|
99.1
|
Final
Results dated 22 February 2022
|
|
|
|
|
Reported
|
|
Underlying1
|
|
||
2021
|
2020
|
% change2
|
|
% change
|
|
|
REPORTABLE SEGMENTS1:
|
|
|
|
|
|
|
Revenue1
|
$1,390m
|
$992m
|
+40%
|
|
+39%
|
|
Revenue from fee
business1
|
$1,153m
|
$823m
|
+40%
|
|
+38%
|
|
Operating
profit1
|
$534m
|
$219m
|
+144%
|
|
+138%
|
|
Fee
margin1
|
49.6%
|
34.1%
|
+15.5%pts
|
|
|
|
Adjusted
EPS1
|
147.0¢
|
31.3¢
|
+370%
|
|
KEY METRICS:
|
|
GROUP RESULTS:
|
|
|
|
|
● $19.4bn total gross revenue1
|
|
Total revenue
|
$2,907m
|
$2,394m
|
+21%
|
|
(30)%
vs 2019 (+43% vs 2020)
|
|
Operating profit/(loss)
|
$494m
|
$(153)m
|
NM
|
|
● (30)% global FY RevPAR1
|
|
Basic EPS
|
145.4¢
|
(142.9)¢
|
NM
|
|
vs
2019 (+46% vs 2020)
|
|
Total dividend per share
|
85.9¢
|
- ¢
|
NM
|
|
● (17)% global Q4 RevPAR1
|
|
Net
debt1
|
$1,881m
|
$2,529m
|
(26)%
|
|
vs
2019 (+71% vs 2020)
|
●
|
Significant improvement in trading during the year, with RevPAR
recovering to 70% of 2019 levels (83% in Q4)
|
●
|
Particularly strong recovery in the US, resulting in Americas FY
RevPAR (20)% vs 2019, with Greater China (29)% and EMEAA (52)%; in
Q4, Americas improved to (7)% vs 2019, with Greater China (33)% and
EMEAA (33)%
|
●
|
Global Q4 RevPAR of (17)% vs 2019 reflected rate attained
broadly in line with 2019 levels and occupancy 11%pts lower;
Q4 occupancy was 56% (53% FY), with the US reaching 61% (61%
FY)
|
●
|
Operating profit from reportable segments of $534m, +144% vs 2020,
(down 38% vs 2019); reported operating profit of $494m, after
System Fund result of $(11)m and operating exceptionals of
$(29)m
|
●
|
Fee business cost savings of $75m vs 2019 achieved and
sustainable in future years; additional temporary reductions in the
2021 cost base of $25m are not expected to be retained
|
●
|
Net cash from operating activities of $636m (2020: $137m), with
adjusted free cash flow1 of
$571m (2020: $29m); result includes strong cash conversion and a
System Fund inflow following an outflow in the prior
year
|
●
|
Leverage substantially reduced, with our net debt:adjusted EBITDA
ratio now 3.0x
|
●
|
Final dividend of 85.9¢ proposed, equivalent to the withdrawn
final payment in respect of 2019
|
●
|
Gross system growth of +5.0% YOY; net (0.6)% YOY, after 49.7k rooms
removed; ~70% of removals were across Holiday Inn and Crowne Plaza,
driven by the completion of the estate review for these two
brands
|
●
|
Opened 44.0k rooms (291 hotels) over the year, +12% vs
2020; global estate now at 880k rooms (5,991
hotels)
|
●
|
Significant acceleration in signings in Q4 at 23.7k, close to
levels achieved in 2019; strongest increase in EMEAA
|
●
|
Signed 68.9k rooms (437 hotels) in total in 2021, +23% vs 2020;
global pipeline now at 271k rooms (1,797 hotels)
|
●
|
Conversions ~25% of openings; first six properties secured for new
Luxury & Lifestyle brand, Vignette Collection
|
Investor Relations (Stuart Ford; Rakesh Patel)
|
+44 (0)1895 512 176
|
+44 (0)7527 419 431
|
Media Relations (Yasmin Diamond; Mark Debenham)
|
+44 (0)1895 512 097
|
+44 (0)7527 424 046
|
UK:
|
0800 640 6441
|
UK Local:
|
0203 936 2999
|
US:
|
+1 646 664 1960
|
All other locations:
|
+44 203 936 2999
|
Passcode:
|
26 40 39
|
UK:
|
0203 936 3001
|
US:
|
+1 845 709 8569
|
All other locations:
|
+44 203 936 3001
|
Passcode:
|
24 66 47
|
●
|
Global system of 880k rooms (5,991 hotels) at 31 December 2021,
weighted 68% across midscale segments and 32% across upscale and
luxury
|
●
|
Gross growth of 5.0%, with 44.0k rooms (291 hotels) opened, up +12%
vs 2020
|
●
|
Removals of 49.7k rooms (264 hotels) or (5.6)%; of these, 34.3k
(151 hotels) were Holiday Inn and Crowne Plaza rooms, driven by the
completed review, and impacting total global system size by
(3.9)%
|
●
|
Future removal rate expected to revert to average
~1.5%
|
●
|
Global pipeline of 271k rooms (1,797 hotels), which represents over
30% of current system size; pipeline change YOY of
(0.4)%
|
●
|
Signed 68.9k rooms (437 hotels), up +23% vs 2020
|
●
|
More than 40% of the global pipeline is under construction, in line
with prior years, and with some improving trends in ground breaks
starting to be seen by Q4
|
●
|
45 hotels or less than 1% of the global estate remained temporarily
closed at 31 December 2021, a significant improvement from nearly
300 hotels at the start of the year
|
|
System
|
Pipeline
|
|||||
|
Openings
|
Removals
|
Net
|
Total
|
Change YOY%
|
Signings
|
Total
|
Group
|
43,958
|
(49,667)
|
(5,709)
|
880,327
|
(0.6)%
|
68,870
|
270,960
|
Americas
|
15,739
|
(30,662)
|
(14,923)
|
499,089
|
(2.9)%
|
17,647
|
96,603
|
EMEAA
|
10,162
|
(13,811)
|
(3,649)
|
224,200
|
(1.6)%
|
20,376
|
80,932
|
G. China
|
18,057
|
(5,194)
|
12,863
|
157,038
|
+8.9%
|
30,847
|
93,425
|
○
|
Reward Night bookings largely recovering to pre-pandemic levels,
with participation rates of our higher tiered members, and
particularly leisure customers, exceeding pre-pandemic
levels
|
○
|
A further nine million loyalty members added, despite the
Covid-related challenges to on-property enrolment, and with record
enrolments over our web and mobile channels
|
○
|
Through growth in Reward Night dynamic pricing, on average the
number of loyalty points required to book IHG hotels is expected to
be around 15% less in 2022 than 2019, helping members get free
nights faster, and without increased cost to our owners due to
compensating changes in the reimbursement rates
|
○
|
We extended membership tier status and continued the temporary
pause on points expiration, used targeted loyalty promotions and
Enrol & Stay campaigns to drive new guests and members and
fast-track the status of returning travellers, and integrated more
Six Senses resorts into the programme
|
○
|
Brand standards have been evolved or removed to help create more
efficient and effective operations for owners, whilst still
delivering on guest expectations - all supported by clear hotel
action plans and training to drive performance and address
opportunities from guest feedback. This assistance continues, for
example with 80 brand standards still being relaxed for owners in
the Americas region to support managing costs.
|
○
|
Staffing challenges met with new hiring resources, deeper
relationships with job platforms, targeted social media campaigns,
and new flexible working initiatives. New or enhanced programmes
have also been introduced to support retention and accelerate
development of talent.
|
○
|
Supply chain pressures met with an expanded procurement offer that
uses IHG's scale and expertise to deliver new solutions, resulting
in net year-on-year savings of more than 10% for owners across the
$1.3bn of spend managed by IHG. One important cost category,
particularly in our select service formats, is breakfast, which has
seen our procurement solutions lower costs by around
15%.
|
○
|
Joining the UN's Race to Zero campaign, we upgraded our 2030
science-based target to align with the most ambitious target of the
Paris Agreement to limit global warming to 1.5°C, with our aim
to now reduce absolute scope 1, 2 and 3 greenhouse gas emissions by
46% by 2030. IHG also became the first hotel group to join the UK's
Zero Carbon Forum.
|
○
|
We have developed a comprehensive decarbonisation roadmap, setting
out plans to improve the energy efficiency of existing hotels, help
owners source renewable energy, and establish our approach for
new-build hotels to operate at very low or zero-carbon in the
future. Immediate steps included launching an automated data
collection programme for all hotels globally, and creating a new
Hotel Energy Reduction Opportunities (HERO) tool, which will be key
to helping our hotels develop energy, carbon and water reductions.
In 2022, every IHG hotel will have an individual energy reduction
target.
|
○
|
Corporate employees completed more than 10,000 hours of conscious
inclusion training during the year, and new Inclusion and Wellness
Metrics were incorporated into our employee engagement survey to
help measure our progress over time.
|
○
|
New programmes such as Ascend in the Americas were launched to help
increase ethnically diverse representation in leadership roles and
IHG's progress was recognised recently for an 8th year
running as a 'Best Place to Work for LGBTQ Equality', with a 100%
rating in the Corporate Equality Index, alongside a Highly
Commended award in the Company of the Year category at the European
Diversity Awards.
