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Accor’s operating results are higher than expected in 2013

The hotel group published results that are up by 2.7% like-for-like for 2013 and expects to achieve operating profits around 530 million euros across the year.

Accor closed the year 2013 with turnover higher than 5.54 billion euros, up 2.7% on a constant basis over the previous year. This growth may be attributed to the strong rise in revenue from management and franchise fees, up 14.7% on the period, as well as from owned and leased properties that are up 1.5%.

This expansion also contributed to the increase in turnover that rose by 130 million euros (or +2.3%). On the entire year 2013, Accor opened 170 new hotels for 22,637 new rooms, 85% of which are under management and franchise agreements. 41% of the new openings are in Europe, 37% Asia Pacific, 13% Latin America and 9% in Africa - Middle East. In all, emerging countries account for 59% of the group's development. Today, Accor has a portfolio of 461,719 rooms, 59% of which are management and franchise contracts, and close to 140,000 that are in its pipeline.

According to Sophie Stabile, financial director of Accor, business has improved during the year with, in particular, strong growth in turnover for the fourth quarter on a constant basis. Turnover is thus 1.4 billion euros, up by 3.4% over the previous year. Upscale and midscale hotels are up by 3.3% thanks to strong performance on all the key markets, in particular in the United Kingdom and Germany. France, meanwhile, benefits from the increased strength of the brand MGallery and the reopening of emblematic hotels under the Pullman banner in Paris. The economy segment also shows revenue up by 4.1% based on constant data that was stimulated by the new management policies of distribution channels implemented in the second semester 2013. All European countries contributed to this growth, particularly in the United Kingdom and Southern Europe, which continues to improve.

In this context, the hotel group raised its full year EBIT target for 2013 to around 530 million euros, at the upper limit of the range previously forecasted that was between 510 million and 530 million euros. Accor remains cautious about 2014, due to its low visibility on the market, and expects trends similar to 2013.
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