ihg201211166kbatch.htm
 
 
SECURITIES AND EXCHANGE COMMISSION
 
 
Washington DC 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
 
 
For  16  November 2012
 
InterContinental Hotels Group PLC

(Registrant's name)
 
 
Broadwater Park, Denham, Buckinghamshire, UB9 5HJ, United Kingdom
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
 
Form 20-F           Form 40-F
 
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
 
Yes           No
 
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable
 
 

 
 
EXHIBIT INDEX

 


99.1  3rd Quater Results dated 06 November 2012
99.2
Transaction in Own Shares dated 07 November 2012
99.3
Transaction in Own Shares dated 08 November 2012
99.4
Transaction in Own Shares dated 09 November 2012
99.5
Transaction in Own Shares dated 12 November 2012
99.6
Transaction in Own Shares dated 13 November 2012
99.7
Transaction in Own Shares dated 14 November 2012
99.8
Transaction in Own Shares dated 15 November 2012
 
 
Exhibit 99.1
 
 
InterContinental Hotels Group PLC
 
Third Quarter Results to 30 September 2012
 
Solid third quarter performance
 
 
Financial summary1
2012
2011
  
% Change YoY
Actual
CER2
CER & ex. LDs3
Revenue
$473m
$467m
1%
3%
4%
Operating profit
$167m
$153m
9%
9%
14%
Total adjusted EPS
40.6¢
36.2¢
12%
    
Total basic EPS4
59.8¢
61.4¢
(3)%
    
Net debt
$472m
$644m
      
 
 
Richard Solomons, Chief Executive of InterContinental Hotels Group PLC, said:
"We have delivered a solid set of results in the quarter with RevPAR growth across all regions and outperformance in key markets such as the US and Greater China.  Our preferred brands have driven good underlying revenue growth despite a number of industry wide issues such as the timing of holidays, slowing economic growth in certain markets and the political leadership change in China.
 
We continue to build a strong foundation for future growth, with a good pace of signings and openings, and we are on track to meet our full year net system growth guidance.  Our new brands are gaining traction, with the first signing for EVEN Hotels in New York City in October and 12 signings for HUALUXE Hotels & Resorts year to date.
 
The global economic environment remains challenging. However, our forward bookings remain encouraging and we are confident that IHG is well positioned to continue to outperform based on the considerable strengths of the business and our focused strategy for high quality growth."
 
 
Driving Market Share
•
Third quarter global RevPAR growth of 3.9%, with 5.6% global RevPAR growth year to date.
 
-
Americas third quarter RevPAR up 4.6% (US 4.6%); Europe 2.0%; AMEA 2.9%; Greater China 4.0%.
 
-
Average daily rate growth of 3.4% in the third quarter, the 9th successive quarter of growth.
•
Total system size of 672,252 rooms (4,573 hotels), up 2.1% year to date (0.9% year on year).
 
-
8,603 rooms (56 hotels) added and 3,224 rooms (25 hotels) removed in the quarter, with signings of 13,304 (85 hotels). Signings and openings broadly in line with last year after excluding 4,796 rooms on US Army bases (included in both figures for Q3 2011).
 
-
Our new brands are gaining traction with the first EVEN Hotel signed in October in Manhattan under a management contract. There are 12 HUALUXE Hotels & Resorts in the pipeline, with 8 signed in the quarter.
 
-
Pipeline of 165,945 rooms (1,042 hotels), c.40% under construction. 13% active global pipeline share.
 
-
Greater China system size and pipeline up 11% and 7% respectively year on year.  Market leading position with 60,115 rooms (181 hotels) open and 51,454 rooms (160 hotels) in the pipeline (31% of group pipeline).
Uses of Cash
•
Return of funds to shareholders
 
-
$500m was returned to shareholders on 22 October 2012 via special dividend with share consolidation. As previously announced, the $500m share buyback programme will commence in Q4 2012.
•
Growth investment funded by recycling capital
 
-
Growth capital expenditure of $10m year to date (with $5m in the quarter) reflects the unpredictable timing of this type of spend, with a number of projects now expected to complete early next year.
 
-
2012 full year growth capital expenditure expectations revised to c.$25m, plus c.$125m maintenance capital expenditure ($69m year to date).
 
-
2013 growth capital expenditure still anticipated to be $100m - $200m, plus c.$150m maintenance capex.
 
-
Discussions regarding the disposal of InterContinental New York Barclay continue, but will now be opened up and we expect strong interest from a wider group of prospective buyers.
 
-
InterContinental London Park Lane is the next major asset being considered for disposal with a key milestone in the process being the opening of InterContinental London Westminster later this month.
Current trading update
•
Provisional October global RevPAR growth5 of 4.8%.
 
-
Americas 6.1%; Europe 2.3%, AMEA 3.4%; Greater China 0.3%.
¹ All figures are before exceptional items unless otherwise noted.  See appendices for financial headlines
² CER = constant exchange rates
3 Excluding $6m of significant liquidated damages receipts in 2011
4 After exceptional items
5 See appendix 7 for definition
             

 
 
Americas - Good growth in franchise royalties
RevPAR increased 4.6%, with 4.0% rate growth.  US RevPAR was up 4.6% in the third quarter, with 4.0% rate growth.  On a total basis including the benefit of new hotels, US RevPAR grew 5.7% in the third quarter, ahead of the industry up 5.1%. Softer performance in July and September reflects the shift in timing of certain holidays.
Revenue increased 2% to $226m and operating profit increased 10% to $138m.  After adjusting for owned hotel disposals in 2011 and the results from managed lease hotels6, revenue was up 6% and operating profit up 11%.  This was driven by good RevPAR growth across the region, resulting in a 7% increase in franchise royalties, and a $1m increase in fees associated with the initial franchising, relicensing and termination of hotels.
We signed 5,513 rooms (52 hotels) and opened 4,323 rooms (39 hotels) into the system in the quarter. Openings included 3 Crowne Plaza hotels, 7 hotels for our extended stay brands, Candlewood Suites and Staybridge Suites, and 3 Hotel Indigo hotels. Signings included 43 hotels for the Holiday Inn brand family, with 2 Holiday Inn Club Vacation resorts in the US, 2 Holiday Inn hotels in Colombia and the first Holiday Inn Express hotel in the Bahamas.
 
