2014 Review OF THE YEAR
Reportontheparent companyfinancial statements for theyearendedDecember31,2014
Income from investments in subsidiaries and affiliates
€153.5 million in 2013. The main dividend
payments received during the year were fromAccor UK (€56.6million
€32.1 million in 2013), PIH (€47.3 million
€5 million in 2013),
SHNM (€35.2million), SASSEPHI (€23.0million), Hotexco (€20.0million
€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
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
headed by Accor SA
comprised 66 companies compared with 73 a year earlier.
Accor SA ended the year with a
of €239.3 million
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
€137.8 million in 2013.
In 2014, Accor paid an
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
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)
< 30 days
> 60 days
Accruals for goods and services received but not invoiced
2014 business review
Accor took up the new shares issued by its
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
in November 2014 for €28.8 million, took up shares in the
equity fund in October 2014 for €10.8 million
and acquired a stake in
for €1.9 million.
Following capital reductions, Accor received €45.0 million from its
Accor Hospitality Germany
Lastly, Accor received €8.1 million from the adjustment to the
acquisition price for
and a second earn-out payment of
€2.1 million from the disposal of
The sale of the business assets and property improvements of the
Novotel Lille Aéroport
gave rise to a
€0.2 million capital gain.
Registration Document 2014