2014 Registration Document and Annual Financial Report - page 20

CORPORATE PRESENTATION
Strategic vision and outlook
1
Pipeline at end-2014
Owned
Leased
Managed
Franchise
6%
30%
61%
91%
asset-light
Franchised
3%
At the same time, the development pipeline increased sharply
during the year, to 156,000 rooms at December 31 from 136,000
at end-2013. Of the total, 52% are in the Asia-Pacific region, 18%
in the Americas, 16% in Europe and 14% in the Mediterranean/
Africa/Middle East region. An analysis by segment shows faster
growth in the Upscale and Luxury segment, which accounts for
22% of the pipeline, compared with 14% of the current room base.
France
Europe
(excluding France and Mediterranean)
Mediterranean, Middle East, Africa
Asia-Pacific
Americas
18%
52%
13%
14%
3%
Regions
Managed
Franchised
Owned
Leased
71 %
8%
1%
Operating structures
20%
Luxury & Upscale
Midscale
Economy
22%
Segments
46%
32%
4. Record financial results in 2014
In 2014, Accor delivered a record financial performance at many levels:
ƒƒ
€602 million in EBIT,
representing a
record
11.0%
margin ratio,
led by HotelInvest’s restructuring transactions;
ƒƒ
record operating free cash flow
of €304 million before disposals
and acquisitions;
ƒƒ
a historically high 14.6%
return on capital employed
(ROCE).
In addition, all of the 2014 objectives assigned to HotelServices
and HotelInvest were met during the year:
For
HotelServices:
ƒƒ
a 49.0% EBITDA margin, excluding the Sales & Marketing fund
and the loyalty programs;
ƒƒ
very strong cash flow, amounting to 80.5% of EBITDA.
For
HotelInvest:
ƒƒ
a 6.1% EBIT margin, up sharply from a pro forma 4.1% in 2013;
ƒƒ
very strong cash flow, amounting to 28.4% of EBITDA after
maintenance and development expenditure.
18
Registration Document 2014
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