SECTION 1 -

S.8. OPERATING PROFIT BEFORE TAX AND NON‐RECURRING ITEMS
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New Services: Historical Combined Financial Statements and Notes
December, 31, 2009
Operating profit before tax and non‐recurring items corresponds to the results of operations of the Group's businesses less the
related financing cost. Net financial expense represents an integral part of combined operating profit before tax and non‐
recurring items.
S.9. NON‐RECURRING INCOME AND EXPENSES
Non‐recurring income and expenses include:
- Restructuring costs, corresponding to all the costs incurred in connection with restructuring operations.
- Impairment losses and provisions recorded in accordance with IAS 36 – Impairment of Assets.
- Gains and losses on disposals of fixed assets, non‐operating provision movements and other non‐operating gains and
losses.
The transactions concerned are not directly related to the management of continuing operations.
S.10. OPERATING PROFIT BEFORE TAX
Operating profit before tax corresponds to profit after income and expenses that are unusual in terms of their amount and
frequency that do not relate directly to the Group's ordinary activities.
S.11. STATEMENT OF CASH FLOWS
The statement of cash flows is presented on the same basis as the management reporting schedules used internally to manage
the business. It shows cash flows from operating, investing and financing activities.
Cash flows from operating activities include:
- Funds from ordinary activities, before non‐recurring items and after changes in deferred taxes and gains and losses on
disposals of assets.
- Cash received and paid on non‐recurring transactions.
- Changes in working capital.
Cash flows from investing activities comprise:
- Recurring expenditure to maintain in a good state of repair operating assets held at January 1 of each year;
- Development expenditure, including the fixed assets and working capital of newly combined subsidiaries and additions to
fixed assets of existing subsidiaries.
- Proceeds from disposals of assets.
Cash flows from financing activities include:
- Changes in equity.
- Changes in debt.
- Dividend payments.
T. Earnings per share
The average number of shares used to calculate earnings per share for the three years presented corresponds to the number of
shares resulting from applying the one‐for‐one exchange ratio to the number of Accor SA shares outstanding at December 31,
2009.
Diluted earnings per share is the same as earnings per share as no dilutive instruments have been issued by New Services.