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Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

* Deposit paid in 2011 in preparation for Accor’s exercise of its pre-emptive right to purchase the building occupied by the Sofitel Rio de Janeiro Copacabana. At December 31, 2012 and December 31, 2011, the fair value reserve for assets classified as available-for-sale had a nil balance (see note 26).

(9) Key figures for Sofitel Hotels, USA are as follows:

Sofitel Hotels USA

(in million of euros) Dec. 2011

Revenue 128 Net profit (loss) (1 ) 0 Net cash/(Net debt) (404) Equity (76) Market capitalization N/A Total assets 381 % interest held 25.00%

123 94 (173) 9 N/A 244 25.00%

(1) In 2012, the Sofitel San Francisco, Chicago and Miami disposals had a positive impact of €96 million on 2012 profit.

NOTE 23 OTHER FINANCIAL INVESTMENTS

Dec. 2012

(in million of euros) Dec. 2011

Investments in non-consolidated companies (Available for sale financial assets) 119 Deposits (Loans and Receivables) 147

OTHER FINANCIAL INVESTMENTS, AT COST 266

Accumulated impairment losses (65)

OTHER FINANCIAL INVESTMENTS, NET 201

147 140 287 (65) 222

Accumulated impairment losses relate almost entirely to investments in non-consolidated companies.

Other financial investments break down as follows:

(in million of euros) Note Dec. 2011

Deposit for the purchase of the Sofitel Rio de Janeiro * 73 Tahl (Australian property company) 24 A-HTrust (Singapore investment fund) 2.B.5 Pullman Tour Eiffel receivable -

Deposit paid following the claim under the loan guarantee issued to the owner of the Los Angeles Sofitel Stone (French property company) 11 Deposit for hotels in France sold in 2008 10 Deposit for phases 6 to 10 of the Motel 6 project in the United States 23 Other investments and deposits 60

OTHER FINANCIAL INVESTMENTS, NET 201

62 25 24 20 20 11 10 -50 222 Dec. 2012 Dec. 2012