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Segmental information | 12 Months Ended
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Dec. 31, 2022
Text Block [Abstract] |
Segmental information | 2. Segmental information Revenue
Year ended 31 December |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |
Americas |  |  |  |  |  |  | 1,005 |  |  |  |  |  |  |  | 774 |  |  |  |  |  |  |  | 512 |
EMEAA |  |  |  |  |  |  | 552 |  |  |  |  |  |  |  | 303 |  |  |  |  |  |  |  | 221 |
Greater China |  |  |  |  |  |  | 87 |  |  |  |  |  |  |  | 116 |  |  |  |  |  |  |  | 77 |
Central |  |  |  |  |  |  | 199 |  |  |  |  |  |  |  | 197 |  |  |  |  |  |  |  | 182 |
Revenue from reportable segments |  |  |  |  |  |  | 1,843 |  |  |  |  |  |  |  | 1,390 |  |  |  |  |  |  |  | 992 |
System Fund revenues |  |  |  |  |  |  | 1,217 |  |  |  |  |  |  |  | 928 |  |  |  |  |  |  |  | 765 |
Reimbursement of costs |  |  |  |  |  |  | 832 |  |  |  |  |  |  |  | 589 |  |  |  |  |  |  |  | 637 |
Total revenue |  |  |  |  |  |  | 3,892 |  |  |  |  |  |  |  | 2,907 |  |  |  |  |  |  |  | 2,394 |
Profit/(loss)
Year ended 31 December |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |
Americas |  |  |  |  |  |  | 761 |  |  |  |  |  |  |  | 559 |  |  |  |  |  |  |  | 296 |
EMEAA |  |  |  |  |  |  | 152 |  |  |  |  |  |  |  | 5 |  |  |  |  |  |  |  | (50 | )
Greater China |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | 58 |  |  |  |  |  |  |  | 35 |
Central |  |  |  |  |  |  | (108 | ) |  |  |  |  |  |  | (88 | ) |  |  |  |  |  |  | (62 | )
Operating profit from reportable segments |  |  |  |  |  |  | 828 |  |  |  |  |  |  |  | 534 |  |  |  |  |  |  |  | 219 |
System Fund |  |  |  |  |  |  | (105 | ) |  |  |  |  |  |  | (11 | ) |  |  |  |  |  |  | (102 | )
Operating exceptional items (note 6) |  |  |  |  |  |  | (95 | ) |  |  |  |  |  |  | (29 | ) |  |  |  |  |  |  | (270 | )
Operating profit/(loss) |  |  |  |  |  |  | 628 |  |  |  |  |  |  |  | 494 |  |  |  |  |  |  |  | (153 | )
Net financial expenses |  |  |  |  |  |  | (96 | ) |  |  |  |  |  |  | (139 | ) |  |  |  |  |  |  | (140 | )
Fair value gains on contingent purchase consideration |  |  |  |  |  |  | 8 |  |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  | 13 |
Profit/(loss) before tax |  |  |  |  |  |  | 540 |  |  |  |  |  |  |  | 361 |  |  |  |  |  |  |  | (280 | )
Tax |  |  |  |  |  |  | (164 | ) |  |  |  |  |  |  | (96 | ) |  |  |  |  |  |  | 20 |
Profit/(loss) for the year |  |  |  |  |  |  | 376 |  |  |  |  |  |  |  | 265 |  |  |  |  |  |  |  | (260 | )
Operating profit from reportable segments includes the following, which are included within other operating income in the Group income statement:
• |  | In 2022, $6m relating to business insurance claims principally in the Americas region (see note 30) and $16m government support income relating to the EMEAA region. The net impact of government support income on operating profit from reportable segments is $6m after deducting additional variable rent of $10m which became payable as a direct result of the support received;
• |  | In 2021, $5m government support income relating to the EMEAA region; and
• |  | In 2020, $4m business interruption insurance proceeds and $4m favourable litigation settlement, both in the Americas region, and $3m gain on disposal of hotel assets in the EMEAA region.
In support of the Iberostar agreement signed in 2022, $5m of costs were incurred within Central functions. The costs are presented within administrative expenses in the Group income statement. Non-cash items included within operating profit from reportable segments
Year ended 31 December 2022 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Depreciation and amortisation a |  |  |  |  |  |  | 23 |  |  |  | 13 |  |  |  | 4 |  |  |  | 28 |  |  |  | 68 |
Equity-settled share-based payments cost |  |  |  |  |  |  | 8 |  |  |  | 4 |  |  |  | 2 |  |  |  | 14 |  |  |  | 28 |
Share of profit of associates (excluding exceptional items) |  |  |  |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | )
Year ended 31 December 2021 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Depreciation and amortisation a |  |  |  |  |  |  | 30 |  |  |  | 18 |  |  |  | 6 |  |  |  | 44 |  |  |  | 98 |
Equity-settled share-based payments cost |  |  |  |  |  |  | 8 |  |  |  | 4 |  |  |  | 3 |  |  |  | 11 |  |  |  | 26 |
Share of losses of associates |  |  |  |  |  |  | 7 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 8 |
Year ended 31 December 2020 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Depreciation and amortisation a |  |  |  |  |  |  | 41 |  |  |  | 21 |  |  |  | 6 |  |  |  | 42 |  |  |  | 110 |
Equity-settled share-based payments cost |  |  |  |  |  |  | 7 |  |  |  | 3 |  |  |  | 2 |  |  |  | 7 |  |  |  | 19 |
Share of losses of associates and joint ventures |  |  |  |  |  |  | 14 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 14 |
a | Includes $15m (2021: $20m, 2020: $29m) relating to cost of sales in owned, leased and managed lease hotels, and $53m (2021: $78m, 2020: $81m) relating to other assets. A further $86m (2021: $94m, 2020: $62m) was recorded within System Fund expenses.
