2013 Registration document and annual financial report - page 211

Registration Document 2013
Financial Statemements
Consolidated Financial Statements And Notes
The fair value of the main net assets acquired breaks down as follows:
(in millions of euros)
Cost before purchase
price allocation
Purchase price
Cost after purchase
price allocation
Intangible assets
Property, plant and equipment
Other receivables
Deferred tax assets/liabilities
Cash and cash equivalents
Other payables
The fair value of property, plant and equipment is based on independent
valuations (Level 2 inputs as defined in IFRS 13: see note 1.R). The
fair value of intangible assets is estimated by discounting estimated
fee revenues up to the next contract renewal date (Level 3 inputs
as defined in IFRS 13: see note 1.R), based on the data used to
determine the acquisition price.
In the period from October 10 to December 31, 2012, the assets
acquired generated revenue of €18 million and a net loss of
€16 million (including €10 million worth of brand impairments and
€8 million in integration costs).
B.5. ibis megabrand project
In 2012, Accor implemented its project to overhaul the entire Economy
brand line-up under the umbrella of the ibis brand. This project
involved reviewing economy hotel codes in depth, renewing more
than 100,000 beds, honing a new concept for its public areas, and
briskly installing the new ibis, ibis Styles and ibis
This led to the recognition:
in the 2012 financial statements of a €50 million loss reported
under “Gains and losses on management of other assets” (see
note 15) and €39 million in costs reported under “Renovation
and maintenance expenditure” (see note 36);
in the 2013 financial statements of a €15 million loss reported
under “Gains and losses on management of other assets” (see
note 15) and €27 million in costs reported under “Renovation
and maintenance expenditure” (see note 36).
C. Colony Capital/Eurazeo
Colony Capital acquired an initial stake in the Accor Group in
March 2005 by investing €1 billion in Accor equity notes and
convertible bonds that were redeemed for/converted into shares
in 2007. In exchange for this investment, Colony was given two
seats on the Accor Board of Directors.
In May 2008, Colony Capital and investment group Eurazeo
announced a five-year shareholders’ agreement under which they
would increase their combined stake in the Group’s capital. After
this five-year term, the concert arrangement may be terminated
with 30 days’ notice. The agreement was followed by an increase
in Eurazeo’s interest in Accor and led to Eurazeo being given a seat
on the Accor Board of Directors.
In 2009, the concert group represented by Colony Capital and
Eurazeo purchased new Accor shares and Eurazeo was given an
additional seat on the Accor Board of Directors, raising from three
to four the number of directors representing Colony and Eurazeo.
In 2010, in connection with the demerger, Colony Capital and
Eurazeo gave a commitment to support the demerged entities Accor
and Edenred, by retaining their shares in the two companies. This
commitment expired on January 1, 2012. On January 5, 2012, the
concert group reduced its interest to 48,568,160 shares, representing
21.37% of the capital and 27.51% of the voting rights.
At December 31, 2012, the concert group held 48,673,442 shares,
representing 21.4% of the capital and 30.08% of the voting rights
following (i) the allocation, during 2012, of double voting rights to
shares held for more than two years and (ii) the reduction in the
number of shares held by Fonds Stratégique d’Investissement and
Caisse des Dépôts et Consignations, leading to the cancellation of
a certain number of double voting rights and a resulting decrease
in the total number of voting rights. The proportion of voting rights
was above the 30% level at which French securities laws require
a takeover bid to be presented. Representatives of Colony Capital
and Eurazeo asked the French securities regulator (Autorité des
Marchés Financiers – AMF) to waive this requirement in the case
of Accor, considering that (i) the 30% threshold had been crossed
solely due to a reduction in the number of Accor voting rights that
was not the result of any action by them and (ii) they had given an
undertaking not to take any action themselves to raise their interest
to over 30% of the voting rights. On January 16, the AMF informed
Colony Capital and Eurazeo that they would not be required to
present a takeover bid.
At December 31, 2013, the concert group always held
48,673,442 shares and 85,313,908 voting rights, representing
21.3% of the capital and 31.2% of the voting rights.
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