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Operating profit before tax and non-recurring items

Operating profit before tax and non-recurring items – corresponding to EBIT less net financial expense plus share of profit of associates – represents the result of operations after the cost of financing Group businesses and before tax.

Operating profit before tax and non-recurring items rose to €468million from €428million in 2011, a like-for-like gain of 4.1% that partly reflected the significant improvement in net finance expense, to €75million from €92million in 2011, due to a reduction in the average cost of debt.

(in million of euros) 2011

2012 % change % change like-for-like(1)

526 +2.0% +3.0% (75) +19.5% +9.7% 17 +240.1% (138.4)% 468 +9.4% +4.1% Share of profit of associates rose to €17million from €5million in 2011, positively impacted by the profit from Sofitel in the United States following the sale of the Sofitel Chicago (€15million share), the Sofitel San Francisco (€8million share) and the Sofitel Miami (€1million share).
EBIT 515
Net financial expense Share of profit of associates (92) 5
OPERATING PROFIT BEFORE TAX AND NON-RECURRING ITEMS 428
(1) At constant scope of consolidation and exchange rates.

Net financial expense amounted to €75million, versus €92million in 2011. Total fixed asset holding costs (rental expense plus depreciation, amortization, provision expense and interest) stood at €1,337million, compared to €1,336million in 2011, and represented 23.7% of revenue, versus 24.0% in2011.

Net profit/(loss), Group share

(inmillion of euros)

OPERATING PROFIT BEFORE TAX AND NON-RECURRING ITEMS

Restructuring costs Impairment losses Gains and losses on management of hotel properties Gains and losses on management of other assets

OPERATING PROFIT BEFORE TAX

Income tax expense Profit or loss from discontinued operations

NET PROFIT/(LOSS)

NET PROFIT/(LOSS), GROUP SHARE

EARNINGS/(LOSS) PER SHARE (in euros)

NET PROFIT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

Net profit excluding the impact of the Motel6 disposal was €80million.

Reported net profit was impacted by the non-recurring €679million accounting loss on the Motel6 disposal,

including asset write-downs and the exercise of call options on fixed-lease hotels. As a result of this non-recurring loss, Accor posted a net loss of €599million.

2011 428 468 (38) (40) (64) (119) 105 11 6 (81) 437 239 (166) (143) (221) (679) 50 (584) 27 (599) 0.12 (2.64) 23 15 Restructuring costs totaled €40million for the year, compared with €38million in 2011. In both years, they primarily comprised costs related to the various reorganization programs. Impairment losses, in an amount of €119million in 2012 versus €64million in 2011, mainly corresponded to €83million in impairment of property, plant and equipment, including €7million relating to such assets held for sale. 2012