2014 Registration Document and Annual Financial Report - page 272

Financial Statemements
Parent Company Financial Statements and Notes
5
(inmillions of euros)
Notes Dec. 31, 2013 net
Dec. 31, 2014 net
Non-recurring income from revenue transactions
-
Non-recurring income from capital transactions
82
22
Exceptional provision reversals and expense transfers
11
23
Non-recurring income
93
45
Non-recurring expenses on revenue transactions
3
11
Non-recurring expenses on capital transactions
52
31
Exceptional additions to depreciation, amortization and provisions
13
5
Non-recurring expenses
68
47
NET NON-RECURRING INCOME (EXPENSE)
(23)
25
(2)
Income tax expense
(24)
(20)
(14)
TOTAL INCOME
1,255
1,378
TOTAL EXPENSES
1,154
1,139
NET PROFIT
101
239
The financial statements of Accor SA have been prepared in
accordance with French generally accepted accounting principles. All
amounts are stated in millions of euros unless otherwise specified.
The notes below relate to the balance sheet at December 31, 2014
before appropriation of net profit for the year, which shows total
assets of €8,133 million, and to the income statement for the year
then ended, which shows a net profit of €239 million.
The financial statements cover the 12-month period from January 1
to December 31, 2014.
Accor SA’s individual financial statements are included in the
consolidated financial statements of the Accor Group.
The preparation of financial statements requires the use of estimates
and assumptions that can affect the carrying amount of certain
assets and liabilities, income and expenses, and the information
disclosed in the notes to the financial statements. Management
reviews these estimates and assumptions on a regular basis to
ensure that they are appropriate based on past experience and the
current economic situation. Items in future financial statements
may differ from current estimates as a result of changes in these
assumptions.
The main estimates and judgments made by Management in the
preparation of these financial statements concern the valuation
and useful lives of intangible assets, property and equipment, and
financial assets, as well as the amount of provisions for claims,
litigation and contingencies and the assumptions underlying the
calculation of pension obligations.
The main assumptions applied by the Company are presented in
the relevant notes to the financial statements.
In 2014, Accor SA’s revenue rose by 2.2% compared with 2013.
During the year, Accor enhanced its flexibility by placing a €900million
issue of perpetual hybrid bonds and carrying out three new ordinary
bond issues representing an aggregate amount of €1,083 million.
In addition, in June it signed a new €1.8 billion five-year syndicated
credit facility, replacing the €1.5 billion facility set up in May 2011,
which was scheduled to expire in May 2016.
In October 2014, Accor launched “Leading Digital Hospitality”,
a digital transformation plan structured around eight programs based
on consolidating the Group’s IT systems and processes. The plan
is customer-centric but also focuses on the Group’s employees
and partners. Accor will invest a significant amount over a five-year
period to bring all of the plan’s initiatives to fruition, several of which
were already implemented in the last quarter of 2014.
On November 13, 2014, Accor acquired a 36.6% stake in Mama
Shelter (a chain of affordable boutique hotels), through direct
and indirect interests of 20.09% and 16.4% respectively, for an
aggregate €29 million.
Registration Document 2014
270
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