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Customer commission providers an amount equal to the face value minus its commission). Commission invoiced to customers of New Services (companies, associations and communities), including a variable component defined as a percentage of the issue volume Float Net working capital requirements, structurally negative, which is broken down as follows: Affiliated service provider Acceptance network 154 Inventory Trade receivables Other receivables and accruals Working capital items ‐ assets Trade payables Other payables Prepaid services vouchers in circulation Working capital items ‐ liabilities FLOAT Commercial party/merchant that accepts the vouchers of the issue as a payment method. The affiliation is framed by a contract. Network of affiliated service providers who accept the vouchers issued by the issuer as a method of payment. There are three types of acceptance networks: filtered, open, closed. Entry rate Ratio between the number of beneficiaries of a service voucher and the active eligible population, the latter depending on each country’s regulations Face value (Notion specific to employee benefits) Amount of the payment voucher, determined at the employer’s discretion, but influenced by the limits imposed by the States on the financial contribution of employers in order to be eligible for exemptions from tax and/or social security liabilities.
<strong>SECTION</strong> 10 FINANCIAL STATEMENTS 10.1 Historical consolidated financial statements and notes 10.1.1 Historical consolidated financial statements and notes NEW SERVICES HISTORICAL COMBINED FINANCIAL STATEMENTS AND NOTES Historical Combined Income Statements p.156 Historical Combined Statements of Comprehensive Income p.157 Historical Combined Balance Sheets p.158 Historical Combined Cash Flows Statements p.160 Changes in Historical Combined Equity p.161 Notes to the Historical Combined Financial Statements p.162 155
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Free translation for information pu
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TABLE OF CONTENTS (continued) ii Pa
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TABLE OF CONTENTS (continued) iv Pa
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TABLE OF CONTENTS (continued) vi Pa
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SUMMARY OF THE PROSPECTUS Visa n°
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Key figures from the pro forma inco
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• The products of the employee an
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Number of shares 7 Percentage of sh
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Between the time the customers pay
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• PrePay Solutions (a joint‐ven
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specific, it is unlikely that any f
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The Company also benefits from its
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1.3 Strategy As an independent comp
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media to suit products and customer
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Through the development of these va
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Issue volume growth is at the cente
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1.5 Group products and services 1.5
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The following chart shows the relat
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(b) Products Tickets Restaurant ®
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The following table gives an overvi
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Expense management New Services pro
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• gift vouchers for businesses an
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The table below shows the geographi
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elations given its flexibility and
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When affiliated merchants accept vo
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1.10 Competition 1.10.1 The employe
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1.10.2.3 Growth potential As with t
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free benefit in kind. This tax bene
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Restaurant ® beneficiaries secure
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Key figures from the pro forma inco
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- breakage revenues from vouchers t
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A reconciliation between the histor
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2.4.1.2 Issue volume by business li
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The proportion of operating revenue
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esulting from the acquisition of Pr
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Global structures (1) 0 2 n.s. n.s.
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The Group’s working capital requi
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2.6.4 Working capital requirements
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The Club Deal and the Bilateral Lin
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2.8.1.1 Europe In the first quarter
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(in millions of euros) 73 Pro forma
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Competition The Group’s various b
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Development of performance products
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In the past, a large proportion of
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company, which can be subject to fl
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These values impact the day‐to‐
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4.1.2.1 Partners in education For t
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o Locally, each subsidiary consider
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On a global scale, the Bernaches: S
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o Senior support individuals who at
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Workforce Total number of employees
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European FOOD (Fighting Obesity thr
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GREENHOUSE GASES 4.2.2.4 Greenhouse
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Since 2006, an international employ
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In the event that the Company’s s
Page 111 and 112: Information of the Board of Directo
Page 113 and 114: If the Board decides to combine the
Page 115 and 116: • validating the categories of ad
Page 117 and 118: Organization of work defines and i
Page 119 and 120: In addition, without prejudice to t
Page 121 and 122: The table below is a summary of the
Page 123 and 124: shareholders (other than Accor itse
Page 125 and 126: indirectly) from a loan extended by
Page 127 and 128: • become “pure players”, list
Page 129 and 130: The Company will publish a press re
Page 131 and 132: Accordingly, as consideration for t
Page 133 and 134: (c) Calculation of the contributed
Page 135 and 136: 6.3.4.3 Mechanics of the Spinoff Th
Page 137 and 138: (f) Impact on the calculation of th
Page 139 and 140: SECTION 7 ‐ INFORMATION ABOUT THE
Page 141 and 142: of the Company, in respect of share
Page 143 and 144: Throughout the subscription period,
Page 145 and 146: Because the Company’s shares are
Page 147 and 148: connection with their action in con
Page 149 and 150: Resolution Purpose of the resolutio
Page 151 and 152: “We certify, after taking all rea
Page 153 and 154: 9.7 Cross‐reference table for inf
Page 155 and 156: No. Item in the Regulation Section(
Page 157 and 158: No. Item in the Regulation Section(
