Get Adobe Flash player 5Financial statements CONSOLIDATED FINANCIAL STATEMENTS These transactions impacted the consolidated financial statements as follows: (in million of euros) Sale price Capital gain/(loss) Debt impact Adjusted debt impact

2006 6 Sofitel hotels in United States 295 (15) 184 285

2007 2 Sofitel hotels in United States 219 14 85 207

2007 2 Sofitel hotels and 2 Novotel hotels in French West Indies 13(8) 6 6

2008 Sofitel The Grand 31 (1) 31 69

2008 MGallery Baltimore 28 326 27

2011 4 Novotel and 2 ibis in New Zealand 25 (0) 29 54

2011 Pullman Paris Bercy 90 31 86 86

2011 Sofitel Arc de Triomphe in Paris 41 734 34

2012 Novotel New York 71 16 58 58

2012 Novotel and ibis Sanuyan in Beijing 54 947 47

2012 Pullman Paris Tour Eiffel 1 (11) (2) 59

2012 Sofitel Paris La DĂ©fense 22 10 16 16

2005-2012 Other 104 NA 100 153

TOTAL 2005-2012 993 NA 701 1,102

In 2011, Accor sold the 396-room Pullman Bercy, in Paris, under a sale and management-back arrangement. The buyer has committed to financing renovation work. Accor will continue to run the hotel under a 24-year management agreement, renewable by Accor for six successive six-year periods.

In 2011, Accor sold the Sofitel Arc de Triomphe in Paris, under a sale and management-back arrangement. The buyer has committed to financing renovation work for an additional €25 million. Accor will act as principal for the renovation work under a property development contract (see note 40). Accor will continue to run the hotel under a 30-year management agreement, renewable by Accor for three successive 10-year periods.

In 2012, Accor sold the Novotel Times Square in New York under a sale and management-back agreement, for a total value of €160 million (€335,000 per room) including renovation work. The cash proceeds from the sale amounted to €71 million and the buyer also committed to complete a full renovation of the hotel between 2012 and 2013, at an estimated cost of €89 million based on a scope defined by Accor. The hotel will remain open while the work is being carried out. In addition, an earn-out payment of up to €12 million could be received depending on the results of the hotel after the refurbishment. This 480-room hotel will continue to be operated by Accor under a long-term management agreement. The buyer is a joint-venture formed by two key players in the hotel property management business in the United-States: Chartres (Chartres Lodging Group, LLC) and Apollo (Apollo Global Management, LLC). The transaction enabled Accor to reduce adjusted net debt by a cumulative €58 million. Accor agreed to provide financing for part of the new owner’s refurbishment costs, through a €15 million loan, of which €2 million had not yet been disbursed as of December 31, 2012.

In 2012, Accor sold under a sale and management back contract, the Novotel/ibis Sanyuan in Beijing to A-HTRUST, a listed Hotel Investment Trusts in the Asia-Pacific region, in which Accor took a 5.73% stake (see note 2.B.5). The transaction amounted to €54 million. The transaction enabled Accor to reduce adjusted net debt by €47 million accumulated at December 31, 2012.

In 2012, Accor refinanced the Pullman Paris Tour Eiffel through a management contract. The Group, which took over the hotel in early 2009 under a fixed lease agreement, will continue to operate the hotel via a long term management contract. Under the terms of the contract, Accor has agreed to waive repayment of a receivable from the owner until 2032 at the latest unless the management contract is rolled over. The present value of the receivable is €20 million, net of a discounting adjustment of €11 million. The hotel will benefit from a refurbishment program representing a €47 million investment. Accor will act as principal for the renovation work under a property development contract (see note 40). The work will be paid for by the hotel’s buyer, with part of the cost financed by a €15 million loan from Accor of which €13 million will be disbursed in 2013. The transaction enabled Accor to reduce cumulative adjusted net debt by €59 million at December 31, 2012.

Last, in 2012, Accor sold the Sofitel Paris La DĂ©fense under a sale and management-back agreement, for a total value of €22 million (€144,000 per room). The acquisition was carried out jointly by Amundi Real Estate, a leader in third-party real estate Asset Management, and Algonquin, a hospitality investor and asset manager, which already owns 7 hotels operated by Accor through management or franchise contracts in France and the United Kingdom. The transaction enabled Accor to reduce adjusted net debt by €16 million accumulated at December 31, 2012.