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Changes in pension liabilities between January 1, 2007 and December 31, 2009 (in € millions) Amount Liability at January 1, 2007 10 Cost for the year 0 Benefits paid (1) Actuarial gains and losses for the period recognized in equity (2) Effect of changes in scope of combination 0 Translation adjustment 0 Other 0 Liability at December 31, 2007 8 Cost for the year 2 Benefits paid (1) Actuarial gains and losses for the period recognized in equity 3 Effect of changes in scope of combination 0 Translation adjustment (1) Liability at December 31, 2008 12 Cost for the year 1 Benefits paid (1) Actuarial gains and losses for the period recognized in equity 3 Effect of changes in scope of combination - Translation adjustment 1 Other 1 Liability at December 31, 2009 16 Actuarial gains and losses arising from changes in assumptions and experience adjustments Projected benefit obligation (in € millions) New Services: Historical Combined Financial Statements and Notes December, 31, 2009 Dec. 2007 Dec. 2008 Dec. 2009 Actuarial gains and losses - experience adjustments 0 (0) (1) Actuarial gains and losses - changes in assumptions (2) 2 3 Fair value of plan assets Actuarial gains and losses - experience adjustments (1) 1 0 Details of plan assets Detail of plan assets United Kingdom Belgium Worldwide Structures Equity 55% 15% - 25% 15% - 25% Bonds 26% 75% - 80% 75% - 80% Other 19% 0% - 5% 0% - 5% 220
Sensitivity analysis 221 New Services: Historical Combined Financial Statements and Notes December, 31, 2009 At December 31, 2008, a 0.5‐point increase (decrease) in the discount rate would lead to a €0.5 million decrease (increase) in the projected benefit obligation. The impact on the cost for the year would not be material. At December 31, 2009, a 0.5‐point increase (decrease) in the discount rate would lead to a €0.4 million decrease (increase) in the projected benefit obligation. The impact on the cost for the year would not be material.
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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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Throughout the subscription period,
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Because the Company’s shares are
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connection with their action in con
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Resolution Purpose of the resolutio
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“We certify, after taking all rea
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9.7 Cross‐reference table for inf
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No. Item in the Regulation Section(
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No. Item in the Regulation Section(
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No. Heading in the Regulation Secti
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No. Heading in the Regulation Secti
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SECTION 10 FINANCIAL STATEMENTS 10.
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New Services: Historical Combined F
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Equity and Liabilities (in € mill
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Changes in Historical Combined Equi
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163 New Services: Historical Combin
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165 New Services: Historical Combin
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Preparation of the financial statem
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Page 185 and 186: S.8. OPERATING PROFIT BEFORE TAX AN
Page 187 and 188: Note 2. Significant Events and Chan
Page 189 and 190: New Services: Historical Combined F
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
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: Funded status of post‐employment
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
Page 245 and 246: Pro forma Income Statements New Ser
Page 247 and 248: Pro forma Balance Sheets Assets (in
Page 249 and 250: Pro forma Cash Flows Statements New
Page 251 and 252: Key Ratios and Indicators New Servi
Page 253 and 254: 245 New Services: Pro forma Financi
Page 255 and 256: .2. Equity 247 New Services: Pro fo
Page 257 and 258: B. At December 31, 2008 (in € mil
Page 259 and 260: Statements of Comprehensive Income
Page 261 and 262: B. At December 31, 2008 (in € mil
Page 263 and 264: Cash Flows Statements A. At Decembe
Page 265 and 266: C. At December 31, 2009 (in € mil
Page 267 and 268: Notes to the Pro forma Financial St
Page 273 and 274: D.4. RECOVERABLE AMOUNT OF ASSETS 2
Page 275 and 276: K. Pensions and other post‐employ
Page 277 and 278: 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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275 New Services: Pro forma Financi
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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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