2015 Registration Document
and Annual Financial Report
Content
-
Corporate
PRESENTATION 3
Corporate profile 4
Core businesses 4
Financial highlights 11
Milestones 12
Strategic Vision and Outlook 15
-
Corporate
RESPONSIBILITY 21
Vision and commitments 22
Steering the CSR APPROACH 29
AFR
commitments to employees 35
Social responsibility
commitments AFR 52
Environmental commitments AFR 65
Measuring and assessing performance 80
Independent verifier's report
on consolidated social, environmental and societal information presented
in the management report 94
-
Corporate
GOVERNANCE 97
Administrative and management bodies 98
Report of the Chairman
of the Board of Directors AFR 113
Statutory Auditors' report, on the report prepared by the Chairman of the Board
-
Review
OF 2015 161
Financial review 162
Report on the parent company financial statements for the year
ended December 31, 2015 170
Material contracts 172
Subsequent events 173
-
Financial
STATEMENTS 175
Statutory Auditor's report
on the consolidated financial statements 176
Consolidated financial statements
and notes 177
Statutory Auditors' report
on the financial statements 250
Parent company financial statements
and notes 251
-
Capital
AND OWNERSHIP
STRUCTURE 285
Information about the Company 286
Share capital AFR 288
Ownership structure AFR 292
The market for Accor securities 295
- Other
Risk Management
AFR
Interests and Compensation
Statutory auditors' special report on related party agreements
Investor relations and documents
on display 298
and commitments 157
AFR Information disclosed in the Annual Financial Report is indicated
in the contents by the pictogram.
Persons responsible for the registration document and the audit of the accounts 300
Fees paid to the Auditors AFR 301
Information incorporated by reference 301
Cross-reference table for
the Registration Document 302
Cross-reference table for
the Annual Financial Report 304
Cross-reference table for
the Management report 305
Cross-reference table for corporate social, societal and environmental responsibility 306
CORPORATE PROFILE 4
CORE BUSINESSES 4
Hotels 4
Other businesses 10
FINANCIAL HIGHLIGHTS 11
MILESTONES 12
STRATEGIC VISION AND OUTLOOK 15
2015: excellent performance reflecting the benefits
of the transformation plan 16
Outlook 17
Implementation of the digital roadmap 18
Acquisition and strategic partnership 19
CORPORATE PROfIlE
The Accor Group became AccorHotels in 2015 but its legal business name remains unchanged.
AccorHotels is a Group united by a shared passion for hospitality and driven by a shared promise to make everyone Feel Welcome. Over 190,000 women and men in nearly 3,900 AccorHotels establishments look after thousands of guests every day in 92 countries. AccorHotels is the world's leading hotel operator and offers its customers, partners and employees:
its dual expertise as a hotel operator and franchisor (HotelServices) and a hotel owner and investor (HotelInvest);
a large portfolio of internationally renowned brands covering the full spectrum, with luxury (Sofitel, Pullman, MGallery by Sofitel, Grand Mercure, The Sebel), midscale (Novotel, Mercure, Mama Shelter, adagio) economy (ibis, ibis Styles, ibis budget, adagio access and hotelF1) establishments;
a powerful marketplace and loyalty program Le Club AccorHotels;
almost half a century of commitment to corporate citizenship and solidarity with the PLANET 21 program.
CORE BUSINESSES
HOTELS
Present in every segment, from luxury to economy, AccorHotels is uniquely positioned in the global hospitality market.
A PORTFOLIO STRUCTURED TO MEET DEMAND, FROM LUXURY TO ECONOMY
Luxury and upscale
Sofitel and its Ambassadors bring French elegance to the world through a collection of prestigious hotels, offering their guests and partners personalized service that combines an emotional experience, outstanding performance and excellence. The Sofitel family comprises three labels that all share the same DNA.
Sofitel Legend, an iconic AccorHotels brand;
Sofitel hotels & resorts, combining local culture and French
art de vivre;
Sofitel SO, the ideal experience for international, cosmopolitan travelers.
Network: 114 hotels, 29,538 rooms in 41 countries.
Guests: 46% business - 54% leisure.
With MGallery by Sofitel, AccorHotels offers charming locations with their own exciting story. These boutique hotels, boasting the best of French hospitality, will inspire travelers who are curious about the world around them.
Network: 82 hotels, 8,333 rooms in 23 countries.
Guests: 36% business - 64% leisure.
