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Accor Hospitality: The New Business Model Optimizing operating ...

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France: Impact on Profit Before Tax<br />

194<br />

200<br />

Profit Before Tax<br />

204<br />

74<br />

261<br />

2 004 2 005 2 006 2007 E<br />

+ 66 M€<br />

(07 est. vs 04)

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