|
|
12 months
ended 31 December
|
|||
|
|
|
|
|
|
2021
|
2020
|
%
|
|
|
$m
|
$m
|
change
|
|
Revenue
|
|
|
|
|
Americas
|
774
|
512
|
51.2
|
|
EMEAA
|
303
|
221
|
37.1
|
|
Greater China
|
116
|
77
|
50.6
|
|
Central
|
197
|
182
|
8.2
|
|
|
____
|
____
|
____
|
|
Revenue from reportable segmentsa
|
1,390
|
992
|
40.1
|
|
|
|
|
|
|
System Fund revenues
|
928
|
765
|
21.3
|
|
Reimbursement of costs
|
589
|
637
|
(7.5)
|
|
|
_____
|
_____
|
_____
|
|
Total revenue
|
2,907
|
2,394
|
21.4
|
|
|
_____
|
_____
|
_____
|
|
Operating profit/(loss)
|
|
|
|
|
Americas
|
559
|
296
|
88.9
|
|
EMEAA
|
5
|
(50)
|
NMb
|
|
Greater China
|
58
|
35
|
65.7
|
|
Central
|
(88)
|
(62)
|
41.9
|
|
|
____
|
____
|
_____
|
|
Operating profit from reportable segmentsa
|
534
|
219
|
143.8
|
|
Analysed as:
|
|
|
|
|
Fee Business
excluding central
|
658
|
340
|
93.5
|
|
Owned, leased
and managed lease
|
(36)
|
(59)
|
(39.0)
|
|
Central
|
(88)
|
(62)
|
41.9
|
|
|
|
|
|
|
System Fund result
|
(11)
|
(102)
|
(89.2)
|
|
|
____
|
____
|
____
|
|
Operating profit before exceptional items
|
523
|
117
|
347.0
|
|
Operating exceptional items
|
(29)
|
(270)
|
(89.3)
|
|
|
____
|
____
|
____
|
|
Operating profit/(loss)
|
494
|
(153)
|
NMb
|
|
|
|
|
|
|
Net financial expenses
|
(139)
|
(140)
|
(0.7)
|
|
Analysed as:
|
|
|
|
|
Adjusted
interest expensea
|
(142)
|
(130)
|
9.2
|
|
System Fund
interest
|
3
|
4
|
(25.0)
|
|
Exceptional
financial expenses
|
-
|
(14)
|
-
|
|
|
|
|
|
|
Fair value gains on contingent purchase consideration
|
6
|
13
|
(53.8)
|
|
|
____
|
____
|
____
|
|
Profit/(loss) before tax
|
361
|
(280)
|
NMb
|
|
|
|
|
|
|
Tax
|
(96)
|
20
|
NMb
|
|
Analysed as
|
|
|
|
|
Tax
before exceptional items and System Funda
|
(125)
|
(32)
|
290.6
|
|
Tax on
exceptional items and exceptional tax
|
29
|
52
|
(44.2)
|
|
|
____
|
____
|
____
|
|
Profit/(loss) for the year
|
265
|
(260)
|
NMb
|
|
|
|
|
|
|
Adjusted earningsc
|
269
|
57
|
371.9
|
|
|
|
|
|
|
Basic weighted average number of ordinary shares
(millions)
|
183
|
182
|
0.5
|
|
|
____
|
____
|
____
|
|
Earnings/(loss) per ordinary share
|
|
|
|
|
|
Basic
|
145.4¢
|
(142.9)¢
|
NMb
|
|
Adjusteda
|
147.0¢
|
31.3¢
|
369.6
|
|
|
|
|
|
Dividend per share
|
85.9¢
|
-
|
NMb
|
|
|
|
|
|
|
Average US dollar to sterling exchange rate
|
$1: £0.73
|
$1: £0.78
|
(6.4)
|
|
|
|
|
|
|
12 months
ended 31 December
|
||
|
2021
|
2020
|
$m
|
|
$m
|
$m
|
change
|
GAAP cash flow summary
|
|
|
|
Net cash from operating activities
|
636
|
137
|
499
|
Net cash from investing activities
|
(12)
|
(61)
|
49
|
Net cash from financing activities
|
(860)
|
1,354
|
(2,214)
|
|
____
|
____
|
______
|
Net movement in cash and cash equivalents in the year
|
(236)
|
1,430
|
(1,666)
|
|
12 months
ended 31 December
|
||
|
2021
|
2020
|
$m
|
|
$m
|
$m
|
change
|
|
|
|
|
Operating profit from reportable segments
|
534
|
219
|
|
Depreciation and amortisation
|
98
|
110
|
|
|
____
|
____
|
____
|
Adjusted EBITDA
|
632
|
329
|
303
|
|
|
|
|
Working capital and other adjustments
|
110
|
(27)
|
|
Impairment loss on financial assets
|
-
|
40
|
|
Other non-cash adjustments to operating
profit/lossb
|
71
|
60
|
|
|
|
|
|
System Fund result
|
(11)
|
(102)
|
|
System Fund depreciation and amortisation
|
94
|
62
|
|
Other non-cash adjustments to System Fund result
|
6
|
97
|
|
|
|
|
|
Capital expenditure: contract acquisition costs (key money) net of
repayments
|
(42)
|
(64)
|
|
Capital expenditure: maintenance
|
(33)
|
(43)
|
|
|
|
|
|
Cash flows relating to exceptional items
|
(12)
|
(87)
|
|
Net interest paid
|
(126)
|
(130)
|
|
Tax paid
|
(86)
|
(41)
|
|
Principal element of lease payments
|
(32)
|
(65)
|
|
|
____
|
____
|
____
|
Adjusted free cash
flowa
|
571
|
29
|
542
|
|
|
|
|
Capital expenditure: gross recyclable investments
|
(5)
|
(6)
|
|
Capital expenditure: gross System Fund capital
investments
|
(19)
|
(35)
|
|
Deferred purchase consideration paid
|
(13)
|
-
|
|
Disposals and repayments, including other financial
assets
|
58
|
18
|
|
Distributions from associates and joint ventures
|
-
|
5
|
|
Other items
|
-
|
3
|
|
|
____
|
____
|
____
|
Net cash flow before other net debt movements
|
592
|
14
|
578
|
|
|
|
|
Add back principal element of lease repayments within adjusted free
cash flow
|
32
|
65
|
|
Exchange and other non-cash adjustments
|
24
|
57
|
|
|
____
|
____
|
____
|
Decrease in net debt
|
648
|
136
|
512
|
|
|
|
|
Net debt at beginning of the year
|
(2,529)
|
(2,665)
|
|
|
______
|
______
|
____
|
Net debt at end of the year
|
(1,881)
|
(2,529)
|
648
|
|
______
|
______
|
____
|
|
June 2022
|
December 2022
|
Leverage Ratio
|
Less than 7.5x
|
Less than 6.5x
|
Interest Cover
|
Greater than 1.5x
|
Greater than 2.0x
|
|
12 months ended 31 December
|
||
|
|
|
|
|
2021
|
2020
|
%
|
|
$bn
|
$bn
|
changeb
|
Analysed by brand
|
|
|
|
|
|
|
|
InterContinental
|
2.7
|
2.0
|
31.6
|
Kimpton
|
0.7
|
0.4
|
83.9
|
HUALUXE
|
0.1
|
0.1
|
36.5
|
Crowne Plaza
|
2.3
|
1.8
|
25.7
|
Hotel Indigo
|
0.4
|
0.3
|
73.9
|
EVEN hotels
|
0.1
|
0.0
|
127.0
|
Holiday Inn
|
4.0
|
2.8
|
42.7
|
Holiday Inn Express
|
6.5
|
4.2
|
54.2
|
Staybridge Suites
|
1.0
|
0.7
|
38.2
|
Candlewood Suites
|
0.7
|
0.7
|
11.5
|
Other
|
0.9
|
0.5
|
51.9
|
|
____
|
____
|
____
|
Total
|
19.4
|
13.5
|
42.8
|
|
____
|
____
|
____
|
|
|
|
|
Analysed by ownership type
|
|
|
|
Fee business
|
19.2
|
13.3
|
42.8
|
Owned, leased and managed lease
|
0.2
|
0.2
|
40.3
|
|
____
|
____
|
____
|
Total
|
19.4
|
13.5
|
42.8
|
|
____
|
____
|
____
|
|
|
|
|
|
Full Year 2021 vs 2020
|
Full Year 2021 vs 2019
|
||||
|
RevPAR
|
ADR
|
Occupancy
|
RevPAR
|
ADR
|
Occupancy
|
Group
|
46.0%
|
10.6%
|
12.7%pts
|
(29.8)%
|
(8.0)%
|
(16.5)%pts
|
Americas
|
54.0%
|
12.2%
|
15.9%pts
|
(19.8)%
|
(5.5)%
|
(10.4)%pts
|
EMEAA
|
35.0%
|
5.3%
|
9.1%pts
|
(51.8)%
|
(14.2)%
|
(32.4)%pts
|
G. China
|
20.6%
|
3.6%
|
6.9%pts
|
(28.7)%
|
(10.7)%
|
(12.4)%pts
|
|
Q4 2021 vs 2020
|
Q4 2021 vs 2019
|
||||
|
RevPAR
|
ADR
|
Occupancy
|
RevPAR
|
ADR
|
Occupancy
|
Group
|
71.3%
|
26.7%
|
14.5%pts
|
(17.1)%
|
(0.9)%
|
(11.0)%pts
|
Americas
|
79.6%
|
27.0%
|
17.7%pts
|
(6.5)%
|
1.0%
|
(4.8)%pts
|
EMEAA
|
118.3%
|
24.5%
|
22.2%pts
|
(33.4)%
|
(5.4)%
|
(21.9)%pts
|
G. China
|
(17.4)%
|
1.5%
|
(10.5)%pts
|
(32.9)%
|
(8.2)%
|
(17.2)%pts
|
|
Full Year 2021 vs 2020
|
Full Year 2021 vs 2019
|
||||
|
CER
|
AER
|
Difference
|
CER
|
AER
|
Difference
|
Group
|
46.0%
|
47.9%
|
(1.9)%pts
|
(29.8)%
|
(28.9)%
|
0.9%pts
|
Americas
|
54.0%
|
54.2%
|
(0.3)%pts
|
(19.8)%
|
(20.0)%
|
(0.2)%pts
|
EMEAA
|
35.0%
|
38.3%
|
(3.3)%pts
|
(51.8)%
|
(50.3)%
|
1.5%pts
|
G. China
|
20.6%
|
27.7%
|
(7.1)%pts
|
(28.7)%
|
(23.8)%
|
4.8%pts
|
|
Q4 2021 vs 2020
|
Q4 2021 vs 2019
|
||||
|
CER
|
AER
|
Difference
|
CER
|
AER
|
Difference
|
Group
|
71.3%
|
71.0%
|
0.3%pts
|
(17.1)%
|
(16.3)%
|
0.8%pts
|
Americas
|
79.6%
|
79.4%
|
0.1%pts
|
(6.5)%
|
(6.9)%
|
(0.4)%pts
|
EMEAA
|
118.3%
|
114.8%
|
3.5%pts
|
(33.4)%
|
(32.8)%
|
0.7%pts
|
G. China
|
(17.4)%
|
(14.5)%
|
(2.8)%pts
|
(32.9)%
|
(26.5)%
|
6.4%pts
|
2021 vs 2020
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
Group
|
(51.7)%
|
(47.7)%
|
20.8%
|
228.0%
|
156.7%
|
108.4%
|
91.9%
|
52.8%
|
55.7%
|
62.8%
|
75.8%
|
77.9%
|
Americas
|
(44.2)%
|
(44.2)%
|
20.7%
|
245.3%
|
160.4%
|
108.0%
|
98.6%
|
68.3%
|
63.0%
|
67.2%
|
84.7%
|
92.0%
|
EMEAA
|
(72.2)%
|
(69.7)%
|
(21.5)%
|
183.4%
|
194.1%
|
165.4%
|
100.9%
|
77.8%
|
82.4%
|
107.9%
|
137.1%
|
112.0%
|
G. China
|
(21.9)%
|
335.0%
|
288.6%
|
199.6%
|
107.5%
|
51.3%
|
45.3%
|
(43.0)%
|
(15.6)%
|
(8.7)%
|
(30.4)%
|
(14.6)%
|
2021 vs 2019
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
Group
|
(52.5)%
|
(53.8)%
|
(46.6)%
|
(41.4)%
|
(37.1)%
|
(31.0)%
|
(18.4)%
|
(23.0)%
|
(21.5)%
|
(19.2)%
|
(19.1)%
|
(12.1)%
|
Americas
|
(45.1)%
|
(45.4)%
|
(39.4)%
|
(32.3)%
|
(27.8)%
|
(19.7)%
|
(7.3)%
|
(12.1)%
|
(10.6)%
|
(10.5)%
|
(7.4)%
|
0.4%
|
EMEAA
|
(71.1)%
|
(72.7)%
|
(70.6)%
|
(70.1)%
|
(65.8)%
|
(59.4)%
|
(48.2)%
|
(38.2)%
|
(42.8)%
|
(36.3)%
|
(33.2)%
|
(30.2)%
|
G. China
|
(41.5)%
|
(51.1)%
|
(23.2)%
|
(14.9)%
|
(12.0)%
|
(21.5)%
|
(6.4)%
|
(55.2)%
|
(25.9)%
|
(24.6)%
|
(46.3)%
|
(28.1)%
|
2020 vs 2019
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
Group
|
(1.5)%
|
(10.8)%
|
(55.1)%
|
(81.9)%
|
(75.6)%
|
(67.4)%
|
(58.1)%
|
(51.0)%
|
(50.9)%
|
(51.9)%
|
(55.3)%
|
(52.4)%
|
Americas
|
0.2%
|
(0.9)%
|
(49.0)%
|
(80.1)%
|
(72.5)%
|
(62.0)%
|
(54.0)%
|
(48.6)%
|
(46.4)%
|
(48.0)%
|
(51.4)%
|
(49.5)%
|
EMEAA
|
2.1%
|
(11.3)%
|
(62.7)%
|
(89.3)%
|
(88.5)%
|
(85.3)%
|
(74.7)%
|
(66.3)%
|
(69.9)%
|
(70.5)%
|
(72.4)%
|
(68.6)%
|
G. China
|
(24.6)%
|
(89.3)%
|
(81.4)%
|
(71.2)%
|
(57.1)%
|
(48.6)%
|
