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Strong Hotel Performances in the United States and United Kingdom |
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January 27, 2005 - Accor's consolidated revenues rose 4.3% to EUR 7.1
billion in the year ended December 31, 2004. Excluding the currency effect
and changes in the scope of consolidation, the increase was 4.6%, and 5.1%
in the fourth quarter alone, reflecting generally good demand across the
business base.
Hotels Hotel revenues for the year were up 4.1% like-for-like. The 3.8% reported increase was due to a negative 2.2% dollar-related currency effect, partially offset by newly opened hotels, which added 2.8% to growth. For the year, like-for-like revenues in the upscale and midscale segments rose by 5.0%, led in particular by strong performances in the United States, the United Kingdom, Eastern Europe, Asia and Latin America. However, France, Spain and Italy have yet to show tangible signs of a sustained recovery. Economy hotel revenues were up 3.2% in Europe and 2.6% in the United States. Revenues in the fourth quarter improved over the third quarter. Revenues from upscale and midscale hotels increased 4.2% like-for-like for the period (including 1.6% in France and 3.0% in the rest of Europe) versus up 2.0% in the previous quarter. Revenues in the economy segment in Europe continued their steady rise, gaining 2.5%. In the US, economy hotels started to benefit from the recovery, with like-for-like revenues rising 4.7%. Services The Services business continued its steady and sustained growth. Like-for-like revenues rose 9.4% for the year, including gains of 7.5% in Europe and 11.8% in Latin America. On a reported basis, the full-year increase was 7.5%, mainly because of the currency effect linked to Latin American currencies. In the fourth quarter, business activity improved by 8.3%. Other businesses Revenues from other businesses (travel agencies, casinos, restaurants and onboard train services) rose by 4.7% like-for-like and 4.9% as reported for the full year. The travel agency business enjoyed sustained growth in the fourth quarter, with like-for-like revenues increasing 14.1%. Expansion in 2004 During the year, Accor continued to expand in Hotels with the opening of 188 new units (23,472 rooms), in Services with the acquisition of the British company Capital Incentives, specialized in gift vouchers, and in Travel Agencies with Carlson Wagonlit Travel's integration of the Protravel network in France and the Maritz network in the United States. In the on board train services, Compagnie des Wagons-Lits won the catering contract on high-speed trains in France for 5 years. Also this year, Accor became the core industrial shareholder of Club Mediterranee after the acquisition of a 28.9% equity interest. The creation in the casinos of Groupe Lucien Barriere, in which Accor holds a 34.0% stake, was completed at the end of the year. Full-year earnings objective With the fourth quarter's performance in line with our expectations,
Accor has confirmed its full-year objective between EUR 570 and EUR 590
million in profit before tax.
Accor is a European leader and one of the world's largest groups in travel, tourism and corporate services. |
Contact:
Accor accor.com |