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Press Release: Accor
April 29, 2004
PARIS -- Consolidated revenues rose 2.6% in the first quarter of 2004. Excluding the currency effect and changes
in the scope of consolidation, growth was 4.3%, indicating that the improvement observed since the second half
of 2003 is gathering momentum.
The 2.6% rise in reported revenues breaks down as follows:
- Like-for-like growth: + 4.3%
- Business expansion: + 2.3%
- Currency effect: - 2.9%
- Asset disposals: - 1.2%
Hotels
Hotel revenues expanded 4.2% like-for-like. The reported increase of 2.5% includes the 2.6-point positive impact
of new openings and the 3.5-point negative dollar effect.
Like-for-like revenues from Upscale and Midscale Hotels rose 4.9%, reflecting robust 10.5% growth in the United
Kingdom and a strong 18.2% rise in Sofitel revenues in the United States. Revenues from this segment in France
and Germany inched up 1.0%. Revenues from Economy Hotels rose 4.0% like-for- like in France as well as in the whole
of Europe, with increases of 8.0% in the United Kingdom, 14.2% in Spain, 8.1% in Belgium and 1.1% in Germany. Economy
Hotel revenues in the United States expanded 2.3% like-for-like.
Services
First quarter revenues from Services increased 10.4% like-for-like, led by 12.7% sustained growth in Latin America
and 8.4% in Europe. The softening of currency impact due to devaluation of Latin American currencies lessened the
adverse currency effect, leading to 9.3% revenue growth on a reported basis.
Other businesses
Revenues from the other businesses rose 0.7% on a reported basis and 2.7% like-for-like.
Revenues for the first quarter of 2004 confirm that the recovery which began in the second half of 2003 is taking
root. Although France and Germany are taking longer to recover than other markets, overall revenue performance
for the period is encouraging.
With 150,000 people 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:
First Quarter First Quarter
Sales Sales Change Change 04/03
reported reported 04/03 Like-for-like
2003 2004 reported (1)
HOTELS
Upscale and Midscale 609,639 650,050 6.6% 4.9%
Economy (excl.US) 258,190 273,001 5.7% 4.1%
Economy US 230,191 202,220 -12.2% 2.3%
Sub-total hotels 1,098,020 1,125,272 2.5% 4.2%
SERVICES 110,854 121,153 9.3% 10.4%
Other businesses
Travel Agencies 92,699 87,714 -5.4% -3.4%
Casinos 51,281 53,341 4.0% -0.5%
Restaurants 99,571 109,504 10.0% 9.0%
Onboard Train
Services 62,679 58,669 -6.4% 2.7%
Other 43,012 42,293 -1.7% 5.1%
Sub-total other businesses 349,242 351,521 0.7% 2.7%
Total 1,558,116 1,597,946 2.6% 4.3%
(1) At comparable scope of consolidation and exchange rates
Hotel RevPAR by market
segment
2004 First Quarter, YTD
RevPar
reported RevPar
basis excl.
Subsidiaries expansion,
Average and Subsidia
Room managed ries
Occupancy Rate Rate (1) (2)
(in %) (chg. in (chg. in (chg. in (chg. in
pts) %) %) %)
Upscale and Midscale Europe 57.2% + 1.3 - 1.8% + 0.5% +0.1%
Economy Europe (excl. US) 65.8% + 0.8 + 1.5% + 2.7% +2.8%
Economy US (in $) 59.8% + 0.1 + 1.0% + 1.2% +1.1%
Hotel RevPAR by country
2004 First Quarter, YTD
RevPar
reported
basis RevPar
Subsidia excl.
Number ries expansion,
of Average and Subsidia
Rooms Room managed ries
(1) Occupancy Rate Rate (1) (2)
(in local currency) (in %) (chg. in (chg. in (chg. in (chg. in
pts) %) %) %)
France 82,394 63.4% + 0.6 + 0.7% + 1.7% + 2.0%
Germany 30,891 58.9% + 0.9 - 4.0% - 2.4% - 2.0%
U.K. 11,125 70.4% + 2.0 + 5.3% + 8.5% + 6.2%
The Netherlands 5,574 57.3% - 2.7 - 5.3% - 9.6% - 8.7%
Belgium 5,376 62.0% + 1.6 - 2.1% + 0.5% + 3.8%
Spain 3,926 64.7% + 3.4 - 8.1% - 3.1% + 3.1%
Italy 3,563 52.4% - 0.9 - 3.5% - 5.1% - 2.4%
Hungary 3,117 45.4% + 7.7 + 0.5% + 21.1% + 21.0%
USA (Upscale and
Midscale) 3,764 67.6% + 7.3 + 3.0% + 15.5% + 17.2%
(1) Subsidiaries (owned and leased) hotels and hotels under management
contract, in local currency
(2) Subsidiaries hotels, on same perimeter and currency basis
Source: Accor