Effect of the Devaluation of the Bolivar Fuerte on Accor

Mon Jan 11, 2010 1:38pm EST

* Reuters is not responsible for the content in this press release.

PARIS, January 11 /PRNewswire-FirstCall/ -- On Friday, January 8, 2010, the
Venezuelan monetary authorities decided to devalue the Bolivar Fuerte (VEF).
Trading at a fixed exchange rate of 2.15/USD since its creation,Venezuela's
currency will now be trading at 4.30/USD.

 Accor operates in Venezuela primarily through its Prepaid Services business.
As indicated in the Group's 2008 annual results announcement, a 10% change in
the EUR/VEF exchange rate would have had a roughly EUR7 millionimpact on 2008
operating profit before tax and non-recurring items.

 The announced 50% devaluation of the VEF has an impact of around EUR40
million on Accor's 2009 operating profit before tax and non-recurring items.
After tax and minority interests of 43%, the impact on net profit before
non-recurring items is around EUR15 million.

 Despite this impact, the Group has maintained its full-year 2009 target for
operating profit before tax and non-recurring items of between EUR400 million
and EUR450 million.

 Upcoming event:

January 19, 2010: Fourth-quarter revenue release

 Accor, a major global group and the European leader in hotels, as well as the
global leader in services to corporate clients and public institutions,
operates in nearly 100 countries with 150,000 employees. It offers to its
clients over 40years of expertise in two core businesses:

 Hotels, with the Sofitel, Pullman, MGallery, Novotel, Mercure, Suitehotel,
Adagio, ibis, all seasons, Etap Hotel, Formule 1, hotelF1 and Motel 6 brands,
representing 4,000 hotels and nearly 500,000 rooms in 90 countries, as well as
strategically related activities, Accor Thalassa, Lenotre, CWL.

 Services, with 32 million people in 40 countries benefiting from Accor
Services products in employee and constituent benefits, rewards and
incentives, and expense management.

SOURCE Accor


Media contacts: Charlotte Thouvard, Phone: +33-1-45-38-18-28, Charlotte
Bourgeois-Cleary, Phone: +33-1-45-38-84-84. Investor contacts: Eliane
Rouyer-Chevalier, Senior Vice President Investor Relations and Financial
Communications, Phone: +33-1-45-38-86-26. Solene Zammito, Deputy Director,
Investor Relations, Phone: +33-1-45-38-86-33

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