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Article Excerpt
PARIS, October 15 /PRNewswire-FirstCall/ --
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 EUR5,258 million, down 8.2% like for like and 8.9% on a reported basis from the prior-year period.
(in EUR millions) 2008 2009 (9 months) (9 months) % change % change as reported like-for-like(1) Hotels 4,317 3,891 -9.9% -10.7% Upscale and Midscale 2,554 2,248 -12.0% -12.2% Economy 1,310 1,216 -7.2% -6.8% Economy US 454 427 -5.8% -13.6% Prepaid Services 693 687 -0.8% +3.6% Other businesses 766 681 -11.1% -4.9% Total 5,775 5,258 -8.9% -8.2% (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 EUR251 million (4.3%), of which EUR106 million from the consolidation of Orbis and EUR51 million from the consolidation of 49% of Groupe Lucien Barriere's revenue since July 1, 2009. - The refocusing strategy, which reduced revenue by 3.8% (EUR220 million), reflecting the disposal of the Brazilian foodservice business (EUR71 million), the loss of the onboard train services contract (EUR54 million) and the impact of a number of real estate transactions (EUR76 million). - The 1.3% negative currency effect, which reduced revenue by EUR74 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.
Revenue for the third quarter alone totaled EUR1,848 million, a decline of 8.4% as reported and like-for-like.
Prepaid Services revenue up 3.6% like-for-like in the first nine months
Revenue from the Prepaid Services business in the first nine months declined by 0.8% to EUR687 million as reported, reflecting the following factors:
- The currency effect, which reduced revenue by 3.8% (EUR27 million), mainly due to the decline against the euro of the Brazilian real (down 2.1%), the British pound (down 0.6%) and the Mexican peso (down 0.6%). - At constant scope of consolidation and exchange rates, Prepaid Services revenue rose by 3.6% over the period.
Revenue for the third quarter alone totaled EUR222 million, a decline of 4.9% as reported and 0.6% like-for-like. Despite the rise in unemployment, especially in Europe, operating revenue growth held firm at 3.0%, but financial revenue fell by 21.8% due to the decline in interest rates in both Europe and Latin America.
In Europe, revenue stood at EUR116 million, down 1.5% like-for-like. Operating revenue rose by...
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