2014 Registration Document and Annual Financial Report - page 201

5
Financial Statemements
Consolidated Financial Statements and Notes
Change in EBITDAR by Strategic Business
∆ 2014/2013 Adjusted
Like-for-like change
(inmillions of euros)
(inmillions of euros)
(in %)
HOTELSERVICES
+1
+24
+5.7%
HOTELINVEST
+47
+49
+3.6%
CORPORATE & INTERCOS
(7)
(7)
(13.1)%
GROUPTOTAL
+41
+66
+3.8%
Change in EBITDAR by region
∆ 2014/2013 Adjusted
Like-for-like change
(inmillions of euros)
(inmillions of euros)
(in %)
France
(13)
(5)
(1.0)%
Europe (excl. France/Mediterranean)
+59
+50
+6.7%
Mediterranean, Middle East, Africa
+30
+36
+34.8%
Asia Pacific
(3)
+3
+1.8%
Americas
(11)
(2)
(1.1)%
Worldwide Structures
(21)
(16)
(42.5)%
GROUPTOTAL
+41
+66
+3.8%
2013 EBITDAR by strategic business and by region was as follows:
(inmillions of euros)
France
Europe
(excl. France/
Mediterranean)
Mediterranean,
Middle East,
Africa
Asia
Pacific Americas
Worldwide
Structures
(1)
2013
Adjusted
HOTELSERVICES
122
122
25
71
37
57 434
HOTELINVEST
415
621
79
86
115
38 1,354
CORPORATE & INTERCOS
-
-
-
-
-
(57)
(57)
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.
NOTE 7
RENTAL EXPENSE
Rental expense amounted to €849 million at December, 31, 2014
compared €885 million at December, 31, 2013.
In accordance with the policy described in Note 2.E.4, the expense
reported on this line only concerns operating leases. Finance leases
are recognized in the statement of financial position as an asset
and a liability. The amount of the liability at December, 31, 2014 is
€72 million (see Note 30.1).
Rental expense is recognized on a straight-line basis over the lease
term, even if payments are not made on that basis. Most leases
have been signed for periods exceeding the traditional nine-year term
of commercial leases in France, primarily to protect Accor against
the absence of commercial property rights in certain countries.
None of the leases contains any clauses requiring advance payment
of rentals in the case of a ratings downgrade or other adverse events
affecting Accor, and there are no cross-default clauses or covenants.
The €849 million in rental expense corresponds to 961 leased hotels,
including less than 2% with a purchase option. Where applicable,
the option price corresponds to either a pre-agreed percentage
of the owner’s original investment or the property’s market value
when the option is exercised.The options are generally exercisable
after 10 or 12 years. Certain contracts allow for the purchase of the
property at the appraised value at the end of the lease.
Registration Document 2014
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