Intercontinental Hotels Group PLC

Foreign Filer Report • May 22, 2009

6-K 1 ihg200905226kbatch.htm BATCH FILING Created by EDGAR Ease Plus (EDGAR Ease+) Control Number: Rev Number: Client Name: Project Name: Firm Name:

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 22 May 2009

*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

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EXHIBIT INDEX

99.1	1st Quarter Results dated 12 May 2009
99.2	Notification of changes to Director's details dated 13 May
2009
99.3	Holding(s) in Company dated 14 May 2009

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Exhibit No: 99.1

1st Quarter Results

InterContinental Hotels Group PLC

First Quarter Result s to 31 March 2009

Financial results	2009	2008	% change		% change (CER)
			Total	Excluding LDs 1	Total	Excluding LDs 1
Continuing revenue	$342m	$448m	(24)%	(22)%	(19)%	(17)%
Continuing operating profit	$69m	$124m	(44)%	(41)%	(48)%	(45)%
Total operating profit	$72m	$127m	(43)%	(39)%	(47)%	(44)%
Adjusted continuing EPS	14.8¢	22.9¢	(35)%
Adjusted total EPS	15.5¢	23.6¢	(34)%
Total basic EPS 2	9.5¢	21.2¢	(55)%
Net debt	$1,287m	$1,679m

All figures are before exceptional items unless otherwise noted. See appendix 3 for analysis of financial headlines. Constant exchange rate comparatives shown in appendix 4. (% CER) = change in constant currency.

1 - excluding $3 m of significant liquidated damages receipts in Q1 2009 and $13m in Q1 2008.

2 - Total basic EPS after exceptional items

Business headlines
·	Global constant currency RevPAR decline of 13.6%. IHG’s
brands outperformed the industry in each of its three regions.
·	1,845 net rooms (36 hotels) added in the quarter taking total
system size to 621,696 rooms (4,222 hotels).
·	12,440 rooms (98 hotels) added to the system, 10,595 rooms (62
hotels) removed in line with our quality growth strategy.
·	10,551 rooms (76 hotels) signed, taking the pipeline to 236,343
rooms (1,697 hotels).
·	Net debt of $1.3bn held flat on the position as at 31 December
2008.
·	Exceptional operating items of $26m relate to a $21m previously
committed final payment into the UK pension fund and $5m associated
with the Holiday Inn relaunch.

Recent trading
·	April was impacted by the movement of Easter from March to April.
April global constant currency RevPAR decline of 19.8%; -18.8%
Americas, -22.4% EMEA and -20.6% Asia Pacific.
·	No further deterioration in demand is visible in forward bookings,
but room rates remain under pressure.

Update on priorities
·	Open rooms. Currently 90,000 rooms under construction, at least 38,000 of which
are scheduled to open in the balance of the year (12,440 rooms
opened in the quarter). Continued focus on driving up the
overall quality of the system means room removals in the balance of
the year will be in the region of 25,000.
·	Drive share. US RevPAR outperformed the market by 3.5 percentage points
(IHG US brands Q1 RevPAR decline of 14.2% compared to US industry
of 17.7%).
·	Relaunch Holiday Inn. 729 hotels operating under the new standards year to
date. Early indications from the first relaunched hotels
continue to show RevPAR outperformance of more than 5% compared to
a control group.
·	Reduce costs. In February, IHG announced a cost saving programme which would
reduce 2009 regional and central costs by $30m at constant
currency. Q1 regional and central costs were $7m below 2008 levels
on a constant currency basis ($18m on a reported basis). The
full year cost savings are on track, and at current exchange rates
and including some additional savings, reported regional and
central overheads are now expected to be $70m below 2008 levels.

| Comme nting on the results , Andrew Cosslett, Chief Executive of
InterContinental Hotels Group PLC said: |
| --- |
| " As expected th e start to the year has been very
challenging for the industry. O ccupancy showed signs of stabilisation in the
quarter, but r oom rates, which held up well during 2008 , declined under the pressure of a very competitive market. Our brands continue to perform strongly across all thre e of our regions, and in the US our RevPAR outperformance has improved further from the last quarter of
2008, mostly as a result of our portfolio bias
to midscale hotels , primarily Holiday Inn . " The lack of liquidity in the lending markets has
slowed our deal pace but we still signed 76 hotels in the quarter. We also opened close to 100 hotels, more than in the same period
last year. This opening programme combined with our continued removal of under performing hotels is driv ing up the quality of our estate. We are continuing to invest in our business with the major focus being the relaunch of Holiday Inn. We now have over 700 relaunched hotels in the system a nd remain committed to completing the programme by the end of 2010. Feedback from relaunched hotels continues to be positive , with RevPAR outperformance in line with
expectations. " Our strong balance sheet and long term bank
facility provide a strong platform for our capital light , cash generative, fee based model. T he outlook remains tough but we are taking decisive action on costs without compromising our ability to continue to grow market share ." |

