PARIS, Jan. 29, 2002 (PRIMEZONE) -- Accor (Paris Stock Exchange:AC)
(in EUR million) 2000 2001 Change Hotels 4,738 5,052 +6.6% Services 437 498 +14.0% Other activities 1,832 1,740 -5.1% Total Group 7,007 7,290 +4.0%
Consolidated sales rose 4% to E 7,290 million in 2001. Excluding asset disposals and the currency effect, sales increased by 8.3% during the year.
Reported growth of 4.0% broke down as follows:
Like-for-like +2.5%
Business expansion +5.8%
Currency effect - 0.7%
Asset disposals - 3.5%
Hotels: +6.6%
Hotel sales grew by 6.6%, reflecting a 0.8% increase in existing units and a 7.1% gain from business expansion.
Services: +14%
Services continued to enjoy strong growth, as sales rose 14% despite the negative currency effect (mainly the Brazilian real). On a comparable basis, sales were up 18.4%.
Other activities: - 5.1% (up 3.1% on a comparable basis)
Travel agencies - 5.9% (- 6.6% on a comparable basis)
Casinos + 24.6% (+9.8% on a comparable basis)
Restaurants - 13.1% (+7.5% on a comparable basis)
Onboard train services - 16.4% (+6.7% on a comparable basis)
Fourth quarter 2001
In the aftermath of September 11, the fourth quarter figures were in line with Accor's expectations. The economy hotel segment held up very well in Europe, with comparable sales rising 3.9%, while in the US, economy hotel sales dropped by 7.1% still outperforming its competitive set. Mid- and upscale hotels lost 4.0% overall from the year-earlier period. The negative impact was more noticeable for Sofitel in the US, as the European business was supported by results from Novotel and Mercure and firm demand in the French and the UK provinces. Services turned in a remarkable performance in the fourth quarter, with revenues up 18.9% in Europe and 18.3% in Latin America.
2001 earnings outlook
In light of the reported data at December 31, 2001, Accor confirms its September 18 forecast that 2001 profit before tax and earnings per share will be close to those realized in 2000.
With 145,000 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: 3,700 hotels (415,000 rooms) in 90 countries, casinos, travel agencies, and restaurants;
- services to corporate clients and public institutions: each day, 12 million people in 31 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 are available on Internet at www.accor.com/finance
Consolidated Sales First Quarter
(in EUR million) 2000 2001 Variation Variation
01/00 01/00
published Like-for-Like
Hotels 983 1,122 +14.1% +5.5%
Business and leisure 529 611 +15.6% +6.6%
Economy 194 221 +14.2% +6.5%
Economy U.S. 260 289 +11.0% +2.4%
Services 98 116 +18.7% +17.4%
Other activities 415 415 0.0% +6.5%
Travel management 120 124 +3.1% +0.7%
Casinos 55 71 +28.8% +11.1%
Restauration 126 115 -8.9% +8.1%
On-board train services 74 63 -15.5% +8.1%
Other 40 43 +8.2% +9.4%
TOTAL 1,496 1,652 +10.5% +6.5%
Consolidated Sales Second Quarter
(in EUR million) 2000 2001 Variation Variation
01/00 01/00
published Like-for-Like
Hotels 1,246 1,361 +9.2% +1.8%
Business and leisure 669 729 +8.9% +2.4%
Economy 241 266 +10.4% +2.7%
Economy U.S. 336 366 +8.9% -0.1%
Services 108 126 +16.3% +18.4%
Other activities 466 462 -1.0% +8.0%
Travel management 138 142 +2.5% -0.2%
Casinos 57 75 +30.3% +13.5%
Restauration 135 123 -8.7% +14.7%
On-board train services 87 70 -18.7% +7.3%
Other 49 51 +5.2% +7.3%
TOTAL 1,820 1,948 +7.0% +4.4%
Consolidated Sales Third Quarter
(in EUR million) 2000 2001 Variation Variation
01/00 01/00
published Like-for-Like
Hotels 1,288 1,349 +4.7% 0.0%
Business and leisure 650 683 +5.0% 0.0%
Economy 253 281 +11.0% +5.9%
Economy U.S. 385 385 -0.1% -3.8%
Services 105 123 +17.7% +21.8%
Other activities 448 425 -5.1% +1.8%
Travel management 132 115 -13.3% -13.0%
Casinos 60 76 +27.1% +11.4%
Restauration 126 108 -14.5% +7.2%
On-board train services 80 75 -5.2% +8.3%
Other 50 51 +1.7% +5.4%
TOTAL 1,841 1,897 +3.0% +1.7%
The entire earnings release, including the rest of the financial tables ca be found at http://www.prline.com/affiche.asp?Doc_id=130632