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Press Release: Accor
October 20, 2006
PARIS -- Accor's consolidated revenue rose 7.0% to EUR5,641 million in the first nine months of 2006. At constant
scope of consolidation and exchange rates, the like-for-like increase was 6.3%.
(in EUR millions) Sept. 30, 2005 Sept. 30, % Change % Change
(YTD) 2006
(reported)(like-for-like)*
(YTD)
Hotels 3,872 4,090 +5.7% +5.8%
Upscale and Midscale 2,117 2,208 +4.3% +6.3%
Economy 1,027 1,112 +8.3% +5.1%
Economy US 728 770 +5.8% +5.1%
Services 442 543 +22.7% +15.9%
Other businesses 956 1,008 +5.4% +3.8%
Total 5,270 5,641 +7.0% +6.3%
*At constant scope of consolidation and exchange rates
In the third quarter alone, revenue increased 6.8% like-for-like, outpacing the first half's 6.0% growth.
Services: The Services business posted a very solid 15.1% like-for-like increase in line with the first half's
16.3% rise, reflecting a very robust performance across all regions.
Hotels: Hotel revenue rose 6.3% like-for-like in the third quarter, compared with 5.5% in the first half, led by
a continued strong performance in Northern Europe (Germany, Benelux and the United Kingdom) and the recovery that
is underway in Southern Europe (France, Spain and Italy).
Services and Hotel expansion accounted for 2.9% of third-quarter growth. Asset disposals had a negative impact
of 4.4%, reflecting the faster pace of property disposals as part of the Group's asset management strategy.
The currency impact was a negative 0.8% in third quarter, compared with a positive 2.2% in the first half.
As a result, third-quarter revenue was up by 4.5% as reported, compared with an 8.4% increase in the first half.
Services
Revenue from the Services business rose a sharp 15.1% like-for-like in the third quarter.
Organic growth was driven by extensions of the product range. Examples include the Ticket Emploi Service in Belgium
(where like-for-like revenue continued to rise, gaining 20.1% in the third quarter), the Childcare Voucher in the
UK (up 11.4%) and the Ticket Car in Mexico (up 31.4%), a solution for controlling and managing the use and maintenance
of company cars.
Increasing the penetration rate also added to third-quarter growth. In Argentina, for example, revenue rose by
38.8% like-for-like.
The Services business pursued its external growth strategy, acquiring Serial, Italy's fourth-largest meal voucher
issuer, in the third quarter and India's Royal Images Direct Marketing and Germany's Calicado early in the fourth
quarter.
Hotels
Upscale and Midscale Hotels
Revenue growth accelerated in the upscale and midscale segment, rising 7.6% like-for-like in the third quarter,
compared with a 5.7% increase in the first half.
The highly favorable first-half trend observed in Northern Europe continued into the third quarter. In Germany,
revenue was up 14.0% like-for-like for the period, compared with 10.4% growth in the first six months of the year.
In the United Kingdom, revenue rose 12.3% like-for-like in the third quarter, versus a 7.5% increase in the first
half.
In Southern Europe, the recovery is underway. Business was lifted in the third quarter by sharp growth in Italy
(11.4% compared with 8.0% in the first half) and Spain (14.0% and 9.9%, respectively). In France, revenue increased
4.5% like-for-like in the third quarter, versus a 2.1% rise in the first half.
Economy Hotels Europe
Revenue from economy hotels in Europe rose by 5.8% like-for-like in the third quarter, outpacing the first half's
4.7%.
As in the upscale and midscale segment, the favorable trend continued in Northern Europe, with like-for-like revenue
rising 4.6% in Germany (versus 7.7% in the first half) and gaining a sharp 12.9% in the United Kingdom (0.7% in
the first half).
In Southern Europe, the business recovery was reflected in like-for-like third-quarter revenue growth in France
(3.6% versus 3.1% in the first half), Spain (13.3% versus 8.9%) and Italy (4.6% versus 4.1%).
Economy Hotels in the US
Revenue from economy hotels in the US rose by 3.7% like-for-like, compared with 6.0% growth in the first half.
