2008 Group Income Statement restated in US dollars
3 months 3 months 3 months
ended 31 Mar ended 31 Mar ended 31 Mar
2008 2008 2008
Before
exceptional Exceptional Total
$m $m $m
Continuing operations
Revenue 448 448
Cost of sales (205) (205)
Administrative expenses (91) (9) (100)
Other operating income and expenses 1 1
153 (9) 144
Depreciation and amortisation (29) (1) (30)
Operating profit 124 (10) 114
Financial income 3 3
Financial expenses (33) (33)
Profit before tax 94 (10) 84
Tax (27) 3 (24)
Profit for the period from continuing operations 67 (7) 60
Profit for the period from discontinued operations 2 2
Profit for the period attributable to equity
holders of the parent 69 (7) 62
Earnings per ordinary share
Continuing operations
Basic 20.5
Diluted 20.3
Adjusted 22.9
Total operations
Basic 21.2
Diluted 21.0
Adjusted 23.6
2007 Group Income Statement restated in US dollars
3 months 3 months 3 months 3 months 3 months 3 months 6 months 6 months 6 months
ended 31 Mar ended 31 Mar ended 31 Mar ended 30 Jun ended 30 Jun ended 30 Jun ended 30 Jun ended 30 Jun ended 30 Jun
2007 2007 2007 2007 2007 2007 2007 2007 2007
Before Before Before
exceptional Exceptional Total exceptional Exceptional Total exceptional Exceptional Total
$m $m $m $m $m $m $m $m $m
Continuing operations
Revenue 383 383 449 449 832 832
Cost of sales (191) (191) (200) (200) (391) (391)
Administrative expenses (78) (78) (92) (92) (170) (170)
Other operating income and expenses 2 31 33 3 21 24 5 52 57
116 31 147 160 21 181 276 52 328
Depreciation and amortisation (28) (28) (28) (28) (56) (56)
Operating profit 88 31 119 132 21 153 220 52 272
Financial income 6 6 6 6 12 12
Financial expenses (16) (16) (19) (19) (35) (35)
Profit before tax 78 31 109 119 21 140 197 52 249
Tax (22) 4 (18) (22) (22) (44) 4 (40)
Profit for the period from continuing operations 56 35 91 97 21 118 153 56 209
Profit for the period from discontinued operations 0 4 6 10 4 6 10
Profit for the period attributable to equity
holders of the parent 56 35 91 101 27 128 157 62 219
Earnings per ordinary share
Continuing operations
Basic 25.7 35.0 60.6
Diluted 24.9 34.1 59.0
Adjusted 15.8 28.8 44.3
Total operations
Basic 25.7 38.0 63.5
Diluted 24.9 37.0 61.9
Adjusted 15.8 30.0 45.5
2007 Group Income Statement restated in US dollars
3 months 3 months 3 months 9 months 9 months 9 months 3 months 3 months 3 months 12 months 12 months 12 months
ended 30 Sep ended 30 Sep ended 30 Sep ended 30 Sep ended 30 Sep ended 30 Sep ended 31 Dec ended 31 Dec ended 31 Dec ended 31 Dec ended 31 Dec ended 31 Dec
2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007
Before Before Before Before
exceptional Exceptional Total exceptional Exceptional Total exceptional Exceptional Total exceptional Exceptional Total
$m $m $m $m $m $m $m $m $m $m $m $m
Continuing operations
Revenue 453 453 1,285 1,285 486 486 1,771 1,771
Cost of sales (198) (198) (589) (589) (236) (236) (825) (825)
Administrative expenses (97) (97) (267) (267) (110) (14) (124) (377) (14) (391)
Other operating income and expenses 3 12 15 8 64 72 8 12 20 16 76 92
161 12 173 437 64 501 148 (2) 146 585 62 647
Depreciation and amortisation (29) (29) (85) (85) (26) (2) (28) (111) (2) (113)
Operating profit 132 12 144 352 64 416 122 (4) 118 474 60 534
