SECTION 1 -

Note 15. Share‐based payments
Note 15.1 Earnings per share
New Services: Pro forma Financial Statements and Notes
December, 31, 2009
The average number of shares used to calculate earnings per share for the three years presented corresponds to the number of
shares resulting from applying the one‐for‐one exchange ratio to the number of Accor SA shares outstanding at December 31,
2009 (225,458,199 shares).
Diluted earnings per share is the same as earnings per share as no dilutive instruments have been issued by New Services.
The stock option plans and performance share plans described below have Accor shares as their underlying. These plans will
continue to relate to Accor S.A. and New Services shares will not be substituted for Accor S.A. shares as the underlying.
Note 15.2. Accor Stock option plans granted to New Services employees
Description of the main Accor stock option plans granted to New Services employees
The following table provides details of stock options outstanding at December 31, 2009 and options that expired or were
cancelled during the period.
Grant date Life of plan
Number of options
granted to New
Services
employees
Plan 5 January 4, 2001 8 years 160 000
Plan 6 January 8, 2002 8 years 215 700
Plan 7 (*) July 12, 2002 7 years 31 641
Plan 8 January 3, 2003 8 years 4 900
Plan 9 January 7, 2004 8 years 121 100
Plan 10 (*) July 9, 2004 8 years 31 339
Plan 11 January 12, 2005 7 years 87 200
Plan 12 January 9, 2006 7 years 133 700
Plan 13 March 24, 2006 7 years 51 600
Plan 14 March 22, 2007 7 years 161 645
Plan 15 May 14, 2007 7 years 12 500
Plan 16 (*) September 13, 2007 8 years 343
Plan 17 March 28, 2008 7 years 152 850
Plan 18 September 30, 2008 7 years 6 000
Plan 19 March 31, 2009 8 years 121 440
(*) Options under plans 7, 10 and 16 are stock savings warrants.
Exercise date
Number of
grantees
from 01/04/04 until 01/04/09 4
from 01/08/05 until 01/08/10 77
from 07/12/05 until 07/12/09 993
from 01/04/06 until 01/03/11 7
from 01/08/07 until 01/07/12 50
from 07/09/07 until 07/09/12 623
from 01/13/09 until 01/12/12 55
from 01/10/10 until 01/09/13 29
from 03/25/10 until 03/24/13 53
from 03/23/11 until 03/22/14 122
from 05/15/11 until 05/14/14 2
from 09/13/10 until 09/13/15 11
from 03/29/12 until 03/28/15 132
from 10/01/12 until 09/30/15 2
from 04/01/13 until 03/31/17 159
Exercise
price
Cash-settled or equity
settled
40,58 € Equity settled
37,77 € Equity settled
39,10 € Equity settled
31,83 € Equity settled
35,68 € Equity settled
33,94 € Equity settled
32,42 € Equity settled
46,15 € Equity settled
49,10 € Equity settled
68,65 € Equity settled
71,72 € Equity settled
60,44 € Equity settled
46,46 € Equity settled
42,70 € Equity settled
27,45 € Equity settled
Options granted under Plan 15 are performance options. The options vest in four equal tranches in each of the years 2007 to
2010 based on the attainment of performance targets expressed in terms of growth in the Accor Group's return on capital
employed (ROCE) and profit after tax and before non‐recurring items. If the performance targets are met at the end of each year,
grantees receive one quarter of the options included in the initial grant. If only one of the two targets is met, they receive one
eighth of the options.
For all of the options to vest, ROCE and profit after tax and before non‐recurring items will have to increase by around 10% or
more per year. If ROCE and profit after tax and before non‐recurring items increase by less than 10% (but more than 0%), the
number of vested options is reduced based on the ratio between the actual increase and 10%.
The performance criteria were met in 2007. The performance criteria were only partially met in 2008 and 2009 leading to the
cancellation of 3,515 options.
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