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Review of the Year


Net financial expense amounted to €639.6 million, a €1,289.0 million swing from the €649.4 million in net financial income reported in 2011.

Total provision movements included in net financial expense, corresponding mainly to write-downs of investments in subsidiaries, represented a net charge of €719.4 million against a €221.8 million net charge in 2011. The most material additions to these provisions resulted from the sale of Motel 6, which led to the write-down of the shares held by the Company in ALNA (€370.5 million) and IBL (€212.6 million).

Income from investments in subsidiaries and affiliates

totaled €216.8 million, versus €1,023.1 million in 2011. The main dividend payments received during the year were from CIWLT (€36.4 million), Accor UK (€31.1 million), Accor Hotels Belgium (€18.3 million), Accor Suisse (€11.7 million) and Profid (€12.4 million).

The recurring loss before tax came to €592.6 million, compared with a profit of €728.7 million in 2011.

Net non-recurring expense stood at €23.7 million, compared with income of €17.6 million in 2011. It primarily included the €17.5 million capital gain arising on the sale of shares in the Formula 1 subsidiary in South Africa and the €13.3 million in grants to hotels to cover the cost of changing the ibis brands, as well as a €7.5 million provision recorded for tax risks and a €15.4 million provision for impairment of the Caesar Park, Caesar Business and all seasons brands. In 2011, the total mainly included capital gains on the sale of shares in hotel companies and on the disposal of two Novotel units and the Pullman Bercy for €27.1 million, as well as a €10.9 million provision recorded for tax risks.

The Company recorded an income tax benefit of €33.7 million in 2012, compared with a benefit of €21.2 million in 2011.

At December 31, 2012, the French tax group headed by Accor SA comprised 78 companies compared with 87 a year earlier.

Accor SA ended the year with a net loss of €584.4 million, versus a net profit of €770.7 million in 2011.

Non-deductible provisions and accrued expenses carried in the balance sheet at December 31, 2012 amounted to €116.6 million, versus €64.5 million at the previous year-end.

In 2012, Accor paid an ordinary dividend of €0.65 per share, and a special dividend of €0.50 per share, for a total payout of €261.3 million. The ordinary dividend paid in 2011 was €0.62 per share.

Details of the other directorships and positions held by the Company’s directors and officers, as well as their compensation, are provided in the Corporate Governance section, on page 79 .

Payment schedule for Accor SA’s trade payables (in million of euros) Accrued payables < 30 days 30-60 days > 60 days

Trade payables -20.9 8.4 -

Accruals for goods and services received but not invoiced 124.8 --

TOTAL 124.8 20.9 8.4

2012 business review

Accor disposed of its entire interest in Formula 1 for €19.3 million, giving rise to a capital gain of €17.5 million.

Accor sold its entire interest in SH 18 Suffren to Société Hôtelière Tour Eiffel for €0.6 million, giving rise to a capital loss of €17.6 million, offset by a €13.7 million provision reversal. It then purchased €5.5 million worth of new shares issued by Société Hôtelière Tour Eiffel, in which it now owns a 5.0% stake.

Accor received returns of capital from its Accor Lodging North America and Accor Canada subsidiaries, in an amount of €184.6 million and €10.9 million respectively.

Accor acquired five subsidiaries from the Posadas Group for €184.8 million, as well as the Caesar Park and Caesar Business brands and domain names for €10.4 million, It also recapitalized Turambar, the largest of the subsidiaries acquired, for €17.0 million.

Accor acquired an additional 24.99% stake in its WBA Saint Honoré subsidiary for €15.1 million, raising its total interest to 53.6%.

Accor increased its stake in Orbis for €5.6 million, raising its total interest to 47.7%.

Accor also took up all of the new shares issued by its Accor Participazioni Italia subsidiary for €20.0 million.