This trend reflected higher oil prices and high prior-year comparatives due to additional hurricane-related business
in the last four months of 2005.
With third-quarter revenue in line with forecasts, Accor is maintaining its objective, announced when its interim
results were released, of full-year operating profit before tax and non-recurring items of EUR680-700 million,
an increase of more than 20% over 2005.
Contacts:
Armelle Volkringer
Vice President,
Corporate Communications and External Relations
Phone: +33-(0)1-45-38-84-85
Arnaud Leblin
Chief Media Relations Officer
Phone: +33-(0)1-45-38-84-85
Eliane Rouyer
Senior Vice President,
Investor Relations and Financial Communications
Phone: +33-(0)1-45-38-86-26
Anthony Pallier
Investor Relations
Phone: +33-(0)1-45-38-86-33
For further information about Accor, visit www.accor.com
Revenue
Quarter 1 Quarter 2
In Euros thousand 2005 2006 2005 2006
proforma proforma proforma proforma
HOTELS
Upscale and Midscale 631,473 680,442 758,144 781,295
Economy 294,400 321,437 361,011 390,876
Economy US 200,753 231,601 246,767 260,157
Total HOTELS 1,126,626 1,233,480 1,365,923 1,432,328
SERVICES 139,716 179,360 150,374 185,118
Other Businesses
Casinos 76,070 76,980 75,597 80,759
Restauration 118,125 141,609 133,275 141,505
On-board train services 59,638 59,343 68,842 65,572
Other 42,102 42,438 47,859 51,738
Total other businesses 295,935 320,370 325,572 339,574
Total 1,562,277 1,733,210 1,841,869 1,957,020
Revenue continued
Half Year Quarter 3 September-end (YTD)
2005 2006 2005 2006 2005 2006
proforma proforma proforma proforma proforma proforma
1,389,617 1,461,737 727,697 746,724 2,117,314 2,208,461
655,411 712,313 371,140 399,620 1,026,551 1,111,932
447,521 491,758 280,118 278,114 727,639 769,872
2,492,549 2,665,807 1,378,955 1,424,458 3,871,504 4,090,265
290,090 364,479 152,429 178,503 442,520 542,981
151,667 157,738 85,832 86,099 237,499 243,837
251,400 283,114 117,804 130,816 369,204 413,930
128,479 124,915 72,158 73,360 200,638 198,275
89,960 94,176 58,930 57,667 148,890 151,844
621,506 659,943 334,724 347,942 956,231 1,007,886
3,404,146 3,690,229 1,866,108 1,950,903 5,270,255 5,641,132
*Based on constant scope of consolidation and exchange rates
According to IFRS rules, all figures have been restated, excluding
Carlson Wagonlit Travel figures.
Revenue continued
Quarter 1 Quarter 2
Change Change Change Change
Reported % L/L % (*) Reported L/L %
% (*)
HOTELS
Upscale and Midscale 7.8% 5.5% 3.1% 5.9%
Economy 9.2% 3.6% 8.3% 5.6%
Economy US 15.4% 6.6% 5.4% 5.5%
Total HOTELS 9.5% 5.2% 4.9% 5.7%
SERVICES 28.4% 15.9% 23.1% 16.7%
Other Businesses
Casinos 1.2% 0.8% 6.8% 6.6%
Restauration 19.9% 8.9% 6.2% -2.9%
On-board train services -0.5% -0.1% -4.7% -4.6%
Other 0.8% 8.5% 8.1% 14.9%
Total other businesses 8.3% 4.9% 4.3% 1.6%
Total 10.9% 6.1% 6.3% 5.9%
Revenue continued
