2013 Registration document and annual financial report - page 170

Registration Document 2013
168
2013 Review of the Year
4
Financial review
Operating profit before tax and
non‑recurring items
Operating profit before tax and non-recurring items – corresponding
to EBIT less net financial expense plus share of profit of associates
– represents the result of operations after the cost of financing
Group businesses and before tax.
Operating profit before tax and non-recurring items
declined as
reported, to €446 million from €468 million in 2012, but rose 5.9%
like-for-like. This reflected the increase in net financial expense, to
€92 million from €75 million in 2012, due to the €8 million addition
to financial provisions for the year.
(inmillions of euros)
2012
2013
% change
% change
like-for-like
(1)
EBIT
526
536
+1.9% +5.3%
Net financial expense
(75)
(92)
+22.7% (3.8)%
Share of profit of associates
17
2
(88.2)% +15.0%
OPERATING PROFIT BEFORE TAX AND NON-RECURRING ITEMS
468
446
(4.6)%
+5.9%
(1) At constant scope of consolidation and exchange rates.
Net financial expense amounted to €92 million,
versus
€75 million
in 2012. Total fixed asset holding costs (rental expense plus
depreciation, amortization, provision expense and interest) stood at
€1,315 million, compared to €1,337 million in 2012, and represented
23.8% of revenue,
versus
23.7% the year before.
Share of profit of associates declined to €2 million from €17 million
in 2012, but was positively impacted by profit from Sofitel in the
United States following disposal of the Sofitel Minneapolis for
€6 million.
Net profit/(loss), Group share
(inmillions of euros)
2012
2013
Operating profit before tax and non-recurring items
468
446
Restructuring costs
(40)
(133)
Impairment losses
(119)
(89)
Gains and losses on management of hotel properties
11
68
Gains and losses on management of other assets
(81)
(33)
Operating profit before tax
239
259
Income tax expense
(143)
(121)
Profit or loss from discontinued operations
(679)
1
Net profit/(loss)
(584)
139
NET PROFIT/(LOSS), GROUP SHARE
(599)
126
EARNINGS/(LOSS) PER SHARE
(in euros)
(2.64)
0.55
Net profit attributable to non-controlling interests
15
13
Net profit before profit from discontinued operations stood
at €125 million.
Accor ended the year with
net profit
of €126 million compared with
a net loss of €599 million in 2012, impacted by the €679-million
accounting loss on the disposal of Motel 6.
Restructuring costs
totaled €133 million for the year, compared
with €40 million in 2011. In both years, they primarily comprised
costs related to the various reorganization programs.
Impairment losses,
in an amount of €89 million in 2013
versus
€119 million in 2012, mainly corresponded to €81 million in
impairment of property, plant and equipment, including €1 million
relating to such assets held for sale.
Gains and losses on the management of hotel properties,
corresponding to capital gains and losses on disposals of hotel
assets, represented a net gain of €68 million,
versus
€11 million
in 2012. The 2013 figure primarily comprised a €56 million capital
gain on the sale and management-back of the Sofitel Paris Le
Faubourg (see note 2.2.2., page 204).
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