With Pullman Hotels & Resorts AccorHotels welcomes a new generation of upscale hotels. The cosmopolitan brand offers ultra-connected travelers an experience that combines efficiency and comfort.
Network: 108 hotels, 31,450 rooms in 31 countries.
Guests: 55% business - 45% leisure.
Grand Mercure blends local culture with a universal sense of hospitality. In Asia, the Middle East and Latin America, the brand's distinctive personality in each country ensures that guests feel at home. Its hotels are cultural gems in magnificent locations.
Network: 46 hotels, 9,648 rooms in 11 countries.
Guests: 50% business - 50% leisure.
Independence takes on a whole new meaning at The Sebel Hotels and Apartments, with its elegant apartments, spacious design and personalized service. Thanks to this upscale collection of hotels and apartments, travelers looking for autonomy and unparalleled hospitality in a calm and relaxing environment are in for an unforgettable experience.
Network: 25 hotels, 1,667 rooms in 3 countries.
Guests: 52% business - 48% leisure.
1CORPORATE PRESENTATION
CORE BUSINESSES
Midscale
Novotel is suited to everyone: from families to solo travelers, travelling for business or leisure. In these hotels, everything has been designed to make you feel perfectly at home. And the teams, famous for their attention to detail, are always ready to help. This unique approach to hospitality, underpinned by simplicity and elegance, is appreciated across the world.
Within the Novotel family, Suite Novotel offers midscale travelers a warm welcome, 30-square-meter suites and innovative services including free massages, the loan of a vehicle and a gourmet shop. Everything is designed to allow business and leisure guests to enjoy complete autonomy and freedom during their stay.
Network: 459 hotels, 87,169 rooms in 61 countries.
Guests: 51% business - 49% leisure.
In Mercure hotels, every stay is unique. Run by passionate hoteliers, Mercure hotels have a strong local feel that is in tune with the location and people. Mercure does everything it can to provide you with a high-quality and immensely enjoyable experience. (Re) discover Mercure and enjoy a local hotel experience.
Network: 741 hotels, 93,897 rooms in 56 countries.
Guests: 58% business - 42% leisure.
More than just a place to eat and sleep, Mama is an urban kibbutz, a living space for sharing experiences and meeting new people. Mama feels like a mother's love - a warm embrace, a comfortable haven, generous and unique dishes concocted by top chefs. Just like a mother, Mama's overriding aim is to take care of you.
Network: 6 hotels, 702 rooms in 3 countries.
You're new in town but you already feel at home. Your apartment is spacious and has everything you need including a kitchen, and our hotel services make life easy for you with 24/7 reception, housekeeping and a breakfast buffet. For a few days or several months, make yourself at home at adagio aparthotels. You can choose from three ranges:
adagio, standard aparthotels;
adagio access, the economy range;
adagio premium, high-end aparthotels.
Network: 97 aparthotels, 10,532 apartments in 11 countries.
Guests: 58% business - 42% leisure.
Economy
Some people say you can't put a price on comfort. ibis hotels prove otherwise, offering guests comfort at unbeatable prices with modern rooms, innovative bed linen, cozy and stylish living spaces and 24/7 reception services. Welcome to Europe's leading low-cost hotel chain.
Network: 1,068 hotels, 134,786 rooms in 64 countries.
Guests: 52% business - 48% leisure.
Creativity, design and fun are the watchwords for ibis Styles. Upbeat and trendy, this multi-style brand offers a unique blend of comfort and design, as well as services like Wi-Fi and family rooms. Everything is in place to cater to the needs of the modern traveler at an all-inclusive price.
Network: 310 hotels, 29,274 rooms in 30 countries.
Guests: 52% business - 48% leisure.
ibis budget provides a clever, cozy and low-cost offer, with rooms for one, two or three people, fun living spaces, XL showers, and all-you-can-eat breakfast buffets. The leading low-cost hotel skillfully blends simplicity and quality.
Network: 551 hotels, 52,699 rooms in 17 countries.
Guests: 52% business - 48% leisure.
hotelF1 offers fully renovated Duo and Trio rooms featuring a contemporary design as well as new reception and breakfast areas. More dynamic than ever, hotelF1 has established itself as an unconventional brand that meets the expectations of cost-conscious consumers.
Network: 237 hotels, 17,860 rooms in 1 country.
For various contractual reasons, 8 hotels representing 1,099 rooms are still operated under the Formule 1 brand.
A GLOBAL PRESENCE IN EVERY MARKET SEGMENT
AccorHotels operates worldwide, with a unique portfolio of 3,873 hotels (511,517 rooms) as of December 31, 2015 and a presence in every market segment.
