SECTION 1 -

Basis of preparation of Pro forma Financial Statements
New Services: Pro forma Financial Statements and Notes
December, 31, 2009
In connection with the initial public offering of Accor New Services shares, to present an economic view of the New Services
business as a whole, historical combined financial statements have been prepared for the years 2007, 2008 and 2009 based on
the financial statements historically included in the audited consolidated financial statements of the Accor Group (see audit
report presented in section 10.1.2. of the prospectus).
These historical combined financial statements have been used as the basis for preparing pro forma financial statements for
these three years (2007, 2008 and 2009). The main pro forma adjustments are presented below. The purpose of the pro forma
financial statements is to present New Services’ balance sheet, income statement, statement of cash flows and statement of
changes in equity as if the demerger from Accor had been carried out on January 1, 2007 and therefore as if New Services had
operated as a separate, self‐managing listed group as from that date.
This pro forma financial information is provided for illustrative purposes only. It is not necessarily representative of the financial
position or performance that would have been reported if the demerger had taken place before the actual or planned date, nor
is it indicative of New Services’ financial position or performance at any future date or in any future period.
These pro forma financial statements for 2007, 2008 and 2009 have been prepared on the basis of New Services’ historical
combined financial statements for the years 2007, 2008 and 2009 prepared in accordance with the IFRSs adopted by the
European Union at December 31, 2009. They should therefore be read in conjunction with those historical combined financial
statements, which are presented in this prospectus.
Main pro forma adjustments
The pro forma adjustments described below are based on accounting conventions that, by definition, are simulations performed
by applying the described method and conventions. The pro forma financial information cannot and should not be considered as
representative of the results, financial position, liquid resources and performance that would have been reported by New
Services if it had operated as a separate, self‐managing listed group as from January 1, 2007. The Group decided to make the pro
forma adjustments that it considered necessary in order to provide the best possible indication of the impact that creating a
separate group would have had on the historical combined financial statements.
New Services’ historical financial statements for the years 2007, 2008 and 2009 include the expenses directly allocable to New
Services based on the cost allocation keys and inter‐entity billing arrangements applied during these three years within the Accor
Group. These expenses are not necessarily indicative of the costs that New Services would have incurred if it had operated as a
separate, self‐managing listed group during this period.
a. Pro forma adjustments to the income statements
The pro forma income statements for the three years presented include estimates by New Services based on the combined
financial statements of the additional recurring costs that New Services would have incurred if it had operated as a separate, self‐
managing listed entity as from January 1, 2007. These additional costs have been estimated on a full‐year basis and taken into
account for the following amounts:
‐ €101 million before tax (€72 million after tax) in 2007
‐ €85 million before tax (€60 million after tax) in 2008
‐ €89 million before tax (€68 million after tax) in 2009.
These additional recurring costs include:
‐ Borrowing costs for the debt allocated to New Services as part of the reallocation of Accor Group debt (see below b. Pro
forma adjustments to the balance sheets).These borrowing costs recognized in the income statement and the borrowing
costs for existing debt carried in the historical combined financial statements, have been calculated using the same
standard interest rate of 4.35% considered as being representative of the rate that would have been obtained by the New
Services Group from its lenders in each of the three years presented.
The additional finance costs arising from the allocation of borrowing costs are estimated at approximately €91 million in
2007, €77 million in 2008 and €84 million in 2009.
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