Accor: 2004 Interim Results Profit before Tax Up 25%
08 Septiembre 2004 - 3:14AM
PR Newswire (US)
Accor: 2004 Interim Results Profit before Tax Up 25% PARIS, Sept. 8
/PRNewswire-FirstCall/ -- En EUR millions 1H 2003 1H 2004 Reported
Like-for-like* change change Revenues 3,306 3,443 +4.1% +5.3%
Ebitdar 817 856 +4.8% +5.9% Ebitdar margin 24.7% 24.9% +0.2 pts
+0.2 pts Profit before tax 180 225 +25.0% +26.7% Net income (Group
share) 106 81 -23.6% Funds from operations 379 389 +2.6% * at
comparable scope of consolidation and exchange rates First-half
results Business continued to improve in first-half 2004, driving a
25% increase in profit before tax to EUR 225 million. On a
like-for-like basis, the increase was 26.7%. Net income (Group
share) totaled EUR 81 million, a decline of EUR 25 million due to
higher capital gains recorded in first-half 2003. In Hotels, the
situation was mixed depending on the country and its position in
the economic cycle. In regions that have felt the effects of the
recovery-the upscale segment in the United States (Sofitel), the
United Kingdom, Asia-Pacific, South America and certain countries
in Continental Europe - Ebitdar rose sharply on a like-for-like
basis. On the other hand, the Economy segment in the United States
and the hotels business in France saw only a modest like-for-like
increase. For the hotels business as a whole, Ebitdar margin was
unchanged at 27.9%. The Services business enjoyed continued growth
in all its markets, with an improvement in margins. Ebitdar rose by
19.3% on a like-for-like basis. Strategic progress A large number
of strategic advances were made during the first half. In Hotels,
the Accor network was extended with the opening of more than 100
units representing 13,000 rooms (of which 46% outside Europe) and
the completion of the program to co-brand Dorint hotels, now
operated under a management contract, with the Sofitel, Novotel and
Mercure chains. Accor also announced the purchase of a 28.9% stake
in Club Mediterranee and expanded its offering for weekend, getaway
and leisure customers. New acquisitions were made by Accor Services
in gift vouchers and cards in the United Kingdom (Capital
Incentives) and by Carlson Wagonlit Travel in France (Protravel)
and the United States (Maritz). In casinos, Accor is joining forces
with Groupe Lucien Barriere to create a European leader. Outlook
After the first-half growth in results, summer business was
lackluster in France and the Economy segment in the United States
has yet to benefit from the return to growth. The outlook for the
fall is more promising and the Services business is pursuing its
growth. In this context, Accor has set a full-year profit before
tax objective of EUR 570 to 590 million, versus EUR 523 million in
2003. Thanks to its unique advantages and steady, balanced
expansion that provides new sources of growth around the world,
Accor continues to look to the future with confidence. **** 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 (455,000 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 DATASOURCE: Accor CONTACT: Eliane Rouyer, Director of
Investor Relations for Accor, +33-1-45-38-86-26
Copyright