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Condensed parent company financial information | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed parent company financial information | Schedule 1: Condensed Parent Company financial information As described in note 15 to the Consolidated Financial Statements, certain of the Group’s financial assets, which are held in subsidiaries of InterContinental Hotels Group PLC, are subject to restrictions. Since the Group as a whole has net liabilities, the restricted net assets of InterContinental Hotels Group PLC’s consolidated subsidiaries as of 31 December therefore exceeded 25% of consolidated net assets. This Schedule I has therefore been provided pursuant to the requirements of Securities and Exchange Commission (“SEC”) Regulation S-X Rule 12-04(a), which require condensed financial information of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented, revised to include 2023 and 2022 comparatives. The Condensed Parent Company financial information should be read in conjunction with the Consolidated Financial Statements. The condensed financial information has been prepared using the same material accounting policies as set out in the Consolidated Financial Statements. Additionally, investments in subsidiaries are included at cost less any provision for impairment in value. Where the Company grants awards over its own shares to the employees of its subsidiaries, it recognises an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge. Any consideration received from subsidiaries in relation to those awards does not represent an increase in the cost of investment. Amounts due from Group undertakings are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method less provision for expected credit losses. In the condensed statement of cash flows, dividends received are presented within investing activities. The condensed financial information is presented in millions of US dollars. Dividends paid by the parent company are analysed in note 9 to the Consolidated Financial Statements. As at 31 December 2024, there are no mandatory dividend or redemption requirements for redeemable stocks to disclose. Condensed statement of profit/(loss) and other comprehensive income of the Parent Company
For the year ended 31 December 2024 |  |  |  | 2024 $m |  |  |  |  | 2023 $m |  |  | 2022 $m |
Administrative expenses |  |  |  |  | (2 | ) |  |  |  |  | (2 | ) |  |  | (2 | )
Operating loss |  |  |  |  | (2 | ) |  |  |  |  | (2 | ) |  |  | (2 | )
Dividend income from subsidiary undertaking |  |  |  |  | 762 |  |  |  |  |  | 1,877 |  |  |  | 858 |
Financial income |  |  |  |  | 30 |  |  |  |  |  | 30 |  |  |  | 4 |
Financial expenses |  |  |  |  | (81 | ) |  |  |  |  | (77 | ) |  |  | (85 | )
Profit before tax |  |  |  |  | 709 |  |  |  |  |  | 1,828 |  |  |  | 775 |
Tax |  |  |  |  | 16 |  |  |  |  |  | 16 |  |  |  | 21 |
Profit for the year |  |  |  |  | 725 |  |  |  |  |  | 1,844 |  |  |  | 796 |
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items that may be subsequently reclassified to profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Losses)/gains on cash flow hedges, including related tax charge of $2m (2023: $1m charge; 2022: $2m credit) |  |  |  |  | (51 | ) |  |  |  |  | (36 | ) |  |  | 36 |
Costs of hedging |  |  |  |  | 1 |  |  |  |  |  | 2 |  |  |  | 3 |
Hedging losses/(gains) reclassified to financial expenses |  |  |  |  | 57 |  |  |  |  |  | 35 |  |  |  | (43 | )
Exchange (losses)/gains on translation |  |  |  |  | (38 | ) |  |  |  |  | 119 |  |  |  | (110 | )
Total other comprehensive (loss)/income for the year |  |  |  |  | (31 | ) |  |  |  |  | 120 |  |  |  | (114 | )
Total comprehensive income for the year |  |  |  |  | 694 |  |  |  |  |  | 1,964 |  |  |  | 682 |
Total comprehensive income for the year is entirely attributable to the equity holders of the Parent Company.
