Louvre Hôtels: Turnover at September 30th, 2005 up 3.9% like-for-like
|
Louvre Hôtels: Turnover at September 30th, 2005 up 3.9% like-for-like
|
Category: Europe
This is a press release selected by our editorial committee and published online for free on 2005-10-28
Turnover at September 30th, 2005
In million euros (IFRS) 2004 2005 Change Change (like-for-like*)
Louvre Hôtels
of which, budget hotels
of which, luxury hotels
445.6
264.0
181.6
456.9
262.6
194.2
+ 2.5%
- 0.5%
+ 6.9% + 3.7%
+ 2.7%
+ 5.1%
Luxury goods 89.5 92.1 + 2.9% + 4.9%
Other
(real estate and financial)
7.0 3.2
NA
+ 1.2%
Total 542.2 552.1 + 1.8% + 3.9%
* On a constant structural and exchange rate basis, excluding hotel real estate development activities
Société du Louvre generated €552.1 million in consolidated turnover over the first nine months of 2005, representing an increase of 1.8% compared with the same period in 2004. On a constant structural and exchange rate basis, excluding hotel real estate development activities, turnover is up 3.9%.
At Louvre Hôtels, which groups together the Group's hotel activities, turnover is up 2.5% to €456.9 million (+3.7% like-for-like), and this growth can be broken down as follows:
In the budget sector, the Group saw its turnover fall 0.5%, primarily reflecting the significant reduction in hotel real estate development activities (€1.1 million at the end of September 2005 compared with €5.1 million for the same period in 2004) and the disposals carried out over the second half of 2004. On a constant structural and exchange rate basis, and excluding hotel real estate development activities, turnover is up 2.7%. Furthermore, the Group's main budget hotel chains have continued to see growth in their revenues per room:
Change 9 months 2005 / 9 months 2004:
Occupancy
rate
Average sales price Revenue per room
Campanile
+ 2.0pts - 0.3% + 2.8%
Première Classe + 1.2pt + 0.9% + 2.6%
Kyriad
+ 0.7pt +2.3% + 3.4%
On a constant structural basis, excluding Hôtel de la Paix the Palais de la Méditerranée casino and the hotel located in Le Mans (sold the 15th of October), the luxury hotel business posted a 5.1% rise in turnover, with this growth driven by the upturn in this activity. Revenue per room is up 7.6% while the average sales price is down 6.0% and the occupancy rate has increased 8.6 points.
For luxury goods, Baccarat’s consolidated turnover rose to €86.5 million, up 4.1% despite a relatively sluggish market and the impact of unfavorable euro-dollar exchange rates, with this growth coming out at 5.4% on a constant exchange rate basis. At Annick Goutal, turnover totaled €5.6 million. However, this figure cannot be compared with last year's on account of the change in the means of distribution in the US, which has led to a change in the way in which turnover is recorded..
Recent event:
A cash tender offer for Société du Louvre’s stocks, launched by Star GT Acquisition (subsidiary of Starwood Capital) jointly with Groupe Taittinger, finished Wednesday the 26th of October. The results of this offer should be released the 2nd of November.
DIARY:
2005 annual turnover to be published: January 26th, 2006
|
|
