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          "text": "Page 17 Update on Our Industry and IHG's Positioning\nPages 18-19 Current industry forces and long-term growth drivers\nPage 20 Investing for performance, growth and competitive advantage\nPage 21 Update on Strategic Priorities\nPages 22-25 Being CUSTOMER centric in all we do\nPages 26-42 Build loved and trusted BRANDS\nPages 43-44 Creating DIGITAL advantage\nPages 45-47 CARE for our people, communities and planet\nPage 48 HY 2023 Financial Review\nPage 49 Financial performance overview\nPage 50 US Leisure, Business and Groups demand\nPage 51 Capital expenditure\nPage 52 Cash flow\nPage 53-56 Revenue and operating profit\nPages 57-58 Underlying fee business revenue and operating profit non-GAAP reconciliations\nPage 59-60 Net system size growth\nPage 61 Ordinary shares\nPage 62 Currency impacts\nPage 63 FY 2022 Financial Review\nPage 64 Financial performance overview\nPage 65 Capital expenditure\nPage 66 Cash flow\nPage 67 Underlying fee business revenue and operating profit non-GAAP reconciliations",
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          "text": "1. Reportable segments excludes System Fund results, hotel cost reimbursements and exceptional items.\n2. Reportable segment results excluding significant liquidated damages, current and prior year owned asset disposals and stated at FY 2022 constant exchange rates (CER).\n3. Comprises the Group's fee business and owned, leased and managed lease hotels.\n4. Excludes owned, leased and managed lease hotels, significant liquidated damages and the results of the Group's captive insurance company.\n5. Adjusted interest adds back $16m (FY 2021: $3m; FY 2019: $13m) of interest charges relating to the System Fund and excludes exceptional items and foreign exchange gains/losses primarily related to the Group's internal funding structure.\n6. The Group's effective tax rate on profit before exceptional items, foreign exchange gains/losses and System Fund results.\n7. Calculated using results from Reportable Segments and Adjusted interest, and related tax, and excluding changes in fair value of contingent purchase consideration.\n8. Calculations changed from those initially presented on 21 February 2023 in order to correctly state at FY 2022 CER (the initial calculations were stated at FY 2020 CER).",
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          "text": "Revenue³ $1,843m $1,390m +33% $2,083m (12)% +39% (5)%8 Operating profit $828m $534m +55% $865m (4)% +53% (1)%8 Revenue from fee business $1,449m $1,153m +26% $1,510m (4)% +28% (2)%8 Operating profit from fee business $809m $570m +42% $813m (0)% +43% 2%8 Fee margin¹ 56.2% 49.6% +6.6%pts 54.1% +2.1%pts Adjusted interest $(122)m $(142)m (14)% $(133)m (8)% Effective tax rates (27)% (31)% (4)%pts (24)% +3%pts Adjusted EPS 282.3¢ 147.0¢ +92% 303.3¢ (7)% Dividend for the year 138.4¢ 85.9¢ +61% 39.9¢ +247%",
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