2013 Registration document and annual financial report - page 221

Registration Document 2013
219
Financial Statemements
5
Consolidated Financial Statements And Notes
NOTE
11 SHARE OF PROFIT (LOSS) OF ASSOCIATES AFTERTAX
(in millions of euros)
2012
2013
Share of profit of associates before tax
20
7
Share of tax of associates
(3)
(5)
SHARE OF PROFIT OF ASSOCIATES AFTERTAX
17
2
The main contributions are as follows:
(in millions of euros)
2012
2013
Asia Pacific Hotels
(4)
(3)
Moroccan investment fund (RISMA)
(6)
(2)
The Grand Real Estate (Sofitel The Grand, Hotels Netherlands)
(2)
(2)
Sofitel Hotels US (25%)
(1)
24
6
Other
5
3
SHARE OF PROFIT OF ASSOCIATES AFTERTAX
17
2
(1) In 2012, the profit of the Sofitel US Hotels business was boosted by the €15 million gain on the sale of Chicago Sofitel, the €8 million gain on the sale of San Francisco
Sofitel and the €1 million gain on the sale of Miami Sofitel.
In 2013, the profit of the Sofitel US Hotels Business was boosted by the €6 million gain on the sale of Minneapolis Sofitel.
NOTE
12 RESTRUCTURING COSTS
Restructuring costs can be analyzed as follows:
(in millions of euros)
2012
2013
Movements in restructuring provisions
3
(37)
Restructuring costs
(43)
(96)
TOTAL RESTRUCTURING COSTS
(40)
(133)
Restructuring costs in 2012 and 2013 correspond mainly to the costs
linked to the reorganization of the Group. In 2013, they resulted
for the most part from the various changes in strategy introduced
during the period, the reorganization of the Executive Committee
and the restructuring of the various European headquarters.
In particular, costs of €69 million were incurred during the year for
voluntary redudancy plans at the different headquarters units in
Paris (see note 2.E.)
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