 
Europe - Strong profit growth driven by owned hotels
RevPAR increased 2.0%, with 2.4% rate growth despite continued uncertainty in macro economic conditions across Europe.  3.9% RevPAR growth in the UK reflected stronger trading during the Olympic and Paralympic games with weaker performance in the periods before and after as expected.  8.8% RevPAR growth in Germany reflects good rate growth due to the favourable trade fair calendar and 2.0% RevPAR growth in France was driven by continued strength in Paris, offset by declines in the provinces.
 
Revenue increased 2% (8% at CER) to $112m and operating profit increased 21% (31% at CER) to $35m.  At CER and after adjusting for a leased hotel disposal and excluding results from managed lease hotels6, revenue increased 6% and operating profit increased 22%. This was driven by 9.1% RevPAR growth at the owned hotels and a $2m decrease in regional overheads ($1m as reported).
 
We signed 1,171 rooms (11 hotels) in the quarter including Holiday Inn hotels for Georgia and Italy. The expansion of the Hotel Indigo brand continues with 3 hotels (246 rooms) signed across Spain, Germany and France. 924 rooms (6 hotels) were opened into the system, all for the Holiday Inn Brand Family, including 2 Holiday Inn hotels in London and 2 Holiday Inn Express hotels in the UK regions.
 
 
AMEA - Underlying profit growth
RevPAR increased 2.9%, with 1.1% rate growth.  Trading conditions remain mixed with strong trading in South East Asia offset by tougher comparatives in Japan, slowing economic growth in some markets and the continued impact from political unrest in some countries in the Middle East.
 
AMEA revenue decreased 14% (14% at CER) to $51m and operating profit decreased 20% (24% at CER) to $20m. At CER and after adjusting for a $6m liquidated damages receipt in Q3 2011 and the disposal in Q3 2011 of a hotel asset and partnership interest that contributed $1m to profits in Q3 2011, operating profit increased 6%.
 
We signed 1,373 rooms (6 hotels) in the quarter, including an InterContinental Hotel in the UAE and 2 Holiday Inn Express hotels in Indonesia. 652 rooms (2 hotels) were opened, including Bahrain's first Holiday Inn Express hotel in the capital city of Manama and Crowne Plaza Doha Airport; the first Crowne Plaza hotel to open in Qatar.  
 
 
Greater China - Strong growth in revenue and operating profit
RevPAR increased 4.0%, with 3.8% rate growth.  July and August RevPAR growth of 7% and 6% respectively was offset by a 0.9% decline in September.  This was driven by several industry wide issues including lower demand ahead of both the Mid Autumn Festival and Golden Week holiday periods and the political leadership change, the China - Japan island territorial dispute and a broader economic slowdown across the region.
 
Revenue increased 15% (15% at CER) to $54m and operating profit increased 42% (33% at CER) to $17m. This was driven by 12.0% RevPAR growth at the InterContinental Hong Kong and $3m ($2m CER) growth in managed profits reflecting good RevPAR growth combined with 9% growth in managed rooms.
 
We opened 2,704 rooms (9 hotels) in the quarter, including 3 Crowne Plaza hotels (1,089 rooms). Signings of 5,247 rooms (16 hotels) take our pipeline to 51,454 rooms (160 hotels), giving us a continued leading share of the active hotel pipeline in Greater China.
 
 
Interest, tax, cash flow and exceptional items
The interest charge for the period was $13m (Q3 2011: $15m) due to lower levels of net debt.
 
Based on the position at the end of the quarter, the tax charge has been calculated using an estimated annual tax rate of 27% (Q3 2011: 26%).  The 2012 full year tax rate is now expected to be in the mid to high 20s, moving towards the low 30s in 2013.  An exceptional tax credit of $59m relates to prior year matters settled, together with associated deferred tax amounts.
 
Net debt was $472m (including the $211m finance lease on the InterContinental Boston), down $172m on Q3 2011 and down $66m on the year end position, and does not reflect the $500m special dividend paid on 22 October 2012.
The provisional triennial actuarial valuation of the UK defined benefit plan as at 31 March 2012 indicates a deficit of £132m. In anticipation of the finalisation of the related Recovery Plan, a special contribution of £45m was paid to the plan on 23 October 2012.
6 See appendix 7 for definition 

 
Appendix 1: RevPAR Movement Summary
 
October 2012
Q3 2012
Q3 YTD
  
RevPAR*
RevPAR
Rate
Occ.
RevPAR
Rate
Occ.
  
Group
4.8%
3.9%
3.4%
0.4pts
5.6%
3.5%
1.3%
  
Americas
6.1%
4.6%
4.0%
0.4pts
6.3%
4.3%
1.3%
  
Europe
2.3%
2.0%
2.4%
(0.2)pts
1.9%
1.5%
0.3%
  
AMEA
3.4%
2.9%
1.1%
1.2pts
6.1%
1.8%
2.8%
  
G. China
0.3%
4.0%
3.8%
0.1pts
7.6%
3.8%
2.2%
  
 
 
*See appendix  7 for definition
Appendix 2: Third quarter system & pipeline Summary (rooms)
 
System
Pipeline
Openings
Removals
Net
Total
YoY%
Signings
Total
Group
8,603
(3,224)
5,379
672,252
1%
13,304
165,945
Americas
4,323
(1,823)
2,500
449,383
0%
5,513
73,326
Europe
924
(542)
382
101,505
2%
1,171
14,357
AMEA
652
(86)
566
61,249
(1)%
1,373
26,808
G. China
2,704
(773)
1,931
60,115
11%
5,247
51,454

 

 

 
Appendix 3: Year to date system & pipeline Summary (rooms)
 
System
Pipeline
Openings
Removals
Net
Total
YTD
%
Signings
Total
Group
26,052
(12,148)
13,904
672,252
2%
35,408
165,945
Americas
13,297
(6,112)
7,185
449,383
2%
18,246
73,326
Europe
4,149
(2,529)
1,620
101,505
2%
4,135
14,357
AMEA
2,520
(2,354)
166
61,249
0%
2,768
26,808
G. China
6,086
(1,153)
4,933
60,115
9%
10,241
51,454
 
 
 
 
 
Appendix 4: Third quarter financial headlines
  
3 mths to 30 September 2012
Operating Profit $m
Total
Americas
Europe
AMEA
G. China
Central
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
Franchised
156
145
134
123
19
18
3
3
0
1
-
-
Managed
51
51
9
10
7
5
21
25
14
11
-
-
Owned & leased
35
29
9
7
17
15
2
2
7
5
-
-
Regional overheads
(32)
(33)
(14)
(14)
(8)
(9)
(6)
(5)
(4)
(5)
-
-
Profit pre central overheads
210
192
138
126
35
29
20
25
17
12
-
-
Central overheads
(43)
(39)
-
-
-
-
-
-
-
-
(43)
(39)
Group Operating profit
167
153
138
126
35
29
20
25
17
12
(43)
(39)
   
