Accor: Results Resilient

First-half sales:
In an environment shaped by the impact of September 11 and the global economic
slowdown, Accor maintained its EBITDAR margin for the six months ending June 30,
2002 at 26.0%, versus 26.7% for the prior-year period, while reporting earnings per
share of EUR 1.12, comparable to the EUR 1.14 posted in first-half 2001.
Earnings resilience was supported by sustained demand for Economy Hotels in
Europe and the responsiveness of Accor teams in keeping operating costs under
Business and Leisure Hotels in Europe and the United States were adversely affected
by the slowdown in business, especially in major cities.
Services again enjoyed strong earnings growth, which was partially offset by currency
devaluations in South America.
With 140 new hotels totaling 18,491 rooms opened as of August 31, Accor pursued
its growth while reducing its expansion investments by 17% compared to the first half
2001. Europe is the priority region for investments and the vast majority of new hotels
are in the mid-range and economy segments.
Full-year outlook:
In a still-uncertain environment for global tourism, the Group’s full-year objectives are
to report EUR 700 million in profit before tax and close to EUR 2.20 in earnings per
Accor’s strengths—a balanced business portfolio, integrated networks and well-known
brands—represent key assets that more than ever are shaping the Group’s
long-term strategy.