2014 Registration Document and Annual Financial Report - page 296

Financial Statemements
Parent Company Financial Statements and Notes
5
Other off-balance sheet commitments
Other off-balance sheet commitments given at December 31, 2014 and 2013 break down as follows:
(inmillions of euros)
Dec. 31, 2013
Dec. 31, 2014
COMMITMENTS GIVEN (LIABILITIES)
Pledge of BRH shares
(1)
-
-
Purchase commitments related to two hotels (Pullman and ibis Styles)
(2)
5
4
Other purchase commitments
1
-
Pledge of networks – France
-
1
TOTAL PURCHASE COMMITMENTS
6
5
Construction performance bonds – France
(3)
70
108
TOTAL WORKS COMMITMENTS
70
108
Guarantees given
(4)
50
71
Guarantees for confirmed credit lines
(5)
69
20
Guarantees for bank borrowings
(5)
29
29
Guarantees given to third parties
(5)
30
36
Guarantees for liabilities
(5) (6) (7)
263
290
TOTAL GUARANTEE COMMITMENTS
442
446
COMMITMENTS GIVEN IN THE NORMAL COURSE OF BUSINESS
-
-
TOTAL COMMITMENTS GIVEN
518
558
(1) Security interests given on assets correspond to pledges and mortgages valued at the acquisition cost of the underlying assets.
Accor has fully written down its original €25.74 million interest in BRH, which has been pledged as collateral for a loan in the same amount granted to BRH by Mauritius
Commercial Bank. As this pledge was indexed to the net value of the shares held by Accor SA, its amount was zero at December 31, 2014.
(2) In connection with the sale of SH Roissypôle, when the construction lease was signed with ADP for building a Pullman and an ibis Styles hotel at Roissypôle, Accor
acted as guarantor on behalf of the subsidiary concerned and on March 20, 2013 it granted Eiffage Construction a €3.6 million guarantee.The property developer
has undertaken to complete the building work by May 31, 2015.
(3) The Company has given a total of €70 million in commitments in the capacity as property developer for refurbishment works to be carried out on the Pullman Paris
Tour Eiffel hotel. In addition, Accor gave a €38 million financial guarantee on October 31, 2014 on behalf of its subsidiaries for performance bonds on work that they have
taken on (the Iris, Sunlight and BAC Orly projects).
(4) This item includes various guarantees given on behalf of direct and indirect subsidiaries either to banks or directly to the subsidiaries’ customers. Also, since January 1,
2014, Accor has stood as guarantor for the rental payments for 6 Adagios hotels, representing an aggregate amount of €41 million.
(5) Accor has given guarantees for (i) borrowings (€29 million), (ii) confirmed credit lines (€19.6 million) and (iii) liabilities of SNC limited partnerships (€279.5 million).
Total guarantees given to other third parties came to €35.6 million at December 31, 2014.
(6) Accor granted a €10 million seller’s warranty to WBA Saint-Honoré in connection with the sale of WBA that took place on March 28, 2013.
(7) Accor granted an asset and liability warranty to SHTE in connection with the sale of SNH SH 18 Suffren in October 2012.This warranty, which is capped at €1 million
(excluding for tax, para-fiscal and payroll liabilities) expires in November 2017.
Registration Document 2014
294
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