Key indicators
- Income statements
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- Consolidated Balance Sheets
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- Cash Flow Statements
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- Financial ratios
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- Value creation
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- Employees
Income Statements – Summary
| in million of euros | 2005 Restated(1) | 2006 | 2007 | 2008 Restated(5) | 2009 |
|---|---|---|---|---|---|
| Consolidated revenue | 7,136 | 7,607 | 8,121 | 7,722 | 7,065 |
| EBITDAR | 1,906 | 2,084 | 2,321 | 2,290 | 1,976 |
| Operating Profit Before Tax and non-recurring items | 569 | 727 | 907 | 875 | 448 |
| Net Income, Group Share | 333 | 501 | 883 | 575 | (282) |
| Earnings per share (in €) | 1.55 | 2.23 | 3.92 | 2.60 | (1.27) |
| Dividend per Share (in €) | 1.15 | 2.95(2) | 3.15(3) | 1.65(4) | 1.05(6) |
(1) In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated income statements for the year ended December 31, 2004 and the year ended December 31, 2005 the profits or losses of 2006 discontinued operations are reported on a separate line (mainly Carlson Wagonlit Travel). (2) Including a special dividend of EUR 1.50. (3) Including a special dividend of EUR 1.50. (4) Paid in cash or new shares, depending on each Shareholder’s choosing. (5) Adjusted for the effects of the change of method concerning customer loyalty programs. (6) Subject to shareholders approval at the Annual Meeting on June 29, 2010. Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF). In accordance with European Commission Regulation on the application of International Financial Reporting Standards, the 2005 Accor Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005. Historical datas in French accounting standards are available in corresponding registration document. | |||||
Consolidated balance sheets - summary
| Assets (in million of euros) | 2005 | 2006 | 2007 | 2008** | 2009 |
|---|---|---|---|---|---|
| Goodwill | 1,897 | 1,735 | 1,967 | 1,932 | 1,777 |
| Intangible fixed assets | 437 | 390 | 369 | 512 | 488 |
| Property, plant and equipment | 3,891 | 3,506 | 3,321 | 4,324 | 4,306 |
| Total financial assets | 1,212 | 839 | 710 | 403 | 428 |
| Total non-current assets | 7,824 | 6,767 | 6,566 | 7,397 | 7,290 |
| Total current assets | 5,094 | 3,821 | 3,991 | 3,984 | 4,312 |
| Total actif | 13,178 | 11,133 | 10,834 | 11,417 | 11,746 |
| Liabilities and Shareholders' equity (in million of euros) | 2005 | 2006 | 2007 | 2008** | 2009 |
|---|---|---|---|---|---|
| Shareholders' equity Group share | 4,301 | 4,098 | 3,691 | 3,298 | 2,997 |
| Shareholders' equity | 4,396 | 4,164 | 3,752 | 3,556 | 3,254 |
| Total non-current liabilities | 6,754 | 5,843 | 5,312 | 5,974 | 6,072 |
| Total current liabilities | 6,424 | 5,061 | 5,522 | 5,443 | 5,670 |
| Total liabilities and shareholders' equity | 13,178 | 11,133 | 10,834 | 11,417 | 11,746 |
** Adjusted for the effects of the change of method concerning customer loyalty programs. Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF). In accordance with European Commission Regulation on the application of International Financial Reporting Standards, the 2005 Accor Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005. Historical datas in French accounting standards are available in corresponding registration document. | |||||
Cash Flow Statements
| (in million of euros) | 2005 Restated* | 2006 | 2007 | 2008** | 2009 |
|---|---|---|---|---|---|
| Funds from ordinary activities | 935 | 1,024 | 1,112 | 1,111 | 843 |
| Net cash from operating activities | 1,082 | 1,196 | 1,415 | 1,137 | 781 |
| Renovation and maintenance expenditure | (436) | (454) | (466) | (488) | (327) |
| Development expenditure | (476) | (671) | (1,198) | (1,091) | (766) |