Capital expenditure
Year ended 31 December 2022 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Capital expenditure per management reporting |  |  |  |  |  |  | 71 |  |  |  | 21 |  |  |  | 2 |  |  |  | 67 |  |  |  | 161 |
Contract acquisition costs, net of repayments |  |  |  |  |  |  | (47 | ) |  |  | (16 | ) |  |  | (1 | ) |  |  | – |  |  |  | (64 | )
Lease incentives received |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |  |  |  | 6 |
Timing differences and other adjustments |  |  |  |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | 2 |  |  |  | 1 |
Additions per the Group Financial Statements |  |  |  |  |  |  | 24 |  |  |  | 5 |  |  |  | – |  |  |  | 75 |  |  |  | 104 |
Comprising additions to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and other intangible assets |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 46 |  |  |  | 46 |
Property, plant and equipment |  |  |  |  |  |  | 23 |  |  |  | 5 |  |  |  | – |  |  |  | 29 |  |  |  | 57 |
Investment in associates |  |  |  |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |
|  |  |  |  |  |  | 24 |  |  |  | 5 |  |  |  | – |  |  |  | 75 |  |  |  | 104 |
Year ended 31 December 2021 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Capital expenditure per management reporting |  |  |  |  |  |  | 35 |  |  |  | 25 |  |  |  | 1 |  |  |  | 39 |  |  |  | 100 |
Contract acquisition costs, net of repayments |  |  |  |  |  |  | (32 | ) |  |  | (10 | ) |  |  | (1 | ) |  |  | – |  |  |  | (43 | )
Timing differences and other adjustments |  |  |  |  |  |  | 3 |  |  |  | (5 | ) |  |  | – |  |  |  | 4 |  |  |  | 2 |
Additions per the Group Financial Statements |  |  |  |  |  |  | 6 |  |  |  | 10 |  |  |  | – |  |  |  | 43 |  |  |  | 59 |
Comprising additions to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and other intangible assets |  |  |  |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 32 |  |  |  | 33 |
Property, plant and equipment |  |  |  |  |  |  | 1 |  |  |  | 5 |  |  |  | – |  |  |  | 11 |  |  |  | 17 |
Investment in associates |  |  |  |  |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4 |
Other financial assets |  |  |  |  |  |  | – |  |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | 5 |
|  |  |  |  |  |  | 6 |  |  |  | 10 |  |  |  | – |  |  |  | 43 |  |  |  | 59 |
2. Segmental information continued Geographical information
Year ended 31 December |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |  |  |  |  |  | 2020 $m |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 243 |  |  |  |  |  |  |  | 142 |  |  |  |  |  |  |  | 77 |
United States |  |  |  |  |  |  | 1,659 |  |  |  |  |  |  |  | 1,263 |  |  |  |  |  |  |  | 1,067 |
Rest of World |  |  |  |  |  |  | 773 |  |  |  |  |  |  |  | 574 |  |  |  |  |  |  |  | 485 |
|  |  |  |  |  |  | 2,675 |  |  |  |  |  |  |  | 1,979 |  |  |  |  |  |  |  | 1,629 |
System Fund revenues (note 32) |  |  |  |  |  |  | 1,217 |  |  |  |  |  |  |  | 928 |  |  |  |  |  |  |  | 765 |
|  |  |  |  |  |  | 3,892 |  |  |  |  |  |  |  | 2,907 |  |  |  |  |  |  |  | 2,394 |
For the purposes of the above table, fee business, owned, leased and managed lease and reimbursable revenues are determined according to the location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating to an individual country is separately disclosed when it represents 10% or more of total revenue. System Fund revenues are not included in the geographical analysis as the Group does not monitor the Fund’s revenue by location of the hotel, or in the case of the loyalty programme, according to the location where members consume their rewards.
31 December |  |  |  |  | 2022 $m |  |  |  |  |  | 2021 $m |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 102 |  |  |  |  |  |  |  | 64 |
United States |  |  |  |  |  |  | 1,308 |  |  |  |  |  |  |  | 1,346 |
Rest of World |  |  |  |  |  |  | 621 |  |  |  |  |  |  |  | 661 |
|  |  |  |  |  |  | 2,031 |  |  |  |  |  |  |  | 2,071 |
For the purposes of the above table, non-current assets comprise goodwill and other intangible assets, property, plant and equipment, right-of-use assets, investments in associates, non-current other receivables, non-current contract costs and non-current contract assets. In addition to the United Kingdom, non-current assets relating to an individual country are separately disclosed when they represent 10% or more of total non-current assets, as defined above.

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