Revenue (Tables)

12 Months Ended

Dec. 31, 2018

The following table presents Group revenue disaggregated by type of revenue stream and by reportable segment:


Year ended 31 December 2018	Americas $m		EMEAA $m		Greater China $m		Central $m		Group $m
Franchise and base management fees		835		227		94		0		1,156
Incentive management fees		18		93		49		0		160
Central revenue		0		0		0		170		170

Revenue from fee business		853		320		143		170		1,486
Revenue from owned, leased and managed lease hotels		198		249		0		0		447

		1,051		569		143		170		1,933
System Fund revenues (note 32)										1,233
Reimbursement of costs										1,171

Total revenue										4,337


Year ended 31 December 2017	Americas $m		EMEAA $m		Greater China $m		Central $m		Group $m
Franchise and base management fees		795		204		73		—		1,072
Incentive management fees		16		90		44		—		150
Central revenue		—		—		—		157		157

Revenue from fee business		811		294		117		157		1,379
Revenue from owned, leased and managed lease hotels		188		163		—		—		351

		999		457		117		157		1,730
System Fund revenues (note 32)										1,242
Reimbursement of costs										1,103

Total revenue										4,075


Year ended 31 December 2016	Americas $m		EMEAA $m		Greater China $m		Central $m		Group $m
Franchise and base management fees		781		194		71		—		1,046
Incentive management fees		15		80		41		—		136
Central revenue		—		—		—		147		147

Revenue from fee business		796		274		112		147		1,329
Revenue from owned, leased and managed lease hotels		173		165		—		—		338

		969		439		112		147		1,667
System Fund revenues (note 32)										1,199
Reimbursement of costs										1,046

Total revenue										3,912

The following tables present information about trade receivables, contract assets, and deferred revenue:

Note

2018
$m

2017
Restated
$m

Trade receivables

474

452

Contract assets

290

258

Deferred revenue

1,506

1,357


	2018 $m			2017 $m
At 1 January		258			198
Costs paid		58			73
Recognised as a deduction to revenue		(19	)		(17	)
Repayments		(2	)		—
Exchange and other adjustments		(5	)		4

At 31 December		290			258

Analysed as:
Current		20			17
Non-current		270			241

		290			258


	Loyalty programme $m			Other co-brand fees $m			Application & re-licensing fees $m			Other $m			Total $m
At 1 January 2018		1,057			88			163			49			1,357
Acquisition of businesses		0			0			0			8			8
Increase in deferred revenue		540			0			36			67			643
Recognised as revenue		(416	)		(11	)		(23	)		(47	)		(497	)
Exchange and other adjustments		0			0			(1	)		(4	)		(5	)

At 31 December 2018		1,181			77			175			73			1,506

Analysed as:
Current		491			11			23			47			572
Non-current		690			66			152			26			934

		1,181			77			175			73			1,506


	Loyalty programme $m			Other co-brand fees $m			Application & re-licensing fees $m			Other $m			Total $m
At 1 January 2017		1,033			100			148			33			1,314
Increase in deferred revenue		480			—			39			34			553
Recognised as revenue		(456	)		(12	)		(24	)		(18	)		(510	)

At 31 December 2017		1,057			88			163			49			1,357

Analysed as:
Current		422			11			24			33			490
Non-current		635			77			139			16			867

		1,057			88			163			49			1,357

Amounts received and not yet recognised related to performance obligations that were unsatisfied at 31 December 2018 are as follows:
	2018						2017
Expect to be recognised in:	Loyalty and co-brand $m		Other $m		Total $m		Loyalty and co-brand $m		Other $m		Total $m
Less than 1 year		502		70		572		433		57		490
Between 1 and 2 years		257		31		288		221		29		250
Between 2 and 3 years		158		26		184		137		24		161
Between 3 and 4 years		106		22		128		95		22		117
Between 4 and 5 years		75		20		95		69		20		89
More than 5 years		160		79		239		190		60		250

		1,258		248		1,506		1,145		212		1,357

Movements in contract costs, typically developer commissions, are as follows: