Get Adobe Flash player 5Financial statements PARENT COMPANY FINANCIAL STATEMENTS AND NOTES Notes 2011 Net 2012 Net 1 6 401 39 250 106 652 151 1 17 620 130 13 27 634 174 (23) 18 (23) (24) (24) (32) 2,615 1,285 1,844 1,869 771 (584) The main estimates and judgments made by Management in the preparation of these financial statements concern the valuation and useful lives of intangible assets, property and equipment, and financial assets, as well as the amount of provisions for claims, litigation and contingencies and the assumptions underlying the calculation of pension obligations. The main assumptions applied by the Company are presented in the relevant notes to the financial statements. In 2012, Accor increased its revenue, strengthened its future growth potential by selling its US Economy Hotels business, and consolidated its leadership position in Latin America through the acquisition of the South American hotel portfolio of Grupo Posadas. Consequently, the 2012 financial statements have been prepared based on this environment, particularly for the purpose of estimating the value of fixed assets (mainly shares in subsidiaries and affiliates) as explained below. Notes 1 to 28 set out below form an integral part of the financial statements.

(in millions of euros)


Non-recurring income from revenue transactions Non-recurring income from capital transactions Exceptional provision reversals and expense transfers



Non-recurring expenses on revenue transactions Non-recurring expenses on capital transactions Exceptional additions to depreciation, amortization and provisions



Income tax expense




The financial statements of Accor SA have been prepared in accordance with French generally accepted accounting principles. All amounts are stated in millions of euros unless otherwise specified.

The notes below relate to the balance sheet at December 31, 2012 before appropriation of the net loss for the year, which shows total assets of €7,064 million, and to the income statement for the year then ended, which shows a net loss of €584 million.

The financial statements cover the 12-month period from January 1 to December 31, 2012.

Accor SA’s individual financial statements are included in the consolidated financial statements of the Accor Group.

The preparation of financial statements requires the use of estimates and assumptions that can affect the carrying amount of certain assets and liabilities, income and expenses, and the information disclosed in the notes to the financial statements. Management reviews these estimates and assumptions on a regular basis to ensure that they are appropriate based on past experience and the current economic situation. Items in future financial statements may differ from current estimates as a result of changes in these assumptions.