Appendix 5: Year to date financial headlines
  
9 mths to 30 September 2012
Operating Profit $m
Total
Americas
Europe
AMEA
G. China
Central
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
Franchised
419
393
358
332
50
51
9
8
2
2
-
-
Managed
154
154
33
43
22
17
63
64
36
30
-
-
Owned & leased
85
76
16
13
37
38
4
4
28
21
-
-
Regional overheads
(87)
(89)
(36)
(37)
(22)
(26)
(16)
(15)
(13)
(11)
-
-
Profit pre central overheads
571
534
371
351
87
80
60
61
53
42
-
-
Central overheads
(118)
(112)
-
-
-
-
-
-
-
-
(118)
(112)
Group Operating profit
453
422
371
351
87
80
60
61
53
42
(118)
(112)
 
Appendix 6: Constant exchange rate (CER) operating profit movement before exceptional items
 
 
Total***
Americas
Europe
AMEA
G. China
Actual*
CER**
Actual*
CER**
Actual*
CER**
Actual*
CER**
Actual*
CER**
Q3 Growth/ (decline)
9%
9%
10%
10%
21%
31%
(20)%
(24)%
42%
33%
Exchange rates:
Third quarter
    
 
GBP:USD
EUR:USD
* US dollar actual currency
  
2012
0.63
0.80
** Translated at constant 2011 exchange rates
  
2011
0.62
0.71
*** After central overheads
  
                             
 
 
Appendix 7: Definitions
Total gross revenue: total room revenue from franchised hotels and total hotel revenue from managed, owned and leased hotels. It is not revenue attributable to IHG, as it is derived mainly from hotels owned by third parties. The metric is highlighted as an indicator of the scale and reach of IHG's brands. 
Fee based margins: adjusted for owned and leased hotels, managed leases and individually significant liquidated damages payments.  Managed lease hotels: properties that are structured for legal reasons as operating leases but with the same characteristics as management contracts.
Provisional October RevPAR growth :  represents actuals other than for Americas, Europe and Group for which the last 4 days in October are estimated.
 
 
 
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green):
+44 (0)1895 512176
  
Media Relations (Yasmin Diamond, Kari Kerr):
+44 (0)1895 512426
+44 (0) 7770 736849
High resolution images to accompany this announcement are available for the media to download free of charge from www.vismedia.co.uk. This includes profile shots of the key executives.
Conference call for Analysts and Shareholders:
A conference call with Richard Solomons (Chief Executive Officer) and Tom Singer (Chief Financial Officer) will commence at 9.30am UK time on 6 November and can be accessed on www.ihgplc.com/q312. There will be an opportunity to ask questions. 
UK Toll
UK Toll Free
US Toll
+44 (0)20 3003 2666
0808 109 0700
+1 212 999 6659
Passcode:
HOTEL
A replay of the 9.30am conference call will be available following the event - details are below:
UK Toll
+44 (0)20 8196 1998
Replay pin
1338565
US conference call and Q&A:
There will also be a conference call, primarily for US investors and analysts, at 10.00am Eastern Standard Time on 6 November with Richard Solomons (Chief Executive Officer) and Tom Singer (Chief Financial Officer). There will be an opportunity to ask questions.
UK Toll
US Toll
US Toll Free
+44 (0)20 3003 2666
+1 212 999 6659
+1 866 966 5335
Passcode:
HOTEL
A replay of the 10.00am US conference call will be available following the event - details are below:
UK Toll
+44 (0)20 8196 1998
Replay pin
3470588
Website:
The full release and supplementary data will be available on our website from 7.00 am (London time) on 7 August. The web address is www.ihgplc.com/q312. To watch a video of Tom Singer reviewing our results visit our YouTube channel at www.youtube.com/ihgplc.
Notes to Editors:
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs) is a global organisation with nine hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, as well as our two newest brands, EVEN™ Hotels and HUALUXE™ Hotels & Resorts. IHG also manages Priority Club® Rewards, the world's first and largest hotel loyalty programme with over 69 million members worldwide.  IHG franchises, leases, manages or owns over 4,500 hotels and more than 672,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.  InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
Visit www.ihg.com for hotel information and reservations and www.priorityclub.com for more on Priority Club Rewards. For our latest news, visit www.ihg.com/media, www.twitter.com/ihg, www.facebook.com/ihg or www.youtube.com/ihgplc.
Cautionary note regarding forward-looking statements:
This announcement contains certain forward-looking statements as defined under US law (Section 21E of the Securities Exchange Act of 1934).  These forward-looking statements can be identified by the fact that they do not relate to historical or current facts.  Forward-looking statements often use words such as 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe' or other words of similar meaning.  By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty.  There are a number of factors that could cause actual results and developments to differ materially from those expressed in or implied by, such forward-looking statements.  Factors that could affect the business and the financial results are described in 'Risk Factors' in the InterContinental Hotels Group PLC Annual report on Form 20-F filed with the United States Securities and Exchange Commission.
       

INTERCONTINENTAL HOTELS GROUP PLC
GROUP INCOME STATEMENT
For the three months ended 30 September 2012
 
 
 
3 months ended 30 September 2012
3 months ended 30 September 2011
 
Before
exceptional
items
Exceptional
items
(note 8)
 
 
Total
Before
exceptional
items
Exceptional
items
(note 8)
 
 
Total
 
$m
$m
$m
$m
$m
$m
Continuing operations
            
             
Revenue (note 3)
473
-
473
467
-
467
Cost of sales
(188)
-
(188)
(197)
-
(197)
Administrative expenses
(97)
(4)
(101)
(93)
28
(65)
Other operating income and expenses
2
-
2
1
28
29
 
_____
____
____
_____
____
____
 
190
(4)
186
178
56
234
             
Depreciation and amortisation
(23)
-
(23)
(25)
-
(25)
 
_____
____
____
_____
____
____
             
Operating profit (note 3)
167
(4)
163
153
56
209
Financial income
-
-
-
1
-
1
Financial expenses
(13)
-
(13)
(16)
-
(16)
 
_____
____
____
_____
____
____
             
Profit before tax (note 3)
154
(4)
150
138
56
194
             
Tax (note 9)
(35)
60
25
(33)
17
(16)
 
