Key indicators

Income Statements – Summary

in million of euros20102011
Restated(1)
2012 2013
Restated
 2014 2015 H1
2016
 
Consolidated revenue5,9485,5685,649 5,425 5,454 5,581 2,598 
EBITDAR 1,8141,7591,788 1,731 1,772 1,780 763 
Operating Profit Before Tax
and non-recurring items
334438468 442 578 605 143 
Net Income, Group Share3,60027(599) 126 223 244 74 
Earnings per share (in €)15.940.12(2.64) 0.55 0.96 0.88 0.16 
Dividend per Share (in €)0.621.15(2)0.76(3)  0.80(4)  0.95 1.00 N/A 

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.
(1) In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated income statements at December 31, 20N the profits or losses of 20N+1 discontinued operations are reported on a separate line.
(2) Including a special dividend of EUR 0.50.
(3) 2012 dividend submitted for approval at the shareholders' meeting of April 25, 2013.
(4) Ordinary dividend per share recommended by the Board of Directors to the Annual Shareholders’Meeting of April 29,2014


Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF).
In accordance with European Commission Regulation on the application of international Financial Reporting Standards, the 2005 AccorHotels Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005.
Historical datas in French accounting standards are available in corresponding registration document.

Consolidated balance sheets - summary

Assets
(in million of euros)
2011 2012 2013* 2014 2015 H1 2016 
Goodwill 712 840 691 701 697 911 
Intangible fixed assets 373 264 281 283 307 304 
Property, plant and equipment 3,257 2,592 2,396 3,157 3,024 3,161 
Total financial assets 549 632 548 586 654 871 
Total non-current assets 5,038 4,479 4,065 4,794 4,756 5,352 
Total current assets
2,576 2,925 2,877 3,614 3,990 3,434 
Total actif 8,000 7,560 7,003 8,754 8,953 8,822 
Liabilities and Shareholders' equity
(in million of euros)
2011
2012
2013*
2014
2015
H1 2016
 
Shareholders' equity Group share 3,537 2,759 2,538 3,657 3,762 3,553  
Shareholders' equity 3,768 2,989 2,752 3,869 3,916 3,773  
Total non-current liabilities 5,618 1,799 1,925 2,957 2,916 3,027  
Total current liabilities 2,293 2,736 2,300 1,907 2,031 2,012  
Total liabilities and shareholders' equity 8,000 7,560 7,003 8,754 8,953 8,822  

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.

 

in millions of euros 2010

2011
Restated*
2012
2013
Restated*
2014
2015
H1 2016
Funds from ordinary activities 864 728 786 707 767 814 321
Net cash from operating activities 850 746 709 848 875 886 232
Renovation and maintenance expenditure (281) (268) (299) (264) (262) (269) (97)
Development expenditure (340) (291) (676) (190) (1313) (366) (729)
Proceeds from disposals of assets 556 502 371 334 128 356 231
Net cash used in investments/divestments (270) 240 529 (120) (1447) (280) (595)
Net cash from financing activities (902) (657) 440 (305) 1505 (230) (196)
Net change in cash and cash equivalents 60 217 498 54 784 266 (511)

* With the application of IFRS 22 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.
Adjusted for the effects of the change of method concerning customer loyalty programs.

Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF).
In accordance with European Commission Regulation on the application of International Financial Reporting Standards, the 2005 AccorHotels Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005.
Historical datas in French accounting standards are available in corresponding registration document.

Financial ratios



2010

2011
Restated*
2012

2013
Restated* 
2014 2015 H1 2016
Adjusted Funds from operations / Adjusted net debt(1) 20,1% 26% 28.5% 31.1% 27.1% 33.6% 25,1%

(1) Adjusted with rental expense

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.

Value creation

Return On Capital Employed (R.O.C.E.) is a key management indicator used internally to measure the performance of the Group's various businesses. It is also an indicator of the profitability of assets that are either non-consolidated or accounted for by the equity method.

Value creation is calculated as follows:
(ROCE after tax - weighted average cost of capital) x capital employed

20102011
Restated*
 20122013
Restated*
 2014 2015 H1
2016
Group ROCE 11.3% 12.3%  14% 14%  14.6%  14.4% 13.9%
Capital employed (in EUR million)8,1236,322 6,3556,314  6,633  6,.983 6,940

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.

Segmentation information

Consolidated revenue for the end of June 2016 totaled EUR 2,598 million, up 2% year on year on a reported basis and down 4.7% at comparable scope of consolidation and exchange rates (like for like).

H1 2016 revenue

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