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Equity | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Equity | 2 9 . Equity Equity share capital
|  | Number of shares millions |  |  | Nominal value $m |  |  | Share premium $m |  |  | Equity share capital $m |
Allotted, called up and fully paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At 1 January 2017 (ordinary shares of 18 318 / 329 p each) |  |  | 206 |  |  |  | 48 |  |  |  | 93 |  |  |  | 141 |
Share capital consolidation |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |
Exchange adjustments |  |  | — |  |  |  | 5 |  |  |  | 8 |  |  |  | 13 |
At 31 December 2017 (ordinary shares of 19 17 / 21 p each) |  |  | 197 |  |  |  | 53 |  |  |  | 101 |  |  |  | 154 |
Exchange adjustments |  |  | — |  |  |  | (3 | ) |  |  | (5 | ) |  |  | (8 | )
At 31 December 2018 (ordinary shares of 19 17 / 21 p each) |  |  | 197 |  |  |  | 50 |  |  |  | 96 |  |  |  | 146 |
Share capital consolidation |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | — |
Exchange adjustments |  |  | — |  |  |  | 2 |  |  |  | 3 |  |  |  | 5 |
At 31 December 2019 (ordinary shares of 20 340 / 399 p each) |  |  | 187 |  |  |  | 52 |  |  |  | 99 |  |  |  | 151 |
The authority given to the Company at the AGM held on 3 May 2019 to purchase its own shares was still valid at 31 December 2019. A resolution to renew the authority will be put to shareholders at the AGM on 7 May 20 20 . The Company no longer has an authorised share capital. On 21 February 2017, the Group announced a $400m return of funds to shareholders by way of a special dividend and share consolidation. On 5 May 2017, shareholders approved the share consolidation on the basis of 45 new ordinary shares of 19 17 ⁄ 21 p per share for every 47 existing ordinary shares of 18 318 ⁄ 329 p, which became effective on 8 May 2017. The special dividend was paid to shareholders on 22 May 2017. The dividend and share consolidation had the same economic effect as a share repurchase at fair value, therefore previously reported earnings per share ha d not been restated. In October 2018, the Group announced a $500m return of funds to shareholders by way of a special dividend and share consolidation. On 11 January 2019, shareholders approved the share consolidation on the basis of 19 new ordinary shares of 20 340 ⁄ 399 p per share for every 20 existing ordinary shares of 19 17 ⁄ 21 p, which became effective on 14 January 2019 and resulted in the consolidation of 10m shares. The special dividend was paid on 29 January 2019 at a cost of $ 510 m. The dividend and share consolidation had the same economic effect as a share repurchase at fair value, therefore previously reported earnings per share has not been restated. At 31 December 201 9 , the balance classified as equity share capital includes the total net proceeds (both nominal value and share premium) on issue of the Company’s equity share capital, comprising 20 340 ⁄ 399 p shares. The share premium reserve represents the amount of proceeds received for shares in excess of their nominal value. The nature and purpose of the other reserves shown in the Group statement of changes in equity on pages 134 to 136 of the Group Financial Statements is as follows: Capital redemption reserve This reserve maintains the nominal value of the equity share capital of the Company when shares are repurchased or cancelled. Shares held by employee share trusts Comprises $ 4.9 m (2018: $ 3.6 m, 2017: $ 5.4 m) in respect of 0.1m (2018: 0.2m, 2017: 0.2m) InterContinental Hotels Group PLC ordinary shares held by employee share trusts, with a market value at 31 December 2019 of $9.6m (2018: $8.3m, 2017: $12.1m). Other reserves Comprises the merger and revaluation reserves previously recognised under UK GAAP, together with the reserve arising as a consequence of the Group’s capital reorganisation in June 2005. The revaluation reserve relates to the previous revaluations of property, plant and equipment which were included at deemed cost on adoption of IFRS. Following the change in presentational currency to the US dollar in 2008, this reserve also includes exchange differences arising on retranslation to period-end exchange rates of equity share capital, the capital redemption reserve and shares held by employee share trusts. Fair value reserve This reserve records movements in the value of financial assets measured at fair value through other comprehensive income. Cash flow hedging reserve The cash flow hedging reserve is analysed as follows:
|  | Cash flow hedging reserve |
|  | Value of currency swaps |  |  | Costs of hedging |  |  | Total |
|  | $m |  |  | $m |  |  | $m |
At 1 January 2018 |  |  | — |  |  |  | — |  |  |  | — |
Costs of hedging deferred and recognised in other comprehensive income |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Change in fair value of currency swaps recognised in other comprehensive income |  |  | 4 |  |  |  | — |  |  |  | 4 |
Reclassified from other comprehensive income to profit or loss – included in financial expenses |  |  | (8 | ) |  |  | — |  |  |  | (8 | )
Deferred tax |  |  | 1 |  |  |  | — |  |  |  | 1 |
At 31 December 2018 |  |  | (3 | ) |  |  | (1 | ) |  |  | (4 | )
Costs of hedging deferred and recognised in other comprehensive income |  |  | — |  |  |  | (6 | ) |  |  | (6 | )
Change in fair value of currency swaps recognised in other comprehensive income |  |  | (34 | ) |  |  | — |  |  |  | (34 | )
Reclassified from other comprehensive income to profit or loss – included in financial expenses |  |  | 38 |  |  |  | — |  |  |  | 38 |
At 31 December 2019 |  |  | 1 |  |  |  | (7 | ) |  |  | (6 | )
V alue of currency swaps comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss. C osts of hedging reflects the gain or loss which is excluded from the designated hedging instrument relating to the foreign currency basis spread of currency swaps. It is initially recognised in other comprehensive income and accounted for similarly to changes in value of currency swaps. Amounts reclassified from other comprehensive income to financial expenses comprise $8m (2018: $ 1 m) net interest payable on the currency swaps and an exchange loss of $30m (2018: $ 9m gain ) which offsets a corresponding gain/ loss on the € 500 m 2.125% bonds. Currency translation reserve This reserve records the movement in exchange differences arising from the translation of foreign operations and exchange differences on foreign currency borrowings and derivative financial instruments that provide a hedge against net investments in foreign operations. On adoption of IFRS, cumulative exchange differences were deemed to be $nil as permitted by IFRS 1. The fair value of derivative financial instruments designated as hedges of net investments in foreign operations outstanding at 31 December 2019 was $ 1 m asset (2018: $ 1 m asset, 2017: $ nil ). Treasury shares During 2019, 0.8 m (2018: 0.8 m, 2017: 0.9 m) treasury shares were transferred to the employee share trusts. As a result of the 2019 share consolidation, the number of shares held in treasury reduced by 0.3 m during 2019 (2017: reduced by 0.4 m). At 31 December 2019, 5.7 m shares (2018: 6.8 m, 2017: 7.6 m) with a nominal value of $ 1.6 m (2018: $ 1.7 m, 2017: $ 2.0 m) were held as treasury shares at cost and deducted from retained earnings. Non-controlling interest A non-controlling interest is equity in a subsidiary of the Group not attributable, directly or indirectly, to the Group. Non-controlling interests are not material to the Group.

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