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Revenue | 12 Months Ended
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Dec. 31, 2023
Text Block [Abstract] |
Revenue | 3. Revenue Disaggregation of revenue
Year ended 31 December 2023 |  |  |  |  | Americas $m |  |  |  |  |  |  |  | EMEAA $m |  |  |  |  |  |  |  | Greater China $m |  |  |  | Central $m |  |  |  | Group $m |
Franchise and base management fees |  |  |  |  | 936 |  |  |  |  |  |  |  | 253 |  |  |  |  |  |  |  | 115 |  |  |  | – |  |  |  | 1,304 |
Incentive management fees |  |  |  |  | 21 |  |  |  |  |  |  |  | 101 |  |  |  |  |  |  |  | 46 |  |  |  | – |  |  |  | 168 |
Central revenue |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 200 |  |  |  | 200 |
Revenue from fee business |  |  |  |  | 957 |  |  |  |  |  |  |  | 354 |  |  |  |  |  |  |  | 161 |  |  |  | 200 |  |  |  | 1,672 |
Revenue from owned, leased and managed lease hotels |  |  |  |  | 148 |  |  |  |  |  |  |  | 323 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | 471 |
Revenue from insurance activities |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 21 |  |  |  | 21 |
|  |  |  |  | 1,105 |  |  |  |  |  |  |  | 677 |  |  |  |  |  |  |  | 161 |  |  |  | 221 |  |  |  | 2,164 |
System Fund revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,564 |
Reimbursable revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 896 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,624 |
Year ended 31 December 2022 |  |  |  |  | Americas $m |  |  |  |  |  |  |  | EMEAA $m |  |  |  |  |  |  |  | Greater China $m |  |  |  | Central Re-presented $m | a |  |  | Group Re-presented $m | a
Franchise and base management fees |  |  |  |  | 861 |  |  |  |  |  |  |  | 215 |  |  |  |  |  |  |  | 71 |  |  |  | – |  |  |  | 1,147 |
Incentive management fees |  |  |  |  | 18 |  |  |  |  |  |  |  | 69 |  |  |  |  |  |  |  | 16 |  |  |  | – |  |  |  | 103 |
Central revenue |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 184 |  |  |  | 184 |
Revenue from fee business |  |  |  |  | 879 |  |  |  |  |  |  |  | 284 |  |  |  |  |  |  |  | 87 |  |  |  | 184 |  |  |  | 1,434 |
Revenue from owned, leased and managed lease hotels |  |  |  |  | 126 |  |  |  |  |  |  |  | 268 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | 394 |
Revenue from insurance activities |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 15 |  |  |  | 15 |
|  |  |  |  | 1,005 |  |  |  |  |  |  |  | 552 |  |  |  |  |  |  |  | 87 |  |  |  | 199 |  |  |  | 1,843 |
System Fund revenues (note 32 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,217 |
Reimbursable revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 832 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,892 |
a | Re-presented for the adoption of IFRS 17 ‘Insurance Contracts’ (see New accounting standards and other presentational changes).
Year ended 31 December 2021 |  |  |  |  | Americas $m |  |  |  |  |  |  |  | EMEAA $m |  |  |  |  |  |  |  | Greater China $m |  |  |  | Central Re-presented $m | a |  | Group Re-presented a $m
Franchise and base management fees |  |  |  |  | 683 |  |  |  |  |  |  |  | 120 |  |  |  |  |  |  |  | 91 |  |  |  | – |  |  | 894
Incentive management fees |  |  |  |  | 8 |  |  |  |  |  |  |  | 29 |  |  |  |  |  |  |  | 25 |  |  |  | – |  |  | 62
Central revenue |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 188 |  |  | 188
Revenue from fee business |  |  |  |  | 691 |  |  |  |  |  |  |  | 149 |  |  |  |  |  |  |  | 116 |  |  |  | 188 |  |  | 1,144
Revenue from owned, leased and managed lease hotels |  |  |  |  | 83 |  |  |  |  |  |  |  | 154 |  |  |  |  |  |  |  | – |  |  |  | – |  |  | 237
Revenue from insurance activities |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | 9 |  |  | 9
|  |  |  |  | 774 |  |  |  |  |  |  |  | 303 |  |  |  |  |  |  |  | 116 |  |  |  | 197 |  |  | 1,390
System Fund revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 928
Reimbursable revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 589
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,907
a | Re-presented for the adoption of IFRS 17 ‘Insurance Contracts’ (see New accounting standards and other presentational changes).
