2014 Registration Document and Annual Financial Report - page 197

5
Financial Statemements
Consolidated Financial Statements and Notes
(in number of rooms)
France
Europe
(excl. France/
Mediterranean)
Mediterranean,
Middle East,
Africa Asia Pacific
Americas
Total
Luxury and Upscale
6,635
9,017
11,768
38,007
5,654
71,081
Midscale
43,259
57,722
20,324
40,373
16,387
178,065
Economy
90,973
56,721
20,514
36,867
23,545
228,620
Other
51
957
376
2,761
385
4,530
TOTAL
140,918
124,417
52,982
118,008
45,971
482,296
Total
(in %)
29.2% 25.8%
11.0% 24.5%
9.5% 100.0%
Hotel pipeline at December 31, 2014
The number of new rooms in the pipeline represented by ownership at December 31, 2014 and scheduled to be completed in the next
four years is as follows:
(in number of rooms)
Managed Franchised
HotelInvest
(owned and leased)
Total
TOTAL
110,790
30,369
15,029
156,188
E. Colony Capital/Eurazeo
Colony Capital acquired an initial stake in the Accor Group in
March 2005 by investing €1 billion in Accor equity notes and
convertible bonds that were redeemed for/converted into shares in
2007. In exchange for this investment, Colony was given two seats
on the Accor Board of Directors. In May 2008, Colony Capital and
investment group Eurazeo announced a five-year shareholders’
agreement under which they would increase their combined stake
in the Group’s capital.The agreement was followed by an increase
in Eurazeo’s interest in Accor and led to Eurazeo being given a
seat on the Accor Board of Directors. In 2009, the concert group
represented by Colony Capital and Eurazeo purchased new Accor
shares and Eurazeo was given an additional seat on the Accor Board
of Directors, raising from three to four the number of directors
representing Colony and Eurazeo.
Colony Capital and Eurazeo together held 48,673,442 shares at
December 31, 2014, representing 20.99%of the capital and 30.75%
of the voting rights. At that date, they no longer had any commitment
to hold a minimum number of Accor shares.
F. Bond Issues
During the period, Accor placed the following bond issues:
ƒƒ
February 5, 2014: €750 million 2.625% 7-year bond issue due
February 5, 2021, augmenting by €150 million 1.728% 7 year tap
issue on September 30, 2014;
ƒƒ
June 27, 2014: CHF 150 million 1.75% 8-year bond issue due
June 27, 2022;
ƒƒ
December 18, 2014: €60 million 1.679% 7-year and 2 month bond
issue due February 18, 2022.
On February 4, 2014, €402.25 million worth of 7.50% five-year
bonds matured and were redeemed. The bonds formed part of
a €600 million issue carried out on February 4, 2009, of which
€197.75 million was repaid early in 2010 and 2011.
Bond issues carried out and redeemed in first-half 2013 were as
follows:
ƒƒ
March 21, 2013: €600 million 2.50% 6-year bond issue due
March 21, 2019;
ƒƒ
May 5, 2013: redemption of €393.7 million worth of 6.50%
four-year bonds. The bonds formed part of a €600 million issue
carried out on May 5, 2009, of which €206.3 million was repaid
early in 2010 and 2011;
ƒƒ
June 19, 2012: €600 million 2.875% 5-year bond issue due
June 19, 2017, augmenting by €100 million 2.875% 5 year tap
issue on September 28, 2012;
ƒƒ
August 24, 2009: €250 million 6.039% 8-year and 3 month bond
issue due November 6, 2017
G. Perpetual subordinated notes issue
On June 30, 2014, Accor issued €900 million worth of perpetual
subordinated notes.The interest rate on the notes is set at 4.125%up
until June 30, 2020 and will be re-set every five years thereafter, with
a 25-bps step-up in June 2020 and a 275-bps step-up in June 2040.
The notes have no fixed maturity. They are repayable at Accor’s
option on June 30, 2020, June 30, 2025 and on each anniversary
of the issue date thereafter. Interest is payable on the notes only in
those periods for which a dividend is paid to shareholders.
Registration Document 2014
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