Accor : Third-quarter 2010 Revenue
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Accor : Third-quarter 2010 Revenue
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Catégorie : Monde - Économie du secteur
- Chiffres et études
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Accelerated growth in Hotels revenue in the third quarter,
up 9.8% like-for-like
Strong growth in Hotels revenue over the first nine months,
up 6.8% like-for-like
2010 EBIT target revised upwards to
between €400 and €420 million
(versus the €370-390 million announced on August 26, 2010)
Consolidated revenue for the first nine months of 2010 totaled €4,429 million, up 7.4% on a reported basis and
6.3% like-for-like compared with the prior-year period.
(in € millions)
2009 (9 months)
Restated
2010 (9 months)
Reported
% change % change
as reported like-for-like1
Group 4,124 4,429 +7.4% +6.3%
Of which:
Upscale & Midscale 2,248 2,462 +9.5% +8.4%
Economy 1,216 1,351 +11.1% +6.4%
Economy US 427 432 +1.1% -0.9%
Hotels 3,891 4,245 +9.1% +6.8%
The figures for the nine-months ended September 30 have been restated to exclude the following
discontinued operations:
- Prepaid Services, following the demerger from Accor (Edenred shares began trading on the stock
exchange on July 2, 2010).
- The Compagnie des Wagons-Lits onboard rail catering business, following the disposal of the
company on July 7, 2010.
Groupe Lucien Barrière has been reclassified in “Assets held for sale” and its revenue has therefore been
deducted from Accor’s revenue for both of the years presented.
Note: Consolidated revenue (including the Prepaid Services business that was demerged from Accor on July 2, 2010) is presented in the
appendix on page 6 together with a reconciliation between the reported and restated revenue figures.
Hotels revenue up 6.8% like-for-like in the first nine months,
including 9.8% growth in the third quarter
Hotels revenue for the first nine months amounted to €4,245 million, up 9.1% on a reported basis compared
to the prior-year period. The net increase for the period can be analyzed as follows:
· Expansion added €61 million to revenue and 1.6% to reported growth. The increase was
attributable to the opening of 130 hotels representing a total of 15,400 rooms during the first nine
months of the year.
· The asset-right strategy reduced revenue by an aggregate €102 million or 2.6%.
· The currency effect was a positive €133 million or 3.3%, mainly due to the favorable change in
exchange rates for the Australian dollar, Brazilian real and US dollar against the euro.
· Underlying revenue (at constant scope of consolidation and exchange rates) was up 6.8%
in the first nine months, reflecting the recovery of activity in Europe.
Revenue for the third quarter alone totaled €1,522 million, an increase of 12.2% as reported over the yearearlier
period. This figure takes into account:
· The 1.5% positive impact of the Group’s expansion, with the opening of 37 hotels (4,500 rooms)
during the period adding €21 million to revenue.
· The 3.4% negative impact of the asset-right strategy, which reduced third-quarter revenue by €47
million.
· The 4.3% positive currency effect, which increased revenue by €58 million.
· Like-for-like revenue growth of 9.8% for the quarter, reflecting the continued improvement in
occupancy rates while average room rates began to rise, particularly in the Upscale & Midscale
segment.
Note: Since January 1, 2010, the hospitality industry has been affected by several changes in VAT legislation.
In Germany, the VAT rate on lodging accommodations was reduced to 7% from 19%, while in the United
Kingdom, the general VAT rate was increased by 2.5 points to 17.5% from 15%. This has had an impact on
RevPAR figures, which include VAT, but not on revenue which is stated net of VAT.
Upscale & Midscale Hotels: up 8.4% like-for-like in the first nine months, including
11.6% growth in the third quarter
Revenue in the Upscale & Midscale segment for the first nine months of 2010 rose by 9.5% as reported and
8.4% like-for-like, including 6.7% growth in the first half and 11.6% in the third quarter. The positive trend
observed in the first half accelerated in the third quarter, led by the Upscale segment (Sofitel, Pullman).
Moreover, in the main European markets (United Kingdom, Germany and France), average room rates
improved, while occupancy rates continued to rise.
In France, revenue for the first nine months rose 8.3% like-for-like, reflecting increases of 6.8% in the first half
and 11.0% in the third quarter. The Upscale & Midscale segment continued to benefit from improved
occupancy rates, up 5.9 points in the third quarter, while average room rates increased for the first time
since the beginning of the year, rising 3.6% over the quarter. Growth in these indicators was mainly
attributable to the large number of conferences and conventions organized during the period.