_____
____
____
_____
____
____
Profit for the period from continuing operations
 
119
 
56
 
175
 
105
 
73
 
178
 
====
====
====
====
====
====
             
Attributable to:
            
 
Equity holders of the parent
118
56
174
105
73
178
 
Non-controlling interest
1
-
1
-
-
-
   
____
____
____
____
____
____
   
119
56
175
105
73
178
 
====
====
====
====
====
====
             
Earnings per ordinary share
(note 10)
            
Continuing and total operations:
            
 
Basic
    
59.8¢
    
61.4¢
 
Diluted
    
58.8¢
    
60.5¢
 
Adjusted
40.6¢
    
36.2¢
    
 
Adjusted diluted
39.9¢
    
35.7¢
    
 
====
  
====
====
  
====
 
 
INTERCONTINENTAL HOTELS GROUP PLC
GROUP INCOME STATEMENT
For the nine months ended 30 September 2012
 
 
 
9 months ended 30 September 2012
9 months ended 30 September 2011
 
Before
exceptional
items
Exceptional
items
(note 8)
 
 
Total
Before
exceptional
items
Exceptional
items
(note 8)
 
 
Total
 
$m
$m
$m
$m
$m
$m
Continuing operations
            
             
Revenue (note 3)
1,351
-
1,351
1,317
-
1,317
Cost of sales
(565)
-
(565)
(566)
-
(566)
Administrative expenses
(270)
(4)
(274)
(262)
(31)
(293)
Other operating income and expenses
6
-
6
9
46
55
 
_____
____
____
_____
____
____
 
522
(4)
518
498
15
513
             
Depreciation and amortisation
(69)
-
(69)
(76)
-
(76)
Impairment
-
23
23
-
9
9
 
_____
____
____
_____
____
____
             
Operating profit (note 3)
453
19
472
422
24
446
Financial income
2
-
2
2
-
2
Financial expenses
(40)
-
(40)
(49)
-
(49)
 
_____
____
____
_____
____
____
             
Profit before tax (note 3)
415
19
434
375
24
399
             
Tax (note 9)
(110)
126
16
(99)
34
(65)
 
_____
____
____
_____
____
____
Profit for the period from continuing operations
 
305
 
145
 
450
 
276
 
58
 
334
 
====
====
====
====
====
====
             
Attributable to:
            
 
Equity holders of the parent
304
145
449
276
58
334
 
Non-controlling interest
1
-
1
-
-
-
   
____
____
____
____
____
____
   
305
145
450
276
58
334
 
====
====
====
====
====
====
             
Earnings per ordinary share
(note 10)
            
Continuing and total operations:
            
 
Basic
    
154.3¢
    
115.6¢
 
Diluted
    
151.7¢
    
113.6¢
 
Adjusted
104.5¢
    
95.5¢
    
 
Adjusted diluted
102.7¢
    
93.9¢
    
 
====
  
====
====
  
====
 
 
 
 
INTERCONTINENTAL HOTELS GROUP PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the three and nine months ended 30 September 2012
 
 
 
 
2012
3 months
ended
30 September
$m
2011
3 months ended
30 September
$m
2012
9 months ended
30 September
$m
2011
9 months ended
 30 September
$m
         
Profit for the period
175
178
450
334
         
Other comprehensive income
        
Available-for-sale financial assets:
        
 
Gains/(losses) on valuation
1
(17)
(3)
(5)
 
Losses reclassified to income on impairment
-
-
-
3
Cash flow hedges:
        
 
Reclassified to financial expenses
-
1
-
4
Defined benefit pension plans:
        
 
Actuarial gains/(losses), net of related tax credit: 2012 3 months $1m, 9 months $3m (2011 3 months $12m, 9 months $11m)
 
 
20
 
 
(3)
 
 
17
 
 
(1)
 
Change in asset restriction on plans in surplus and liability in respect of funding commitments, net of related tax: 2012 3 months $2m charge, 9 months $11m credit (2011 3 months $12m credit, 9 months $10m credit)
 
 
 
 
(10)
 
 
 
 
(1)
 
 
 
 
2
 
 
 
 
(4)
Exchange differences on retranslation of foreign operations, net of related tax: 2012 3 months $1m charge, 9 months $nil (2011 3 months $1m credit, 9 months $1m charge)
 
 
 
33
 
 
 
(32)
 
 
 
24
 
 
 
(18)
Tax related to pension contributions
-
3
1
6
 
____
____
____
____
Other comprehensive gain/(loss) for the period
44
(49)
41
(15)
 
____
____
____
____
Total comprehensive income for the period
219
129
491
319
 
====
====
====
====
         
Attributable to:
        
 
Equity holders of the parent
218
129
490
318
 
Non-controlling interest
1
-
1
1
 
_____
_____
_____
_____
 
219
129
491
319
 
=====
=====
=====
=====
 
 
 
INTERCONTINENTAL HOTELS GROUP PLC
GROUP STATEMENT OF CHANGES IN EQUITY
For the nine months ended 30 September 2012
 
 
 
9 months ended 30 September 2012
 
Equity share capital
Other reserves*
Retained earnings
Non-controlling interest
 
Total equity
 
$m
$m
$m
$m
$m
           
At beginning of the period
162
(2,650)
3,035
8
555
           
Total comprehensive income for the period
 
-
 
21
 
469
 
1
 
491
Issue of ordinary shares
9
-
-
-
9
Movement in shares in employee share trusts
 
-
 
18
 
(63)
 
-
 
(45)
Equity-settled share-based cost
-
-
19
-
19
Tax related to share schemes
-
-
17
-
17
Equity dividends paid
-
-
(174)
-
(174)
Share of reserve in equity accounted investment
 
-
 
-
 
5
 
-
 
5
Exchange adjustments
8
(8)
-
-
-
 
____
____
____
____
____
At end of the period
179
(2,619)
3,308
9
877
 
====
====
====
====
====
 
 
 
9 months ended 30 September 2011
 
Equity share capital
Other reserves*
Retained earnings
Non-controlling interest
 
Total equity
 
$m
$m
$m
$m
$m
           
At beginning of the period
155
(2,659)
2,788
7
291
           
Total comprehensive income for the period
 
-
 
(17)
 
335
 
1
 
319
Issue of ordinary shares
7
-
-
-
7
Movement in shares in employee share trusts
 
-
 
26
 
(80)
 
-
 
(54)
Equity-settled share-based cost
-
-
23
-
23
Tax related to share schemes
-
-
3
-
3
Equity dividends paid
-
-
(102)
-
(102)
 
____
____
____
____
____
At end of the period
162
(2,650)
2,967
8
487
 
====
====
====
====
====
 
 
 
*
Other reserves comprise the capital redemption reserve, shares held by employee share trusts, other reserves, unrealised gains and losses reserve and currency translation reserve.

