SECTION 1 -

The Group’s business generates significant funds from operations. During the period
between 2003 and 2009, annual growth in funds from operations averaged 25.0%, as illustrated in the
following chart.
32
59
79
124
54
166
217
184
2003 2004 2005 2006 2007 2008 2009
2.3 Methodology for preparation of historical combined and pro forma financial statements
2.3.1 Historical combined financial statements
In order to present a historical view of New Services’ scope of consolidation, historical
combined financial statements have been prepared for the 2007, 2008 and 2009 fiscal years based on
the financial statements historically included in the consolidated financial statements of Accor.
The historical combined financial statements include the companies comprising the employee
and public benefits and prepaid services businesses that will be contributed by Accor to New Services
(the “Services Business”). These entities include those that will be held directly or indirectly by New
Services as well as operations that are part of the Services Business but that have been conducted by
other entities. On the other hand, operations that are not part of the Services Business but are
conducted by entities that will be owned by New Services have been excluded from New Services’ scope
of consolidation.
The financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union and the principles set forth in section
VI of standard 99‐02 of the French Comité de la Réglementation Comptable (the French National
Accounting Regulation Committee). They reflect the combined results of the contributed Services
Business presented on the basis of certain principles set forth in the notes to the audited financial
statements. The historical combined financial statements have been audited by the independent
auditors of New Services.
The historical combined financial statements for the fiscal years ended December 31, 2007,
December 31, 2008 and December 31, 2009 are set forth in Section 10.1.1 of this prospectus.
2.3.2 Pro forma financial statements
The pro forma financial statements for the fiscal years ended December 31, 2007, December
31, 2008 and December 31, 2009 were prepared based on:
• the historical combined financial statements of the Services Business for the fiscal years
ended December 31, 2007, December 31, 2008 and December 31, 2009; and
• certain assumptions and adjustments, described below, which permit the Group’s results
and financial position to be presented as if the Transaction had occurred and New Services
had been operating as an autonomous listed group as of January 1, 2007.
New Services’ auditors have prepared a report relating to the pro forma financial statements
(see section 10.2.2 of this prospectus).