Get Adobe Flash player 4Review of the Year FINANCIAL REVIEW Gains and losses on the management of hotel properties, corresponding to capital gains and losses on disposals of hotel assets, represented a net gain of €11 million, versus €105 million in 2011. The 2012 figure primarily comprised i) a €26 million capital gain on the sale and franchise-back on 29 hotels in France; ii) an €18 million capital gain on a sale and franchise-back transaction in South Africa, as part of the sale of a 52.6% interest in Hotel Formula 1 to Southern Sun Hotels; iii) a €16 million capital gain on the sale and management-back of the Novotel New York; and iv) a €10 million capital gain on the sale and management-back of the Sofitel Paris La DĂ©fense. These gains were attenuated by i) an €11 million capital loss on the sale and management-back of the Pullman Paris Tour Eiffel and ii) a €47 million aggregate capital loss on the sale of five hotels in Germany and one hotel in the Netherlands. The net €81 million loss on management of other assets primarily included €50 million in costs related to the ibis megabrand project to overhaul the entire Economy brand lineup under the ibis umbrella brand and €13 million in acquisition fees paid during the year. Dividend and payout ratio Operating profit before non-recurring items, net of tax (1) (in million of euros) 345 Weighted average shares outstanding (in millions) 227 Operating profit before non-recurring items, net of tax per share (in euros) 1.52 Ordinary dividend per share (in euros) 0.76 (2) Ordinary dividend payout (in million of euros) 173 Payout ratio (3) 50% Special dividend per share (in euros) -

Income tax expense (excluding tax on the profits of associates and discontinued operations) came to €143 million versus €166 million in 2011. The effective tax rate (expressed as a percentage of operating profit before tax and non-recurring items taxable at the standard rate) was 28.5%, compared with 28.8% the year before.

After non-controlling interests amounting to €15 million, Accor ended the year with net loss, Group share of €599 million, versus a net profit, Group share of €27 million in 2011. The 2012 figure included the €679 million non-cash capital loss on the disposal of Motel 6/Studio 6.

As a result, the loss per share, based on the weighted average 227,265,626 shares outstanding in 2012, amounted to €2.64, compared with earnings per share of €0.12 for the previous year.

2011

2012 % change

296 +16.6%

227 -

1.30

+16.9%

0.65

+16.9% 148

+16.9%

50% -

0.50

N/A

At the Annual Meeting on April 25, 2013, shareholders will be asked to approve the payment of a dividend of €0.76 per share, compared with €1.15 the year before.