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Press Release: Accor
January 27, 2005
(EUR millions) 2003 2004 % change % change
(reported) (like-for-like)
Hotels 4,850 5,036 +3.8% +4.1%
Services 472 507 +7.5% +9.4%
Other businesses 1,506 1,580 +4.9% +4.7%
Total Group 6,828 7,123 +4.3% +4.6%
Accor's consolidated revenues rose 4.3% to EUR 7.1 billion in the year ended December 31, 2004. Excluding the currency
effect and changes in the scope of consolidation, the increase was 4.6%, and 5.1% in the fourth quarter alone,
reflecting generally good demand across the business base.
Hotels
Hotel revenues for the year were up 4.1% like-for-like. The 3.8% reported increase was due to a negative 2.2% dollar-related
currency effect, partially offset by newly opened hotels, which added 2.8% to growth.
For the year, like-for-like revenues in the upscale and midscale segments rose by 5.0%, led in particular by strong
performances in the United States, the United Kingdom, Eastern Europe, Asia and Latin America. However, France,
Spain and Italy have yet to show tangible signs of a sustained recovery. Economy hotel revenues were up 3.2% in
Europe and 2.6% in the United States.
Revenues in the fourth quarter improved over the third quarter. Revenues from upscale and midscale hotels increased
4.2% like-for-like for the period (including 1.6% in France and 3.0% in the rest of Europe) versus up 2.0% in the
previous quarter. Revenues in the economy segment in Europe continued their steady rise, gaining 2.5%. In the US,
economy hotels started to benefit from the recovery, with like-for-like revenues rising 4.7%.
Services
The Services business continued its steady and sustained growth. Like-for-like revenues rose 9.4% for the year,
including gains of 7.5% in Europe and 11.8% in Latin America.
On a reported basis, the full-year increase was 7.5%, mainly because of the currency effect linked to Latin American
currencies. In the fourth quarter, business activity improved by 8.3%.
Other businesses
Revenues from other businesses (travel agencies, casinos, restaurants and onboard train services) rose by 4.7%
like-for-like and 4.9% as reported for the full year. The travel agency business enjoyed sustained growth in the
fourth quarter, with like-for-like revenues increasing 14.1%.
Expansion in 2004
During the year, Accor continued to expand in Hotels with the opening of 188 new units (23,472 rooms), in Services
with the acquisition of the British company Capital Incentives, specialized in gift vouchers, and in Travel Agencies
with Carlson Wagonlit Travel's integration of the Protravel network in France and the Maritz network in the United
States.
In the on board train services, Compagnie des Wagons-Lits won the catering contract on high-speed trains in France
for 5 years.
Also this year, Accor became the core industrial shareholder of Club Mediterranee after the acquisition of a 28.9%
equity interest. The creation in the casinos of Groupe Lucien Barriere, in which Accor holds a 34.0% stake, was
completed at the end of the year.
Full-year earnings objective
With the fourth quarter's performance in line with our expectations, Accor has confirmed its full-year objective
between EUR 570 and EUR 590 million in profit before tax.
With 158,000 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:
hotels: nearly 4,000 hotels (463,427 rooms) in 90 countries, casinos, travel agencies, and restaurants;
services to corporate clients and public institutions: 14 million people in 34 countries use a broad range of services
(food vouchers, people care and services, incentive, loyalty programs, events) engineered and managed by Accor.
Further information on Accor is available on Internet at accor.com
First Quarter Second Quarter
Sales Sales Sales Sales
in EUR Thousands 2003 2004 2003 2004
Hotels
Upscale and Midscale 609,422 646,225 684,707 758,274
Economy 258,409 276,826 303,056 324,781
Economy US 230,191 202,220 257,302 246,658
Total Hotels 1,098,022 1,125,272 1,245,065 1,329,714
SERVICES 110,853 121,152 120,000 127,680
Other Businesses
Travel Management 92,699 87,714 100,165 105,662
Casinos 51,281 53,341 51,038 53,200