| Proceeds from disposals of assets | 310 | 1,459 | 1,635 | 560 | 363 |
| Net cash used in investments/divestments | (615) | 233 | (55) | (1,019) | (730) |
| Net cash from financing activities | 267 | (2,526) | (1,358) | 146 | 327 |
| Net change in cash and cash equivalents | 707 | (1,062) | (47) | 37 | (48) |
* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated cash flow for the year ended December 31, 2004 and the year ended December 31, 2005 the investments of 2006 discontinued operations are reported on a separate line (mainly Carlson Wagonlit Travel). ** Adjusted for the effects of the change of method concerning customer loyalty programs. Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF). In accordance with European Commission Regulation on the application of International Financial Reporting Standards, the 2005 Accor Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005. Historical datas in French accounting standards are available in corresponding registration document. | |||||
Financial ratios
| 2005 Restated* | 2006 | 2007 | 2008 | 2009 | |
|---|---|---|---|---|---|
| Net debt-to-equity (Gearing) | 32% | 11% | 5% | 30% | 50% |
| Ajusted Funds from operations / Ajusted net debt(1) | 16.8% | 22.2% | 26.2% | 25.8% | 20.0% |
(1) Ajusted with rental expense * In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", key management ratios were restated. | |||||
Value creation
Return On Capital Employed (R.O.C.E.) is a key management indicator used internally to measure the performance of the Group's various businesses. It is also an indicator of the profitability of assets that are either non-consolidated or accounted for by the equity method.
The ROCE is calculated on the basis of the following aggregates:
related to capital employed:
for each business, it represents the average cost of non-current assets, before depreciation, amortization and provisions, plus working capital.
ROCE by business (%)
| 2005 Restated* | 2006 | 2007 | 2008 | 2009 | |
|---|---|---|---|---|---|
| Hotel | 9.9% | 11.1% | 13.3% | 12.9% | 8.4% |
| Upscale and midscale | 7.9% | 8.7% | 11.6% | 10.8% | 6.6% |
| Economy | 17% | 19.2% | 21.5% | 21.1% | 14.7% |
| Economy USA | 7.7% | 9.0% | 9.6% | 9.1% | 4.4% |
| Services | 26.0% | 25.3% | 21.3% | 23.3% | 22.3% |
| Other activities | 8.7% | ||||
| Casinos | 10.6% | 10.0% | 9.7% | 9.4% | 3.5% |
| Restaurants | 14.0% | 13.0% | 12.9% | 7.5% | 9.9% |
| Onboard train Services | 15.3% | 12.4% | 10.4% | 8.3% | 2.5% |
| Group ROCE | 10.7% | 11.9% | 13.6% | 14.1% | 10.5% |
* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", ROCE was restated. | |||||
Value creation
Value creation is calculated as follows:
(ROCE after tax - weighted average cost of capital) x capital employed
| 2005 Restated* | 2006 | 2007 | 2008 | 2009 | |
|---|---|---|---|---|---|
| R.O.C.E** | 8.6% | 9.4% | 10.8% | 11.3% | 9.2% |
| W.A.C.C.*** | 6.5% | 7.3% | 8.6% | 7.7% | 7.5% |
| Capital employed (in EUR million) | 11,291 | 10,807 | 10,606 | 10,089 | 10,482 |
* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", ROCE was restated. ** after taxes *** weighted average cost of capital. | |||||
Employees
| Number of employees | 2005 | 2006 | 2007 | 2008 | 2009 |
|---|---|---|---|---|---|
| Total | 168,623 | 170,417 | 172,695 | 158,162 | 150,525 |
| Hotels | 121,448 | 131,101 | 134,852 | 144,679 | 139,717 |
| Services | 4,316 | 4,593 | 5,355 | 5,826 | 6,104 |
| Other Activities | |||||
| Travel agencies | 8,529 | _ | _ | _ | _ |
| Casinos | _ | _ | _ | _ | _ |
| Restaurants | 25,522 | 29,166 | 27,192 | 1,401 | 1,544 |
| Onboard train services | 4,319 | 4,194 | 4,379 | 4,931 | 1,957 |
| Other | 4,489 | 1,454 | 917 | 1,325 | 1,203 |
Segmentation information
Accor's consolidated revenues totaled EUR 7,065 million, a decrease of 8.5% on reported bases from 2008. Like-for-like revenues were decrease by 7.9%.