1CORPORATE PRESENTATION
CORE BUSINESSES
Hotel portfolio by region and brand at December 31, 2015
France
Europe (excl. France and Mediterranean)
Asia-Pacific
Americas
Mediterranean, Middle East and Africa
Total
Brand
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels Rooms
Sofitel
11
1,509
17
4,292
43
13,045
17
4,012
26
6,680
114*
29,538
Pullman
13
3,652
12
3,112
63
18,888
6
1,885
14
3,913
108
31,450
MGallery
24
1,756
11
1,433
27
2,921
3
291
17
1,932
82
8,333
Grand Mercure
-
-
-
-
40
8,132
4
964
2
552
46
9,648
The Sebel
-
-
-
-
25
1,667
-
-
-
-
25
1,667
Luxury & Upscale
48
6,917
40
8,837
198
44,653
30
7,152
59
13,077
375
80,636
Novotel
112
15,391
113
22,404
118
28,304
29
6,077
56
11,164
428
83,340
Suite Novotel
19
2,198
8
1,158
-
-
-
-
4
473
31
3,829
Mercure
239
23,411
265
34,900
93
15,229
71
10,621
73
9,736
741
93,897
adagio
28
3,315
10
1,137
-
-
7
547
5
733
50
5,732
Midscale
398
44,315
396
59,599
211
43,533
107
17,245
138
22,106
1,250
186,798
Multi-brand
1
51
2
324
20
2,515
-
-
4
675
27
3,565
ibis
384
33,746
264
36,286
153
26,781
138
20,281
129
17,692
1,068
134,786
ibis Styles
155
11,101
67
6,588
59
8,407
9
1,154
20
2,024
310
29,274
ibis budget
330
25,489
142
15,752
32
3,873
22
5,169
25
2,416
551
52,699
adagio access
45
4,530
2
270
-
-
-
-
-
-
47
4,800
hotelF1
237
17,860
-
-
-
-
-
-
-
-
237
17,860
Formule 1
-
1
63
7
1,036
-
-
-
-
8
1,099
Economy
1,151
92,726
476
58,959
251
40,097
169
26,604
174
22,132
2,221
240,518
TOTAL
1,598
144,009
914
127,719
680
130,798
306
51,001
375
57,990
3,873 511,517
* 121 hotels are marlieted through the TARS reservation system.
AccorHotels is the largest hotel group in Europe, with a network of 2,512 hotels and 271,728 rooms, representing 53% of its room base at December 31, 2015. In other regions, its expertise is deployed through 680 hotels (26% of the room base) in the Asia-Pacific region, 306 hotels (10% of the room base) in Americas region, and 375 hotels (11% of the room base) in the Mediterranean, Africa and the Middle East.
Hotel portfolio by region at December 31, 2015
28%
France
10%
Americas
11%
Mediterranean, Middle East, Africa
25%
Europe (excl. France and Mediterranean)
26%
Asia-Pacific
1CORPORATE PRESENTATION
CORE BUSINESSES
Hotel portfolio by segment at December 31, 2015
(% based on number of rooms)
16%
47%
Leases: The income statement of leased hotels are fully consolidated by AccorHotels, which pays rent to the owner. The rent can either be fixed or variable. Fixed rent corresponds to a percentage of asset value, while variable rent is usually indexed to the hotel's revenue. For some hotels, particularly in South America, the rent paid by AccorHotels corresponds to a percentage of the hotel's EBITDAR.
Ownership: Owned hotels are fully consolidated. While AccorHotels only receives fees from franchised and managed hotels, it records all of the operating income and expenses in its accounts for owned and leased hotels.
Luxury & Upscale Midscale Economy
37%
AccorHotels' strategy is to choose the operating structure of its hotels in accordance with:
their positioning (luxury and upscale, midscale or economy);
the size of the country and type of economy (developed or emerging);
their location (large, mid-size or small city);
their return on capital employed;
their earnings volatility;
their EBIT margin.
DIFFERENTIATED OPERATING STRUCTURES
AccorHotels hotels are affiliated with the Group via four main operating structures - franchise agreements, management contracts, leases and ownership. As part of the Group's organization into the HotelInvest and HotelServices businesses, all of the owned and leased hotels are integrated into the HotelInvest portfolio and are operated by HotelServices under management contracts.
