Accor maintains its objectives
"Venezuela: a devaluation at high risk
The devaluation of the Venezuelan currency, announced January 8, will have an impact of around 40 million euros on profit before tax and non recurring items of the group in 2009 and approximately 15 million euros on profit current net after-tax, said Accor in a statement. Despite this impact, the Group maintains its objective of profit before tax and non recurring items of between 400 and 450 million euros for 2009. Accor is present mainly in Venezuela through its prepaid service activities (luncheon vouchers, preloaded maps, gift certificates).
Venezuela on Friday announced the devaluation of the bolivar. The currency, whose exchange rate was 2.15 to one U.S. dollar, now trades at 4.30 to the dollar.
Last October, the fourth global hotel group confirmed its financial targets in 2009 but expressed cautious for the year 2010.
Accor will publish its turnover in 2009 January 19 next.
The Accor share price closed Monday down 0.63% to 37.59 euros while the CAC 40 lost 0.05% to 4043.09 points.