(35.9)%
|
(20.2)%
|
(11.0)%
|
(16.9)%
|
(22.5)%
|
(15.1)%
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Global hotel and room count
|
|
Change over
|
|
|
Change over
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
21
|
5
|
|
1,412
|
283
|
Regent
|
7
|
-
|
|
2,190
|
-
|
|
|
InterContinental
|
204
|
(1)
|
|
69,402
|
(539)
|
|
Vignette Collection
|
1
|
1
|
|
146
|
146
|
|
Kimpton
|
75
|
2
|
|
13,283
|
198
|
|
HUALUXE
|
16
|
4
|
|
4,603
|
1,170
|
|
Crowne Plaza
|
404
|
(25)
|
|
111,178
|
(7,701)
|
|
Hotel Indigo
|
130
|
5
|
|
16,343
|
739
|
|
EVEN Hotels
|
21
|
5
|
|
2,994
|
584
|
|
voco
|
31
|
13
|
|
7,445
|
2,368
|
|
Holiday Inna
|
1,218
|
(58)
|
|
224,684
|
(11,870)
|
|
Holiday Inn Express
|
3,016
|
50
|
|
317,329
|
7,842
|
avid hotels
|
48
|
24
|
|
4,280
|
2,124
|
|
|
Staybridge Suites
|
315
|
12
|
|
34,306
|
1,411
|
|
Candlewood Suites
|
361
|
(5)
|
|
32,025
|
(410)
|
|
Otherb
|
123
|
(5)
|
|
38,707
|
(2,054)
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
5,991
|
27
|
|
880,327
|
(5,709)
|
|
|
|
_____
|
____
|
|
_______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchised
|
5,033
|
28
|
|
626,115
|
(1,233)
|
|
Managed
|
939
|
3
|
|
249,591
|
(3,697)
|
|
Owned, leased and managed lease
|
19
|
(4)
|
|
4,621
|
(779)
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
5,991
|
27
|
|
880,327
|
(5,709)
|
|
|
|
_____
|
____
|
|
_______
|
______
|
|
|
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Global Pipeline
|
|
Change over
|
|
|
Change over
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
33
|
2
|
|
2,424
|
185
|
Regent
|
8
|
2
|
|
1,938
|
403
|
|
|
InterContinental
|
79
|
10
|
|
19,679
|
1,905
|
|
Kimpton
|
35
|
3
|
|
6,852
|
587
|
|
HUALUXE
|
23
|
(2)
|
|
6,045
|
(862)
|
|
Crowne Plaza
|
96
|
7
|
|
25,261
|
1,033
|
|
Hotel Indigo
|
114
|
10
|
|
18,452
|
2,748
|
|
EVEN Hotels
|
29
|
(2)
|
|
4,907
|
(139)
|
|
voco
|
38
|
9
|
|
10,090
|
1,911
|
|
Holiday Inna
|
244
|
(18)
|
|
48,078
|
(3,085)
|
|
Holiday Inn Express
|
645
|
(38)
|
|
83,026
|
(4,126)
|
avid hotels
|
164
|
(28)
|
|
14,495
|
(3,031)
|
|
|
Staybridge Suites
|
156
|
1
|
|
16,843
|
(647)
|
|
Candlewood Suites
|
93
|
20
|
|
7,765
|
1,396
|
|
Atwell Suites
|
23
|
4
|
|
2,275
|
426
|
|
Otherb
|
17
|
2
|
|
2,830
|
199
|
|
|
_____
|
____
|
|
_______
|
_____
|
Total
|
1,797
|
(18)
|
|
270,960
|
(1,097)
|
|
|
|
_____
|
____
|
|
_______
|
_____
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchised
|
1,290
|
(20)
|
|
157,832
|
(1,236)
|
|
Managed
|
506
|
2
|
|
112,973
|
139
|
Owned, leased and managed lease
|
1
|
-
|
|
155
|
-
|
|
|
|
_____
|
____
|
|
_______
|
_____
|
Total
|
1,797
|
(18)
|
|
270,960
|
(1,097)
|
|
|
|
_____
|
____
|
|
_______
|
_____
|
AMERICAS
|
12
months ended 31 December
|
||||||
Americas Results
|
|
|
|
||||
|
2021
|
2020
|
%
|
||||
|
$m
|
$m
|
change
|
||||
Revenue from
the reportable segmenta
|
|
|
|
||||
|
Fee business
|
691
|
457
|
51.2
|
|||
|
Owned, leased and managed lease
|
83
|
55
|
50.9
|
|||
|
____
|
____
|
____
|
||||
Total
|
|
774
|
512
|
51.2
|
|||
|
____
|
____
|
____
|
||||
Operating profit from the reportable
segmenta
|
|
|
|
||||
|
Fee business
|
568
|
323
|
75.9
|
|||
|
Owned, leased and managed lease
|
(9)
|
(27)
|
(66.7)
|
|||
|
____
|
____
|
____
|
||||
|
|
559
|
296
|
88.9
|
|||
Operating exceptional items
|
|
(22)
|
(118)
|
(81.4)
|
|||
|
____
|
____
|
______
|
||||
Operating profit
|
537
|
178
|
201.7
|
||||
|
____
|
_____
|
_______
|
||||
Americas Comparable
RevPARb movement
on previous year
|
12 months ended
31 December 2021
|
||||||
Fee business
|
|
||||||
|
InterContinental
|
73.0%
|
|||||
|
Kimpton
|
90.1%
|
|||||
|
Crowne Plaza
|
54.4%
|
|||||
|
Hotel Indigo
|
82.4%
|
|||||
|
EVEN Hotels
|
112.4%
|
|||||
|
Holiday Inn
|
56.8%
|
|||||
|
Holiday Inn Express
|
53.3%
|
|||||
|
avid hotels
|
115.4%
|
|||||
|
Staybridge Suites
|
40.4%
|
|||||
|
Candlewood Suites
|
30.5%
|
|||||
|
All brands
|
53.8%
|
|||||
Owned, leased and managed lease
|
|
||||||
|
All brands
|
91.6%
|
|||||
|
|
|
|||||
|
|
|
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Americas hotel and room count
|
|
Change over
|
|
|
Change over
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
1
|
1
|
|
20
|
20
|
|
InterContinental
|
43
|
(3)
|
|
15,651
|
(1,138)
|
|
Kimpton
|
64
|
-
|
|
11,008
|
(89)
|
|
Crowne Plaza
|
112
|
(24)
|
|
27,930
|
(7,475)
|
|
Hotel Indigo
|
66
|
(1)
|
|
8,745
|
(48)
|
|
EVEN Hotels
|
19
|
4
|
|
2,743
|
504
|
|
voco
|
5
|
4
|
|
469
|
420
|
|
Holiday Inna
|
716
|
(50)
|
|
120,850
|
(10,092)
|
|
Holiday Inn Express
|
2,436
|
11
|
|
221,727
|
1,385
|
avid hotels
|
48
|
24
|
|
4,280
|
2,124
|
|
|
Staybridge Suites
|
296
|
11
|
|
31,097
|
1,040
|
|
Candlewood Suites
|
361
|
(5)
|
|
32,025
|
(410)
|
|
Otherb
|
101
|
(2)
|
|
22,544
|
(1,164)
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
4,268
|
(30)
|
|
499,089
|
(14,923)
|
|
|
|
_____
|
____
|
|
_______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchised
|
4,087
|
(18)
|
|
460,257
|
(11,545)
|
|
Managed
|
178
|
(9)
|
|
37,505
|
(2,886)
|
Owned, leased and managed lease
|
3
|
(3)
|
|
1,327
|
(492)
|
|
|
|
_____
|
____
|
|
_______
|
______
|
Total
|
4,268
|
(30)
|
|
499,089
|
(14,923)
|
|
|
|
_____
|
____
|
|
_______
|
______
|
|
Hotels
|
|
Rooms
|
|||
|
||||||
Americas Pipeline
|
|
Change over
|
|
|
Change over
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
|
31 December
|
31 December
|
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
|
Six Senses
|
6
|
(1)
|
|
471
|
(48)
|
|
InterContinental
|
9
|
2
|
|
2,252
|
528
|
|
Kimpton
|
19
|
(1)
|
|
3,431
|
(52)
|
|
Crowne Plaza
|
8
|
2
|
|
1,643
|
393
|
|
Hotel Indigo
|
29
|
(2)
|
|
4,070
|
(85)
|
|
EVEN Hotels
|
10
|
(6)
|
|
1,166
|
(809)
|
|
voco
|
5
|
3
|
|
1,045
|
771
|
|
Holiday Inna
|
74
|
(6)
|
|
9,468
|
(978)
|
|
Holiday Inn Express
|
338
|
(48)
|
|
32,701
|
(4,654)
|
avid hotels
|
164
|
(27)
|
|
14,495
|
(2,816)
|
|
|
Staybridge Suites
|
137
|
2
|
|
14,050
|
(11)
|
|
Candlewood Suites
|
93
|
20
|
|
7,765
|
1,396
|
|
Atwell Suites
|
23
|
4
|
|
2,275
|
426
|
|
Other
|
11
|
(2)
|
|
1,771
|
(215)
|
|
|
____
|
____
|
|
______
|
______
|
Total
|
926
|
(60)
|
|
96,603
|
(6,154)
|
|
|
|
____
|
____
|
|
______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
|
Franchised
|
889
|
(55)
|
|
90,732
|
(5,796)
|
|
Managed
|
37
|
(5)
|
|
5,871
|
(358)
|
|
|
____
|
____
|
|
______
|
______
|
Total
|
926
|
(60)
|
|
96,603
|
(6,154)
|
|
|
|
____
|
____
|
|
______
|
______
|
|
12 months ended 31
December
|
||||
EMEAA results
|
|
|
|
||
|
2021
|
2020
|
%
|
||
|
$m
|
$m
|
change
|
||
Revenue from the reportable
segmenta
|
|
|
|
||
|
Fee business
|
149
|
107
|
39.3
|
|
|
Owned, leased and managed lease
|
154
|
114
|
35.1
|
|
|
____
|
____
|
____
|
||
Total
|
|
303
|
221
|
37.1
|
|
|
____
|
____
|
____
|
||
Operating profit/(loss) from the
reportable segmenta
|
|
|
|
||
|
Fee business
|
32
|
(18)
|
NMc
|
|
|
Owned, leased and managed lease
|
(27)
|
(32)
|
(15.6)
|
|
|
____
|
____
|
____
|
||
|
|
5
|
(50)
|
NMc
|
|
Operating exceptional items
|
|
(7)
|
(128)
|
(94.5)
|
|
|
|
____
|
____
|
_____
|
|
Operating loss
|
(2)
|
(178)
|
(98.9)
|
||
|
____
|
____
|
_____
|
||
|
|
|
|
|
|
EMEAA comparable
RevPARb movement
on previous year
|
12 months ended
31 December 2021
|
|||
|
|
|||
Fee business
|
|
|||
|
Six Senses
|
32.7%
|
||
|
InterContinental
|
26.9%
|
||
|
Kimpton
|
(8.4)%
|
||
|
Crowne Plaza
|
34.3%
|
||
|
Hotel Indigo
|
62.6%
|
||
|
voco
|
24.1%
|
||
|
Holiday Inn
|
34.4%
|
||
|
Holiday Inn Express
|
46.2%
|
||
|
Staybridge Suites
|
46.2%
|
||
|
All brands
|
34.8%
|
||
|
|
|
||
Owned, leased and managed lease
|
|
|||
|
InterContinental
|
0.1%
|
||
|
Kimpton
|
111.1%
|
||
|
voco
|
136.6%
|
||
|
All brands
|
46.6%
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
Hotels
|
Rooms
|
|||
EMEAA hotel and room count
|
|
Change over
|
|
Change over
|
|
|
2021
|
2020
|
2021
|
2020
|
|
|
31 December
|
31 December
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
Six Senses
|
19
|
4
|
1,270
|
263
|
Regent
|
3
|
-
|
771
|
-
|
|
|
InterContinental
|
108
|
-
|
32,561
|
87
|
|
Vignette Collection
|
1
|
1
|
146
|
146
|
|
Kimpton
|
10
|
2
|
2,146
|
287
|
|
Crowne Plaza
|
182
|
(6)
|
44,828
|
(1,696)
|
|
Hotel Indigo
|
48
|
2
|
5,183
|
117
|
|
voco
|
21
|
5
|
5,882
|
1,002
|
|
Holiday Inna
|
380
|
(21)
|
70,824
|
(4,160)
|
|
Holiday Inn Express
|
333
|
4
|
48,548
|
1,192
|
|
Staybridge Suites
|
19
|
1
|
3,209
|
371
|
|
Otherb
|
13
|
(4)
|
8,832
|
(1,258)
|
|
|
_____
|
____
|
_______
|
______
|
Total
|
1,137
|
(12)
|
224,200
|
(3,649)
|
|
|
|
_____
|
____
|
_______
|
______
|
Analysed by ownership type
|
|
|
|
|
|
|