The Upscale segment (Sofitel and Pullman) turned in an excellent third quarter performance in terms of both
occupancy rates, up 7.9 points, and average room rates, up 4.5%.
In Germany, like-for-like revenue climbed 14.8% in the first nine months of the year, with the recovery in
economic activity lifting the growth rate to 21.5% in the third quarter from 11.6% in the first half. Business was
also buoyed by a much busier trade fairs and events calendar than in 2009.
In the United Kingdom, nine-month revenue was up 5.4% like-for-like, reflecting growth of 4.8% in the first
half and 6.5% in the third quarter. Average room rates increased over the quarter, particularly in London, while
occupancy rates continued to rise steadily.
Third-quarter revenue growth was also led by strong advances in emerging markets, with gains of 21.7% in
Latin America (versus 17.7% in the first half) and 17.9% in the Asia-Pacific region (versus 13.5% in the first
half).
Economy Hotels excluding the US: up 6.4% like-for-like in the first nine months,
including 8.2% growth in the third quarter
In the Economy Hotels segment, revenue for the first nine months was up 11.1% as reported and 6.4% likefor-
like, reflecting increases of 5.5% in the first half and 8.2% in the third quarter.
Revenue growth was led primarily by improved occupancy rates to nearly 75% in Europe. Average prices
stabilized particularly in France and in the United Kingdom, or rose, notably in Germany.
In France, revenue expanded 3.9% like-for-like over the first nine months, with third quarter growth of 4.1% in
line with the first half increase of 3.7%. All of the brands benefited from the upturn in the hotel cycle,
particularly in the third quarter with RevPAR increases of 7.3% and 2.3% respectively in Paris and the regions.
Thanks to the overall economic recovery, Economy hotels in Germany turned in a very good performance,
with revenue for the period up 12.6% (including increases of 10.5% in the first half and 16.2% in the third
quarter).
In the United Kingdom, revenue growth was 5.8% like-for-like in the first nine months, supported by gains of
5.5% in the first half and 6.2% in the third quarter. The robust third quarter performance was primarily
attributable to higher average occupancy rates, led by a 10.5-point gain in London.
Emerging markets delivered very strong like-for-like performances, with revenues increasing 15.3% in Latin
America and 13.7% in the Asia-Pacific region in the third quarter (after rising 13.5% and 9.9% respectively in
the first half).
Economy Hotels in the United States: down 0.9% like-for-like, with 4.9% growth in the
third quarter
Revenue from the US Economy Hotels segment for the first nine months was up 1.1% as reported and down
0.9% like-for-like, with 4.9% growth in the third quarter versus a 3.9% decline in the first half. The turnaround
was mainly attributable to improved occupancy rates. In an economic environment still weakened by the
recession, Motel 6 gained additional market share in United States where it reported RevPAR up 5.3% like-forlike
in the third quarter, the first increase since the fourth quarter of 2007.
Outlook: upgraded EBIT target
In most countries, particularly in Europe, the recovery that began in the first half of 2010 gained
momentum in the third quarter with higher average room rates in the Upscale & Midscale segment
Continuing the pattern established in the first two quarters, the Upscale & Midscale segment outperformed the
Economy segment excluding the United States, which had demonstrated greater resilience during the
recession.
In light of the ongoing dynamic growth across all hotel segments, the Group has upgraded its 2010 EBIT
target to between €400 and €420 million from the target of between €370 and €390 million announced on
August 26, 2010 (compared with €236 million in 2009).
Quarterly Report
Withdrawal of Accor’s offer to sell its 49% stake in Groupe Lucien Barrière.
The initial public offering of Groupe Lucien Barrière, which valued the company at €575 million to €700
million based on an issue price of €16.10 to €19.60 per share, didn’t receive the expected interest from
investors. In view of these market conditions, Accor withdrew its offer to sell its 49% stake in the company,
considering that the sale was not in its shareholders’ interests.
In line with its strategy of refocusing on its core hotel operator business, Accor has confirmed its intention to
divest this non-strategic asset at a later date.
Following the withdrawal of the offer, Accor’s credit ratings were reviewed by Fitch and Standard & Poor’s.
