TAILIEUCHUNG - Growth in 2012 revenue, supported by the transformation of the business model

Political leaders should also continue to find ways to make it easier to use private capital to help finance public projects. Given the realities of the current federal budget situation, government officials at all levels are going to have to become increasingly creative in their efforts to finance projects needed to address growing demand for schools, infrastructure and public amenities like parks and recreation facilities. Yet, the current patchwork of state and federal legislation and their varying restrictions on public private partnerships is likely keeping a lot of capital out of the market. . | ACCOR Open New Frontiers in Hospitality Press Release Paris - January 17 2013 Growth in 2012 revenue supported by the transformation of the business model Another year of record development with the opening of more than 38 000 rooms Rapid growth in the Group s gross revenue1 up 11 to more than 11 billion Gross revenue up 25 for Managed and Franchised hotels only and total fees excluding currency and acquisitions up Reported revenue of Owned Leased hotels stable despite a negative 188-million impact from the asset management strategy Growth in annual revenue up like-for-like and as reported with sustained business in emerging markets Fourth-quarter revenue up like-for-like and as reported 510-530 million full-year 2012 EBIT target confirmed Revenue for the year ended December 31 2012 broke down as follows in millions Q42011 restated 1 Q4 2012 reported Change Change L L 2 FY 2011 restated 1 FY 2012 reported Change Change L L 2 Upscale Midscale 883 912 3 488 3 536 Economy 469 484 1 896 1 961 Hotels 1 352 1 396 5 384 5 497 Other activities 26 51 184 152 3 Total Group 1 378 1 447 5 568 5 649 1 Following the sale of Motel 6 to Blackstone consolidated revenue for the two periods presented has been adjusted for the reclassification of Motel 6 in Assets Held For Sale. 2 At comparable scope of consolidation and exchange rates. 3 Impact of the Lenôtre disposal 1 Gross revenue represents the revenue of owned leased and managed hotels plus the room revenue of franchised hotels. 1 2012 revenue up like-for-like and as reported Revenue for the year ended December 31 2012 amounted to 5 649 million reflecting the following factors Development which added 154 million or to reported growth led by the integration of 266 new hotels totaling 38 085 rooms over the year. Changes in the scope of consolidation which reduced reported revenue by 285 million or as a result of

• Tài chính doanh nghiệp
• ydrolized Sunflower
• Lecithins by Phospholipases
• Different Sources
• Alumina Carrier
• Titanium Dioxide
• Dioxide Photocatalyst
• Patient involvement
• healthcare professionals
• individual patients