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Note 5. EBITDA by Geographic Segment New Services: Historical Combined Financial Statements and Notes December, 31, 2009 (in € millions) 2007 2008 2009 France 51 59 54 Rest of Europe 163 178 150 Latin America & Caribbean 154 177 167 Rest of the world 13 16 15 Worldwide Structures (1) (26) (26) (18) TOTAL EBITDA 355 404 368 (1) "Worldwide Structures" correspond to entities whose revenue and costs are not specific to a single geographic segment. EBITDA for 2009 totaled €368 million compared with €404 million the previous year, representing a decrease of €36 million. The decrease breaks down as follows: organic growth(*) (1) €m (0,3)% changes in combination scope (7) €m (1,7)% currency effect (28) €m (6,9)% Decrease in 2009 EBITDA (36) €m (8,9)% (*) Of which the impact of changes in financial revenue for €(19) million. Change in 2009 EBITDA by geographic segment 2009 vs 2008 2009 vs 2008 Reported Like-for-like €m €m % France (5) (4) (7,2)% Rest of Europe (28) (20) (11,1)% Latin America & Caribbean (10) +16 +8,9% Rest of the world (1) +1 +7,9% Worldwide Structures +8 +6 (21,7)% Group Total (36) (1) (0,3)% 186
Note 6. Depreciation, Amortization and Provision Expense Depreciation, amortization and provision expense can be analyzed as follows: (in € millions) New Services: Historical Combined Financial Statements and Notes December, 31, 2009 2007 2008 2009 Depreciation and amortization (25) (32) (33) Provisions - 1 (3) Total (25) (31) (36) 187
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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
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Information of the Board of Directo
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If the Board decides to combine the
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• validating the categories of ad
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Organization of work defines and i
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In addition, without prejudice to t
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The table below is a summary of the
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shareholders (other than Accor itse
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indirectly) from a loan extended by
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• become “pure players”, list
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The Company will publish a press re
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Accordingly, as consideration for t
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(c) Calculation of the contributed
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6.3.4.3 Mechanics of the Spinoff Th
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(f) Impact on the calculation of th
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SECTION 7 ‐ INFORMATION ABOUT THE
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of the Company, in respect of share
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Page 147 and 148: connection with their action in con
Page 149 and 150: Resolution Purpose of the resolutio
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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 and 162: No. Heading in the Regulation Secti
Page 163 and 164: SECTION 10 FINANCIAL STATEMENTS 10.
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: Note 4. Operating Expenses (in €
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
Page 215 and 216: Note 17. Minority Interests (in €
Page 217 and 218: Note 19. Financial debt by Currency
Page 219 and 220: Note 20. Net Debt and Net Cash (in
Page 221 and 222: At December 31, 2008, financial ass
Page 223 and 224: Note 22. Provisions New Services: H
Page 225 and 226: - Length‐of‐service awards in I
Page 227 and 228: Funded status of post‐employment
Page 229 and 230: Sensitivity analysis 221 New Servic
Page 233 and 234: Note 26. Balance sheets by geograph
Page 235 and 236: Note 27. Claims and Litigation Tax
Page 237 and 238: Note 29. Additional Information abo
Page 239 and 240: Note 31. Compensation Paid to Corpo
Page 241 and 242: Note 33. Subsequent Events There ha
Page 243 and 244: 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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