2013 Registration document and annual financial report - page 210

Registration Document 2013
208
Financial Statemements
5
Consolidated Financial Statements And Notes
Hotel pipeline at December 31, 2013
The number of new rooms in the pipeline represented by ownership at December 31, 2013 and scheduled to be completed in the next
four years is as follows:
(in number of rooms)
Owned Fixed Lease Variable Lease
Managed Franchised
Total
TOTAL
3,868
2,483
13,526
93,297
23,187
136,361
B.2. Acquisition of additional stakes in Orbis
in 2012
In 2012, Accor acquired additional stakes of 1.13% in the Orbis Group,
i.e.
521,480 shares at a price of PLN45 per share, representing a
total investment of PLN23 million (approximately €5.6 million). In
accordance with IFRS 3 (revised), these purchases were treated
as transactions between owners (see note 1.B.3) with no impact
on the Group’s consolidated net profit.
Following this acquisition, Accor’s interest in Orbis Group amounted
to 52.69%.
B.3. Acquisition of Mirvac in 2012
In May 2012, Accor completed the acquisition of Mirvac, a hotel
management company in Australia.The total amount paid by Accor
for this acquisition was €199 million of which €6 million paid out in
2011 and €193 million paid out in 2012. The transaction included:
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Mirvac Hotels & Resorts, manager of 43 hotels (including two
owned hotels acquired on August 1, 2012), representing 5,406
rooms, acquired for €152 million. This amount breaks down as
€128million for theMirvac Hotels & Resorts shares and €24million
for the two companies that hold the two owned hotels;
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a 21.9% stake in the MirvacWholesale Hotel Fund (MWHF), an
investment vehicle that owns seven of the hotels, acquired for
€47 million.
In line with Group strategy, the stake in MWHF was subsequently
sold in late July 2012 to A-HTRUST, one of the largest publicly listed
hotel investment trusts in the Asia-Pacific region. Accor took a
6.99% stake in this new entity. As agreed with Ascendas, which
will hold up to 35% of A-HTRUST, Accor will be granted a right
of first offer to manage future acquisitions when the hotels are
not operated under a pre-existing management contract. Accor
subsequently reduced its interest by 1.26% to 5.73% by selling
some MVWH shares. The proceeds from the transactions were
used to pay down net debt by €29 million. As Accor does not
exercise significant influence over A-HTRUST, its 5.73% interest
in this trust is carried in the statement of financial position under
“Other financial investments” (see note 23).
At December 31, 2012, the fair value of the main net assets acquired
in the Mirvac Hotels & Resorts business combination represented
€42 million (excluding the two owned hotels that were purchased
at net book value). The €67 million difference (after deducting the
debt repayment and the amount in escrow for a total of €20 million)
between this amount and the cost of the business combination
was allocated as follows in Accor’s accounts:
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value attributed to the management contracts (net of differed
tax): €28 million (see note 19);
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value attributed to the brands: €19 million, written down by
€13 million at December 31, 2012 (see note 13.2);
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goodwill: €20 million at December 31, 2012 (see note 18),
increased by €1.5 million in first-half 2013 after Accor took over
the Sea Temple management contract.
The fair value of the main net assets acquired breaks down as
follows at December 31, 2012:
(in millions of euros)
Fair Value
Property, plant and equipment
51
Non-current financial assets
18
Other receivables
2
Cash and cash equivalents
1
Deferred tax assets
(16)
Financial debt
(14)
In the period from May 23 to December 31, 2012, Mirvac Hotels
& Resorts generated revenue of €81 million and a net loss of
€15 million (including €13 million worth of brand impairments and
€8 million in integration costs).
B.4. Acquisition of the South American hotel
portfolio of Grupo Posadas in 2012
On July 16, 2012, Accor signed a contract for the acquisition of the
South American hotel portfolio of Grupo Posadas. The sale was
completed on October 10, 2012. The final amount paid by Accor
for this acquisition was €195 million but a total of €10 million was
refunded to the Group in 2013 following two price adjustments that
reduced the final price to €185 million.The transaction included 13
hotels, of which three owned hotels, three hotels leased under
variable-rent leases and seven hotels under management contracts.
The transaction also included a secure pipeline of 18 hotels under
management contracts and the acquisition of two brands operated by
Grupo Posadas in South America: Caesar Park and Caesar Business.
The fair value of themain net assets acquired represented €35million
(including €10 million for acquired brands that were written down
in full at December 31, 2012).The €150 million difference between
this amount and the cost of the business combination was allocated
as follows in Accor’s accounts:
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value attributed to contracts (signed on the acquisition date):
€30 million (see note 19);
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fair value adjustments to intangible assets: €(7) million (see note 19);
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value attributed to the hotels purchased outright: €54 million
(see note 20);
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provision adjustments: €(2) million;
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deferred tax liabilities: €(25) million corresponding to the above
allocations;
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goodwill: €100 million (see note 18).
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