Financial income 4 4 16 16 2 2 18 18
Financial expenses (37) (37) (72) (72) (36) (36) (108) (108)
Profit before tax 99 12 111 296 64 360 88 (4) 84 384 60 444
Tax (19) 18 (1) (63) 22 (41) (21) 38 17 (84) 60 (24)
Profit for the period from continuing operations 80 30 110 233 86 319 67 34 101 300 120 420
Profit for the period from discontinued operations 5 12 17 9 18 27 2 14 16 11 32 43
Profit for the period attributable to equity
holders of the parent 85 42 127 242 104 346 69 48 117 311 152 463
Earnings per ordinary share
Continuing operations
Basic 37.0 97.0 34.5 131.3
Diluted 36.3 95.2 33.6 127.7
Adjusted 26.9 70.8 22.9 93.8
Total operations
Basic 42.8 105.2 39.9 144.7
Diluted 41.9 103.3 38.9 140.7
Adjusted 28.6 73.6 23.5 97.2
2006 Group Income Statement restated in US dollars
3 months 3 months 3 months 3 months 3 months 3 months 6 months 6 months 6 months
ended 31 Mar ended 31 Mar ended 31 Mar ended 30 Jun ended 30 Jun ended 30 Jun ended 30 Jun ended 30 Jun ended 30 Jun
2006 2006 2006 2006 2006 2006 2006 2006 2006
Before Before Before
exceptional Exceptional Total exceptional Exceptional Total exceptional Exceptional Total
$m $m $m $m $m $m $m $m $m
Continuing operations
Revenue 313 313 365 365 678 678
Cost of sales (146) (146) (149) (149) (295) (295)
Administrative expenses (68) (68) (78) (78) (146) (146)
Other operating income and expenses 44 44 2 2 2 44 46
99 44 143 140 0 140 239 44 283
Depreciation and amortisation (23) (23) (25) (25) (48) (48)
Operating profit 76 44 120 115 0 115 191 44 235
Financial income 16 16 14 14 30 30
Financial expenses (18) (18) (14) (14) (32) (32)
Profit before tax 74 44 118 115 0 115 189 44 233
Tax (20) (12) (32) (24) 173 149 (44) 161 117
Profit for the period from continuing operations 54 32 86 91 173 264 145 205 350
Profit for the period from discontinued operations 3 4 7 20 21 41 23 25 48
Profit for the period attributable to equity
holders of the parent 57 36 93 111 194 305 168 230 398
Earnings per ordinary share
Continuing operations
Basic 20.0 64.1 83.1
Diluted 19.5 62.3 80.8
Adjusted 12.6 22.1 34.4
Total operations
Basic 21.6 74.0 94.5
Diluted 21.0 71.9 91.9
Adjusted 13.3 26.9 39.9
2006 Group Income Statement restated in US dollars
3 months 3 months 3 months 9 months 9 months 9 months 3 months 3 months 3 months 12 months 12 months 12 months
ended 30 Sep ended 30 Sep ended 30 Sep ended 30 Sep ended 30 Sep ended 30 Sep ended 31 Dec ended 31 Dec ended 31 Dec ended 31 Dec ended 31 Dec ended 31 Dec
2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006
Before Before Before Before
exceptional Exceptional Total exceptional Exceptional Total exceptional Exceptional Total exceptional Exceptional Total
$m $m $m $m $m $m $m $m $m $m $m $m
Continuing operations
Revenue 369 369 1,047 1,047 399 399 1,446 1,446
Cost of sales (164) (164) (459) (459) (194) (194) (653) (653)
Administrative expenses (82) (82) (228) (228) (103) (103) (331) (331)
Other operating income and expenses 2 2 4 44 48 3 4 7 7 48 55
125 0 125 364 44 408 105 4 109 469 48 517
Depreciation and amortisation (25) (25) (73) (73) (29) (29) (102) (102)
Operating profit 100 0 100 291 44 335 76 4 80 367 48 415
Financial income 10 10 40 40 8 8 48 48
Financial expenses (17) (17) (49) (49) (19) (19) (68) (68)
Profit before tax 93 0 93 282 44 326 65 4 69 347 48 395
