Accor reports 2009 First-Half Results

 Prepaid Services: firm resistance of revenue (up 5.7% like-for-like1) and margin (up
0.4 points like-for-like)
 Hotels:
 Economy hotels outside the US: resilient revenue (down 7.3% like-for-like) and
margin (down 2.3 points like-for-like), led by a solid performance in France
 Upscale and Midscale Hotels and Economy Hotels in the United States: two
segments severely impacted by the crisis
 Operating profit before tax and non-recurring items: €182 million (down 44.5% likefor-
like)
 Robust balance sheet: Funds from operations/adjusted net debt ratio of 21.5%
 Cost-cutting plans already 50% completed in the first half: owned/leased hotels
operating costs reduced by €72 million and support costs by €37 million
Operating costs reduction plan in the owned/leased hotels raised to €150 million from
€120 million
 Full-year target for operating profit before tax and non-recurring items:
€400 million to €450 million

Read more:
http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/PDF/EN/CP_S12009_EN.pdf