PARIS, July 20 /PRNewswire-FirstCall/ -- Accor's consolidated
revenue rose 8.4% to EUR3,690 in the first six months of 2006. At
constant scope of consolidation and exchange rates, the increase
was 6.0%. Business expansion accounted for 3.6% of growth while
asset disposals had a negative impact of 3.4%. The increase in
like-for-like revenue over the first half reflects a good
performance across all businesses and regions. The Hotels business
benefited from a solid recovery in Northern Europe (Germany,
Benelux and the United Kingdom), led by Germany. Although growth
was more moderate in Southern Europe (France, Spain and Italy),
signs of an upturn were apparent in the second quarter especially
in France. Revenue from Economy hotels in the US continued to
deliver sustained growth in the first half. The Services business
again reported excellent revenue growth. (in EUR First-half
First-half % Change % Change millions) 2005 2006 (reported)
(like-for-like*) proforma proforma Hotels 2,493 2,666 +7.0% +5.5%
Upscale and 1,390 1,462 +5.2% +5.7% Midscale Economy 655 712 +8.7%
+4.7% Economy US 448 492 +9.9% +6.0% Services 290 364 +25.6% +16.3%
Other businesses 621 660 +6.2% +3.2% Total 3,404 3,690 +8.4% +6.0%
* At constant scope of consolidation and exchange rates Note: In
accordance with IFRS, all data reported in 2005 and 2006 have been
adjusted to reflect the disposal of Carlson Wagonlit Travel (see
appendix). Hotels Growth accelerated in the second quarter compared
to the first. Adjusted for the positive impact of the soccer World
Cup and Easter vacation, revenue rose 5.6% in the second quarter
and 4.6% in the first three months of the year. Upscale and
Midscale Hotels First-half revenue in the Upscale and Midscale
segment increased 5.2% as reported and 5.7% like-for-like. In
Germany, like-for-like revenue growth came to 10.4%. Excluding the
impact of the World Cup, the increase was 7.3%, reflecting a more
favorable economic environment. Business conditions were also more
favorable in Benelux, where revenue rose 6.0% like-for-like. In the
United Kingdom, particularly strong business in London lifted
like-for-like revenue by 7.5%. Activity in France picked up speed
over the period, with like-for-like revenue up 0.9% in the first
quarter and 3.0% in the second, for a total gain of 2.1%. Economy
Hotels (outside the United States) In the Economy segment
(excluding the US), revenue rose 8.7% as reported and 4.7%
like-for-like. The World Cup fueled the 7.7% like-for-like increase
in Germany. Factoring out this event, first-half revenue was up
4.3% thanks to the good business environment. In Benelux,
like-for-like revenue growth came to 9.3%. In France, stronger
demand led to a 3.1% gain over the period, with like-for-like
revenue up 1.8% in the first quarter and 4.1% in the second.
Economy Hotels in the US Growth continued in this segment, with
revenue up 6.0% like-for-like. The upward trend tapered off
slightly at the end of the period, in an environment shaped by
higher oil prices. The positive currency effect accounted for 4.8
points of the 9.9% rise in reported revenue. Services The Services
business again turned in an excellent performance, with revenue up
25.6% as reported and 16.3% like-for-like. Product range extensions
made a significant contribution to growth. Examples include the
Ticket Emploi Service in Belgium (like-for-like revenue up 22.5%),
the Childcare voucher in the UK (up 21.1%) and the Ticket Car in
Mexico (up 21.1%). Increase of penetration rates also made a
contribution to revenue growth. For instance in Venezuela, revenue
rose 40.7% like-for-like. Business expansion accounted for 4.7% of
reported growth, mainly through four recent acquisitions: Hungastro