Franchised
|
767
|
(7)
|
125,707
|
(13)
|
|
Managed
|
354
|
(4)
|
95,199
|
(3,349)
|
Owned, leased and managed lease
|
16
|
(1)
|
3,294
|
(287)
|
|
|
|
_____
|
____
|
_______
|
______
|
Total
|
1,137
|
(12)
|
224,200
|
(3,649)
|
|
|
|
_____
|
____
|
_______
|
______
|
|
|
|
|||||||
|
|||||||||
|
Hotels | Rooms |
|
||||||
EMEAA Pipeline
|
|
Change over
|
|
Change over
|
|
||||
|
2021
|
2020
|
2021
|
2020
|
|
||||
|
31 December
|
31 December
|
31 December
|
31 December
|
|
||||
Analysed by brand
|
|
|
|
|
|
||||
|
Six Senses
|
23
|
2
|
1,720
|
169
|
|
|||
Regent
|
6
|
1
|
1,341
|
86
|
|
||||
|
InterContinental
|
43
|
10
|
9,520
|
2,035
|
|
|||
|
Kimpton
|
9
|
3
|
1,674
|
546
|
|
|||
|
Crowne Plaza
|
40
|
5
|
10,461
|
1,360
|
|
|||
|
Hotel Indigo
|
44
|
3
|
7,004
|
957
|
|
|||
|
voco
|
31
|
5
|
8,753
|
979
|
|
|||
|
Holiday Inna
|
98
|
(10)
|
21,014
|
(1,540)
|
|
|||
|
Holiday Inn Express
|
99
|
7
|
15,593
|
360
|
|
|||
avid hotels
|
-
|
(1)
|
-
|
(215)
|
|
||||
|
Staybridge Suites
|
19
|
(1)
|
2,793
|
(636)
|
|
|||
|
Otherb
|
6
|
5
|
1,059
|
711
|
|
|||
|
|
____
|
____
|
______
|
_____
|
|
|||
Total
|
418
|
29
|
80,932
|
4,812
|
|
||||
|
|
____
|
____
|
______
|
_____
|
|
|||
Analysed by ownership type
|
|
|
|
|
|
||||
|
Franchised
|
175
|
20
|
27,045
|
1,393
|
|
|||
|
Managed
|
242
|
9
|
53,732
|
3,419
|
|
|||
Owned, leased and managed lease
|
1
|
-
|
155
|
-
|
|
||||
|
|
____
|
____
|
______
|
_____
|
|
|||
Total
|
418
|
29
|
80,932
|
4,812
|
|
||||
|
|
____
|
____
|
______
|
_____
|
|
|
12 months ended 31
December
|
||||
|
|
|
|
||
Greater China results
|
2021
|
2020
|
%
|
||
|
$m
|
$m
|
change
|
||
|
|
|
|
||
Revenue from the reportable
segmenta
|
|
|
|
||
|
Fee business
|
116
|
77
|
50.6
|
|
|
|
____
|
____
|
_____
|
|
Total
|
|
116
|
77
|
50.6
|
|
|
____
|
____
|
_____
|
||
Operating profit from the reportable
segmenta
|
|
|
|
||
|
Fee business
|
58
|
35
|
65.7
|
|
|
____
|
____
|
____
|
||
Operating exceptional items
|
-
|
(5)
|
-
|
||
|
____
|
____
|
____
|
||
Operating profit
|
58
|
30
|
93.3
|
||
|
____
|
____
|
____
|
||
|
|
|
|
|
|
Greater China comparable
RevPARb movement
on previous year
|
12 months ended
31 December 2021
|
|
|
|
|
Fee business
|
|
|
|
Regent
|
9.6%
|
|
InterContinental
|
20.8%
|
|
HUALUXE
|
13.1%
|
|
Crowne Plaza
|
20.4%
|
|
Hotel Indigo
|
33.4%
|
|
Holiday Inn
|
21.8%
|
|
Holiday Inn Express
|
20.9%
|
|
All brands
|
20.6%
|
|
|
|
|
|
|
|
Hotels
|
Rooms
|
|||
Greater China hotel and room count
|
|
Change over
|
|
Change over
|
|
|
2021
|
2020
|
2021
|
2020
|
|
|
31 December
|
31 December
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
Six Senses
|
1
|
-
|
122
|
-
|
Regent
|
4
|
-
|
1,419
|
-
|
|
|
InterContinental
|
53
|
2
|
21,190
|
512
|
|
Kimpton
|
1
|
-
|
129
|
-
|
|
HUALUXE
|
16
|
4
|
4,603
|
1,170
|
|
Crowne Plaza
|
110
|
5
|
38,420
|
1,470
|
|
Hotel Indigo
|
16
|
4
|
2,415
|
670
|
|
EVEN Hotels
|
2
|
1
|
251
|
80
|
|
voco
|
5
|
4
|
1,094
|
946
|
|
Holiday Inna
|
122
|
13
|
33,010
|
2,382
|
|
Holiday Inn Express
|
247
|
35
|
47,054
|
5,265
|
|
Otherb
|
9
|
1
|
7,331
|
368
|
|
|
____
|
____
|
_______
|
_____
|
Total
|
586
|
69
|
157,038
|
12,863
|
|
|
|
____
|
____
|
_______
|
_____
|
Analysed by ownership type
|
|
|
|
|
|
|
Franchised
|
179
|
53
|
40,151
|
10,325
|
|
Managed
|
407
|
16
|
116,887
|
2,538
|
|
|
____
|
____
|
_______
|
_____
|
Total
|
586
|
69
|
157,038
|
12,863
|
|
|
|
____
|
____
|
_______
|
_____
|
|
Hotels
|
Rooms
|
|||
Greater China Pipeline
|
|
Change over
|
|
Change over
|
|
|
2021
|
2020
|
2021
|
2020
|
|
|
31 December
|
31 December
|
31 December
|
31 December
|
|
Analysed by brand
|
|
|
|
|
|
|
Six Senses
|
4
|
1
|
233
|
64
|
Regent
|
2
|
1
|
597
|
317
|
|
|
InterContinental
|
27
|
(2)
|
7,907
|
(658)
|
|
Kimpton
|
7
|
1
|
1,747
|
93
|
|
HUALUXE
|
23
|
(2)
|
6,045
|
(862)
|
|
Crowne Plaza
|
48
|
-
|
13,157
|
(720)
|
|
Hotel Indigo
|
41
|
9
|
7,378
|
1,876
|
|
EVEN Hotels
|
19
|
4
|
3,741
|
670
|
|
voco
|
2
|
1
|
292
|
161
|
|
Holiday Inna
|
72
|
(2)
|
17,596
|
(567)
|
|
Holiday Inn Express
|
208
|
3
|
34,732
|
168
|
|
Other
|
-
|
(1)
|
-
|
(297)
|
|
|
____
|
____
|
______
|
_____
|
Total
|
453
|
13
|
93,425
|
245
|
|
|
|
____
|
____
|
______
|
_____
|
Analysed by ownership type
|
|
|
|
|
|
|
Franchised
|
226
|
15
|
40,055
|
3,167
|
|
Managed
|
227
|
(2)
|
53,370
|
(2,922)
|
|
|
____
|
____
|
______
|
_____
|
Total
|
453
|
13
|
93,425
|
245
|
|
|
|
____
|
____
|
______
|
_____
|
|
12 months ended 31 December
|
|||
|
|
|
|
|
|
2021
|
2020
|
%
|
|
Central results
|
$m
|
$m
|
change
|
|
|
|
|
|
|
Revenue
|
197
|
182
|
8.2
|
|
Gross costs
|
(285)
|
(244)
|
16.8
|
|
|
____
|
____
|
____
|
|
|
|
(88)
|
(62)
|
41.9
|
Exceptional items
|
|
-
|
(19)
|
-
|
|
____
|
____
|
____
|
|
Operating loss
|
(88)
|
(81)
|
8.6
|
|
|
____
|
____
|
____
|
Reportable segments
|
Revenue
|
|
Operating profit
|
||||
|
|
|
|
|
|
|
|
|
2021
|
2020
|
%
|
|
2021
|
2020
|
%
|
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|
|
|
|
|
|
|
|
Per Group income statement
|
2,907
|
2,394
|
21.4
|
|
494
|
(153)
|
NMa
|
System Fund
|
(928)
|
(765)
|
21.3
|
|
11
|
102
|
(89.2)
|
Reimbursement of costs
|
(589)
|
(637)
|
(7.5)
|
|
-
|
-
|
-
|
Operating exceptional items
|
-
|
-
|
-
|
|
29
|
270
|
(89.3)
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Reportable segments
|
1,390
|
992
|
40.1
|
|
534
|
219
|
143.8
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Reportable segments analysed as:
|
|
|
|
|
|
|
|
Fee business
|
1,153
|
823
|
40.1
|
|
570
|
278
|
105.0
|
Owned, leased and managed lease
|
237
|
169
|
40.2
|
|
(36)
|
(59)
|
39.0
|
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
Reportable segments
|
1,390
|
992
|
40.1
|
|
534
|
219
|
143.8
|
|
Revenue
|
|
Operating profit
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
2021
|
2020
|
%
|
|
2021
|
2020
|
%
|
||||||||
|
$m
|
$m
|
change
|
|
$m
|
$m
|
Change
|
||||||||
|
|
|
|
|
|
|
|
|
|||||||
Reportable segments (see above)
|
1,390
|
992
|
40.1
|
|
534
|
219
|
143.8
|
||||||||
Significant liquidated damagesa
|
(6)
|
(1)
|
500.0
|
|
(6)
|
(1)
|
500.0
|
||||||||
Owned and leased asset disposalsb
|
(11)
|
(21)
|
(47.6)
|
|
3
|
6
|
(50.0)
|
||||||||
Currency impact
|
-
|
16
|
-
|
|
-
|
(1)
|
-
|
||||||||
|
____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
||||||||
Underlying revenue and underlying operating profit
|
1,373
|
986
|
39.2
|
|
531
|
223
|
138.1
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
Operating profit
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
2021
|
2020
|
%
|
|
2021
|
2020
|
%
|
|||||||||
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Reportable segments fee business (see above)
|
1,153
|
823
|
40.1
|
|
570
|
278
|
105.0
|
|||||||||
Significant liquidated damagesa
|
(6)
|
(1)
|
500.0
|
|
(6)
|
(1)
|
500.0
|
|||||||||
Currency impact
|
-
|
11
|
-
|
|
-
|
-
|
-
|
|||||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|||||||||
Underlying fee revenue and underlying fee operating
profit
|
1,147
|
833
|
37.7
|
|
564
|
277
|
103.6
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Operating profita
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
2021
|
2020
|
%
|
|
2021
|
2020
|
%
|
|||||||
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Per Group financial statements
|
774
|
512
|
51.2
|
|
559
|
296
|
88.9
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Reportable segments analysed as:
|
|
|
|
|
|
|
|
|||||||
Fee business
|
691
|
457
|
51.2
|
|
568
|
323
|
75.9
|
|||||||
Owned, leased and managed lease
|
83
|
55
|
50.9
|
|
(9)
|
(27)
|
(66.7)
|
|||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|||||||
|
774
|
512
|
51.2
|
|
559
|
296
|
88.9
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Reportable segments (see above)
|
774
|
512
|
51.2
|
|
559
|
296
|
88.9
|
|||||||
Owned and leased asset disposalsb
|
(11)
|
(17)
|
(35.3)
|
|
3
|
7
|
(57.1)
|
|||||||
Currency impact
|
-
|
-
|
-
|
|
-
|
2
|
-
|
|||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|||||||
Underlying revenue and underlying operating profit
|
763
|
495
|
54.1
|
|
562
|
305
|
84.3
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Owned, leased and managed lease included in the above
|
(72)
|
(38)
|
89.5
|
|
6
|
19
|
(68.4)
|
|||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
|||||||
Underlying fee business
|
691
|
457
|
51.2
|
|
568
|
324
|
75.3
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Operating profita
|
||||||||||
|
|
|
|
|
|
|
|
||||||
|
2021
|
2020
|
%
|
|
2021
|
2020
|
%
|
||||||
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
||||||
|
|
|
|
|
|
|
|
||||||
Per Group financial statements
