FY 2019 RESULTS
1
D I S C L A I M E R
By reading the following presentation slides, you further agree to be bound by the following limitations and qualifications:
This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of the business or assets described herein, or any other interests. It includes only summary information and does not purport to be comprehensive. The information contained in this document has not been independently verified.
This document may contain certain statements that are forward-looking with respect to the financial condition, results of operations, business and strategy of Accor S.A. Such statements are based on management's current views and assumptions, which are naturally subject to risks and contingencies that may lead such statement to ultimately prove inaccurate. These risk factors are further developed in Accor's Registration Document. Accor S.A., its affiliates, directors, advisors, employees and representatives, expressly do not assume any liability whatsoever for such forward-looking statements. Accor S.A. does not undertake to update or revise the forward-looking statements or any other information that may be presented in this document to reflect new information, future events or for any other reason and any opinion expressed in this presentation is subject to change without notice.
The figures included in this presentation are restated after IFRS 5, excepted otherwise stated.
This presentation may include some information on specific transactions that shall be considered as projects only and may remain subject to certain approvals and other conditions.
2
SÉBASTIEN BAZIN
Chairman & CEO
OPENINGS REMARKS
3
WE DELIVERED A RADICAL TRANSFORMATION
96%
58% | 58% | ||||
41% | |||||
22% | 26% | ||||
2014 | 2019(1) | 2014 | 2019 | 2014 | 2019 |
MORE ASSET-LIGHT | MORE UPSCALE | MORE GLOBAL EXPOSURE | |||
(ROOMS %) | & LUXE (FEE %) | OUTSIDE OF EUROPE | |||
(BUSINESS VOLUME %) |
(1) As of end 2019, adjusted for Orbis and Mövenpick lease portfolio disposals
TIMELY EXECUTION OF THE ASSET-LIGHT ROADMAP IN 2019
SALE OF | SALE OF | ASSETS DISPOSAL | SALE OF |
5% STAKE | 5% STAKE | €730M | |
LEASE PORTFOLIO | |||
€200M | $450M | NET PROCEEDS | |
13% IRR | +350% | +22% | €430M |
vs. original | vs. Tender offer | ||
vs. May 2018 | Net debt reduction | ||
investment in 2016 | in January 2019 | ||
ACCELERATION THROUGH LUXURY / LIFESTYLE
INCREASING LUXURY PIPELINE | GROWING LIFESTYLE SEGMENT | |
In rooms | ||
NETWORK | ||
50 HOTELS / 10K ROOMS | ||
35% | ||
UPSCALE | ||
36% | LUXURY | |
PIPELINE | ||
MIDSCALE | ||
80 HOTELS / 14K ROOMS | ||
29% | ||
ECONOMY |
HIGHER FEE GENERATION
FROM OPENINGS
2019
€1.2K PER ROOM AT CRUISE SPEED
2020
€1.6K PER ROOM AT CRUISE SPEED
A COMPREHENSIVE BRAND POWERHOUSE
CLASSIC | COLLECTIONS | LIFESTYLE | RESORTS | REGIONAL |
LUXURY
PREMIUM
MIDSCALE
ECONOMY
TOP 10 COUNTRIES ACCOUNTS FOR 60% OF MANAGEMENT & FRANCHISE FEES
Upscale/Luxury is 42% of the Top 10 countries
AS OF END-2019POST PIPELINE % M&F fees
17% | o/w Upscale/Luxury | |
10% |
6% | 6% | 5% | 5% | 5% | ||||
4% | 4% | 3% | ||||||
25% | 96% | 35% | 3% | |||||
76% | 23% | 60% | 76% | |||||
94% | 12% | |||||||
FRANCE | GERMANY | USA | AUSTRALIA | UAE | UK | KSA | CHINA | CANADA | BRAZIL |
NETWORK
HOTELS5,036
ROOMS740K
PIPELINE
HOTELS1,206
ROOMS208K
5,000 HOTELS IN NETWORK BY END-2019
North America, | ||||