Condensed statement of financial position of the Parent Company
31 December 2024 |  |  |  | 2024 $m |  |  |  |  | 2023 $m |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Investments in subsidiary undertakings |  |  |  |  | 4,077 |  |  |  |  |  | 4,113 |
Derivative financial instruments |  |  |  |  | – |  |  |  |  |  | 1 |
Deferred tax assets |  |  |  |  | 53 |  |  |  |  |  | 55 |
Total non-current assets |  |  |  |  | 4,130 |  |  |  |  |  | 4,169 |
Amounts due from related parties |  |  |  |  | 193 |  |  |  |  |  | 1,107 |
Other receivables |  |  |  |  | 16 |  |  |  |  |  | 9 |
Total current assets |  |  |  |  | 209 |  |  |  |  |  | 1,116 |
Total assets |  |  |  |  | 4,339 |  |  |  |  |  | 5,285 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Loans and other borrowings |  |  |  |  | (381 | ) |  |  |  |  | (555 | )
Amounts due to related parties |  |  |  |  | (1 | ) |  |  |  |  | – |
Derivative financial instruments |  |  |  |  | – |  |  |  |  |  | (26 | )
Total current liabilities |  |  |  |  | (382 | ) |  |  |  |  | (581 | )
Loans and other borrowings |  |  |  |  | (1,469 | ) |  |  |  |  | (1,904 | )
Non-current payables |  |  |  |  | (2 | ) |  |  |  |  | – |
Derivative financial instruments |  |  |  |  | (14 | ) |  |  |  |  | – |
Total non-current liabilities |  |  |  |  | (1,485 | ) |  |  |  |  | (1,904 | )
Total liabilities |  |  |  |  | (1,867 | ) |  |  |  |  | (2,485 | )
Net assets |  |  |  |  | 2,472 |  |  |  |  |  | 2,800 |
EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Called up share capital |  |  |  |  | 43 |  |  |  |  |  | 46 |
Share premium account |  |  |  |  | 94 |  |  |  |  |  | 95 |
Currency translation reserve |  |  |  |  | (250 | ) |  |  |  |  | (212 | )
Other reserves |  |  |  |  | 759 |  |  |  |  |  | 707 |
Retained earnings |  |  |  |  | 1,826 |  |  |  |  |  | 2,164 |
Total equity |  |  |  |  | 2,472 |  |  |  |  |  | 2,800 |
Condensed statement of cash flows of the Parent Company
For the year ended 31 December 2024 |  |  |  | 2024 $m |  |  |  |  | 2023 $m |  |  |  |  |  | 2022 $m |
Profit for the year |  |  |  |  | 725 |  |  |  |  |  | 1,844 |  |  |  |  |  |  |  | 796 |
Adjustments for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative expenses funded by subsidiaries |  |  |  |  | 2 |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 2 |
Net financial expenses |  |  |  |  | 51 |  |  |  |  |  | 47 |  |  |  |  |  |  |  | 81 |
Dividend income from subsidiary undertaking |  |  |  |  | (762 | ) |  |  |  |  | (1,877 | ) |  |  |  |  |  |  | (858 | )
Income tax credit |  |  |  |  | (16 | ) |  |  |  |  | (16 | ) |  |  |  |  |  |  | (21 | )
Total adjustments |  |  |  |  | (725 | ) |  |  |  |  | (1,844 | ) |  |  |  |  |  |  | (796 | )
Changes in amounts due from related parties: operating activities |  |  |  |  | 7 |  |  |  |  |  | 9 |  |  |  |  |  |  |  | 10 |
Cash flow from operations |  |  |  |  | 7 |  |  |  |  |  | 9 |  |  |  |  |  |  |  | 10 |
Interest received |  |  |  |  | 30 |  |  |  |  |  | 29 |  |  |  |  |  |  |  | 4 |
Interest paid |  |  |  |  | (84 | ) |  |  |  |  | (74 | ) |  |  |  |  |  |  | (80 | )
Net cash from operating activities |  |  |  |  | (47 | ) |  |  |  |  | (36 | ) |  |  |  |  |  |  | (66 | )
Cash flow from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividend received from subsidiary undertaking |  |  |  |  | 762 |  |  |  |  |  | 1,877 |  |  |  |  |  |  |  | 858 |
Changes in amounts due from related parties: investing activities |  |  |  |  | 930 |  |  |  |  |  | (824 | ) |  |  |  |  |  |  | 132 |
Net cash from investing activities |  |  |  |  | 1,692 |  |  |  |  |  | 1,053 |  |  |  |  |  |  |  | 990 |
