2013 Registration document and annual financial report - page 175

Registration Document 2013
173
2013 Review of the Year
4
Report on the parent company financial statements for the year ended December31,2013
Income from investments in subsidiaries and affiliates
totaled €153.5 million,
versus
€216.8 million in 2012. The main
dividend payments received during the year were from CIWLT
(€24.3 million
vs.
€36.4 million in 2012) and Accor UK (€32.1 million
vs.
€31.1 million in 2012).
Recurring profit before tax
amounted to €56.3 million
versus
a recurring loss before tax of €592.6 million in 2012, reflecting
the disposal that year of the Economy Hotels business in the
United States.
Net non-recurring income stood at €24.9 million, compared with
an expense of €23.7 million in 2012. It primarily included the
€17.6-million capital gain on the sale of shares inWBA Saint-Honoré,
a €4.1 million earn-out payment in respect of the 2010 disposal
of Accor Hotels Sweden, a €12.5-million capital gain on the sale
of hotels and an €11.0-million provision for tax risks. In 2012, the
net expense primarily included the €17.5 million capital gain on
the sale of shares in the Formula 1 subsidiary in South Africa and
the €13.3 million in grants to hotels to cover the cost of changing
the ibis brands, as well as a €7.5 million provision recorded for tax
risks and a €15.4 million provision for impairment of the Caesar
Park, Caesar Business and all seasons brands.
In 2013, the Company recorded
an income tax benefit
of
€25.4 million and a €5.2 million expense corresponding to the 3%
surtax on dividends and other distributed income, compared with
a benefit of €33.7 million in 2012.
At December 31, 2013, the French
tax group
headed by Accor SA
comprised 73 companies compared with 78 a year earlier.
Accor SA ended the year with a
net profit
of €101.3 million,
versus
a net loss of €584.4 million in 2012.
Non-deductible provisions and accrued expenses
carried in the
balance sheet at December 31, 2013 amounted to €137.8 million,
versus
€116.6 million at the previous year-end.
In 2013, Accor paid an
ordinary dividend
of €0.76 per share for a
total payout of €172.9 million. The 2012 payout, in a total amount
of €261.3 million, comprised an
ordinary dividend
of €0.65 per
share and a
special dividend
of €0.50 per share.
Details of the other directorships and positions held by the
Company’s directors and officers, as well as their compensation,
are provided in the Corporate Governance section, on page 97.
Supplier payment periods
Payment schedule for Accor SA’s trade payables
(inmillions of euros)
Accrued payables
< 30 days 30-60 days
> 60 days
Trade payables
-
18.4
14.7
-
Accruals for goods and services received but not invoiced
145.5
-
-
-
TOTAL
145.5
18.4
14.7
-
2013 business review
The
SIET
and
SISHE
subsidiaries were merged into Accor SA by
transferring all of their assets and liabilities, thereby increasing
Accor SA’s interests in Morocco-based
RISMA
by 1.8% and in
Turkey-based
Tamaris AnonimSirketi
by 99.94%. Accor also now
owns all outstanding shares in
Tamaris Hotelopoulos
in Greece.
Accor took up all of the newshares issued by its
Accor Participazioni
Italia
subsidiary for €29.1 million.
Accor took up all of the new shares issued by its
Sogecol
subsidiary
in Colombia for €2.3 million.
Accor took up all of the new shares issued by its
AHS Ab
subsidiary
in Sweden for €0.4 million.
Accor took up all of the new shares issued by its
La Thermal de
France
subsidiary for €21.5 million.
Accor took up all of the new shares issued by its
Sofitel Luxury
Hôtels France
subsidiary for €11.5 million.
Accor took up all of the new shares issued by its
Société
d’Information et de Services
subsidiary for €2.5 million.
Accor acquired 25% of its
SCI Des Hôtels de Tours et Orly
subsidiary for €4.0 million.
Accor disposed of its entire interest in
WBA Saint-Honoré
for
€46.4 million, giving rise to a capital gain of €17.6 million.
Accor sold its interest in
Accor Gestion Hôtelière
to its
Accor
Suisse
subsidiary for €3.9 million, giving rise to a capital gain of
€1.5 million.
Accor received €9.7 million in a price adjustment on the 2012
acquisitions of the shares in
Grupo Posadas
.
Following capital reductions, Accor received €345.2 million from
its
IBL
subsidiary and €40.0 million from its
Accor Hospitality
Germany
subsidiary.
The liquidation of the
SCI Urfo, SCI Prestige Strasbourg,
SCI La Lande Amaury, SCP Pontlieue, SMHE, SNC Rue de
l’Université
and
Grupo Accor España
subsidiaries gave rise to
an aggregate capital loss of €4.7 million, offset by €7.1 million in
provision reversals.
The earn-out payment from the 2010 disposal of the
Accor
Sweden
subsidiary gave rise to a €4.1 million capital gain, of
which €2.1 million will be paid on March 31, 2014.
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