Accor Hospitality: 2009 First-Half Results

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Accor Hospitality: 2009 First-Half Results
	Accor Hospitality: 2009 First-Half Results
Category: Worldwide - Industry economy - Figures / Studies This is a press release selected by our editorial committee and published online for free on 2009-08-27 Prepaid Services: firm resistance of revenue (up 5.7% like-for-like1) and margin (up 0.4 points like-for-like)  Hotels:  Economy hotels outside the US: resilient revenue (down 7.3% like-for-like) and margin (down 2.3 points like-for-like), led by a solid performance in France  Upscale and Midscale Hotels and Economy Hotels in the United States: two segments severely impacted by the crisis  Operating profit before tax and non-recurring items: €182 million (down 44.5% likefor- like)  Robust balance sheet: Funds from operations/adjusted net debt ratio of 21.5%  Cost-cutting plans already 50% completed in the first half: owned/leased hotels operating costs reduced by €72 million and support costs by €37 million Operating costs reduction plan in the owned/leased hotels raised to €150 million from €120 million  Full-year target for operating profit before tax and non-recurring items: €400 million to €450 million  Given the depth and speed of the changes ahead, the transformation and development of the two core businesses will be stepped up. As part of this process, the Board of Directors has approved Chairman and CEO Gilles Pélisson’s recommendation to conduct a review of the potential benefits of demerging the two businesses into two independent companies, each with their own strategy and resources for growth.