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Annual Report and Form 20-F 2013 20-F Form and Report Annual Intercontinental Davos, Switzerland

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Annual Report and Form 20-F 2013 20-F Form and Report Annual Intercontinental Davos, Switzerland InterContinental Hotels Group PLC Broadwater Park, Denham, Buckinghamshire UB9 5HR United Kingdom Tel +44 (0) 1895 512 000 Fax +44 (0) 1895 512 101 Web www.ihgplc.com InterContinental PLC Hotels Group Make a booking at www.ihg.com Annual Report and Form 20 -F 2013 Annual Report and Form 20-F 2013 www.ihgplc.com InterContinental Davos, Switzerland 1777 1946 It all began in 1777 when William Bass opened InterContinental® Hotels & Resorts a brewery in Burton-on-Trent in the UK. In April 1946 Juan Trippe, the founder of Bass made its move into the hotel industry Pan American Airways, had a vision to bring in 1988, buying Holiday Inn International. high-quality hotel accommodation to the By 2003 the business had changed from end of every Pan Am flight route. This led to domestic brewer to international hospitality the first InterContinental being opened in retailer: InterContinental Hotels Group PLC. 1949, the Hotel Grande in Belém, Brazil. From here InterContinental Hotels & Resorts expanded steadily to become the world’s first truly international luxury hospitality brand. The brand’s ethos is to provide insightful, meaningful experiences that enhance our guests’ feeling that they are in a global club. Bass acquired the InterContinental brand in 1998, adding it to our brand portfolio. Front cover Crowne Plaza Resort, Xishuangbanna, 178 hotels; 60,103 rooms open People's Republic of China 51 hotels in the pipeline Contents OVERVIEW STRATEGIC REPORT STRATEGIC GOVERNANCE FINANCIAL STATEMENTS FINANCIAL GROUP FINANCIAL STATEMENTS FINANCIAL PARENT COMPANY Overview: Governance: 103 Independent Auditor’s US Report 2 The IHG story 56 Chairman’s overview 104 Group Financial Statements 4 Chairman’s statement 57 Board of Directors biographies 111 Accounting policies 6 Chief Executive Officer’s review 60 Executive Committee biographies 117 Notes to the Group Financial 61 Corporate Governance Statements Strategic Report: 66 Audit Committee Report 10 Industry overview 68 Corporate Responsibility Committee Parent Company Financial Statements: 12 Industry performance in 2013 Report 156 Parent Company Financial Statements 14 IHG at a glance 69 Nomination Committee Report 157 Notes to the Parent Company ADDITIONAL INFORMATION 16 Our business model 72 Directors’ Report Financial Statements 17 Our preferred brands 74 Directors’ Remuneration Report 18 Our strategy for high-quality growth 78 Directors’ Remuneration Policy Additional Information: 20 Winning Model 87 Annual Report on Directors' 164 Group information 28 Targeted Portfolio Remuneration 173 Shareholder information 30 Disciplined Execution 183 Exhibits 34 Risk management Group Financial Statements: 184 Form 20-F cross-reference guide 38 Key performance indicators (KPIs) 100 Statement of Directors’ Responsibilities 186 Glossary 40 Performance 101 Independent Auditor’s UK Report 188 Forward-looking statements Overview 1 The IHG story 2013 marked 10 years since InterContinental Hotels Group PLC (IHG) became a standalone company. Today, we are one of the world’s leading hotel 2003 companies with almost 4,700 hotels in nearly 100 InterContinental Hotels Group PLC countries and territories, and a portfolio of nine On 1 October 2002, Six Continents PLC preferred brands that have a deep history and announces a proposed separation of the heritage. Highlighted below are just some of the Group’s hotels and soft drinks business milestones, achievements and innovations that (to be called InterContinental Hotels have come to define IHG and our family of brands. Group PLC) from the retail business 1983 (to be called Mitchells & Butlers plc), Crowne Plaza® and the return of £700m of capital to 1946 Hotels & Resorts shareholders. The process completes InterContinental® Launch of the Crowne Plaza brand, on 15 April 2003 – InterContinental Hotels & Resorts focused on business travellers. Hotels Group PLC becomes a separate The founder of Pan American company listed on the LSE and NYSE. Airways has a vision to bring high-quality hotel accommodation 1997 to the end of every Pan Am flight 1965 Staybridge Suites® route. This leads to the first Holidex® Launch of the Staybridge Suites InterContinental hotel opening Launch of HOLIDEX, the world’s brand – IHG’s extended-stay brand in Belém, Brazil in 1949. Bass first computerised hotel for travellers who spend an acquires the InterContinental reservation system – the first extended time away from home brand in 1998, adding it to our programme to connect directly and prefer a warm, home-like and brand portfolio. with travel agents and airlines. community environment. 1777 1990 The story begins... Holiday Inn Express® It all begins in 1777 when Launch of the Holiday Inn Express William Bass opens a brewery brand aimed at smart travellers. 