Accor First-Half 2002 Sales Hold Steady at EUR 3,585 Million; Reported Sales Down 0.4%; Up 1.0% Excluding Currency Effect.Business Editors PARIS--(BUSINESS WIRE)--July 30, 2002 Accor (REUTERS Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. :ACCP ACCP American College of Chest Physicians ACCP American College of Clinical Pharmacy ACCP Army Correspondence Course Program ACCP Atlantic Climate Change Program ACCP Association of Caribbean Commissioners of Police ACCP Assembly of Caribbean Community Parliamentarians .PA) (BLOOMBERG Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. :ACRF ACRF ARM Climate Research Facility ACRF Acronym Creation Request Form (humor) )(SICOVAM SICOVAM Société Interprofessionelle pour la Compensation des Valeurs Mobilières :12040).
(in EUR millions) 2001 2002 % change % change (excl.
(reported) currency effect)
Hotels 2,480 2,479 0.0% + 0.1 %
Services 241 247 +2.5% + 16.1 %
Other activities 879 859 -2.3% - 0.7 %
Total 3,600 3,585 -0.4% + 1.0 %
Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: sales were down by a slight 0.4% at June June: see month. 30, 2002. Excluding the currency effect, sales were up by 1.0% for the period. The reported decline of 0.4% broke down as follows:
-- Like-for-like - 0.6%
-- Business expansion + 3.7%
-- Currency effect - 1.4%
-- Asset disposals - 2.1%
Hotels: stable Hotel sales were stable, reflecting a 3.3% gain from business expansion and a 1.8% decrease due to asset disposals. On a comparable basis, sales improved slightly in the second quarter, declining by 1.2%, as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to a 1.9% contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction in the first three months. Services: up 2.5% (16.1% excluding currency effect) Sales of Services enjoyed sustained growth, rising 16.1% at constant exchange rates. The negative 13.6% currency effect was due mainly to devaluations in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , which had almost no impact on earnings because of higher interest rates and the fact that operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. are denominated in the local currency. Other travel and tourist (jargon) tourist - A guest on the system, especially one who generally logs in over a network from a remote location for comm mode, electronic mail, games and other trivial purposes. A tourist is one step below a luser. activities: down 2.3%
-- Travel agencies - 10.5% (- 11.0% on a comparable basis)
-- Casinos + 2.0% (+ 0.7% on a comparable basis)
-- Restaurants - 2.3% (+ 3.5% on a comparable basis)
-- Onboard train services + 3.4% (+ 2.5% on a comparable basis)
Full-year outlook -- Hotels In light of business trend in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). at June 30 (revenue per
available room, or RevPAR RevPARA performance metric in the hotel industry which stands for "revenue per available room." RevPAR is typically calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate. , down 3.5% in Business and Leisure and up 2.9% in Economy), Accor is maintaining its RevPAR forecast for the second half in Business and Leisure Hotels Europe and increasing its forecast in Economy Hotels Europe. For the full year, RevPAR in Europe is expected to increase by 1.8% in the Business and Leisure segment (compared with an initial forecast of 2.4%) and 3.6% in the Economy segment (unchanged). In Economy Hotels US, the recovery has been slower than expected, with RevPAR at June 30 down 4.5%, the same decline as recorded in the first three months. For the full year, Accor is forecasting a 1.5% decrease, versus the 0.3% gain initially announced. -- Services Sales of Services at June 30 were higher than expected, which has enabled Accor to increase its full-year issue volume target to 11.5% on a comparable basis, versus the 10.2% previously forecast. With 147,000 associates in 140 countries, Accor is the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. leader and one of the world's largest groups in travel, tourism and corporate services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. , with two major international activities: -- hotels: more than 3,700 hotels (415,000 rooms) in 90 countries, casinos A list of casinos. Antigua and Barbuda
-- services to corporate clients and public institutions: each day, 13 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 is available on Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at accor.com
Consolidated Sales First quarter
------------------------------
(in EUR million) Change Change
2002/2001 2002/2001
Reported Like-for-
2001 2002 Like
Hotels 1,121 1,135 +1.3% -1.9%
Business and leisure 610 608 -0.4% -2.5%
Economy 221 237 +7.0% +4.1%
Economy U.S. 289 290 +0.2% -5.1%
Services 116 123 +6.0% +14.0%
Other activities 416 408 - 1.9% -2.4%
Travel management 124 116 -5.9% -9.8%
Casinos 71 72 +2.1% +0.8%
Restauration 115 118 +2.2% +3.8%
On-board train services 63 65 +4.4% +3.5%
Other 44 37 -16.6% -10.9%
TOTAL 1,652 1,666 +0.8% -0.9%
Consolidated Sales Second quarter
------------------------------
(in EUR million) Change Change
2002/2001 2002/2001
Reported Like-for-
2001 2002 Like
Hotels 1,359 1,344 -1.1% -1.2%
Business and leisure 727 719 -1.0% -0.9%
Economy 266 292 +9.8% +3.4%
Economy U.S. 366 332 -9.3% -5.1%
Services 126 125 -0.6% +21.5%
Other activities 463 451 -2.6% -4.3%
Travel management 142 121 -14.6% -12.0%
Casinos 75 76 +1.9% +0.6%
Restauration 123 115 -6.4% +3.2%
On-board train services 70 72 +2.5% +1.6%
Other 53 66 +25.1% -15.8%
TOTAL 1,948 1,920 -1.4% -0.4%
Consolidated Sales Half Year
------------------------------
(in EUR million) Change Change
2002/2001 2002/2001
Reported Like-for-
2001 2002 Like
Hotels 2,480 2,479 0.0% -1.5%
Business and leisure 1,336 1,327 -0.7% -1.6%
Economy 488 530 +8.5% +3.7%
Economy U.S. 655 622 -5.1% -5.1%
Services 241 247 +2.5% +17.9%
Other activities 879 859 -2.3% -3.4%
Travel management 265 237 -10.5% -11.0%
Casinos 145 148 +2.0% +0.7%
Restauration 238 233 -2.3% +3.5%
On-board train services 133 138 +3.4% +2.5%
Other 97 103 +6.1% -13.6%
TOTAL 3,600 3,585 -0.4% -0.6%
Hotel RevPAR by market segment
2002 Half Year, YTD
Occupancy Rate Average Room RevPAR
Rate
(var. (var. (var.
(in %) 02/01) 02/01) 02/01)
Business and Leisure
Europe (in FRF) 61.9% - 3.3 pt + 1.6% - 3.5%
Economy Europe (in FRF) 72.7% - 1.6 pt + 5.2% + 2.9%
Economy Lodging (in USD) 64.7% - 2.0 pt - 1.6% - 4.5%
Hotel RevPAR by country
2002 Half Year, YTD
Number Occupancy Rate Average Room RevPAR
of Rooms* (var. Rate (var. (var.
(in local currency) (in %) en pts) 02/01) 02/01)
France 82,025 69.6% - 2.2 pt + 2.2% - 0.9%
Germany 29,473 61.6% - 3.7 pt + 3.5% - 2.4%
U.K. 8,462 73.3% + 1.2 pt - 3.0% - 1.4%
The Netherlands 5,203 74.9% - 0.3 pt + 4.6% + 4.2%
Belgium 5,191 69.1% - 0.6 pt - 2.0% - 2.9%
Italy 3,152 64.9% - 4.2 pt + 3.9% - 2.3%
Hungary 3,106 55.8% - 2.2 pt - 9.5% - 12.9%
U.S.A. (Business
and Leisure) 3,193 62.7% - 4.2 pt - 9.1% - 14.8%
* subsidiaries and managed
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