Central America | Europe | |||
& the Caribbean | Asia-Pacific | |||
38K | South | 344K | Middle East | |
America | ||||
& Africa | 232K | |||
5K | ||||
62K | 46K | 64K | ||
100K | ||||
14K | 45K | |||
IN ROOMS, AS OF DECEMBER 2019
A DIFFERENTIATED VALUE PROPOSITION
SOLID BUSINESS MODEL | COMPREHENSIVE PROPOSITION | MULTIPLE VALUE LEVERS | |
⌐ Global leader group in hotel management | ⌐ Powerful distribution platform | ⌐ | One-stop shop for owners & guests |
including Sabre initiative | |||
⌐ #1 in Europe, MEA, South America & ASPAC | ⌐ | Augmented Hospitality proposition | |
outside China | ⌐ + 100 countries footprint | ||
⌐ | Limitless loyalty program | ||
⌐ Unique brand powerhouse across all | ⌐ Both management & franchise solutions | ||
segments and niches |
JEAN-JACQUES MORIN
Deputy CEO
FY 2019 RESULTS
11
BUSINESS
MOMENTUM
Sofitel Mexico City
- +1.7% L/L system RevPAR
- +5.1% Net Organic System Growth
- €22bn Business volume vs. €20bn in FY 2018
FY 2019 KEY ACHIEVEMENTS
FINANCIAL PERFORMANCE | RETURN TO SHAREHOLDERS | |||||
Fairmont Genève | Pullman Maldives |
⌐ | €4,049m Revenue | ⌐ €434m Recurring Free Cash Flow |
up +16.0% reported, up +3.8% L/L | ||
⌐ | €825m EBITDA | ⌐ €1bn Return to shareholders announced |
up 14.8% reported, up +5.9% L/L | ||
in line with guidance | ||
⌐ Cash Conversion @ 77% | ⌐ €1.05 cash and/or share | |
Proposed Dividend |
A RECORD-BREAKING YEAR FOR DEVELOPMENT
RECORD | RECORD | RECORD | RECORD |
Over | Near 330 hotels | 510 hotels & | Over 1,200 hotels & |
5,000 hotels & | & 45,000 rooms | 76,000 rooms signed | 208,000 rooms |
740,000 rooms | opened | in pipeline | |
Net Organic Growth | 1 opening per day | 1 hotel signed | Pipeline over the |
every 16 hours | next 5 years | ||
+5,1% vs 2018 |
+1.7% REVPAR GROWTH IN FY 2019
EUROPE
7.9%
7.1%
5.9%
ASIA PACIFIC
5.3% | 4.8% |
4.6%
5.1%
4.0% |
3.1% |
3.3%
1.2%
1.0%
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19
0.3% -1.1%-1.9%
-0.6%
Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 |
REST OF THE WORLD | |||||
6.5% | 5.8% | ||||
5.0% | |||||
3.1% | 4.8% | 2.8% | |||
1.0% | 1.7% | ||||
5.3% | 5.9% | 6.1% | |
5.0% | 4.0% | ||
1.6% |
GROUP
0.7% | 0.6% |
Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | Q1 18 | Q2 18 | Q3 18 | Q4 18 | Q1 19 | Q2 19 | Q3 19 | Q4 19 | |
Occupancy Rate | Average Room Rate | RevPAR L/L |
REVENUE GROWTH OF +3.8% L/L
REPORTED | L/L | |||
IN € MILLIONS | 2018 (1) | 2019 | CHANGE | CHANGE |
HOTEL SERVICES | 2,644 | 2,894 | + 9.5% | + 4.6% |
HOTEL ASSETS | 751 | 1,077 | + 43.4% | + 2.9% |
NEW BUSINESSES | 149 | 159 | + 7.2% | + 3.8% |
HOLDING & INTERCOS | (54) | (81) | N/A | N/A |
GROUP | 3,490 | 4,049 | + 16.0% | + 3.8% |
- Restated and Proforma financial information
+3.8% L/L INCREASE IN MANAGEMENT & FRANCHISE REVENUE
L/L | |||
IN € MILLIONS | 2018 (1) | 2019 | CHANGE |
EUROPE | 519 | 525 | +4.0% |
ASPAC | 212 | 214 | +2.3% |
MEA | 81 | 107 | +5.3% |
NCAC | 133 | 132 | +1.5% |
SOUTH AMERICA | 44 | 49 | +13.0% |
GROUP | 990 | 1,026 | +3.8% |
- Restated and Proforma financial information
SOLID EBITDA GROWTH OF +5.9% L/L
REPORTED | L/L | |||
IN € MILLIONS | 2018 (1) | 2019 | CHANGE | CHANGE |
HOTEL SERVICES | 724 | 741 | +2.3% | +5.8% (2) |
HOTEL ASSETS | 154 | 216 | +40.1% | (7.3%) |
NEW BUSINESSES | (20) | (2) | +90.4% | +88.8% |
HOLDING & INTERCOS | (139) | (129) | N/A | N/A |
