2014 Registration Document and Annual Financial Report - page 195

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5
Financial Statemements
Consolidated Financial Statements and Notes
At the end of December 2014, Accor paid €10million to the consortium
of French institutional investors in the OPCI property investment
fund managed by ATREAM under the performance bond issued in
connection with a 2009 “Sale & Variable Lease Back” transaction.
This amount was provided for in full in the 2009 consolidated financial
statements and the payment had no net impact on 2014 results.
Accor also received additional consideration on the sale of the Paris
La Défense Pullman (profit impact: €7 million; net debt impact:
€7 million).
“Sale and Management Back” transactions consist of selling the
hotel properties while continuing to manage the business, retaining
a minority interest depending on the circumstances.
At December 31, 2014, the main transactions concerned the sale
of the Venice MGallery in Italy (profit impact: €7 million; net debt
impact: €12 million), additional consideration received on the sale of
the NewYork Novotel in the United States (profit impact: €6 million;
net debt impact: €6 million) and the sale of the Edinburgh Centre
St Andrew Square ibis Styles in the United Kingdom (profit impact:
€0; net debt impact: €16 million).
“Sale & Franchise Back” transactions and outright sales consist of
selling hotels, through outright asset sales, lease terminations at
or before the expiry date and sale & franchise-back transactions.
The main ‘’Sale and Franchise Back’’ transactions carried out in
2014 were as follows:
ƒƒ
individual sales of five ibis hotels in China (profit impact: €3 million;
net debt impact: €15 million);
ƒƒ
individual sales of seven ibis hotels in France (profit impact:
€7 million; net debt impact: €12 million);
ƒƒ
sale of the interest in the NewYork Sofitel (profit impact within
the share of profit of associates (see Note 12): €17 million; net
debt impact: €17 million);
ƒƒ
sale of the Montreal West Novotel (profit impact: €(1) million;
net debt impact: €6 million).
The main real estate transactions carried out by the Group in 2014
were as follows:
ƒƒ
the separate acquisitions of 4 ibis hotels in the United Kingdom,
Germany and France for a total of €58 million;
ƒƒ
the acquisition of a portfolio of 2 ibis and 1 Mercure hotels in
France (Graff) for a total of €40 million.
C. Transactions carried out in prior periods
Accor sells its 19.4% stake inTAHL in 2013
In November 2013, Accor sold its 19.4% stake in theTourismAsset
Holdings Ltd. (TAHL), Australia’s largest hotel owning Company, to the
Abu Dhabi Investment Authority (ADIA) for a value of AU$66 million
(€46 million), and a repayment of AU$76 million (€53 million) loans.
At the end of December 2013, the impact of this transaction amounts
to €2 million on net result and the transaction enabled Accor to
reduce adjusted net debt by a cumulative €101 million.
TAHL owned 31 hotels in Australia (4,097 rooms), all of which are
operated by Accor through lease or management contracts under the
ibis, ibis
budget
, ibis Styles, Mercure, Novotel and Pullman brands.
Other real estate transactions in 2013
A total of 53 hotels were sold or restructured in 2013, leading to a €408 million reduction in adjusted net debt and a €331 million increase
in cash.
2013
Number of
transactions
Sale
price
Debt
impact
Adjusted debt
impact
“Sale & Variable Leaseback” transactions
9
15
10
21
“Sale & Management-back” transactions
12
160
141
166
“Sale & Franchise-back” transactions and outright sales
32
152
180
221
TOTAL
53
327
331
408
Registration Document 2014
193
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