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View Annual Report opportunity, strategy, investment, targets, performance, progress, growth, profits, returns, dividends, results… great hotels guests love™ IHG Annual Report and Financial Statements 2007 Contents 1 Welcome to IHG 2 Highlights 1 Overview 3 Message from the Chairman and Chief Executive 4 The IHG brands 6 Business overview 9 People 11 Corporate responsibility 5 Business review 12 Group performance 14 Regional performance 20 Other financial information 22 Risk management 26 The Board of Directors 25 The Board, 27 Other members of the Executive Committee 28 Directors’ report senior management 30 Corporate governance and their responsibilities 35 Audit Committee report 36 Remuneration report 46 Statement of Directors’ responsibilities 47 Independent auditor’s report to the members 48 Group income statement 49 Group statement of recognised income and expense 45 Group financial statements 50 Group cash flow statement 51 Group balance sheet 52 Corporate information and accounting policies 57 Notes to the Group financial statements 90 Statement of Directors’ responsibilities 89 Parent company 91 Independent auditor’s report to the members financial statements 92 Parent company balance sheet 93 Notes to the parent company financial statements 96 Glossary 97 Shareholder profiles 98 Investor information 95 Useful information 99 Financial calendar 100 Contacts 101 Forward-looking statements Welcome to IHG OVERVIEW In 2007 our operating profits grew, reflecting REVIEW BUSINESS a record increase in our room and hotel count and a healthy increase in our revenues per room night. We are one of the world’s largest hotel companies and are focused on quality growth through managing and franchising our seven distinctive brands. THEIR RESPONSIBILITIES AND MANAGEMENT SENIOR THE BOARD, Our core purpose is to create Great Hotels Guests Love. We do this by placing guest satisfaction at the heart of everything we do and, as a result, developing our financial strength for the benefit of all our stakeholders. This Report presents a full review of our business STATEMENTS GROUP FINANCIAL endeavours, embracing the key areas of employee engagement and corporate responsibility as well as our financial and operational performance and approach towards risk management. We also present a wide range of statutory and governance data and our full financial statements for the year. FINANCIAL STATEMENTS COMPANY PARENT USEFUL INFORMATION Overview 1 Highlights RECORD NET ROOMS GROWTH “2007 was a year of excellent progress for IHG in which the Company recorded UP 5% BY 28,848 ROOMS strong growth in an expanding industry. We opened and signed a record number TOTAL HOTELS OPEN UNDER IHG BRANDS of hotels, and grew revenue per available room (RevPAR) faster than the market UP 208 TO 3,949 HOTELS in all our major geographies. Our brands are increasingly being chosen over those RECORD SIGNINGS of our competitors, by guests and by the hotel owners with whom we partner.” UP 22% TO 125,533 ROOMS DEVELOPMENT PIPELINE UP 43% TO 225,872 ROOMS REVENUE PER AVAILABLE ROOM‡ UP 7% TOTAL GROSS REVENUE† Andrew Cosslett FROM ALL HOTELS IN IHG SYSTEM Chief Executive + UP 17% TO $18bn CONTINUING REVENUE UP 12% TO £883m CONTINUING OPERATING PROFIT* UP 19% TO £237m ADJUSTED CONTINUING EARNINGS PER SHARE UP 23% TO 46.9p SPECIAL DIVIDEND £709m PAID FINAL DIVIDEND UP 12% TO 14.9p ‡ Total system room revenue divided by the number of room nights available. † Total room revenue from franchised hotels and total David Webster hotel revenue from managed, owned and leased hotels (not revenue attributable to IHG, as it is derived Chairman mainly from hotels owned by third parties). + US dollars. * Operating profit before exceptional items. 2IHG Annual Report and Financial Statements 2007 Message from the Chairman and Chief Executive OVERVIEW OVERVIEW Strong trading Improving brand performance We also made changes to our Executive Our financial performance was strong. Over the last two years we have Committee. Kirk Kinsell, previously Continuing operating profit before conducted extensive hotel research Chief Development Officer for the exceptional items was up 19 per cent, studies across the globe and we are Americas region, took up the position from £200 million to £237 million, and now applying the insights from this work of President of our Europe, Middle up 30 per cent at constant exchange to refresh and renew our hotel brands. East and Africa region. Peter Gowers, rates. Adjusted continuing earnings The performance of the InterContinental formerly Chief Marketing Officer, per share rose 23 per cent from 38.0p brand continues to gather pace; we became President of our Asia Pacific to 46.9p. Global RevPAR rose by signed 33 new InterContinental hotels region, and we welcomed back 7 per cent, mainly driven by guests’ around the world in 2007 and ended