GROUP | 719 | 825 | +14.8% | +5.9% |
(1) Restated and Proforma financial information ; (2) Excluding marketing investment plan
STRONG MANAGEMENT & FRANCHISE EBITDA GROWTH OF +8.3%
L/L | |||
IN € MILLIONS | 2018 (1) | 2019 | CHANGE |
EUROPE | 390 | 416 | +6.6% |
ASPAC | 130 | 152 | +8.9% |
MEA | 52 | 82 | +14.5% |
NCAC | 79 | 92 | +7.5% |
SOUTH AMERICA | 17 | 24 | +21.4% |
GROUP | 667 | 765 | +8.3% |
- Restated and Proforma financial information
ASPAC PERFORMANCE IMPACTED BY MANTRA
ACCOR'S REVENUE BY REGIONS(1)
DETERIORATED TRADING:
US-China trade war, weakened economy, oversupply & bushfires
<
LEASED HOTELS AMPLIFY
TRADING PERFORMANCE
41%
EUROPE
FY19 EBITDA €(40)M BELOW
INITIAL BUSINESS PLAN
€150M IMPAIRMENT RECOGNIZED
15%
MANTRA
33%
ASPAC
11%
NCAC
8%
7% MEA
SOUTH
AMERICA
- HotelServices & Hotel Assets excluding reimbursement costs
SOLID PROGRESS ON M&A INTEGRATION
SYNERGIES
PLANNED | % VS. | COMMENTS | COMPLETION |
(€) | INITIAL PLAN | TIMELINE | |
65M | 115% | ⌐ Connection to distribution completed for B2C | ||
⌐ Strong development since closing: | ||||
6kr opened or signed (14% of acquired network) | ||||
11M | 115% | ⌐ Connection to distribution completed for B2C | ||
using D-Edge | ||||
⌐ ALL loyalty program launched in December 2019 | ||||
⌐ Connection to distribution completed for B2C | ||||
20M | 105% | ⌐ ALL loyalty program launched in December 2019 | ||
⌐ Strong development since closing: | ||||
4kr opened or signed (20% of acquired network) |
Q2 19
ACQUIRED IN JULY
2016
Q4 20
ACQUIRED IN MAY
2018
2021
ACQUIRED IN
SEPTEMBER 2018
NEW BUSINESSES DELIVERED FY 2019 TARGET
EBITDA IN € MILLIONS
2016 | 2017 | 2018 | ||
Reported(1) | Reported(1) | Proforma(2) | 2019 | |
-2
-23 | -20 | |
-25 | ||
FY 2019 ACHIEVEMENTS
COMMITMENT DELIVERED
Q4 EBITDA break-even
<
OPERATIONAL ACHIEVEMENT
Merger of FastBooking & Availpro
+13% L/L revenue with double-digit profitability (excl. OFS and John Paul)
<
NEXT STEPS
INTEGRATION
within Accor's distribution
PARTNERSHIP STRATEGIC REVIEW
21
(1) Figures for FY16 and FY17 are before IFRS 16 implementation ; (2) Proforma financial information for IFRS 16
FROM EBITDA TO NET PROFIT
IN € MILLIONS | 2018 (1) | 2019 |
EBITDA
DEPRECIATION, AMORTIZATION AND PROVISION EXPENSES
EBIT
SHARE OF NET PROFIT OF ASSOCIATES AND JOINT VENTURES NON-RECURRING ITEMS
OPERATING PROFIT
NET FINANCIAL EXPENSE
INCOME TAX
MINORITY INTERESTS
PROFIT FROM CONTINUING OPERATIONS
PROFIT FROM DISCONTINUED OPERATIONS
719825
(203)(328)
516497
803
(432)177
(163)678
(73)(75)
(109)(138)
(22)(18)
(41)447
2,27417
NET PROFIT FOR THE YEAR | 2,233 | 464 |
- Restated and Proforma financial information
CASH CONVERSION ABOVE 70%
IN € MILLIONS | 2018 (1) | 2019 |
EBITDA | 719 | 825 |
COST OF NET DEBT (CASH) | (59) | (73) |
INCOME TAX (CASH) | (121) | (122) |
REIMBURSEMENT OF LEASE LIABILITIES | (84) | (137) |
NON-CASH ITEMS & OTHER | 88 | 104 |
FUNDS FROM OPERATIONS | 543 | 597 |
RECURRING INVESTMENT | (106) | (161) |
WORKING CAPITAL | 30 | (2) |
RECURRING FREE CASH FLOW | 467 | 434 |
CASH CONVERSION RATE(2) | 83% | 77% |
2019 RECURRING INVESTMENT
BY SEGMENT
14% | ||
NEW | HOLDING | |
BUSINESSES | 7% | |
68% | ||
HOTEL ASSETS | 12% | HOTEL |
SERVICES
- Restated and Proforma financial information
- Cash conversion rate = (EBITDA - Recurring investment - reimbursement of lease liability) / (EBITDA - reimbursement of lease liability).
