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Note 24. Capital Expenditure Capital expenditure by the New Services Group in the last three years breaks down as follows: (in € millions) New Services: Pro forma Financial Statements and Notes December, 31, 2009 2007 2008 2009 Recurring expenditure 18 24 30 Development expenditure 125 23 41 Total capital expenditure 143 47 71 316
Note 25. Balance sheets by geographic segment A. At December 31, 2007 (In € millions) France Rest of Europe New Services: Pro forma Financial Statements and Notes December, 31, 2009 Latin America & Caribbean Rest of the world Worldwide Structures Total pro forma Goodwill 200 214 201 62 3 680 Other non-current assets 59 49 29 14 12 163 TOTAL NON-CURRENT ASSETS 259 263 230 76 15 843 TOTAL CURRENT ASSETS 652 647 863 75 542 2 779 TOTAL ASSETS 911 910 1 093 151 557 3 622 TOTAL EQUITY (66) (529) 293 50 (951) (1 203) OTHER NON-CURRENT LIABILITIES 17 73 8 14 1 493 1 605 TOTAL NON-CURRENT LIABILITIES (49) (454) 301 64 542 404 TOTAL CURRENT LIABILITIES 960 1 364 792 87 15 3 218 TOTAL EQUITY AND LIABILITIES 911 910 1 093 151 557 3 622 B. At December 31, 2008 (In € millions) France Rest of Europe Latin America & Caribbean Rest of the world Worldwide Structures Total pro forma Goodwill 200 203 167 63 12 645 Other non-current assets 54 53 31 17 20 175 TOTAL NON-CURRENT ASSETS 254 256 198 80 32 820 TOTAL CURRENT ASSETS 731 434 930 74 598 2 767 TOTAL ASSETS 985 690 1 128 154 630 3 587 TOTAL EQUITY (70) (803) 324 55 (643) (1 137) OTHER NON-CURRENT LIABILITIES 16 320 9 10 1 256 1 611 TOTAL NON-CURRENT LIABILITIES (54) (483) 333 65 614 475 TOTAL CURRENT LIABILITIES 1 039 1 173 795 89 16 3 112 TOTAL EQUITY AND LIABILITIES 985 690 1 128 154 630 3 587 317
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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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S.8. OPERATING PROFIT BEFORE TAX AN
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Note 2. Significant Events and Chan
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Note 3.3. Operating revenue by geog
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Note 4. Operating Expenses (in €
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Note 6. Depreciation, Amortization
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Note 8. Net financial expense (in
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Note 10. Income Tax Note 10.1. Inco
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Note 10.3. Details of recognized de
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Changes in the carrying amount of g
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The following intangible assets are
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Note 14. Receivables and Payables N
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Note 15. Share‐based payments Not
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Note 17. Minority Interests (in €
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Note 19. Financial debt by Currency
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Note 20. Net Debt and Net Cash (in
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At December 31, 2008, financial ass
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Note 22. Provisions New Services: H
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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 221 New Servic
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Note 26. Balance sheets by geograph
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Note 27. Claims and Litigation Tax
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Note 29. Additional Information abo
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Note 31. Compensation Paid to Corpo
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Note 33. Subsequent Events There ha
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10.1.2 Statutory auditor’s report
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Pro forma Income Statements New Ser
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Pro forma Balance Sheets Assets (in
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Pro forma Cash Flows Statements New
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Key Ratios and Indicators New Servi
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245 New Services: Pro forma Financi
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.2. Equity 247 New Services: Pro fo
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B. At December 31, 2008 (in € mil
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Statements of Comprehensive Income
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B. At December 31, 2008 (in € mil
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Cash Flows Statements A. At Decembe
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C. At December 31, 2009 (in € mil
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Notes to the Pro forma Financial St
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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
Page 281 and 282: U. Segment Information New Services
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Page 285 and 286: Note 3.2. Total revenue Total reven
Page 287 and 288: 3.3.2 Other operating revenue by ge
Page 289 and 290: Note 5. EBITDA by Geographic Segmen
Page 291 and 292: Note 7. EBIT by Geographic Segment
Page 293 and 294: Note 9. Non‐recurring income and
Page 295 and 296: Note 10.2. Effective tax rate New S
Page 297 and 298: Note 11. Goodwill (in € millions)
Page 299 and 300: Note 12. Intangible Assets New Serv
Page 301 and 302: Note 13. Property, Plant and Equipm
Page 303 and 304: Note 14.4. Receivables and payables
Page 305 and 306: New Services: Pro forma Financial S
Page 307 and 308: Employee Stock Ownership Plan 299 N
Page 309 and 310: Note 16. Cumulative Fair Value Adju
Page 311 and 312: Note 18. Comprehensive Income Tax o
Page 313 and 314: Note 19.C Financial instruments 1.
Page 315 and 316: Note 21. Provisions New Services: P
Page 317 and 318: - Length‐of‐service awards in I
Page 319 and 320: Funded status of post‐employment
Page 321 and 322: Sensitivity analysis 313 New Servic
Page 323: New Services: Pro forma Financial S
Page 327 and 328: Note 26. Claims and Litigation Tax
Page 329 and 330: Note 28. Additional Information abo
Page 331 and 332: Note 30. Compensation Paid to Corpo
Page 333 and 334: Note 32. Subsequent Events There ha
Page 335 and 336: 10.2.2 Statutory auditor’s report
Page 337 and 338: ANNEX A - STATUTORY AUDITORS’ REP
Page 339 and 340: appropriate, as well as analyze the
Page 341 and 342: The ACCOR S.A. shares are listed on
Page 343 and 344: Furthermore, as of the date of this
Page 345 and 346: The contribution of assets will als
Page 347 and 348: Provisions for risks ..............
Page 349 and 350: The new shares will be entirely fun
Page 351 and 352: o the execution of a term loan agre
Page 353 and 354: are judged appropriate. In particul
Page 355 and 356: Within the context of the transacti
Page 357 and 358: ANNEX B - STATUTORY APPRAISERS’ R
Page 359 and 360: Our report is organized as follows:
Page 361 and 362: - All civil, commercial, industrial
Page 363 and 364: 1.2. Description of the transaction
Page 365 and 366: Finally, the contributed net assets
Page 367 and 368: Provisions for risks...............
Page 369 and 370: - the contribution of assets will b
Page 371 and 372: 2. WORK PERFORMED AND ASSESSMENT OF
Page 373 and 374: 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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