INTERCONTINENTAL HOTELS GROUP PLC
GROUP STATEMENT OF FINANCIAL POSITION
30 September 2012
 
 
2012
30 September
2011
30 September
2011
31 December
 
$m
$m
$m
ASSETS
      
Property, plant and equipment
1,345
1,363
1,362
Goodwill
94
88
92
Intangible assets
354
300
308
Investment in associates and joint ventures
83
74
87
Retirement benefit assets
58
28
21
Other financial assets
144
145
156
Non-current tax receivable
42
-
41
Deferred tax assets
202
111
106
 
_____
_____
_____
Total non-current assets
2,322
2,109
2,173
 
_____
_____
_____
Inventories
4
4
4
Trade and other receivables
509
449
369
Current tax receivable
-
31
20
Derivative financial instruments
4
-
3
Other financial assets
5
-
-
Cash and cash equivalents
170
99
182
 
_____
_____
_____
Total current assets
692
583
578
Non-current assets classified as held for sale
236
225
217
 
______
______
______
Total assets (note 3)
3,250
2,917
2,968
 
=====
=====
=====
LIABILITIES
      
Loans and other borrowings
(21)
(16)
(21)
Derivative financial instruments
-
(1)
-
Trade and other payables
(741)
(693)
(707)
Provisions
(1)
(23)
(12)
Current tax liabilities
(71)
(122)
(120)
 
_____
_____
_____
Total current liabilities
(834)
(855)
(860)
 
_____
_____
_____
Loans and other borrowings
(610)
(701)
(670)
Derivative financial instruments
(19)
(42)
(39)
Retirement benefit obligations
(191)
(181)
(188)
Trade and other payables
(557)
(500)
(497)
Provisions
(1)
(2)
(2)
Deferred tax liabilities
(99)
(88)
(97)
 
_____
_____
_____
Total non-current liabilities
(1,477)
(1,514)
(1,493)
Liabilities classified as held for sale
(62)
(61)
(60)
 
_____
_____
_____
Total liabilities
(2,373)
(2,430)
(2,413)
 
=====
=====
=====
Net assets
877
487
555
 
=====
=====
=====
EQUITY
      
Equity share capital
179
162
162
Capital redemption reserve
10
10
10
Shares held by employee share trusts
(9)
(9)
(27)
Other reserves
(2,901)
(2,894)
(2,893)
Unrealised gains and losses reserve
69
51
71
Currency translation reserve
212
192
189
Retained earnings
3,308
2,967
3,035
 
______
______
______
IHG shareholders' equity
868
479
547
Non-controlling interest
9
8
8
 
______
______
______
Total equity
877
487
555
 
=====
=====
=====
INTERCONTINENTAL HOTELS GROUP PLC
GROUP STATEMENT OF CASH FLOWS
For the nine months ended 30 September 2012
 
 
 
2012
9 months ended
30 September
2011
9 months ended
30 September
 
$m
$m
     
Profit for the period
450
334
Adjustments for:
    
 
Net financial expenses
38
47
 
Income tax (credit)/charge
(16)
65
 
Depreciation and amortisation
69
76
 
Exceptional operating items
(19)
(24)
 
Equity-settled share-based cost
17
20
 
Other non-cash movements
(1)
-
 
_____
_____
Operating cash flow before movements in working capital
538
518
Net change in loyalty programme liability and System Fund surplus
139
100
Other changes in net working capital
(174)
(159)
Utilisation of provisions
(12)
(7)
Retirement benefit contributions, net of cost
(29)
(41)
Cash flows relating to exceptional operating items
(1)
(31)
 
_____
_____
Cash flow from operations
461
380
Interest paid
(19)
(25)
Interest received
2
1
Tax paid on operating activities
(72)
(66)
 
_____
_____
Net cash from operating activities
372
290
 
_____
_____
Cash flow from investing activities
    
Purchase of property, plant and equipment
(23)
(35)
Purchase of intangible assets
(53)
(27)
Investment in other financial assets
-
(50)
Investment in associates and joint ventures
(3)
(38)
Disposal of assets, net of costs
-
142
Proceeds from other financial assets
5
6
Tax paid on disposals
(2)
(1)
 
_____
_____
Net cash from investing activities
(76)
(3)
 
_____
_____
Cash flow from financing activities
    
Proceeds from the issue of share capital
9
7
Purchase of own shares by employee share trusts
(45)
(57)
Dividends paid to shareholders
(174)
(102)
Decrease in borrowings
(99)
(112)
 
_____
_____
Net cash from financing activities
(309)
(264)
 
_____
_____
Net movement in cash and cash equivalents in the period
(13)
23
Cash and cash equivalents at beginning of the period
182
78
Exchange rate effects
1
(2)
 
_____
_____
Cash and cash equivalents at end of the period
170
99
 
=====
=====

INTERCONTINENTAL HOTELS GROUP PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
 
 
 
1.
Basis of preparation
 
 
These condensed interim financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority and IAS 34 'Interim Financial Reporting'. They have been prepared on a consistent basis using the accounting policies set out in the InterContinental Hotels Group PLC (the Group or IHG) Annual Report and Financial Statements for the year ended 31 December 2011.
 
These condensed interim financial statements are unaudited and do not constitute statutory accounts of the Group within the meaning of Section 435 of the Companies Act 2006. The auditors have carried out a review of the financial information in accordance with the guidance contained in ISRE 2410 (UK and Ireland) 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board.
 
The financial information for the year ended 31 December 2011 has been extracted from the Group's published financial statements for that year which contain an unqualified audit report and which have been filed with the Registrar of Companies.
 
 
 
2.
Exchange rates
 
 
The results of operations have been translated into US dollars at the average rates of exchange for the period. In the case of sterling, the translation rate for the nine months ended 30 September is $1= £0.63 (2012 3 months, $1 = £0.63; 2011 9 months, $1 = £0.62; 2011 3 months, $1=£0.62). In the case of the euro, the translation rate for the nine months ended 30 September is $1 = €0.78 (2012 3 months, $1 = €0.80; 2011 9 months, $1 = €0.71; 2011 3 months, $1 = €0.71).
 
