2013 Registration document and annual financial report - page 212

Registration Document 2013
210
Financial Statemements
5
Consolidated Financial Statements And Notes
D. Bond Issues
Since 2009, Accor has completed several bond issues:
ƒƒ
February 4, 2009: €600 million 7.50% 5-year bond issue due
February 4, 2014. In 2010 and 2011, €197.75 million worth of
bonds were bought back, reducing the outstanding balance to
€402.25 million excluding accrued interest. All of the remaining
bonds were redeemed on February 4, 2014 (see note 46);
ƒƒ
May 5, 2009: €600 million 6.50% 4-year bond issue due May 6,
2013. €206.3 million woth of bonds were bought back between
2010 and 2011 and the remaining bonds, totaling €393.7 million
excluding accrued interest, were redeemed in 2013;
ƒƒ
August 24, 2009: €250 million 6.039% 8-year and 3 month bond
issue due November 6, 2017;
ƒƒ
June 19, 2012: €600 million 2.875% 5-year bond issue due
June 19, 2017;
ƒƒ
September 28, 2012: €100 million 2.875% 5-year tap issue
(augmenting the June 19, 2012 issue), due June 19, 2017;
ƒƒ
March 21, 2013: €600 million 2.50% 6-year bond issue due
March 21, 2019;
ƒƒ
January 31, 2014: €750 million bond (see note 46).
E. Voluntary redundancy plans
During the first half of 2013, Accor announced the launch of a
voluntary redundancy plan at the Group’s Paris headquarters.
The terms and conditions of the plan were presented in June to
employee representatives. This plan concerned 165 persons. The
first wave of employee departures took place in September 2013,
leading to the recognition of a total expense of €47 million in the
2013 financial statements.
On November 27, 2013, Accor announced its new strategic roadmap.
Towards employee representatives, the Group stated at the end
of 2013 that a new voluntary redundancy plan would be launched
to address the human resources implications of the resulting
organizational changes. The plan, which has been presented to
employee representatives, would concern 86 positions. The first
employee departures would take place in 2014. A €22million provision
has been recorded in the financial statements at December 31,
2013, corresponding to the Group’s estimate of the costs of the
plan, based on redundancy payments made under the earlier plan.
NOTE
3 CONSOLIDATED REVENUE BY BUSINESS AND BY REGION
(in millions of euros)
France
Europe
(excl. France)
Asia
Pacific
Latin America &
Caribbean
Other
Countries
Worldwide
Structures
(1)
2013
2012
HOTELS
1,819
2,363
546
427
217
36 5,408 5,497
Upscale and Midscale
Hotels
1,144
1,479
392
223
166
34
3,438
3,536
Economy Hotels
675
884
154
204
51
2
1,970
1,961
OTHER BUSINESSES
43
2
79
-
3
1
128
152
TOTAL 2013
1,862
2,365
625
427
220
37
5,536
TOTAL 2012
1,901
2,379
725
396 208
40
5,649
(1) “Worldwide Structures” corresponds to revenue (royalties) that is not specific to a single geographic region.
Consolidated revenue for 2013 totalled €5,536 million, compared with €5,649 million for 2012.
The period-on-period decrease of €113 million (or -2.0%) breaks down as follows:
ƒƒ
Like-for-like growth
+153 m€
+2.7%
ƒƒ
Business expansion (owned and leased hotels only)
+130 m€
+2.3%
ƒƒ
Currency effects
(138) m€
(2.4)%
ƒƒ
Disposals
(258) m€
(4.6)%
DECREASE IN 2013 REVENUE
(113) m€
(2.0)%
1...,202,203,204,205,206,207,208,209,210,211 213,214,215,216,217,218,219,220,221,222,...344
Powered by FlippingBook