NET DEBT DRIVEN BY ASSET-LIGHT ROADMAP & IFRS 16
€978M €(430)M
€(434)M
€294M €(188)M
€(148)M
€1,153M
€108M €1,333M
NET DEBT | LEASE LIABILITY | MÖVENPICK | RECURRING | HYBRID | DIVIDEND | M&A | OTHER | NET DEBT |
DEC. 2018 | (IFRS 16) | LEASES | FCF | DEC. 2019 | ||||
RECLASSIFIED | ||||||||
IN HELD | ||||||||
FOR SALE |
SOUND BALANCE SHEET FURTHER OPTIMIZED IN 2019
COST OF DEBT SECURED AND MATURITY EXTENDED
4.6 | |||
4.5 | 4.2 | ||
3.7 | |||
3.6 | 3.6 | years | |
3.5 | |||
4.3%
3.1%
2.9% 2.9%
2.0% 1.9% 1.8%
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
MATURITY | COST OF DEBT | |||||
WELL-BALANCED DEBT REPAYMENT SCHEDULE
500
856
556 | 514 | 606 | ||||
500 | ||||||
127 | ||||||
206 | ||||||
206 | ||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | BEYOND |
SENIOR DEBT | HYBRID DEBT |
2019 PROPOSED DIVIDEND
RECURRING FREE CASH FLOW | €434M |
ORDINARY DIVIDEND PER SHARE | EUR1.05 |
per share |
Subject to shareholders' approval at the AGM on April 30th, 2020
Payment option between 100% cash or 100% shares with a 5% discount
ACCOR LIVE LIMITLESS UPDATE
LAUNCH OF | LOYALTY CONTRIBUTION | PARTNERSHIP REVENUE | ||||||||
IN DECEMBER 2019 | ||||||||||
64m members at end-2019 | EURm | >100 | ||||||||
NEW PREMIUM STATUS | ||||||||||
D I A M O N D | L I M I T L E S S | 40% | ||||||||
30% | 31% | |||||||||
ENRICHED BENEFITS | ||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | RUN | 12 | ||||
RATE | 6 | |||||||||
NEW PARTNERSHIPS | … | … | ||||||||
Definition varies | ||||||||||
2018 | 2019 | 2022 | ||||||||
across industry | ||||||||||
SPONSORSHIP IS DELIVERING ABOVE EXPECTATIONS
Media value
€212m
Offline
€18m
Online €118m
Social Media
€76m
Total Awareness
January 2020
39%
18% | 19% | 19% | 21% | |||
16% | 13% | |||||
10% | 11% | |||||
9% | 8% | |||||
6% | 5% | |||||
4% | ||||||
FRANCE | UK | GERMANY | USA | BRAZIL | CHINA | AUSTRALIA |
WE DID WHAT WE SAID LAST YEAR
FY18 RESULTS | SOLID PERSPECTIVES |
Feb. 21ST | |
2019 | |
Convert 2018 record pipeline into | |
NEW 2019 OPENINGS | |
Continue INTEGRATION OF 2018 acquisitions | |
Pursue EBITDA growth in the trajectory towards OUR | |
€1.2BN TARGET IN 2022 | |
Maintain HIGH LEVEL OF CASH CONVERSION | |
Commitment to ASSET-LIGHT MODEL AND COST | |
RIGHTSIZING |
AND WE WILL CONTINUE IN 2020
- Convert 2019 record pipeline into NEW 2020 OPENINGS
- Complete INTEGRATION OF 2018 ACQUISITIONS
- Pursue EBITDA growth in the trajectory towards our €1.2BN TARGET IN 2022
- Maintain HIGH LEVEL OF CASH CONVERSION
- Commitment to ASSET-LIGHT MODEL AND COST RIGHTSIZING
SÉBASTIEN BAZIN
Chairman & CEO
CLOSING REMARKS
30
RECORD FY19 RESULTS
IN A CHALLENGING ENVIRONMENT
MACRO UNCERTAINTIES | SCOPE |
US-CHINA TRADE WAR | GLOBAL GDP IMPACT |
HONG KONG TURMOIL | HONG KONG REVPAR DOWN |
AUSTRALIAN BUSHFIRES | AUSTRALIA REVPAR DOWN |
BREXIT | UK REVPAR DOWN |
YELLOW VESTS | PARIS REGION REVPAR DOWN |
MEA GEOPOLITICS | MIDDLE EAST REVPAR DOWN |
TURMOIL IN SOUTH AMERICA | CHILI, ARGENTINA & PERU REVPAR DOWN |
Despite all of this, EBITDA grew from
€719m to €825m in 2019
IMPACTS IN CHINA
- #4 inbound market in 2019 63m foreign visitors
- Most airliners suspended or reduced flights to/from China
- Occupancy down 45% in January 2020 (STR market data)
COVID19-RELATED RISKS
CHINA LARGEST EMITTING
MARKET
150m international tourists
REST OF
THE WORLD
