Key figures

Income Statements – Summary

in million of euros2007
  

2008
Restated
(4)
2009
Restated
(1)
2010

  
 2011
Restated
(1)
2012

  
2013

  
 
Consolidated revenue8,1217,7225,4905,948 5,5685,6495,536 
EBITDAR 2,3212,2901,5181,814 1,7591,7881,759 
Operating Profit Before Tax
and non-recurring items
907875108334 438468446 
Net Income, Group Share883575(282)3,600 27(599)126 
Earnings per share (in €)3.922.60(1.27)15.94 0.12(2.64)0.55 
Dividend per Share (in €)3.15(2)1.65(3)1.050.62 1.15(5)0.76(6) 0.80(7) 

(1) In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated income statements at December 31, 20N the profits or losses of 20N+1 discontinued operations are reported on a separate line.
(2) Including a special dividend of EUR 1.50.
(3) Paid in cash or new shares, depending on each Shareholder’s choosing.
(4) Adjusted for the effects of the change of method concerning customer loyalty programs.
(5) Including a special dividend of EUR 0.50.
(6) 2012 dividend submitted for approval at the shareholders' meeting of April 25, 2013.
(7) Ordinary dividend per share recommended by the Board of Directors to the Annual Shareholders’Meeting of April 29,2014


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)
2008* 
2009
2010
2011
2012
2013
 
Goodwill1,9321,777743712840707 
Intangible fixed assets512488109373264283 
Property, plant and equipment 4,3244,3063,6823,2572,5922,448 
Total financial assets403428480549632502 
Total non-current assets7,3977,2905,5555,0384,4794,088 
Total current assets
3,9844,3122,3102,5762,9252,911 
Total actif11,41711,7468,6788,0007,5607,060 
Liabilities and Shareholders' equity
(in million of euros)
2008*
2009 
2010
2011
2012
2013
 
Shareholders' equity Group share3,2982,9973,6503,5372,7592,539 
Shareholders' equity3,5563,2543,9493,7682,9892,756 
Total non-current liabilities5,9746,0725,9645,6181,7991,945 
Total current liabilities5,4435,6702,3362,2932,7362,333 
Total liabilities and shareholders' equity11,41711,7468,6788,0007,5607,060 

* 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)2006

2007

2008**

2009
Restated*
2010

2011
Restated*
2012

2013 

Funds from ordinary activities1,0241,1121,111843864728786 717
Net cash from operating activities1,1961,4151,137781850746709 855
Renovation and maintenance expenditure(454)(466)(488)(288)(281)(268)(299) (265)
Development expenditure(671)(1,198)(1,091)(420)(340)(291)(676) (194)
Proceeds from disposals of assets1,4591,635560339556502371 334
Net cash used in investments/divestments233(55)(1,019)(730)270240529 (0)
Net cash from financing activities(2,526)(1,358)146327(902)(657)440 (309)
Net change in cash and cash equivalents(1,062)(47)37(48)60217498 52

* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated cash flow at December 31, 20N the investments of 20N+1 discontinued operations are reported on a separate line.
** 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



2007 

2008 

2009
Restated*
2010

2011
Restated*
2012 

2013 
Net debt-to-equity (Gearing)5%30%30%18%6%14.1% 8.4%
Adjusted Funds from operations / Adjusted net debt(1)26.2%25.8%15.5%20,1%26%28.5% 31.3%

(1) Adjusted 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 (%)

2007

2008

2009
Restated*
 2010

2011
Restated*
2012
2013 
Hotel13.3%12.9%8.4% 11.1%13.9%14.1 %13.8%
Upscale and midscale11.6%10.8%6.6% 10.4%11.1%11.4 %11%
Economy21.5%21.1%14.7% 18.2%19.5%19.50 %18.7%
Economy USA9.6%9.1%4.4% 4.1%-   --
Services21.3%23.3%- --   --
Other activities7.6% 15.5%16.6%13 %21.7%
Casinos9.7%9.4%
Restaurants12.9%7.5%
Onboard train Services10.4%8.3%
Group ROCE13.6%14.1%8.3% 11.3%12.3%14 %14%

* 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

 


 

2007

2008

2009
Restated*

 2010
 
2011
Restated*

2012
2013
R.O.C.E**10.8%11.3%7.6% 9.6%10.51%11.49 %11.40%
W.A.C.C.***   
8.6%7.7%7.5% 8.7%9.12%8.90 %8.8%
Capital employed (in EUR million)10,60610,0898,091 8.1236.3226.3556.350

* 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 employees20062007200820092010 2012 2012
Total170,417172,695158,162150,525143,939144,893 133,886
Hotels131,101134,852144,679139,717141,604143,740 132,802
Services4,5935,3555,8266,104   _   _    _
Other Activities2,3351,153 1,084
Travel agencies   _   _   _   _   _   _    _
Casinos   _   _   _   _   _   _    _
Restaurants29,16627,1921,4011,544   _   _    _
Onboard train services4,1944,3794,9311,957   _   _    _
Other1,4549171,3251,203   _   _    _

Segmentation information

Consolidated revenue for the year ended December 31, 2013 totaled EUR 5,536 million, down -2.0% year on year on a reported basis and up 2.7% at comparable scope of consolidation and exchange rates (like for like).

2013 Revenue