Assets and liabilities have been translated into US dollars at the rates of exchange on the last day of the period. In the case of sterling, the translation rate is $1=£0.62 (2011 31 December $1 = £0.65; 2011 30 September $1 = £0.64). In the case of the euro, the translation rate is $1 = €0.77 (2011 31 December $1 = €0.77; 2011 30 September $1 = €0.74).
 
 
 
 
3.
Segmental information
        
           
 
Revenue
        
   
2012
2011
2012
2011
   
3 months ended
30 September
3 months ended
30 September
9 months ended
30 September
9 months ended
30 September
   
$m
$m
$m
$m
           
 
Americas  (note 4)
226
222
626
638
 
Europe  (note 5)
112
110
318
295
 
AMEA (note 6)
51
59
159
159
 
Greater China (note 7)
54
47
162
142
 
Central
30
29
86
83
   
____
____
____
____
 
Total revenue
473
467
1,351
1,317
   
====
====
====
====
           
 
All results relate to continuing operations.
 
 
 
Profit
2012
3 months ended
30 September
$m
2011
3 months ended
30 September
$m
2012
9 months ended
30 September
$m
2011
9 months ended
30 September
$m
           
 
Americas  (note 4)
138
126
371
351
 
Europe  (note 5)
35
29
87
80
 
AMEA (note 6)
20
25
60
61
 
Greater China (note 7)
17
12
53
42
 
Central
(43)
(39)
(118)
(112)
   
____
____
____
____
 
Reportable segments' operating profit
 
167
 
153
 
453
 
422
 
Exceptional operating items (note 8)
(4)
56
19
24
   
____
____
____
____
 
Operating profit
163
209
472
446
           
 
Financial income
-
1
2
2
 
Financial expenses
(13)
(16)
(40)
(49)
   
____
____
____
____
 
Profit before tax
150
194
434
399
   
====
====
====
====
           
 
All results relate to continuing operations.
 
 
 
Assets
2012
30 September
$m
2011
30 September
$m
2011
31 December
$m
         
 
Americas
1,004
950
908
 
Europe
902
873
816
 
AMEA
284
273
276
 
Greater China
392
372
388
 
Central
250
208
228
   
____
____
____
 
Segment assets
2,832
2,676
2,616
         
 
Unallocated assets:
      
 
Non-current tax receivable
42
-
41
 
Deferred tax assets
202
111
106
 
Current tax receivable
-
31
20
 
Derivative financial instruments
4
-
3
 
Cash and cash equivalents
170
99
182
   
____
____
____
 
Total assets
3,250
2,917
2,968
   
====
====
====



 
4.
Americas
        
   
2012
2011
2012
2011
   
3 months ended
30 September
3 months ended
30 September
9 months ended
30 September
9 months ended
30 September
   
$m
$m
$m
$m
 
Revenue
        
   
Franchised
151
141
411
385
   
Managed
23
31
70
101
   
Owned and leased
52
50
145
152
   
____
____
____
____
 
Total
226
222
626
638
   
====
====
====
====
 
Operating profit
        
   
Franchised
134
123
358
332
   
Managed
9
10
33
43
   
Owned and leased
9
7
16
13
   
Regional overheads
(14)
(14)
(36)
(37)
   
____
____
____
____
 
Total
138
126
371
351
   
====
====
====
====
           
 
All results relate to continuing operations.
 
 
 
5.
Europe
        
   
2012
2011
2012
2011
   
3 months ended
30 September
3 months ended
30 September
9 months ended
30 September
9 months ended
30 September
   
$m
$m
$m
$m
 
Revenue
        
   
Franchised
25
23
67
65
   
Managed
34
34
105
79
   
Owned and leased
53
53
146
151
   
____
____
____
____
 
Total
112
110
318
295
   
====
====
====
====
 
Operating profit
        
   
Franchised
19
18
50
51
   
Managed
7
5
22
17
   
Owned and leased
17
15
37
38
   
Regional overheads
(8)
(9)
(22)
(26)
   
____
____
____
____
 
Total
35
29
87
80
   
====
====
====
====
           
 
All results relate to continuing operations.
 

 
6.
AMEA
        
   
2012
2011
2012
2011
   
3 months ended
30 September
3 months ended
30 September
9 months ended
30 September
9 months ended
30 September
   
$m
$m
$m
$m
 
Revenue
        
   
Franchised
4
5
14
13
   
Managed
35
42
110
112
   
Owned and leased
12
12
35
34
   
____
____
____
____
 
Total
51
59
159
159
   
====
====
====
====
 
Operating profit
        
   
Franchised
3
3
9
8
   
Managed
21
25
63
64
   
Owned and leased
2
2
4
4
   
Regional overheads
(6)
(5)
(16)
(15)
   
____
____
____
____
 
Total
20
25
60
61
   
====
====
====
====
           
 
All results relate to continuing operations.
 
 
 
7.
Greater China
        
   
2012
2011
2012
2011
   
3 months ended
30 September
3 months ended
30 September
9 months ended
30 September
9 months ended
30 September
   
$m
$m
$m
$m
 
Revenue
        
   
Franchised
1
-
2
1
   
Managed
24
21
64
54
   
Owned and leased
29
26
96
87
   
____
____
____
____
 
Total
54
47
162
142
   
====
====
====
====
 
Operating profit
        
   
Franchised
-
1
2
2
   
Managed
14
11
36
30
   
Owned and leased
7
5
28
21
   
Regional overheads
(4)
(5)
(13)
(11)
   
____
____
____
____
 
Total
17
12
53
42
   
====
====
====
====
           
 
All results relate to continuing operations.
 
 

 
8.
Exceptional items
   
2012
3 months
ended
30 September
$m
2011
3 months
ended
30 September
$m
2012
9 months
ended
30 September
$m
2011
9 months
ended
30 September
$m
 
Continuing operations:
        
           
 
Exceptional operating items
        
   
Administrative expenses:
        
   
Litigation provision (a)
-
-
-
(22)
   
Resolution of commercial dispute (b)
-
-
-
(37)
   
Pension curtailment (c)
-
28
-
28
   
Reorganisation costs (d)
(4)
-
(4)
-
     
____
____
____
____
     
(4)
28
(4)
(31)
   
Other operating income and expenses:
        
   
VAT refund (e)
-
-
-
9
   
Gain on disposal of hotels (f)
-
28
-
37
     
____
____
____
____
     
-
28
-
46
             
   
Impairment:
        
   
Other financial assets (g)
-
-
-
(3)
   
Reversal of previously recorded impairment (h)
 