12%
88%
ASIA
- France: 2% of inbound
- UK: 1% of inbound
- Less than 5% of global GDP in 2003 to c.20% in 2020
ACCOR EXPOSURE
GREATER CHINA 3% OF REVENUE
ASPAC
33% OF REVENUE
Source: UNWTO / IMF
A BLESSED INDUSTRY FOR THE LONG TERM
4% CAGR TO REACH 2BN TRAVELLERS BY 2030 | GLOBAL SUPPLY REMAINS FRAGMENTED | ||||||||||||||
International arrivals by region | INDEPENDENT ROOMS | ||||||||||||||
Millions | |||||||||||||||
1400 | 8.4M | 8.3M | BRANDED ROOMS | ||||||||||||
Financial | |||||||||||||||
1200 | Crisis | ||||||||||||||
1000 | SARS | 5.7M | |||||||||||||
800 | Iraq war | ||||||||||||||
600 | 3.3M | ||||||||||||||
2.8M | |||||||||||||||
52% | |||||||||||||||
400 | |||||||||||||||
32% | 74% | ||||||||||||||
200 | |||||||||||||||
18% | 18% | ||||||||||||||
- | |||||||||||||||
1950 | 1957 | 1964 | 1971 | 1978 | 1985 | 1992 | 1999 | 2006 | 2013 | ASPAC | EUROPE | NORTH | LATIN | MEA | |
AMERICA | AMERICA | ||||||||||||||
rooms | 2 | 12 | 16 | 5 | 2 | ||||||||||
EUROPE | AMERICAS | ASIA & PACIFIC | MIDDLE EAST & AFRICA | /k inhab |
OUR STRONGEST ASSETS
PEOPLE | BRAND | DISTRIBUTION |
POWERHOUSE | LOYALTY | |
NETWORKBALANCE
LEADERSHIPSHEET
PRIORITIES MOVING FORWARD
ACCOR VALUES | DEVELOPMENT | ASSET-LIGHT | |
MODEL | |||
Strong CSR | Foster owner's preference | Drive customer stickiness | Increase shareholder |
commitments | to fuel ambitious organic | through: | return deploying: |
development |
⌐ | People diversity and | ⌐ | Through comprehensive | ⌐ | Personalization with | ⌐ | A simple, cash |
inclusiveness | brand powerhouse | ALL | generating, | ||||
⌐ | Environmental | ⌐ | Dedicated expert local | ⌐ | Secure accretive | ⌐ | self deleveraging |
engagement | teams | partnerships | asset-light model |
€1.85BN SHARE BUYBACK TOPPING ORDINARY DIVIDEND SINCE 2018
To be pursued beyond 2021
€300M
€350M €500M €300M
€400M
ORDINARY DIVIDEND
€305M €283M
Launched Jan. 2020
€284M(1)
- of market cap at the beginning of the year
2018 | 2019 | 2020 | 2021 |
5.3% | 7.3% | 7.8% | N/A |
(1) Based on proposed cash dividend at €1.05 per share and number of shares as of Dec. 2019
Q&A
THANK YOU
APPENDICES
RESTATED AND PROFORMA FIGURES FOR FY 2018
FY18 | FY18 | FY18 | ||||
IN € MILLIONS | reported | IFRS 5 | Restated | IFRS 16(1) | Booster(2) | Proforma |
Revenue | 3,610 | (328) | 3,282 | - | 207 | 3,490 |
EBITDA | 712 | (87) | 626 | 93 | - | 719 |
EBIT | 550 | (45) | 505 | 11 | - | 516 |
Net profit before discontinued operations | (8) | (33) | (41) | - | - | (41) |
Net profit attributable to shareholders | 2,233 | - | 2,233 | - | - | 2,233 |
- Restated figures are Disclosed figures in Consolidated financial statements and adjusted from IFRS 5 implementation only (i.e. Orbis assets reported as "Discontinued operations")
- Proforma figures are Disclosed figures in this presentation, in order to ensure a proper comparability. It is adjusted from IFRS 5 (i.e. Orbis assets reported as "Discontinued operations"), IFRS 16 (i.e. fixed rents excluded from EBITDA) and Booster closing (Fees from AccorInvest disclosed in Revenue from January 1st).
(1) Simplified approach for illustrative purposes (split to depreciation & interests based on estimated pro rata) ; (2) 5 months revenue adjustements: gross-up of fees with AccorInvest from January to May
SOLID MARGIN FOR MANAGEMENT & FRANCHISE