| Americas : midscale resilience |
| --- |
| Revenue performance RevPAR declined 13.5 % driven by both occupancy and rate . In the US, IHG brands outperformed the industry by 3.5 percentage points , driven by the resilience of the midscale brands which represent 80% of IHG's rooms in this market. Continuing revenue s declined 2 6 % to $170 m. Exclu ding one $13m liquidated damages receipt in the first quarter of 2008, continuing revenues declined
22 %. Operating profit
performance O perating profit from continuing operations declined 46 % from $ 112 m to $ 60 m . Excluding the liquidated damages,
continuing operating profit declined 39%. The contribution from c ontinuing owned and leased hotels declined from a profit of $7m to a loss of $ 4 m driven by a 28 .2 % decline in RevPAR and the absence of
any contribution from the Holiday Inn Jamaica which was sold in September 2008 . Excluding the $13m liquidated damages
receipt in the first quarter of 2008, managed hotels profit declined b y $14m to a loss of $ 4 m . This was primarily due to guarantee payments
where the commitments are phased evenly through the year, but the
hotel cash flows which fund them are seasonally low in the first
quarter . Franchised hotels profit decreas ed by $17m to $80m driven by an 11 % d ecline in royalty fees and a $5 m reduction in non-royalty fees . |

| EMEA: r esilience in the Middle East |
| --- |
| Revenue performance RevPAR declined 11.6 % driven by both occupancy and rate. The
Middle East remained the strongest market with a decline in RevPAR
of 2.3 % . IHG hotels in the UK outperformed the market
with a RevPAR decline of 9.0 % . Continuing revenu es declined 24% (10% at constant exchange rates ( CER ) ) to $87m . Excluding one $3m liquidated damages receipt in the
first quarter of 2009, continuing revenues declined 27% (12%
CER). Operating profit
performance Operating profit from continuing operations declined 20 % (13 % CER ) from $ 30 m to $ 24 m or 30% (23% CER) e xcluding the $3m liquidated damages
receipt . Owned and leased profits decline d by $4m to $1m, with a strong performance at the Int erContinental London Park Lane being offset by the impact of a weak market on the InterContinental Paris Le Grand.
Ma naged hotels profit declined by $5m to $16m . Continued g ro wth in the Middle East was offset by the
annualisation of the reduced contribution from a portfolio of
hotels in the UK , first reported in the third quarter of
2008. Excluding the $3 m liquidated damages receipt in the first quarter of 2009, franchised
hotels profit declined 1 3% to $13m, but grew 7% at CER as the contribution from a 5% increase in the number of franchised rooms partially o ffset an 11.8 % RevPAR decline. |

| Asia Pacific: RevPAR outperformance |
| --- |
| Revenue performance RevPAR declined 17.2 % driven by both occupancy and rate. Trading in the major cities of Greater China remained very soft driving RevPAR down 19.9 % , significantly better than the industry down 32.5% which was heavily impacted by
oversu pply in major markets. Continuing revenues declined 22% (19% CER) to $ 56m . Operating profit
performance Operating profit from continuing
operations declined 41 % (35 % CER) from $ 17 m to $ 10 m . Operating profit at owned and leased
hotels decreased by $3m to $7m primarily reflecting a RevPAR decline of 21 .1 % at the InterContinental Hong
Kong. Managed hotel s profit decreased 43% (29% CER) to $8m . |

| I nterest and t ax |
| --- |
| The interest c harge for the quarter fell $ 16 m to $ 14 m due to a reduction in interest rates and lower average 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 24% (Q1 2008: 29%). The reported tax rate may continue t o vary year-on-year but is expected to incr ease in the medium to long term . |

| Cash flow & n et debt |
| --- |
| Capital expenditure of $18m was $10m below
2008 levels and as disclosed previously, full year
maintenance capital expenditure is expected to be c.$75m, down 25%
on 2008 levels. IHG's net debt was maintained at $1.3bn at the end of the
quarter, including the $ 202m finance lease on the InterContinental
Boston . IHG remains well place d in terms of its banking facilities, with a
$1.6bn revolving credit facility expiring May 2013 and a $0.5bn
term loan expiring November 2010 . |

Appendix 1: Asset d isposal programme detail

	Number of owned hotels	Proceeds	Net book value
Disposed since April 2003	183	$5.5 bn	$5.2bn
Remaining hotels	16		$1.6 bn

For a full list please visit

www.ihg.com/Investors

Appendix 2: Rooms

	Americas	EMEA	Asia Pacific	Total
Openings	9,666	841	1,933	12,440
Removals	(6,759)	(1,494)	(2,342)	(10,595)
Net openings	2,907	(653)	(409)	1,845
Signings	6,602	1,994	1,955	10,551

Appendix 3: Financial headlines

Three months to 31 Mar ch $ m	Total — 200 9	200 8	Americas — 200 9	200 8	200 9	200 8	Asia Pacific — 200 9	200 8	Central — 200 9	200 8
Franchised operating profit	97	114	80	97	16	15	1	2
Managed operating profit	20	58	(4)	23	16	21	8	14
Continuing owned and leased operating
profit	4	22	(4)	7	1	5	7	10
Regional overheads	(27)	(35)	(12)	(15)	(9)	(11)	(6)	(9)
Continuing operating profit pre central
overheads	94	159	60	112	24	30	10	17
Central overheads	(25)	(35)	-	-	-	-	-	-	(25)	(35)
Continuing operating profit	69	124	60	112	24	30	10	17	(25)	(35)
Discontinued owned and leased operating
profit	3	3	3	3	-	-	-	-
Total operating profit	72	127	63	115	24	30	10	17	(25)	(35)

Appendix 4: Constant currency continuing operating profit growth before exceptional items .

