2014 Registration Document and Annual Financial Report - page 177

5
Financial Statemements
Consolidated Financial Statements and Notes
NOTE 1
MANAGEMENT RATIOS
A. Key Management Ratios
Note Dec. 2013 Adjusted*
Dec. 2014*
Gearing
(a)
8.2%
4.1%
Adjusted Funds from Ordinary Activities/Adjusted Net Debt
(b)
31.1% 34.2%
Return On Capital Employed
(c)
14.0% 14.6%
Economic Value Added (EVA)
(inmillions of euros)
(d)
160
215
* Based on continuing operations: i.e. excluding the OnboardTrain Services business reclassified as a discontinued operation and restated to exclude the impact
of the January 1, 2014 adoption of IFRS 11 – Joint Arrangements, which has been applied retrospectively to all periods presented.
Note (a):
Gearing corresponds to the ratio of net debt to equity (including minority interests).
Note (b):
Adjusted Funds from Ordinary Activities/Adjusted Net Debt is calculated as follows, corresponding to the method used by the
main rating agencies:
Note Dec. 2013 Adjusted*
Dec. 2014*
NET DEBT AT END OF THE PERIOD (SEE NOTE 31)
226
159
Restatement of perpetual subordinated notes
(1)
-
443
Restatement of the debt of sold and acquired businesses prorated over the
period
(2)
78
(160)
AVERAGE NET DEBT
304
442
Rental commitments discounted at 7%
(3)
2,649
2,453
Total Adjusted net debt
2,953
2,895
FUNDS FROM ORDINARY ACTIVITIES
703
769
Rental amortization (see Note 7.C)
216
221
Adjusted Funds from Ordinary Activities
919
990
ADJUSTED FUNDS FROM ORDINARY ACTIVITIES/ADJUSTED NET DEBT
31.1%
34.2%
* Based on continuing operations: i.e. excluding the OnboardTrain Services business reclassified as a discontinued operation and restated to exclude the impact
of the January 1, 2014 adoption of IFRS 11 – Joint Arrangements, which has been applied retrospectively to all periods presented.
(1) For the calculation of the ratio, the perpetual subordinated notes (see Note 3.G) have been allocated for 50% to debt and for 50% to equity in line with the treatment
applied by the rating agencies.
(2) Including:
a. At December 31, 2014, including a €(643) million adjustment related to the acquisition of hotel portfolios from Moor Park, Axa Real Estate,Tritax and the interest
in Mama Shelter (see Notes 3.B.1 to 3.B.4), a €443 million adjustment for the June 2014 perpetual subordinated notes issue (see Note 3.G.) and a €37 million adjustment
for disposals.
b. At December 31, 2013, including €126 million in adjustments for disposals and a €(48) million adjustment related to the “precompte” dividend withholding tax refund
paid back to the French State (see Note 40.2).
(3) Rental commitments correspond to the amounts presented in Note 7.C.They do not include any variable or contingent rentals.The 7% rate is the rate used
by Standard & Poor’s.
Note (c):
Return On Capital Employed (ROCE) is defined below.
Note (d):
Economic Value Added (EVA).
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