Get Adobe Flash player 5Financial statements CONSOLIDATED FINANCIAL STATEMENTS 5.2.5. CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY (1) Exchange differences on translating foreign operations between December 31, 2011 and December 31, 2012, representing a positive impact of €85 million, mainly concern the €78 million translation reserve related to the US Economy Hotels business that was recycled to profit during the year (see note 2.A.1) and changes in exchange rates against the euro of the US Dollar (€9 million negative impact), the Polish Zloty (€44 million positive impact) and the Brazilian Real (€21 million negative impact). The period-end euro/local currency exchange rates applied to prepare the consolidated financial statements were as follows: USD PLN BRL (in million of euros) Number of shares outstanding Share capital Additional paid-in capital Currency translation reserve (1) Hedging Instruments reserve Reserve for actuarial gains/ losses Reserve related to employee benefits Retained earnings and profit for the period Shareholders’ equity Minority interests AT JANUARY 1, 2011 226,793,949 680 1,311 14 (10) (26) 121 1,560 3,650 299 3,949 Issue of share capital w Performance share grants 108,023 0 -----(0) ---w On exercise of stock options 349,474 1 7 -----8 3 11 Dividends paid in cash (2) -------(141) (141) (14) (155) Change in reserve related to employee benefits ------13 -13 -13 Effect of scope changes -----(2) -2 (1) (52) (53) Other Comprehensive Income ---(20) 3 (2) --(19) (28) (47) Net Profit -------27 27 23 50 Total Comprehensive Income ---(20) 3 (2) -27 8 (4) 3 AT DECEMBER 31, 2011 227,251,446 682 1,318 (6) (7) (31) 134 1,448 3,537 231 3,768 Issue of share capital w On exercise of stock options 26,526 0 1 -----1 2 3 Dividends paid in cash (2) (3) -------(255) (255) (14) (269) Change in reserve related to employee benefits ------14 -14 -14 Effect of scope changes -----0 -(9) (9) (20) (29) Other Comprehensive Income ---85 3 (18) --70 16 86 Net Loss -------(599) (599) 15 (584) Total Comprehensive Income ---85 3 (18) -(599) (529) 31 (498) AT DECEMBER 31, 2012 227,277,972 682 1,318 79 (4) (49) 148 585 2,759 230 2,989 Consolidated shareholders’ Equity

December 2011 1,2939 4,4580 2,4159

December 2012 1,3194 4,0740 2,7036

(2) The 2010, 2011 and 2012 dividends were as follows:

In euros 2010 2011

0.76 NA 2012*

Dividende per share 0.62 0.65 Special dividend per share NA 0.50

* Ordinary dividend per share recommended by the Board of Directors to the Annual Shareholders’ Meeting of April 25, 2013.

(3) The €(255) million in dividends include the €6.3 million “prĂ©compte” dividend withholding tax refund that Accor is not required to return following the Supreme Court of Appeal ruling in late 2012 in the dispute concerning this tax (see note 39).