	Americas — Actual currency*	Constant currency**	EMEA — Actual currency*	Constant currency**	Asia Pacific — Actual currency*	Constant C urrency**	Total *** — Actual currency*	Constant currency**
Growth	(46)%	(46)%	(20)%	(13)%	(41)%	(35)%	(44)%	(48)%

Exchange rates	GBP:USD	EUR: USD
200 9	0.7 0	0.77
200 8	0.5 0	0.67

• US dollar actual currency

** Translated at constant 200 8 exchange rates

*** After Central Overheads

F or further information, please contact:

Investor Relations ( Heather Wood; Catherine Dolton ):	+44 (0) 1895 512 176
Media Affairs (Leslie McGibbon ; Emma Corcoran ):	+44 (0) 1895 512 425
	+44 (0) 7808 094 471

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.

UK Q&A Conference Call:

A conference call with Andrew Cosslett (Chief Executive) and Richard Solomons (Finance Director) will commence at 8.30 am ( London time) on 12 May. There will be an opportunity to ask questions.

International dial-in:	+44 (0)20 7108 6370
UK Free Call:	0808 238 6029
Conference ID:	HOTEL

A recording of the conference call will also be available for 7 days. To access this please dial the relevant number below and use the access number 6081 .

International dial-in:	+44 020 7108 6269
UK Free Call:	0800 376 9014

US Q&A conference call

There will also be a conference call, primarily for US investors and analysts, at 10.00 am (Eastern Standard Time) on 12 May with Andrew Cosslett (Chief Executive) and Richard Solomons (Finance Director). There will be an opportunity to ask questions.

International dial-in	+44 (0)20 7108 6370
US Toll Free	866 692 5726
Conference ID:	Hotel

A recording of the conference call will also be available for 7 days. To access this please dial the relevant number below and use the access number 6084.

International dial-in	+44 020 7970 4954
US Toll Free	877 387 6451

Website

The full release and supplementary data will be available on our website from 7.00 am ( London time) on Tuesday 12 May . The web address is

www.ihg.com/Q1

To watch a video of Richard Solomons reviewing our results visit our YouTube channel at

www.youtube.com/ihgplc

Notes to Editors:

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,200 hotels and more than 620 ,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, Hotel Indigo ® , Crowne Plaza ® Hotels & Resorts, Holiday Inn ® Hotels and Resorts, Holiday Inn Express ® , Staybridge Suites ® and Candlewood Suites ® , and also manages the world's largest hotel loyalty programme, Priority Club ® Rewards with 42 million members worldwide.

IHG has nearly 1,700 hotels in its development pipeline, which will create 200,000 jobs worldwide 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 .

IHG offers information and online reservations for all its hotel brands at

www.ihg.com

and information for the Priority Club Rewards programme at

www.priorityclub.com

. For the latest news from IHG, visit our online Press Office at

www.ihg.com/media

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 31 March 2009

	3 months ended 31 March 2009 — Before exceptional items	Exceptional items (note 7)	Total	3 months ended 31 March 2008 — Before exceptional items	Exceptional items (note 7)	Total
	$ m	$ m	$ m	$ m	$ m	$ m
Continuing operations
Revenue (note 3)	342	-	342	448	-	448
Cost of sales	(176)	-	(176)	(205)	-	(205)
Administrative expenses	(73)	(26)	(99)	(91)	(9)	(100)
Other operating income and expenses	1	-	1	1	-	1
	____	____	____	____	____	____
	94	(26)	68	153	(9)	144
Depreciation and amortisation	(25)	-	(25)	(29)	(1)	(30)
	_____	_____	____	_____	_____	____
Operating profit (note 3)	69	(26)	43	124	(10)	114
Financial income	1	-	1	3	-	3
Financial expenses	(15)	-	(15)	(33)	-	(33)
	____	____	____	____	____	____
Profit before tax (note 3)	55	(26)	29	94	(10)	84
Tax (note 8)	(13)	5	(8)	(27)	3	(24)
	____	____	____	____	____	____
Profit for the period from continuing operations	42	(21)	21	67	(7)	60
Profit for the period from discontinued operations (note 9)	2	4	6	2	-	2
	____	____	____	____	____	____
Profit for the period attributable to the equity holders of the
parent	44	(17)	27	69	(7)	62
	====	====	====	====	====	====
Earnings per ordinary share (note 10)
Continuing operations:
Basic			7.4 ¢			20.5 ¢
Diluted			7.4 ¢			20.3 ¢
Adjusted	14.8 ¢			22.9 ¢
Adjusted diluted	14.7 ¢			22.7 ¢
Total operations:
Basic			9.5 ¢			21.2 ¢
Diluted			9.5 ¢			21.0 ¢
Adjusted	15.5 ¢			23.6 ¢
Adjusted diluted	15.4 ¢			23.4 ¢
	====		====	====		====