|
303
|
221
|
37.1
|
|
5
|
(50)
|
NMd
|
||||||
|
|
|
|
|
|
|
|
||||||
Reportable segments analysed as:
|
|
|
|
|
|
|
|
||||||
Fee business
|
149
|
107
|
39.3
|
|
32
|
(18)
|
NMd
|
||||||
Owned, leased and managed lease
|
154
|
114
|
35.1
|
|
(27)
|
(32)
|
15.6
|
||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
||||||
|
303
|
221
|
37.1
|
|
5
|
(50)
|
NMd
|
||||||
|
|
|
|
|
|
|
|
||||||
Reportable segments (see above)
|
303
|
221
|
37.1
|
|
5
|
(50)
|
NMd
|
||||||
Significant liquidated damagesb
|
-
|
(1)
|
-
|
|
-
|
(1)
|
-
|
||||||
Owned asset disposalsc
|
-
|
(4)
|
-
|
|
-
|
(1)
|
-
|
||||||
Currency impact
|
-
|
8
|
-
|
|
-
|
(2)
|
-
|
||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
||||||
Underlying revenue and underlying operating profit
|
303
|
224
|
35.3
|
|
5
|
(54)
|
NMd
|
||||||
|
|
|
|
|
|
|
|
||||||
Owned, leased and managed lease included in the above
|
(154)
|
(115)
|
33.9
|
|
27
|
35
|
(22.9)
|
||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
||||||
Underlying fee business
|
149
|
109
|
36.7
|
|
32
|
(19)
|
NMd
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Operating profita
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
2021
|
2020
|
%
|
|
2021
|
2020
|
%
|
||||||||
|
$m
|
$m
|
change
|
|
$m
|
$m
|
change
|
||||||||
Per Group financial statements
|
|
|
|
|
|
|
|
||||||||
Reportable segments analysed as:
|
116
|
77
|
50.6
|
|
58
|
35
|
65.7
|
||||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
||||||||
Fee business
|
116
|
77
|
50.6
|
|
58
|
35
|
65.7
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Reportable segments (see above)
|
116
|
77
|
50.6
|
|
58
|
35
|
65.7
|
||||||||
Significant liquidated damagesb
|
(6)
|
-
|
-
|
|
(6)
|
-
|
-
|
||||||||
Currency impact
|
-
|
5
|
-
|
|
-
|
1
|
-
|
||||||||
|
_____
|
_____
|
_____
|
|
_____
|
_____
|
_____
|
||||||||
Underlying revenue and underlying operating profit
|
110
|
82
|
34.1
|
|
52
|
36
|
44.4
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
2020
|
|
$m
|
$m
|
Revenue
|
|
|
Reportable segments analysed as fee business (see
above)
|
1,153
|
823
|
Significant liquidated damages
|
(6)
|
(1)
|
Captive insurance company
|
(17)
|
(19)
|
|
_____
|
_____
|
|
1,130
|
803
|
Operating profit
|
|
|
Reportable segments analysed as fee business (see
above)
|
570
|
278
|
Significant liquidated damages
|
(6)
|
(1)
|
Captive insurance company
|
(3)
|
(3)
|
|
_____
|
_____
|
|
561
|
274
|
|
|
|
Fee margin
|
49.6%
|
34.1%
|
|
12 months ended
31 December
|
|
|
|
|
|
2021
|
2020
|
|
$m
|
$m
|
|
|
|
Net cash from investing activities
|
(12)
|
(61)
|
Adjusted for:
|
|
|
Contract acquisition costs, net of
repayments
|
(42)
|
(64)
|
System Fund
depreciation and amortisationa
|
91
|
58
|
Deferred purchase consideration paid
|
13
|
-
|
|
_____
|
_____
|
Net capital expenditure
|
50
|
(67)
|
|
_____
|
_____
|
Analysed as:
|
|
|
Capital expenditure: maintenance (including contract acquisition
costs, net of repayments of $42m (2020: $64m))
|
(75)
|
(107)
|
Capital expenditure: recyclable investments
|
53
|
17
|
Capital expenditure: System Fund capital investments
|
72
|
23
|
|
_____
|
_____
|
Net capital expenditure
|
50
|
(67)
|
|
|
12 months ended
31 December
|
|
|
|
|
|
2021
|
2020
|
|
$m
|
$m
|
|
|
|
Net capital expenditure
|
50
|
(67)
|
Add back:
|
|
|
Disposal receipts
|
(58)
|
(18)
|
Repayments of contract acquisition costs
|
(1)
|
-
|
Distributions from associates and joint
ventures
|
-
|
(5)
|
System Fund
depreciation and amortisationa
|
(91)
|
(58)
|
|
_____
|
_____
|
Gross capital expenditure
|
(100)
|
(148)
|
|
_____
|
_____
|
Analysed as:
|
|
|
Capital
expenditure: maintenance
|
(76)
|
(107)
|
(including
gross contract acquisition costs of $43m (2020: $64m))
|
||
Capital
expenditure: recyclable investments
|
(5)
|
(6)
|
Capital
expenditure: System Fund capital investments
|
(19)
|
(35)
|
|
_____
|
_____
|
Gross capital expenditure
|
(100)
|
(148)
|
|
_____
|
_____
|
|
12 months ended
31 December
|
|
|
|
|
|
2021
|
2020
|
|
$m
|
$m
|
|
|
|
Net cash from operating activities
|
636
|
137
|
Adjusted for:
|
|
|
Principal
element of lease payments
|
(32)
|
(65)
|
Capital
expenditure: maintenance (excluding contract acquisition
costs)
|
(33)
|
(43)
|
|
_____
|
_____
|
Adjusted free cash flow
|
571
|
29
|
|
_____
|
_____
|
|
12 months ended
31 December
|
||
|
|
||
|
2021
|
2020
|
|
|
$m
|
$m
|
|
Net financial expenses
|
|
|
|
Financial income
|
8
|
4
|
|
Financial expenses
|
(147)
|
(144)
|
|
|
_____
|
_____
|
|
|
(139)
|
(140)
|
|
Adjusted for:
|
|
|
|
Interest attributable to the System Fund
Capitalised interest relating to System Fund assets
Exceptional financial expenses
|
(3)
-
-
|
(3)
(1)
14
|
|
|
_____
|
_____
|
|
|
(3)
|
10
|
|
|
|
|
|
Adjusted interest
|
(142)
|
(130)
|
|
|
|
|
|
|
|
12 months ended
31 December
|
||
|
2021
|
2020
|
||
|
$m
|
$m
|
||
Operating profit/(loss)
|
494
|
(153)
|
||
Add back:
|
|
|
||
System Fund result
|
11
|
102
|
||
Operating exceptional items
|
29
|
270
|
||
Depreciation
and amortisation
|
98
|
110
|
||
|
_____
|
_____
|
||
Adjusted EBITDA
|
632
|
329
|
||
|
|
|
|
|
|
12 months ended
31 December
|
|
|
|
|
|
2021
|
2020
|
|
$m
|
$m
|
Profit/(loss) available for equity holders
|
266
|
(260)
|
Adjusting items:
|
|
|
System Fund revenues and expenses
|
11
|
102
|
Interest attributable to the System Fund
|
(3)
|
(4)
|
Operating exceptional items
|
29
|
270
|
Exceptional financial expenses
|
-
|
14
|
Fair value gains on contingent purchase
consideration
|
(6)
|
(13)
|
Tax on fair value gains on contingent purchase
consideration
|
1
|
-
|
Tax on exceptional items
|
(3)
|
(52)
|
Exceptional tax
|
(26)
|
-
|
|
_____
|
_____
|
Adjusted earnings
|
269
|
57
|
|
|
|
Basic weighted average number of ordinary shares
(millions)
|
183
|
182
|
Adjusted earnings per ordinary share (cents)
|
147.0
|
31.3
|
|
|
|
2019 reportable segments
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from reportable segments
|
|
|
|
|
|
|
|
Americas
$m
|
EMEAA
$m
|
Greater China
$m
|
Central
$m
|
Total
$m
|
|
|
|
|
|
|
|
|
Revenue from reportable segments
|
1,040
|
723
|
135
|
185
|
2,083
|
|
|
|
|
|
|
|
|
Fee Business
|
853
|
337
|
135
|
185
|
1,510
|
|
Owned & Leased
|
187
|
386
|
-
|
-
|
573
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
1,040
|
723
|
135
|
185
|
2,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit from reportable segments
|
|
|
|
|
|
|
|
Americas
$m
|
EMEAA
$m
|
Greater China
$m
|
Central
$m
|
Total
$m
|
|
|
|
|
|
|
|
|
Operating Profit from reportable segments
|
700
|
217
|
73
|
(125)
|
865
|
|
|
|
|
|
|
|
|
Fee Business
|
663
|
202
|
73
|
(125)
|
813
|
|
Owned & Leased
|
37
|
15
|
-
|
-
|
52
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
700
|
217
|
73
|
(125)
|
865
|
|
|
|
|
|
|
|
|
|
2021
Year ended
31 December
$m
|
2020
Year ended
31 December
$m
|
|
|
|
|
|
Revenue from fee business
|
1,153
|
823
|
|
Revenue from owned, leased and managed lease hotels
|
237
|
169
|
|
System Fund revenues
|
928
|
765
|
|
Reimbursement of costs
|
589
|
637
|
|
|
_____
|
_____
|
|
Total revenue (notes 3 and 4)
|
2,907
|
2,394
|
|
|
|
|
|
Cost of sales
|
(486)
|
(354)
|
|
System Fund expenses
|
(939)
|
(867)
|
|
Reimbursed costs
|
(589)
|
(637)
|
|
Administrative expenses
|
(300)
|
(267)
|
|
Share of losses of associates and joint ventures
|
(8)
|
(14)
|
|
Other operating income
|
11
|
16
|
|
Depreciation and amortisation
|
(98)
|
(110)
|
|
Impairment loss on financial assets
|
-
|
(88)
|
|
Other impairment charges (note 5)
|
(4)
|
(226)
|
|
|
_____
|
_____
|
|
Operating profit/(loss) (note 3)
|
494
|
(153)
|
|
|
|
|
|
Operating profit/(loss) analysed as:
|
|
|
|
Operating profit before System Fund and exceptional
items
|
534
|
219
|
|
System Fund
|
(11)
|
(102)
|
|
Operating exceptional items (note 5)
|
(29)
|
(270)
|
|
|
_____
|
_____
|
|
|
494
|
(153)
|
|
|
|
|
|
Financial income
|
8
|
4
|
|
Financial expenses
|
(147)
|
(144)
|
|
Fair value gains on contingent purchase consideration
|
6
|
13
|
|
|
_____
|
_____
|
|
Profit/(loss) before tax
|
361
|
(280)
|
|
|
|
|
|
Tax (note 6)
|
(96)
|
20
|
|
|
_____
|
_____
|
|
Profit/(loss) for the year from continuing operations
|
265
|
(260)
|
|
|
_____
|
_____
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the parent
|
266
|
(260)
|
|
Non-controlling interest
|
(1)
|
-
|
|
|
_____
|
_____
|
|
|
265
|
(260)
|
|
_____
|
_____
|
|
|
|
|
|
Earnings/(loss) per ordinary share (note 7)
|
|
|
|
|
Basic
|
145.4¢
|
(142.9)¢
|
|
Diluted
|
144.6¢
|
(142.9)¢
|
|
|
|
|
|
|
2021
Year ended
31 December
$m
|
2020
Year ended
31 December
$m
|
|
|
|
|
|
Profit/(loss) for the year
|