Franchise agreements: Franchised hotels are operated by their owners. AccorHotels provides various services to its franchisees, such as the use of its brands, first and foremost, and access to the Group's centralized booking system. The other services offered to hotel owners include access to the centralized purchasing system and to Académie AccorHotels for employee training. AccorHotels is remunerated for these services via fees, including trademark fees and sales and marketing fees, as well as through the invoicing of additional services, where applicable.
Management contracts: Hotels under management contracts are similar to franchised hotels in that the personnel is employed directly by the hotel (except for the managing director who is an AccorHotels employee). AccorHotels only records the fees paid by the owner and not the hotel's revenue. However, these hotels are managed by AccorHotels. The fees received include the trademark and sales and marketing fees paid by franchisees, as well as a management fee corresponding to a percentage of EBITDAR and, in some cases, an incentive fee subject to performance criteria.
In mature markets, the Group prefers asset-light operating structures based on:
management contracts in the luxury segment;
management contracts or franchise agreements in the upscale segment;
management contracts and/or franchise agreements in the midscale segment;
franchise agreements in the economy segment in Europe. In emerging markets, the Group focuses on:
management contracts in the luxury and upscale segments;
joint ventures with local partners in some countries, like India, and management contracts in the midscale segment;
all types of operating structures in the economy segments, depending on the brand and the location in key cities.
As of year-end 2015, 65% of the room base was operated under arrangements that limited earnings volatility, such as management contracts and franchise agreements.
1CORPORATE PRESENTATION
CORE BUSINESSES
Hotel portfolio by operating structure and brand at December 31, 2015
Owned
Fixed lease
Variable lease
Managed
Franchised
Total
Brand
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels
Rooms
Hotels Rooms
Sofitel
17
2,642
4
1,199
5
651
85
23,850
3
1,196
114*
29,538
Pullman
5
1,119
5
1,219
7
2,249
72
20,912
19
5,951
108
31,450
MGallery
3
291
5
581
3
432
32
3,733
39
3,296
82
8,333
Grand Mercure
-
-
-
-
-
-
28
8,336
18
1,312
46
9,648
The Sebel
-
-
-
-
-
-
12
1,079
13
588
25
1,667
Luxury & Upscale
25
4,052
14
2,999
15
3,332
229
57,910
92
12,343
375
80,636
Novotel
49
9,848
37
7,500
106
17,932
149
35,408
87
12,652
428
83,340
Suite Novotel
1
118
6
971
11
1,396
5
637
8
707
31
3,829
Mercure
39
6,282
47
7,744
66
9,934
194
30,880
395
39,057
741
93,897
adagio
2
207
8
916
5
586
32
3,757
3
266
50
5,732
Midscale
91
16,455
98
17,131
188
29,848
380
3,031
493
52,682
1,250
186,798
Multi-brand
1
294
1
51
-
-
22
3,031
3
189
27
3,565
ibis
121
18,272
98
13,722
197
29,140
158
28,945
494
44,707
1,068
134,786
ibis Styles
7
791
12
1,025
9
1,692
43
7,025
239
18,741
310
29,274
ibis budget
65
6,786
77
8,538
85
10,564
40
5,723
284
21,088
551
52,699
adagio access
-
-
4
383
1
160
42
4,257
-
-
47
4,800
hotelF1
20
1,455
-
-
158
12,578
-
-
59
3,827
237
17,860
Formule 1
1
63
-
-
-
-
7
1,036
-
-
8
1,099
Economy
214
27,367
191
23,668
450
54,134
290
46,986
1,076
88,363
2,221
240,518
TOTAL
331
48,168
304
43,849
653
87,314
921
178,609
1,664
153,577
3,873 511,517
* 121 hotels are marlieted through the TARS reservation system.
Hotel portfolio by operating structure at December 31, 2015
(% based on number of rooms)
9%
Hotel portfolio by segment and operating structure at December 31, 2015
(% based on number of rooms)
17%
9%
Management Franchise Fixed lease Variable lease Owned
30%
35%
72%
15%
4%
4%
5%
Luxury & Upscale
38%
28%
9%
16%
9%
Midscale
20%
36%
10%
23%
11%
Economy
Management Franchise Fixed lease Variable lease Owned
1CORPORATE PRESENTATION
CORE BUSINESSES
Hotel portfolio by operating structure and region at December 31, 2015
Hotel portfolio by region and operating structure at December 31, 2015
(% based on number of rooms)
Owned Fixed lease Variable lease Managed Franchised
Total
Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms
Hotels Rooms
France 62
6,537
40
4,578
401
46,168
108
13,370
987
73,356
1,598
144,009
Europe (excl. France and Mediterranean) 168
26,400
185
28,356
131
20,432
117
16,988
313
35,543
914
127,719
Mediterranean, Middle East,
Africa 55
7,853
32
4,059
53
7,450
131
27,031
104
11,597
375
57,990
Asia-Pacific 14
2,265
43
6,298
5
1,105
432
97,744
186
23,386
680
130,798
Americas 32
5,113
4
558
63
12,159
133
23,476
74
9,695
306
51,001
TOTAL 331
48,168
304
43,849
653
87,314
921
178,609
1,664
153,577
3,873 511,517
The above breakdown of the hotel portfolio shows the number of rooms, the type of operating structure and the location of the hotels at December 31, 2015. The cost value of the assets is presented on page 169.
