arrangements. The Fund is planned to break even and is managed for the benefit of hotels in the System with the objective of driving revenues for the hotels. Under current accounting, these receipts and expenses are not recorded in the Group income statement as set out on page 100. Under IFRS 15, an entity is regarded as a principal if it controls a service prior to transfer to the customer. As marketing and reservations expenses primarily comprise payroll and marketing costs incurred under contracts entered into by the Group, management have determined that the Group controls these services. Fund revenues and expenses will therefore be recognised on a gross basis in the Group income statement. Assessment fees from hotel owners are generally levied as a percentage of hotel revenues and will be recognised as those hotel revenues occur. In respect of the loyalty programme, the Group has determined that the related performance obligation is not satisfied in full until the member has redeemed the points at a participating hotel. Accordingly, revenue related to loyalty points earned by members or sold under co-brandingarrangements will be deferred in an amount that reflects the stand-alone selling price of the future benefit to the member. As materially all of the points will be redeemed at IHG managed or franchised hotels owned by third parties, IHG is deemed to be acting as agent on redemption and will therefore recognise the related revenue net of the cost of reimbursing the hotel that is providing the hotel stay. The deferred revenue balance under IFRS 15 will be significantly higher than the points redemption cost liability that is recognised under current accounting resulting in an increase in the Group’s net liabilities. Management has also determined that in addition to the performance obligation for the redemption of points, co-branding arrangements contain other performance obligations including marketing services and the right to access the loyalty programme. Revenue attributable to the stand-alone selling price of these additional services is recognised over the term of the co-branding arrangement. Certain travel agency commission revenues within the Fund will continue to be recognised on a net basis, where it has been determined that IHG acts as agent under IFRS 15.
7. System Fund surplus or deficit Under current accounting, the Fund surplus or deficit is carried forward on the Group statement of financial position as set out on page 100. Under IFRS 15, the Fund surplus or deficit will be recognised in the Group income statement. Both the current accounting treatment and the change on applying IFRS 15, and the equivalent US GAAP standard, are consistent with current and expected future practice across the hotel industry. The Fund surplus of $158m at 31 December 2017 will be derecognised resulting in a reduction in the Group’s net liabilities. The changes detailed in 6 and 7 above will result in an increase in recorded revenue and reduction in operating profit in 2017. 8. Presentation and disclosure The presentation and disclosure requirements of IFRS 15 represent a significant change from current practice and will increase the volume of disclosures required in the notes to the financial statements. 9. Quantification of impacts The Group will apply the full retrospective approach when transitioning to the new standard which will result in restated comparatives on the basis that IFRS 15 had always applied. The estimated impacts of adjustments 1. to 5. on the 2017 results are as follows:
The impact of deferring revenue in relation to the loyalty programme and recognising System Fund revenues and expenses in the Group income statement (items 6. and 7.) is expected to increase Group revenue by an additional $1.2bn. The impact on Group operating profit and Group net liabilities is still being assessed. The Group has an agreement with the IHG Owners Association to spend Fund income for the benefit of hotels in the IHG System such that the Group does not make a profit or loss from operating the Fund over the medium term.
IFRS 9 ‘Financial Instruments’ IFRS 9, which will be adopted by the Group with effect from 1 January 2018, introduces new requirements for classification and measurement of financial assets and financial liabilities, impairment and hedge accounting. Management’s assessment of the impact of IFRS 9 is substantially complete and a summary of the changes and impacts on IHG are as follows: 1. Financial assets at fair value through other comprehensive income The Group holds equity investments which it currently classifies as available-for-sale financial assets. Changes in fair value are accumulated in equity and on disposal are recycled through the income statement. Under IFRS 9, these assets will be recorded at fair value through other comprehensive income with no recycling to the income statement. IFRS 9 will not be applied to assets derecognised prior to 1 January 2018 and therefore there will be no change to the gain of $73m recognised on disposal of an available-for-sale equity investment in 2017 (see note 5). 2. Trade receivables and loans issued to hotel owners to secure management contracts and franchise agreements Trade receivables, trade deposits and loans issued to hotel owners to secure management contracts and franchise agreements are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. Management have therefore concluded that they continue to meet the criteria for amortised cost measurement under IFRS 9. 3. Impairment The Group will apply the three-stage expected credit loss model introduced by IFRS 9 in respect of trade deposits and loans issued to hotel owners to secure management contracts and franchise agreements. The expected credit loss model is based on the concepts of ’12-month expected credit losses’ or ‘lifetime expected credit losses’ depending on the performance of the underlying asset. Management’s current assessments do not indicate any material change in impairment provisions as a result of IFRS 9. The Group will apply the simplified version of the expected credit loss model permitted by IFRS 9 in respect of trade receivables, which involves assessing lifetime expected credit losses on all balances. To estimate the required impairment provision, management has assessed historical collection rates by geographical region, incorporating adjustments for future expectations. No material impact on the financial statements is expected from application of the expected credit loss model to trade receivables. 4. Hedge accounting Management have determined that all existing hedge relationships that are currently designated effective hedging relationships will continue to qualify for hedge accounting under IFRS 9. As IFRS 9 does not change the general principles of how an entity accounts for effective hedges, applying the hedging requirements of IFRS 9 will not impact the Group Financial Statements.
5. Financial liabilities Management’s initial assessments indicate no impact on the Group’s accounting for financial liabilities as the rules on classification and measurement of financial liabilities remain largely unchanged compared with IAS 39. Except for hedge accounting, retrospective application of IFRS 9 is required. The new rules for hedge accounting will be applied prospectively in line with the requirements of the new standard. The Group does not plan to restate prior periods as allowed by the transition provisions of IFRS 9. IFRS 16 ‘Leases’ The Group will adopt IFRS 16 with effect from 1 January 2019. The standard eliminates the classification of leases as either operating or finance leases and introduces a single accounting model which is similar to the current accounting model for finance leases under IAS 17. Lessees will be required to recognise on the balance sheet ‘right-of-use’ assets which represent the right to use underlying assets during the lease term and a lease liability representing the minimum lease payment for all leases. Depreciation of ‘right-of-use’ assets and interest on lease liabilities will be charged to the income statement, replacing the corresponding operating lease rentals. The Group will take the elections available under IFRS 16 not to apply the lease accounting model to leases which are considered low value or which have a term of less than 12 months. The Group currently plans to apply the full retrospective method of application. Management are currently quantifying the impact of adopting IFRS 16 which is expected to result in an increase in lease liabilities of $350m–$400m at 31 December 2017, and an immaterial impact on profit after tax. Other From 1 January 2018, the Group will apply Amendments to IFRS 2 ‘Classification and Measurement of Share-Based Payment Transactions’. The amendments address the effects of vesting conditions on the measurement of cash-settled share-based payment transactions; the classification of a share-based payment transaction with net settlement features for withholding tax obligations and accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash-settled to equity-settled. Adoption of this amendment is not expected to have a material impact on the financial statements. From 1 January 2019, the Group will apply the amendments to:
The amendments are not expected to have a material impact on the Group’s reported financial performance or position. 1. Exchange rates The results of operations have been translated into US dollars at the average rates of exchange for the year. In the case of sterling, the translation rate is $1=£0.78 (2016: $1=£0.74, 2015: $1=£0.65). In the case of the euro, the translation rate is $1=€0.89 (2016: $1=€0.90, 2015: $1=€0.90). Assets and liabilities have been translated into US dollars at the rates of exchange on the last day of the year. In the case of sterling, the translation rate is $1=£0.74 (2016: $1=£0.81, 2015: $1=£0.68). In the case of the euro, the translation rate is $1=€0.83 (2016: $1=€0.95, 2015: $1=€0.92). |
Accounting policies (Tables) |
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Summary of Estimated Impact of IFRS 15 | The estimated impacts of adjustments 1. to 5. on the 2017 results are as follows:
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Segmental information (Tables) |
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Summary of Information by Reportable Segment | The management of the Group’s operations, excluding Central functions, is organised within four geographical regions:
These, together with Central functions, comprise the Group’s five reportable segments. No operating segments have been aggregated to form these reportable segments. Central functions include costs of global functions including technology, sales and marketing, finance, human resources and corporate services; central revenue arises principally from technology fee income. Central liabilities include the loyalty programme liability and the cumulative System Fund surplus. Each of the geographical regions is led by its own Chief Executive Officer and derives its revenues from either franchising, managing or owning hotels and additional segmental disclosures are provided accordingly. Management monitors the operating results of the geographical regions and Central functions separately for the purpose of making decisions about resource allocation and performance assessment. Segmental performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Consolidated Financial Statements, excluding exceptional items. Group financing activities and income taxes are managed on a group basis and are not allocated to reportable segments.
All items above relate to continuing operations.
All items above relate to continuing operations.
All items above relate to continuing operations.
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Summary of Geographical Information |
For the purposes of the above table, hotel revenue is determined according to 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 individual country is separately disclosed when it represents 10% or more of total revenue.
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Staff costs and Directors' emoluments (Tables) |
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Summary of Staff Costs |
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Summary of Average Number of Employees |
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Summary of Director's Emoluments |
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Auditor's remuneration paid to Ernst & Young LLP (Tables) |
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Summary of Auditor's Remuneration Paid |
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Exceptional items (Tables) |
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Summary of Exceptional Items |
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Finance costs (Tables) |
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Summary of Financial Income and Expenses |
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Tax (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text block1 [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Tax on Profit | Tax on profit
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Summary of Reconciliation of Tax Charge Including Gain on Disposal of Assets |
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Summary of Reconciliation of Tax Paid to Total Tax Charge in Income Statement | A reconciliation of tax paid to the total tax charge in the income statement follows:
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Summary of Deferred Tax | Deferred tax
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Summary of Deferred Taxes by Territory | The closing balance is further analysed by key territory as follows:
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Summary of Deferred Tax Balance After Offset of Assets and Liabilities | The analysis of the deferred tax balance after considering the offset of assets and liabilities within entities where there is a legal right to do so is as follows:
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Summary of Unrecognised Deferred Tax Position | The total unrecognised deferred tax position is as follows:
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Summary of Unrecognized Deferred Tax Based on Expiry Date | There is no expiry date to any of the above unrecognised assets other than for the losses as shown in the table below:
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Dividends (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Dividends Paid And Proposed |
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Earnings per ordinary share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Earnings Per Ordinary Share |
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Property, plant and equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Property, Plant and Equipment |
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Summary of Net Book Value of Property, Plant and Equipment | The table below analyses the net book value of the Group’s property, plant and equipment by operating segment at 31 December 2017:
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Goodwill and other intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Goodwill and Other Intangible Assets |
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Summary of Carrying Value of Goodwill and Indefinite Life Brands Allocated to Cash-generating Units for Impairment Testing | The year-end carrying value of goodwill and indefinite life brands have been allocated to cash-generating units (CGUs) for impairment testing purposes as follows:
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Summary of Terminal Growth Rates and Discount Rates Used in Impairment Tests | The terminal growth rates and discount rates used, which are considered to be key assumptions, are as follows:
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Summary of Net Book Value and Remaining Amortisation Period of Principal Management Contracts | At 31 December 2017, the net book value and remaining amortisation period of the principal management contracts were as follows:
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Investment in associates and joint ventures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in associates and joint ventures |
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Summarised Aggregated Financial Information for Individually Immaterial Associates and Joint Ventures | The summarised aggregated financial information for individually immaterial associates and joint ventures is set out below. These are mainly investments in entities that own hotels which the Group manages.
