IHG PLC Files 20-F: Tax Details and Russia Exit Costs
Ticker: ICHGF · Form: 20-F · Filed: Feb 27, 2025 · CIK: 858446
| Field | Detail |
|---|---|
| Company | Intercontinental Hotels Group PLC /New/ (ICHGF) |
| Form Type | 20-F |
| Filed Date | Feb 27, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: 20-F, taxes, international-operations
TL;DR
IHG's 20-F is out: $2M Pillar Two tax, $169M US tax, and past Russia exit costs noted.
AI Summary
InterContinental Hotels Group PLC filed its 20-F report for the fiscal year ending December 31, 2024. The filing details ordinary shares and includes $2 million related to Pillar Two taxes. It also mentions $169 million in US taxes for 'other jurisdictions' and notes a $1 million exceptional item in 2022 for ceasing Russian operations.
Why It Matters
This filing provides crucial financial and operational disclosures for investors, offering insights into the company's tax liabilities and past strategic decisions like exiting the Russian market.
Risk Assessment
Risk Level: medium — The filing contains details on tax provisions and past operational exits, which can indicate financial complexities and strategic shifts that may carry inherent risks.
Key Numbers
- $2m — Pillar Two Taxes (Included in the 2024 fiscal year reporting.)
- $169m — US Taxes (Other Jurisdictions) (Reported for the 2024 fiscal year.)
- $1m — Exceptional Item (Russia Exit) (Cost related to ceasing operations in Russia in 2022.)
Key Players & Entities
- INTERCONTINENTAL HOTELS GROUP PLC (company) — Filer of the 20-F report
- SIX CONTINENTS PLC (company) — Former name of InterContinental Hotels Group PLC
- $2m (dollar_amount) — Taxes arising under the Pillar Two framework
- $1m (dollar_amount) — Exceptional item in 2022 for ceasing operations in Russia
- $169m (dollar_amount) — US taxes in 'Other jurisdictions' for 2024
- $172m (dollar_amount) — US taxes in 'Other jurisdictions' for 2023
- $134m (dollar_amount) — US taxes in 'Other jurisdictions' for 2022
- $18m (dollar_amount) — Gain from associates and joint ventures in 2023
- $18m (dollar_amount) — Loss from associates and joint ventures in 2022
- $42m (dollar_amount) — Included within exceptional items in 2022
FAQ
What is the total amount of taxes related to the Pillar Two framework reported for the fiscal year ending December 31, 2024?
The filing states that $2 million is included in respect of taxes arising under the Pillar Two framework for the fiscal year ending December 31, 2024.
How much was reported for US taxes in 'other jurisdictions' for the fiscal year ending December 31, 2024?
For the fiscal year ending December 31, 2024, 'other jurisdictions' includes $169 million in respect of US taxes.
What exceptional item was noted in 2022 related to operational changes?
In 2022, $1 million was classified as exceptional relating to the costs of ceasing operations in Russia.
What was the impact of associates and joint ventures on the Group income statement in 2023?
In 2023, the total share of profits/(losses) from associates and joint ventures included an $18 million gain due to a liability recognized in 2022 and its subsequent reversal.
What is the company's primary business classification according to the SIC code?
The Standard Industrial Classification (SIC) code for InterContinental Hotels Group PLC is 7011, which corresponds to 'Hotels & Motels'.
Filing Details
This Form 20-F (Form 20-F) was filed with the SEC on February 27, 2025 regarding INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (ICHGF).