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  "documentTitle": "2024 FY Results Presentation",
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  "notes": "The slide uses a waterfall chart to explain the movement from Operating Profit to Net Debt increase, highlighting FCF conversion.",
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      "text": "IHG typically converts ~100% of earnings into free cash. FY24 is lower than average, driven by the planned higher spend in the System Fund, together with higher key money capital expenditure (including that related to the NOVUM agreement)",
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      "kind": "disclaimer",
      "text": "1. Definitions for non-GAAP measures... 2. Includes $56m... 3. Includes $(46)m... 4. Includes $(68)m... 5. Relating to the $800m... 6. $(3)m of net adverse exchange...",
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      "text": "IHG typically converts ~100% of earnings into free cash. FY24 is lower than average, driven by the planned higher spend in the System Fund, together with higher key money capital expenditure (including that related to the NOVUM agreement). The typical ~100% conversion that IHG has historically achieved is expected to resume in the future",
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