IHG Announces Change Of Reporting Currency To US Dollars
May 30, 2008 // Franchising.com // InterContinental Hotels Group PLC ("IHG") intends to change the reporting currency of its Group accounts from sterling to US dollars, reflecting the profile of revenue and operating profit, which are now primarily generated in US dollars or US dollar-linked currencies.
The change will be effective from the results for the six months to 30 June 2008 which will be reported on 12 August 2008 in US dollars. All comparatives will be restated in US dollars.
As a consequence of this change, future dividends will be determined in US dollars. Sterling dividends, translated at the prevailing exchange rate when the dividend is declared, will continue to be paid to all shareholders who currently receive a sterling dividend. Dollar dividends will continue to be paid to ADR holders who currently receive a dollar dividend.
IHG, which is registered and has its headquarters in England, will maintain its primary listing on the London Stock Exchange, with the shares quoted in sterling. It will also maintain its ADR listing on the New York Stock Exchange, with the American Depositary Receipts quoted in US dollars.
Unaudited pro forma full year Group income statement, balance sheets and cashflows for the financial years ending 31 December 2006 and 31 December 2007 have been restated in US dollars and are presented below and, together with the restated unaudited proforma Group quarterly income statements, balance sheets and cashflows for the first quarter ending 31 March 2008, are available to download at www.ihg.com/investors.
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is one of the world's largest hotel groups by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, almost 4,000 hotels and more than 590,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo®, and also manages the world's largest hotel loyalty programme, Priority Club ® Rewards with over 37 million members worldwide. IHG pioneered the travel industry's first collaborative response to environmental issues as founder of the International Hotels and Environment Initiative (IHEI). The environment and local communities remain at the heart of IHG's global corporate responsibility focus. IHG is the first major hotel group to have measured the environmental and carbon footprints of hotels that operate under our brands globally and is in the process of setting reduction targets. With more than 1,600 hotels in its development pipeline, IHG needs to recruit around 150,000 people over the next few years to meet its global expansion plans.
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
IHG offers information and online reservations for all its hotel brands at www.ihg.com and information for the Priority Club Rewards programme