Tax (14) (14) (58) 161 103 (18) 12 (6) (76) 173 97
Profit for the period from continuing operations 79 0 79 224 205 429 47 16 63 271 221 492
Profit for the period from discontinued operations 10 212 222 33 237 270 3 (11) (8) 36 226 262
Profit for the period attributable to equity
holders of the parent 89 212 301 257 442 699 50 5 55 307 447 754
Earnings per ordinary share
Continuing operations
Basic 22.0 107.3 17.8 126.5
Diluted 21.3 104.1 17.3 123.3
Adjusted 22.0 56.0 13.3 69.7
Total operations
Basic 83.8 174.8 15.5 193.8
Diluted 81.1 169.7 15.1 189.0
Adjusted 24.8 64.3 14.1 78.9
Group Cash flow Statement restated in US dollars
Cumulative cash flow statement
3 months 12 months 9 months 6 months 3 months 12 months 9 months 6 months 3 months
ended 31 Mar ended 31 Dec ended 30 Sep ended 30 Jun ended 31 Mar ended 31 Dec ended 30 Sep ended 30 Jun ended 31 Mar
2008 2007 2007 2007 2007 2006 2006 2006 2006
Total Total Total Total Total Total Total Total Total
$m $m $m $m $m $m $m $m $m
Profit for the period 62 463 346 219 91 754 699 398 93
Adjustments for:
Net financial expense 30 90 56 23 10 20 9 2 2
Income tax charge/(credit) 25 30 46 44 19 (76) (83) (103) 34
Gain on disposal of assets, net of tax (32) (18) (6) 0 (226) (237) (25) (4)
Exceptional operating items before depreciation 9 (62) (64) (52) (31) (48) (44) (44) (44)
Depreciation and amortisation 30 116 88 59 30 118 86 59 31
Equity settled share-based cost, net of payments 1 48 24 8 (2) 26 17 9 2
Other non-cash items (4)
Operating cash flow before movements in working capital 157 649 478 295 117 568 447 296 114
(Increase)/decrease in trade and other receivables (30) (30) (24) (37) (23) (57) (39) (54) (32)
(Decrease)/increase in trade and other payables (24) 52 8 (32) (25) 18 (11) (14) (36)
Retirement benefit contributions, net of charge (22) (66) (64) (49) (20)
Cash flows relating to exceptional operating items (7)
Cash flow from operations 74 605 398 177 49 529 397 228 46
Interest paid (31) (84) (52) (26) (12) (61) (46) (32) (18)
Interest received 3 18 18 14 8 44 40 29 12
Tax paid on operating activities (5) (74) (44) (33) (4) (79) (57) (36) (14)
Net cash from operating activities 41 465 320 132 41 433 334 189 26
Cash flow from investing activities
Purchases of property, plant and equipment (18) (114) (92) (69) (35) (160) (109) (63) (22)
Purchases of intangible assets (10) (40) (24) (18) (6) (42) (20) (14) (13)
Purchases of associates and other financial assets (32) (30) (20) (17) (15) (8) (6) (4)
Acquisition of subsidiary, net of cash acquired (11)
Disposal of assets, net of costs and cash disposed of 97 74 28 (10) 1,140 1,149 426 46
Proceeds from associates and other financial assets 8 114 98 87 43 228 215 207 193
Tax paid on disposals (64) (28) (3) (11) (7) (5)
Net cash from investing activities (20) (39) (2) 5 (25) 1,129 1,220 545 200
Cash flow from financing activities
Proceeds from the issue of share capital 1 32 30 26 6 37 24 14 4
Purchase of own shares (25) (162) (103) (57) (49) (478) (438) (200) (47)
Purchase of own shares by employee share trusts (138) (117) (107) (84) (86) (71) (52) (21)
Proceeds on release of own shares by employee share trusts 1 21 20 20 2 35 22 19 7
Dividends paid to shareholders (1,524) (1,489) (1,489) (1,031) (996) (996)
