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a CIWLT (€381.6 million net). Compagnie Internationale des Wagons-Lits et Tourisme (CIWLT) is a Belgian company that provides on-board train services in Europe through its subsidiary Treno (100%) and owns stakes in SFPTH Mercure (100%) in France and in Macor (30.5%) and Accor Hotels SAE (99.99%) in Egypt. CIWLT paid €36.4 million in dividends to Accor in 2012.

It reported a net profit of €5.0 million in 2012, versus €49.7 million in 2011.


During 2012, material contracts (other than contracts entered into in the ordinary course of business) corresponded to agreements signed in relation to disposals, acquisitions, organic

a Accor Lodging North America (€37.1 million net) is the holding company for the Hotels business in the United States.

In 2012, it reported a net loss of €0.3 million, versus a net loss of €0.4 million in 2011.

The other interests held by Accor SA are listed in the table of subsidiaries and affiliates presented after the parent company financial statements on page 302 .

growth and real estate transactions, as described in note 2, paragraphs A to B, and in note 40 to the consolidated financial statements, pages182 and 264 below.


The following significant events have occurred since the end of 2012.

Resignation of a director

Effective December 31, 2012, Franck Riboud resigned from the Board of Directors in order to comply with the recommendation limiting the number of directorships that should be held by an executive director, in accordance with good corporate governance practices. Mr. Riboud had been an independent director since January 9, 2006 and previously served on the Supervisory Board since July 3, 2001.

Creation of a Property Management Department and changes in the Executive Committee

Gilles Bonnier was appointed Global Chief Asset and Investments Officer, effective March 18, 2013. He is a member of the Executive Committee, responsible for defining and managing the Group’s real-estate strategy with the goal of facilitating the shift in Accor’s organization to a more efficient, less capital-intensive business model.

As a result, the Accor Executive Committee, led by Denis Hennequin, now comprises the following members:

a Yann Caillère, President and Chief Operating Officer;

a Dominique Esnault, Global Chief Operations Support Officer; a Sophie Stabile, Global Chief Financial Officer; a Gilles Bonnier, Global Chief Asset and Investments Officer; a Grégoire Champetier, Global Chief Marketing Officer; a Pascal Quint, Corporate Secretary;

a Antoine Recher, Global Chief Human Resources Officer. Agnès Caradec, Executive Vice-President, Corporate Communications and External Relations, attends Executive Committee meetings to ensure the smooth flow of information and to proactively anticipate the Group’s communication challenges.