Cash flow from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of shares, including taxes and transaction costs |  |  |  |  | (804 | ) |  |  |  |  | (790 | ) |  |  |  |  |  |  | (482 | )
Dividends paid to shareholders |  |  |  |  | (259 | ) |  |  |  |  | (245 | ) |  |  |  |  |  |  | (233 | )
Repayment of long-term bonds |  |  |  |  | (547 | ) |  |  |  |  | – |  |  |  |  |  |  |  | (209 | )
Settlement of currency swaps |  |  |  |  | (45 | ) |  |  |  |  | – |  |  |  |  |  |  |  | – |
Changes in amounts due from related parties: financing activities |  |  |  |  | 10 |  |  |  |  |  | 18 |  |  |  |  |  |  |  | – |
Net cash from financing activities |  |  |  |  | (1,645 | ) |  |  |  |  | (1,017 | ) |  |  |  |  |  |  | (924 | )
Net movement in cash and cash equivalents in the year |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  |  |  | – |
Cash and cash equivalents at beginning of the year |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  |  |  | – |
Exchange rate effects |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  |  |  | – |
Cash and cash equivalents at end of the year |  |  |  |  | – |  |  |  |  |  | – |  |  |  |  |  |  |  | – |
Contingencies of the Parent Company The following UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 December 2024:
Company name |  |  |  | Company number |
Asia Pacific Holdings Limited |  |  |  |  | 03941780 |
Hotel InterContinental London (Holdings) Limited |  |  |  |  | 06451128 |
IHC May Fair Hotel Limited |  |  |  |  | 02323039 |
IHC Overseas (U.K.) Limited |  |  |  |  | 02322038 |
IHG PS Nominees Limited |  |  |  |  | 07092523 |
InterContinental (PB) 1 |  |  |  |  | 06724223 |
InterContinental (PB) 3 Limited |  |  |  |  | 06947603 |
SC Leisure Group Limited |  |  |  |  | 00658907 |
Six Continents Holdings Limited |  |  |  |  | 03211009 |
Six Continents Hotels International Limited |  |  |  |  | 00722401 |
Six Continents Investments Limited |  |  |  |  | 00694156 |
Six Continents Overseas Holdings Limited |  |  |  |  | 02661055 |
The Company will guarantee all outstanding liabilities of the above UK subsidiary undertakings as at the balance sheet date in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss under the guarantees as remote. As at 31 December 2024, 2023 and 2022 the Company had provided guarantees in respect of certain borrowings of subsidiaries, the carrying values of which are as follows:
Description |  | Maturity date |  |  |  |  | 2024 $m |  |  |  |  | 2023 $m |  |  |  |  | 2022 $m |
€ 600m 4.375% bonds 2029 |  |  | 28 November 2029 |  |  |  |  |  | 623 |  |  |  |  |  | 663 |  |  |  |  |  | – |
€ 750m 3.625% bonds 2031 |  |  | 27 September 2031 |  |  |  |  |  | 784 |  |  |  |  |  | – |  |  |  |  |  | – |
|  |  |  |  |  |  |  |  | 1,407 |  |  |  |  |  | 663 |  |  |  |  |  | – |
Maturity profile of borrowings of the Parent Company The public bonds issued by the parent company are all due within five years. The principal values to be repaid on maturity are shown below:
Description |  | Maturity date |  |  |  | 2025 $m |  |  | 2026 $m |  |  | 2027 $m |  |  | 2028 $m |
£300m 3.75% bonds 2025 |  | 14 August 2025 |  |  |  |  | 376 |  |  |  | – |  |  |  | – |  |  |  | – |
£350m 2.125% bonds 2026 |  | 24 August 2026 |  |  |  |  | – |  |  |  | 439 |  |  |  | – |  |  |  | – |
€ 500m 2.125% bonds 2027 |  | 15 May 2027 |  |  |  |  | – |  |  |  | – |  |  |  | 521 |  |  |  | – |
£400m 3.375% bonds 2028 |  | 8 October 2028 |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 502 |
|  |  |  |  |  |  | 376 |  |  |  | 439 |  |  |  | 521 |  |  |  | 502 |

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