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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

2012 (444) (1) (445) (234) -(234)** (679)

NOTE17 PROFIT OR LOSS FROM DISCONTINUED OPERATIONS

Details of profit or loss from discontinued operations are as follows:

(in million of euros) 2011*

Loss from discontinued operations before tax (118) Tax on loss from discontinued operations (108)

LOSS FROM DISCONTINUED OPERATIONS DURING THE PERIOD (226)

Profit or loss recognized on disposal of the assets constituting the discontinued operations 5

Tax on profit or loss from discontinued operations

IMPACT OF REALIZED GAINS OR LOSSES 5

NET LOSS FROM DISCONTINUED OPERATIONS (221)

* In accordance with IFRS5, the profit or loss of the US Economy Hotels and Onboard Train Services businesses have been reported in profit or loss from discontinued

operations. ** See note2.A.1.

In accordance with IFRS5, profit or loss from discontinued operations includes:

a at December31, 2012:

-the profit from the US Economy Hotels business from January1, 2012 to October1, 2012, which has been classified as a discontinued operation in 2012 (see note2.A.1),

-the loss arising from the sale of the US Economy Hotels business on October1, 2012 (see note2.A.1),

-the profit generated by the Italian Onboard day Train Services business, which remained classified as a “discontinued operations” (see note2.A.2.2).

a at December31, 2011:

-in the originally published accounts:

-the profit or loss from Onboard Train Services business, which was maintained in discontinued operations since 2010 (see note2.A.2.2),

2011 published

(7)

5 -

5

(2)

-the €5million gain recognized on the disposal of Groupe Lucien Barrière, classified as a discontinued operation in 2010 and sold at the beginning of 2011 (see note2.A.2.1),

-in the restated accounts at December31, 2011, the profit of the US Economy Hotels business has been reclassified under “Profit or loss from discontinued operations”, in order to permit meaningful comparisons with the profit from discontinued operations reported in 2012 (i.e. including the profit of the US Economy Hotels business).