2013 Registration document and annual financial report - page 276

Registration Document 2013
274
Financial Statemements
5
Consolidated Financial Statements And Notes
NOTE
40 OFF-BALANCE SHEET COMMITMENTS AT DECEMBER 31, 2013
Note 40.1. Off-balance sheet commitments given
Off-balance sheet commitments (not discounted) given at December 31, 2013 break down as follows:
(in millions of euros)
Less than
1 year 1 to 5 years
Beyond
5 years
Dec. 31, 2013*
Dec. 31, 2012
SECURITY INTERESTS GIVEN ON ASSETS
(1)
3
42
62
107
136
PURCHASE COMMITMENTS
(2)
16
23
-
39
84
ƒƒ
Renovation commitment in Germany
(3)
29
0
-
29
15
ƒƒ
Renovation commitment in the Netherlands
(4)
11
1
-
12
25
ƒƒ
Renovation commitment in Switzerland
(5)
8
-
-
8
14
ƒƒ
Renovation commitment in Poland
(6)
6
-
-
6
7
ƒƒ
Other renovation commitments
(7)
15
13
8
36
40
CAPEX COMMITMENTS
69
14
8
91
101
LOAN GUARANTEES GIVEN
12
9
0
21
25
COMMITMENTS GIVEN IN THE NORMAL COURSE
OF BUSINESS
12
17
21
50
62
CONTINGENT LIABILITIES
1
3
-
4
7
TOTAL DECEMBER 31, 2013*
113
108
91
312
TOTAL DECEMBER 31, 2012
77
223
115
415
* In line with IFRS 5, off-balance sheet commitments given by the OnboardTrain Services business are not presented in this note. Off-balance sheet commitments given
by the OnboardTrain Services business amounted to €6 million at December 31, 2013.These commitments had been extinguished as of the date of publication of the
financial statements.
(1) Security interests given on assets correspond to pledges and mortgages valued at the net book value of the underlying assets.
- Repayment guarantees for mortgage loans from Crédit Populaire d’Algérie.The mortgages amount to €30 million and concern land, buildings and fixtures for the ibis
Bab Ezzouar, ibis Oran, ibisTlemcen and ibis/Novotel Constantine projects;
- Collateral for loans obtained from Banque Cantonale de Genève and UBS in Switzerland, consisting of pledges on all the assets of the Novotel Bern, ibis Bern and
ibis budget Bern.The pledged assets had a total net book value of €18 million at December 31, 2013. A repayment guarantee for the mortgage loan from Zürcher
Kantonalbank for the purchase of the ibis Basel Bahnhof hotel in Switzerland.The mortgage covers the hotel’s net book value, in the amount of €11 million at
December 31, 2013.
(2) In connection with property development projects:
- The Group is committed to carrying out €11 million worth of renovation work under the Moorfield contract concerning the management and rebranding of 24 Mercure
units in the United Kingdom;
- Accor is committed to carrying out €47 million worth of renovation work on the Pullman ParisTour Eiffel in its capacity as developer (see Note 2.A.2.2). As of
December 31, 2013, the remaining work amounted to €10 million;
- Accor is committed to carrying out €25 million worth of renovation work on the Sofitel Arc deTriomphe in its capacity as developer. As of December 31, 2013, the
remaining work amounted to €2 million.
(3) In connection with development plans in Germany, commitments to carry out work mainly concerned development plans of the ibis and Novotel Arnulfstrasse
(€25 million) and renovation of the Mercure Frankfurt Residenz and the MGallery Köln Mondial that began in late 2012.
(4) In the Netherlands, in 2012, Accor was committed to financing construction of the Suite Novotel Den Haag for €13 million, construction of the ibis Rotterdam Center for
€8.5 million, construction of the ibis budget Zaandam for €4 million and renovation works of the MGallery AmsterdamThe Convent for €3 million.
Commitments for work in progress in the Netherlands as of December 31, 2013 amounted to €12 million of which €5 million for the ibis Rotterdam Center, €4 million for
the Suite Novotel Den Haag and €3 million for the MGallery AmsterdamThe Convent.
(5) In connection with development plans in Switzerland, commitments to carry out work concerned construction of the ibis budget Glattbrugg (€8 million) that began in late
2012.
(6) In connection with development plans in Poland, Accor agreed to finance mainly renovation work on the Novotel Warsaw for €4 million and on the Sofitel Victoria
Warszawa for €2 million.
(7) Other commitments mainly include €22 million in committed capital expenditure on Australian hotels.
Most sale and leaseback contracts include a commitment by the Group to spend a specified amount on hotel maintenance, generally
expressed as a percentage of revenue. These commitments are not included in the above table due to the difficulty of estimating the
amounts involved.
From time to time the Group may also issue performance guarantees to the owners of managed hotels. The guarantee may include a
clawback clause applicable if the hotel’s performance improves in subsequent years.
To the best of the Group’s knowledge and in accordance with generally accepted accounting principles, no commitments given have been
omitted from the above list.
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