Key figures

Income Statements – Summary

in million of euros2007
  

2008
Restated
(4)
2009
Restated
(1)
2010

  
 2011
Restated
(1)
2012

  
2013
Restated*
 
Consolidated revenue8,1217,7225,4905,948 5,5685,649 5,425 
EBITDAR 2,3212,2901,5181,814 1,7591,788 1,731 
Operating Profit Before Tax
and non-recurring items
907875108334 438468 442 
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) 

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.
(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* 
 
Goodwill1,9321,777743712840 691 
Intangible fixed assets512488109373264 281 
Property, plant and equipment 4,3244,3063,6823,2572,592 2,396 
Total financial assets403428480549632 548 
Total non-current assets7,3977,2905,5555,0384,479 4,065 
Total current assets
3,9844,3122,3102,5762,925 2,877 
Total actif11,41711,7468,6788,0007,560 7,003 
Liabilities and Shareholders' equity
(in million of euros)
2008*
2009 
2010
2011
2012
2013*
 
Shareholders' equity Group share3,2982,9973,6503,5372,759 2,538  
Shareholders' equity3,5563,2543,9493,7682,989 2,752  
Total non-current liabilities5,9746,0725,9645,6181,799 1,925  
Total current liabilities5,4435,6702,3362,2932,736 2,300  
Total liabilities and shareholders' equity11,41711,7468,6788,0007,560 7,003  

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.

Cash Flow Statements

(in million of euros)2006

2007

2008**

2009
Restated*
2010

2011
Restated*
2012

2013
Restated*

Funds from ordinary activities1,0241,1121,111843864728786  707
Net cash from operating activities1,1961,4151,137781850746709  848
Renovation and maintenance expenditure(454)(466)(488)(288)(281)(268)(299)  (264)
Development expenditure(671)(1,198)(1,091)(420)(340)(291)(676)  (190)
Proceeds from disposals of assets1,4591,635560339556502371 334
Net cash used in investments/divestments233(55)(1,019)(730)270240529  (120)
Net cash from financing activities(2,526)(1,358)146327(902)(657)440  (305)
Net change in cash and cash equivalents(1,062)(47)37(48)60217498  54

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.
** 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
Restated* 
Net debt-to-equity (Gearing)5%30%30%18%6%14.1%  8.2%
Adjusted Funds from operations / Adjusted net debt(1)26.2%25.8%15.5%20,1%26%28.5%  31.1%

(1) Adjusted with rental expense

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.

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.

2007

2008

2009
Restated*
 2010

2011
Restated*
2012
2013
Restated* 
Group ROCE13.6%14.1%8.3% 11.3%12.3%14 %14%

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.

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
Restated*
R.O.C.E**10.8%11.3%7.6% 9.6%10.51%11.49 % 11.34%
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 8.1236.3226.355 6.314

* With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. 2013 results figures have been adjusted accordingly.
** after taxes
*** weighted average cost of capital.

Employees

Number of employees20062007200820092010201220122013
Total170,417172,695158,162150,525143,939144,893133,886136,792
Hotels131,101134,852144,679139,717141,604143,740132,802135,714
Services4,5935,3555,8266,104   _   _   __
Other Activities2,3351,1531,0841,078
1,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