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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

Finance lease liabilities can be analyzed as follows by maturity:

Debt in million of euros Non Discounted

2013 56

2014 54

2015 45

2016 42

2017 35

2018 30

2019 29

2020 28

2021 28

2022 27

2023 26

2024 26

2025 26

2026 26

> 2026 26

NOTE 21 LONG-TERM LOANS

(in million of euros) Dec. 2011

158 (11) 147 Dec. 2012

Gross value 158 Accumulated impairment losses (20)

LONG-TERM LOANS, NET 138

(in million of euros) Dec. 2011

98 49 147 Dec. 2012

Hotels, Asia-Pacific (1) 90 Other 48

TOTAL 138

(1) Loans to hotels in the Asia-Pacific region mainly consist of the loan to Tahl (an Australian property company) for €59 million at December 31, 2012, paying interest at an average rate of 7%. Part of the loan has been reimbursed during the period (€14 million). In addition, Accor granted a new loan to A.P.V.C. Finance Pty Limited (a timeshare financing company) for an amount of €28 million.