InterContinental Hotels Group PLC

GROUP STATEMENT OF COMPREHENSIVE INCOME

For the three months ended 31 March 2009

	2009 3 months ended 31 March $ m	2008 3 months ended 31 March restated* $ m
Profit for the period	27	62
Other comprehensive income
G ains on valuation of available-for-sale assets	5	6
Cash flow hedges:
Losses arising during the period	(4)	-
Transferred to financial expenses	3	-
Actuarial gains/(losses) on defined benefit pension plans , net of asset restriction	34	(14)
Exchange differences on retranslation of foreign operations	(14)	20
Tax related to above components of other comprehensive income	(4)	4
Tax related to share schemes	(1)	(4)
Tax related to pension contributions	-	6
	____	____
Other comprehensive income for the period	19	18
	____	____
Total compreh ensive income for the period	46	80
	====	====
Attributable to:
Equity holders of the parent	47	80
Minority equity interest	(1)	-
	____	____
	46	80
	====	====

• Restated for IFRIC 14 (note 1).

InterContinental Hotels Group PLC

GROUP STATEMENT OF CHANGES IN EQUITY

For the three months ended 31 March 2009

	3 months ended 31 March 2009 — Equity share capital	Other reserves*	Retained earnings	Minority interest	Total equity
	$ m	$m	$ m	$ m	$ m
At beginning of the period	118	(2,748)	2,624	7	1
Total comprehensive income for the period	-	(9)	56	(1)	46
Movement in shares in employee share trusts	-	42	(41)	-	1
Equity-settled share-based cost, net of payments	-	-	3	-	3
Exchange adjustments	(2)	2	-	-	-
	____	____	____	____	____
At end of the period	116	(2,713)	2,642	6	51
	====	====	====	====	====

	3 months ended 31 March 2008 — Equity share capital	Other reserves*	Retained earnings	Minority interest	Total equity
	$ m	$m	$ m	$ m	$ m
At beginning of the period	163	(2,720)	2,649	6	98
Total comprehensive income for the period	-	26	54	-	80
Issue of ordinary shares	1	-	-	-	1
Purchase of own shares	-	-	(25)	-	(25)
Movement in shares in employee share trusts	-	52	(51)	-	1
Equity-settled share-based cost, net of payments	-	-	1	-	1
Exchange adjustments	(1)	1	-	-	-
	____	____	____	____	____
At end of the period	163	(2,641)	2,628	6	156
	====	====	====	====	====

• 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 CASH FLOWS

For the three months ended 31 March 2009

	2009 3 months ended 31 March	2008 3 months ended 31 March
	$ m	$ m
Profit for the period	27	62
Adjustments for:
Net financial expenses	14	30
Income tax charge	9	25
Gain on disposal of assets - tax credit	(4)	-
Exceptional operating items before depreciation	26	9
Depreciation and amortisation	25	30
Equity settled share-based cost, net of payments	3	1
	_____	_____
Operating cash flow before movements in working capital	100	157
Increase in net working capital	(35)	(54)
Retirement benefit contributions, net of cost	(1)	(22)
Cash flows relating to exceptional operating items	(32)	(7)
	_____	_____
Cash flow from operations	32	74
Interest paid	(14)	(31)
Interest received	1	3
Tax paid on operating activities	(28)	(5)
	_____	_____
Net cash from operating activities	(9)	41
	_____	_____
Cash flow from investing activities
Purchases of proper ty, plant and equipment	(9)	(18)
Purchases of intangible assets	(9)	(10)
Proceeds from associates and other financial assets	8	8
	_____	_____
Net cash from investing activities	(10)	(20)
	_____	_____
Cash flow from financing activities
Proceeds from the issue of share capital	-	1
Purchase of own shares	-	(25)
Purchase of own shares by employee share trusts	(2)	-
Proceeds on release of own shares by employee share trusts	1	1
Increase in borrowings	66	75
	_____	_____
Net cash from financing activities	65	52
	_____	_____
Net movement in cash and cash equivalents in the
period	46	73
Cash and cash equivalents at beginning of the period	82	105
Exchange rate effects	(7)	(1)
	_____	_____
Cash and cash equivalents at end of the period	121	177
	=====	=====

