2014 Registration Document and Annual Financial Report - page 163

4
2014 Review OF THE YEAR
Reportontheparent companyfinancial statements for theyearendedDecember31,2014
Income from investments in subsidiaries and affiliates
totaled
€323.9 million,
versus
€153.5 million in 2013. The main dividend
payments received during the year were fromAccor UK (€56.6million
vs.
€32.1 million in 2013), PIH (€47.3 million
vs.
€5 million in 2013),
SHNM (€35.2million), SASSEPHI (€23.0million), Hotexco (€20.0million
vs.
€1.9 million in 2013) and AAPC Limited (€16.0 million).
Recurring profit before tax
stood at €228.1 million, compared to
€56.3 million in 2013.
Net non-recurring expense
stood at €2.3 million, compared to
net non-recurring income of €24.9 million in 2013.
It primarily comprised a €14.1 million earn-out payment in relation
to the disposal of the Pullman hotel at La Défense, capital losses
of €3.7 million on the sale of shares in La Sablaise and €0.7 million
on the sale of shares in Hosparginvest, a €10 million indemnity paid
to settle a dispute, and a €0.7 million lease termination payment in
relation to the Novotel Lille Aéroport.
In 2014, the Company recorded an
income tax benefit
of €21.7million
and an €8.1 million income tax expense (including the 3% surtax
on dividends distributed of €3.7 million), compared with a benefit
of €25.4 million and an expense of €5.2 million in 2013.
At December 31, 2014, the French
tax group
headed by Accor SA
comprised 66 companies compared with 73 a year earlier.
Accor SA ended the year with a
net profit
of €239.3 million
versus
a net profit of €101.3 million in 2013.
Non-deductible provisions and accrued expenses
carried in the
balance sheet at December 31, 2014 amounted to €140.4 million
versus
€137.8 million in 2013.
In 2014, Accor paid an
ordinary dividend
of €0.80 per share for
a total payout of €183.1 million split as follows: €123.0 million in
cash and €60.1 million in shares. In 2013, Accor paid an
ordinary
dividend
of €0.76 per share for a total payout of €172.9 million.
Details of the other directorships and positions held by the Company’s
directors and officers, as well as their compensation, are provided
in the Corporate Governance section, on page 89.
Supplier payment periods
Payment schedule for Accor SA’s trade payables
(inmillions of euros)
Accrued
payables
< 30 days
30-60 days
> 60 days
Trade payables
-
36.3
12.5
-
Accruals for goods and services received but not invoiced
157.8
-
-
-
TOTAL
157.8
36.3
12.5
-
2014 business review
Accor took up the new shares issued by its
Accor Partecipazioni
Italia
subsidiary for €364.0 million, by its
Accor Hotel Belgium
subsidiary for €324.6 million and by its
Accor Hoteles España
subsidiary for €67.1 million.
On the acquisitions front, Accor acquired a 36.6% stake in
Mama
Shelter
in November 2014 for €28.8 million, took up shares in the
Raise Investissement
equity fund in October 2014 for €10.8 million
and acquired a stake in
Actimos (Wipolo)
for €1.9 million.
Following capital reductions, Accor received €45.0 million from its
Accor Hospitality Germany
subsidiary.
Lastly, Accor received €8.1 million from the adjustment to the
acquisition price for
Posadas
and a second earn-out payment of
€2.1 million from the disposal of
AHS AB
in 2010.
Hotel transactions
The sale of the business assets and property improvements of the
Novotel Montchanin
and
Novotel Lille Aéroport
gave rise to a
€0.2 million capital gain.
161
Registration Document 2014
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