IN € MILLIONS
Management | Services | |
& Franchise | to Owners | HotelServices |
Revenue
2019 EBITDA
Margin
1,026 | 1,867 | 2,894 |
765 | (24) | 741 |
74.5% | (1.3)% | 25.6% |
Revenue
2018(1) EBITDA
Margin
990 | 1,654 | 2,644 |
667 | 57 | 724 |
67.4% | 3.4% | 27.4% |
- Restated and Proforma financial information
FY19 REVENUE - FROM LIKE-FOR-LIKE TO REPORTED
LIKE-FOR-LIKE
+3.8% +€131M
- HotelServices: +4.6% comp (1)
New businesses: +3.8% L/L - Hotel Assets: +2.9% L/L
PERIMETER
+10.9% +€380M
M&A INTEGRATION
- Mantra: €190m
- Mövenpick: €146m
CURRENCY
+1.4% +€48M
SLIGHT POSITIVE CURRENCY EFFECT
- USD: €50m
- CAD: €9m
- BRL: €(5)m
- AUD: €(13)m
REPORTED
+16.0% +€560M
(1) Comparable (comp.) revenue growth - includes fees linked to organic expansion, at constant exchange rates
Q4 REVENUE GROWTH OF +2.0% L/L
Q4 | Q4 | REPORTED | L/L | |
IN € MILLIONS | 2018 (1) | 2019 | CHANGE | CHANGE |
HOTEL SERVICES | 733 | 769 | + 4.8% | + 2.2% |
HOTEL ASSETS | 282 | 285 | + 1.0% | + 2.6% |
NEW BUSINESSES | 38 | 40 | + 5.6% | + 3.2% |
HOLDING & INTERCOS | (16) | (19) | N/A | N/A |
TOTAL | 1,037 | 1,075 | +3.6% | + 2.0% |
- Restated and Proforma financial information
Q4 REVENUE - FROM LIKE-FOR-LIKE TO REPORTED
LIKE-FOR-LIKE
+2.0% +€20M
- HotelServices: +2.2% comp (1)
New businesses: +3.2% L/L - Hotel Assets: +2.6% L/L
PERIMETER
+0.7% +€7M
SLIGHT POSITIVE CURRENCY EFFECT
CURRENCY
+1.0% +€10M
- USD: €9m
- CAD: €3m
- BRL: €(3)m
- AUD: €(4)m
REPORTED
+3.6% +€37M
- Comparable (comp.) revenue growth - includes fees linked to organic expansion, at constant exchange rates
HOTEL SERVICES Q4 M&F REVENUE
Q4 | Q4 | L/L | |
IN € MILLIONS | 2018 (1) | 2019 | CHANGE |
EUROPE | 138 | 134 | + 0.2% |
ASPAC | 66 | 60 | + 0.6% |
MEA | 25 | 31 | + 6.9% |
NCAC | 40 | 31 | (5.3)% |
SOUTH AMERICA | 12 | 12 | + 10.7% |
TOTAL | 281 | 268 | +0.6% |
- Restated and Proforma financial information
REVPAR
REVPAR - SYSTEMWIDE
Q4 2019 | H2 2019 | FY 2019 | |||||||||||||||||
OR | ARR | RevPAR | OR | ARR | RevPAR | OR | ARR | RevPAR | |||||||||||
Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | |||||||||||
% | Pts | € | % | € | % | % | Pts | € | % | € | % | % | Pts | € | % | € | % | ||
L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | |||||||||||
LUX. & UPSCALE | 67.3 | +1.1 | 151 | -1.1 | 101 | +0.6 | 68.7 | +0.8 | 155 | -1.0 | 106 | +0.1 | 67.6 | +0.9 | 153 | -0.2 | 103 | +1.2 | |
MIDSCALE | 70.4 | +0.8 | 89 | -0.8 | 62 | +0.3 | 72.5 | +0.6 | 88 | -0.2 | 64 | +0.6 | 70.5 | +0.6 | 88 | +0.8 | 62 | +1.7 | |
ECONOMY | 69.0 | +0.1 | 58 | +0.7 | 40 | +0.8 | 71.5 | +0.3 | 58 | +1.0 | 41 | +1.4 | 69.7 | +0.4 | 58 | +1.8 | 40 | +2.4 | |
SYSTEMWIDE | 68.9 | +0.6 | 91 | -0.3 | 63 | +0.6 | 71.0 | +0.5 | 92 | -0.1 | 65 | +0.7 | 69.3 | +0.6 | 92 | +0.7 | 64 | +1.7 | |
REVPAR - GEOGRAPHICAL BREAKDOWN (1/2)
Q4 2019H2 2019FY 2019
OR | ARR | RevPAR | OR | ARR | RevPAR | OR | ARR | RevPAR | ||||||||||
Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | ||||||||||
% | Pts | € | % | € | % | % | Pts | € | % | € | % | % | Pts | € | % | € | % | |
L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | ||||||||||
LUX. & UPSCALE | 68.9 | +0.6 | 157 | -0.2 | 108 | +0.7 | 73.4 | +0.4 | 167 | -0.6 | 122 | -0.1 | 71.9 | +1.1 | 166 | +1.6 | 119 | +3.1 |
MIDSCALE | 69.8 | +0.3 | 96 | +0.4 | 67 | +0.8 | 73.8 | +0.0 | 96 | +0.7 | 71 | +0.8 | 71.5 | +0.4 | 96 | +1.7 | 69 | +2.2 |