in Romania (meal vouchers), Delicard in Sweden (gift vouchers),
Stimula in France (gift vouchers) and Commuter Check in the United
States (transportation vouchers). The currency effect added 5.9
points to revenue growth and primarily reflected the appreciation
of the Brazilian real against the euro. Accor, European leader in
hotels and tourism, global leader in corporate services, operates
in nearly 100 countries with 160,000 employees. It offers to its
individual and corporate clients nearly 40 years of expertise in
its two core businesses: - Hotels, with the Sofitel, Novotel,
Mercure, Suitehotel, Ibis, Red Roof Inn, Etap Hotel, Formule 1 and
Motel 6 brands: over 4,000 hotels and 475,000 rooms in 90
countries, as well as strategically related activities, such as
Lenotre; - Services to corporate clients and public institutions:
21 million people in 35 countries benefit from Accor Services
products - meal and food vouchers, people care, incentive and
loyalty programs. Contacts Eliane Rouyer Senior Vice President
Investor Relations and Financial Communications Tel:
+33-(0)1-45-38-86-26 Anthony Pallier Investor Relations Tel:
+33-(0)1-45-38-86-33 For further information about Accor, visit
http://www.accor.com/ Disposal of Carlson Wagonlit Travel : IFRS
restatement Chiffre d'Affaires Consolide CA CA en millions d'Euros
Publie Proforma 1er trimestre 2005 1,676 1,562 2eme trimestre 2005
1,967 1,842 1er semestre 2005 3,643 3,404 1er trimestre 2006 1,850
1,733 2eme trimestre 2006 2,089 1,957 1er semestre 2006 3,939 3,690
H1 2005 P&L on a proforma basis following the disposal of
Carlson Wagonlit Travel In Euro million H1 2005 Reported
Adjustments from CWT H1 2005 Proforma Consolidated 3,643 (239)
3,404 Revenue EBITDAR 904 (40) 864 EBITDA 498 (29) 469 EBIT 290
(24) 266 Operating Profit 230 (24) 206 Before Tax and Non Recurring
Items Profit Before 238 (21) 217 Tax Income Tax (69) 6 (63) Expense
Profit or Loss 0 15 15 From Discontinued Operations Net Profit 169
0 169 Minority (13) 0 (13) Interests Net Profit, 156 0 156 Group
Share FY 2005 P&L on a proforma basis following the disposal of
Carlson Wagonlit Travel In Euro million FY 2005 Reported
Adjustments from CWT FY 2005 Proforma Consolidated 7,622 (486)
7,136 Revenue EBITDAR 1,986 (80) 1,906 EBITDA 1,149 (52) 1,097 EBIT
717 (36) 681 Operating 603 (34) 569 Profit Before Tax and Non
Recurring Items Profit Before 488 (29) 459 Tax Income Tax (124) 7
(117) Expense Profit or Loss 0 22 22 From Discontinued Operations
Net Profit 364 0 364 Minority (31) 0 (31) Interests Net Profit, 333
0 333 Group Share Carlson Wagonlit Travel Net Profit will be
consolidated in 2005 and 2006, below "Operating Profit Before Tax
and Non Recurring Items" under "Profit or Loss from Discontinued
Operations" Quarter 1 Quarter 2 Half Year In Euros 2005 2006 2005
2006 2005 2006 thousand proforma proforma proforma proforma
proforma proforma HOTELS Upscale and 631,473 680,442 758,144
781,295 1,389,617 1,461,737 Midscale Economy 294,400 321,437
361,011 390,876 655,411 712,313 Economy US 200,753 231,601 246,767
260,157 447,521 491,758 Total HOTELS 1,126,626 1,233,480 1,365,923
1,432,328 2,492,549 2,665,807 SERVICES 139,716 179,360 150,374
185,118 290,090 364,479 Other Businesses Casinos 76,070 76,980
75,597 80,759 151,667 157,738 Restaurants 118,125 141,609 133,275
141,505 251,400 283,114 On-board 59,638 59,343 68,842 65,572
128,479 124,915 train services Other 42,102 42,438 47,859 51,738
89,960 94,176 Total other 295,935 320,370 325,572 339,574 621,506
659,943 businesses Total 1,562,277 1,733,210 1,841,869 1,957,020
3,404,146 3,690,229 *Based on constant scope of consolidation and
exchange rates According to IFRS rules, all figures included Q1 and
