2014 Registration Document and Annual Financial Report - page 263

5
Financial Statemements
Consolidated Financial Statements and Notes
The Group commits in most of the cases to spend a specified
amount on hotel maintenance, generally expressed as a percentage
of revenue.These commitments are not included in the above table
due to the difficulty of estimating the amounts involved.
From time to time the Group may also issue performance guarantees
to the owners of managed hotels. The guarantee may include a
clawback clause applicable if the hotel’s performance improves in
subsequent years.
To the best of the Group’s knowledge and in accordance with
generally accepted accounting principles, no commitments given
have been omitted from the above list.
Note 41.2. Off-balance sheet commitments received
Off-balance sheet commitments (not discounted) received at December 31, 2014 break down as follows:
(inmillions of euros)
Less
than 1
year
1 to 5
years
Beyond 5
years
June 30,
2014*
Dec. 31,
2013
Adjusted*
Irrevocable commitments received for the purchase
of intangible assets and property, plant and equipment
1
-
-
1
11
Irrevocable commitments received for the purchase
of financial assets
(1)
-
-
19
19
20
PURCHASE COMMITMENTS RECEIVED
1
-
19
20
31
Sellers’ warranties received
1
-
-
1
1
Other guarantees received in the normal course of business
(2)
15
12
35
62
63
OTHER COMMITMENTS AND GUARANTEES RECEIVED
16
12
35
63
64
TOTAL DECEMBER 31, 2014*
17
12
54
83
TOTAL DECEMBER 31, 2013 ADJUSTED*
32
15
48
95
* In line with IFRS 5, off-balance sheet commitments received by the OnboardTrain Services business are not presented in this note. Off-balance sheet commitments
received by the OnboardTrain Services business amounted to €0 million at December 31,2014 and €1 million at December 31, 2013.
(1) In connection with irrevocable commitments received for the purchase of financial assets:
- Under the “Sale and Management Back” transaction concerning the SofitelThe Grand in Amsterdam with Société Hôtelière Paris Les Halles (SHPH), Accor has
an option to sell its 40% interest in this hotel to SHPH for €14 million at December 31, 2014 in the event that SHPH decides not to renew the 25-year management
agreement.
- In connection with the Orféa joint venture with SNCF (set up to supply hotel services for the service apartments made available to SNCF employees), in the event
of a disagreement between the partners:
- SNCF Participations would have the option of buying out Accor’s stake in Orféa (held through its Soparfi 1 subsidiary), in which case Accor would be obliged to sell.
- If SNCF Participations decided not to exercise its call option, Soparfi 1 would have the option of selling its entire stake to SNCF Participations, which would be
obliged to buy the shares.
- In both cases, the sale price would be equal to Soparfi 1’s equity in Orféa’s net assets plus its share of outstanding dividends.
(2) Other commitments received mainly include:
- In connection with the Silverstone project, Stone is committed to making an earn-out payment of €15 million to Accor if the Formule 1 hotels meet their business plan
objectives in 2019.
- In connection with the sale by Invesco of the Paris La Défense Pullman, the new owner – QFI Luxembourg – gave a commitment to finance €10 million worth
of refurbishment and maintenance work described in the original lease.This guarantee will expire on May 30, 2022.
- In connection with two properties transactions between Accor and Foncière des Murs in 2005 and 2006, Foncière des Murs, in an addendum signed in 2010, agreed
to finance an additional €39 million work program over the period to end-2014. At the end of December 2011, a new addendum has been signed, raising the total work
program to €49 million. As of December 2014, the remaining work amounted to €6 million.
Purchase options under finance leases are not included in this table.
Registration Document 2014
261
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