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Pro forma Results for the Nine Months to 30 September 2003

INTERCONTINENTAL HOTELS GROUP PLC
Pro forma Results for the Nine Months to 30 September 2003

  Three months to   Nine months to   
30 Sept 2003*
£m
30 Sept 2002*
£m
%
change
30 Sept 2003*
£m
30 Sept 2002*
£m
%
change
Hotels            
  - Turnover 387 385 0.5% 1,095 1,155 (5.2)%
  - EBITDA 122 112 8.9% 284 306 (7.2)%
  - Operating profit 81 76 6.6% 167 202 (17.3)%
             
Soft Drinks            
  - Turnover 182 155 17.4% 517 465 11.2%
  - EBITDA 36 33 9.1% 97 90 7.8%
  - Operating profit 27 22 22.7% 66 56 17.9%
             
Group            
  - Turnover 569 540 5.4% 1,612 1,620 (0.5)%
  - EBITDA 153 142 7.7% 366 391 (6.4)%
  - Operating profit 103 94 9.6% 217 251 (13.5)%
  - Profit before tax 93 82 13.4% 185 215 (14.0)%
             
Earnings per share (pence) 8.1 6.9 17.4% 15.7 18.1 (13.3)%
 
* Pro forma numbers before exceptional items. Soft Drinks results to 27 September 2003 (28 September 2002).
  • Group operating profit for the quarter to 30 September 2003 up 9.6%.
  • Total Hotels operating profit for the quarter to 30 September 2003 up 6.6%.
    • Americas operating profit up $5m to $82m demonstrating the strength of our midscale franchising business and indicating signs of improvement in some markets, but no consistent trend.
    • EMEA operating profit down £5m to £37m. Continental Europe remains challenging, particularly in France and Germany. UK Holiday Inn estate continues to show positive trends with performance consistently ahead of the market.
    • Asia Pacific operating profit marginally below last year at $6m with business now close to pre SARS levels.
    • Central overheads and marketing down by £8m.
  • Improved distribution in the extended stay market with the acquisition of the Candlewood Suites brand, subject to CNDL shareholder approval.
  • Cost reduction programme on track with annualised run rate of savings of $70m as at September 2003.
  • Continuing strong cash and capital control. Net debt at 30 September 2003, £532m.
  • Excellent performance for Soft Drinks with record profits for the quarter of £27m – up 22.7% against the prior year, helped by exceptional summer weather.

Richard North, Chief Executive, InterContinental Hotels Group PLC, said:

“We continue to strengthen this great company for the future. We are driving revenue, cutting overheads and selling assets we do not need to own.

“Trading around the world is something of a mixed bag. We are seeing the beginning of a recovery in the UK but conditions in Europe remain difficult. Asia Pacific has proved enormously resilient with trading now close to pre SARS levels. Finally, North America appears to be at the turning point but we are not yet convinced that a sustainable upturn has begun.

“We have achieved a great deal, albeit much remains to be done. Nonetheless we are well placed to benefit from the recovery when it comes.”

For further information, please contact:

Karen Whitworth, Investor Relations 01753 410 177
Dee Cayhill, Corporate Affairs 01753 410 423
Kathryn Holland, Corporate Affairs   01753 410 425

Teleconference for Analysts

A teleconference with Richard North (CEO) and Richard Solomons (CFO) will commence at 9.00 am (London time) on 19 November. There will be an opportunity to ask questions. The conference call will conclude at approximately 9.30 am (London time).

To join us for this conference call please dial the relevant number below by 9.00 am (London time).

International dial-in    Tel: +44 (0) 1452 569 339
UK dial-in Tel: 0845 245 5300
US dial-in Tel: 1866 629 0055

A recording of the conference call will be available for 7 days. To access this please dial the relevant number below and use the access number 676483

International dial-in    Tel: +44 (0) 1452 550 000
UK dial-in Tel: 0845 245 5205
US dial-in Tel: 1866 276 1167

 

Download full Pro forma Results announcement (PDF format)

Last updated 25 January 2008

Find out more about our brands

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  • Holiday Inn Express logo
  • Holiday Inn Resort logo
  • Holiday Inn Club Vacations logo
  • Staybridge Suites logo
  • Candlewood Suites logo
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