2014 Registration Document and Annual Financial Report - page 256

Financial Statemements
Consolidated Financial Statements and Notes
5
HotelInvest
HotelInvest is the Group’s hotel owner and investor. It comprises
the Group’s owned and leased hotels. Its business model aims
to improve the return on assets and optimize the impact on the
statement of financial position. HotelInvest spans all asset portfolio
management activities, hotel design, construction, refurbishment
and maintenance activities, the legal and finance functions, as well
as various non-strategic businesses such as the casinos, Orféa
(business conducted in partnership with SNCF) and OrbisTransport.
HotelInvest hotels are classified in three sub-segments:
ƒƒ
owned hotels;
ƒƒ
fixed-lease hotels,
i.e.
leased hotels for which the rent corresponds
to a fixed amount;
ƒƒ
variable-lease hotels,
i.e.
leased hotels for which the rent is
determined as a percentage of revenue or EBITDA.
HotelServices operates HotelInvest’s hotels under management
contracts and is paid a fee for this service. The management fees
are aligned with market prices in the region or country concerned.
In addition, Service Level Agreements (SLAs) have been signed to
allocate the cost of the services supplied to themselves and each
other by HotelServices and HotelInvest (corresponding to the costs
of the finance, human resources, purchasing, IT and legal functions).
C. Segment information
For each of the segments presented, management monitors the
following indicators:
ƒƒ
revenue (see Note 4);
ƒƒ
EBITDAR (see Note 6);
ƒƒ
EBITDA (see Note 8);
ƒƒ
EBIT (see Note 10).
The following selected balance sheet information by operating
segment is reported to the chief operating decision maker.
Note that the Group’s revenue is derived from a very large number
of transactions, of which less than 10% involve a single external
customer.
Revenue and earnings indicators by segment are as follows:
At December 31, 2014
(inmillions of euros)
HotelServices HotelInvest
Corporate/
Intercos
Total
Revenue
1,248
4,794
(588)
5,454
EBITDAR
435
1,401
(64)
1,772
EBITDAR Margin
34.8% 29.2%
N/A
32.5%
EBITDA
411
573
(61)
923
EBITDA Margin
32.9%
11.9%
N/A
16.9%
EBIT
376
292
(66)
602
EBIT Margin
30.1%
6.1%
N/A
11.0%
At December 31, 2013 Adjusted
(inmillions of euros)
HotelServices HotelInvest
Corporate/
Intercos
Total
Revenue
1,254
4,798
(627)
5,425
EBITDAR
434
1,354
(57)
1,731
EBITDAR Margin
34.6% 28.2%
N/A
31.9%
EBITDA
412
486
(52)
846
EBITDA Margin
32.8% 10.1%
N/A
15.6%
EBIT
380
197
(56)
521
EBIT Margin
30.3%
4.1%
N/A
9.6%
Registration Document 2014
254
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