ECONOMY | 69.5 | -0.2 | 66 | +1.7 | 46 | +1.4 | 73.6 | -0.1 | 66 | +1.9 | 49 | +1.8 | 71.8 | +0.3 | 66 | +2.4 | 47 | +2.9 |
EUROPE | ||||||||||||||||||
69.4 | +0.0 | 86 | +1.0 | 60 | +1.0 | 73.5 | +0.0 | 88 | +1.1 | 65 | +1.1 | 71.6 | +0.4 | 87 | +2.1 | 62 | +2.6 | |
LUX. & UPSCALE | ||||||||||||||||||
67.1 | +0.6 | 117 | -2.7 | 79 | -1.8 | 67.4 | +0.3 | 112 | -2.2 | 76 | -1.9 | 66.0 | +0.3 | 113 | -1.3 | 75 | -1.0 | |
MIDSCALE | 72.7 | +1.6 | 81 | -3.5 | 59 | -1.3 | 72.8 | +1.4 | 79 | -2.4 | 57 | -0.6 | 70.9 | +0.6 | 80 | -1.3 | 57 | -0.4 |
ECONOMY | 74.3 | -1.3 | 44 | -3.3 | 33 | -5.1 | 74.3 | -0.9 | 43 | -2.6 | 32 | -3.9 | 72.7 | -0.7 | 44 | -1.5 | 32 | -2.5 |
ASPAC | ||||||||||||||||||
71.1 | +0.5 | 82 | -2.6 | 58 | -1.9 | 71.3 | +0.4 | 80 | -2.0 | 57 | -1.5 | 69.6 | +0.2 | 81 | -1.1 | 56 | -0.9 | |
REVPAR - GEOGRAPHICAL BREAKDOWN (2/2)
Q4 2019 | H2 2019 | FY 2019 | |||||||||||||||||||||||
OR | ARR | RevPAR | OR | ARR | RevPAR | OR | ARR | RevPAR | |||||||||||||||||
Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | |||||||||||||||||
% | Pts | € | % | € | % | % | Pts | € | % | € | % | % | Pts | € | % | € | % | ||||||||
L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | |||||||||||||||||
LUX. & UPSCALE | 67.1 | +3.3 | 147 | -4.0 | 99 | +1.5 | 65.3 | +3.1 | 150 | -3.7 | 98 | +1.2 | 65.2 | +3.3 | 151 | -3.3 | 98 | +1.8 | |||||||
MIDSCALE | 69.5 | +0.3 | 72 | -4.2 | 50 | -3.8 | 68.5 | +1.0 | 68 | -4.4 | 47 | -3.1 | 67.7 | +1.1 | 69 | -4.7 | 47 | -3.3 | |||||||
ECONOMY | 69.6 | +4.1 | 56 | -5.3 | 39 | +0.7 | 66.4 | +4.4 | 52 | -5.5 | 35 | +1.1 | 64.8 | +1.4 | 54 | -4.5 | 35 | -2.5 | |||||||
MEA | |||||||||||||||||||||||||
67.6 | +3.0 | 115 | -3.8 | 78 | +0.8 | 65.7 | +3.0 | 116 | -3.8 | 76 | +0.8 | 65.2 | +2.5 | 117 | -2.9 | 76 | +0.9 | ||||||||
LUX. & UPSCALE | |||||||||||||||||||||||||
68.7 | +0.5 | 243 | +1.0 | 167 | +1.7 | 73.7 | +0.1 | 256 | +0.8 | 189 | +0.9 | 72.8 | +0.2 | 243 | +0.7 | 177 | +0.9 | ||||||||
MIDSCALE | 77.6 | -3.5 | 152 | +0.5 | 118 | -4.1 | 79.3 | -1.4 | 146 | +0.9 | 116 | -0.9 | 77.5 | +0.2 | 141 | +0.7 | 109 | +0.9 | |||||||
ECONOMY | 61.3 | -3.6 | 43 | -0.2 | 26 | -5.6 | 61.5 | -2.1 | 43 | -1.0 | 26 | -4.3 | 60.9 | -3.1 | 42 | +0.5 | 26 | -4.3 | |||||||
NCAC | |||||||||||||||||||||||||
69.0 | -0.3 | 215 | +1.4 | 148 | +1.0 | 73.2 | -0.3 | 225 | +1.0 | 165 | +0.6 | 72.3 | -0.2 | 215 | +0.9 | 155 | +0.7 | ||||||||
LUX. & UPSCALE | |||||||||||||||||||||||||
56.4 | -1.0 | 120 | +15.9 | 68 | +13.7 | 55.4 | -1.4 | 115 | +13.9 | 64 | +11.0 | 56.0 | -0.1 | 116 | +12.7 | 65 | +12.4 | ||||||||
MIDSCALE | 61.3 | +2.1 | 65 | +9.2 | 40 | +13.1 | 61.8 | +2.2 | 65 | +9.2 | 40 | +13.2 | 60.0 | +2.4 | 65 | +9.4 | 39 | +13.9 | |||||||
ECONOMY | 59.1 | +3.0 | 41 | +4.5 | 24 | +10.1 | 59.2 | +3.0 | 41 | +4.3 | 24 | +9.8 | 56.9 | +2.8 | 42 | +6.2 | 24 | +11.7 | |||||||
SOUTH AMER. | |||||||||||||||||||||||||
59.3 | +2.4 | 55 | +7.1 | 33 | +11.4 | 59.5 | +2.3 | 55 | +6.6 | 32 | +10.8 | 57.6 | +2.4 | 56 | +7.6 | 32 | +12.3 | ||||||||
REVPAR - FRANCE
Q4 2019 | H2 2019 | FY 2019 | |||||||||||||||||
OR | ARR | RevPAR | OR | ARR | RevPAR | OR | ARR | RevPAR | |||||||||||
Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | Chg | |||||||||||
% | Pts | € | % | € | % | % | Pts | € | % | € | % | % | Pts | € | % | € | % | ||