Fitch affirmed its BBB- rating and changed the outlook from stable to negative, while Standard & Poor's
affirmed its BBB- rating and placed Accor on CreditWatch negative.
Expansion
During the first nine months of the year, 130 hotels were opened representing 15,400 new rooms of which
over 80% are operated under management or franchise contracts.
In all, the Group plans to open 200 new hotels in 2010 for a total of some 25,000 rooms.
Faster implementation of the asset disposal program in 2010
Accor has announced a major real estate transaction in Europe, involving the sale and variable leaseback of
48 hotels in France, Belgium and Germany for €367 million.
The transaction will be carried out with a consortium of two investors – Predica (for 80%) and Foncière des
Murs, an Accor real estate partner since 2005, (for 20%) – and will be completed before the end of the year.
The hotels will continue to be operated by the Group through a 12-year variable lease without any
guaranteed minimum1. The lease will be renewable six times at Accor’s option, for a total of 84 years.
The cash impact will amount to €282 million, allowing Accor to reduce its adjusted net debt by the same
amount in 2010. In addition, around €3 million a year will be added to operating profit before tax.
1 Except during the first two years (2011 and 2012, when the minimum will be €23 million), to support the ramp-up of recently opened
hotels.
This transaction confirms Accor’s ability to continue to actively manage its assets and will allow the Group to
sharpen its focus on its core hotel operator business. It represents the latest phase in a multi-year program of
hotel asset disposals designed to reduce the Group’s adjusted net debt by €2 billion over the 2010-2013
period. The program is expected to have an impact of between €600 million and €650 million on adjusted
net debt in 2010.
Upcoming events
- January 19, 2011: Fourth-quarter 2010 revenue
Accor Revenue (including Assets held for sales)
on September 30, 2010
in € thousand
2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
Up & Midscale 686 717 785 878 1 472 1 595 776 867 2 248 2 462
Economy 359 385 422 476 781 861 435 490 1 216 1 351
Economy US 137 118 144 149 281 267 146 165 427 432
HOTELS 1 182 1 219 1 351 1 503 2 534 2 723 1 357 1 522 3 891 4 245
Casinos 83 129 81 126 164 255 138 139 302 394
Lenôtre 22 24 28 29 50 52 20 21 70 73
On-board train services 67 35 57 32 124 66 65 11 189 77
Holdings & Other pro forma (*) 41 32 54 33 95 65 57 33 152 98
Other businesses 213 219 219 219 432 439 280 204 712 642
PREPAID SERVICES Proforma (*) 221 227 223 234 444 461 212 - 656 461
Total Groupe before demerger 1 616 1 666 1 794 1 957 3 410 3 622 1 848 1 726 5 259 5 348
Prepaid Services demerger (1) (221) (227) (223) (234) (444) (461) (212) - (656) -
Casinos (2) (79) (125) (77) (122) (156) (247) (133) (134) (289) (380)
On-board train services (3) (67) (35) (57) (32) (124) (66) (65) (11) (189) (77)
Total restatements (367) (386) (357) (387) (724) (774) (410) (145) (1 134) (457)
Up & Midscale 686 717 785 878 1 472 1 595 776 867 2 248 2 462
Economy 359 385 422 476 781 861 435 490 1 216 1 351
Economy US 137 118 144 149 281 267 146 165 427 432
HOTELS 1 182 1 219 1 351 1 503 2 534 2 723 1 357 1 522 3 891 4 245
Lenôtre 22 24 28 29 50 52 20 21 70 73
Holdings & Other 45 36 57 37 102 74 61 37 163 111
Other businesses 67 60 85 66 152 126 81 58 233 184
Total Group 1 250 1 279 1 436 1 569 2 686 2 849 1 438 1 580 4 124 4 429
in %
Δ restated Δ L/L (4) Δ restated Δ L/L (4) Δ restated Δ L/L (4) Δ restated Δ L/L (4) Δ restated Δ L/L (4)
Up & Midscale 4,4% 2,8% 11,9% 10,1% 8,3% 6,7% 11,7% 11,6% 9,5% 8,4%
Economy 7,2% 2,7% 12,8% 7,6% 10,3% 5,5% 12,6% 8,2% 11,1% 6,4%
Economy US -14,0% -7,5% 3,5% -0,5% -5,0% -3,9% 13,0% 4,9% 1,1% -0,9%
HOTELS 3,1% 1,6% 11,3% 8,2% 7,5% 5,1% 12,2% 9,8% 9,1% 6,8%
Lenôtre 6,5% 7,4% 3,0% 2,7% 4,5% 4,8% 5,6% 4,5% 4,8% 4,7%
Holdings & Other -18,9% -6,9% -35,0% -5,5% -27,9% -6,1% -38,5% 1,8% -31,9% -3,2%
Other businesses -10,5% -2,2% -22,6% -2,8% -17,2% -2,5% -27,8% 2,5% -20,9% -0,8%
Total Group 2,4% 1,4% 9,2% 7,5% 6,1% 4,7% 9,9% 9,4% 7,4% 6,3%
(1) Edenred, the former Prepaid Services business, released its first-half revenue figures on July 19, 2010. The business has not been
consolidated since July 2, 2010, when Edenred shares began publicly trading.