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Barclay associate [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information of Material Associate Investment | Summarised financial information in respect of the Barclay associate is set out below:
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Other financial assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Other Financial Assets |
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Schedule of Movement in Provision for Impairment of Other Financial Assets | The movement in the provision for impairment of other financial assets during the year is as follows:
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Trade and other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Trade and Other Receivables |
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Summary of Maximum Exposure to Credit Risk for Trade and Other Receivables Excluding Prepayments by Geographic Region | The maximum exposure to credit risk for trade and other receivables, excluding prepayments, at the end of the reporting period by geographic region is:
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Summary of Ageing of Trade and Other Receivables | The ageing of trade and other receivables, excluding prepayments, at the end of the reporting period is:
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Summary of Movement in Provision for Impairment of Trade and Other Receivables | The movement in the provision for impairment of trade and other receivables during the year is as follows:
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Cash and cash equivalents (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Cash and Cash Equivalents |
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Summary of Cash and Cash Equivalents in the Statement of Cash Flows | For the purposes of the Group statement of cash flows, cash and cash equivalents comprise the following:
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Trade and other payables (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Trade and Other Payables |
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Provisions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Provisions |
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Summary of Provisions Analysed as Current and Non-Current |
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Loans and other borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Loans and Other Borrowings |
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Summary of Loans and Other Borrowings, Excluding Bank Overdrafts | Loans and other borrowings, excluding bank overdrafts, comprise the liabilities included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:
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Finance Lease Obligations | Finance lease obligations Finance lease obligations, which relate primarily to the 99-year lease (of which 88 years remain) on the InterContinental Boston hotel, are payable as follows:
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Summary of Facilities Provided by Banks |
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Net debt (Tables) |
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Summary of Net Debt |
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Summary of Movement in Net Debt |
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Financial risk management (Tables) |
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Summary of Interest and Foreign Exchange Risk Sensitivities |
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Summary of Undiscounted Contractual Cash Flows of Financial Liabilities | The following are the undiscounted contractual cash flows of financial liabilities, including interest payments:
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Summary of Financial Assets Represents Maximum Exposure to Credit Risk | The carrying amount of financial assets represents the maximum exposure to credit risk.
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Fair value measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Carrying Amounts and Fair Values of Financial Assets and Liabilities | The following table compares carrying amounts and fair values of the Group’s financial assets and liabilities:
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Summary of Fair Value Measurement Hierarchy of Assets and Liabilities |
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Summary of Reconciliation of Movements in the Fair Values of Investments Classified as Level 3 | The following table reconciles the movements in the fair values of investments classified as Level 3 during the year:
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Reconciliation of profit for the year to cash flow from operations (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 15, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Reconciliation of Profit for the Year to Cash Flow from Operations |
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Retirement benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defined Benefit Plans - Amounts Recognised as Administrative Expenses | In respect of the defined benefit plans, the amounts recognised in the Group income statement, in ‘administrative expenses’, are:
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Defined Benefit Plans - Amounts Recognised in Other Comprehensive Income | Re-measurement gains and losses recognised in the Group statement of comprehensive income are:
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Defined Benefit Plans - Summary of Amounts Recognised on the Balance Sheet | The assets and liabilities of the schemes and the amounts recognised in the Group statement of financial position are:
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Summary of Principal Financial Assumptions Used to Determine Benefit Obligations | The principal financial assumptions used by the actuaries to determine the benefit obligations are:
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Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age | In both the UK and US, the assumptions have been revised during the year to reflect life expectancy at retirement age as follows:
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Defined Benefit Plans - Sensitivity Analysis of Actuarial Assumptions | The sensitivity analysis below is based on extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between the assumptions.
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Summary of Movement in Benefit Obligation | Movement in benefit obligation
Movement in plan assets
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Summary of Plan Assets Measured at Fair Value | The plan assets are measured at fair value and comprise the following:
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Summary of Movement in Asset Restriction |
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Summary of Estimated Future Benefit Payments | Estimated future benefit payments
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Share-based payments (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Information about Awards Granted | The Group uses separate option pricing models and assumptions depending on the plan. The following table sets out information about awards granted in 2017, 2016 and 2015:
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Summary of Movements in Awards Outstanding Under the Schemes | Movements in the awards outstanding under the schemes are as follows:
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 15, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Equity Share Capital | Equity share capital
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Operating leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Future Minimum Lease Payments Under Non-cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases are as follows:
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Capital and other commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Capital and Other Commitments |
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Related party disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Total Compensation of Key Management Personnel |
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Summary of Related Party Disclosures for Associates and Joint Ventures | Related party disclosures for associates and joint ventures are as follows:
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System Fund (Tables) |
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Summary of System Fund | The following information is relevant to the operation of the Fund:
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Summary of Liabilities Relating to Fund | The following liabilities relating to the Fund are included in the Group statement of financial position:
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Group companies (Tables) |
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Summary of Investment in Subsidiaries | Fully owned subsidiaries “IHG Management” d.o.o. Beograd (j) 24th Street Operator Sub, LLC (g) (k) 36th Street IHG Sub, LLC (g) (k) 426 Main Ave LLC (g) (k) 46 Nevins Street Associates, LLC (g) (k) 2250 Blake Street Hotel, LLC (g) (k) Allegro Management LLC (g) (k) Alpha Kimball Hotel LLC (g) (k) American Commonwealth Assurance Co. Ltd. (m) Asia Pacific Holdings Limited (n) Barclay Operating Corp. (k) BHMC Canada Inc. (o) BHR Holdings B.V. (p) BHR Luxembourg SARL (q) BHR Pacific Holdings, Inc. (k) BHTC Canada Inc. (o) BOC Barclay Sub LLC (g) (cj) Bristol Oakbrook Tenant Company (k) Café Biarritz (n) Cambridge Lodging LLC (g) (k) Capital Lodging LLC (g) (k) Compañia Inter-Continental De Hoteles El Salvador SA (n) Crowne Plaza Amsterdam (Management) B.V. (r) Crowne Plaza LLC (g) (k) Cumberland Akers Hotel LLC (g) (k) Dunwoody Operations, Inc. (k) Edinburgh IC Limited (s) EVEN Real Estate Holding LLC (g) (k) General Innkeeping Acceptance Corporation (b) (l) Guangzhou SC Hotels Services Ltd. (t) H.I. (Ireland) Limited (u) HI Sugarloaf, LLC (g) (ci) Hale International Ltd. (v) HC International Holdings, Inc. (w) HH France Holdings SAS (x) HH Hotels (EMEA) B.V. (p) HH Hotels (Romania) SRL (y) HIM (Aruba) NV (z) Hoft Properties LLC (g) (k) Holiday Hospitality Franchising, LLC (g) (k) Holiday Inn Mexicana S.A. de C.V. (ab) Holiday Inns (China) Ltd (ac) Holiday Inns (Chongqing), Inc. (l) Holiday Inns (Courtalin) Holdings SAS (x) Holiday Inns (Courtalin) SAS (b) (x) Holiday Inns (England) Ltd. (n) Holiday Inns (Germany), LLC (g) (l) Holiday Inns (Guangzhou), Inc. (l) Holiday Inns (Jamaica) Inc. (l) Holiday Inns (Malaysia) Ltd. (ac) Holiday Inns (Middle East) Ltd. (ac) Holiday Inns (Philippines), Inc. (l) Holiday Inns (Saudi Arabia), Inc. (l) Holiday Inns (South East Asia) Inc. (l) Holiday Inns (Thailand) Ltd. (ac) Holiday Inns (UK), Inc. (l) Holiday Inns Crowne Plaza (Hong Kong), Inc. (l) Holiday Inns Holdings (Australia) Pty Ltd (aa) Holiday Inns Inc. (k) Holiday Inns Investment (Nepal) Ltd. (ac) Holiday Inns of America (UK) Ltd. (n) Holiday Inns of Belgium N.V. (ad) Holiday Pacific Equity Corporation (k) Holiday Pacific LLC (g) (k) Holiday Pacific Partners, LP (k) Hotel InterContinental London (Holdings) Limited (n) Hotel Inter-Continental London Limited (n) Hoteles Y Turismo HIH SRL (n) IC Hotelbetriebsfuhrungs GmbH (ae) IC Hotels Management (Portugal) Unipessoal, Lda (af) IC International Hotels Limited Liability Company (ag) IHC (Thailand) Limited (ah) IHC Buckhead, LLC (g) (ci) IHC Edinburgh (Holdings) (n) IHC Hopkins (Holdings) Corp. (k) IHC Hotel Limited (n) IHC Inter-Continental (Holdings) Corp. (k) IHC London (Holdings) (n) IHC May Fair (Holdings) Limited (n) IHC May Fair Hotel Limited (n) IHC M-H (Holdings) Corp.