Q2 released in 2005 and 2006 have been restated, excluding Carlson
Wagonlit Travel figures. Quarter 1 Quarter 2 Half Year Change
Change Change Change Change Change Reported L/L % Reported L/L %
Reported L/L % (*) % % % HOTELS Upscale and 7.8% 5.5% 3.1% 5.9%
5.2% 5.7% Midscale Economy 9.2% 3.6% 8.3% 5.6% 8.7% 4.7% Economy US
15.4% 6.6% 5.4% 5.5% 9.9% 6.0% Total HOTELS 9.5% 5.2% 4.9% 5.7%
7.0% 5.5% SERVICES 28.4% 15.9% 23.1% 16.7% 25.6% 16.3% Other
Businesses Casinos 1.2% 0.8% 6.8% 6.6% 4.0% 3.7% Restaurants 19.9%
8.9% 6.2% -2.9% 12.6% 2.7% On-board -0.5% -0.1% -4.7% -4.6% -2.8%
-2.5% train services Other 0.8% 8.5% 8.1% 14.9% 4.7% 11.9% Total
other 8.3% 4.9% 4.3% 1.6% 6.2% 3.2% businesses Total 10.9% 6.1%
6.3% 5.9% 8.4% 6.0% *Based on constant scope of consolidation and
exchange rates HOTELS : RevPAR Occupancy Rate Average room rate by
segment at June-end subsidiaries subsidiaries 2006 (YTD) (reported)
(reported) (in %) (var in (var in %) pts) Upscale and 63.2% +1,5 99
4.8% Midscale Europe Economy Europe 71.0% -0.4 52 6.2% Economy US
(in 64.7% -0.2 46 6.6% $) HOTELS : RevPAR RevPAR by segment at
subsidiaries subsidiaries subsidiaries subsidiaries June-end &
managed 2006 (YTD) (reported basis) (reported basis) (like-for-like
(reported basis(1)) basis) Upscale 62 7.3% 6.4% 7.5% and Midscale
Europe Economy 37 5.7% 4.9% 5.5% Europe Economy 30 6.3% 6.0% 6.3%
US (in $) (1) at comparable scope of currency and perimeter UPSCALE
AND MIDSCALE HOTELS Number of Occupancy Rate Average room rate
RevPAR by country at rooms subsidiaries subsidiaries June-end 2006
(YTD) (reported) (reported) (in local currency) (in %)(var in pts)
(var in %) France 30,395 61.4% 0.5 105 2.2% Germany 13,623 63.8%
5.0 79 8.6% Netherlands 3,696 64.8% 0.1 113 12.1% Belgium 2,230
66.2% 0.4 102 2.8% Spain 2,250 60.0% -2.2 99 3.6% Italy 3,023 64.3%
4.3 113 0.2% UK ( in GBP) 5,146 74.4% 2.5 79 3.5% USA (in $) 2,626
70.5% -3.8 197 16.0% (1) at comparable scope of currency and
perimeter UPSCALE AND MIDSCALE HOTELS RevPAR by country at June-end
2006 (YTD) RevPAR subsidiaries subsidiaries subsidiaries
subsidiaries & managed (reported (reported (like-for-like
(reported (in local currency basis) basis) basis(1)) basis) France
64 3.1% 2.9% 3.0% Germany 50 17.7% 15.4% 15.2% Netherlands 73 12.3%
12.3% 11.6% Belgium 67 3.4% 3.4% 6.6% Spain 59 0.0% 11.8% -0.2%
Italy 73 7.3% 7.3% 7.3% UK ( in GBP) 59 7.1% 7.4% 7.3% USA (in $)
139 10.0% 9.5% 10.7% (1) at comparable scope of currency and
perimeter ECONOMY HOTELS Number of Occupancy Rate Average room rate
RevPAR by country at rooms subsidiaries subsidiaries June-end 2006
(YTD) (reported) (reported) (in local currency) (in %) (var in pts)
(var in %) France 44,353 71.9% -1.4 45 5.4% Germany 15,259 69.3%
1.1 55 7.1% Netherlands 2,215 77.1% 6.0 73 6.3% Belgium 2,477 74.0%
0.4 64 4.9% Spain 3,623 74.3% 2.5 51 6.4% Italy 1,317 58.2% 0.3 75
1.3% UK ( in GBP) 6,632 71.4% -3.2 50 5.0% USA (in $) 107,970 64.7%
-0.2 46 6.6% (1) at comparable scope of currency and perimeter
ECONOMY HOTELS RevPAR by country at June-end 2006 (YTD) RevPAR
subsidiaries subsidiaries subsidiaries subsidiaries & managed
(reported (reported (like-for-like (reported (in local currency)
basis) basis) basis(1)) basis) France 32 3.4% 3.2% 3.4% Germany 38
8.9% 8.6% 9.1% Netherlands 57 15.3% 15.3% 15.3% Belgium 47 5.5%
5.5% 5.5% Spain 38 10.2% 9.7% 10.2% Italy 44 1.9% 5.4% 1.9% UK ( in
GBP) 36 0.5% 0.8% 0.9% USA (in $) 30 6.3% 6.0% 6.3% (1) at
comparable scope of currency and perimeter DATASOURCE: Accor
CONTACT: Contacts: Eliane Rouyer, Senior Vice President, Investor
Relations and Financial Communications, Tel: +33-(0)1-45-38-86-26.
Anthony Pallier, Investor Relations, Tel: +33-(0)1-45-38-86-33
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