(2) Groupe Lucien Barrière was reclassified as “assets held for sale” due to Accor's intention to divest this non-strategic asset in the future.
(3) Compagnie des Wagons-Lits’ onboard foodservices business was reclassified as “assets held for sale” after it was sold on July 7, 2010.
Quarter 3
(4) At constant scope of consolidation and exchange rates.
*Reclassification in Holding Companies and Other of the SNCF train crew housing business, previously recognized in Prepaid Services.
Year-to-Date RevPAR by segment incl. VAT
HOTELS : RevPAR by segment
T3 YTD Subsidiaries Subsidiaries &
(in %)
(chg in pts
reported)
(chg in pts L/L
(1))
(chg in %
reported)
(chg in % L/L
(1))
(chg in %
reported)
(like-for-like(1)) (reported)
Upscale and Midscale Europe (in €) 63,7% +4,7 +4,6 97 0,9% -0,5% 62 8,9% 7,4% 9,1%
Economy Europe (in €) 69,0% +2,7 +2,8 57 0,6% -1,0% 40 4,8% 3,2% 4,9%
Economy US (in $) 62,2% +2,3 +2,2 42 -3,9% -4,5% 26 -0,2% -1,0% -0,2%
(1) at comparable scope of consolidation and exchange rates.
RevPAR
Subsidiaries Subsidiaries Subsidiaries
Occupancy Rate Average room rate
Third Quarter RevPAR by segment incl. VAT
HOTELS : RevPAR by segment
T3 Subsidiaries Subsidiaries &
(in %)
(chg in pts
reported)
(chg in pts L/L
(1))
(chg in %
reported)
(chg in % L/L
(1))
(chg in %
reported)
(like-for-like(1)) (reported)
Upscale and Midscale Europe (in €) 69,9% +6,0 +5,9 96 3,8% 2,5% 67 13,5% 12,1% 13,6%
Economy Europe (in €) 74,8% +4,5 +4,5 57 1,3% -0,5% 43 7,8% 5,9% 8,3%
Economy US (in $) 67,0% +4,8 +4,7 44 -2,2% -2,2% 29 5,4% 5,3% 5,4%
(1) at comparable scope of consolidation and exchange rates.
Year-to-date RevPAR by country incl. VAT
UPSCALE AND MIDSCALE HOTELS Nb of
RevPAR by country T3 YTD rooms Subsidiaries Subsidiaries &
managed
(in local currency)
(in %)
(chg in pts
reported)
(chg in pts L/L
(1))
(chg in %
reported)
(chg in % L/L
(1))
(chg in %
reported)
(like-for-like(1)) (reported)
France 28 094 65,0% +4,5 +4,6 115 1,4% 0,4% 75 9,0% 8,1% 9,0%
Germany 19 666 64,2% +5,6 +5,8 88 -1,6% -1,3% 56 7,9% 8,5% 7,9%
Netherlands 3 475 66,6% +5,6 +4,6 95 2,0% -1,9% 63 11,4% 5,9% 16,0%
Belgium 1 802 72,7% +8,6 +8,6 99 -2,3% -2,3% 72 10,8% 10,8% 11,5%
Spain 2 649 58,5% +5,9 +4,9 79 -3,3% -4,9% 46 7,6% 4,1% 12,0%
Italy 3 872 61,5% +4,8 +5,3 101 -4,4% -4,3% 62 3,6% 4,6% 1,8%
UK ( in £) 5 641 77,6% +2,3 +3,0 91 9,5% 10,1% 70 12,9% 14,5% 12,3%
(1) at comparable scope of consolidation and exchange rates.