(k) IHC Overseas (U.K.) Limited (n) IHC UK (Holdings) Limited (n) IHC United States (Holdings) Corp. (b) (k) IHC Willard (Holdings) Corp. (k) IHG (Australasia) Limited (d) (ai) IHG (Marseille) SAS (x) IHG (Thailand) Limited (aj) IHG Bangkok Ltd (v) IHG Brasil Administracao de Hoteis e Servicos Ltda (ak) IHG Commission Services SRL (co) IHG Community Development, LLC (g) (ci) IHG Cyprus Limited (bw) IHG de Argentina SA (al) IHG ECS (Barbados) SRL (co) IHG Franchising Brasil Ltda (bd) IHG Franchising DR Corporation (k) IHG Franchising, LLC (g) (k) IHG Hotels (New Zealand) Limited (an) IHG Hotels Limited (n) IHG Hotels Management (Australia) Pty Limited (d) (aa) IHG Hotels Nigeria Limited (ao) IHG Hotels South Africa (Pty) Ltd (ap) IHG International Partnership (n) IHG Istanbul Otel Yönetim Limited Sirketi (bx) IHG Japan (Management) LLC (ar) IHG Japan (Osaka) LLC (ar) IHG Management (Maryland) LLC (g) (as) IHG Management (Netherlands) B.V. (p) IHG Management MD Barclay Sub LLC (g) (cj) IHG Management SL d.o.o (bo) IHG Orchard Street Member, LLC (g) (k) IHG PS Nominees Limited (n) IHG Systems Pty Ltd (d) (aa) IHG Szalloda Budapest Szolgaltato Kft. (at) IND East Village SD Holdings, LLC (g) (k) InterContinental Berlin Service Company GmbH (au) InterContinental (Branston) 1 Limited (c) (n) InterContinental (PB) 1 (n) InterContinental (PB) 2 (ay) InterContinental (PB) 3 Limited (n) InterContinental Brasil Administracao de Hoteis Ltda (ak) Inter-Continental D.C. Operating Corp. (k) Inter-Continental Florida Investment Corp. (k) Inter-Continental Florida Partner Corp. (k) InterContinental Gestion Hotelera S.L. (by) Inter-Continental Hospitality Corporation (k) InterContinental Hotel Berlin GmbH (au) InterContinental Hotel Düsseldorf GmbH (Germany) (av) Inter-Continental Hoteleira Limitada (aw) Inter-Continental Hotels (Montreal) Operating Corp. (ax) Inter-Continental Hotels (Montreal) Owning Corp. (ax) InterContinental Hotels (Puerto Rico) Inc. (az) Inter-Continental Hotels (Singapore) Pte. Ltd. (ai) Inter-Continental Hotels Corporation (k) Inter-Continental Hotels Corporation de Venezuela C.A. (ba) Intercontinental Hotels Corporation Limited (d) (m) InterContinental Hotels Group (Asia Pacific) Pte Ltd (ai) InterContinental Hotels Group (Australia) Pty Limited (aa) InterContinental Hotels Group (Canada) Inc. (o) InterContinental Hotels Group (España) SA (by) InterContinental Hotels Group (Greater China) Limited (ac) InterContinental Hotels Group (India) Pvt. Ltd (aq) InterContinental Hotels Group (Japan) Inc. (l) InterContinental Hotels Group (New Zealand) Limited (an) InterContinental Hotels Group (Shanghai) Ltd. (bb) InterContinental Hotels Group Customer Services Ltd. (n) InterContinental Hotels Group do Brasil Limitada (bc) InterContinental Hotels Group Healthcare Trustee Limited (n) InterContinental Hotels Group Operating Corp. (e) (k) InterContinental Hotels Group Resources Inc. (b) (k) InterContinental Hotels Group Services Company (n) InterContinental Hotels Italia, S.r.L. (be) InterContinental Hotels Limited (a) (n) InterContinental Hotels Management GmbH (bf) InterContinental Hotels Nevada Corporation (ck) Inter-Continental Hotels of San Francisco Inc. (k) Inter-Continental IOHC (Mauritius) Limited (bg) Inter-Continental Management (Australia) Pty Limited (aa) InterContinental Management AM LLC (cm) InterContinental Management Bulgaria EOOD (bp) InterContinental Management France SAS (x) InterContinental Management Poland sp. z.o.o (cn) InterContinental Overseas Holding Corporation (k)
Fully owned subsidiaries continued KG Benefits LLC (g) (k) KG Gift Card Inc. (bz) KG Liability LLC (g) (k) KG Technology, LLC (g) (k) KHP Washington Operator LLC (g) (k) KHRG 11th Avenue Hotel LLC (g) (k) KHRG 851 LLC (g) (k) KHRG Aertson LLC (g) (k) KHRG Alexandria LLC (g) (k) KHRG Alexis, LLC (g) (k) KHRG Allegro, LLC (g) (k) KHRG Argyle, LLC (g) (k) KHRG Austin Beverage Company, LLC (g) (k) KHRG Baltimore, LLC (g) (k) KHRG Born LLC (g) (k) KHRG Boston Hotel, LLC (g) (k) KHRG Canary LLC (g) (k) KHRG Cayman LLC (g) (k) KHRG Cayman Employer Ltd. (k) KHRG DC 1731 LLC (g) (k) KHRG DC 2505 LLC (g) (k) KHRG Donovan LLC (g) (k) KHRG Employer, LLC (g) (k) KHRG Goleta LLC (g) (k) KHRG Gray LLC (g) (k) KHRG Gray U2 LLC (g) (k) KHRG Hillcrest, LLC (g) (k) KHRG Huntington Beach LLC (g) (k) KHRG King Street, LLC (g) (k) KHRG La Peer LLC (g) (k) KHRG Miami Beach LLC (g) (k) KHRG Muse LLC (g) (k) KHRG NPC LLC (g) (k) KHRG Onyx LLC (g) (k) KHRG Palladian LLC (g) (k) KHRG Palomar Phoenix LLC (g) (k) KHRG Philly Monaco LLC (g) (k) KHRG Pittsburgh LLC (g) (k) KHRG Reynolds LLC (g) (k) KHRG Riverplace LLC (g) (k) KHRG Sacramento LLC (g) (k) KHRG Savannah LLC (g) (k) KHRG Schofield LLC (g) (k) KHRG Sedona LLC (g) (k) KHRG SFD LLC (g) (k) KHRG State Street LLC (g) (k) KHRG Sutter LLC (g) (k) KHRG Sutter Union LLC (g) (k) KHRG Taconic LLC (g) (k) KHRG Tariff LLC (g) (k) KHRG Texas Hospitality, LLC (g) (k) KHRG Texas Operations, LLC (g) (k)
KHRG Tryon LLC (g) (k) KHRG Vero Beach, LLC (g) (k) KHRG Vintage Park LLC (g) (k) KHRG VZ Austin LLC (g) (k) KHRG Wabash LLC (g) (k) KHRG Westwood, LLC (g) (k) KHRG Wilshire LLC (g) (k) KHRG WPB LLC (g) (k) KHRG Zamora LLC (g) (k) Kimpton Hollywood Licenses LLC (g) (k) Kimpton Hotel & Restaurant Group, LLC (g) (k) Kimpton Phoenix Licenses Holdings LLC (g) (k) Kimpton Sedona Licenses LLC (g) (k) Louisiana Acquisitions Corp. (k) Mercer Fairview Holdings LLC (g) (k) MH Lodging LLC (g) (k) PML Services LLC (g) (as) Pollstrong Limited (n) Powell Pine, Inc. (k) Priscilla Holiday of Texas, Inc. (cl) PT SC Hotels & Resorts Indonesia (bh) Resort Services International (Cayo Largo) L.P. (ci) RM Lodging LLC (g) (k) SBS Maryland Beverage Company LLC (g) (as) SC Cellars Limited (ay) SC Hotels International Services, Inc. (k) SC Leisure Group Limited (n) SC NAS 2 Limited (n) SC Quest Limited (n) SC Reservations (Philippines) Inc. (l) SCH Insurance Company (bi) SCIH Branston 3 (n) Semiramis for training of Hotel Personnel and Hotel Management SAE (ch) SF MH Acquisition LLC (g) (k) Six Continents Corporate Services (ay) Six Continents Holdings Limited (n) Six Continents Hotels de Colombia SA (bj) Six Continents Hotels International Limited (n) Six Continents Hotels, Inc. (k) Six Continents International Holdings B.V. (p) Six Continents Investments Limited (f) (n) Six Continents Limited (n) Six Continents Overseas Holdings Limited (n) Six Continents Restaurants Limited (n) SixCo North America, Inc. (w) Solamar Lodging LLC (g) (k) Southern Pacific Hotel Corporation (BVI) Ltd. (v) Southern Pacific Hotels Properties Limited (v) SPHC Group Pty Ltd. (aa) SPHC Management Ltd. (bq) Universal de Hoteles SA (bj) White Shield Insurance Company Limited (bk)
Subsidiaries where the effective interest is less than 100% H.I. Soaltee Management Company Ltd (76.5%) (ac) IHG ANA Hotels Group Japan LLC (74.66%) (ar) IHG ANA Hotels Holdings Co., Ltd. (66%) (ar) World Trade Centre Montreal Hotel Corporation (74.11%) (bl)
|
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Summary of Investment in Associates | Associates and joint ventures 111 East 48th Street Holdings LLC (19.9%) (g) (h) (k) Alkoer, S. de R.L. de C.V. (50%) (h) (cg) BCRE IHG 180 Orchard Holdings LLC (49%) (g) (cf) Beijing Orient Express Hotel Co., Ltd. (16.24%) (bm) Blue Blood (Tianjin) Equity Investment Management Co., Limited (30.05%) (bn) Carr Clark SWW Subventure, LLC (26.67%) (g) (ca) Carr Waterfront Hotel, LLC (11.46%) (g) (h) (ca) China Hotel Investment Limited (30.05%) (i) (am) Desarrollo Alkoer Irapuato S. de R.L. de C.V. (50%) (cg) Desarrollo Alkoer Silao S. de R.L. de C.V. (50%) (cg) Gestion Hotelera Gestel, C.A. (50%) (c) (h) (ba) H.I. Soaltee Hotel Company Private Ltd (33.4%) (br) Hotel JV Services LLC (16.67%) (c) (g) (cb) Inter-Continental Hotels Saudi Arabia Limited (40%) (bs) NF III Seattle, LLC (25%) (g) (cc) Nuevas Fronteras S.A. (23.66%) (cd) Panacon (33.33%) (ce) President Hotel & Tower Co Ltd. (30%) (bu) Tianjin ICBCI IHG Equity Investment Fund Management Co., Limited (21.04%) (bv)
Associates and joint ventures 111 East 48th Street Holdings LLC (19.9%) (g) (h) (k) Alkoer, S. de R.L. de C.V. (50%) (h) (cg) BCRE IHG 180 Orchard Holdings LLC (49%) (g) (cf) Beijing Orient Express Hotel Co., Ltd. (16.24%) (bm) Blue Blood (Tianjin) Equity Investment Management Co., Limited (30.05%) (bn) Carr Clark SWW Subventure, LLC (26.67%) (g) (ca) Carr Waterfront Hotel, LLC (11.46%) (g) (h) (ca) China Hotel Investment Limited (30.05%) (i) (am) Desarrollo Alkoer Irapuato S. de R.L. de C.V. (50%) (cg) Desarrollo Alkoer Silao S. de R.L. de C.V. (50%) (cg) Gestion Hotelera Gestel, C.A. (50%) (c) (h) (ba) H.I. Soaltee Hotel Company Private Ltd (33.4%) (br) Hotel JV Services LLC (16.67%) (c) (g) (cb) Inter-Continental Hotels Saudi Arabia Limited (40%) (bs) NF III Seattle, LLC (25%) (g) (cc) Nuevas Fronteras S.A. (23.66%) (cd) Panacon (33.33%) (ce) President Hotel & Tower Co Ltd. (30%) (bu) Tianjin ICBCI IHG Equity Investment Fund Management Co., Limited (21.04%) (bv)
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Summary of Investment in Joint Ventures | Joint ventures
BCRE IHG 180 Orchard Holdings LLC (49%) (g) (cf)
|
Exchange rates - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Sterling [member] | |||
Accounting policies [line items] | |||
Average rates of exchange for the year | 0.78 | 0.74 | 0.65 |
Rates of exchange on the last day of the year | 0.74 | 0.81 | 0.68 |
Euro [member] | |||
Accounting policies [line items] | |||
Average rates of exchange for the year | 0.89 | 0.90 | 0.90 |
Rates of exchange on the last day of the year | 0.83 | 0.95 | 0.92 |
Segmental information - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017
Segment
Region
| |
Disclosure of reportable segments [line items] | |
Number of geographical regions | Region | 4 |
Number of reportable segments | Segment | 5 |
Geographic concentration risk2 [member] | Revenue [member] | |
Disclosure of reportable segments [line items] | |