-
 
-
 
23
 
12
     
____
____
____
____
     
-
-
23
9
     
____
____
____
____
   
(4)
56
19
24
   
====
====
====
====
 
Tax
        
 
Tax on exceptional operating items
1
(8)
(12)
3
 
Exceptional tax credit (i)
59
25
138
31
     
____
____
____
____
     
60
17
126
34
   
====
====
====
====
               
 
 
 
These items are treated as exceptional by reason of their size or nature.
 
a)
Related to a lawsuit filed against the Group in the Americas region, for which the final balance was paid in March 2012.
 
b)
Related to the settlement of a prior period commercial dispute in the Europe region.
 
c)
Related to the closure of the UK defined benefit pension scheme to future accrual with effect from 1 July 2013.
 
d)
Arises from a reorganisation of the Group's support functions.
 
e)
Arose in the UK relating to periods prior to 1996.
 
f)
Related to the sale of three hotels in North America ($9m) and the sale of a hotel and related investment in Australia ($28m).
 
g)
Related to available-for-sale equity investments subject to prolonged declines in their fair value below cost.
 
h)
Relates to the reversal of a previously recorded impairment charge on a North American hotel and, in 2011, mainly related to the partial reversal of an impairment charge recorded on another North American hotel that was sold in June 2012.
 
i)
Represents the release of provisions which are exceptional by reason of their size or nature relating to tax matters which have been settled or in respect of which the relevant statutory limitation period has expired, together with the recognition of deferred tax assets as a result of the associated reduction in future uncertainty as to their recoverability and, in 2011, related to a revision of the estimated tax impacts of an internal reorganisation completed in 2010.
 
 
 
 
9.
Tax
 
 
The tax charge on profit from continuing operations for the nine months ended 30 September excluding the impact of exceptional items (note 8), has been calculated using an estimated effective annual tax rate of 27% (2011 26%) analysed as follows.
 
 
 
   
2012
2012
2012
2011
2011
2011
 
3 months ended 30 September
Profit
$m
Tax
$m
Tax
rate
Profit
$m
Tax
$m
Tax
rate
               
 
Before exceptional items
154
(35)
23%
138
(33)
24%
 
Exceptional items
(4)
60
  
56
17
  
   
____
____
  
____
____
  
   
150
25
  
194
(16)
  
   
====
====
  
====
====
  
 
Analysed as:
            
   
UK tax
  
(9)
    
(7)
  
   
Foreign tax
  
34
    
(9)
  
     
____
    
____
  
     
25
    
(16)
  
     
====
    
====
  
 
 
 
   
2012
2012
2012
2011
2011
2011
 
9 months ended 30 September
Profit
$m
Tax
$m
Tax
rate
Profit
$m
Tax
$m
Tax
rate
               
 
Before exceptional items
415
(110)
27%
375
(99)
26%
 
Exceptional items
19
126
  
24
34
  
   
____
____
  
____
____
  
   
434
16
  
399
(65)
  
   
====
====
  
====
====
  
 
Analysed as:
            
   
UK tax
  
24
    
(17)
  
   
Foreign tax
  
(8)
    
(48)
  
     
____
    
____
  
     
16
    
(65)
  
     
====
    
====
  
 
 
 
10.
Earnings per ordinary share
 
 
Basic earnings per ordinary share is calculated by dividing the profit for the period available for IHG equity holders by the weighted average number of ordinary shares, excluding investment in own shares, in issue during the period.
 
Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number of dilutive ordinary share options outstanding during the period.
 
Adjusted earnings per ordinary share is disclosed in order to show performance undistorted by exceptional items, to give a more meaningful comparison of the Group's performance.
 
 
 
Continuing and total operations
2012
2011
2012
2011
   
3 months ended
30 September
3 months ended
30 September
9 months ended
30 September
9 months ended
30 September
 
Basic earnings per ordinary share
        
 
Profit available for equity holders ($m)
174
178
449
334
 
Basic weighted average number of ordinary shares (millions)
 
291
 
290
 
291
 
289
 
Basic earnings per ordinary share (cents)
59.8
61.4
154.3
115.6
   
====
====
====
====
 
Diluted earnings per ordinary share
        
 
Profit available for equity holders ($m)
174
178
449
334
 
Diluted weighted average number of ordinary shares (millions)
 
296
 
294
 
296
 
294
 
Diluted earnings per ordinary share (cents)
58.8
60.5
151.7
113.6
   
====
====
====
====
 
Adjusted earnings per ordinary share
        
 
Profit available for equity holders ($m)
174
178
449
334
 
Adjusting items (note 8):
        
   
Exceptional operating items ($m)
4
(56)
(19)
(24)
   
Tax on exceptional operating items ($m)
(1)
8
12
(3)
   
Exceptional tax credit ($m)
(59)
(25)
(138)
(31)
   
____
____
____
____
 
Adjusted earnings ($m)
118
105
304
276
 
Basic weighted average number of ordinary shares (millions)
 
291
 
290
 
291
 
289
 
Adjusted earnings per ordinary share (cents)
40.6
36.2
104.5
95.5
   
====
====
====
====
 
Diluted weighted average number of ordinary shares (millions)
 
296
 
294
 
296
 
294
 
Adjusted diluted earnings per ordinary share (cents)
 
39.9
 
35.7
 
102.7
 
93.9
   
====
====
====
====
 
 
 
 
The diluted weighted average number of ordinary shares is calculated as:
 
   
2012
3 months ended
30 September
millions
2011
3 months ended
30 September
millions
2012
9 months ended
30 September
millions
2011
9 months ended
30 September
millions
 
Basic weighted average number of ordinary shares
 
291
 
290
 
291
 
289
 
Dilutive potential ordinary shares - employee share options
 
5
 
4
 
5
 
5
   
____
____
____
____
   
296
294
296
294
   
====
====
====
====


 
11.
Dividends
   
2012
9 months
ended
30 September
cents per share
2011
9 months
ended
30 September
cents per share
2012
9 months
ended
30 September
$m
2011
9 months
ended
30 September
$m
 
Paid during the period:
        
 
Final (declared for previous year)
39.0
35.2
113
102
 
Interim
21.0
-
61
-
   
____
____
____
____
   
60.0
35.2
174
102
   
====
====
====
====
           
 
Proposed for the period:
        
 
Interim
-
16.0
-
46
   
====
====
====
====
 
 
 
12.
Net debt
   
2012
30 September
2011
30 September
2011
31 December
   
$m
$m
$m
         
 
Cash and cash equivalents
170
99
182
 
Loans and other borrowings - current
(21)
(16)
(21)
 
Loans and other borrowings - non-current
(610)
(701)
(670)
 
Derivatives hedging debt values*
(11)
(26)
(29)
   
____
____
____
 
Net debt
(472)
(644)
(538)
   
====
====
====
 
Finance lease liability included above
(211)
(208)
(209)
   
====
====
====
 
 
 
*
Net debt includes the exchange element of the fair value of currency swaps that fix the value of the Group's £250m 6% bonds at $415m.  An equal and opposite exchange adjustment on the retranslation of the £250m 6% bonds is included in non-current loans and other borrowings. 
 