the Tom Seddon (who had previously worked willingness to pay more for an year with a record pipeline of 62 hotels. for IHG) as Chief Marketing Officer. enhanced customer experience. In October 2007 we announced the global relaunch of our Holiday Inn brand Shareholder returns Accelerating growth family. The relaunch is designed to raise During the year we returned £790 million The number of hotels which operate the standards of quality, style and to shareholders by way of a £709 million under IHG’s brands grew at a record comfort in the hotels, and will deliver special dividend and £81 million of pace. We opened 366 hotels in 2007, one a consistent, best-in-class service to share buybacks. This takes our total a day on average. We continued to focus our guests. Owners and franchisees will funds returned to shareholders since on improving the quality of our hotel invest up to £500 million in Holiday Inn March 2004 to £3.5 billion. estate and removed over 150 hotels hotels around the world over the next during the year. Taking into account three years, and IHG will separately Dividend increase these removals, the number of hotel make a £30 million contribution. The Board is recommending a rooms in our system increased by over This activity should generate a strong 12 per cent increase to the final dividend 5 per cent, representing more than a return on investment through expected for 2007, taking it to 14.9p per share. 50 per cent increase in rooms growth increases in RevPAR following This will give a full year dividend of 20.6p, over 2006. Our future growth lies in the completion of the relaunch. 12 per cent higher than in 2006. Subject forward order book of contracts that to shareholder approval, the final we have signed for new hotels – our Board and Executive Committee dividend will be paid on 6 June 2008. pipeline. This pipeline also grew at a As previously announced, record pace in 2007, and now stands Richard Hartman retired from the Board Outlook at 1,674 hotels, comprising 225,872 in September 2007. We thank him for The outstanding contribution from rooms, a 43 per cent increase on 2006. his service and wish him well for the our people has driven excellent We signed 873 hotels in the year, future. In December 2007 Ying Yeh was results in 2007. We have the biggest comprising 125,533 rooms, a 22 per appointed as a Non-Executive Director. development pipeline in the industry cent increase on 2006. This is by far Her in-depth knowledge of the Asia and this will deliver another high level the highest level of signings in the hotel Pacific region will be of great value of hotel openings in 2008. Although industry. We have now added a total to IHG. Two of our Non-Executive the current economic environment of 47,419 rooms to our system against Directors, Sir David Prosser and is less predictable than in 2007, our our three-year target of adding 50,000 Robert C Larson, are planning to retire broadly-based portfolio of brands and to 60,000 net rooms by the end of 2008. from the Board at the end of May and our resilient fee-based business model We remain confident we will exceed the December 2008, respectively. Both position us well for future growth. top end of this target. have given outstanding service to IHG. David Webster Andrew Cosslett Chairman Chief Executive Highlights and Message from the Chairman and Chief Executive 3 The IHG brands Our seven hotel brands and our Priority Club Rewards programme are among the best known in the world. High-class facilities and Simple elegance and Relaunched in 2007 to Convenience, comfort services for the discerning full-service facilities for improve our ability to meet and value make Holiday Inn business and leisure business and leisure guests guest needs for contemporary, Express a popular choice traveller. Memorable in more than 50 countries high-quality facilities. with guests and hotel owners. experiences in special around the world. locations. The relaunch included a new identity for the Holiday Inn brand family. 149 HOTELS 299 HOTELS 1,381 HOTELS 1,808 HOTELS 8 OWNED AND LEASED 1 OWNED AND LEASED 6 OWNED AND LEASED 1 OWNED AND LEASED 104 MANAGED 89 MANAGED 193 MANAGED 23 MANAGED 37 FRANCHISED 209 FRANCHISED 1,182 FRANCHISED 1,784 FRANCHISED 50,762 ROOMS 83,170 ROOMS 256,699 ROOMS 156,531 ROOMS 62 HOTELS IN 118 HOTELS IN 365 HOTELS IN 712 HOTELS IN DEVELOPMENT PIPELINE DEVELOPMENT PIPELINE DEVELOPMENT PIPELINE DEVELOPMENT PIPELINE The industry’s first branded A high-end brand offering Studios and one-bedroom Our award-winning rewards boutique hotel, aimed at guests a home from home suites offer convenience programme is the world's style-conscious guests for extended hotel stays. and comfort for guest largest hotel loyalty scheme, who want peaceful The brand will develop stays of a week or longer. offering unrivalled incentives and affordable luxury.
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