17.9m-euro profit for Accor Services

Accor Services, one of the leading players on the market of luncheon vouchers, posted a turnover worth 80.9 million RON (22.4 million euros) last year, 6% more than last year, according to data published by the company in the Official Gazette. On the other hand, the gross profit dropped to 72.5 million RON (17.9 million euros) in 2004 to 70.1 million RON (19.4 million euros) at the end of last year. Accor Services was set up in July 1998, and has the French group Accor (82%) and CNS Cartel Alfa (8%) as its main shareholders. Accor is also represented on the Romanian market with the brands Sofitel, Ibis, Novotel, as well as Carlson Wagonlit Travel. The luncheon vouchers market is valued by the main issuers at 700-800 million euros, with an annual rate of growth of 10% in the following years. The value of the luncheon voucher is set by the Ministry of Labour, Social Solidarity and Family and is increased every six months in correspondence with the rate of inflation. ZF