Accor’s nine-month revenue down 8.2 percent

PARIS—In an economic environment that has seen no significant improvement,

• Prepaid Services revenue rose by 3.6% like-for-like despite rising unemployment and the steep decline in interest rates worldwide.
• Hotel revenue retreated by 10.7% like-for-like, with the Economy segment showing relatively good resilience, particularly in France.

Consolidated revenue for the first nine months of 2009 totaled €5,258 million, down 8.2% like for like and 8.9% on a reported basis from the prior-year period.

(1) At constant scope of consolidation and exchange rates.
(2) Impact of the retrospective application of IFRIC 13 – Customer Loyalty Programs from January 1, 2008.

Consolidated revenue performance for the period was shaped by the following factors:

• The expansion strategy, which increased revenue by €251 million (4.3%), of which €106 million from the consolidation of Orbis and €51 million from the consolidation of 49% of Groupe Lucien Barrière’s revenue since July 1, 2009.
• The refocusing strategy, which reduced revenue by 3.8% (€220 million), reflecting the disposal of the Brazilian foodservice business (€71 million), the loss of the onboard train services contract (€54 million) and the impact of a number of real estate transactions (€76 million).
• The 1.3% negative currency effect, which reduced revenue by €74 million, primarily due to the euro’s appreciation against the British pound, the Brazilian real and the Australian dollar. The euro/US dollar exchange rate had a positive 0.9% impact.
• Like-for-like, revenue was down by 8.2% for the period.

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