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Accor: Excellent results in 2011

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Record expansion, with the opening of 38,700 rooms

 Sustained growth in revenue to €6,100 million, up +5.2% like-for-like
 EBIT up +32.6% like-for-like to €530 million
 €27 million in attributable net profit
 Sharp reduction in net debt to €226 million (vs. €730 million at year-end 2010)
 Sustained deployment of the asset management program
 Dividend: €1.15 per share (submitted to the Annual Shareholders Meeting)

Highlights of 2011 included:
– Record expansion, with the opening of 38,700 rooms, mainly under franchise and management contracts. 1,000 hotels are now franchised in Europe.
– Sustained, firm business levels in every segment, led by the combined impact of rising demand and higher room rates.
– Sharply improved operating performance, with EBITDAR margin gaining +1.2 pts to 31.5% like-for-like and a 56% flow-through ratio.
– Sustained deployment of the asset management program, with the refinancing of 129 hotels (nearly 15,000 rooms) reducing adjusted net debt by €533 million. Since the beginning of 2012, eight more hotels have been refinanced, with a €119-million impact on adjusted net debt.
– Faster transformation of Motel 6, with the disposal of 41 hotels (28 in 2010) and the opening of 55 new franchised units.
– A sound, strengthened financial position.

“Performance in 2011 was remarkable and demonstrates the new growth potential of Accor, of its brands and of its operations” said Denis Hennequin, Chairman and Chief Executive Officer. “All of our objectives have been met or exceeded. The Group is in excellent financial health, which enables us both to continue our growth strategy and to submit to the next Annual Shareholders Meeting a total dividend of €1.15 per share. During this year of transformation, Accor enjoyed record expansion and strengthened its presence in emerging markets. We have initiated strategic changes that will structure our business for the future, with the ambitious objective of becoming the global reference in hotel industry.”

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