Half Year Quarter 3 Septembre-end (YTD
Change Change Change Change Change Change
Reported % L/L % (*) Reported % L/L % (*) Reported % L/L % (*)
5.2% 5.7% 2.6% 7.6% 4.3% 6.3%
8.7% 4.7% 7.7% 5.8% 8.3% 5.1%
9.9% 6.0% -0.7% 3.7% 5.8% 5.1%
7.0% 5.5% 3.3% 6.3% 5.7% 5.8%
25.6% 16.3% 17.1% 15.1% 22.7% 15.9%
4.0% 3.7% 0.3% 2.5% 2.7% 3.3%
12.6% 2.7% 11.0% 8.6% 12.1% 4.5%
-2.8% -2.5% 1.7% 0.2% -1.2% -1.6%
4.7% 11.9% -2.1% 6.9% 2.0% 9.9%
6.2% 3.2% 3.9% 4.9% 5.4% 3.8%
8.4% 6.0% 4.5% 6.8% 7.0% 6.3%
*Based on constant scope of consolidation and exchange rates
RevPAR by segment
HOTELS : RevPAR by segment Occupancy Rate Average room rate
at September-end 2006 (YTD) subsidiaries(reported) subsidiaries(reported)
(in %) (var in pts) (var in %)
Upscale and Midscale Europe 65.4% 2.0 98 4.8%
Economy Europe 73.5% -0.2 52 6.2%
Economy US (in $) 66.4% -0.6 47 6.4%
RevPAR by segment continued
RevPAR
subsidiaries
subsidiaries subsidiaries subsidiaries & managed
(reported basis) (reported basis) (like-for-like basis(1)(reported basis)
64 8.2% 7.5% 8.4%
38 6.0% 5.3% 5.7%
31 5.4% 5.1% 5.4%
RevPAR by country
UPSCALE AND MIDSCALE HOTELS Number Occupancy Rate
of
RevPAR by country at
September-end 2006 (YTD) rooms subsidiaries (reported)
(in local currency) (in %) (var in pts)
France 30,418 63.2% 1.2
Germany 13,619 65.7% 5.1
Netherlands 3,696 67.0% 0.5
Belgium 2,230 68.4% 1.6
Spain 2,253 62.0% -0.9
Italy 3,086 64.8% 4.0
UK ( in GBP) 5,163 76.8% 3.8
USA (in $) 2,352 71.4% -3.1
(1) at comparable scope of currency and perimeter
RevPAR by country continued
Average room rate RevPAR
subsidiaries subsidiaries subsidiaries subsidiaries subsidiaries
& managed
(reported) (reported (reported (like-for- (reported
basis) basis) like basis(1)) basis)
(var in %)
104 2.5% 66 4.5% 4.0% 4.8%
78 8.7% 51 17.9% 16.3% 15.3%
110 10.0% 74 10.9% 10.9% 10.8%
97 1.6% 67 4.0% 4.0% 7.4%
96 1.0% 59 -0.3% 13.3% -1.2%
115 1.7% 75 8.4% 8.4% 8.4%
79 4.0% 60 9.5% 9.6% 9.6%
203 18.8% 145 13.9% 10.7% 12.0%
RevPAR by country continued
ECONOMY HOTELS Number Occupancy Rate
of
RevPAR by country at
September-end 2006 (YTD) rooms subsidiaries (reported)
(in local currency) (in %)(var in pts)
France 44,295 73.9% -1.2
Germany 15,324 71.8% 0.3
Netherlands 2,215 81.0% 6.6
Belgium 2,477 75.7% 0.3
Spain 3,623 77.7% 3.6
Italy 1,340 59.5% 0.7
UK ( in £) 6,740 74.0% -1.0
USA (in $) 107,870 66.4% -0.6
(1) at comparable scope of currency and perimeter
RevPAR by country continued
Average room rate RevPAR
subsidiaries subsidiaries subsidiaries subsidiaries subsidiaries
& managed
(reported) (reported (reported (like-for (reported
basis) basis) -like basis(1)) basis)
(var in %)
45 5.3% 33 3.6% 3.5% 3.6%
54 7.0% 39 7.4% 7.4% 7.9%
74 6.0% 60 15.4% 15.4% 15.4%
62 3.9% 47 4.3% 4.3% 4.3%
52 6.1% 40 11.3% 10.7% 11.3%
73 1.2% 43 2.4% 5.3% 2.4%
50 5.2% 37 3.8% 4.9% 4.3%
47 6.4% 31 5.4% 5.1% 5.4%
Source: Accor