Concentration risk benchmark | Revenue relating to an individual country is separately disclosed when it represents 10% or more of total revenue. |
Concentration risk percentage | 10.00% |
Geographic concentration risk2 [member] | Non-current Assets [member] | |
Disclosure of reportable segments [line items] | |
Concentration risk benchmark | Non-current assets relating to an individual country are separately disclosed when they represent 10% or more of total non-current |
Concentration risk percentage | 10.00% |
Segmental information - Summary of Information by Reportable Segment - Other Segmental Information (Parenthetical) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of reportable segments [line items] | |||
Depreciation and amortisation | $ 103 | $ 96 | $ 96 |
Administrative expenses [member] | |||
Disclosure of reportable segments [line items] | |||
Depreciation and amortisation | 53 | 54 | 50 |
Cost of sales [member] | |||
Disclosure of reportable segments [line items] | |||
Depreciation and amortisation | $ 50 | $ 42 | $ 46 |
Segmental information - Summary of Geographical Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of geographical areas [line items] | |||
Revenue | $ 1,784 | $ 1,715 | $ 1,803 |
Non-current assets | 2,033 | 1,830 | |
United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 68 | 66 | 67 |
Non-current assets | 108 | 105 | |
United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 948 | 923 | 876 |
Non-current assets | 1,511 | 1,343 | |
China [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 141 | 133 | 223 |
Rest of world [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 627 | 593 | $ 637 |
Non-current assets | $ 414 | $ 382 |
Staff costs and Directors' emoluments - Summary of Staff Costs (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Costs: | |||
Wages and salaries | $ 583 | $ 537 | $ 562 |
Social security costs | 33 | 29 | 33 |
Pension and other post-retirement benefits: | |||
Defined benefit plans (note 25) | 5 | 5 | 5 |
Defined contribution plans | 24 | 23 | 28 |
Total staff costs | $ 645 | $ 594 | $ 628 |
Staff costs and Directors' emoluments - Summary of Staff Costs (Parenthetical) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of information about employees and directors [Line Items] | |||
Total staff costs | $ 645 | $ 594 | $ 628 |
Exceptional items [member] | |||
Disclosure of information about employees and directors [Line Items] | |||
Total staff costs | $ 13 | $ 1 | $ 3 |
Staff costs and Directors' emoluments - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
Employee
|
Dec. 31, 2016
USD ($)
Employee
|
Dec. 31, 2015
USD ($)
Employee
|
|
Disclosure of information about employees and directors [Line Items] | |||
Total number of employees | Employee | 6,658 | 6,587 | 7,311 |
Total cost incurred for employees | $ 645 | $ 594 | $ 628 |
Managed Hotels [member] | |||
Disclosure of information about employees and directors [Line Items] | |||
Total number of employees | 22,577 | 22,002 | 20,452 |
Total cost incurred for employees | $ 1,056 | $ 1,002 | $ 936 |
Employees whose costs are borne by IHG [member] | |||
Disclosure of information about employees and directors [Line Items] | |||
Percentage of full time employees | 91.00% | ||
Percentage of part time employees | 9.00% |
Staff costs and Directors' emoluments - Summary of Director's Emoluments (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Director2 [member] | |||
Disclosure of Directors Emoluments [Line Items] | |||
Base salaries, fees, performance payments and benefits | $ 4.9 | $ 6.1 | $ 7.9 |
Auditor's remuneration paid to Ernst & Young LLP - Summary of Auditor's Remuneration Paid (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Auditor's remuneration [abstract] | |||
Audit of the Financial Statements | $ 3.0 | $ 2.4 | $ 2.5 |
Audit of subsidiaries | 2.2 | 2.2 | 2.1 |
Audit-related assurance services | 0.2 | 0.2 | 0.2 |
Other assurance services | 1.0 | 1.2 | 0.9 |
Tax compliance | 0.1 | 0.4 | 0.2 |
Tax advisory | 0.1 | 0.1 | |
Other non-audit services not covered by the above | 0.2 | 0.1 | 0.4 |
Total expense related to remuneration | $ 6.7 | $ 6.6 | $ 6.4 |
Auditor's remuneration paid to Ernst & Young LLP - Additional Information (Parenthetical) (Detail) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Auditor's remuneration [abstract] | |
Audit fees for specific procedures performed in relation to the implementation of new accounting standards | $ 0.5 |
Finance costs - Summary of Financial Income and Expenses (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Detailed Finance Cost [Abstract] | |||
Interest income on deposits | $ 1 | $ 3 | $ 2 |
Interest income on loans and receivables | 3 | 3 | 3 |
Financial income | 4 | 6 | 5 |
Interest expense on borrowings | 69 | 74 | 74 |
Finance charge payable under finance leases | 20 | 20 | 20 |
Capitalised interest | (1) | (2) | |
Financial expenses | $ 89 | $ 93 | $ 92 |
Finance costs - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Detailed Finance (Income) Costs Explanatory [Line Items] | |||
Interest expense on borrowings | $ 69 | $ 74 | $ 74 |
Rate used for capitalisation of interest | 0.03% | ||
IHG Rewards Club Loyalty Programme [member] | |||
Disclosure Of Detailed Finance (Income) Costs Explanatory [Line Items] | |||
Interest expense on borrowings | $ 7 | $ 3 | $ 2 |
Tax - Summary of Tax on Profit (Parenthetical) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income tax [Line Items] | |||
Corporate income tax rate | 19.25% | 20.00% | 20.25% |
Effect of ruling | $ 83 | ||
Total income tax charge for the year | $ 85 | $ 174 | $ 188 |
United States [member] | |||
Income tax [Line Items] | |||
Corporate income tax rate | 35.00% | ||
Before exceptional items [member] | |||
Income tax [Line Items] | |||
Corporate income tax rate | 19.30% | 20.00% | 20.30% |
Total income tax charge for the year | $ 201 | $ 186 | $ 180 |
Before exceptional items [member] | United States [member] | |||
Income tax [Line Items] | |||
Total income tax charge for the year | $ 156 | $ 162 | $ 123 |
Tax - Summary of Reconciliation of Tax Charge (Parenthetical) (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of income tax reconciliation [Line Items] | |||
Effect of changes in tax rates and tax laws | 0.30% | 0.40% | (1.50%) |
InterContinental New York Barclay [member] | |||
Disclosure of income tax reconciliation [Line Items] | |||
Effect of changes in tax rates and tax laws | (1.50%) |
Tax - Tax Paid - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Current tax expense (income) and adjustments for current tax of prior periods [abstract] | |||
Net tax paid | $ 172 | $ 130 | $ 110 |
Net tax paid in operating activities | 147 | $ 130 | 109 |
Net tax paid in investing activities | $ 25 | $ 1 | |
Cash tax rate on total profits | 25.00% | 22.00% | 8.00% |
Cash tax rate on profits prior to exceptional accounting gains | 20.00% |
Tax - Summary of Reconciliation of Tax Paid to Total Tax Charge in Income Statement (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reconciliation Of Tax Paid [Abstract] | |||
Current tax charge in the income statement | $ 207 | $ 56 | $ 158 |
Current tax credit in the statement of comprehensive income | (12) | (2) | |
Current tax credit taken directly to equity | (12) | (8) | (8) |
Total current tax charge | 195 | 36 | 148 |
Movements to tax contingencies within the income statement | 3 | 11 | (7) |
Timing differences of cash tax paid and foreign exchange differences | (26) | 83 | (31) |
Tax paid per cash flow | $ 172 | $ 130 | $ 110 |
Cash tax rate on total profits | 25.00% | 22.00% | 8.00% |
Tax - Current Tax - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of income tax reconciliation [Line Items] | ||
Uncertain tax positions included within current tax liability | $ 42 | $ 39 |
Uncertain tax positions offset from current tax receivable | 0 | 5 |
Maximum [member] | ||
Disclosure of income tax reconciliation [Line Items] | ||
Uncertain tax positions included within current tax liability | $ 8 | $ 8 |
Tax - Deferred Tax - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of income tax reconciliation [Line Items] | |||
Deferred tax asset recognised in profit loss | $ (101) | $ (203) | $ (86) |
Deferred tax assets recognized related to legal entities which suffered tax loss | 2 | 0 | |
Uncertain tax positions included within deferred tax liability | 0 | 10 | |
Uncertain tax positions offset from deferred tax asset | 5 | 2 | |
Losses [member] | |||
Disclosure of income tax reconciliation [Line Items] | |||
Deferred tax asset recognised in profit loss | 40 | 44 | $ 67 |
Loans Notes [member] | 2025 [member] | |||
Disclosure of income tax reconciliation [Line Items] | |||
Deferred gains on loan notes | 59 | ||
Unprovided deferred tax on unremitted earnings [member] | |||
Disclosure of income tax reconciliation [Line Items] | |||
Unremitted earnings on which no deferred tax provided | $ 500 | $ 900 |
Tax - Summary of Deferred Tax Balance After Offset of Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax assets | $ (56) | $ (48) | |
Deferred tax liabilities | 157 | 251 | |
Deferred tax liability asset | $ 101 | $ 203 | $ 86 |
Tax - Summary of Unrecognised Deferred Tax Position (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | $ 967 | $ 993 |
Unrecognised deferred tax | 184 | 182 |
Gross carrying amount | 1,002 | 1,020 |
Revenue losses [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 452 | 518 |
Unrecognised deferred tax | 76 | 94 |
Capital losses [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 515 | 475 |
Unrecognised deferred tax | 99 | 83 |
Total losses [Member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Unrecognised deferred tax | 175 | 177 |
Other [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Unrecognised deferred tax | 9 | 5 |
Gross carrying amount | $ 35 | $ 27 |
Tax - Summary of Unrecognized Deferred Tax Based on Expiry Date (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | $ 967 | $ 993 |
Unrecognised deferred tax | 184 | 182 |
2020 [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 3 | |
Unrecognised deferred tax | 1 | |
2021 [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 21 | 27 |
Unrecognised deferred tax | 5 | 7 |
2022 [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 11 | 11 |
Unrecognised deferred tax | 3 | 3 |
2023 [member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 1 | 3 |
Unrecognised deferred tax | 1 | |
2024 [Member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 20 | 20 |
Unrecognised deferred tax | 1 | 1 |
After 2024 [Member] | ||
Unrecognised Deferred Tax position [Line Items] | ||
Gross carrying amount | 118 | 125 |
Unrecognised deferred tax | $ 26 | $ 25 |
Tax - Factors That May Affect The Future Tax Charge - Additional Information (Detail) |
12 Months Ended | |||
---|---|---|---|---|
Apr. 01, 2020 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of income tax reconciliation [Line Items] | ||||