265
|
(260)
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or
loss:
|
|
|
|
|
Losses on cash flow hedges, including related tax charge of $7m
(2020: $4m credit)
|
(69)
|
3
|
|
Costs of hedging
|
2
|
(6)
|
|
Hedging losses/(gains) reclassified to financial
expenses
|
96
|
(13)
|
|
Exchange gains/(losses) on retranslation of foreign operations, net
of related tax charge of $4m (2020: $4m credit)
|
18
|
(85)
|
|
_____
|
_____
|
|
|
47
|
(101)
|
|
Items that will not be reclassified to profit or loss:
|
|
|
|
|
Gains/(losses) on equity instruments classified as fair value
through other comprehensive income, net of related tax charge of
$1m (2020: $4m credit)
|
14
|
(43)
|
|
Re-measurement gains/(losses) on defined benefit plans, including
related tax credit of $nil (2020: $1m credit)
|
7
|
(7)
|
|
Tax related to pension contributions
|
1
|
1
|
|
|
_____
|
_____
|
|
|
22
|
(49)
|
|
_____
|
_____
|
|
Total other comprehensive income/(loss) for the year
|
69
|
(150)
|
|
|
_____
|
_____
|
|
Total comprehensive income/(loss) for the year
|
334
|
(410)
|
|
|
_____
|
_____
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the parent
|
335
|
(410)
|
|
Non-controlling interest
|
(1)
|
-
|
|
|
_____
|
_____
|
|
|
334
|
(410)
|
|
_____
|
_____
|
|
|
|
|
|
Year ended 31 December 2021
|
|||||
|
Equity share capital
|
Other reserves*
|
Retained earnings
|
Non-controlling interest
|
Total equity
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
|
|
|
|
|
|
|
At beginning of the year
|
156
|
(2,581)
|
568
|
8
|
(1,849)
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
-
|
61
|
274
|
(1)
|
334
|
|
Transfer of treasury shares to employee share trusts
|
-
|
(34)
|
34
|
-
|
-
|
|
Release of own shares by employee share trusts
|
-
|
13
|
(13)
|
-
|
-
|
|
Equity-settled share-based cost
|
-
|
-
|
39
|
-
|
39
|
|
Tax related to share schemes
|
-
|
-
|
2
|
-
|
2
|
|
Exchange adjustments
|
(2)
|
2
|
-
|
-
|
-
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
At end of the year
|
154
|
(2,539)
|
904
|
7
|
(1,474)
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
|
|
|
|
|
|
|
Year ended 31 December 2020
|
|||||
|
Equity share capital
|
Other reserves*
|
Retained earnings
|
Non-controlling interest
|
Total equity
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
|
|
|
|
|
|
|
At beginning of the year
|
151
|
(2,433)
|
809
|
8
|
(1,465)
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year
|
-
|
(147)
|
(263)
|
-
|
(410)
|
|
Transfer of treasury shares to employee share trusts
|
-
|
(14)
|
14
|
-
|
-
|
|
Release of own shares by employee share trusts
|
-
|
18
|
(18)
|
-
|
-
|
|
Equity-settled share-based cost, net of $3m reclassification to
cash-settled awards
|
-
|
-
|
27
|
-
|
27
|
|
Tax related to share schemes
|
-
|
-
|
(1)
|
-
|
(1)
|
|
Exchange adjustments
|
5
|
(5)
|
-
|
-
|
-
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
At end of the year
|
156
|
(2,581)
|
568
|
8
|
(1,849)
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
|
|
|
|
|
|
*
Other reserves comprise the capital redemption reserve, shares held
by employee share trusts, other reserves, fair value reserve, cash
flow hedge reserves and currency translation reserve.
|
All items within total comprehensive income/(loss) are shown net of
tax.
|
|
2021
31 December
|
2020
31 December
|
|
$m
|
$m
|
ASSETS
|
|
|
Goodwill and other intangible assets
|
1,195
|
1,293
|
Property, plant and equipment
|
137
|
201
|
Right-of-use assets
|
274
|
303
|
Investment in associates
|
77
|
81
|
Retirement benefit assets
|
2
|
-
|
Other financial assets
|
173
|
168
|
Derivative financial instruments
|
-
|
5
|
Deferred compensation plan investments
|
256
|
236
|
Non-current tax receivable
|
1
|
15
|
Deferred tax assets
|
147
|
113
|
Contract costs
|
72
|
70
|
Contract assets
|
316
|
311
|
|
______
|
______
|
Total non-current assets
|
2,650
|
2,796
|
|
______
|
______
|
Inventories
|
4
|
5
|
Trade and other receivables
|
574
|
514
|
Current tax receivable
|
1
|
18
|
Other financial assets
|
2
|
1
|
Cash and cash equivalents
|
1,450
|
1,675
|
Contract costs
|
5
|
5
|
Contract assets
|
30
|
25
|
|
______
|
______
|
Total current assets
|
2,066
|
2,243
|
|
______
|
______
|
Total assets
|
4,716
|
5,039
|
|
_____
|
_____
|
LIABILITIES
|
|
|
Loans and other borrowings
|
(292)
|
(869)
|
Lease liabilities
|
(35)
|
(34)
|
Trade and other payables
|
(579)
|
(466)
|
Deferred revenue
|
(617)
|
(452)
|
Provisions
|
(49)
|
(16)
|
Current tax payable
|
(52)
|
(30)
|
|
______
|
______
|
Total current liabilities
|
(1,624)
|
(1,867)
|
|
______
|
______
|
Loans and other borrowings
|
(2,553)
|
(2,898)
|
Lease liabilities
|
(384)
|
(416)
|
Derivative financial instruments
|
(62)
|
(18)
|
Retirement benefit obligations
|
(92)
|
(103)
|
Deferred compensation plan liabilities
|
(256)
|
(236)
|
Trade and other payables
|
(89)
|
(94)
|
Deferred revenue
|
(996)
|
(1,117)
|
Provisions
|
(41)
|
(44)
|
Deferred tax liabilities
|
(93)
|
(95)
|
|
______
|
______
|
Total non-current liabilities
|
(4,566)
|
(5,021)
|
|
______
|
______
|
Total liabilities
|
(6,190)
|
(6,888)
|
|
_____
|
_____
|
Net liabilities
|
(1,474)
|
(1,849)
|
|
_____
|
_____
|
EQUITY
|
|
|
IHG shareholders' equity
|
(1,481)
|
(1,857)
|
Non-controlling interest
|
7
|
8
|
|
______
|
______
|
Total equity
|
(1,474)
|
(1,849)
|
|
_____
|
_____
|
|
|
|
|
2021
Year ended
31 December
|
2020
Year ended
31 December
|
|
|
$m
|
$m
|
|
|
|
|
|
Profit/(loss) for the year
|
265
|
(260)
|
|
Adjustments reconciling profit/(loss) for the year to cash flow
from operations (note 9)
|
583
|
568
|
|
|
_____
|
_____
|
|
Cash flow from operations
|
848
|
308
|
|
Interest paid
|
(134)
|
(132)
|
|
Interest received
|
8
|
2
|
|
Tax paid
|
(86)
|
(41)
|
|
|
_____
|
_____
|
|
Net cash from operating activities
|
636
|
137
|
|
|
_____
|
_____
|
|
Cash flow from investing activities
|
|
|
|
Purchase of property, plant and equipment
|
(17)
|
(26)
|
|
Purchase of intangible assets
|
(35)
|
(50)
|
|
Investment in associates
|
-
|
(2)
|
|
Investment in other financial assets
|
(5)
|
(5)
|
|
Deferred purchase consideration paid
|
(13)
|
-
|
|
Capitalised interest paid
|
-
|
(1)
|
|
Distributions from associates and joint ventures
|
-
|
5
|
|
Disposal of hotel assets, net of costs and cash
disposed
|
44
|
1
|
|
Repayments of other financial assets
|
14
|
13
|
|
Disposal of equity securities
|
-
|
4
|
|
|
_____
|
_____
|
|
Net cash from investing activities
|
(12)
|
(61)
|
|
|
_____
|
_____
|
|
Cash flow from financing activities
|
|
|
|
Issue of long-term bonds, including effect of currency
swaps
|
-
|
1,093
|
|
(Repayment)/issue of commercial paper
|
(828)
|
738
|
|
Repayment of long-term bonds
|
-
|
(290)
|
|
Principal element of lease payments
|
(32)
|
(65)
|
|
Decrease in other borrowings
|
-
|
(125)
|
|
Proceeds from currency swaps
|
-
|
3
|
|
|
_____
|
_____
|
|
Net cash from financing activities
|
(860)
|
1,354
|
|
|
_____
|
_____
|
|
Net movement in cash and cash equivalents, net of overdrafts, in
the year
|
(236)
|
1,430
|
|
|
|
|
|
Cash and cash equivalents, net of overdrafts, at beginning of the
year
|
1,624
|
108
|
|
Exchange rate effects
|
3
|
86
|
|
|
_____
|
_____
|
|
Cash and cash equivalents, net of overdrafts, at end of the
year
|
1,391
|
1,624
|
|
|
_____
|
_____
|
|
|
|
||
|
|
|
|
1.
|
Basis of preparation
|
|
|
The preliminary consolidated financial statements of
InterContinental Hotels Group PLC (the 'Group' or 'IHG') for the
year ended 31 December 2021 have been prepared in accordance with
UK-adopted international accounting standards and with applicable
law and regulations and with International Financial Reporting
Standards ('IFRSs') as issued by the IASB. The Group transitioned
to UK-adopted international accounting standards in its
consolidated financial statements on 1 January 2021. There was no
impact or change in accounting policies from the transition. The
preliminary statement of results shown in this announcement does
not represent the statutory accounts of the Group and its
subsidiaries within the meaning of Section 435 of the Companies Act
2006.
The Group financial statements for the year ended 31 December 2021
were approved by the Board on 21 February 2022. The auditor,
PricewaterhouseCoopers LLP, has given an unqualified report in
respect of those Group financial statements with no reference to
matters to which the auditor drew attention by way of emphasis and
no statement under s498(2) or s498(3) of the Companies Act 2006.
The Group financial statements for the year ended 31 December 2021
will be delivered to the Registrar of Companies in due
course.
