2013 Registration document and annual financial report - page 240

Registration Document 2013
238
Financial Statemements
5
Consolidated Financial Statements And Notes
(9) Key figures for Sofitel Hotels, USA are as follows:
Sofitel Hotels USA
(in millions of euros)
Dec. 2012
Dec. 2013
Revenue
123
77
Net profit (loss)
(1)
94
22
Net cash/(Net debt)
(173)
(146)
Equity (including currency translation reserve)
9
23
Market capitalization
N/A
N/A
Total assets
244
213
% interest held
25.00% 25.00%
(1) At December 31, 2012, the Sofitel San Francisco, Chicago and Miami disposals had a positive impact of €96 million on December 2012 profit.
At December 31, 2013, the Sofitel Minneapolis disposal had a positive impact of €6 million on December 2013 profit.
NOTE
23 OTHER FINANCIAL INVESTMENTS
(in millions of euros)
Dec. 2012
Dec. 2013
Investments in non-consolidated companies (Available for sale financial assets)
147
118
Deposits (Loans and Receivables)
140
120
OTHER FINANCIAL INVESTMENTS, AT COST
287
238
Accumulated impairment losses
(65)
(64)
OTHER FINANCIAL INVESTMENTS, NET
222
174
Accumulated impairment losses relate almost entirely to investments in non-consolidated companies.
Other financial investments break down as follows:
(in millions of euros)
Note
Dec. 2012
Dec. 2013
Deposit for the purchase of the Sofitel Rio de Janeiro
*
62
47
TAHL (Australian property company)
2.A.1.3
25
-
A-HTrust (Singapore investment fund)
2.B.3
24
19
Pullman Tour Eiffel receivable
20
20
Deposit paid following the claim under the loan guarantee issued to the owner
of the Los Angeles Sofitel
20
19
Stone (French property company)
11
11
Deposit for hotels in France sold in 2008
10
10
Other investments and deposits
50
48
OTHER FINANCIAL INVESTMENTS, NET
222
174
* Deposit paid in 2011 in preparation for Accor’s exercise of its pre-emptive right to purchase the building occupied by the Sofitel Rio de Janeiro Copacabana.
The decrease in investments in non-consolidated companies
between December 31, 2012 and December 31, 2013 was due to the
November 2013 sale of the Group’s interest inTAHL for €23 million
(see note 2.A.1.3) and the €4 million write-down of the Group’s
5.73% stake in A-HTRUST based on this company’s share price
at year-end. The impact of the TAHL disposal was recorded in the
income statement while the impairment charge on the A-HTRUST
shares was recorded in equity under “Fair value adjustments on
financial instruments reserve” (see note 26).
At December 31, 2013, the fair value reserve for assets classified
as available-for-sale amounted to €(4) million.
At December 31, 2012, the fair value reserve for assets classified
as available-for-sale had a nil balance (see note 26).
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