2013 Registration document and annual financial report - page 171

Registration Document 2013
169
2013 Review of the Year
4
Financial review
The net €33 million
loss on the management of other assets
primarily included €15 million in costs related to the ibis megabrand
project to overhaul the entire Economy brand lineup under the ibis
umbrella brand (see note 2.B.5., page 209).
Income tax expense
(excluding tax on the profits of associates and
discontinued operations) came to €121 million
versus
€143 million
in 2012. The effective tax rate (expressed as a percentage of
operating profit before tax and non-recurring items taxable at the
standard rate) was 29.9%, compared with 28.5% the year before.
After non-controlling interests amounting to €13 million, Accor
ended the year with a net profit, Group share of €126 million,
versus
a net loss, Group share of €599 million in 2012, which
included the €679 million non-cash capital loss on the disposal
of Motel 6/Studio 6.
As a result,
earnings per share,
based on the weighted average
227,613,320 shares outstanding in 2013, amounted to €0.55,
compared with a loss per share of €2.64 for the previous year.
Dividend and payout ratio
2012
2013
% change
Operating profit before non-recurring items, net of tax
(1)
345
362
+4.9%
Weighted average shares outstanding
(inmillions)
227
228
+0.4%
Operating profit before non-recurring items, net of tax per share
(in euro)
1.52
1.59
+4.6%
Ordinary dividend per share
(in euro)
0.76
0.80
(2)
+5.3%
Ordinary dividend payout
(inmillions of euros)
173
182
+5.3%
Payout ratio
(3)
50%
50%
-
(1) Operating profit before tax and non-recurring items less operating tax, less non-controlling interests.
(2) Submitted for approval at the Combined Annual and Extraordinary Shareholders’ Meeting of April 29, 2014.
(3) Based on operating profit before non-recurring items, net of tax.
At the Annual Meeting on April 29, 2014, shareholders will be asked to approve the payment of a dividend of €0.80 per share, compared
with €0.76 the year before.
Financial flows
(inmillions of euros)
2012
2013
Funds from operations excluding non-recurring transactions
694
713
Renovation and maintenance expenditure
(299)
(265)
Development expenditure
(245)
(200)
Recurring free cash flow
150
248
Acquisitions
(410)
5
Sofitel Los Angeles
(21)
-
ibis Megabrand
(38)
(12)
Proceeds from disposals of hotel assets
352
331
Proceeds from disposals of other assets
19
3
Dividends
(269)
(189)
Proceeds from issue of share capital, net
3
12
Decrease/(increase) in recurring working capital
(158)
133
Decrease/(increase) in non-recurring working capital
-
(185)
Change in % interest in subsidiaries (buyout of non-controlling interests in Italy and in Orbis)
(6)
-
Other
(59)
(157)
Cash flow from discontinued operations
242
2
DECREASE/(INCREASE) IN NET DEBT
(195)
191
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