InterContinental Hotels Group PLC

GROUP

STATEMENT OF FINANCIAL POSITION

31 March 2009

	2009 31 March	2008 31 March restated*	2008 31 December
	$ m	$ m	$ m
ASSETS
Property, plant and equipment	1,660	1,954	1,684
Goodwill	142	224	143
I ntangible assets	300	345	302
Investment in associates	42	67	43
Retirement benefit assets	55	64	40
Other financial assets	153	170	152
	_____	_____	_____
Total non-current assets	2,352	2,824	2,364
	_____	_____	_____
Inventories	4	5	4
Trade and other receivables	393	504	412
Current tax receivable	46	96	36
Cash and cash equivalents	121	177	82
Other financial assets	5	35	10
	_____	_____	_____
Total current assets	569	817	544
Non-current assets classified as held for sale	211	115	210
	______	______	______
Total assets (note 3)	3,132	3,756	3,118
	=====	=====	=====
LIABILITIES
Loans and other borrowings	(20)	(17)	(21)
Trade and other payables	(683)	(756)	(746)
Current tax payable	(345)	(434)	(374)
	_____	_____	_____
Total current liabilities	(1,048)	(1,207)	(1,141)
	_____	_____	_____
Loans and other borrowings	(1,388)	(1,839)	(1,334)
Retirement benefit obligations	(113)	(119)	(129)
Trade and other payables	(398)	(281)	(392)
Deferred tax payable	(131)	(147)	(117)
	_____	_____	_____
Total non-current liabilities	(2,030)	(2,386)	(1,972)
Liabilities classified as held for sale	(3)	(7)	(4)
	_____	_____	_____
Total liabilities	(3,081)	(3,600)	(3,117)
	=====	=====	=====
Net assets	51	156	1
	=====	=====	=====
EQUITY
Equity share capital	116	163	118
Capital redemption reserve	10	10	10
Shares held by employee share trusts	(7)	(31)	(49)
Other reserves	(2,888)	(2,917)	(2,890)
Unrealised gains and losses reserve	13	44	9
Currency translation reserve	159	253	172
Retained earnings	2,642	2,628	2,624
	______	______	______
IHG shareholders' equity	45	150	(6)
Minority equity interest	6	6	7
	______	______	______
Total equity	51	156	1
	=====	=====	=====

• Restated for IFRIC 14 (note 1).

InterContinental Hotels Group plc

NOTES TO THE INTERIM FINANCIAL STATEMENTS

| 1. |
| --- |
| 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'. Other than the changes listed below, they have been
prepared on a consistent basis using the accounting policies set out in
the InterContinental Hotels Group (the Group or IHG) Annual Report and Financial Statements for the
year ended 31 December 2008. With effect from 1 January 2009, the Group has implemented IAS 1
(Revised) 'Presentation of Financial Statements', IAS 23 (Revised)
'Borrowing Costs', IFRS 8 'Operating Segments' and IFRIC 13 'Customer
Loyalty Programmes'. Except for certain presentational changes,
including the introduction of a 'Group Statement of Changes in Equity'
as a primary financial statement, the adoption of these standards has
had no material impact on the financial statements and there has been
no requirement to restate prior year comparatives. Following the adoption of IFRIC 14 'IAS 19 - The limit on a Defined
Benefit Asset, Minimum Funding Requirements and their Interaction' at
31 December 2007, the 31 March 2008 Statement of Financial Position has
been amended to show the retirement benefit assets net of tax
previously recorded within deferred tax payable. There have been
corresponding changes to the actuarial gains and related tax reported
in the restated Group Statement of Comprehensive Income for the three
months ended 31 March 2008. There is no change to previously reported
net assets. These financial statements are presented in US dollars following a
management decision to change the reporting currency from sterling in
2008. The change was made to reflect the profile of the Group's revenue
and operating profit which are now primarily generated in US dollars or
US dollar linked currencies. Comparative information has been restated
into US dollars. These condensed interim financial statements are unaudited and do not constitute statutory
accounts of the Group within the meaning of Section 240 of the
Companies Act 1985. T he auditors have carried out a r eview of the financial information in accordance with the guidance
contain ed in ISRE 2410 ( UK and Ireland ) 'Review of Interim F inanc ial Information Performed by the Independent Auditor of the Entity'
issued by the A uditing Practices Board. The financial information for the year ended 31 December 2008 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. |
| --- |
| 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 three months ended 31 March is $1= £0.70 (2008 3 months, $1=£0.50 ). In the case of the euro, the translation rate for
the three months ended 31 March is $ 1 = €0.77 ( 2008 3 months, $1 = €0.67 ). A ssets and liabilities have been translated into US dollars at the rates of exchange on the balance sheet date . In the case of sterling, the translation rate is $1=£0.70 ( 2008 31 December $1 = £0.69; 31 March $1 = £0.50 ). In the case of the euro, the translation rate is $1 = €0.75 ( 2008 31 December $1 = €0.71 ; 31 March $ 1= €0.63 ). |

3. — Revenue	2009 3 months e nded 31 March	2008 3 months ended 31 March
	$ m	$ m
Continuing operations :
Americas (note 4)	170	230
EMEA (note 5)	87	115
Asia Pacific (note 6)	56	72
Central	29	31
	____	____
Revenue from continuing operations	342	448
Discontinued operations - Americas (note 4)	9	11
	____	____
Total revenue	351	459
	====	====

