Richard North Richard North Chief Executive Chief Executive 1

Richard Solomons Richard Solomons Finance Director Finance Director 2

Results Results 6 months to 30 June 2003 6 months to 30 June 2003 Pro forma Group Results (£ £) ) Pro forma Group Results ( Turnover Down 3.4% Turnover Down 3.4% EBITDA Down 14.5% EBITDA Down 14.5% Operating Profit Down 27.4% Operating Profit Down 27.4% Profit Before Tax Down 30.8% Profit Before Tax Down 30.8% Earnings per share Down 32.1% Earnings per share Down 32.1% 3

Results Results 6 months to 30 June 2003 6 months to 30 June 2003 Operating Profit £m m £ Hotels 86 Down 31.7% Hotels 86 Down 31.7% Soft Drinks 39 Up 14.7% Soft Drinks 39 Up 14.7% 4

Owned & Leased Estate RevPAR Owned & Leased Estate RevPAR 6 months to 30 June 2003 6 months to 30 June 2003 15.0% 10.0% 5.0% 0.0% Jan Feb Mar Apr May Jun RevPAR% Growth -5.0% -10.0% -15.0% -20.0% -25.0% -30.0% -35.0% -40.0% Americas EMEA Asia Pacific 5

Operating Profit Performance Operating Profit Performance 6 months to 30 June 2003 6 months to 30 June 2003 � Hotels revenue £62m lower � Key factors affecting profit flow-through: � Occupancy � Depreciation � Insurance � Hotels operating profit £40m lower 6

Operating Profit Operating Profit 3 months to 30 June 2003 3 months to 30 June 2003 3 mths to 3 mths to 3 mths to 3 mths to % $m $m 30 Jun 03 30 Jun 03 30 Jun 02 30 Jun 02 Americas - Owned & Leased 13 12 8.3 - Managed & Upscale Franchised 12 11 9.1 - Midscale Franchised 57 57 - Total Americas 82 80 2.5 EMEA - Owned & Leased 22 39 (43.6) - Managed & Franchised 8 9 (11.1) Total EMEA 30 48 (37.5) Asia Pacific (3) 9 - FelCor & Other - 2 - Central Overheads and Marketing (20) (23) 13.0 Goodwill Amortisation (3) (3) - Total Operating Profit 86 113 (23.9) Total Operating Profit £m 53 77 (31.2) Total EBITDA £m 91 112 (18.8) 7

Operating Profit Operating Profit 6 months to 30 June 2003 6 months to 30 June 2003 6 mths to 6 mths to 6 mths to 6 mths to % $m $m 30 Jun 03 30 Jun 03 30 Jun 02 30 Jun 02 Americas - Owned & Leased 13 13 - - Managed & Upscale Franchised 19 20 (5.0) - Midscale Franchised 102 100 2.0 Total Americas 134 133 0.8 EMEA - Owned & Leased 31 59 (47.5) - Managed & Franchised 18 20 (10.0) Total EMEA 49 79 (38.0) Asia Pacific 5 20 (75.0) FelCor & Other 1 5 (80.0) Central Overheads and Marketing (44) (49) 10.2 Goodwill Amortisation (6) (6) - Total Operating Profit 139 182 (23.6) Total Operating Profit £m 86 126 (31.7) Total EBITDA £m 162 194 (16.5) 8

Americas Americas InterContinental Owned & Leased InterContinental Owned & Leased RevPAR Performance RevPAR Performance 10.0% InterContinental O&L Upper Upscale Segment Growth RevPar % 0.0% Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 (10.4%) Source: IHG & Smith Travel data 9

Americas Americas Owned & Leased Owned & Leased 3 mths to 3 mths to 3 mths to 3 mths to 6 mths to 6 mths to RevPAR Movement RevPAR Movement 31 Mar 03 31 Mar 03 30 Jun 03 30 Jun 03 30 Jun 03 30 Jun 03 InterContinental InterContinental 1.8% 1.8% 2.9% 2.9% 2.2% 2.2% Operating profit flat at $13m Operating profit flat at $13m 10

