Accor Sales Hold Steady in 2002

Accor consolidated sales ended 2002 down by 2.1% on a reported basis. Like-for-like,
however, sales rose by 0.9% over the year, including a 3.8% increase in the fourth
quarter.
Hotels:
Hotel sales were stable, declining by 0.3% for the year, with business firmer in the
fourth quarter. The contribution from newly opened hotels added 3.5% to sales growth.
On a comparable basis, sales rose by 0.6% for Business and Leisure Hotels and by
3.4% for Economy Hotels Europe. Sales for Economy Hotels US were down 4.2% like-for-
like.
Services:
Sales of services rose sharply in 2002, increasing 16.9% like-for-like. The reported
decline of 5.7% was due to currency devaluations in Latin America. In terms of
earnings, the currency effect should be more limited, because of higher interest rates
and the fact that expenses are denominated in local currencies.
Other businesses:
Reported sales from other Group businesses (travel agencies, casinos, restaurants
and onboard train services) contracted by 6.2% for the year, mainly due to the sale of a
50% stake in Accor Casinos.
2002 profit before tax:
In September 2002, Accor announced a full-year objective of €700 million in profit
before tax. Despite an environment that was less favorable than expected, the final
figure, which will be released on March 5, 2003, should be very close to that objective.
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: 3,835 hotels (441,418 rooms) in 90 countries, casinos, travel agencies, and
restaurants;
- services to corporate clients and public institutions: each day, 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.
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