Profit	2009 3 months ended 31 March $ m	2008 3 months ended 31 March $ m
Continuing operations :
Americas (note 4)	60	112
EMEA (note 5)	24	30
Asia Pacific (note 6)	10	17
Central	(25)	(35)
	____	____
Reportable segments' operating profit	69	124
Exceptional operating items (note 7)	(26)	(10)
	____	____
Operating profit from continuing operations	43	114
Financial income	1	3
Financial expenses	(15)	(33)
	____	____
Profit before tax from continuing operations	29	84
Discontinued operations - Americas (note 4)	3	3
	____	____
Total profit before tax	32	87
	====	====

Assets	2009 31 March $ m	2008 31 March restated* $ m	2008 31 December $ m
Americas	1,238	1,361	1,240
EMEA	932	1,274	958
Asia Pacific	604	683	613
Central	191	165	189
	____	____	____
Segment assets	2,965	3,483	3,000
Unallocated assets:
Current tax receivable	46	96	36
Cash and cash equivalents	121	177	82
	____	____	____
Total assets	3,132	3,756	3,118
	====	====	====

• Restated for IFRIC 14 (note 1).

4 .	2009 3 months ended 31 March $ m	2008 3 months ended 31 March $ m
Revenue
Owned and leased	40	63
Managed	31	53
Franchised	99	114
	____	____
Continuing operations	170	230
Discontinued operations*	9	11
	____	____
Total	179	241
	====	====
Operating profit
Owned and leased	(4)	7
Managed	(4)	23
Franchised	80	97
Regional overheads	(12)	(15)
	____	____
Continuing operations	60	112
Discontinued operations*	3	3
	____	____
Total	63	115
	====	====

• Discontinued operations are all owned and leased.

5 .	2009 3 months ended 31 March $ m	2008 3 months ended 31 March $ m
Revenue
Owned and leased	38	53
Managed	28	40
Franchised	21	22
	____	____
Total	87	115
	====	====
Operating profit
Owned and leased	1	5
Managed	16	21
Franchised	16	15
Regional overheads	(9)	(11)
	____	____
Total	24	30
	====	====

All results relate to continuing operations.

6 .	2009 3 months ended 31 March $ m	2008 3 months ended 31 March $ m
Revenue
Owned and leased	32	40
Managed	21	28
Franchised	3	4
	___	___
Total	56	72
	====	====
Operating profit
Owned and leased	7	10
Managed	8	14
Franchised	1	2
Regional overheads	(6)	(9)
	____	____
Total	10	17
	====	====

All results relate to continuing operations.

7.	2009 3 months ended 31 March $ m	2008 3 months ended 31 March $ m
Continuing operations:
Exceptional operating items
Administrative expenses:
Holiday Inn brand relaunch (a)	(5)	(6)
Office reorganisations (b)	-	(3)
Enhanced pension transfer (c)	(21)	-
	____	____
	(26)	(9)
		-
Depreciation and amortisation:
Office reorganisations (b)	-	(1)
	____	____
	(26)	(10)
	====	====
Tax
Tax on exceptional operating items	5	3
	====	====
Discontinued operations:
Gain on disposal of assets - tax credit	4	-
	====	====

| The above items are treated as exceptional by reason of their size or
nature. | |
| --- | --- |
| a ) | Relates to costs incurred in support of the worldwide relaunch of the
Holiday Inn brand family that was announced on 24 October 2007. |
| b ) | Related to costs incurred on the relocation of the Group's head office
and the closure of its Aylesbury facility. |
| c) | Relates to the payment of enhanced pension transfers to those deferred
members of the InterContinental Hotels UK Pension Plan who had accepted an offer to receive the enhancement
either as a cash lump sum or as an additional transfer value to an
alternative pension plan provider. The exceptional item comprises the
lump sum payments, the IAS 19 settlement loss arising on the pension
transfers and the costs of the arrangement. The payments and transfers
were made in January 2009. |

8 .
The tax charge on the combined profit from continuing and discontinued
operations, excluding the impact of e xceptional items (note 7 ), has been calculated using an estimated effective ann ual tax rate of 24% (2008 29 %) analysed as follows.

	2009	2009	2009	2008	2008	2008
3 months ended 31 March	Profit $ m	Tax $ m	Tax rate	Profit $ m	Tax $ m	Tax r ate
Before exceptional items
Continuing operations	55	(13)		94	(27)
Discontinued operations	3	(1)		3	(1)
	____	____		____	____
	58	(14)	24%	97	(28)	29%
Exceptional items
Continuing operations	(26)	5		(10)	3
Discontinued operations	-	4		-	-
	____	____		____	____
	32	(5)		87	(25)
	====	====		====	====
Analysed as:
UK tax		4			(4)
Foreign tax		(9)			(21)
		____			_____
		(5)			(25)
		====			====

By also excluding the effect of prior year items, the equivalent effective tax rate would be approximately 39% (2008 3 months ended 31 March 35%; year ended 31 December 39%). Prior year items have been treated as relating wholly to continuing operations.

