SECTION 1 -

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New Services: Pro forma Financial Statements and Notes
December, 31, 2009
‐ The additional costs of setting up the new organization, including the cost of a certain number of corporate functions that
will be taken over in full by New Services. These functions are currently performed at the level of the Accor Group and are
therefore not reflected in New Services’ historical combined financial statements.
They include:
• Support services, mainly in the areas of accounting, consolidation, reporting, internal, external and financial
communications, internal audit, cash management, legal and tax affairs and human resources.
• The creation of a Board of Directors for the new company and the related costs.
The additional costs generated by the new organization are estimated at approximately €10 million in 2007, €8 million in
2008 and €5 million in 2009.
They have been determined on the basis of internal estimates that take account of corporate costs already recognized in
the historical combined financial statements. These historical costs, which increased steadily over the three years
presented, have been deducted from the pro forma adjustments recorded in each of these years.
No account has been taken of any additional costs resulting from the loss of economies of scale (such as higher
purchasing costs due to the fact that purchases are no longer centralized at Accor Group level).
- The revenue that will be generated from the billing of costs and fees by Accor to New Services Holding under the service
agreements that the two groups plan to sign.
Based on internal estimates, the revenue from these billings is expected to amount to €0.8 million for each of the three
years, representing a reduction in recurring costs.
‐ The tax savings generated by the pro forma adjustments described above for each period, estimated at the tax rate in
force in the country concerned.
The reduction in income tax expense arising from the pro forma adjustments is estimated at approximately €29 million in
2007, €25 million in 2008 and €21 million in 2009.
No account has been taken of any tax costs that may result from the exit of New Services entities from the French tax
group, or of any tax savings that may arise from the creation of new local tax groups within the New Services group.
These pro forma adjustments have been prepared on the basis of estimates and assumptions determined by Group management
and therefore cannot and do not reflect the results of future negotiations. Moreover, they cannot and do not take into account
the effects of any subsequent decisions by the Group’s administrative, management or supervisory bodies concerning share‐
based payments or components of management compensation. As a result, these additional recurring costs are not necessarily
representative of the costs that would have been incurred in 2007, 2008 and 2009 based on the specific trading and market
conditions prevailing in each of these three years.
b. Pro forma adjustments to the balance sheets
b.1 Net debt
The pro forma balance sheets for each of the three years presented include the net debt allocated to New Services as part of the
reallocation of Accor Group debt, based on the amount thereof at December 31, 2009. The amount of €2,228 million at January
1, 2007 has been included on an identical basis in pro forma net debt for each of the three years presented. The historical
combined financial statements for each of these years include existing debt, which takes into account the impact on debt of the
legal restructuring of the Hotels business in favor of New Services Holding during 2007 (€85 million), 2008 (€306 million) and
2009 (€392 million).