2013 Registration document and annual financial report - page 311

Registration Document 2013
309
FINANCIAL STATEMENTS
Parent Company Financial Statements and Notes
5
Other off-balance sheet commitments
Off-balance sheet commitments given at December 31, 2012 and 2013 break down as follows:
(in millions of euros)
2012
2013
COMMITMENTS GIVEN (LIABILITIES)
Pledge of BRH shares
(1)
-
-
Purchase commitments related to two hotels (Pullman and Ibis Styles)
(2)
-
5
Other purchase commitments
-
1
TOTAL PURCHASE COMMITMENTS
-
6
Construction performance bonds – ibis (China)
(3)
4
-
Commitments given for refurbishment works – Pullman Paris Tour Eiffel
(4)
41
10
TOTAL WORKS COMMITMENTS
45
10
Guarantees given
(5)
6
7
Guarantees for confirmed credit lines
(6)
76
69
Guarantees for bank borrowings
(6)
38
29
Guarantees given to third parties
(6)
111
30
Guarantees for liabilities
(6) (7) (8)
232
263
TOTAL GUARANTEE COMMITMENTS
463
398
COMMITMENTS GIVEN IN THE NORMAL COURSE OF BUSINESS
-
-
TOTAL COMMITMENTS GIVEN
508
414
(1) Security interests given on assets correspond to pledges and mortgages valued at the acquisition cost of the underlying assets. Accor has fully written down its original
€26 million interest in BRH, which has been pledged as collateral for a loan in the same amount granted to BRH by Mauritius Commercial Bank. As this pledge was indexed
to the net value of the shares held by Accor SA its amount was zero at December 31, 2013.
(2) In connection with the sale of SH Roissypôle, when the construction lease was signed with ADP for building a Pullman and an Ibis Styles hotel at Roissypôle, Accor acted
as guarantor on behalf of the subsidiary concerned and on March 20, 2013 it granted Eiffage Construction a €5 million guarantee.The property developer has undertaken
to complete the building work by May 31, 2015.
(3) This item corresponds to performance bonds issued to the developers of Ibis hotels in connection with Accor’s development in China. It had a zero balance at December 31, 2013
as all of projects covered by these performance bonds had been completed.
(4) The Company gave a total of €47 million in commitments in the capacity as property developer for refurbishment works to be carried out on the Pullman ParisTour Eiffel
hotel. At December 31, 2013 the refurbishment works that remained to be delivered by Accor were valued at €10 million.
(5) This item includes various guarantees given on behalf of direct and indirect subsidiaries either to banks or directly to the subsidiaries’ customers.
(6) Accor has given guarantees for (i) borrowings (€29 million), (ii) confirmed credit lines (€69 million) and (iii) liabilities of SNC limited partnerships (€252 million).
It has also issued other bank guarantees representing €7 million.Total guarantees given to other third parties came to €30 million at December 31, 2013.
(7) In connection with the sale of WBA that took place on March 28, 2013, Accor granted a €10 million seller’s warranty toWBA Saint Honoré.This warranty, which has
a €0.3 million deductible, expires on June 30, 2014 (apart from the warranty for tax liabilities which covers the applicable statute of limitations period under tax legislation).
(8) In connection with the sale of SNH SH 18 Suffren in October 2012, Accor granted an asset and liability warranty to SHTE.This warranty, which is capped at €1 million
(excluding for tax, para-fiscal and payroll liabilities), expires at the end of the 24th month following the close of the fiscal year in which the sale took place.
(in millions of euros)
2012
2013
COMMITMENTS RECEIVED (ASSETS)
Non-cancelable commitments received for the purchase of financial assets
-
-
PURCHASE COMMITMENTS RECEIVED
-
-
Commitments received for refurbishment works – Pullman Paris Tour Eiffel
(9)
41
10
WORKS COMMITMENTS RECEIVED
41
10
Guarantees for confirmed credit lines
-
-
Guarantees received
-
-
Other commitments received
-
-
OTHER FINANCIAL GUARANTEES FOR BORROWINGS
-
-
TOTAL COMMITMENTS RECEIVED
-
10
(9) As part of the refinancing operation launched in 2012 concerning the Pullman ParisTour Eiffel, Accor undertook to carry out refurbishment works at the hotel
in the capacity of property developer and the investor undertook to purchase the resulting fixed assets for €47 million. At December 31, 2013, the outstanding amount
of the investor’s commitments stood at €10 million.
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