Accor Nine-Month Revenues Down

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.