Accor

Résumé du document

For more than 40 years, Accor has constantly reinvented its businesses to keep pace with the world around it, with the goal of providing innovative, high-quality products to Hospitality and Services customers. In Hospitality, Accor's ambition is to be the world leader in economy and midscale hotels and a major player in the upscale segment, with a portfolio of powerful, easy-to-identify brands. These brands are now federated under the Accor Hospitality banner. Accor Services designs, develops and manages innovative solutions that improve the performance of corporate and public institution customers thanks to easy-to-use products that cover a growing range of needs. Accor services is the world's leading issuer of service vouchers. In this report, we will first make an executive summary with the key points and the key figures of the company Accor. Then we will make a brief presentation of the company and of the 2006 annual report. We will also talk about the management of the group Accor, that is to say the way the company is lead, its strategy and all the ensuing risks and problems.

Extraits

[...] - Debt/Equity ratio: This ratio is smaller than so assets are primarily financed through equity. ( Long-term value: - Total debt ratio = TDR = TD/TA = For good health, the total debt ratio should be 1 or less. The lower the debt ratio, the less total debt the business has in comparison to its asset base. This ratio shows how much your business is in debt, making it an excellent way to check your business's long-term solvency. - Equity multiplier = EM = TA/TE = This is a measure of leverage. [...]

[...] In addition, it operates budget brands Etap Hotel, Motel 6 and Formule 1. Accor also owns a minority stake in resorts operator Club Méditerranée and 34% of casino hotel firm Groupe Lucien Barrière. In addition, Accor operates or owns stakes in several hospitality and food services; its Accor services unit provides outsourced benefits services to more than 370,000 corporate customers. Under Services, the Group offers services such as car rentals, ticket restaurants and consulting services. The Group also implements and manages customer loyalty programs and campaigns to stimulate distribution networks. [...]

[...] ( Asset management : - Total asset turnover = TAT = sales/TA = This is a measure of how well assets are being used to produce revenue. - Inventory turnover = IT = COGS/inventory = This financial ratio measures the number of times inventory is turned over during the year. High inventory turnover suggests good levels of liquidity. Conversely it can indicate a shortage of needed inventory for sales. - Days sales in inventory = DSII = 365/IT = Days' Inventory measures the average length of time that product remains in inventory. It is quite high. [...]

[...] The Group operates restaurants and casinos in 140 countries. The Group also offers catering services on trains. The Group has a global presence. In 2006, the Group acquired SDHP SA, Royal Image Direct Marketing, Go Voyages, Stimula, Commuter Check Services Corporation and Ticket Servicios Bresil. Presentation of the annual report The 2006 annual report is presented in the form of a book of 120 pages. On the front page we can see the famous logo of the company and a little child. [...]

[...] Business expansion accounted for of growth while asset disposals, mainly in the Hotels business, had a negative impact of The currency effect was a positive On a like-for-like basis (excluding changes in scope of consolidation and exchange rates), revenue was up for the year, with a sharp acceleration to in the final quarter. This is the largest increase since 1998. In Hospitality, an upturn in the European hotel cycle, beginning in the first quarter in the north and the fourth quarter in the south lifted revenue to million, a increase like-for-like. The services business had an excellent year in 2006 with revenue of million, up like-for-like. ( EBITDAR: million, up EBITDAR (earnings before interest, taxes, depreciation, amortization and rental expense) represents a key financial performance indicator. [...]