2014 Registration Document and Annual Financial Report - page 158

2014 Review OF THE YEAR
Financial review
4
Value creation
Value created
is calculated as follows:
-
x
(
)
ROCE
after
tax
Capital
employed
Weighted
average
cost
of capital
Based on an
ROCE after tax
of 11.82%, a
weighted average cost of
capital
of 8.57% in 2014 and
capital employed
of €6.63 billion, the
EconomicValueAdded (EVA)
created by Accor totaled €215 million
in 2014, compared with €160 million in 2013.
ANALYSIS OF 2014 FINANCIAL INDICATORS BY STRATEGIC BUSINESS
Accor now reports its main financial indicators for its two strategic
businesses, HotelServices and HotelInvest, to provide more clarity
and improve strategic management.
As of December 31, 2014, hotel operator and brand franchiser
HotelServices
had 3,717 hotels and 482,296 rooms operated
under franchise agreements and management contracts (including
HotelInvest hotels), as well as a development pipeline of close to
156,000 rooms.This business, which enjoys leadership positions on
four continents, represents an annual business volume of €11.9 billion.
As of December 31, 2014, hotel owner and investor
HotelInvest
had 1,354 owned and leased hotels, representing some 186,468
rooms. Ninety-five percent of these hotels are in the economy and
midscale segments, and 77% are in France and in Europe (excluding
France and Mediterranean) region.
All HotelInvest’s hotels are operated by HotelServices under
management contracts. In 2014, these hotels generated 44% of
the fees received by HotelServices.
Income statement by strategic business
(inmillions of euros)
Hotel Services Hotel Invest
Corporate
& Intercos
Accor
Revenue
1,248
4,794
(588)
5,454
EBITDAR
435
1,401
(64)
1,772
EBITDAR margin
34.8% 29.2%
N/A
32.5%
EBITDA
411
573
(61)
923
EBITDA margin
32.9%
11.9%
N/A
16.9%
EBIT
376
292
(66)
602
EBIT margin
30.1%
6.1%
N/A
11.0%
2013 EBIT (restated
(1)
)
380
197
(56)
521
2013 EBIT margin (restated
(1)
)
30.3%
4.1%
N/A
9.6%
(1) Restated for the impact of IFRS 11.
Both businesses delivered good performances. The HotelServices EBIT margin was stable above 30%, while HotelInvest’s rose sharply
by 2.0 percentage points.
156
Registration Document 2014
1...,148,149,150,151,152,153,154,155,156,157 159,160,161,162,163,164,165,166,167,168,...332
Powered by FlippingBook