2014 Registration Document and Annual Financial Report - page 159

4
2014 Review OF THE YEAR
Financial review
EBIT by region and business
(inmillions of euros)
HotelServices
HotelInvest
Accor
2013
restated
(1)
2014
2013
restated
(1)
2014
2013
restated
(1)
2014
Change
(like-for-
like)
France
117
122
75
64
192
186
-2.9%
Europe
(excluding France and Mediterranean)
117
110
92
169
209
279 +23.2%
Mediterranean, Middle East, Affrica
22
36
(27)
-6
-5
30
N/A
Asia-Pacific
52
59
4
6
56
65 +12.1%
Americas
36
32
15
19
51
51
-3.6%
Worldwide structures
36
17
38
40
18
(2)
(9)
(3)
N/A
TOTAL
380
376
197
292
521
602
+11.7%
(1) Restated for the impact of IFRS 11.
(2) Includes €56 million in intercompany and corporate expenses.
(3) Includes €66 million in intercompany and corporate expenses.
Accor recorded very satisfactory growth in most markets, with the exception of France (down 2.9%) and the Americas (down 3.6%).
The other regions recorded double-digit growth in EBIT, driven by strong operational momentum.
HotelServices
HotelServices reported €11.9 billion in
business volume
(1)
, an increase of 3.9% at constant exchange rates, driven by the rapid development
of hotel facilities, particularly in emerging markets.
HotelServices detailed 2014 results
(inmillions of euros)
2013 restated
(1)
2014
Revenue
1,254
1,248
EBITDA
412
411
EBITDA margin
32.8% 32.9%
Margin excluding Sales & Marketing Fund and loyalty program
47.4% 49.0%
EBIT
380
376
EBIT margin
30.3% 30.1%
(1) Restated for the impact of IFRS 11.
Revenue
increased by 5.5% like-for-like to €1,248 million, with
strong growth in the Americas (up 11.3%); theMediterranean, Middle
East, Africa region (up 8.2%), thanks primarily to a sharp increase in
the Middle East; Europe (excluding France and Mediterranean) (up
6.1%); and to a lesser extent in the Asia-Pacific region (up 3.5%).
Revenue also increased in France (up 1.0%) despite the impact of
the higher VAT rate, which demonstrates HotelServices’ ability to
weather change.
These favorable trends are also apparent in
EBITDA,
which increased
by 5.3% like-for-like to €411 million, reflecting a high margin of 32.9%.
Excluding the Sales & Marketing Fund and the loyalty programs,
the EBITDA margin was 49%.
HotelServices
EBIT
amounted to €376 million, reflecting a stable
margin of 30.1% (down 0.2 percentage points), despite the initial
expenses related to the implementation of the digital plan.
(1) Business volume corresponds to revenue from owned, leased and managed hotels and room revenue from franchised hotels.
Change is a reported, excluding the currency effect.
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Registration Document 2014
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