Accor group has published positive results for the first semester of 2012, ended June 30. The group has also announced the strengthening of its asset-light target, with 80% of its portfolio to be managed or franchised by 2016.
In the first six months of 2012 Accor achieved revenues of €2,717 million, that is, a rise 3.6% in comparison to the same period last year. Earnings before interest and taxes (EBIT) were of €212 million, up 10.1%, and operating profit before tax and non-recurring items was up 27.4% like-for-like to €190 million. However Accor made a loss of €532 million of as a result of the handover of its M6 Motel chain to investment fund Blackstone, which represents a cost to the group of €612 million. Ignoring this, the company made a net profit of €80 million. Net debt was reduced by €283 million through the sale of 59 hotels as part of an ongoing asset management programme with the aim the reduction of adjusted net debt by €2.2 billion over the period 2011-2015.In the first six months of 2012 Accor opened 141 hotels, representing 20,700 rooms; 57% of these are located in the Asia-Pacific region, 25% in Europe, 13% in Africa and the Middle East and 5% in Latin America. 85% of the new openings are under management contracts and franchise agreements, and the company has 108,700 rooms in the pipeline for the period to 2016.The company announced a commitment to operate a room base 40% under franchise agreements, 40% under management contracts and 20% in owned or leased hotels by the end of 2016.
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