2014 Registration Document and Annual Financial Report - page 198

Financial Statemements
Consolidated Financial Statements and Notes
5
Due to their characteristics and in accordance with IAS 32 (see
Note 2.M.3), the notes were recorded in equity upon receipt of
the issue proceeds for €887 million (net of transaction costs). The
potential interest would also be recorded in equity.
H. Signature of a syndicated line of credit
In June 2014, Accor signed a €1.8 billion syndicated line of credit
that replaced the €1.5 billion syndicated credit facility signed in
May 2011 and scheduled to expire in May 2016.
The five-year facility will lengthen the average maturity of Accor’s
financing.
I. Voluntary redundancy plans
In 2013, Accor launched two voluntary redundancy plans at the
Group’s Paris headquarters.
The first plan concerned 165 persons, leading to the recognition
of a total expense of €47 million in the 2013 financial statements.
Plan implementation was completed in 2014.
Besides, Following Accor’s announcement of its new strategic
roadmap on November 27, 2013, the Group stated at the end of 2013
that a new voluntary redundancy plan would be launched to address
the human resources implications of the resulting organizational
changes. A total expense of €22 million was recorded in the 2013
financial statements for this plan.
The plan is currently in progress, and the majority of separations
took place during the second half of 2014; the residual provision
at December 31, 2014 is €7 million.
In 2014, the net cost recognized in respect of these plans represented
less than €(1) million.
NOTE 4
CONSOLIDATED REVENUE BY STRATEGIC BUSINESS AND BY REGION
(inmillions of euros)
France
Europe
(excl. France/
Mediterranean)
Mediterranean,
Middle East,
Africa
Asia
Pacific Americas
Worldwide
Structures
(1)
2014
2013
Adjusted
HOTELSERVICES
341
304
120 322
113
48 1,248 1,254
HOTELINVEST
1,607
2,107
408 272
400
- 4,794 4,798
CORPORATE & INTERCOS (211)
(240)
(45)
(23)
(44)
(25)
(588)
(627)
TOTAL 2014
1,737
2,171
483
571
469
23
5,454
TOTAL 2013 ADJUSTED 1,799
2,070
458 598
473
27
5,425
(1) “Worldwide Structures” corresponds to revenue (royalties) that is not specific to a single geographic region.
Consolidated revenue at December, 31, 2014, totalled 5,454 million, compared with 5,425 million at December, 31, 2013.
The period-on-period decrease breaks down as follows:
ƒƒ
Like-for-like growth
+209 m€
+3.8%
ƒƒ
Business expansion (owned and leased hotels only)
+44 m€
+0.8%
ƒƒ
Currency effects
(62) m€
(1.1)%
ƒƒ
Disposals
(162) m€
(3.0)%
DECREASE IN 2014 REVENUE
+29 m€
+0.5%
Registration Document 2014
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