Corporate income tax rate | 19.25% | 20.00% | 20.25% | |
United Kingdom [member] | Changes in tax rates or tax laws enacted or announced [member] | ||||
Disclosure of income tax reconciliation [Line Items] | ||||
Corporate income tax rate | 17.00% | |||
United States [member] | ||||
Disclosure of income tax reconciliation [Line Items] | ||||
Corporate income tax rate | 35.00% | |||
United States [member] | Effective 1 January 2018 [Member] | ||||
Disclosure of income tax reconciliation [Line Items] | ||||
Corporate income tax rate | 21.00% |
Dividends - Summary of Dividends Paid And Proposed (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
May 22, 2017 |
May 23, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of Dividends Paid and Proposed [Abstract] | |||||
Final (declared for previous year) | $ 0.640 | $ 0.575 | $ 0.520 | ||
Interim | 0.330 | 0.300 | 0.275 | ||
Special | 2.025 | 6.329 | |||
Dividends paid | 2.995 | 7.204 | 0.795 | ||
Final Proposed (not recognised as a liability at 31 December) | $ 0.710 | $ 0.640 | $ 0.575 | ||
Final (declared for previous year) | $ 127 | $ 137 | $ 125 | ||
Interim | 62 | 56 | 63 | ||
Special | $ 400 | $ 1,500 | 404 | 1,500 | |
Dividends paid | 593 | 1,693 | 188 | ||
Final Proposed (not recognised as a liability at 31 December) | $ 135 | $ 126 | $ 135 |
Dividends - Additional Information (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of Dividends Paid and Proposed [Line Items] | |||
Final Proposed (not recognised as a liability at 31 December) | $ 0.710 | $ 0.640 | $ 0.575 |
Proposed dividends [member] | |||
Disclosure of Dividends Paid and Proposed [Line Items] | |||
Final Proposed (not recognised as a liability at 31 December) | $ 0.71 | ||
Final Proposed (not recognised as a liability at 31 December) dividend approval date | May 04, 2018 | ||
Final proposed dividend record date | Apr. 03, 2018 |
Acquisition of business - Additional Information (Detail) - Kimpton Hotel & Restaurant Group LLC [member] $ in Millions |
Jan. 16, 2015
USD ($)
|
---|---|
Disclosure of detailed information about business combination [Line Items] | |
Date of acquisition | Jan. 16, 2015 |
Acquisition percentage | 100.00% |
Cash consideration | $ 438 |
Cash acquired | 3 |
Fair value of net assets acquired - Total | 441 |
Fair value of net assets acquired - Goodwill | 167 |
Brands [member] | |
Disclosure of detailed information about business combination [Line Items] | |
Fair value of intangible assets acquired | 193 |
Management contracts [member] | |
Disclosure of detailed information about business combination [Line Items] | |
Fair value of intangible assets acquired | $ 71 |
Assets sold - Additional Information (Detail) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
Hotel
|
|
Disclosure of assets sold and held for sale [Line Items] | ||
Total consideration received in respect of asset disposals, net of costs paid and cash and cash equivalents disposed | $ | $ (5) | $ 1,276 |
Gain on disposal of hotels | $ | $ 871 | |
InterContinental Paris - Le Grand [Member] | Europe [member] | ||
Disclosure of assets sold and held for sale [Line Items] | ||
Number of hotel sold | Hotel | 1 | |
Hotel disposal date | May 20, 2015 | |
InterContinental Hong Kong [Member] | China [member] | ||
Disclosure of assets sold and held for sale [Line Items] | ||
Number of hotel sold | Hotel | 1 | |
Hotel disposal date | Sep. 30, 2015 |
Property, plant and equipment - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
Hotel
|
Dec. 31, 2016
USD ($)
Hotel
|
Dec. 31, 2015
USD ($)
|
|
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Percentage of net book value of property, plant and equipment relating to largest owned and leased hotel | 43.00% | 44.00% | |
Number of hotels owned and leased | Hotel | 8 | 8 | |
Number of opened hotel | Hotel | 8 | 8 | |
Number of hotels under construction | Hotel | 0 | 0 | |
Carrying value of property, plant and equipment held under finance leases | $ | $ 181 | $ 182 | |
Percentage of hotel properties directly owned | 26.00% | 25.00% | |
Percentage of hotel properties held under leases for 50 years or longer | 57.00% | 58.00% | |
Impairment charge | $ | $ 27 | ||
Recoverable amount of impaired assets | $ | $ 37 | ||
Estimated future cash flows pre-tax discount rate | 11.75% |
Goodwill and other intangible assets - Summary of Carrying Value of Goodwill and Indefinite Life Brands Allocated to Cash-generating Units for Impairment Testing (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of information for cash-generating units [Line Items] | ||
Goodwill | $ 237 | $ 232 |
Brands | 193 | 193 |
Americas Managed [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Goodwill | 63 | 63 |
Brands | 193 | 193 |
Americas franchised [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Goodwill | 37 | 37 |
Europe managed [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Goodwill | 21 | 21 |
Europe franchised [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Goodwill | 10 | 10 |
Amea managed and franchised [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Goodwill | $ 106 | $ 101 |
Goodwill and other intangible assets - Summary of Terminal Growth Rates and Discount Rates Used in Impairment Tests (Detail) |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Americas Managed [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Terminal growth rate | 2.00% | 2.00% |
Discount rate | 10.40% | 9.80% |
Americas franchised [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Terminal growth rate | 2.00% | 2.00% |
Discount rate | 9.40% | 8.80% |
Europe managed [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Terminal growth rate | 2.00% | 2.00% |
Discount rate | 10.80% | 9.30% |
Europe franchised [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Terminal growth rate | 2.00% | 2.00% |
Discount rate | 9.80% | 8.40% |
Amea managed and franchised [member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Terminal growth rate | 3.50% | 3.50% |
Discount rate | 14.10% | 13.00% |
Goodwill and other intangible assets - Summary of Net Book Value and Remaining Amortisation Period of Principal Management Contracts (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
yr
|
Dec. 31, 2016
USD ($)
yr
|
---|---|---|
InterContinental Hong Kong [Member] | ||
Disclosure of intangible assets material to entity [Line Items] | ||
Net book value | $ | $ 61 | $ 62 |
Remaining amortisation period years | yr | 35 | 36 |
InterContinental New York Barclay [member] | ||
Disclosure of intangible assets material to entity [Line Items] | ||
Net book value | $ | $ 37 | $ 38 |
Remaining amortisation period years | yr | 46 | 47 |
InterContinental London Park Lane [Member] | ||
Disclosure of intangible assets material to entity [Line Items] | ||
Net book value | $ | $ 31 | $ 29 |
Remaining amortisation period years | yr | 45 | 46 |
InterContinental Paris - Le Grand [Member] | ||
Disclosure of intangible assets material to entity [Line Items] | ||
Net book value | $ | $ 34 | $ 31 |
Remaining amortisation period years | yr | 47 | 48 |
Investment in associates and joint ventures - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
Associate
|
Dec. 31, 2016
USD ($)
Associate
|
Dec. 31, 2015
USD ($)
|
|
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Description of valuation techniques used for associates and joint ventures | All associates and joint ventures are accounted for using the equity method. | ||
Description of associate transferred from associates to other financial assets | During 2016, an investment for which the Group has a 30% interest was transferred to other financial assets following loss of significant influence over the operating and financial policy decisions of the entity. | ||
111 East 48th Street Holdings LLC [member] | |||
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Material associate investment interest | 19.90% | ||
Name of associate | 111 East 48th Street Holdings LLC | ||
Barclay associate [member] | |||
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Impairment charges | $ 18,000,000 | $ 16,000,000 | |
Explanation of impairment charge | The impairment charge of $[x]m and $16m in 2017 and 2016 respectively relates to the Barclay associate (see following page) and results from the currently depressed trading outlook for the New York hotel market and the high costs of renovating the hotel. | ||
Explanation of period over which management has projected cash flows | The hotel was appraised by a professional external valuer using an income capitalisation approach which is a discounted cash flow technique that measures the present value of projected income flows (over a 10-year period) and the reversion of the property sale. | ||
Discount rate | 7.30% | 7.30% | |
Terminal capitalisation rate | 6.30% | 6.00% | |
Number of material associate | Associate | 1 | 1 | |
Material associate investment interest | 19.90% | 19.90% | |
Description of nature of entity's relationship with associate | The Group held one material associate investment at 31 December 2017, a 19.9% interest in 111 East 48th Street Holdings, LLC (the Barclay associate) which owns InterContinental New York Barclay, a hotel managed by the Group. The hotel reopened for trading in April 2016 following a major renovation. The investment is classified as an associate and equity accounted as the Group has the ability to exercise significant influence through certain decision rights and its involvement in the hotel renovation and financing of the entity. | ||
Barclay associate [member] | 111 East 48th Street Holdings LLC [member] | |||
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Name of associate | 111 East 48th Street Holdings, LLC | ||
Material associate investment interest held by majority member | 80.10% | ||
AMEA [member] | |||
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Impairment charges | $ 9,000,000 | ||
Explanation of impairment charge | Due to localised adverse market conditions, an impairment charge of $9m was recognised during 2015 relating to an associate investment in the AMEA region following a re-assessment of its recoverable amount to $nil, based on value in use calculations. Estimated future cash flows were discounted at a pre-tax rate of 13.2%. | ||
Discount rate | 13.20% | ||
Recoverable investment amount of associate | $ 0 | ||
Net book value | 0 | ||
Gains on disposals of investments | $ 9,000,000 | ||
Disposal date of investment | Nov. 20, 2015 |
Investment in associates and joint ventures - Summary of Financial Information of Material Associate Investment (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of associates [Line Items] | |||
Non-current assets | $ 2,336 | $ 2,149 | |
Non-current liabilities | (2,722) | (2,552) | |
Net assets | (851) | (759) | |
Revenue | 1,784 | 1,715 | $ 1,803 |
Loss for the period | 593 | 417 | $ 1,224 |
Barclay associate [member] | |||
Disclosure of associates [Line Items] | |||