Page 159 and 160: No. Heading in the Regulation Secti
Page 161: No. Heading in the Regulation Secti
Page 165 and 166: New Services: Historical Combined F
Page 167 and 168: Equity and Liabilities (in € mill
Page 169 and 170: Changes in Historical Combined Equi
Page 171 and 172: 163 New Services: Historical Combin
Page 175 and 176: Preparation of the financial statem
Page 185 and 186: S.8. OPERATING PROFIT BEFORE TAX AN
Page 187 and 188: Note 2. Significant Events and Chan
Page 191 and 192: Note 3.3. Operating revenue by geog
Page 193 and 194: Note 4. Operating Expenses (in €
Page 195 and 196: Note 6. Depreciation, Amortization
Page 197 and 198: Note 8. Net financial expense (in
Page 199 and 200: Note 10. Income Tax Note 10.1. Inco
Page 201 and 202: Note 10.3. Details of recognized de
Page 203 and 204: Changes in the carrying amount of g
Page 205 and 206: The following intangible assets are
Page 207 and 208: Note 14. Receivables and Payables N
Page 209 and 210: Note 15. Share‐based payments Not
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205 New Services: Historical Combin
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Note 17. Minority Interests (in €
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Note 19. Financial debt by Currency
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Note 20. Net Debt and Net Cash (in
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At December 31, 2008, financial ass
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Note 22. Provisions New Services: H
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- Length‐of‐service awards in I
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Funded status of post‐employment
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Sensitivity analysis 221 New Servic
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New Services: Historical Combined F
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Note 26. Balance sheets by geograph
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Note 27. Claims and Litigation Tax
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Note 29. Additional Information abo
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Note 31. Compensation Paid to Corpo
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Note 33. Subsequent Events There ha
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10.1.2 Statutory auditor’s report
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Pro forma Income Statements New Ser
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Pro forma Balance Sheets Assets (in
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Pro forma Cash Flows Statements New
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Key Ratios and Indicators New Servi
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245 New Services: Pro forma Financi
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.2. Equity 247 New Services: Pro fo
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B. At December 31, 2008 (in € mil
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Statements of Comprehensive Income
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B. At December 31, 2008 (in € mil
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Cash Flows Statements A. At Decembe
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C. At December 31, 2009 (in € mil
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Notes to the Pro forma Financial St
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D.4. RECOVERABLE AMOUNT OF ASSETS 2
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K. Pensions and other post‐employ
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The fair value of the employee bene
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For all of these products, recogniz
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U. Segment Information New Services
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Note 3.2. Total revenue Total reven
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3.3.2 Other operating revenue by ge
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Note 5. EBITDA by Geographic Segmen
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Note 7. EBIT by Geographic Segment
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Note 9. Non‐recurring income and
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Note 10.2. Effective tax rate New S
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Note 11. Goodwill (in € millions)
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Note 12. Intangible Assets New Serv
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Note 13. Property, Plant and Equipm
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Note 14.4. Receivables and payables
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New Services: Pro forma Financial S
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Employee Stock Ownership Plan 299 N
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Note 16. Cumulative Fair Value Adju
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Note 18. Comprehensive Income Tax o
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Note 19.C Financial instruments 1.
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Note 21. Provisions New Services: P
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- Length‐of‐service awards in I
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Funded status of post‐employment
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Sensitivity analysis 313 New Servic
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New Services: Pro forma Financial S
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Note 25. Balance sheets by geograph
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Note 26. Claims and Litigation Tax
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Note 28. Additional Information abo
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Note 30. Compensation Paid to Corpo
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Note 32. Subsequent Events There ha
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10.2.2 Statutory auditor’s report
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ANNEX A - STATUTORY AUDITORS’ REP
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appropriate, as well as analyze the
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The ACCOR S.A. shares are listed on
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Furthermore, as of the date of this
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The contribution of assets will als
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Provisions for risks ..............
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The new shares will be entirely fun
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o the execution of a term loan agre
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are judged appropriate. In particul
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Within the context of the transacti
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ANNEX B - STATUTORY APPRAISERS’ R
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Our report is organized as follows:
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- All civil, commercial, industrial
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1.2. Description of the transaction
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Finally, the contributed net assets
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Provisions for risks...............
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- the contribution of assets will b
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2. WORK PERFORMED AND ASSESSMENT OF
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c. we have reviewed the financial s
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2.2.1.2. Separation The ACCOR group
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i.e., €1,099,185 thousand, repres
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