Financial information for the year ended 31 December 2020 has been
extracted from the Group's published financial statements for that
year which were prepared in accordance with IFRSs adopted pursuant
to Regulation (EC) No 1606/2002 as it applies in the European Union
and with international accounting standards as applied in
accordance with the provisions of the Companies Act 2006 and which
have been filed with the Registrar of Companies. The Group's
previous auditor, Ernst & Young LLP, has reported on those
financial statements. Its report was unqualified with no reference
to matters to which Ernst & Young LLP drew attention by way of
emphasis and no statement under s498(2) or s498(3) of the Companies
Act 2006.
Going concern
The resilience of the Group's fee-based model, wide geographic
spread and strong cash management means that the Group has been
able to generate $636m of net cash from operating activities in a
year when trading has still been substantially impacted by the
global pandemic. Trading has recovered significantly during 2021,
with RevPAR up 46% on 2020 and returning to 70% of 2019's
pre-pandemic levels.
As at 31 December 2021 the Group had total liquidity of $2,655m,
comprising $1,350m of undrawn bank facilities and $1,305m of cash
and cash equivalents (net of overdrafts and restricted cash).
In March 2021 the Group used cash reserves to repay £600m
commercial paper under the UK's Covid Corporate Financing Facility
('CCFF').
In 2020, the Group agreed amendments of existing covenants on its
syndicated and bilateral revolving credit facilities ('the bank
facilities') until December 2022.
A period of 18 months has been used, from 1 January 2022 to 30 June
2023, to complete the going concern assessment. There are a wide
range of possible planning scenarios over the going concern period.
In adopting the going concern basis for preparing these financial
statements the Directors have considered a scenario (the 'Base
Case') which is based on continued improvement in demand as travel
restrictions are reduced, with RevPAR assumed to reach greater than
90% of 2019 levels in 2023. The only debt maturity in the
period under consideration is the £173m 3.875% November 2022
bond which is assumed to be repaid with cash on maturity.
Under this scenario, the bank facilities remain
undrawn.
The principal risks and uncertainties which could be applicable
have been considered and are able to be absorbed within the $400m
liquidity covenant and amended covenant requirements. A large
number of the Group's principal risks, for example macro external
factors or preferred brands and loyalty, would result in an impact
on RevPAR which is one of the sensitivities assessed against the
headroom available in the Base Case.
Climate risks are not considered to have a significant impact over
the 18-month period of assessment. Other principal risks that could
result in a large one-off incident that has a material impact on
cash flow have also been considered, for example a cybersecurity
event. The assumptions applied in the Base Case scenario are
consistent with those used for Group planning purposes, for
impairment testing and for assessing recoverability of deferred tax
assets.
|
|
|
The Directors have also reviewed a 'Downside Case' which is based
on current external market downside forecasts with RevPAR growth
reduced by 8% in 2022 in comparison to the Base Case followed by
similar growth rates to the Base Case in 2023. The Directors have
also reviewed a 'Severe Downside Case' which is based on a severe
but plausible scenario. This assumes that the performance
during 2022 continues without further recovery on 2021 levels with
RevPAR remaining at 70% of 2019 levels, and then with recovery in
2023. The assumptions used in the going concern assessment are
consistent with those used in the viability assessment. Under the
Downside Case and Severe Downside Case, the bank facilities remain
undrawn.
Under the Severe Downside scenario, there is limited headroom to
the covenants at 30 June 2023 to absorb additional risks. However,
based on experience in 2020, the Directors reviewed a number of
actions, such as reductions in bonuses and other discretionary
spend, creating substantial additional headroom. After these
actions are taken, the principal risks and uncertainties which
could be applicable can be absorbed within the amended covenant
requirements.
In the Severe Downside Case, the Group has substantial levels of
existing cash reserves available (approximately $1bn at 30 June
2023) and is not expected to draw on the bank facilities. These
cash reserves would increase after the additional actions are taken
as described above. The Directors reviewed a reverse stress test
scenario to determine how much additional RevPAR downside could be
absorbed before utilisation of the bank facilities would be
required. The Directors concluded that the outcome of this reverse
stress test showed that it was very unlikely the bank facilities
would need to be drawn.
The leverage and interest cover covenant tests at 30 June 2022, 31
December 2022 and 30 June 2023 (the last day of the assessment
period), have been considered as part of the Base Case, Downside
Case and Severe Downside Case scenarios. However, as the bank
facilities are unlikely to be drawn even in a scenario
significantly worse than the Severe Downside scenario, the Group
does not need to rely on the additional liquidity provided by the
bank facilities to remain a going concern. In the event that a
further covenant amendment was required, the Directors believe it
is reasonable to expect that such an amendment could be obtained
based on prior experience in negotiating the 2020 amendments,
however the going concern conclusion is not dependent on this
expectation. The bank facilities mature in September 2023,
outside the period considered by the going concern assessment and
it has been assumed that these bank facilities are renewed as they
mature. However, as explained above, the going concern
conclusion is not dependent on the bank facilities. The Group
also has alternative options to manage this risk including raising
additional funding in the capital markets.
Having reviewed these scenarios, the Directors have a reasonable
expectation that the Group has sufficient resources to continue
operating until at least 30 June 2023 and there are no material
uncertainties that may cast doubt on the Group's going concern
status. Accordingly, they continue to adopt the going concern basis
in preparing the financial statements.
|
|
2.
|
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 = £0.73 (2020: $1 = £0.78). In
the case of the euro, the translation rate is $1 = €0.85
(2020: $1 = €0.88).
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 (2020: $1 = £0.73). In
the case of the euro, the translation rate is $1 = €0.88
(2020: $1 = €0.81).
|
3.
|
Segmental Information
|
|
|
|
Revenue
|
2021
|
2020
|
|
|
$m
|
$m
|
|
|
|
|
|
Americas
|
774
|
512
|
|
EMEAA
|
303
|
221
|
|
Greater China
|
116
|
77
|
|
Central
|
197
|
182
|
|
|
_____
|
_____
|
|
Revenue from reportable segments
|
1,390
|
992
|
|
System Fund revenues
|
928
|
765
|
|
Reimbursement of costs
|
589
|
637
|
|
|
_____
|
_____
|
|
Total revenue
|
2,907
|
2,394
|
|
|
_____
|
_____
|
|
|
|
|
|
Profit/(loss)
|
2021
$m
|
2020
$m
|
|
|
|
|
|
Americas
|
559
|
296
|
|
EMEAA
|
5
|
(50)
|
|
Greater China
|
58
|
35
|
|
Central
|
(88)
|
(62)
|
|
|
_____
|
_____
|
|
Operating profit from reportable segments
|
534
|
219
|
|
System Fund
|
(11)
|
(102)
|
|
Operating exceptional items (note 5)
|
(29)
|
(270)
|
|
|
_____
|
_____
|
|
Operating profit/(loss)
|
494
|
(153)
|
|
Net financial expenses
|
(139)
|
(140)
|
|
Fair value gains on contingent purchase consideration
|
6
|
13
|
|
|
_____
|
_____
|
|
Profit/(loss) before tax
|
361
|
(280)
|
|
|
_____
|
_____
|
|
|
4.
|
Revenue
|
|||||
|
Disaggregation of revenue
|
|||||
|
Year
ended 31 December 2021
|
|
|
|
|
|
|
Americas
m
|
EMEAA
$m
|
Greater China
$m
|
Central
$m
|
Total
$m
|
|
|
|
|
|
|
|
|
Franchise
and base management fees
|
683
|
120
|
91
|
-
|
894
|
|
Incentive
management fees
|
8
|
29
|
25
|
-
|
62
|
|
Central
revenue
|
-
|
-
|
-
|
197
|
197
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
Revenue
from fee business
|
691
|
149
|
116
|
197
|
1,153
|
|
Revenue
from owned, leased and managed lease hotels
|
83
|
154
|
-
|
-
|
237
|
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
|
774
|
303
|
116
|
197
|
1,390
|
|
|
|
|
|
|
|
|
System
Fund revenues
|
|
|
|
|
928
|
|
Reimbursement
of costs
|
|
|
|
|
589
|
|
|
|
|
|
|
_____
|
|
Total revenue
|
|
|
|
|
2,907
|
|
|
|
|
|
|
_____
|
Year ended 31 December 2020
|
|
|
|
|
|
|
Americas
$m
|
EMEAA
$m
|
Greater China
$m
|
Central
$m
|
Total
$m
|
|
|
|
|
|
|
Franchise
and base management fees
|
452
|
93
|
61
|
-
|
606
|
Incentive
management fees
|
5
|
14
|
16
|
-
|
35
|
Central
revenue
|
-
|
-
|
-
|
182
|
182
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
Revenue
from fee business
|
457
|
107
|
77
|
182
|
823
|
Revenue
from owned, leased and managed lease hotels
|
55
|
114
|
-
|
-
|
169
|
|
_____
|
_____
|
_____
|
_____
|
_____
|
|
512
|
221
|
77
|
182
|
992
|
|
_____
|
_____
|
_____
|
_____
|
|
System
Fund revenues
|
|
|
|
|
765
|
Reimbursement
of costs
|
|
|
|
|
637
|
|
|
|
|
|
_____
|
Total revenue
|
|
|
|
|
2,394
|
|
|
|
|
|
_____
|
|
At
31 December 2021, the maximum exposure remaining under performance
guarantees was $85m (2020: $72m).
|
5.
|
Exceptional items
|
||||
|
|
2021
$m
|
2020
$m
|
||
|
Cost of sales:
|
|
|
||
|
|
Derecognition of right-of-use assets and lease
liabilities
|
-
|
22
|
|
|
|
Gain on lease termination
|
-
|
30
|
|
|
|
Provision for onerous contractual expenditure
|
-
|
(10)
|
|
|
|
Reorganisation costs
|
-
|
(8)
|
|
|
|
|
_____
|
_____
|
|
|
|
|
-
|
34
|
|
|
Administrative expenses:
|
|
|
||
|
|
Reorganisation costs
|
-
|
(19)
|
|
|
|
Acquisition and integration costs
|
-
|
(6)
|
|
|
|
Litigation and commercial disputes
|
(25)
|
(5)
|
|
|
|
|
_____
|
_____
|
|
|
|
|
(25)
|
(30)
|
|
|
|
|
|
|
|
|
Impairment loss on financial assets
|
-
|
(48)
|
||
|
|
|
|
|
|
|
Other impairment charges:
|
|
|
||
|
|
Management agreements
|
-
|
(48)
|
|
|
|
Property, plant and equipment
|
-
|
(90)
|
|
|
|
Right-of-use assets
|
-
|
(16)
|
|
|
|
Associates
|
(4)
|
(19)
|
|
|
|
Contract assets
|
-
|
(53)
|
|
|
|
|
_____
|
_____
|
|
|
|
|
(4)
|
(226)
|
|
|
|
|
_____
|
_____
|
|
|
Operating exceptional items
|
(29)
|
(270)
|
||
|
|
_____
|
_____
|
||
|
|
|
|
||
|
Financial expenses
|
-
|
(14)
|
||
|
|
_____
|
_____
|
||
|
|
|
|
||
|
Fair value gains on contingent purchase consideration
|
-
|
21
|
||
|
|
_____
|
_____
|
||
|
|
|
|
||
|
Exceptional items before tax
|
(29)
|
(263)
|
||
|
|
_____
|
_____
|
||
|
|
|
|
||
|
Tax on exceptional items
|
3
|
52
|
||
|
Exceptional tax
|
26
|
-
|
||
|
|
_____
|
_____
|
||
|
Tax (note 6)
|
29
|
52
|
||
|
|
_____
|
_____
|
||
|
|
|
|
||
|
Litigation and commercial disputes
In 2021, relates to the provisionally agreed costs to settle two
commercial disputes, $18m in the Americas region and $7m relating
to a leased property in the EMEAA region.
