2014 Registration Document and Annual Financial Report - page 156

2014 Review OF THE YEAR
Financial review
4
Net profit, Group share
(inmillions of euros)
2013
2014
Operating profit before tax and non-recurring items
442
578
Restructuring costs
(132)
(11)
Impairment losses
(89)
(55)
Gains and losses on management of hotel properties
68
(11)
Gains and losses on management of other assets
(33)
(82)
Operating profit before tax
256
419
Taxes
(120)
(175)
Profit or loss from discontinued operations
1
(4)
Net profit/(loss)
137
240
NET PROFIT, GROUP SHARE
126
223
EARNINGS PER SHARE
(in euros)
0.55
0.97
Net profit attributable to non-controlling interests
11
17
Net profit excluding the impact of discontinued operations
amounted to €227 million and net profit to €223 million,
compared with €126 million in 2013.
Restructuring costs
amounted to
€11 million
in 2014, and resulted
mainly from various reorganization measures.
Asset impairment losses
amounted to
€55 million,
of which
€52 million relating to property, plant and equipment.This compared
with €89 million in 2013.
Gains and losses on the management of hotel properties
represented a net loss of
€11 million.
Gains and losses on management of other assets represented a
net loss of €82million, which included an exceptional expense of
€41 million for residual litigation, and €11 million in various fees.
Tax expense
amounted to
€175million,
compared with €120 million
in 2013.The Group’s effective tax rate (tax expense at the standard
rate as a proportion of operating profit before tax) was 28.5% in
2014, compared with 29.9% in 2013.
After deducting
minority interests
in the amount of €17 million
and the €4 million
net loss from discontinued
operations, net
profit, Group share
amounted to
€223 million,
compared with
€126 million in 2013.
Net profit, Group share
was up a sharp €97 million. Based on the
weighted average number of shares outstanding during the period
(230,231,848),
earnings per share
amounted to
€0.97
in 2014,
compared with €0.55 in 2013.
Dividend and payout ratio
2013
2014
Change
Operating profit before non-recurring items, net of tax
(1)
(inmillions of euros)
362
435
+20.2%
Weighted average shares outstanding
(inmillions)
228
230
+0.9%
Operating profit before non-recurring items, net of tax per share
(in euros)
1.6
1.9
+18.8%
Ordinary dividend per share
(in euros)
0.80
0.95
(2)
+18.8%
Ordinary dividend payout
(inmillions of euros)
183
218
+19.1%
Payout ratio
(3)
50%
50%
-
(1) Operating profit before tax and non-recurring items less tax on recurring items and non-controlling interests.
(2) Submitted for approval at the Combined Annual and Extraordinary Shareholders’ Meeting of April 28, 2015.
(3) Based on operating profit before non-recurring items, net of tax.
At the Annual Meeting on April 28, 2015, shareholders will be asked to approve the payment of a dividend of €0.95 per share, compared
with €0.80 the year before.
154
Registration Document 2014
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