Key figures

Income Statements – Summary

in million of euros 2008
Restated
(4)
2009
Restated
(1)
2010

  
2011
Restated
(1)
  2012

  
2013
Restated

2014

  
 
Consolidated revenue 7,722 5,490 5,948 5,568   5,649 5,425 5,454 
EBITDAR  2,290 1,518 1,814 1,759   1,788 1,731 1,772 
Operating Profit Before Tax
and non-recurring items
875 108 334 438   468 442 578 
Net Income, Group Share 575 (282) 3,600 27   (599) 126 223 
Earnings per share (in €) 2.60 (1.27) 15.94 0.12   (2.64) 0.55 0.96 
Dividend per Share (in €) 1.65(3) 1.05 0.62 1.15(5)   0.76(6)  0.80(7)  0.95 

* 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)
2009
2010
2011
2012
2013* 
2014 
 
Goodwill 1,777 743 712 840 691 701 
Intangible fixed assets 488 109 373 264 281 283 
Property, plant and equipment 4,306 3,682 3,257 2,592 2,396 3,157 
Total financial assets 428 480 549 632 548 586 
Total non-current assets 7,290 5,555 5,038 4,479 4,065 4,795 
Total current assets
4,312 2,310 2,576 2,925 2,877 3,613 
Total actif 11,746 8,678 8,000 7,560 7,003 8,755 
Liabilities and Shareholders' equity
(in million of euros)
2009 
2010
2011
2012
2013*
2014
 
Shareholders' equity Group share 2,997 3,650 3,537 2,759 2,538 3,654  
Shareholders' equity 3,254 3,949 3,768 2,989 2,752 3,867  
Total non-current liabilities 6,072 5,964 5,618 1,799 1,925 2,958  
Total current liabilities 5,670 2,336 2,293 2,736 2,300 1,910  
Total liabilities and shareholders' equity 11,746 8,678 8,000 7,560 7,003 8,755  

* 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) 2008**

2009
Restated*
2010

2011
Restated*
2012

2013
Restated*

2014

Funds from ordinary activities 1,111 843 864 728 786  707  767
Net cash from operating activities 1,137 781 850 746 709  848  875
Renovation and maintenance expenditure (488) (288) (281) (268) (299)  (264)  (262)
Development expenditure (1,091) (420) (340) (291) (676)  (190)  (1313)
Proceeds from disposals of assets 560 339 556 502 371  334  334
Net cash used in investments/divestments (1,019) (730) 270 240 529  (120)  (1447)
Net cash from financing activities 146 327 (902) (657) 440  (305)  1505
Net change in cash and cash equivalents 37 (48) 60 217 498  54  784

* 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



2008 

2009
Restated*
2010

2011
Restated*
2012 

2013
Restated* 
2014
Net debt-to-equity (Gearing) 30% 30% 18% 6% 14.1%  8.2%  4.1%
Adjusted Funds from operations / Adjusted net debt(1) 25.8% 15.5% 20,1% 26% 28.5%  31.1%  34.2%

(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.

2008

2009
Restated*
2010

  2011
Restated*
2012
2013
Restated* 
2014 
Group ROCE 14.1% 8.3% 11.3%   12.3% 14% 14% 14.6%

* 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

 


 

2008

2009
Restated*

2010
 
  2011
Restated*

2012
2013
Restated*
2014
R.O.C.E** 11.3% 7.6% 9.6%   10.51% 11.49% 11.34% 11.84%
W.A.C.C.***   
7.7% 7.5% 8.7%   9.12% 8.90% 8.8% 8.57%
Capital employed (in EUR million) 10,089 8,091 8.123   6.322 6.355 6.314 6.633

* 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, 2014 totaled EUR 5,454 million, up 0.5% year on year on a reported basis and up 3.8% at comparable scope of consolidation and exchange rates (like for like).

2014 Revenue