Non-current assets | 540 | 552 | |
Non-current liabilities | (287) | (39) | |
Net assets | 275 | 249 | |
Revenue | 90 | 45 | |
Loss for the period | (16) | (34) | |
Group's share of loss for the period | (4) | (8) | |
Barclay associate [member] | Group share of reported net assets at 19.9% [member] | |||
Disclosure of associates [Line Items] | |||
Net assets | 55 | 50 | |
Adjustments to reflect capitalised costs, and additional rights and obligations under the shareholder agreement | 10 | (7) | |
Carrying amount | $ 65 | $ 43 |
Investment in associates and joint ventures - Summary of Financial Information of Material Associate Investment (Parenthetical) (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Barclay associate [member] | ||
Disclosure of associates [Line Items] | ||
Net asset percentage | 19.90% | 19.90% |
Investment in associates and joint ventures - Summarised Aggregated Financial Information for Individually Immaterial Associates and Joint Ventures (Detail) - Before exceptional items [member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Operating profits/(losses) before exceptional items | $ 7 | $ 6 | $ 2 |
Joint ventures [member] | |||
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Operating profits/(losses) before exceptional items | 1 | 1 | (1) |
Associates [member] | |||
Disclosure Of Investment In Associates And Joint Ventures [Line Items] | |||
Operating profits/(losses) before exceptional items | $ 6 | $ 5 | $ 3 |
Other financial assets - Schedule of Other Financial Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of financial assets [Line Items] | ||
Equity securities available-for-sale | $ 127 | $ 156 |
Loans and receivables | 117 | 112 |
Total other financial assets | 244 | 268 |
Current | 16 | 20 |
Non-current | 228 | 248 |
Total other financial assets | 244 | 268 |
Quoted equity shares [member] | ||
Disclosure of financial assets [Line Items] | ||
Equity securities available-for-sale | 10 | 14 |
Unquoted equity shares [member] | ||
Disclosure of financial assets [Line Items] | ||
Equity securities available-for-sale | 117 | 142 |
Trade deposits and loans [member] | ||
Disclosure of financial assets [Line Items] | ||
Loans and receivables | 43 | 43 |
Restricted funds [member] | ||
Disclosure of financial assets [Line Items] | ||
Loans and receivables | 32 | 31 |
Bank accounts pledged as security [member] | ||
Disclosure of financial assets [Line Items] | ||
Loans and receivables | $ 42 | $ 38 |
Other financial assets - Schedule of Movement in Provision for Impairment of Other Financial Assets (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of financial assets that are either past due or impaired [abstract] | ||
At 1 January | $ (22) | $ (28) |
Disposals | 4 | 6 |
At 31 December | $ (18) | $ (22) |
Trade and other receivables - Summary of Trade and Other Receivables (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Current | ||
Trade receivables | $ 452 | $ 368 |
Other receivables | 23 | 25 |
Prepayments | 74 | 77 |
Loans to and receivables from associates | 2 | 2 |
Trade and other current receivables | $ 551 | 472 |
Non-current | ||
Loans to associates | $ 8 |
Trade and other receivables - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Trade and other receivables [abstract] | |
Non-interest-bearing trade receivables, payment terms | 30 days |
Trade and other receivables - Summary of Maximum Exposure to Credit Risk for Trade and Other Receivables Excluding Prepayments by Geographic Region (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of trade and other receivables [line items] | ||
Maximum exposure to credit risk | $ 477 | $ 403 |
Americas [member] | ||
Disclosure of trade and other receivables [line items] | ||
Maximum exposure to credit risk | 305 | 256 |
Europe [member] | ||
Disclosure of trade and other receivables [line items] | ||
Maximum exposure to credit risk | 51 | 43 |
AMEA [member] | ||
Disclosure of trade and other receivables [line items] | ||
Maximum exposure to credit risk | 71 | 61 |
China [member] | ||
Disclosure of trade and other receivables [line items] | ||
Maximum exposure to credit risk | $ 50 | $ 43 |
Trade and other receivables - Summary of Ageing of Trade and Other Receivables (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Disclosure of trade and other receivables [line items] | ||||
Gross | $ 554 | $ 472 | ||
Provision | (77) | (69) | $ (56) | $ (47) |
Net | 477 | 403 | ||
Not past due [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Gross | 333 | 289 | ||
Provision | (1) | (1) | ||
Net | 332 | 288 | ||
Past due 1 to 30 days [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Gross | 68 | 58 | ||
Provision | (2) | (3) | ||
Net | 66 | 55 | ||
Past due 31 to 180 days [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Gross | 82 | 64 | ||
Provision | (7) | (7) | ||
Net | 75 | 57 | ||
Past due more than 180 days [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Gross | 71 | 61 | ||
Provision | (67) | (58) | ||
Net | $ 4 | $ 3 |
Trade and other receivables - Summary of Movement in Provision for Impairment of Trade and Other Receivables (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Trade and other receivables [abstract] | |||
At 1 January | $ (69) | $ (56) | $ (47) |
Provided | (15) | (25) | (28) |
Amounts written back | 2 | 5 | 12 |
Amounts written off | 6 | 5 | 7 |
Exchange adjustments | (1) | 2 | |
At 31 December | $ (77) | $ (69) | $ (56) |
Cash and cash equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Cash and cash equivalents [abstract] | ||
Cash at bank and in hand | $ 164 | $ 131 |
Short-term deposits | 4 | 75 |
Cash and cash equivalents | $ 168 | $ 206 |
Cash and cash equivalents - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash and cash equivalents [line items] | ||
Bank balances | $ 116 | $ 91 |
Bank overdrafts | $ 110 | $ 89 |
Maximum [member] | ||
Cash and cash equivalents [line items] | ||
Short-term deposits maturity period | P3M |
Cash and cash equivalents - Summary of Cash and Cash Equivalents in the Statement of Cash Flows (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Cash and cash equivalents [abstract] | ||||
Cash at bank and in hand | $ 164 | $ 131 | ||
Short-term deposits | 4 | 75 | ||
Cash and cash equivalents | 168 | 206 | ||
Bank overdrafts | (110) | (89) | ||
Cash flows, cash and cash equivalents | $ 58 | $ 117 | $ 1,098 | $ 55 |
Trade and other payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Current | ||
Trade payables | $ 81 | $ 94 |
Other tax and social security payable | 48 | 38 |
Deferred revenue | 49 | 37 |
Other payables | 230 | 206 |
Accruals | 360 | 306 |
Trade and other current payables | 768 | 681 |
Non-current | ||
Deferred revenue | 85 | 78 |
Other payables | 36 | 122 |
Trade and other non current payables | $ 121 | $ 200 |
Provisions - Summary of Provisions (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of other provisions [Line Items] | ||
Other provisions, beginning balance | $ 8 | $ 15 |
Provided | 5 | |
Utilised | (12) | |
Other provisions, ending balance | 8 | 8 |
Security Incidents. | ||
Disclosure of other provisions [Line Items] | ||
Other provisions, beginning balance | 5 | |
Provided | 5 | |
Other provisions, ending balance | 5 | 5 |
Litigation [member] | ||
Disclosure of other provisions [Line Items] | ||
Other provisions, beginning balance | 3 | 15 |
Utilised | (12) | |
Other provisions, ending balance | $ 3 | $ 3 |
Provisions - Summary of Provisions Analysed as Current and Non-Current (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure of other provisions [abstract] | |||
Current | $ 3 | $ 3 | |
Non-current | 5 | 5 | |
Provisions current and non-current | $ 8 | $ 8 | $ 15 |
Provisions - Additional Information (Detail) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Disclosure Of Litigation Settlement [Abstract] | |
Litigation expenses | $ 12 |
Insurance recovery of litigation expenses | $ 8 |
Loans and other borrowings - Summary of Loans and Other Borrowings (Parenthetical) (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017
GBP (£)
| |
GBP400m 3.875% bonds 2022 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | £ 400,000,000 |
Bond interest rate | 3.875% |
Bond maturity period | 28 November 2022 |
GBP300m 3.75% bonds 2025 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | £ 300,000,000 |
Bond interest rate | 3.75% |
Bond maturity period | 14 August 2025 |
GBP350m 2.125% bonds 2026 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | £ 350,000,000 |
Bond interest rate | 2.125% |
Bond maturity period | 24 August 2026 |
Loans and other borrowings - Finance Lease Obligations (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | $ 3,317 | $ 3,333 |
Present value of payments | 231 | 227 |
Less: amount representing finance charges | (3,086) | (3,106) |
Minimum lease payments, Net | 231 | 227 |
Present value of payments, Net | 231 | 227 |
Less than 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | 16 | 17 |
Present value of payments | 16 | 17 |
Between one and five years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | 67 | 64 |
Present value of payments | 49 | 48 |
More than 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum lease payments | 3,234 | 3,252 |
Present value of payments | $ 166 | $ 162 |
Loans and other borrowings - Summary of Facilities Provided by Banks (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of facilities provided by banks [Line Items] | ||
Utilised facilities | $ 265 | $ 110 |
Unutilised facilities provided by banks | 1,155 | 1,310 |
Total | 1,420 | 1,420 |
Committed [member] | ||
Disclosure of facilities provided by banks [Line Items] | ||
Utilised facilities | 264 | 110 |
Unutilised facilities provided by banks | 1,086 | 1,240 |
Total | 1,350 | 1,350 |
Uncommitted [member] | ||
Disclosure of facilities provided by banks [Line Items] | ||
Utilised facilities | 1 | |
Unutilised facilities provided by banks | 69 | 70 |
Total | $ 70 | $ 70 |
Loans and other borrowings - Summary of Unutilised Facilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of facilities provided by banks [Line Items] | ||
Unutilised facilities provided by banks | $ 1,155 | $ 1,310 |
Less than 1 year [member] | ||
Disclosure of facilities provided by banks [Line Items] | ||
Unutilised facilities provided by banks | 69 | 70 |
After two but before five years [member] | ||
Disclosure of facilities provided by banks [Line Items] | ||
Unutilised facilities provided by banks | $ 1,086 | $ 1,240 |
Net debt - Summary of Net Debt (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure of net debt [Abstract] | |||
Cash and cash equivalents | $ 168 | $ 206 | |
Loans and other borrowings - current | (126) | (106) | |
Loans and other borrowings - non-current | (1,893) | (1,606) | |
Net debt | $ (1,851) | $ (1,506) | $ (529) |
Net debt - Summary of Movement in Net Debt (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Movement in net debt | |||