Dividends paid to minority interests (2) (2) (2)
Increase/(decrease) in borrowings 75 1,108 1,148 1,192 107 (316) (122) 68 (217)
Net cash from financing activities 52 (663) (511) (415) (18) (1,841) (1,583) (1,149) (274)
Net movement in cash and cash equivalents 73 (237) (193) (278) (2) (279) (29) (415) (48)
Cash and cash equivalents at beginning of the period 105 351 351 351 351 559 559 559 559
Exchange rate effects (1) (9) (2) 9 (1) 71 48 63 3
Cash and cash equivalents at end of the period 177 105 156 82 348 351 578 207 514
10/22/2011 7:31 PM
Group Balance Sheet restated in US dollars
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2008 2007 2007 2007 2007 2006 2006 2006 2006
Total Total Total Total Total Total Total Total Total
$m $m $m $m $m $m $m $m $m
ASSETS
Property, plant & equipment 1,954 1,934 1,917 1,889 1,860 1,956 1,891 1,728 1,678
Goodwill 224 221 221 219 215 214 204 206 201
Intangible assets 345 335 327 321 315 302 267 222 212
Investment in associates 67 65 65 66 63 63 60 72 71
Retirement benefit assets 86 65
Other financial assets 170 188 197 184 196 188 200 198 198
Total non-current assets 2,846 2,808 2,727 2,679 2,649 2,723 2,622 2,426 2,360
Inventories 5 6 6 6 6 6 6 6 5
Trade and other receivables 504 472 467 477 486 465 396 438 432
Current tax receivable 96 109 37 34 24 45 30 31 31
Cash and cash equivalents 177 105 156 82 348 351 578 207 514
Other financial assets 35 18 16 24 14 25 2 9 10
Total current assets 817 710 682 623 878 892 1,012 691 992
Non-current assets classified as held for sale 115 115 130 162 180 98 97 743 1,165
Total assets 3,778 3,633 3,539 3,464 3,707 3,713 3,731 3,860 4,517
LIABILITIES
Loans and other borrowings (17) (16) (16) (14) (10) (20) (9) (9) (42)
Trade and other payables (756) (784) (784) (736) (746) (788) (748) (785) (775)
Current tax payable (434) (426) (467) (473) (439) (453) (400) (424) (565)
Total current liabilities (1,207) (1,226) (1,267) (1,223) (1,195) (1,261) (1,157) (1,218) (1,382)
Loans and other borrowings (1,839) (1,748) (1,787) (1,816) (714) (594) (786) (785) (463)
Retirement benefit obligations (119) (111) (106) (114) (98) (139) (123) (117) (132)
Trade and other payables (281) (279) (229) (225) (217) (214) (191) (189) (189)
Deferred tax payable (169) (165) (122) (116) (151) (155) (241) (211) (212)
Total non-current liabilities (2,408) (2,303) (2,244) (2,271) (1,180) (1,102) (1,341) (1,302) (996)
Liabilities classified as held for sale (7) (6) (6) (8) (10) (4) (4) (158) (206)
Total liabilities (3,622) (3,535) (3,517) (3,502) (2,385) (2,367) (2,502) (2,678) (2,584)
Net assets 156 98 22 (38) 1,322 1,346 1,229 1,182 1,933
EQUITY
Equity share capital 163 163 162 158 135 129 110 103 89
Capital redemption reserve 10 10 10 8 8 8 7 4 2
Shares held by employee share trusts (31) (83) (63) (56) (78) (33) (47) (33) (31)
Other reserves (2,917) (2,918) (2,918) (2,917) (2,914) (2,914) (2,910) (2,912) (2,906)
Unrealised gains and losses reserve 44 38 49 50 37 53 26 33 23
Currency translation reserve 253 233 225 219 210 209 151 154 63
Retained earnings 2,628 2,649 2,551 2,484 3,908 3,878 3,881 3,809 4,658
IHG shareholders' equity 150 92 16 (54) 1,306 1,330 1,218 1,158 1,898
Minority equity interest 6 6 6 16 16 16 11 24 35
Total equity 156 98 22 (38) 1,322 1,346 1,229 1,182 1,933
10/22/2011 7:31 PM