Accor: Strong increase in 2010 Hotels revenue
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Accor: Strong increase in 2010 Hotels revenue
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Catégorie : Monde - Économie du secteur -
Chiffres et études
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Strong increase in 2010 Hotels revenue,
up 7.4% like-for-like
Sustained growth in the fourth quarter,
up 9.4% like-for-like
***
2010 EBIT target revised upward to around
€440 million
(versus the €400-420 million previously announced)
Consolidated revenue for 2010 totaled €5,948 million, up 8.4% on a reported basis and 7.1% like-for-like.
(in € millions)
2009 Restated
1
2010 Reported
1
% change % change
like-for-like
2
Group 5,490 5,948 +8.4% +7.1%
of which:
Upscale and Midscale 3,026 3,332 +10.1% +9.0%
Economy 1,626 1,806 +11.1% +6.8%
Economy US 534 555 +3.8% +0.7%
Hotels 5,186 5,693 +9.8% +7.4%
Hotels: 7.4% like-for-like increase in revenue for the year, with
9.4% growth in the fourth quarter alone
For the year ended December 31, 2010, Hotels revenue amounted to €5,693 million, up 9.8% on a reported
basis. The increase for the year can be analyzed as follows:
• Expansion increased revenue by €75 million, adding 1.4% to reported growth. The increase was
attributable to the opening of 214 hotels, representing 24,800 rooms, essentially through
management and franchise contracts.
• Changes in the hotel portfolio related to the ongoing deployment of the asset-right strategy
reduced revenue by €136 million and reported growth by 2.6%.
• The 3.5% positive currency effect added €183 million to revenue. It was primarily due to the
favorable change in exchange rates for the Australian dollar, Brazilian real and US dollar against
the euro.
At constant scope of consolidation and exchange rates, revenue rose by 7.4%, reflecting the upswing in
the hotel cycle during the year.
Fourth-quarter revenue in the Hotels business came to €1,448 million, up a reported 11.8% on the yearearlier period. This figure takes into account:
• The 1.1% positive impact of the Group’s expansion, which added €15 million to revenue. The
increase was led by the opening of 84 hotels, representing 9,400 rooms, during the quarter.
• The 2.6% negative impact of the asset-right strategy, which reduced revenue by €34 million.
• The 3.9% positive currency effect, which increased revenue by €50 million.
Like-for-like revenue growth for the fourth quarter stood at 9.4%. The increase reflected the ongoing
improvement in occupancy rates, while the recovery in average room rates continued in most countries.
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 and Midscale Hotels: up 9.0% like-for-like for the year, including 10.6%
growth in the fourth quarter
In 2010, revenue in the Upscale and Midscale segment rose by 10.1% as reported and 9.0% like-for-like. The
strong 10.6% like-for-like increase in the fourth quarter was in line with the 11.6% rise in the third quarter. The
upturn in business noted at September 30 in the major markets (France, Germany and the United Kingdom)
extended to most European countries, with occupancy rates continuing to improve and average room rates
also increasing, except in Spain and Italy.
In France, like-for-like revenue was up 8.7% for the year and 9.9% in the fourth quarter. The Upscale and
Midscale segment continued to benefit from improved occupancy rates, which rose 4.0 points in the fourth
quarter, while average room rates increased by a significant 4.9% in the last three months of the year. The
increase extended across all categories within the segment. The rise in RevPAR was especially strong in
Paris, which benefited from the combined improvement in occupancy rates and average room rates.
In Germany, like-for-like revenue rose by 14.2%, lifted by the solid recovery in economic activity and a more
favorable trade events calendar. Revenue rose by 12.8% in the fourth quarter, led by increases in occupancy
rates and average room rates net of VAT.
In the United Kingdom, like-for-like revenue growth was 4.7% for the year and 2.8% for the fourth quarter
alone, because of less favorable prior-year comparatives. London again turned in a solid performance while
hotels in other parts of the country were boosted by a business recovery in the last quarter.
As in the previous quarters, Upscale and Midscale hotels in emerging markets continued to enjoy doubledigit revenue growth. For the year, revenue increased by 18.1% in Latin America (including 15.7% in the fourth
quarter) and by 15.5% in the Asia-Pacific region (16.3% in the fourth quarter).
Economy Hotels excluding the US: up 6.8% for the year and 7.7% in the fourth
quarter, like-for-like
In Economy Hotels, revenue for the year was up 11.1% as reported and 6.8% like-for-like. The segment’s
fourth-quarter performance was solid, as revenue increased 7.7% like-for-like. In most European countries,
occupancy rates continued to rise while average room rates are now stabilizing.
In France, revenue expanded 4.4% like-for-like for the year, with 5.9% growth in the fourth quarter. All of the
brands benefited from the upturn in the hotel cycle, especially in Paris where RevPAR increased by 9.0% in
the fourth quarter. Average room rates began to improve gradually, especially for Ibis and Etap Hotel.
Thanks to the overall economic recovery, Economy Hotels in Germany turned in a very good performance,
with revenue up 13.4% like-for-like for the year, including an increase of 15.7% in the fourth quarter. Demand
in major cities like Cologne, Munich and Frankfurt helped to drive an increase in occupancy rates while
average room rates net of VAT continued to improve.
In the United Kingdom, like-for-like revenue in the Economy segment was up 6.2% for the year and 7.3% in
the fourth quarter. Deployment of the revenue management strategy had a positive impact on indicators.
Occupancy rates were up 5.7 points. As in the Upscale and Midscale segment, hotels in London performed
well, posting improvements in both occupancy rates and average room rates.
Like-for-like revenue growth in emerging markets was especially robust in 2010, with increases of 13.2% in
Latin America (including 10.7% in the fourth quarter) and 11.9% in the Asia-Pacific region (13.5% in the fourth
quarter).
Economy Hotels in the United States: up 0.7% like-for-like, with 7.2% growth in the
fourth quarter
Revenue from the US Economy Hotels segment was up 3.8% for the year as reported. Like-for-like revenue
growth stood at 0.7% with a strong 7.2% increase in the fourth quarter, following a 3.9% decline in the first half
and a 4.9% rise in the third quarter. The increase was due essentially to the improvement in occupancy
rates (up 4.5 points in the fourth quarter). The brand benefited from strong momentum in 2010. For the year,
58 hotels were opened under franchise contracts, of which 23 in the fourth quarter.
Conclusion: EBIT target revised upwards
Thanks to the favorable trend in the hotel cycle, consolidated revenue enjoyed sustained growth that
accelerated in the second half. The recovery that began in the Group’s main markets (France, Germany and
the United Kingdom) gradually extended to most European countries. Occupancy rates again improved while
average room rates continued to rise in the fourth quarter. The business was also lifted by a strong rebound in
emerging markets, which posted double-digit revenue increases.
In light of the fourth quarter’s very solid revenue performance, particularly in key European capitals, and a
more favorable currency effect, full-year EBIT should come to around €440 million (compared with
€236 million in 2009), versus the €400-420 million target announced in late October.
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