2014 Registration Document and Annual Financial Report - page 219

5
Financial Statemements
Consolidated Financial Statements and Notes
NOTE 22
LONG-TERM LOANS
(inmillions of euros)
HotelServices HotelInvest
Corporate/
Intercos
Dec. 2014
Dec. 2013
Adjusted
Gross value
68
139
(67)
140
112
Accumulated impairment losses
(2)
(4)
(1)
(7)
(14)
LONG-TERM LOANS, NET
66
135
(68)
133
98
(inmillions of euros)
HotelServices HotelInvest
Corporate/
Intercos
Dec. 2014
Dec. 2013
Adjusted
Hotels, Asia Pacific
(1)
34
18
-
52
39
Other
(2)
32
117
(68)
81
59
TOTAL
66
135
(68)
133
98
(1) At December 31, 2014, loans to hotels in the Asia-Pacific region mainly consist of:
- for HotelServices, a loan to A.P.V.C. Finance Pty Limited (a timeshare financing company) for an amount of €21 million at December 31, 2014
(€19 million at December 31, 2013), paying interest at an average rate of 14.75% and a €9 million loan made to Darling Harbour HotelTrust,
the future owner of the Sydney Darling Harbour Sofitel, in exchange for being awarded the hotel management contract;
- for HotelInvest, a loan to Shree Naman Hotels Private to finance the development of the Mumbai Sofitel in India.
The total loan amounts to €18 million at December 31, 2014 (at December 31, 2013: €16 million).
(2) At December 31, 2014, loans to hotels excluding Asia-Pacific region mainly consist of the guaranteed minimum rent of €17 million for the ParisTour Eiffel Pullman under
a management contract, a €12 million loan to the owner company (SHTE) to finance the development of the ParisTour Eiffel Pullman and a variable-price put option
granted by Risma valued at €19 million.
At December 31, 2014, loans to hotels include €67 million of internal loans between HotelInvest entities in the USA and Accor Holding.
NOTE 23
INVESTMENT IN ASSOCIATES
This caption includes investments in joint ventures, which have been accounted for by the equity method effective from January 1, 2014.
Details of investments in associates and joint ventures are as follows:
(inmillions of euros)
Note** 2013 Adjusted
2014
Asia Pacific Hotels*
(1) (2) (3)
(4)
129
143
Mama Shelter
(5)
-
29
The Grand Real Estate (Sofitel The Grand)
(6)
14
14
Société Hôtelière Paris Les Halles
(7)
12
12
Investment fund Egypt
6
6
Sofitel London St James (Hotel UK)
6
7
Hotels Sofitel US (25%)
6
3
Société d’exploitation des Résidences Hôtelières Rail
5
5
Other (Including Risma)
57
60
Associates
235
279
Société Immobilière d’Exploitation Hôtelière Algérienne
(8)
19
21
Reef Casinos
(9)
18
18
Adagio
2
4
Other
2
2
Joint Ventures
41
45
TOTAL
276
324
* The Asia Pacific investments primarily include Interglobe Hotels Entreprises Limited (the development company for ibis hotel in India) for €50 million, Caddie Hotels (the
development company for a Novotel and a Pullman in New Delhi) for €22 million, a joint-venture for development partnerships under ibis and Novotel brands in India (Triguna)
for €16 million and Ambassador Inc., Ambasstel and Ambatel Inc (South Korea) for €29 million. Beijing Peace Hotel Ltd (Novotel Beijing) previously owned was sold in 2013.
** See pages 218 to 221.
Registration Document 2014
217
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