Net decrease in cash and cash equivalents, net of overdrafts | $ (75) | $ (920) | $ 1,107 |
Add back cash flows in respect of other components of net debt: | |||
Issue of long-term bonds | (459) | (458) | |
Long-term bonds repaid | 315 | ||
Increase in other borrowings | (153) | (109) | 355 |
Increase in net debt arising from cash flows | (228) | (1,173) | |
Non-cash movements: | |||
Finance lease obligations | (4) | (4) | |
Decrease/(increase) in accrued interest | 1 | (6) | |
Exchange and other adjustments | (114) | 206 | |
(Increase)/decrease in net debt | (345) | (977) | |
Net debt at beginning of the year | (1,506) | (529) | |
Net debt at end of the year | $ (1,851) | $ (1,506) | $ (529) |
Financial risk management - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Currency risk [member] | ||
Disclosure of financial risk management [line items] | ||
Foreign exchange derivatives | $ 30 | $ 120 |
Fair value of derivative financial instruments | 0 | (3) |
Liquidity risk [member] | ||
Disclosure of financial risk management [line items] | ||
Funds held in foreign countries | $ 3 | $ 3 |
Number of financial covenants | Two | |
Capital risk management [member] | ||
Disclosure of financial risk management [line items] | ||
Amounts managed as capital | 993 | 739 |
Fixed interest rate [member] | Interest rate risk [member] | ||
Disclosure of financial risk management [line items] | ||
Fixed Interest rate borrowings | 86.00% | 93.00% |
US dollars [member] | Net investment hedges [member] | ||
Disclosure of financial risk management [line items] | ||
Foreign exchange derivatives | $ 160 | $ 325 |
Financial risk management - Summary of Financial Assets Represents Maximum Exposure to Credit Risk (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of credit risk exposure [line items] | ||
Cash and cash equivalents | $ 168 | $ 206 |
Equity securities available-for-sale | 127 | 156 |
Loans and receivables: | ||
Other financial assets | 117 | 112 |
Trade and other receivables, excluding prepayments | 477 | 403 |
Financial assets | 889 | 877 |
Credit risk [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Cash and cash equivalents | 168 | 206 |
Equity securities available-for-sale | 127 | 156 |
Loans and receivables: | ||
Other financial assets | 117 | 112 |
Trade and other receivables, excluding prepayments | 477 | 403 |
Financial assets | $ 889 | $ 877 |
Fair value measurement - Summary of Reconciliation of Movements in the Fair Values of Investments Classified as Level 3 (Detail) - Level 3 [member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of other financial assets [line items] | ||
At 1 January | $ 142 | $ 136 |
Additions | 2 | 2 |
Disposals | (3) | (15) |
Reclassification of associate (note 14) | 14 | |
Valuation gains recognised in other comprehensive income | 48 | 5 |
Valuation gains reclassified to the income statement on disposal | (73) | |
Exchange and other adjustments | 1 | |
At 31 December | $ 117 | $ 142 |
Retirement benefits - Additional Information (Detail) £ in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Nov. 01, 2015
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2017
GBP (£)
|
Dec. 31, 2016
GBP (£)
|
Dec. 31, 2015
USD ($)
|
|
Disclosure of defined benefit plans [line items] | ||||||
Bank accounts pledged as security | £ | £ 31 | |||||
Description of changes in assumptions used for determining retirement benefit costs | Changes in assumptions used for determining retirement benefit costs and obligations may have a material impact on the income statement and the statement of financial position. The key assumptions are the pension increases, discount rate, the rate of inflation and the assumed mortality rate. The sensitivity analysis below is based on extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between the assumptions. | |||||
Expected company payments | $ 9.0 | |||||
Actuarial assumption of expected rates of mortality [Member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Mortality - per annum long term trend | 1.25% | |||||
Mortality - male pensioners age rated down | 8 months 12 days | |||||
Mortality - male non-pensioners age rated down | 6 months | |||||
Mortality - female pensioners age rated down | 2 years 3 months 19 days | |||||
Mortality - female non-pensioners age rated down | 2 years 7 months 6 days | |||||
Description of mortality assumptions | Mortality is the most significant demographic assumption. [The current assumptions for the UK are based on the S2PA ‘light’ year of birth tables with projected mortality improvements using the CMI_2015 model and a 1.25% per annum long-term trend with age rated down by 0.7 and 2.3 years for pensioners and 0.5 and 2.6 years for non-pensioners, male and female respectively. In the US, the current assumptions are based on the RP-2014 Employee/Healthy Annuitant Generationally Projected with Scale MP-2016 mortality tables. | |||||
US-based defined benefit plans [member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Description of retirement benefit plan | The Group also maintains the following US-based defined benefit plans: the funded Inter-Continental Hotels Pension Plan (the Plan), unfunded Inter-Continental Hotels Non-qualified Pension Plans and unfunded Inter-Continental Hotels Corporation Postretirement Medical, Dental, Vision and Death Benefit Plan. All plans are closed to new members. In respect of the Plan, an Investment Committee has responsibility for the oversight and management of the plan’s assets, which are held in a separate trust. The Committee comprises senior company employees and is assisted by professional advisers as and when required. | |||||
Explanation of changes in description of retirement benefit plan | During 2015, the Group made a lump sum cash-out offer to the terminated vested members of the Inter-Continental Hotels Pension Plan. Members accepting the offer received lump sum cash payments totalling $11m on 1 November 2015.During 2016, the Group made a funding contribution of $32m to the Plan which has enabled it to achieve full funding. The assets of the Plan have subsequently been invested 100% in liability-matching assets. | |||||
Inter-Continental Hotels Pension Plan [Member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Funding contribution | $ 32.0 | |||||
Benefits paid in cash for the terminated members | $ 11.0 | |||||
Other Overseas Pension Plans [Member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Description of retirement benefit plan | The Group also operates a number of smaller pension schemes outside the UK, the most significant of which is a defined contribution scheme in the US; there is no material difference between the pension costs of, and contributions to, these schemes. | |||||
Increase/ (decrease) In liabilities [member] | Healthcare costs trend rate [Member] | 1% point increase [Member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Accumulated post-employment benefit obligations | $ 1.9 | 1.9 | $ 2.0 | |||
Increase/ (decrease) In liabilities [member] | Healthcare costs trend rate [Member] | 1% point decrease [Member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Accumulated post-employment benefit obligations | $ (1.8) | $ (1.7) | $ (1.8) | |||
United Kingdom [member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Description of retirement benefit plan | Since 6 August 2014, UK retirement and death in service benefits are provided for eligible employees by the IHG UK Defined Contribution Pension Plan. Members, including those who have been auto-enrolled since 1 September 2013, are provided with defined contribution arrangements under this plan; benefits are based on each individual member’s personal account. The plan is HM Revenue & Customs registered and governed by an independent trustee, assisted by professional advisers as and when required. The overall operation of the plan is subject to the oversight of The Pensions Regulator. Residual defined benefit obligations remain in respect of additional benefits provided to members of an unfunded pension arrangement who were affected by lifetime or annual allowances under the former defined benefit arrangements. Accrual under this arrangement ceased with effect from 1 July 2013 and a cash-out offer in 2014 resulted in the extinguishment of approximately 70% of the unfunded pension obligations. The Company meets the benefit payment obligations of the remaining members as they fall due. A charge over certain ring-fenced bank accounts totalling £31m at 31 December 2016 (see note 15) is currently held as security on behalf of the remaining members. | |||||
Explanation of changes in description of retirement benefit plan | The former defined benefit plan, the InterContinental Hotels UK Pension Plan, was wound up on 21 July 2015 following the completion of the buy-out and transfer of the defined benefit obligations to Rothesay Life on 31 October 2014. | |||||
Approximate extinguishment of the unfunded pension obligations | 70.00% | |||||
Bank accounts pledged as security | £ | £ 31 |
Retirement benefits - Defined Benefit Plans - Amounts Recognised as Administrative Expenses (Detail) - Administrative expenses [member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of defined benefit plans [line items] | |||
Net interest expense | $ 4 | $ 4 | $ 5 |
Administration costs | 1 | 1 | 2 |
Settlement cost (gain) | (2) | ||
Operating profit | 5 | 5 | 5 |
Pension plans [member] | United Kingdom [member] | |||
Disclosure of defined benefit plans [line items] | |||
Net interest expense | 1 | 1 | 1 |
Administration costs | 1 | ||
Operating profit | 1 | 1 | 2 |
Pension plans [member] | US and other [member] | |||
Disclosure of defined benefit plans [line items] | |||
Net interest expense | 2 | 2 | 3 |
Administration costs | 1 | 1 | 1 |
Settlement cost (gain) | (2) | ||
Operating profit | 3 | 3 | 2 |
US post-employment benefits [member] | |||
Disclosure of defined benefit plans [line items] | |||
Net interest expense | 1 | 1 | 1 |
Operating profit | $ 1 | $ 1 | $ 1 |
Retirement benefits - Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age (Detail) - Pension plans [member] - yr |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
United Kingdom [member] | |||
Disclosure Of Forecast Life Expectancies [Line Items] | |||
Current pensioners at 65 - male | 24 | 24 | 26 |
Current pensioners at 65 - female | 26 | 26 | 29 |
Future pensioners at 65 - male | 25 | 25 | 28 |
Future pensioners at 65 - female | 28 | 28 | 31 |
United States [member] | |||
Disclosure Of Forecast Life Expectancies [Line Items] | |||
Current pensioners at 65 - male | 21 | 21 | 21 |
Current pensioners at 65 - female | 23 | 23 | 23 |
Future pensioners at 65 - male | 22 | 22 | 23 |
Future pensioners at 65 - female | 24 | 24 | 25 |
Retirement benefits - Summary of Movement in Plan Assets (Detail) - Retirement benefit assets [member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of net defined benefit liability/asset [line items] | ||
