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excluding the effect of special items and any relevant tax.
Assets held for sale
IFRS classification used for assets when their carrying amount will be recovered primarily through a sale transaction rather than continuing use, and management considers a sale is highly probable.
Average Daily Rate (ADR)
room revenue divided by the number of room nights sold. Also known as average room rate.


Basic earnings per share
earnings available for ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year.
a long-dated note, being an obligation to repay.
Brand RevPAR Premium
this is the difference between IHG RevPAR and a competitor's or market RevPAR. This is one measure used to gauge relative performance of brands.


Commercial Paper
a negotiable short-term unsecured promissory note, issued by a corporate or other borrower normally for a maximum of one year.
Competitive Segment
the broad market segment against which a hotel brand competes.
Competitive Set
the specific local hotels against which a particular hotel competes.
Contingent Liability
a liability that is contingent upon the occurrence of one or more uncertain future events.
Continuing Operations
operations not classified as discontinued and including acquisitions made during the year.
Currency Swap
an exchange of a deposit and a borrowing, each denominated in a different currency, for an agreed period of time.


a long-term loan, usually secured by property.
Discontinued Operations
IFRS classification used to show the results of operations arising from assets classified as held for sale when the results relate to a separate line of business, or geographical area of operations, or where there is a coordinated plan to dispose of a separate line of business or geographic area of operation.


earnings before interest, taxation, depreciation and amortisation and exceptional items.
Exceptional Items
material items deriving from ordinary activities but which are disclosed separately because of their size or incidence. (UK GAAP terminology.)
Extended stay Hotel
a hotel designed for guests staying for periods of time longer than a few nights and tending to have a higher proportion of suites than normal hotels, e.g. Staybridge Suites.


Forward Rate Agreement
a contract to receive or pay the difference between an agreed interest rate and the actual rate at an agreed future date, on a specified notional principal.
operator who uses a brand under licence from the brand owner (e.g. InterContinental Hotels).
brand owner (e.g. InterContinental Hotels) who licenses brands for use by other operators.


net debt expressed as a percentage of shareholders' funds.
the difference between the consideration given for a business and the total of the values of the separable assets and liabilities comprising that business.
Gross Operating Margin
operating profit before fixed costs and overheads, expressed as a percentage of turnover.


the reduction of risk, normally in relation to foreign currency or interest rate movements, by making offsetting commitments.
Holidex Fees
charges to hotels under management and franchise agreements for the use of Holidex, IHG's proprietary reservation system.


International Accounting Standards. See also IFRS.
International Financial Reporting Standards. IHG adopted IFRS from 1 January 2004 in accordance with European Union law. The standards are published by the International Accounting Standards Board ( Can also be referred to as IAS.
Income-Generating Unit
a portfolio of similar assets that are subject to the same economic and commercial influences.
Interest Rate Swap
an agreement to exchange fixed for floating interest rate streams (or vice versa) on a notional principal.


Management Contract
a contract to operate a hotel on behalf of the hotel owner.
Market Capitalisation
the value attributed to a listed company by multiplying its share price by the number of shares in issue.
Midscale Hotel
a hotel in the three/four star category, e.g. Holiday Inn, Holiday Inn Express.


Net Capital Expenditure
cash expended on fixed assets, less cash received from selling fixed assets, excluding major acquisitions and disposals.
Net Cash Flow
cash flow from all operations, including major and one-off payments and receipts.
Net Debt
borrowings less current asset investments and cash at bank and in hand.
Net Operating Assets
total assets less liabilities, excluding all assets and liabilities of a financing nature.
Normal Cash Flow
cash flow from all operations before major and one-off payments and receipts.


Occupancy Rate
rooms occupied by hotel guests, expressed as a percentage of rooms that are available.
Operating Cash Flow
cash flow from operations but before payments for tax and to providers of finance (through interest and dividends), and before major and one-off payments and receipts.
Operating Margin
operating profit expressed as a percentage of turnover.


signed/executed agreements, including franchises and management contracts, for hotels which will enter the InterContinental Hotels system at a future date.


Revenue per available room (RevPAR)
room revenue divided by the number of room nights that are available (can be mathematically derived from occupancy rate multiplied by average room rate).
Room Revenue
revenue generated from the sale of room nights.
Royalty Rate
the percentage of room revenue that a franchisee pays to the brand owner for use of the brand name.


Special Items
material items deriving from ordinary activities but which are disclosed separately because of their size or incidence.
Subsidiary Undertaking
a company in which the Group holds a stake and over which it exercises dominant influence.
System Size
number of hotels (or rooms) owned, managed or franchised by InterContinental Hotels.


adjusted to remove items that distort comparability between both years.
Upscale Hotel
a four/five star full-service hotel characterised by superior service, e.g. InterContinental, Crowne Plaza.
accounting principles generally accepted in the United Kingdom.
accounting principles generally accepted in the United States.


Weighted Average Exchange Rate
the average of the monthly exchange rates, weighted by reference to monthly operating profit.
Working Capital
the sum of stocks, debtors, creditors and accruals of a trading nature, excluding financing items such as corporate taxation and proposed dividends.

Last updated 12 December 2011

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