Americas Americas Managed & Upscale Franchise Managed & Upscale Franchise 3 mths to 3 mths to 3 mths to 3 mths to 6 mths to 6 mths to RevPAR Movement RevPAR Movement 31 Mar 03 31 Mar 03 30 Jun 03 30 Jun 03 30 Jun 03 30 Jun 03 InterContinental Managed InterContinental Managed (24.1%) (24.1%) (11.8%) (11.8%) (18.0%) (18.0%) Crowne Plaza Managed Crowne Plaza Managed (3.0%) (3.0%) (14.5%) (14.5%) (9.4%) (9.4%) Crowne Plaza Franchised Crowne Plaza Franchised (1.3%) (1.3%) (5.2%) (5.2%) (3.5%) (3.5%) Operating profit down $1m to $19m Operating profit down $1m to $19m 11

Americas - - Express Franchise Express Franchise Americas RevPAR Performance RevPAR Performance 10.0% RevPAR % Growth Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 0.0% (10.0%) Express Brands Midscale without F&B Segment Source: IHG & Smith Travel data 12

Americas - - Holiday Inn Franchise Holiday Inn Franchise Americas RevPAR Performance RevPAR Performance 10.0% RevPAR % Growth Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 0.0% (10.0%) Holiday Inn Brands Midscale with F&B Segment Source: IHG & Smith Travel data 13

Americas Americas Midscale Franchise Midscale Franchise 3 mths to 3 mths to 3 mths to 3 mths to 6 mths to 6 mths to RevPAR Movement RevPAR Movement 31 Mar 03 31 Mar 03 30 Jun 03 30 Jun 03 30 Jun 03 30 Jun 03 Holiday Inn Holiday Inn (2.0%) (2.0%) (4.9%) (4.9%) (3.7%) (3.7%) Express Express (0.6%) (0.6%) (0.5%) (0.5%) (0.6%) (0.6%) 6 months to 30 Jun 03 Holiday Inn Holiday Inn Express Express Increase in royalty rate Increase in royalty rate 0.05% pts 0.05% pts - Change in number of Change in number of (1.7%) (1.7%) 8.0% 8.0% rooms available rooms available Operating profit up $2m to $102m Operating profit up $2m to $102m 14

EMEA EMEA Operating Profit Operating Profit 6 mths to 6 mths to 6 mths to 6 mths to 30 Jun 03 30 Jun 03 30 Jun 02 30 Jun 02 % US Dollar US Dollar $m $m $m $m Total Operating Profit Total Operating Profit 49 49 79 79 (38.0) (38.0) Sterling Sterling £m £m £m £m Owned & Leased Owned & Leased 19 19 41 41 (53.7) (53.7) Managed & Franchised Managed & Franchised 11 11 14 14 (21.4) (21.4) Total Operating Profit Total Operating Profit 30 30 55 55 (45.5) (45.5) 15

EMEA Owned & Leased EMEA Owned & Leased 3 mths to 3 mths to 3 mths to 3 mths to 6 mths to 6 mths to RevPAR Movement RevPAR Movement 31 Mar 03 31 Mar 03 30 Jun 03 30 Jun 03 30 Jun 03 30 Jun 03 InterContinental InterContinental (6.1%) (6.1%) (15.5%) (15.5%) (11.5%) (11.5%) Crowne Plaza Crowne Plaza (1.6%) (1.6%) (5.4%) (5.4%) (3.7%) (3.7%) Holiday Inn Holiday Inn (1.0%) (1.0%) (6.2%) (6.2%) (3.8%) (3.8%) Operating profit down £22m to £19m Operating profit down £22m to £19m 16

