2014 Registration Document and Annual Financial Report - page 164

2014 Review OF THE YEAR
Reportontheparent companyfinancial statements for theyearendedDecember31,2014
Transactions in Accor SA shares
In June 2014, Accor paid an ordinary dividend for 2013 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 addition, equity was increased following the issuance of 3,783,297
shares.Together, these transactions had the net effect of increasing
the share capital by €11.4 million and the additional paid-in capital
and share premium by €30.2 million.
On May 27, 2013, Accor appointed Rothschild & Cie Banque to
act as market maker in its shares on the Euronext Paris stock
exchange, under a liquidity contract complying with the Code
of Conduct issued by the French Financial Markets Association
(AMAFI) and recognized by the French securities regulator (AMF).
To fund the contract, an amount of €30 million has been allocated
to the liquidity account. The related bank fees amount to a total
of €260,000 per year.
Over the period, on behalf of Accor SA, Rothschild & Cie Banque
purchased 11,160,327 shares at an average price of €36.34 and
sold 11,160,327 shares at an average price of €36.36.
As of December 31, 2014, Accor SA did not hold any shares in
All these transactions are described in further detail on page 307
of the Registration Document.
The Company’s ownership structure is described in the «Capital
and Ownership Structure» section on page 309.
Financing and investing transactions
In 2014, Accor issued four new bonds.
the first issue in February was for a €750 million, seven-year
bond at 2.625%, to which a second €150 million tranche was
added in September;
the second issue, on the Swiss market, was for a CHF150 million
(€124.8 million), eight-year bond at 1.750%;
the third issue was a €900 million hybrid bond at 4.125% with
a first call date at the end of the sixth year.
€6 million additional paid-in capital was deducted from this total.
The remaining €894 million was booked to «Other Shareholders’
Equity» on the balance sheet in accordance with current
accounting regulations;
a private €60 million, seven-year bond issue maturing in
February 2022 at 1.679%.
During the same period, Accor redeemed €402 million (at 7.500%)
in relation to its February 2009 bond.
Accor also issued a €600 million, six-year bond in 2013 at 2.50%, a
€700 million, five-year bond in 2012 at 2.875% and the last tranche
of a €250 million, eight-year bond issued in 2009 at 6.039%.
The Company also has a €1.8 billion, five-year syndicated credit
facility set up in June 2014 and maturing in June 2019 to replace
the previous €1.5 billion facility.
At December 31, 2014, the Company had €690.8 million in term
deposits and €710.2 million in cash and cash equivalents. Accor
also has €830 million invested in mutual funds.
Information about subsidiaries
Accor SA owns 50% or more of the capital of 127 companies.The
main equity interests, based on net value, are as follows:
Accor Hotels Belgium
(€1,326.9 million net) is the Belgian
company that operates the hotels in Belgium and also owns
interests in
Accor Asia
the holding company for
the Hotels business in
(81.9%), Portugal-based hotel
Accor Hoteles Espana
Brugge Hotel
(99.99%) and
Accor Hotels Luxembourg
Accor Hotels Belgium reported a net profit of €82.6 million in
€8.9 million in 2013.
Accor Hospitality Germany
(€452.9 million net) is the German
company that operates 335 hotels in Germany.
In 2014, it reported a net profit of €40.8million,
in 2013.
(€381.6 million net). Compagnie Internationale des
Wagons-Lits et Tourisme (CIWLT) is a Belgian company that
provides on-board train services in Europe through its subsidiary
(100%) and owns stakes in the hotel companies
(100%) in France and in
(30.5%) and
Accor Hotels SAE
(99.99%) in Egypt.
CIWLT reported a net profit of €5.3 million in 2014,
€7.5 million in 2013.
Société des Hôtels Novotel et Mercure
(€269.3million net) operates Novotel andMercure hotels in France.
In 2014, it reported a net profit of €7.5 million,
€20.8 million
in 2013.
Accor United Kingdom
(€92.8million net) oversees
the Group’s UK and Irish activities.
In 2014, it reported a net profit of €24.0million,
in 2013.
(€54.9 million net) owns 37.9% of
Accor Lodging North
the holding company for the hotels business in the
United States. IBL’s profit varies depending primarily on the interest
income received from Accor on current account advances and
on the amount of any dividends received from Accor Lodging
North America.
In 2014, it reported a net profit of €0.3 million,
€2.7 million
in 2013.
The other interests held by Accor SA are listed in the table of
subsidiaries and affiliates presented after the parent company
financial statements on page 296.
Registration Document 2014
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