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Accor Reports Nine-Month Hotel Revenue
Down 3.9% / Hotel RevPAR by Country 
Paris, November 5, 2003
 
(in EUR millions)
2002
2003
% change (reported)
% change
(like-for-like)
Hotels
3,803
3,655
-3.9%
-1.4%
Services
360
342
-5.0%
+8.7%
Other businesses
1,239
1,102
-11.1%
+0.7%
Total Group
5,402
5,099
-5.6%
-0.2%

Consolidated revenues for the first nine months of 2003 were down 5.6%. On a like-for-like basis, the decline was limited to 0.2%.

The reported decline of 5.6% broke down as follows:

  • Like-for-like -0.2%
  • Business expansion +3.6%
  • Currency effect -6.3%
  • Asset disposals -2.7%
Hotels

Hotel revenues at September 30 were down 1.4% like-for-like. The 3.9% reported decline was due to a negative 5.9% currency effect, while the contribution from newly opened hotels added 4%. The third quarter saw an improved performance in the Upscale and Midscale segments, as revenues contracted by 0.7% compared with a 4.4% decline in the second quarter. The improvement was led by solid performances in the United Kingdom and the United States, where revenues rose by 3% and 4.3% respectively. Although adversely affected by a difficult summer season in Europe (-0.4% vs. +0.7% in the second quarter) and especially in France, the Economy hotel segment showed some encouraging signs in the United States, where revenues declined by 1% in the third quarter after a 4.6% decrease in the second quarter.

Services

Revenues from Services were up 8.7% like-for-like at September 30, nearly on a par with the 8.9% increase reported at June 30. The third quarter was shaped by a return to growth in reported revenues, which rose by 4.9%, thanks to a lessened currency effect.

Other businesses

Reported revenues from other Group businesses (travel agencies, casinos, restaurants and onboard train services) contracted by 11.1% in the first nine months, due mainly to the sale of a 50% stake in Accor Casinos. Like-for-like, revenues were up 0.7%.

2003 earnings objectives maintained

In light of third-quarter results in line with its expectations and a number of programs under way, Accor is maintaining its full-year objective of approximately EUR 500 million in profit before tax.

.
.
Consolidated Sales
First Quarter
Second Quarter
Third Quarter
First 9 months
(in EUR million)
2002
2003
Change
2003/02
Reported
Change
2003/02
Like-for-Like 
2002
2003
Change
2003/02
Reported
Change
2003/02
Like-for-Like 
2002
2003
Change
2003/02
Reported
Change
2003/02
Like-for-Like 
2002
2003
Change
2003/02
Reported
Change
2003/02
Like-for-Like 
Hotels
1,136
1,104
-2.9%
+0.2%
1,343
1,250
-6.9%
-3.3%
1,324
1,301
-1.7%
-0.7%
3,803
3,655
-3.9%
-1.4%
Upscale and Midscale
608
625
+2.7%
+1.4%
719
700
-2.8%
-4.4%
689
705
+2.3%
-0.7%
2,017
2,029
+0.6%
-1.4%
Economy
239
249
+4.3%
+1.6%
291
293
+0.8%
+0.7%
300
306
+1.8%
-0.4%
830
848
+2.2%
+0.6%
Economy U.S.
290
230
-20.5%
-3.4%
332
257
-22.6%
-4.6%
334
290
-13.2%
-1.0%
956
777
-18.7%
-3.0%
                                 
Services 
126
111
-12.3%
+8.4%
128
120
-6.2%
+9.4%
107
112
+4.9%
+8.3%
361
342
-5.0%
+8.7%
                                 
Other businesses
405
343
-15.1%
+0.9%
447
378
-15.5%
+0.2%
386
380
-1.7%
+1.1%
1,239
1,102
-11.1%
+0.7%
Travel management
116
93
-20.2%
-7.3%
121
100
-17.2%
-9.1%
110
91
-17.2%
-6.2%
347
284
-18.2%
-7.6%
Casinos
72
47
-34.4%
+4.2%
76
47
-38.3%
-1.2%
44
51
+16.1%
+0.7%
192
145
-24.4%
+1.2%
Restauration
118
98
-17.0%
+8.1%
115
107
-7.4%
+8.7%
89
97
+9.4%
+10.3%
322
302
-6.3%
+8.9%
On-board train services
65
63
-4.2%
-2.3%
72
72
-0.8%
-1.5%
77
75
-1.9%
+0.6%
214
210
-2.2%
-1.0%
Other
33
43
+29.7%
+3.5%
63
53
-16.3%
+6.4%
67
66
-2.4%
+1.7%
163
161
-1.2%
+3.9%
                                 
TOTAL
1,667
1,558
-6.5%
+1.0%
1,918
1,748
-8.9%
-1.7%
1,817
1,793
-1.3%
+0.2%
5,402
5,099
-5.6%
-0.2%

.
 

Hotel RevPAR by market segment 
September 2003, YTD
Occupancy Rate
Average Room Rate
RevPar
Reported basis
Subsidiaries and managed
RevPar
Like-for-like basis,
Subsidiaries only
 
(in %)
(chg. in pts)
(chg. in %)
(chg. in %)
(chg. in %)
Upscale and Midscale Europe
62.2%
- 2.1
- 2.1%
- 5.4%
- 3.8%
Economy Europe (excl. US)
72.8%
- 2.7
+ 0.9%
- 2.7%
- 0.9%
Economy US (in USD)
66.1%
- 0.7
- 1.3%
- 2.3%
- 2.5%

 
Hotel RevPAR by country 
September 2003, YTD
Number 
of rooms (1)
Occupancy Rate
Average Room Rate
RevPar
Reported basis
Subsidiaries and managed
RevPar
Like-for-like basis,
Subsidiaries only
(in local currency)  
(in %)
(chg. in pts)
(var. en %)
(var. en %)
(chg. in %)
France
82,469
69.4%
- 2.9
+ 1.8%
- 2.3%
- 0.2%
Germany
30,192
62.9%
- 0.5
- 3.2%
- 4.0%
- 4.3%
UK
9,882
73.2%
- 2.2
+ 4.9%
+ 1.8%
- 1.7%
The Netherlands
5,424
68.2%
- 8.5
- 6.5%
- 16.9%
- 16.5%
Belgium
5,180
68.5%
- 2.9
- 2.8%
- 6.7%
- 3.9%
Italy
3,453
57.8%
- 6.4
+ 0.1%
- 10.0%
- 7.5%
Spain
3,478
69.7%
- 5.9
- 6.3%
- 13.6%
+ 0.5%
Hungary
3,417
60.6%
- 2.1
- 7.7%
- 10.9%
- 11.0%
USA (upscale and midscale)
3,764
63.2%
- 0.2
+ 2.1%
+ 1.7%
+ 1.3 %
(1) Subsidiaries and managed

With 150,000 associates in 140 countries, Accor is the European leader and one of the world's largest groups in travel, tourism and corporate services, with two major international activities:

  • hotels: nearly 4,000 hotels (450,000 rooms) in 90 countries, casinos, travel agencies, and restaurants;

  • services to corporate clients and public institutions: 13 million people in 32 countries use a broad range of services (food vouchers, people care and services, incentive, loyalty programs, events) engineered and managed by Accor.

 
Contact:
Jacques Charbit 
Marie-Claire Camus
Tel. + 33 (0)1 45 38 87 53
accor.com
Also See: Accor 2003 Interim Results; Profit Before Tax Down -40.6% / September 2003
Accor Reports Hotel Revenues Down 5.0% at June 30, 2003 / Hotel Operating Statistics / Aug 2003


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