EMEA Holiday Inn UK EMEA Holiday Inn UK RevPAR Performance RevPAR Performance 20.0% Regions Holiday Inn Regions Hotel Benchmark Segment London Holiday Inn London Hotel Benchmark Segment 10.0% RevPAR % Growth 0.0% (10.0%) (20.0%) Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 (30.0%) Source: IHG & Hotel Benchmar k data 17

EMEA Managed & Franchised EMEA Managed & Franchised 3 mths to 3 mths to 3 mths to 3 mths to 6 mths to 6 mths to RevPAR Movement RevPAR Movement 31 Mar 03 31 Mar 03 30 Jun 03 30 Jun 03 30 Jun 03 30 Jun 03 InterContinental Managed InterContinental Managed (4.0%) (4.0%) (17.3%) (17.3%) (10.8%) (10.8%) Holiday Inn Franchised Holiday Inn Franchised 1.1% 1.1% (1.9%) (1.9%) (0.5%) (0.5%) Express Franchised Express Franchised (2.2%) (2.2%) (5.8%) (5.8%) (4.3%) (4.3%) Operating profit down £3m to £11m Operating profit down £3m to £11m 18

Asia Pacific Asia Pacific 3 mths to 3 mths to 3 mths to 3 mths to 6 mths to 6 mths to RevPAR Movement RevPAR Movement 31 Mar 03 31 Mar 03 30 Jun 03 30 Jun 03 30 Jun 03 30 Jun 03 IC Hong Kong IC Hong Kong 2.7% 2.7% (90.2%) (90.2%) (46.0%) (46.0%) Managed Managed 3.4% 3.4% (31.6%) (31.6%) (14.7%) (14.7%) Operating profit down $15m to $5m Operating profit down $15m to $5m 19

Operating Profit Operating Profit 6 months to 30 June 2003 6 months to 30 June 2003 6 mths to 6 mths to 6 mths to 6 mths to % $m $m 30 Jun 03 30 Jun 03 30 Jun 02 30 Jun 02 Americas - Owned & Leased 13 13 - - Managed & Upscale Franchised 19 20 (5.0) - Midscale Franchised 102 100 2.0 Total Americas 134 133 0.8 EMEA - Owned & Leased 31 59 (47.5) - Managed & Franchised 18 20 (10.0) Total EMEA 49 79 (38.0) Asia Pacific 5 20 (75.0) FelCor & Other 1 5 (80.0) Central Overheads and Marketing (44) (49) 10.2 Goodwill Amortisation (6) (6) - Total Operating Profit 139 182 (23.6) Total Operating Profit £m 86 126 (31.7) Total EBITDA £m 162 194 (16.5) 20

Britvic Soft Drinks Britvic Soft Drinks Results for the 28 weeks to 5 July 2003 Results for the 28 weeks to 5 July 2003 � Volume up 3.2% � Turnover up 8.1% to £335m � Profit margins increased � Operating Profit up 14.7% Operating profit up £5m to £39m Operating profit up £5m to £39m 21

Group Pro Forma Group Pro Forma Profit & Loss Account Profit & Loss Account 6 mths to 6 mths to Growth Growth 6 mths to 6 mths to 30 Jun 03 30 Jun 03 £m £m 30 Jun 02 30 Jun 02 % EBITDA EBITDA 213 213 249 249 (14.5) (14.5) Operating profit Operating profit 114 114 157 157 (27.4) (27.4) Interest Interest (22) (22) (24) (24) 8.3 8.3 Profit before tax Profit before tax 92 92 133 133 (30.8) (30.8) Tax Tax (23) (23) (38) (38) 39.5 39.5 Minority interests Minority interests (13) (13) (13) (13) - Retained Profit Retained Profit 56 56 82 82 (31.7) (31.7) Earnings per share (pence) Earnings per share (pence) 7.6 7.6 11.2 11.2 (32.1) (32.1) 22

Richard North Richard North Chief Executive Chief Executive 1 - PowerPoint PPT Presentation

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