2013 Registration document and annual financial report - page 187

Registration Document 2013
185
Financial Statemements
5
Consolidated Financial Statements And Notes
Average number of ordinary shares before and after dilution is presented as follows:
Accor’s share capital at December 31, 2013
228,053,102
Outstanding shares at December 31, 2013
228,053,102
Effect of share issues on the weighted average number of shares
(52,387)
Adjustment from stock option plans exercised during the period
(387,395)
Weighted average number of ordinary shares during the period (See Note 25)
227,613,320
Impact of dilutive stock options plans at December 31, 2013
548,495
Impact of dilutive performance shares at December 31, 2013
417,105
Weighted average number of shares used to calculate diluted earning per share (See Note 25)
228,578,920
5.2.6. KEY MANAGEMENT RATIOS
Note Dec. 2012*
Dec. 2013*
Gearing
(a)
14.1%
8.4%
Adjusted Funds from Ordinary Activities/Adjusted Net Debt
(b)
28.5% 31.3%
Return On Capital Employed
(c)
14.0% 14.0%
Economic Value Added (EVA)
(in millions of euros)
(d)
164
165
* Based on continuing operations: i.e. excluding the US Economy Hotels business sold in 2012 and the OnboardTrain Services business reclassified as a discontinued
operation.
Note (a):
Gearing corresponds to the ratio of net debt to equity (including minority interests).
Note (b):
Adjusted Funds from Ordinary Activities/Adjusted Net Debt is calculated as follows, corresponding to the method used by
the main rating agencies:
Note Dec. 2012*
Dec. 2013*
NET DEBT AT END OF THE PERIOD (see Note 30)
(1)
421
231
Restatement of the debt of sold and acquired businesses prorated
over the period
(2)
(177)
78
AVERAGE NET DEBT
244
309
Rental commitments discounted at 7%
(3)
2,962
2,676
Total Adjusted net debt
3,206
2,985
FUNDS FROM ORDINARY ACTIVITIES
694
713
Rental amortization (see Note 6.C)
221
220
Adjusted Funds from Ordinary Activities
915
933
ADJUSTED FUNDS FROM ORDINARY ACTIVITIES/ADJUSTED NET DEBT
28.5%
31.3%
* Based on continuing operations: i.e. excluding the US Economy Hotels business sold in 2012 and the OnboardTrain Services business reclassified as a discontinued
operation.
(1) Net debt at December 31, 2012 does not include the €184.7 million of “précompte” dividend withholding tax refund that Accor was ordered to repay to the French State,
following the Supreme Court of Appeal ruling in December 2012 in the dispute concerning this tax (see Note 39.2) which were recorded in “Other payables”.
(2) At December 31, 2013, including €126 million in adjustments for disposals and a €(48) million adjustment related to the “précompte” dividend withholding tax refund
paid back to the French State.
At December 31, 2012, including €62 million in adjustments for disposals and €(239) million in adjustments for the acquisition of Mirvac and of Grupo Posadas’ South
American hotel network.
(3) Rental commitments correspond to the amounts presented in Note 6 C.They do not include any variable or contingent rentals.The 7% rate is the rate used
by Standard & Poor’s.
1...,177,178,179,180,181,182,183,184,185,186 188,189,190,191,192,193,194,195,196,197,...344
Powered by FlippingBook