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Review of the Year

FINANCIAL REVIEW

4.1. FINANCIAL REVIEW

ANALYSIS OF CONSOLIDATED FINANCIAL RESULTS

(1) At constant scope of consolidation and exchange rates.

In compliance with IFRS5, following the sale of Motel6/Studio6 to Blackstone on October1, 2012, the 2011 data presented in this section have been adjusted for the reclassification of the US Economy Hotels business in “discontinued operations.”

EBIT amounted to €526million in 2012, representing a year-on-year increase of 3.0% based on constant scope of consolidation and exchange rates (like-for-like) and of 2.0% as reported. The 2012 results were primarily shaped by a reduction in impairment, depreciation and amortization charges due to the asset management program, which offset the deployment of the ibis megabrand and the acquisitions-related depreciation and amortization expense. Sustained demand throughout the year enabled Accor to meet the objectives announced to the market. In so doing, we once again benefited from our virtuous circle strategy built on two key foundations: asset-light development and the growing importance of the emerging markets. The year also saw two major evolution s in the brand portfolio. The first was the disposal of Motel6, a major step that enabled us to refocus on markets that offer the most growth potential and highest margins, and where we already have demonstrated leadership positions. The second was the very fast deployment of the ibis megabrand project, with more than 1,500hotels around the world rebranded as ibis, ibis Styles or ibis budget by the end of 2012.

Revenue a Changes in the scope of consolidation, which reduced

reported revenue by €285million or 5.1%, as a result of Revenue for the year ended December31, 2012 amounted the asset disposal strategy and the €76-million impact of the to €5,649million, reflecting the following factors: Lenôtre sale.

a Development, which added €154million or 2.8% to reported a The positive currency effect, which increased reported growth, led by the integration of 266 new hotels totaling revenue by €60million or 1.1%, primarily as a result of gains 38,085rooms over the year. in the Australian dollar and the British pound against the euro.

At constant scope of consolidation and exchange rates, revenue rose by 2.7% over the year, lifted by the firm improvement in average room rates in every segment.

Revenue by business

(in million of euros) 2011

% change % change like-for-like (1)

2012 Hotels 5,384 5,497 +2.1% +2.7% Upscale and Midscale 3,488 3,536 +1.4% +2.7% Economy 1,896 1,961 +3.4% +2.6% Other businesses 184 152 (17.5)% +4.1% TOTAL 5,568 5,649 +1.5% +2.7%