ECONOMY HOTELS Nb of
RevPAR by country T3 YTD rooms Subsidiaries
Subsidiaries &
managed
(in local currency) (in %)
(chg in pts
reported)
(chg in pts L/L
(1))
(chg in %
reported)
(chg in % L/L
(1))
(chg in %
reported)
(like-for-like(1)) (reported)
France 40 885 70,5% +2,2 +2,1 54 0,5% 0,0% 38 3,8% 3,1% 3,8%
Germany 15 014 68,1% +3,6 +3,5 58 -1,9% -2,5% 40 3,5% 2,8% 3,2%
Netherlands 2 414 73,5% +6,9 +7,5 77 -3,3% -2,4% 57 6,7% 8,6% 6,7%
Belgium 2 579 72,6% +3,4 +4,0 68 1,9% 0,4% 49 6,8% 6,3% 6,8%
Spain 4 853 56,1% -1,0 -1,2 53 -1,3% -2,3% 30 -3,1% -4,4% -3,1%
Italy 1 552 65,0% +7,8 +7,8 66 -5,4% -5,4% 43 7,5% 7,5% 7,5%
UK ( in £) 8 984 72,3% +4,5 +4,4 54 2,4% 0,9% 39 9,2% 7,4% 9,2%
USA (in $) 74 753 62,2% +2,3 +2,2 42 -3,9% -4,5% 26 -0,2% -1,0% -0,2%
(1) at comparable scope of consolidation and exchange rates.
Third Quarter RevPAR by country incl. VAT
UPSCALE AND MIDSCALE HOTELS Nb of
RevPar by country T3 rooms Subsidiaries Subsidiaries &
managed
(in local currency)
(in %)
(chg in pts
reported)
(chg in pts L/L
(1))
(chg in %
reported)
(chg in % L/L
(1))
(chg in %
reported)
(like-for-like(1)) (reported)
France 28 094 70,9% +6,0 +5,9 114 4,5% 3,6% 81 14,3% 13,1% 13,5%
Germany 19 666 68,4% +8,0 +8,1 88 1,8% 1,8% 60 15,2% 15,3% 15,2%
Netherlands 3 475 73,9% +8,8 +8,0 90 4,8% 0,5% 67 19,0% 13,5% 26,8%
Belgium 1 802 77,8% +11,1 +11,1 91 -0,8% -0,8% 71 15,7% 15,7% 15,4%
Spain 2 649 65,9% +6,3 +4,3 75 0,1% -3,5% 49 10,7% 3,4% 6,0%
Italy 3 872 67,3% +5,5 +7,1 105 -3,9% -3,6% 71 4,6% 7,5% 5,5%
UK ( in £) 5 641 82,4% +1,4 +2,2 90 12,6% 13,2% 74 14,6% 16,2% 14,8%
(1) at comparable scope of consolidation and exchange rates.
ECONOMY HOTELS Nb of
RevPar by country T3 rooms Subsidiaries
Subsidiaries &
managed
(in local currency) (in %)
(chg in pts
reported)
(chg in pts L/L
(1))
(chg in %
reported)
(chg in % L/L
(1))
(chg in %
reported)
(like-for-like(1)) (reported)
France 40 885 74,7% +3,7 +3,6 53 -0,4% -0,8% 39 4,8% 4,3% 4,9%
Germany 15 014 75,0% +4,6 +4,5 58 0,7% 0,0% 44 7,2% 6,4% 6,8%
Netherlands 2 414 82,1% +13,3 +13,3 78 -1,3% -1,3% 64 17,9% 17,9% 17,9%
Belgium 2 579 76,7% +2,1 +2,5 64 3,3% 3,1% 49 6,2% 6,7% 6,2%
Spain 4 853 62,0% +1,7 +1,5 53 -1,2% -1,5% 33 1,6% 1,0% 1,6%
Italy 1 552 70,5% +8,4 +8,4 63 -3,4% -3,4% 44 9,7% 9,7% 9,7%
UK ( in £) 8 984 77,8% +6,4 +6,3 54 2,2% 0,4% 42 11,4% 9,2% 11,2%
USA (in $) 74
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