Restauration 99,571 109,504 108,034 113,061
On-board train services 62,679 58,669 71,645 65,049
Other 43,012 42,293 52,404 50,202
Total others businesses 349,242 351,521 383,286 387,173
Total 1,558,118 1,597,945 1,748,351 1,844,567
Third FourthQuarter
Quarter
Sales Sales Sales Sales
in EUR Thousands 2003 2004 2003 2004
Hotels
Upscale and Midscale 687,492 712,288 712,081 748,235
Economy 317,643 338,623 288,639 308,991
Economy US 289,978 269,726 211,631 203,782
Total Hotels 1,295,114 1,320,638 1,212,351 1,261,008
SERVICES 112,120 121,338 128,843 136,866
Other Businesses
Travel Management 90,840 120,090 98,691 127,839
Casinos 55,501 55,051 54,053 59,579
Restauration 98,397 103,545 113,072 123,022
On-board train services 75,378 70,080 37,069 67,502
Other 65,419 58,962 55,069 55,423
Total others businesses 385,535 407,728 387,954 433,366
Total 1,792,768 1,849,704 1,729,148 1,831,240
YTD december,31
Sales Sales
in EUR Thousands 2003 2004
Hotels
Upscale and Midscale 2,693,702 2,865,022
Economy 1,167,747 1,249,223
Economy US 989,102 922,387
Total Hotels 4,850,552 5,036,631
SERVICES 471,816 507,036
Other Businesses
Travel Management 382,396 441,305
Casinos 211,872 221,170
Restauration 419,074 449,132
On-board train services 246,771 261,300
Other 215,904 206,880
Total others businesses 1,506,017 1,579,788
Total 6,828,385 7,123,456
First Quarter Second Quarter
Change Change Change Change
2004/03 2004/03 2004/03 2004/03
reported like for reported like for
like (i) like (i)
Hotels
Upscale and Midscale 6.0% 5.0% 10.7% 9.1%
Economy 7.1% 3.9% 7.2% 3.9%
Economy US -12.2% 2.3% -4.1% 2.4%
Total Hotels 2.5% 4.2% 6.8% 6.4%
SERVICES 9.3% 10.4% 6.4% 8.6%
Other Businesses
Travel Management -5.4% -3.4% 5.5% 4.0%
Casinos 4.0% -0.5% 4.2% 1.8%
Restauration 10.0% 9.0% 4.7% 6.9%
On-board train services -6.4% 2.7% -9.2% 0.9%
Other -1.7% 5.1% -4.2% 7.6%
Total others businesses 0.7% 2.7% 1.0% 4.4%
Total 2.6% 4.3% 5.5% 6.1%
Third Quarter FourthQuarter
Change Change Change Change
2004/03 2004/03 2004/03 2004/03
reported like for reported like for
like (i) like (i)
Hotels
Upscale and Midscale 3.6% 2.0% 5.1% 4.2%
Economy 6.6% 3.0% 7.1% 2.7%
Economy US -7.0% 1.4% -3.7% 4.7%
Total Hotels 2.0% 2.1% 4.0% 3.9%
SERVICES 8.2% 10.4% 6.2% 8.3%
Other Businesses
Travel Management 32.2% 7.6% 29.5% 14.1%
Casinos -0.8% -1.3% 10.2% 2.1%
Restauration 5.2% 7.5% 8.8% 9.7%
On-board train services -7.0% 1.2% 0.6% 3.1%
Other -9.9% -1.0% 0.6% 4.9%
Total others businesses 5.8% 3.6% 11.7% 8.0%
Total 3.2% 2.9% 5.9% 5.1%
YTD december,31
Change Change
2004/03 2004/03
reported like for
like (i)
Hotels
Upscale and Midscale 6.4% 5.0%
Economy 7.0% 3.3%
Economy US -6.7% 2.6%
Total Hotels 3.8% 4.1%
SERVICES 7.5% 9.4%
Other Businesses
Travel Management 15.4% 5.7%
Casinos 4.4% 0.5%
Restauration 7.2% 8.3%
On-board train services -5.6% 1.9%
Other -4.2% 3.8%
Total others businesses 4.9% 4.7%
Total 4.3% 4.6%
(i) same perimeter and currency basis
HOTELS : RevPAR by Occupancy Average RevPAR
segment at Rate room (change in %)
December-end 2004 rate
(YTD) subsidiaries & subsidiaries
managed only
(in %) (var in (var in %) reported like-for-
pts) basis (1) like basis (2)
Upscale and
Midscale
Europe 63.3 1.1 0.2 1.9 2.4
Economy Europe
(excl. US) 72.7 0.6 2.5 3.3 2.7
Economy US (in
USD) 65.0 0.6 1.2 2.2 2.1
HOTELS : RevPAR by country Nomber of Occupancy Average room rate
at December-end 2004 (YTD) rooms (1) rate
(in local currency) (in %) (var in pts) (var in %)
France 81.873 69.1 0.4 1.1
Germany 37.780 63.5 0.5 7.8
UK 11.345 75.0 1.1 5.4
Netherlands 6.434 67.7 -0.1 -0.1
Belgium 5.487 70.0 1.4 0.2
Spain 4.517 70.0 1.6 -1.2
Italy 3.984 56.6 -1.5 -2.6
Hungary 3.348 67.5 8.1 0.4
USA (upscale and midscale) 3.765 71.1 7.8 5.1
HOTELS : RevPAR by country RevPAR (change in %)
at December-end 2004 (YTD) subsidiaries & subsidiaries only
managed
(in local currency) reported basis (1) like-for-like basis (2)
France 1.7 1.5
Germany 8.7 2.9
UK 6.9 6.7
Netherlands -0.3 -0.9
Belgium 2.2 2.1
Spain 1.1 -2.2
Italy -5.2 -2.6
Hungary 14.1 14.1
USA (upscale and midscale) 18.0 18.5
(1) subsidiaries (owned and leased) and managed hotels
(2) at comparable scope
Source: Accor