2003 in Burton-on-Trent in the UK. Candlewood Bass makes its move into the Suites® hotel industry in 1988, buying Acquisition of the Holiday Inn International. Candlewood Suites brand The conglomerate sells Bass – IHG’s extended-stay Brewers and the Bass name brand in North America in 2000 and changes its name aimed at providing guests to Six Continents PLC. with a relaxed, casual and 1952 home-like environment Holiday Inn® at a great value. Kemmons Wilson’s vision of an innovative hotel brand people could trust leads to the first 2004 Holiday Inn opening in Memphis, Hotel Indigo® Tennessee in 1952. Bass acquires Launch of Hotel Indigo, part of the business in 1988 and IHG’s boutique brand, the remainder in 1990. with the first Hotel Indigo opening in Atlanta, US in 2004. 2 IHG Annual Report and Form 20-F 2013 OVERVIEW 2007 Holiday Inn Resort® As part of the $1bn Holiday Inn 2005 relaunch, Holiday Inn Resort, Britvic disposal a new sub-brand of Holiday Inn, IHG announces the is developed, offering the 2012 disposal of its 100% perfect destination for family HUALUXE® Hotels holding in the soft fun and relaxation. and Resorts drinks business, Launch of the HUALUXE brand, Britvic plc. as the world’s first international hotel brand designed specifically REPORT STRATEGIC to suit the taste and sensibilities of the Chinese guest. 2012 2013 EVEN™ Hotels IHG® Rewards Club Launch of the EVEN brand, Originally launched in 1983 as Priority Club® 2006 which meets the large and Rewards, our loyalty programme is the oldest Room to be yourself growing demand for a hotel and largest in the industry. In July 2013, we GOVERNANCE Our employer brand giving brand to help wellness-minded relaunched the programme as IHG Rewards people Room to be yourself travellers maintain their balance Club, offering enhanced benefits for members, is launched. on the road. including free internet access across all our hotels globally. FINANCIAL STATEMENTS FINANCIAL GROUP 2009 2006 IHG Green Engage® IHG® Academy Launch of IHG Green Engage, Launch of IHG Academy, our online system to help us 2012 STATEMENTS FINANCIAL PARENT COMPANY a pioneering collaboration measure, monitor, manage London 2012 Olympic between IHG hotels and offices and report on energy, and Paralympic Games and education providers and/or carbon, water and waste to In 2012, Holiday Inn and community organisations develop and operate more Holiday Inn Express are the providing local people with skills sustainable hotels. official hotel provider to the development and employment London 2012 Olympic and opportunities in IHG hotels and Paralympic Games. corporate offices. 2011 2008 IHG® Shelter in a Holiday Inn Club Storm Programme ADDITIONAL INFORMATION Vacations® Launch of the IHG Shelter in a Storm Announcement of the Programme, equipping our hotels to Holiday Inn Club Vacations respond quickly and effectively in times brand, a result of an of disaster, providing vital assistance alliance between IHG and and shelter to the local community the family of Orange Lake and our employees. Resorts, Kemmons Wilson and the Wilson family. Overview 3 Chairman’s statement 2013 was another strong year for IHG. Despite what continued to be challenging macroeconomic conditions around the world, we delivered on our strategy and reported good growth in our operating profit and earnings per share. “ We are delighted to have In last year’s Annual Report, I shared my total funds returned to shareholders since perspective and initial impressions of our 2003 demerger, excluding ordinary delivered another year IHG. I have not been disappointed. I have dividends, will amount to $8.0 billion. continued to be deeply impressed by the of strong performance I am also pleased to announce that the Board skills, dedication and energy of our people, is recommending a 9 per cent increase to the in 2013, my first year our award-winning brand portfolio and final dividend for 2013 resulting in a full-year our relentless focus on delivering our as Chairman of IHG.” dividend of 70 cents (43.2 pence) per share, strategy. On behalf of the Board, I would up 9 per cent on 2012. therefore like to extend my sincere thanks to our 350,000 colleagues around the We continue to honour our commitment world who have strived to put our guests to maintaining an efficient balance sheet at the heart of everything they do with whilst retaining an investment grade credit +9%: 70.0¢ pride and dedication. rating through the cycle. This approach has delivered significant value for investors. Total full-year dividend Responsible Business (sterling equivalent of 43.2p) Over the three-year period to 31 December Being a responsible business is an integral 2013, IHG’s annualised total shareholder part of delivering on our strategy. It is not return (TSR) was 22 per cent, compared only reflected in our culture, but also in with 9 per cent for the FTSE 100 as a whole. our approach to governance and doing +3.8% Board Revenue per available room* the right thing. Our commitment to serve 686,873 rooms (4,697 hotels) the local communities in which we I have been impressed by the strength operating in the IHG System operate is stronger than ever and we and diversity of the IHG Board.
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