In 2020, related to the agreed cost of settlement of $14m in
respect of a lawsuit in the EMEAA region, offset primarily by the
partial release of a 2019 provision related to a lawsuit in the
Americas region which was settled in 2020.
These costs are presented as exceptional reflecting (i) the nature
of the 2021 disputes which arose as a direct result of trading
performance during Covid-19; (ii) the quantum of the settlements;
and (iii) in respect of releases, consistency with the treatment
applied in prior years.
|
||||
|
Other impairment charges: associates
Relates to the reversal of the $4m fair value gain recorded in 2020
on the put option over part of the Group's investment in the
InterContinental Barclay hotel. The classification as exceptional
is consistent with the presentation of the initial gain (included
within the net impairment charge in 2020).
|
||||
|
|
|
|
|
|
|
Tax
An exceptional tax credit of $26m has been recorded as a result of
the enactment of a change to the UK rate of corporate income tax
from 19% to 25%, effective 1 April 2023. The change has
resulted in the re-measurement of those UK
deferred tax assets and liabilities which are forecast to be
utilised or to crystallise after this effective date, using the
higher tax rate. A further credit of $4m has been recorded
within the Group statement of comprehensive income in respect of
movements in deferred tax assets and liabilities originally
recorded there. The value attributable to unrecognised
deferred tax assets has increased by $34m as a result of the rate
change. This has no impact on the reported tax
charge.
|
6.
|
Tax
|
|
|
2021
|
2020
|
|||||
|
|
Profit/(loss)
$m
|
Tax
$m
|
Tax
rate
|
Profit/(loss)
$m
|
Tax
$m
|
Taxrate
|
|
|
|
|
|
|
|
|
|
|
|
Before
exceptional items and System Fund
|
401
|
(125)
|
31%
|
85
|
(32)
|
38%
|
|
|
System
Fund
|
(11)
|
-
|
|
(102)
|
-
|
|
|
|
Exceptional
items (note 5)
|
(29)
|
29
|
|
(263)
|
52
|
|
|
|
|
_____
|
_____
|
|
_____
|
_____
|
|
|
|
|
361
|
(96)
|
|
(280)
|
20
|
|
|
|
|
_____
|
_____
|
|
_____
|
_____
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysed as:
|
|
|
|
|
|
|
|
|
|
Current tax |
|
(143)
|
|
|
(34)
|
|
|
|
Deferred
tax
|
|
47
|
|
|
54
|
|
|
|
|
_____
|
|
|
_____
|
|
|
|
|
|
(96)
|
|
|
20
|
|
|
|
|
|
_____
|
|
|
_____
|
|
|
|
|
|
|
|
|
|
|
|
|
Further analysed as:
|
|
|
|
|
|
|
|
|
|
UK
tax
|
|
28
|
|
|
36
|
|
|
|
Foreign
tax
|
|
(124)
|
|
|
(16)
|
|
|
|
|
_____
|
|
|
_____
|
|
|
|
|
|
(96)
|
|
|
20
|
|
|
|
|
|
_____
|
|
|
_____
|
|
|
|
|
The 2021 UK tax charge includes credits of $26m in respect of the
announced increase in the UK rate of corporate income tax (see note
5).
The deferred tax asset has increased from $113m to $147m in the
year and comprises $127m (31 December 2020: $103m) in the UK
and $20m (31 December 2020: $10m) in respect of other
territories. The deferred tax asset has been recognised based
upon forecasts consistent with those used in the going concern
assessment.
|
7.
|
Earnings/(loss) per ordinary share
|
||
|
|
2021
|
2020
|
|
Basic earnings/(loss) per ordinary share
|
|
|
|
Profit/(loss) available for equity holders ($m)
|
266
|
(260)
|
|
Basic weighted average number of ordinary shares
(millions)
|
183
|
182
|
|
Basic earnings/(loss) per ordinary share (cents)
|
145.4
|
(142.9)
|
|
|
_____
|
_____
|
|
|
|
|
|
Diluted earnings/(loss) per ordinary share
|
|
|
|
Profit/(loss) available for equity holders ($m)
|
266
|
(260)
|
|
Diluted weighted average number of ordinary shares
(millions)
|
184
|
182
|
|
Diluted earnings/(loss) per ordinary share (cents)
|
144.6
|
(142.9)
|
|
|
_____
|
_____
|
|
|
|
|
|
|
|
|
|
Diluted weighted average number of ordinary shares is calculated
as:
|
||
|
|
2021
millions
|
2020
millions
|
|
Basic weighted average number of ordinary shares
|
183
|
182
|
|
Dilutive potential ordinary shares
|
1
|
-
|
|
|
______
|
______
|
|
|
184
|
182
|
|
|
_____
|
_____
|
|
|
8.
|
Dividends
|
|
The final dividend of 85.9¢ per ordinary share (amounting to
$157m) is proposed for approval at the AGM on 6 May 2022. No
dividends were paid in 2021 or 2020.
|
9.
|
Reconciliation of profit/(loss) for the year to cash flow from
operations
|
|
2021
|
2020
|
|
|
$m
|
$m
|
|
|
|
|
|
Profit/(loss) for the year
|
265
|
(260)
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
Net
financial expenses
|
139
|
140
|
|
Fair
value gains on contingent purchase consideration
|
(6)
|
(13)
|
|
Income
tax charge/(credit)
|
96
|
(20)
|
|
|
|
|
|
Operating
profit adjustments:
|
|
|
|
Impairment
loss on financial assets
|
-
|
88
|
|
Other
impairment charges
|
4
|
226
|
|
Other
operating exceptional items
|
25
|
(4)
|
|
Depreciation
and amortisation
|
98
|
110
|
|
|
_____
|
_____
|
|
|
127
|
420
|
|
|
|
|
|
Contract
assets deduction in revenue
|
35
|
25
|
|
Share-based
payments cost
|
28
|
21
|
|
Share
of losses of associates and joint ventures
|
8
|
14
|
|
|
_____
|
_____
|
|
|
71
|
60
|
|
|
|
|
|
System
Fund adjustments:
|
|
|
|
Depreciation
and amortisation
|
94
|
62
|
|
Impairment
(reversal)/loss on financial assets
|
(6)
|
24
|
|
Other
impairment (reversals)/charges
|
(3)
|
41
|
|
Other
operating exceptional items
|
-
|
20
|
|
Share-based
payments cost
|
13
|
11
|
|
Share
of losses of associates
|
2
|
1
|
|
|
_____
|
_____
|
|
|
100
|
159
|
|
|
|
|
|
Working
capital and other adjustments:
|
|
|
|
Increase
in deferred revenue
|
39
|
1
|
|
Changes
in working capital
|
79
|
(30)
|
|
Other
adjustments
|
(8)
|
2
|
|
|
_____
|
_____
|
|
|
110
|
(27)
|
|
|
|
|
|
Cash
flows relating to exceptional items
|
(12)
|
(87)
|
|
Contract
acquisition costs, net of repayments
|
(42)
|
(64)
|
|
|
_____
|
_____
|
Total
adjustments
|
583
|
568
|
|
|
_____
|
_____
|
|
Cash flow from operations
|
848
|
308
|
|
|
_____
|
_____
|
10.
|
Net debt
|
||
|
|
2021
|
2020
|
|
|
$m
|
$m
|
|
|
|
|
|
Cash and cash equivalents
|
1,450
|
1,675
|
|
Loans and other borrowings - current
|
(292)
|
(869)
|
|
Loans and other borrowings - non-current
|
(2,553)
|
(2,898)
|
|
Lease liabilities - current
|
(35)
|
(34)
|
|
Lease liabilities - non-current
|
(384)
|
(416)
|
|
Derivative financial instruments hedging debt values
|
(67)
|
13
|
|
|
_____
|
_____
|
|
Net debt*
|
(1,881)
|
(2,529)
|
|
|
_____
|
_____
|
|
* See the
Use of Non-GAAP measures section.
|
||
|
In the Group statement of cash flows, cash and cash equivalents is
presented net of $59m bank overdrafts (31 December 2020:
$51m).
|
|
Cash and cash equivalents includes $9m (31 December 2020: $5m)
restricted for use on capital expenditure under hotel lease
agreements and therefore not available for wider use by the Group.
An additional $77m (31 December 2020: $44m) is held within
countries from which funds are not currently able to be repatriated
to the Group's central treasury company.
|
||
|
Syndicated and Bilateral Facilities
The Group's $1,275m revolving syndicated bank facility and $75m
revolving bilateral facility were both undrawn at 31 December 2021
and 31 December 2020.
The following table details performance against the Group's
covenant tests, which were waived until 31 December 2021 and have
been relaxed for test dates in 2022. The measures used in these
tests are calculated on a frozen GAAP basis and do not align to the
values reported by the Group as Non-GAAP measures:
|
||
|
|
2021
|
2020
|
|
|
|
|
|
Covenant EBITDA ($m)
|
601
|
272
|
|
Covenant net debt ($m)
|
1,801
|
2,375
|
|
Covenant interest payable ($m)
|
133
|
111
|
|
Leverage
|
3.00
|
8.73
|
|
Interest cover
|
4.52
|
2.45
|
|
Liquidity ($m)
|
2,655
|
2,925
|
11.
|
Movement in net debt
|
|||
|
|
2021
|
2020
|
|
|
|
$m
|
$m
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents, net of
overdrafts
|
(236)
|
1,430
|
|
|
Add back financing cash flows in respect of other components of net
debt:
|
|
|
|
|
|
Principal element of lease payments
|
32
|
65
|
|
|
Issue of long-term bonds, including effect of currency
swaps
|
-
|
(1,093)
|
|
|
Repayment/(issue) of commercial paper
|
828
|
(738)
|
|
|
Repayment of long-term bonds
|
-
|
290
|
|
|
Decrease in other borrowings
|
-
|
125
|
|
|
|
_____
|
_____
|
|
|
|
860
|
(1,351)
|
|
|
_____
|
_____
|
|
|
Decrease in net debt arising from cash flows
|
624
|
79
|
|
|
|
|
|
|
|
Other movements:
|
|
|
|
|
|
Lease liabilities
|
(7)
|
144
|
|
|
Increase in accrued interest
|
(1)
|
(5)
|
|
|
Disposals
|
3
|
19
|
|
|
Exchange and other adjustments
|
29
|
(101)
|
|
|
_____
|
_____
|
|
|
|
24
|
57
|
|
|
|
_____
|
_____
|
|
|
Decrease in net debt
|
648
|
136
|
|
|
|
|
|
|
|
Net debt at beginning of the year
|
(2,529)
|
(2,665)
|
|
|
|
_____
|
_____
|
|
|
Net debt at end of the year
|
(1,881)
|
(2,529)
|
|
|
|
_____
|
_____
|
12.
|
Assets and liabilities sold
|
||
|
Three hotels in the Americas region have been sold in 2021. Total
cash consideration of $46m was received with no gain or loss
arising after charging disposal costs. Net assets of $44m disposed
comprised $45m property, plant and equipment and $2m right-of-use
assets, less $3m lease liabilities. The net cash inflow arising was
$44m.
In 2020, the Group sold one hotel in EMEAA, the Holiday Inn
Melbourne Airport. Total consideration of $2m was received with a
total gain, net of disposal costs, of $3m. The gain was included in
other operating income in the Group income statement.
|
||
|
|
||
|
|
|
|
|
|
|
|
InterContinental Hotels Group PLC
|
|
|
(Registrant)
|
|
|
|
|
By:
|
/s/ F. Cuttell
|
|
Name:
|
F.
CUTTELL
|
|
Title:
|
ASSISTANT
COMPANY SECRETARY
|
|
|
|
|
Date:
|
22 February
2022
|
|
|
|