 
 
13.
Movement in net debt
   
2012
9 months ended
30 September
2011
9  months ended
30 September
2011
12 months ended
31 December
   
$m
$m
$m
         
 
Net (decrease)/increase in cash and cash equivalents
(13)
23
107
 
Add back cash flows in respect of other components of net debt:
      
 
Decrease in other borrowings
99
112
119
   
____
____
____
 
Decrease in net debt arising from cash flows
86
135
226
         
 
Non-cash movements:
      
 
Finance lease liability
(2)
(2)
(3)
 
Exchange and other adjustments
(18)
(34)
(18)
   
____
____
____
 
Decrease in net debt
66
99
205
         
 
Net debt at beginning of the period
(538)
(743)
(743)
   
____
____
____
 
Net debt at end of the period
(472)
(644)
(538)
   
====
====
====
 
 
 
14.
Commitments and contingencies
 
 
At 30 September 2012, the amount contracted for but not provided for in the financial statements for expenditure on property, plant and equipment and intangible assets was $31m (2011 31 December $14m, 30 September $22m).  The Group has also committed to invest $60m in two investments accounted for under the equity method of which $37m had been spent at 30 September 2012.
 
At 30 September 2012, the Group had contingent liabilities of $1m (2011 31 December $8m, 30 September $5m).
 
In limited cases, the Group may provide performance guarantees to third-party owners to secure management contracts.  The maximum unprovided exposure under such guarantees is $35m (2011 31 December $42m, 30 September $49m). 
 
From time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties inherent in litigation.  The Group has also given warranties in respect of the disposal of certain of its former subsidiaries.  It is the view of the Directors that, other than to the extent that liabilities have been provided for in these financial statements, such legal proceedings and warranties are not expected to result in material financial loss to the Group.
 
 
 
 
 
15.
Events after the reporting period
 
 
On 7 August 2012, the Group announced a planned $1bn return to shareholders comprising a $500m special  dividend with share consolidation and a $500m share buyback programme to commence in the fourth quarter of 2012.  The share consolidation was approved at an Extraordinary General Meeting of the Company held on 8 October 2012 and the dividend was paid to shareholders on 22 October 2012. 
 
On 23 October 2012, the Company paid a £45m special contribution to the UK pension plan.
 
 
 
 
 
INDEPENDENT REVIEW REPORT TO INTERCONTINENTAL HOTELS GROUP PLC
 
 
Introduction
 
We have been engaged by the Company to review the condensed set of financial statements in the interim financial report for the three and nine months ended 30 September 2012 which comprises the Group income statement, Group statement of comprehensive income, Group statement of changes in equity, Group statement of financial position, Group statement of cash flows and the related notes 1 to 15.  We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
 
This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.
 
Directors' Responsibilities
 
The interim financial report is the responsibility of, and has been approved by, the Directors.  The Directors are responsible for preparing the interim financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
 
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union.  The condensed set of financial statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
 
Our Responsibility
 
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim financial report based on our review.
 
Scope of Review
 
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly we do not express an audit opinion.
 
Conclusion
 
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim financial report for the three and nine months ended 30 September 2012 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency  Rules of the United Kingdom's Financial Services Authority.
 
 
Ernst & Young LLP
London
6 November 2012
 
 
 
Exhibit 99.2
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 07 November 2012 it acquired 210,000 of its own ordinary shares for cancellation at an average price of 1551.3381 pence per ordinary share.
The highest and lowest prices paid for these shares were 1559 pence per share and 1547 pence per share respectively.
 
Following this purchase, the Company has 272,015,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
 
 
 
Exhibit 99.3
 
 
 
 
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 08 November 2012 it acquired 230,000 of its own ordinary shares for cancellation at an average price of 1559.2348 pence per ordinary share.
The highest and lowest prices paid for these shares were 1563 pence per share and 1556 pence per share respectively.
 
Following this purchase, the Company has 271,785,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
 
 
 
Exhibit 99.4
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 09 November 2012 it acquired 245,000 of its own ordinary shares for cancellation at an average price of 1554.438 pence per ordinary share. The highest and lowest prices paid for these shares were 1565 pence per share and 1544 pence per share respectively.
 
Following this purchase, the Company has 271,540,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
 
 
 
Exhibit 99.5
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 12 November 2012 it acquired 240,000 of its own ordinary shares for cancellation at an average price of 1580.2693 pence per ordinary share. The highest and lowest prices paid for these shares were 1589 pence per share and 1572 pence per share respectively.
 
Following this purchase, the Company has 271,300,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
 
 
 
Exhibit 99.6
 
 
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 13 November 2012 it acquired 250,000 of its own ordinary shares for cancellation at an average price of 1589.5548 pence per ordinary share. The highest and lowest prices paid for these shares were 1601 pence per share and 1575 pence per share respectively.
 
Following this purchase, the Company has 271,050,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
 
 
 
Exhibit 99.7
 
 
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 14 November 2012 it acquired 250,000 of its own ordinary shares for cancellation at an average price of 1585.2581 pence per ordinary share. The highest and lowest prices paid for these shares were 1589 pence per share and 1580 pence per share respectively.
 
Following this purchase, the Company has 270,800,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
 
 
 
Exhibit 99.8
 
 
 
 
InterContinental Hotels Group PLC
(the "Company")
 
Transaction in Own Shares
 
The Company announces that on 15 November 2012 it acquired 255,000 of its own ordinary shares for cancellation at an average price of 1576.9831 pence per ordinary share. The highest and lowest prices paid for these shares were 1585 pence per share and 1573 pence per share respectively.
 
Following this purchase, the Company has 270,545,410 ordinary shares in issue. This number represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
 
For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0)1895 512176  
  
 

 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
   
InterContinental Hotels Group PLC
   
(Registrant)
     
 
By:
/s/ C. Cox
 
Name:
C. COX
 
Title:
COMPANY SECRETARIAL OFFICER
     
 
Date:
16 November 2012