2014 Registration Document and Annual Financial Report - page 160

2014 Review OF THE YEAR
Financial review
4
HotelServices cash flow
(inmillions of euros)
2013 restated
(1)
2014
EBITDA
412
411
Maintenance expenditure
(36)
(44)
Recurring development expenditure
(38)
(37)
EBITDA less Capex
338
331
% of EBITDA
82%
80%
(1) Restated for the impact of IFRS 11.
HotelServices’ P&L Performance in 2014 is as follows:
(inmillions of euros)
Owned, leased, managed
and franchised hotels
Sales &
Marketing Fund
Other
businesses HotelServices
Revenue
676
389
183
1248
EBITDAR
374
9
52
435
EBITDAR margin
55.3%
2.3% 28.2% 34.8%
EBITDA
367
1
43
411
EBITDA margin
54.3%
0.3% 23.5% 32.9%
EBIT
353
-9
32
376
EBIT margin
52.2%
-2.4%
17.7% 30.1%
2013 EBITDA margin (restated)
53.5%
1.8% 22.5% 32.8%
It reflects a strong improvement in margins, stemming largely from
robust business volumes.
HotelServices had an excellent year in terms of operating
performance, with growth in the hotel portfolio returning to a brisk
pace (208 hotels and 29,556 rooms) and an increase in the pipeline
to a record 156,000 rooms.
The Le Club Accorhotels loyalty program also continued to grow, with
4 million members joining in 2014, bringing the total to 18 million.
HotelServices also benefited from the innovations flowing from the
€225 million digital plan, of which €5 million were invested in 2014,
primarily to improve the guest experience through the deployment
of the Welcome project in more than 1,000 hotels and to acquire
French start-up Wipolo.
HotelInvest
HotelInvest’s
revenue
rose by 3.0% like-for-like to €4,794million, with
strong growth across all regions except Asia-Pacific (down 0.5%),
due to China, and France (down 0.2%), where the increase in VAT
and a sluggish economy dampened the Group’s business volumes.
Revenue growth was reflected in
EBITDAR,
which increased by
3.6% like-for-like to €1,401 million.
HotelInvest detailed 2014 results
(inmillions of euros)
2013 restated
(1)
2014
Revenue
4,798
4,794
EBITDAR
1,354
1,401
EBITDAR margin
28.2% 29.2%
EBITDA
486
573
EBITDA margin
10.1%
11.9%
EBIT
197
292
EBIT margin
4.1%
6.1%
(1) Restated for the impact of IFRS 11.
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Registration Document 2014
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