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Note 23. Reconciliation of Funds from Operations (in € millions) New Services: Historical Combined Financial Statements and Notes December, 31, 2009 Net profit, Group Share 189 212 11 Minority interests 17 25 7 Depreciation, amortization and provision expense 25 37 36 Deferred taxes (11) 3 (15) Change in financial provisions 13 (18) 182 FUNDS FROM OPERATIONS 233 259 221 (Gains) losses on disposals of assets, net (Gains) losses on non-recurring transactions (including restructuring costs and exceptional (1) - (1) taxes) 5 17 32 FUNDS FROM ORDINARY ACTIVITIES 237 276 252 222 Dec. 2007 Dec. 2008 Dec. 2009
New Services: Historical Combined Financial Statements and Notes December, 31, 2009 Note 24. Working Capital, Services Vouchers in Circulation and Restricted Cash Note 24.1 Net change in working capital and services vouchers in circulation (in € millions) Dec. 2008 Inventories 10 11 13 1 2 Trade receivables 1 095 846 894 (249) 48 Other receivables and accruals 149 232 238 83 6 Working capital items - assets 1 254 1 089 1 145 (165) 56 Trade receivables 92 196 140 104 (56) Other payables 175 290 162 115 (128) Vouchers in circulation 2 895 2 587 2 883 (308) 296 Working capital items - liabilities 3 162 3 073 3 185 (89) 112 Float (Working capital) 1 908 1 984 2 040 76 56 December 31, 2007 WORKING CAPITAL 1 908 Change in working capital (1) 154 Development Expenditure 2 Disposals - Translation adjustment (87) Reclassifications 7 Net change in working capital 76 December 31, 2008 WORKING CAPITAL 1 984 Change in working capital (1) 111 Development Expenditure 3 Disposals - Translation adjustment (58) Reclassifications - Net change in working capital 56 December 31, 2009 WORKING CAPITAL 2 040 (1) See statement of cash flows. Dec. 2007 Note 24.2 Net change in restricted cash Dec. 2009 Change 2007/2008 Change 2008/2009 Restricted cash corresponds mainly to Services voucher reserve funds whose use is regulated. The countries concerned are France (€486 million), Romania (€55 million) and the United Kingdom (€20 millions). December 31, 2007 Restricted cash 392 Like-for-like change for the period (1) 49 Translation adjustment - Net change in restricted cash 49 December 31, 2008 Restricted cash 441 Like-for-like change for the period (1) 13 Reclassification from cash and cash equivalents to restricted cash (1) 114 Translation adjustment (3) Net change in restricted cash 124 December 31, 2009 Restricted cash 565 (1) See statement of cash flows. 223
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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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Preparation of the financial statem
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Page 179 and 180: 171 New Services: Historical Combin
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 211 and 212: New Services: Historical Combined F
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: 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
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
Page 279 and 280: 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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