| 9 . |
| --- |
| Discontinued operations are those relating to hotels sold or those
classified as held for sale as part of the asset disposal programme
that commenced in 2003. These disposals underpin IHG's strategy of
growing its managed and franchised business whilst reducing asset
ownership. |
| The results of discontinued operations which have been included in the consolidated income statement are as follows: |

	2009 3 months ended 31 March	2008 3 months ended 31 March
	$ m	$ m
Revenue	9	11
Cost of sales	(6)	(8)
	____	____
Operating profit	3	3
Tax	(1)	(1)
	____	____
Profit after tax	2	2
Gain on disposal of assets - tax credit	4	-
	____	____
Profit for the period from discontinued operations	6	2
	====	====
	2009 3 months ended 31 March cents per share	2008 3 months ended 31 March cents per share
Earnings per share from discontinued operations
Basic	2.1	0.7
Diluted	2.1	0.7
	====	====

The effect of discontinued operations on segment results is shown in notes 3 and 4 .

| 10. |
| --- |
| 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. |

3 months ended 31 March	2009	2009	2008	2008
	Continuing operations	Total	Continuing operations	Total
Basic earnings per share
Profit available for equity holders ($m)	21	27	60	62
Basic weighted average number of ordinary shares (millions)	284	284	292	292
Basic earnings per share ( cents )	7.4	9.5	20.5	21.2
	====	=====	====	=====
Diluted earnings per share
Profit available for equity holders ($m)	21	27	60	62
Diluted weighted average number of ordinary shares (millions)	285	285	295	295
Diluted earnings per share ( cents )	7.4	9.5	20.3	21.0
	====	=====	===	===
Adjusted earnings per share
Profit available for equity holders ($m)	21	27	60	62
Adjusting items (note 7):
Exceptional operating items ($m)	26	26	10	10
Tax ($m)	(5)	(5)	(3)	(3)
Gain on disposal of assets, net of tax ($m)	-	(4)	-	-
	____	____	____	____
Adjusted earnings ($m)	42	44	67	69
Basic weighted average number of ordinary shares (millions)	284	284	292	292
Adjusted earnings per share (cents)	14.8	15.5	22.9	23.6
	====	====	====	====
Diluted weighted average number of ordinary shares (millions)	285	285	295	295
Adjusted diluted earnings per share (cents)	14.7	15.4	22.7	23.4
	====	====	====	====

The diluted weighted average number of or dinary shares is calculated as:

	2009 3 months ended 31 March millions	2008 3 months ended 31 March millions
Basic weighted average number of ordinary shares	284	292
Dilutive potential ordinary shares - employee share options	1	3
	____	____
	285	295
	====	====

11 .	2009 31 March	2008 31 March	2008 31 December
	$ m	$ m	$ m
Cash and cash equivalents	121	177	82
Loans and other borrowings - current	(20)	(17)	(21)
Loans and other borrowings - non-current	(1,388)	(1,839)	(1,334)
	____	____	____
Net debt	(1,287)	(1,679)	(1,273)
	====	====	====
Finance lease liability included above	(202)	(200)	(202)
	====	====	====

12 .	2009 3 months ended 31 March	2008 3 months ended 31 March	2008 12 months ended 31 December
	$ m	$ m	$ m
Net increase in cash and cash equivalents	46	73	25
Add back cash flow s in respect of other components of net debt:
(Increase)/decrease in borrowings	(66)	(75)	316
	____	____	____
(Increase)/decrease in net debt arising from cash flows	(20)	(2)	341
Non-cash movements:
Finance lease liability	(1)	(5)	(2)
Exchange and other adjustments	7	(13)	47
	____	____	____
(Increase) /decrease in net debt	(14)	(20)	386
Net debt at beginning of the period	(1,273)	(1,659)	(1,659)
	____	____	____
Net debt at end of the period	(1,287)	(1,679)	(1,273)
	====	====	====

1. Dividends The proposed final dividend of 29.2 cents per share for the year ended 31 December 2008 is not recognised in these accounts as it remains subject to approval at the Annual General Meeting to be held on 29 May 2009. If approved, the dividend will be paid on 5 June 2009 to shareholders who were registered on 27 March 2009 at an expected total cost of $83m.

