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  "documentTitle": "IHG Hotels | Investor Presentation Deck | 69 slides",
  "authorId": "ihg-hotels",
  "authorName": "IHG",
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  "presentationDate": "2023-10-01 00:00:00",
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      "text": "479 Operating profit from reportable segments¹, 34 Depreciation and amortisation, 513 Adjusted EBITDA¹, 140 System Fund², (158) Working capital & other movements³, nil Exceptional cash flow items, (138) Interest and tax, (80) Maintenance capex and key money, 277 Adjusted free cash flow, (19) Gross System Fund capex, (8) Net recyclable capex, (166) Dividends, (372) Share buybacks including transaction costs, (131) FX, lease and other non-cash movements⁴, (419) Increase in net debt",
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      "text": "1. Before exceptional items and System Fund result.\n2. System Fund inflow reflects $87m reported result for the half, adding back $43m of depreciation and amortisation and $10m of other non-cash adjustments to System Fund result; working capital movements related to the System Fund, including movements in deferred revenue, are included within the Group's overall working capital & other movements.\n3. Includes $(167)m of working capital and other adjustments, $29m of other non-cash adjustments to operating profit/loss, $2m of impairment loss on financial assets, less $(15)m of principal element of lease payments, together with $(7)m purchase of own shares by employee trusts.\n4. Includes $(112)m of net adverse exchange movements, $(14)m movement in lease liabilities, $15m principal element of lease repayments and $(18)m increase in accrued interest, together with $(2)m of other non-cash movements.",
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      "text": "Cash flow\nHY 2023",
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