2013 Registration document and annual financial report - page 237

Registration Document 2013
235
Financial Statemements
5
Consolidated Financial Statements And Notes
NOTE
21 LONG-TERM LOANS
(in millions of euros)
Dec. 2012
Dec. 2013
Gross value
158
112
Accumulated impairment losses
(11)
(14)
LONG-TERM LOANS, NET
147
98
(in millions of euros)
Dec. 2012
Dec. 2013
Hotels, Asia-Pacific
(1)
98
39
Other
49
59
TOTAL
147
98
(1) Loans to hotels in the Asia-Pacific region mainly consist of:
- a new loan to A.P.V.C. Finance Pty Limited (a timeshare financing company) for an amount of €19 million (€28 million at December 31, 2012), paying interest at an
average rate of 14.75%. During 2013, part of the loan was repaid early (€7 million);
- a loan to Shree Naman Hotels Private to finance the development of the Sofitel Mumbai in India.The total loan amounted to €16 million at December 31, 2013
The decrease in long-term loan between December 31, 2012 and December 31, 2013 was mainly due to the repayment of the loan accorded
to TAHL following the sale of Accor’s stake in TAHL and to the decrease of the Australian Dollar.
NOTE
22 INVESTMENTS IN ASSOCIATES
(in millions of euros)
Dec. 2012
Dec. 2013
Accor Asia Pacific subsidiaries*
(1) (2) (3) (4) (5)
162
129
Moroccan investment fund (RISMA)
(6)
34
32
The Grand Real Estate (Sofitel The Grand, Hotels, Netherlands)
(7)
15
14
Société Hôtelière Paris Les Halles
(8)
12
12
Egyptian investment fund
6
6
Sofitel London St James (Hotels, United Kingdom)
6
6
Sofitel Hotels, USA (25%)
(9)
2
6
Other
26
25
TOTAL
263
230
* The Asia-Pacific investments primarily include Interglobe Hotels Entreprises Limited (the development company for ibis hotel in India) for €39 million, Caddie Hotels
(Novotel and Pullman Delhi) for €16 million, a joint-venture for development partnerships under ibis and Novotel brands in India (Triguna) for €13 million and Ambassador
Inc., Ambasstel and Ambatel Inc (South Korea) for €25 million.
(1) Key figures for Ambassador Inc are as follows:
Hotels, Korea
Ambassador (Novotel, Seoul)
(in millions of euros)
Dec. 2012
Dec. 2013
Revenue
26
24
Net profit (loss)
4
3
Net cash/(Net debt)
(9)
(7)
Equity (including currency translation reserve)
52
51
Market capitalization
N/A
N/A
Total assets
72
70
% interest held
30.19% 30.19%
1...,227,228,229,230,231,232,233,234,235,236 238,239,240,241,242,243,244,245,246,247,...344
Powered by FlippingBook