| 14 . |
| --- |
| At 31 March 2009, the amoun t contracted for but not provided for in the financial statements for expenditure on property, plant and
equipment was $33m (2008 31 December $40m; 31 March $18m ). At 31 March 2009 , the Group h ad contingent liabilities of $10m (2008 31 December $12m; 31 March $20m ), mainly comprising guarantees given in the ordinary course of
business. In limited cases, the Group may provide performance guarantees to
third-party owners to secure management contracts. The maximum exp osure under such guarantees is $232m (2008 31 December $249m; 31 March
$218m ). Payments under any such guarantees are charged to the income statement
as incurred. The Group has 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 warranties are not expected to result in material financial loss to the Group . |

| 15. |
| --- |
| On 24 October 2007, the Group announced a worldwide relaunch of its
Holiday Inn brand family. In support of this relaunch, IHG will make a
non-recurring revenue investment of $60m which will be charged to the
Group income statement as an exceptional item. $40m has been incurred
to date, including the $5m charged in the first three months of 2009. |

| 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 months ended 31 March 2009 which comprises the Group income statement, Group statement
of comprehensive income, Group statement of changes in equity, Group statement of cash flows , Group statement of financial position and the related notes 1 to 15 . We have read the othe r information contained in the interim financial r eport 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 i n ISRE 2410 ( UK and Ireland ) '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' R esponsibilities The interim financial report is the responsibility of, and has been approved by, the
Directors. The Directors are respon sible for preparing the interim financial r eport 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. C onclusion 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 months ended 31 March 2009 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 11 May 2009 |

Exhibit 99.2

Notification of changes in Director's details

13 May 2009

INTERCONTINENTAL HOTELS GROUP PLC

Notification of changes to Director's details

InterContinental Hotels Group PLC announces , in accordance with paragraph 9.6.4.14R of the Listing Rules, that Ralph Kugler, independent non-executive director of the Company, has been appointed as a non-executive director of Byotrol plc with effect from 11 May 2009.

---------------Ends--------------

Name of Contact for this RNS Announcement:

Catherine Springett

Tel: 01895 512 2 42

Deputy Company Secretary

InterContinental Hotels Group PLC

Exhibit 99.3

Holding(s) in Company

TR-1: Notifications of Major Interests in Shares

| 1. Identity of the
issuer or the underlying issuer of existing shares to which
voting rights are attached: | |
| --- | --- |
| 2. Reason for
notification (yes/no) | |
| An acquisition or disposal of
voting rights | Yes |
| An acquisition or disposal of
financial instruments which may result in the acquisition
of shares already issued to which voting rights are
attached | |
| An event changing the
breakdown of voting rights | |
| Other (please
specify):__ | |
| 3. Full name of
person(s) subject to notification
obligation: | Legal & General Group Plc
(L&G) |
| 4. Full name of
shareholder(s) (if different from
3): | Legal & General Assurance
(Pensions Management) Limited (PMC) |
| 5. Date of
transaction (and date on which the threshold
is crossed or reached if different): | 12 May 2009 |
| 6. Date on which
issuer notified: | 13 May 2009 |
| 7. Threshold(s) that
is/are crossed or reached: | To below 4% |

| 8: Notified
Details | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| A: Voting rights
attached to shares | | | | | | | |
| Class/type of
shares If possible use ISIN
code | Situation previous to
the triggering transaction | | Resulting situation
after the triggering transaction | | | | |
| | Number of
shares | Number of voting
rights | Number of
shares | Number of voting
rights | | Percentage of voting
rights | |
| | | | | Direct | Indirect | Direct | Indirect |
| GB00B1WQCS47 | 11,461,387 | 11,461,387 | 11,336,113 | 11,336,113 | N/A | 3.96% | N/A |

| B: Financial
Instruments | | | | |
| --- | --- | --- | --- | --- |
| Resulting situation
after the triggering transaction | | | | |
| Type of financial
instrument | Expiration
date | Exercise/ conversion
period/date | No. of voting rights
that may be acquired (if the instrument
exercised/converted) | Percentage of voting
rights |

| Total
(A+B) | |
| --- | --- |
| Number of voting
rights | Percentage of voting
rights |
| 11,336,113 | 3.96% |

| 9. Chain of controlled
undertakings through which the voting rights and /or the
financial instruments are effectively held, if
applicable: | |
| --- | --- |
| Legal & General
Group Plc (Direct and Indirect) (Group) Legal & General
Investment Management (Holdings)
Limited (LGIMH) (Direct and
Indirect) Legal & General
Investment Management Limited (Indirect)
(LGIM) | |
| Legal & General
Group Plc (Direct) (L&G) (11,336,113 - 3.96%= LGAS,
LGPL & PMC) | |
| Legal & General
Investment Management (Holdings) Limited (Direct) (LGIMHD)
(10,308,364 - 3.60%=PMC) | Legal & General
Insurance Holdings Limited (Direct)
(LGIH) |
| Legal & General
Assurance (Pensions Management) Limited
(PMC) (10,308,364 - 3.60%=PMC) | Legal & General
Assurance Society Limited (LGAS &
LGPL) Legal & General
Pensions Limited (Direct) (LGPL) |
| Proxy
Voting: | |
| 10. Name of proxy
holder: | N/A |
| 11. Number of voting
rights proxy holder will cease to hold: | N/A |
| 12. Date on which
proxy holder will cease to hold voting
rights: | N/A |
| 13. Additional
information: | Notification using
the Total Voting Rights figure
of 285,597,729 |
| 14 Contact
name: | Catherine
Springett Deputy Company
Secretary InterContinental Hotels
Group PLC |
| 15. Contact telephone
name: | 01895 512242 |

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: | 22 May
2009 |