Occupancy rates, average room rates and Revenue Per Available Room (RevPAR) are described in the analysis of consolidated results on page 162.
60%
40%
France
41%
59%
Europe (excl. France and Medi- terranean)
67%
33%
Medi- terranean, Middle East, Africa
93%
7%
Asia- Pacific
65%
35%
Americas
Hotel projects currently underway are presented in note 3 to the consolidated financial statements on page 195.
Environmental issues are described in the environmental commitments section on page 65.
MARKETS AND COMPETITION
AccorHotels ranks sixth in the global hotel industry, based on number of rooms.
Hotel companies ranked by number of rooms worldwide at January 1, 2016
Rank
Group
Number of rooms
Number of hotels
1
Hilton Worldwide
751,350
4,565
2
Marriott International
746,523
4,366
3
Intercontinental Hotels Group
744,368
5,032
4
Wyndham Hotel Group
678,042
7,812
5
AccorHotels
511,517
3,873
Managed & Franchised Owned & Leased
PROPERTY
Around half of property, plant and equipment recognized in the
6 Choice Hotels International 507,483 6,423
consolidated balance sheet primarily corresponds to hotel assets
that are either owned outright or held under finance leases. The cost value of consolidated property, plant and equipment stood at
€5,731 million at December 31, 2015, while their carrying amount was €3,024 million, representing 33.8% of total consolidated assets at that date (see note 15 to the consolidated financial statements, page 214).
Sources: MKG Hospitality database - March 2016.
The above competitors share two characteristics: they are all well established in the United States and they mainly operate through franchise agreements.
1CORPORATE PRESENTATION
CORE BUSINESSES
European hospitality companies by number of rooms at January 1, 2016(28-country European Union)
European integrated hotel chains by number of rooms at January 1, 2016 (28-country European Union)
Rank
Group
Number of rooms
Number of hotels
Rank
Chain
Number of rooms
Number of hotels
1
AccorHotels
274,149
2,535
1
ibis megabrand (ibis, ibis Styles,
2
Intercontinental Hotels Group
90,946
590
ibis budget)
133,498
1,397
3
Best Western
90,340
1,300
2
Best Western
90,340
1,300
4
Louvre Hotels Group
3
Holiday Inn
66,898
476
(Jin Jiang)
68,912
973
4
Mercure
60,859
531
5
Whitbread
60,261
708
5
Premier Inn
60,261
708
Source: MKG Hospitality database - January 2016.
According to the MKG Hospitality report, three AccorHotels chains rank among the top ten, in number of rooms, in the 28-country European Union.
6 Novotel/Suite Novotel 43,353 263
7 NH Hotels 43,196 287
9
Travelodge
35,997
489
10
Radisson Blu
31,804
140
8 Hilton International 36,008 136
Sources: MKG Hospitality database - January 2016.
OTHER BUSINESSES
AFR
of Directors of ACCOR
AFR
129
130
139
INFORMATION 297
2015
Registration DocumentAND ANNUAL FINANCIAL REPORT
The original French version of this translated Registration Document was filed with the Autorité des Marchés Financiers on March 24, 2016 in accordance with article 212-13 of the General Regulations of the Autorité des Marchés Financiers.
It may be used in connection with a financial transaction in conjonction with an Information Memorandum approved by the Autorité des Marchés Financiers.
This document was prepared by the issuer and is binding on its signatories.
1
CorporatePRESENTATION
CORPORATE PRESENTATION
CORPORATE PROfIlE
Other businesses, which are not material compared with the hotels business, include the corporate departments and the marginal Casinos business. They are presented as part of the "Multi-brand" segment.
Accor SA published this content on 04 April 2017 and is solely responsible for the information contained herein.
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