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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

Change in 2012 EBIT by business:

Δ 2012/2011 Like-for-like change

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

HOTELS +11 +10 +2.0%

Upscale and Midscale Hotels +5 +5 +2.4%

Economy +6 +5 +1.7%

OTHER BUSINESSES +0 +5 +37.1%

GROUP TOTAL +11 +15 +3.0%

Change in 2012 EBIT by region:

Δ 2012/2011 Like-for-like change

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

France (18) (16) (6.8)%

Europe (excl. France) +13 +13 +8.7%

Asia Pacific +14 +6 +12.3%

Latin America & Caribbean +13 +10 +33.0%

Other Countries +10 +13 +121.7%

Worldwide Structures (21) (11) (23.6)%

GROUP TOTAL +11 +15 +3.0%

Information in 2011 by business and by region was as follows:

Europe Latin America Other Worldwide (in million of euros) France (excl. France) Asia Pacific & Caribbean Countries Structures (1) 2011

HOTELS 232 146 40 30 11 41 500

Upscale and Midscale Hotels 118 41 26 6 2 36 229

Economy 114 105 14 24 9 5 271

OTHER BUSINESSES 4 -5 -1 5 15

TOTAL 2011 236 146 45 30 12 46 515

(1) “Worldwide Structures” corresponds to revenue (royalties) that is not specific to a single geographic region.

NOTE 10 NET FINANCIAL EXPENSE

(in million of euros) 2011*

2012 2011 published

Net financial expense (1) (95)

(99) Other financial income and expense (2) 3

2

NET FINANCIAL EXPENSE (92) (97)

(84) 9 (75)

* In accordance with IFRS 5, net financial expense of the US Economy Hotels and Onboard Train Services businesses have been reported in profit or loss from discontinued operations (see note 17).