Contract balances
|  |  |  | 2023 $m |  |  |  | 2022 $m
Trade receivables (note 17) |  |  |  | 580 |  |  |  | 493
Contract assets |  |  |  | 459 |  |  |  | 367
Deferred revenue |  |  |  | (1,848) |  |  |  | (1,724)
Contract assets
|  |  |  | 2023 $m |  |  |  | 2022 $m
At 1 January |  |  |  | 367 |  |  |  | 346
Additions |  |  |  | 129 |  |  |  | 70
Recognised as a deduction to revenue |  |  |  | (37) |  |  |  | (32)
Impairment charges (note 6) |  |  |  | – |  |  |  | (5)
Impairment reversals (note 6) |  |  |  | – |  |  |  | 3
Repayments |  |  |  | (7) |  |  |  | (3)
Exchange and other adjustments |  |  |  | 7 |  |  |  | (12)
At 31 December |  |  |  | 459 |  |  |  | 367
Analysed as: |  |  |  |  |  |  |  |
Current |  |  |  | 35 |  |  |  | 31
Non-current |  |  |  | 424 |  |  |  | 336
|  |  |  | 459 |  |  |  | 367
The Group also has future commitments for key money payments which are contingent upon future events and may reverse. At 31 December 2023, the maximum exposure remaining under performance guarantees was $80m (2022: $75m). Deferred revenue
|  |  |  | Loyalty programme $m |  |  | Other co-brand fees $m |  |  | Application & re-licensing fees $m |  |  | Other $m |  |  | Total $m
At 1 January 2022 |  |  |  |  | 1,292 |  |  |  | 44 |  |  |  | 163 |  |  |  | 114 |  |  | 1,613
Increase in deferred revenue |  |  |  |  | 532 |  |  |  | – |  |  |  | 27 |  |  |  | 44 |  |  | 603
Recognised as revenue |  |  |  |  | (413 | ) |  |  | (11 | ) |  |  | (23 | ) |  |  | (44 | ) |  | (491)
Exchange and other adjustments |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | ) |  | (1)
At 31 December 2022 |  |  |  |  | 1,411 |  |  |  | 33 |  |  |  | 167 |  |  |  | 113 |  |  | 1,724
Increase in deferred revenue |  |  |  |  | 672 |  |  |  | – |  |  |  | 27 |  |  |  | 63 |  |  | 762
Recognised as revenue |  |  |  |  | (554 | ) |  |  | (11 | ) |  |  | (23 | ) |  |  | (48 | ) |  | (636)
Exchange and other adjustments |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  | (2)
At 31 December 2023 |  |  |  |  | 1,529 |  |  |  | 22 |  |  |  | 171 |  |  |  | 126 |  |  | 1,848
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 649 |  |  |  | 11 |  |  |  | 22 |  |  |  | 70 |  |  | 752
Non-current |  |  |  |  | 880 |  |  |  | 11 |  |  |  | 149 |  |  |  | 56 |  |  | 1,096
|  |  |  |  | 1,529 |  |  |  | 22 |  |  |  | 171 |  |  |  | 126 |  |  | 1,848
At 31 December 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 584 |  |  |  | 11 |  |  |  | 23 |  |  |  | 63 |  |  | 681
Non-current |  |  |  |  | 827 |  |  |  | 22 |  |  |  | 144 |  |  |  | 50 |  |  | 1,043
|  |  |  |  | 1,411 |  |  |  | 33 |  |  |  | 167 |  |  |  | 113 |  |  | 1,724
This table does not include amounts which were received and recognised as revenue in the same year. Amounts recognised as revenue were included in deferred revenue at the beginning of the year. Loyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the Group income statement. Other deferred revenue includes technical service fees and guest deposits received by owned, leased and managed lease hotels. Transaction price allocated to remaining performance obligations The expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were unsatisfied at the year end are as follows:
|  |  |  | 2023 |  |  |  |  | 2022
|  |  |  | Loyalty and co-brand $m |  |  | Other $m |  |  | Total $m |  |  |  |  | Loyalty and co-brand $m |  |  | Other $m |  |  | Total $m
Less than one year |  |  |  |  | 660 |  |  |  | 92 |  |  |  | 752 |  |  |  |  |  | 595 |  |  |  | 86 |  |  | 681
Between one and two years |  |  |  |  | 346 |  |  |  | 43 |  |  |  | 389 |  |  |  |  |  | 339 |  |  |  | 46 |  |  | 385
Between two and three years |  |  |  |  | 195 |  |  |  | 32 |  |  |  | 227 |  |  |  |  |  | 199 |  |  |  | 32 |  |  | 231
Between three and four years |  |  |  |  | 118 |  |  |  | 24 |  |  |  | 142 |  |  |  |  |  | 114 |  |  |  | 27 |  |  | 141
Between four and five years |  |  |  |  | 73 |  |  |  | 20 |  |  |  | 93 |  |  |  |  |  | 70 |  |  |  | 22 |  |  | 92
More than five years |  |  |  |  | 159 |  |  |  | 86 |  |  |  | 245 |  |  |  |  |  | 127 |  |  |  | 67 |  |  | 194
|  |  |  |  | 1,551 |  |  |  | 297 |  |  |  | 1,848 |  |  |  |  |  | 1,444 |  |  |  | 280 |  |  | 1,724
Contract costs
|  |  |  |  | 2023 $m |  |  |  |  | 2022 $m
At 1 January |  |  |  |  |  | 80 |  |  |  |  |  | 77
Costs incurred |  |  |  |  |  | 15 |  |  |  |  |  | 13
Charged to income statement |  |  |  |  |  | (8) |  |  |  |  |  | (8)
Exchange and other adjustments |  |  |  |  |  | – |  |  |  |  |  | (2)
At 31 December |  |  |  |  |  | 87 |  |  |  |  |  | 80
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  | 5 |  |  |  |  |  | 5
Non-current |  |  |  |  |  | 82 |  |  |  |  |  | 75
|  |  |  |  |  | 87 |  |  |  |  |  | 80

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