SECTION 1 -

.2. Equity
247
New Services: Pro forma Financial Statements and Notes
December, 31, 2009
In the pro forma financial statements, equity represents a negative amount of €1,137 million at December 31, 2008 and €1,187
million at December 31, 2009. This is due to the recognition of assets contributed or sold by the Accor Group in Contribution‐
Demerger transactions at their historical cost.
None of the legal restructuring operations, whether consisting of asset contributions or sales by Hotels entities to New Services
Holding, qualify as business combinations under IFRS 3 because, whatever the legal method used to create the New Services
group, the transactions will not change the scope of the New Services group as defined in the combined financial statements.
Consequently, the contributions are analyzed as an internal restructuring of the New Services Holding entity without any effect
on the New Services group’s consolidated financial statements, to the extent that all the contributed entities were already
included in the scope of the combined financial statements. Similarly, the legal sale transactions between the Hotels and New
Services entities do not constitute acquisitions by New Services entities, because all of the sold entities were included in the
scope of the New Services combined financial statements prior to the legal sale transactions.
However, in the New Services group’s accounts, the sales lead to an outflow of cash to the shareholder, Accor, without any
benefit being received in return. The cash outflow should therefore be recognized when it occurs as a distribution of reserves by
New Services, giving rise to a reduction in equity.