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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

5

(in million of euros) 2011*

2012 2011 published

Capital employed 6,678

8,194 Adjustments on capital employed (1 ) (302)

(323) Effect of exchange rate on capital employed (2 ) (54)

(137)

AVERAGE CAPITAL EMPLOYED 6,322 7,734

EBITDA (see note 7) 856

928 Interest income on external loans and dividends 18

19 Share of profit of associates before tax (see note 11) 7

7

PUBLISHED ADJUSTED EBITDA 881 954

ROCE (ADJUSTED EBITDA/CAPITAL EMPLOYED) 13.9%

12.3%

6,625 (326) 56 6,355 850 21 20 891 14.0%

* In line with IFRS 5 (see note 17), the EBITDA and capital employed of the Economy US Hotels and Onboard Train Services businesses were not taken into account in the calculation of Group ROCE.

Return on capital employed (ratio between EBITDA and average capital employed) for continuing operations over a 12-month rolling period is as follows, by business segment:

Dec. 2011*

Dec. 2012 Capital Employed ROCE (in million of euros) % Dec. 2011 published Capital Employed ROCE

Capital Employed ROCE

Business (in million of euros) %
(in million of euros) %

HOTELS 6,125 13.9% 7,537 12.2%

Upscale and Midscale
Hotels 4,138 11.1%

4,138 11.1%

Economy Hotels 1,987 19.5%
1,987 19.5%

Economy Hotels United

States NA N/A 1,412 5.2%

OTHER BUSINESSES 197 16.6% 197 16.6%

GROUP TOTAL EXCLUDING DISCONTINUED OPERATIONS 6,322 13.9%

7,734 12.3%

6,192 14.1% 4,142 11.4% 2,050 19.5% NA N/A 163 13.0% 6,355 14.0%

* In line with IFRS 5 (see note 17), the EBITDA and capital employed of the Economy US Hotels and Onboard Train Services businesses were not taken into account in the calculation of Group ROCE.