2014 Registration Document and Annual Financial Report - page 200

Financial Statemements
Consolidated Financial Statements and Notes
5
NOTE 5
OPERATING EXPENSE
(inmillions of euros)
2013 Adjusted
2014
Cost of goods sold
(1)
(382)
(347)
Employee benefits expense
(2)
(1,963)
(1,940)
Energy, maintenance and repairs
(289)
(279)
Taxes, insurance and service charges (co-owned properties)
(193)
(194)
Other operating expense
(3)
(867)
(922)
TOTAL OPERATING EXPENSE
(3,694)
(3,682)
(1) The cost of goods sold includes food and beverage purchases, laundry costs and the cost of telephone calls billed to clients.
(2) The Ratio employee benefits expense/Full-time equivalent (FTE) is presented as follows:
Full-time equivalent
2013 Adjusted
2014
Full-time equivalent*
48,710
48,270
Ratio employee benefits expense/FTE
(in thousands of euros)
(40)
(40)
* Full-time equivalent employees are based on the ratio between the number of hours worked during the period and the total working legal hours for the period.There is
no employee number for associates. At December 31, 2014, employee benefits expense includes €9.7 million related to stock option plans and performance share plans
(see Note 26).
(3) Other operating expense consists mainly of marketing, advertising, promotional, selling and information systems costs.The total also includes various fee payments.
NOTE 6
EBITDAR BY STRATEGIC BUSINESS AND REGION
(inmillions of euros)
France
Europe
(excl. France/
Mediterranean)
Mediterranean,
Middle East,
Africa
Asia
Pacific Americas
Worldwide
Structures
(1)
2014
2013
Adjusted
HOTELSERVICES
127
116
39
76
35
42 435 434
HOTELINVEST
397
686
95
78
106
39 1,401 1,354
CORPORATE & INTERCOS
-
-
-
-
-
(64)
(64)
(57)
TOTAL 2014
524
802
134
154
141
17
1,772
TOTAL 2013 ADJUSTED 537
743
104
157
152
38
1,731
(1) “Worldwide Structures” corresponds to revenue (royalties) and costs that are not specific to a single geographic region.
Consolidated EBITDAR at December, 31, 2014, totalled €1,772 million compared with €1,731 million at December, 31, 2013.
The period-on-period increase breaks down as follows:
ƒƒ
Like-for-like growth
+66 m€
+3.8%
ƒƒ
Business expansion (owned and leased hotels only)
+9 m€
+0.5%
ƒƒ
Currency effects
(13) m€
(0.7)%
ƒƒ
Disposals
(21) m€
(1.2)%
INCREASE IN 2014 EBITDAR
+41 m€
+2.4%
Registration Document 2014
198
1...,190,191,192,193,194,195,196,197,198,199 201,202,203,204,205,206,207,208,209,210,...332
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