Accor Nine-Month Revenues Down

6th Nov 2003

PRNewswire-FirstCall PARIS Nov. 5 : 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
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 euro 500 million in profit before tax.
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.



Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation