2013 Registration document and annual financial report - page 176

Registration Document 2013
174
2013 Review of the Year
4
Report on the parent company financial statements for the year ended December31,2013
Hotel transactions
The sale of the business assets of the
Novotel Amiens Boves
gave rise to a €1.6 million capital gain.
The sale of the business assets of the
Novotel Tours
gave rise
to a €6.1 million capital gain.
The sale of the business assets of the
ibis Tours sud
gave rise
to a €1.2 million capital gain.
The sale of the business assets and property improvements of
the
Novotel Marseille Aéroport
, the
Novotel Bordeaux Le Lac
and the
Suite Novotel Roissy PN2
gave rise to a €2.9 million
capital gain.
Transactions in Accor SA shares
In June 2013, Accor paid a cash dividend for 2012 amounting to
€0.76 per share, representing an aggregate payout of €172.9million.
In addition, equity was increased following the issuance of 775,130
shares, of which 202,988 on the vesting of performance shares
and 572,142 on the exercise of stock options.
Together, these transaction had the net effect of increasing the
share capital by €2.3 million and reducing additional paid-in capital
by €48.5 million.
On May 27, 2013, Accor appointed Rothschild & Cie Banque to act
as market maker in its shares on the NYSE Euronext Paris stock
exchange, under a liquidity contract complying with the Code
of Conduct issued by the French Financial Markets Association
(AMAFI) and recognized by the French securities regulator (AMF).
To fund the contract, an amount of €30 million has been allocated
to the liquidity account. The related bank fees amount to a total
€260,000.
Over the period, on behalf of Accor SA, Rothschild & Cie Banque
purchased 8,885,910 shares at an average price of €30.503 and
sold 8,885,910 shares at an average price of €30.513. These
transactions did not have a material impact on profit for the year.
As of December 31, 2013, Accor SA did not hold any shares in
treasury.
All these transactions are described in further detail on page 322.
The Company’s ownership structure is described in the «Capital
and Ownership Structure» section on page 324.
Financing and investing transactions
In 2013, Accor issued €600 million in six-year, 2.5% bonds. It
also has €700 million in funds from the issue of five-year, 2.875%
bonds in 2012 and an aggregate €652 million from the issue of
five and eight-year bonds in 2009.
In addition, it has a five-year, €1.5 billion syndicated credit facility
arranged in 2011, €1,190.1million in termdeposits and €445.9million
in cash and cash equivalents.
Information about subsidiaries
Accor SA
owns 50% or more of the capital of 130 companies.
The main equity interests, based on net value, are as follows:
ƒƒ
Accor Hotels Belgium
(€1,002.3 million net) is the Belgian
company that operates the hotels in Belgium and also owns
interests in
Accor Asia
(100%),
AAPC
, the holding company for
the Hotels business in
Australia
(81.9%), Portugal-based hotel
operator
AHS
(50.0%),
Accor Hoteles España
(83.1%),
Groen
Brugge Hotel
(99.9%) and
Accor Hotels Luxembourg
(100%).
Accor Hotels Belgium reported a net profit of €8.9 million in
2013,
versus
€11.5 million in 2012;
ƒƒ
Accor Hospitality Germany
(€478.4 million net) is the German
company that operates 335 hotels in Germany.
In 2013, it reported a net profit of €39.6 million,
versus
€10.2 million in 2012;
ƒƒ
CIWLT
(€381.6 million net). Compagnie Internationale des
Wagons-Lits et Tourisme (CIWLT) is a Belgian company that
provides on-board train services in Europe through its subsidiary
Treno
(100%) and owns stakes in the
SFPTH
hotel companies
(100%) in France and in
Macor (30.5%)
and
Accor Hotels SAE
(99.99%) in Egypt.
Net profit came to €7.5 million in 2013,
versus
€11.5 million
in 2012;
ƒƒ
82.9%-owned
Société des Hôtels Novotel et Mercure
(€269.3 million) operates Novotel and Mercure hotels in France.
In 2013, it reported a net profit of €20.8 million,
versus
€24.2 million in 2012;
ƒƒ
IBL
(€54.9 million net) owns 37.9% of
Accor Lodging North
America
, the holding company for the hotels business in the
United States. It does not have any other activities. IBL’s profit
varies depending primarily on the interest income received
from Accor on current account advances and on the amount
of any dividends received from Accor Lodging North America.
In 2013, it reported a net profit of €2.7 million, compared with a
net loss of €222.6million in 2012, which included a €226.0million
addition to provisions on its investment in ALNA. IBL did not
pay any dividends to Accor SA during the year;
ƒƒ
Accor Lodging North America
(€37.1 million net) is the holding
company for the hotels business in the United States.
The other interests held by Accor SA are listed in the table of
subsidiaries and affiliates presented after the parent company
financial statements on page 310.
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