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Segmental information (Tables) | 12 Months Ended
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Dec. 31, 2023
Text Block [Abstract] |
Summary of Information by Reportable Segment | Revenue
Year ended 31 December |  |  |  | 2023 $m |  |  |  | 2022 Re-presented a $m |  |  |  | 2021 Re-presented a $m
Americas |  |  |  | 1,105 |  |  |  | 1,005 |  |  |  | 774
EMEAA |  |  |  | 677 |  |  |  | 552 |  |  |  | 303
Greater China |  |  |  | 161 |  |  |  | 87 |  |  |  | 116
Central |  |  |  | 221 |  |  |  | 199 |  |  |  | 197
Revenue from reportable segments |  |  |  | 2,164 |  |  |  | 1,843 |  |  |  | 1,390
System Fund and reimbursable revenues |  |  |  | 2,460 |  |  |  | 2,049 |  |  |  | 1,517
Total revenue |  |  |  | 4,624 |  |  |  | 3,892 |  |  |  | 2,907
a | Re-presented to combine System Fund and reimbursable revenues (see New accounting standards and other presentational changes).
Profit
Year ended 31 December |  |  |  | 2023 $m |  |  |  | 2022 $m |  |  |  | 2021 $m
Americas |  |  |  | 815 |  |  |  | 761 |  |  |  | 559
EMEAA |  |  |  | 215 |  |  |  | 152 |  |  |  | 5
Greater China |  |  |  | 96 |  |  |  | 23 |  |  |  | 58
Central |  |  |  | (107) |  |  |  | (108) |  |  |  | (88)
Operating profit from reportable segments |  |  |  | 1,019 |  |  |  | 828 |  |  |  | 534
System Fund and reimbursable result |  |  |  | 19 |  |  |  | (105) |  |  |  | (11)
Operating exceptional items (note 6) |  |  |  | 28 |  |  |  | (95) |  |  |  | (29)
Operating profit |  |  |  | 1,066 |  |  |  | 628 |  |  |  | 494
Net financial expenses |  |  |  | (52) |  |  |  | (96) |  |  |  | (139)
Fair value (losses)/gains on contingent purchase consideration |  |  |  | (4) |  |  |  | 8 |  |  |  | 6
Profit before tax |  |  |  | 1,010 |  |  |  | 540 |  |  |  | 361
Tax |  |  |  | (260) |  |  |  | (164) |  |  |  | (96)
Profit for the year |  |  |  | 750 |  |  |  | 376 |  |  |  | 265
In 2022, operating profit from reportable segments included $6m relating to business insurance claims principally in the Americas region and $16m government support income relating to the EMEAA region. The net impact of government support income on operating profit from reportable segments was $6m after deducting additional variable rent of $10m which became payable as a direct result of the support received. Non-cash items included within operating profit from reportable segments
Year ended 31 December 2023 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m
Depreciation and amortisation a |  |  |  |  |  |  | 24 |  |  |  | 12 |  |  |  | 4 |  |  |  | 27 |  |  | 67
Contract assets deduction in revenue |  |  |  |  |  |  | 21 |  |  |  | 15 |  |  |  | 1 |  |  |  | – |  |  | 37
Equity-settled share-based payments cost |  |  |  |  |  |  | 9 |  |  |  | 4 |  |  |  | 2 |  |  |  | 16 |  |  | 31
Share of profit of associates and joint ventures (excluding exceptional items) |  |  |  |  |  |  | (5 | ) |  |  | (8 | ) |  |  | – |  |  |  | – |  |  | (13)
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
Contract assets deduction in revenue |  |  |  |  |  |  | 18 |  |  |  | 13 |  |  |  | 1 |  |  |  | – |  |  | 32
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
Contract assets deduction in revenue |  |  |  |  |  |  | 17 |  |  |  | 17 |  |  |  | 1 |  |  |  | – |  |  | 35
Equity-settled share-based payments cost |  |  |  |  |  |  | 8 |  |  |  | 4 |  |  |  | 3 |  |  |  | 11 |  |  | 26
Share of losses of associates |  |  |  |  |  |  | 7 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  | 8
a | Includes $17m (2022: $15m, 2021: $20m) relating to cost of sales in owned, leased and managed lease hotels and $50m (2022: $53m, 2021: $78m) relating to other assets. A further $83m (2022: $86m, 2021: $94m) was recorded within System Fund and reimbursable expenses.
Capital expenditure
Year ended 31 December 2023 |  |  |  |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m
Capital expenditure per management reporting |  |  |  |  |  |  | 128 |  |  |  | 35 |  |  |  | 3 |  |  |  | 87 |  |  | 253
Contract acquisition costs |  |  |  |  |  |  | (74 | ) |  |  | (31 | ) |  |  | (3 | ) |  |  | – |  |  | (108)
Timing differences and other adjustments |  |  |  |  |  |  | 1 |  |  |  | (2 | ) |  |  | – |  |  |  | (7 | ) |  | (8)
Additions per the Group Financial Statements |  |  |  |  |  |  | 55 |  |  |  | 2 |  |  |  | – |  |  |  | 80 |  |  | 137
Comprising additions to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and other intangible assets |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 53 |  |  | 53
Property, plant and equipment |  |  |  |  |  |  | 4 |  |  |  | 2 |  |  |  | – |  |  |  | 15 |  |  | 21
Investment in associates |  |  |  |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  | 3
Other financial assets |  |  |  |  |  |  | 48 |  |  |  | – |  |  |  | – |  |  |  | 12 |  |  | 60
|  |  |  |  |  |  | 55 |  |  |  | 2 |  |  |  | – |  |  |  | 80 |  |  | 137
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 |  |  |  |  |  |  | (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
Summary of Geographical Information | Geographical information
Year ended 31 December |  |  |  | 2023 $m |  |  |  |  | 2022 $m |  |  |  |  | 2021 $m |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  | 263 |  |  |  |  |  | 243 |  |  |  |  |  | 142 |
United States |  |  |  |  | 1,777 |  |  |  |  |  | 1,659 |  |  |  |  |  | 1,263 |
Rest of World |  |  |  |  | 1,020 |  |  |  |  |  | 773 |  |  |  |  |  | 574 |
|  |  |  |  | 3,060 |  |  |  |  |  | 2,675 |  |  |  |  |  | 1,979 |
System Fund revenues (note 32) |  |  |  |  | 1,564 |  |  |  |  |  | 1,217 |  |  |  |  |  | 928 |
|  |  |  |  | 4,624 |  |  |  |  |  | 3,892 |  |  |  |  |  | 2,907 |
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 |  |  |  | 2023 $m |  |  |  |  | 2022 $m |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  | 100 |  |  |  |  |  | 102 |
United States |  |  |  |  | 1,332 |  |  |  |  |  | 1,308 |
Rest of World |  |  |  |  | 660 |  |  |  |  |  | 621 |
|  |  |  |  | 2,092 |  |  |  |  |  | 2,031 |

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