Key figures

Income Statements – Summary

in million of euros	2007	2008 Restated (4)	2009 Restated (1)	2010	2011 Restated (1)	2012
Consolidated revenue	8,121	7,722	5,490	5,948	5,568	5,649
EBITDAR	2,321	2,290	1,518	1,814	1,759	1,788
Operating Profit Before Tax and non-recurring items	907	875	108	334	438	468
Net Income, Group Share	883	575	(282)	3,600	27	(599)
Earnings per share (in €)	3.92	2.60	(1.27)	15.94	0.12	(2.64)
Dividend per Share (in €)	3.15⁽²⁾	1.65⁽³⁾	1.05	0.62	1.15⁽⁵⁾	0.76⁽⁶⁾

(1) In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated income statements at December 31, 20N the profits or losses of 20N+1 discontinued operations are reported on a separate line.
(2) Including a special dividend of EUR 1.50.
(3) Paid in cash or new shares, depending on each Shareholder’s choosing.
(4) Adjusted for the effects of the change of method concerning customer loyalty programs.
(5) Including a special dividend of EUR 0.50.
(6) 2012 dividend submitted for approval at the shareholders' meeting of April 25, 2013.

Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF).
In accordance with European Commission Regulation on the application of international Financial Reporting Standards, the 2005 Accor Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005.
Historical datas in French accounting standards are available in corresponding registration document.

Consolidated balance sheets - summary

Assets (in million of euros)	2007	2008*	2009	2010	2011	2012
Goodwill	1,967	1,932	1,777	743	712	840
Intangible fixed assets	369	512	488	109	373	264
Property, plant and equipment	3,321	4,324	4,306	3,682	3,257	2,592
Total financial assets	710	403	428	480	549	632
Total non-current assets	6,566	7,397	7,290	5,555	5,038	4,479
Total current assets	3,991	3,984	4,312	2,310	2,576	2,925
Total actif	10,834	11,417	11,746	8,678	8,000	7,560

Liabilities and Shareholders' equity (in million of euros)	2007	2008*	2009	2010	2011	2012
Shareholders' equity Group share	3,691	3,298	2,997	3,650	3,537	2,759
Shareholders' equity	3,752	3,556	3,254	3,949	3,768	2,989
Total non-current liabilities	5,312	5,974	6,072	5,964	5,618	1,799
Total current liabilities	5,522	5,443	5,670	2,336	2,293	2,736
Total liabilities and shareholders' equity	10,834	11,417	11,746	8,678	8,000	7,560
* Adjusted for the effects of the change of method concerning customer loyalty programs. Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF). In accordance with European Commission Regulation on the application of International Financial Reporting Standards, the 2005 Accor Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005. Historical datas in French accounting standards are available in corresponding registration document.

Cash Flow Statements

(in million of euros)	2006	2007	2008**	2009 Restated*	2010	2011 Restated*	2012
Funds from ordinary activities	1,024	1,112	1,111	843	864	728	786
Net cash from operating activities	1,196	1,415	1,137	781	850	746	709
Renovation and maintenance expenditure	(454)	(466)	(488)	(288)	(281)	(268)	(299)
Development expenditure	(671)	(1,198)	(1,091)	(420)	(340)	(291)	(676)
Proceeds from disposals of assets	1,459	1,635	560	339	556	502	371
Net cash used in investments/divestments	233	(55)	(1,019)	(730)	270	240	529
Net cash from financing activities	(2,526)	(1,358)	146	327	(902)	(657)	440
Net change in cash and cash equivalents	(1,062)	(47)	37	(48)	60	217	498
* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", in the consolidated cash flow at December 31, 20N the investments of 20N+1 discontinued operations are reported on a separate line. ** Adjusted for the effects of the change of method concerning customer loyalty programs. Complete financial data can be found in the "registration document" filed with France's securities regulator (AMF). In accordance with European Commission Regulation on the application of International Financial Reporting Standards, the 2005 Accor Group consolidated financial statements, including comparative figures for 2004, have been prepared with the International Accounting Standards and International Financial Standards (IAS/IFRS) from January 1, 2005. Historical datas in French accounting standards are available in corresponding registration document.

Financial ratios

	2007	2008	2009 Restated*	2010	2011 Restated*	2012
Net debt-to-equity (Gearing)	5%	30%	30%	18%	6%	14.1%
Adjusted Funds from operations / Adjusted net debt(1)	26.2%	25.8%	15.5%	20,1%	26%	28.5%
(1) Adjusted with rental expense * In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", key management ratios were restated.

Value creation

Return On Capital Employed (R.O.C.E.) is a key management indicator used internally to measure the performance of the Group's various businesses. It is also an indicator of the profitability of assets that are either non-consolidated or accounted for by the equity method.

The ROCE is calculated on the basis of the following aggregates:

Related to capital employed:
for each business, it represents the average cost of non-current assets, before depreciation, amortization and provisions, plus working capital.

ROCE by business (%)

	2007	2008	2009 Restated*	2010	2011 Restated*	2012
Hotel	13.3%	12.9%	8.4%	11.1%	13.9%	14.1 %
Upscale and midscale	11.6%	10.8%	6.6%	10.4%	11.1%	11.4 %
Economy	21.5%	21.1%	14.7%	18.2%	19.5%	19.50 %
Economy USA	9.6%	9.1%	4.4%	4.1%	-	-
Services	21.3%	23.3%	-	-	-	-
Other activities			7.6%	15.5%	16.6%	13 %
Casinos	9.7%	9.4%
Restaurants	12.9%	7.5%
Onboard train Services	10.4%	8.3%
Group ROCE	13.6%	14.1%	8.3%	11.3%	12.3%	14 %
* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", ROCE was restated.

Value creation

Value creation is calculated as follows:
(ROCE after tax - weighted average cost of capital) x capital employed

	2007	2008	2009 Restated*	2010	2011 Restated*	2012
R.O.C.E**	10.8%	11.3%	7.6%	9.6%	10.51%	11.49 %
W.A.C.C.***	8.6%	7.7%	7.5%	8.7%	9.12%	8.90 %
Capital employed (in EUR million)	10,606	10,089	8,091	8.123	6.322	6.355
* In accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", ROCE was restated. after taxes * weighted average cost of capital.

Employees

Number of employees	2006	2007	2008	2009	2010	2012	2012
Total	170,417	172,695	158,162	150,525	143,939	144,893	133,886
Hotels	131,101	134,852	144,679	139,717	141,604	143,740	132,802
Services	4,593	5,355	5,826	6,104	_	_	_
Other Activities					2,335	1,153	1,084
Travel agencies	_	_	_	_	_	_	_
Casinos	_	_	_	_	_	_	_
Restaurants	29,166	27,192	1,401	1,544	_	_	_
Onboard train services	4,194	4,379	4,931	1,957	_	_	_
Other	1,454	917	1,325	1,203	_	_	_

Segmentation information

Consolidated revenue for the year ended December 31, 2012 totaled EUR 5,649 million, up 1.5% year on year on a reported basis and 2.7% at comparable scope of consolidation and exchange rates (like for like).

2012 Revenue

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