30 ACCOR DEVELOPING TO PREPARE FOR THE FUTURE ACCOR SERVICES ENJOYED ANOTHER YEAROF GROWTH AND DEVELOPMENT IN 2009. DESPITE THE GLOBAL CRISIS, THE SERVICES BUSINESS POSTED A 3.9% LIKE-FOR-LIKE* INCREASE IN OPERATING REVENUE AND LIMITED THE DECLINE IN ISSUE VOLUME TO 2.3%. *At constant scope of consolidation and exchange rates. ACCOR SERVICES: STRONG GROWTH MOMENTUM EXPANSION DRIVEN BY ORGANIC GROWTH The Accor Services business model is based on strong organic growth, led by rapid social changes and emerging needs. In mature markets, increasing urbanization, longer working lives, the growing percentage of women in the workforce, the importance of redistribution policies, and rising purchasing power have created an environment favorable to the development of Accor Services’ high value-added products. Ticket Restaurant ® and Ticket Childcare ® vouchers are both good examples of these types of product. In developing markets, local socio economic factors are driving rapid growth for Accor Services products like the Ticket Alimentacíon ® grocery voucher. This phenomenon is underpinned by the emergence of a middle class, the need to ensure minimum standards of living for a large portion of the population, increasing urbanization and the shift from an industrial to a services economy. Accor Services also benefits from a balanced geographical footprint, with 60% of its business generated in developed countries and 40% in fast-growing emerging markets. As for companies, they are increasingly looking for low-cost solutions to retain their employees and offer them more attractive, more personalized benefits.
2009 ANNUAL REPORT PURSUING AN EFFECTIVE DEVELOPMENT STRATEGY Accor Services’ development is fueled by four growth drivers: • increasing the penetration rate for all products, even in countries where Accor has a long-standing presence. This is the case, for example, with the Ticket Restaurant ® voucher, which is focusing more and more on small and mid-sized companies; • creating new products, like the Ticket EcoCheque ® voucher in Belgium and the Ticket Vacanta ® voucher in Romania; • deploying the range of existing products in countries where the Group already has operations; • making acquisitions to strengthen Accor Services’ position in certain countries. One recent example is the October 2009 acquisition of the Exit Group in the Czech Republic (see boxed insert). A PROFITABLE, SUSTAINABLE BUSINESS MODEL A leading global provider of benefits for employees and constituents, Accor Services designs, develops and manages innovative solutions for: • companies, with attractive prepaid products for employees that are often exempt from payroll and other taxes; • national and local governments, with products guaranteeing that the funds they disburse will be used properly; 01 ACQUISITION OF THE EXIT GROUP 01 – ACCOR SERVICES Ticket Restaurant ® voucher 02 – ACCOR SERVICES Ticket Restaurant ® card In late October 2009, Accor Services acquired Exit Group, the Czech Republic’s fourthlargest issuer of restaurant vouchers. Holding strong positions among small and mid-sized businesses, Exit reported issue volume of €77 million in 2008. With the acquisition, Accor Services is now the leading issuer of restaurant vouchers in the Czech Republic, a market estimated at approximately €600 million with 1.2 million users. The transaction is aligned with the business’ worldwide development strategy. Since 2005, nearly €700 million has been invested in targeted acquisitions to strengthen the Group’s positions in countries with high growth potential. • 5. REQUESTING REFUND 6. REFUND SERVICE PROVIDERS 1.2 million affi liates 4. USING THE SERVICE employees and constituents with products that make their lives easier and increase their purchasing power; • affiliated establishments with products that enhance the loyalty of a more captive customer base while also ensuring secure payment. This sustainable business model is backed by highly diversified product ranges and BENEFICIARIES 33 million users 02 1. DESIGNING, MANAGING AND MARKETING THE SOLUTION 2. PAYMENT CUSTOMERS 490,000 companies and public institutions 3. DISTRIBUTING THE SERVICE customer portfolios, as well as an array of paper-based and electronic media. The fact that Accor Services operates in several regions and a large number of countries limits its exposure to currency fluctuations and economic cycles. In the area of employee and constituent benefits, recurring business is supported by specific incentives in each host country. ◆ 31