Beginning balance | $ 148 | $ 121 |
Company contributions | 6 | 37 |
Benefits paid | (15) | (14) |
Interest income | 5 | 5 |
Re-measurement gains | 9 | |
Administration costs | (1) | (1) |
Ending balance | 152 | 148 |
Pension plans [member] | United Kingdom [member] | ||
Disclosure of net defined benefit liability/asset [line items] | ||
Company contributions | 1 | |
Benefits paid | (1) | |
Pension plans [member] | US and other [member] | ||
Disclosure of net defined benefit liability/asset [line items] | ||
Beginning balance | 148 | 121 |
Company contributions | 4 | 36 |
Benefits paid | (13) | (13) |
Interest income | 5 | 5 |
Re-measurement gains | 9 | |
Administration costs | (1) | (1) |
Ending balance | 152 | 148 |
US post-employment benefits [member] | ||
Disclosure of net defined benefit liability/asset [line items] | ||
Company contributions | 1 | 1 |
Benefits paid | $ (1) | $ (1) |
Retirement benefits - Summary of Plan Assets Measured at Fair Value (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | $ 152 | $ 148 |
United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | 152 | 148 |
United States [member] | Investments quoted in active markets [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investment funds: fixed income securities | 150 | 146 |
United States [member] | Unquoted investments [member] | ||
Disclosure of defined benefit plans [line items] | ||
Cash | $ 2 | $ 2 |
Retirement benefits - Summary of Movement in Asset Restriction (Detail) - Effect of asset ceiling [member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Disclosure of net defined benefit liability/asset [line items] | |
Re-measurement losses | $ 3 |
Balance at 31 December | 3 |
Pension plans [member] | US and other [member] | |
Disclosure of net defined benefit liability/asset [line items] | |
Re-measurement losses | 3 |
Balance at 31 December | $ 3 |
Share-based payments - Summary of Information about Awards Granted (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
GBP (£)
yr
|
Dec. 31, 2016
GBP (£)
yr
|
Dec. 31, 2015
GBP (£)
yr
|
|
Annual Performance Plan [member] | |||
Information regarding option pricing models and assumptions used for grants during the year [line items] | |||
Weighted average share price | £ | £ 37.81 | £ 27.25 | £ 25.65 |
Term (years) | yr | 3.0 | 3.0 | 3.0 |
Long Term Incentive Plan [member] | |||
Information regarding option pricing models and assumptions used for grants during the year [line items] | |||
Weighted average share price | £ | £ 43.00 | £ 28.46 | £ 26.34 |
Expected dividend yield | 2.05% | 2.55% | 2.34% |
Risk-free interest rate | 0.10% | 0.36% | 0.59% |
Volatility | 24.00% | 24.00% | 22.00% |
Term (years) | yr | 3.0 | 3.0 | 3.0 |
Share-based payments - Summary of Information about Awards Granted (Parenthetical) (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Annual Performance Plan [member] | |
Information regarding option pricing models and assumptions used for grants during the year [line items] | |
Description of option pricing model | Binomial valuation model |
Long Term Incentive Plan [member] | |
Information regarding option pricing models and assumptions used for grants during the year [line items] | |
Description of option pricing model | Monte Carlo Simulation and Binomial valuation model |
Equity - Summary of Equity Share Capital (Detail) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of classes of share capital [line items] | |||
Number of shares beginning balance | 206 | 248 | 248 |
Beginning balance | $ (759) | $ 319 | $ (717) |
Share capital consolidation | (9) | (42) | |
Number of shares ending balance | 197 | 206 | 248 |
Ending balance | $ (851) | $ (759) | $ 319 |
Equity share capital [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance | 141 | 169 | 178 |
Exchange adjustments | 13 | (28) | (9) |
Ending balance | 154 | 141 | 169 |
Share premium [Member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance | 93 | 111 | 117 |
Exchange adjustments | 8 | (18) | (6) |
Ending balance | 101 | 93 | 111 |
Nominal value [Member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance | 48 | 58 | 61 |
Exchange adjustments | 5 | (10) | (3) |
Ending balance | $ 53 | $ 48 | $ 58 |
Equity - Summary of Equity Share Capital (Parenthetical) (Detail) - £ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Ordinary shares [Member] | Equity share capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Nominal value per share | £ 0.19810 | £ 0.18967 | £ 0.15805 | £ 0.15805 |
Operating leases - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of operating lease expenses [Abstract] | |||
Operating lease expenses | $ 86 | $ 84 | $ 77 |
Contingent rent expenses | 32 | 32 | 29 |
Income from sub-leases | $ 2 | $ 2 | $ 3 |
Average remaining terms of leases | 15 years | 17 years | |
Future minimum rentals to be received under non-cancellable sub-leases | $ 4 | $ 4 |
Capital and other commitments - Summary of Capital and Other Commitments (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of contractual capital commitments [line items] | ||
Capital and other commitments | $ 104 | $ 97 |
Property, plant and equipment [member] | ||
Disclosure of contractual capital commitments [line items] | ||
Capital and other commitments | 18 | 11 |
Intangible assets [member] | ||
Disclosure of contractual capital commitments [line items] | ||
Capital and other commitments | $ 86 | $ 86 |
Capital and other commitments - Additional Information (Detail) - USD ($) |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Capital commitments [abstract] | ||
Estimated outstanding commitment to invest in associates | $ 33,000,000 | $ 36,000,000 |
Unutilised facilities provided by banks | $ 5,000,000 | $ 0 |
Contingencies and guarantees - Additional Information (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure of contingent liabilities [line items] | ||
Provision | $ 5,000,000 | |
Outstanding letters of credit | $ 35,000,000 | 37,000,000 |
Guarantees of loans made to equity accounted investments | 54,000,000 | 33,000,000 |
Other contingent liabilities | 0 | 0 |
Kimpton security incident [member] | ||
Disclosure of contingent liabilities [line items] | ||
Provision | $ 5,000,000 | |
Kimpton and Americas security incident [member] | ||
Disclosure of contingent liabilities [line items] | ||
Provision | 5,000,000 | |
Americas security incident [member] | ||
Disclosure of contingent liabilities [line items] | ||
Number of managed properties affected by security incident | 12 | |
Performance guarantees [member] | ||
Disclosure of contingent liabilities [line items] | ||
Performance guarantees provided for in the financial statements | 6,000,000 | $ 5,000,000 |
Maximum unprovided exposure for guarantees | $ 31,000,000 | $ 14,000,000 |
Related party disclosures - Summary of Total Compensation of Key Management Personnel (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Compensation of key management personnel [abstract] | |||
Short-term employment benefits | $ 21.3 | $ 19.2 | $ 19.5 |
Contributions to defined contribution pension plans | 0.6 | 0.8 | 0.7 |
Equity compensation benefits | 10.2 | 7.4 | 6.2 |
Termination benefits | 1.9 | ||
Total compensation of key management personnel | $ 34.0 | $ 27.4 | $ 26.4 |
Related party disclosures - Summary of Related Party Disclosures for Associates and Joint Ventures (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of transactions between related parties [Line Items] | |||
Revenue from associates and joint ventures | $ 9 | $ 6 | $ 3 |
Loans to associates | 9 | 7 | |
Other amounts owed by associates and joint ventures | 2 | 1 | 2 |
Associates [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Revenue from associates and joint ventures | 8 | 5 | 3 |
Loans to associates | 9 | 7 | |
Other amounts owed by associates and joint ventures | 2 | 1 | $ 2 |
Joint ventures [member] | |||
Disclosure of transactions between related parties [Line Items] | |||
Revenue from associates and joint ventures | $ 1 | $ 1 |
Related party disclosures - Additional Information (Detail) - Barclay associate [member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of transactions between related parties [Line Items] | |||
Loan to and from material associate investment (offset in accordance with IAS32) | $ 237 | $ 237 | |
Average interest rate on interest payable and receivable relating to loan to and from material associate investment | 2.00% | 1.40% | |
Short-term advances made to material associate investment and repaid | $ 22 |
System Fund - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
Employees
|
Dec. 31, 2016
USD ($)
Employees
|
Dec. 31, 2015
USD ($)
Employees
|
|
System fund [line items] | |||
Released future redemption liability | $ 156 | ||
Proceeds from System Fund | $ 8 | $ 65 | $ 42 |
System fund [member] | |||
System fund [line items] | |||
Employees related with payroll costs | Employees | 5,555 | 5,434 | 5,416 |
System Fund - Summary of System Fund (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
System fund [line items] | |||
Assessment fees and contributions received from hotels | $ 1,562 | $ 1,439 | $ 1,351 |
Proceeds from sale of IHG Rewards Club points | 324 | 283 | 222 |
Marketing | 321 | 335 | 308 |
IHG Rewards Club | 452 | 360 | 345 |
Payroll costs | 339 | 311 | 295 |
Net (deficit)/surplus for the year | (69) | 41 | 118 |
Interest expense on borrowings | 69 | 74 | 74 |
IHG Rewards Club Loyalty Programme [member] | |||
System fund [line items] | |||
Interest expense on borrowings | $ 7 | $ 3 | $ 2 |
System Fund - Summary of Liabilities Relating to Fund (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
System fund [line items] | |||
Liabilities | $ 4,026 | $ 3,686 | |
System fund surplus [member] | |||
System fund [line items] | |||
Liabilities | 158 | ||
System fund [member] | |||
System fund [line items] | |||
Liabilities | 918 | 912 | $ 835 |
System fund [member] | System fund surplus [member] | |||
System fund [line items] | |||
Liabilities | 158 | 227 | 186 |
System fund [member] | Loyalty programme liability [member] | |||
System fund [line items] | |||
Liabilities | $ 760 | $ 685 | $ 649 |
System Fund - Summary of Liabilities Relating to Fund (Parenthetical) (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
System Fund [abstract] | ||
Loyalty programme liability, current | $ 343 | $ 291 |
Loyalty programme liability, non-current | $ 417 | $ 394 |
Group Companies - Summary of Investment in Joint Ventures (Detail) - BCRE IHG 180 Orchard Holdings LLC [member] |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Disclosure of Composition of Group [Line Items] | |
Joint ventures | BCRE IHG 180 Orchard Holdings LLC |
Registered addresses | Brack Capital Real Estate Ltd., 885 Third Avenue, 24th Floor, New York NY 10022, USA |
Ownership Percentage in joint ventures | 49.00% |
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