L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | L/L | |||||||||||
LUX. & UPSCALE | 67.1 | -1.2 | 203 | -1.9 | 136 | -3.7 | 72.7 | -1.3 | 216 | -0.6 | 157 | -2.3 | 70.5 | -0.0 | 211 | +1.3 | 149 | +1.3 | |
MIDSCALE | 65.3 | -0.6 | 108 | -0.8 | 70 | -1.7 | 70.6 | -0.4 | 109 | +0.9 | 77 | +0.4 | 68.8 | +0.4 | 109 | +1.7 | 75 | +2.3 | |
ECONOMY | 65.8 | -0.8 | 65 | +0.9 | 43 | -0.3 | 70.4 | -0.4 | 65 | +2.1 | 46 | +1.5 | 69.1 | +0.4 | 65 | +2.5 | 45 | +3.1 | |
FRANCE | 65.6 | -0.8 | 84 | -0.1 | 55 | -1.3 | 70.5 | -0.5 | 85 | +1.3 | 60 | +0.6 | 69.0 | +0.4 | 85 | +2.0 | 58 | +2.6 | |
PORTFOLIO
PORTFOLIO AS OF DECEMBER 31ST, 2019 (1/2)
OWNED & LEASED | MANAGED | FRANCHISED | TOTAL | |||||
# HOTELS | # ROOMS | # HOTELS | # ROOMS | # HOTELS | # ROOMS | # HOTELS | # ROOMS | |
LUX. & UPSCALE | 22 | 6,021 | 116 | 21,372 | 62 | 11,308 | 200 | 38,701 |
MIDSCALE | 58 | 10,812 | 323 | 51,349 | 586 | 62,773 | 967 | 124,934 |
ECONOMY | 56 | 8,659 | 586 | 75,437 | 1,220 | 96,041 | 1,862 | 180,137 |
EUROPE | ||||||||
136 | 25,492 | 1,025 | 148,158 | 1,868 | 170,122 | 3,029 | 343,772 | |
LUX. & UPSCALE | ||||||||
12 | 2,566 | 271 | 67,288 | 59 | 9,306 | 342 | 79,160 | |
MIDSCALE | 26 | 4,201 | 274 | 64,323 | 128 | 20,247 | 428 | 88,771 |
ECONOMY | 2 | 346 | 198 | 36,539 | 230 | 27,642 | 430 | 64,527 |
ASPAC | ||||||||
40 | 7,113 | 743 | 168,150 | 417 | 57,195 | 1,200 | 232,458 | |
LUX. & UPSCALE | ||||||||
2 | 525 | 157 | 38,360 | 6 | 956 | 165 | 39,841 | |
MIDSCALE | 2 | 235 | 56 | 11,053 | 9 | 2,015 | 67 | 13,303 |
ECONOMY | 5 | 826 | 50 | 9,129 | 3 | 530 | 58 | 10,485 |
MEA | 9 | 1,586 | 263 | 58,542 | 18 | 3,501 | 290 | 63,629 |
PORTFOLIO AS OF DECEMBER 31ST, 2019 (2/2)
OWNED & LEASED | MANAGED | FRANCHISED | TOTAL | |||||
# HOTELS | # ROOMS | # HOTELS | # ROOMS | # HOTELS | # ROOMS | # HOTELS | # ROOMS | |
LUX. & UPSCALE | 0 | 0 | 73 | 27,627 | 9 | 3,105 | 82 | 30,732 |
MIDSCALE | 0 | 0 | 6 | 2,641 | 7 | 1,400 | 13 | 4,041 |
ECONOMY | 0 | 0 | 21 | 2,775 | 3 | 377 | 24 | 3,152 |
NCAC | ||||||||
0 | 0 | 100 | 33,043 | 19 | 4,882 | 119 | 37,925 | |
LUX. & UPSCALE | ||||||||
0 | 0 | 27 | 5,856 | 5 | 1,094 | 32 | 6,950 | |
MIDSCALE | 15 | 2,586 | 77 | 10,838 | 17 | 2,277 | 109 | 15,701 |
ECONOMY | 49 | 9,889 | 75 | 12,221 | 133 | 16,992 | 257 | 39,102 |
SOUTH AMER. | ||||||||
64 | 12,475 | 179 | 28,915 | 155 | 20,363 | 398 | 61,753 | |
LUX. & UPSCALE | 36 | 9,112 | 644 | 160,503 | 141 | 25,769 | 821 | 195,384 |
MIDSCALE | 101 | 17,834 | 736 | 140,204 | 747 | 88,712 | 1,584 | 246,750 |
ECONOMY | 112 | 19,720 | 930 | 136,101 | 1,589 | 141,582 | 2,631 | 297,403 |
TOTAL | 249 | 46,666 | 2,310 | 436,808 | 2,477 | 256,063 | 5,036 | 739,537 |
EXCHANGE RATES
Q4 2019 EXCHANGE RATES
1€ = X FOREIGN CURRENCY | Q4 2018 | Q4 2019 | Q4 2018 |
AVERAGE RATE | AVERAGE RATE | VS. Q4 2019 |
⌐ AUSTRALIAN DOLLAR (AUD) | 1.59 | 1.62 | (1.9)% |
⌐ BRAZILIAN REAL (BRL) | 4.34 | 4.56 | (4.8)% |
⌐ CANADIAN DOLLAR (CAD) | 1.51 | 1.46 | +3.2% |
⌐ EGYPTIAN POUND (EGP) | 20.44 | 17.88 | +14.3% |
⌐ BRITISH STERLING (GBP) | 0.89 | 0.86 | +2.9% |
⌐ AMERICAN DOLLAR (USD) | 1.14 | 1.11 | +3.2% |
2019 EXCHANGE RATES
1€ = X FOREIGN CURRENCY | 2018 | 2019 | 2018 |
AVERAGE RATE | AVERAGE RATE | VS. 2019 |
⌐ AUSTRALIAN DOLLAR (AUD) | 1.58 | 1.61 | (1.9)% |
⌐ BRAZILIAN REAL (BRL) | 4.31 | 4.41 | (2.4)% |
⌐ CANADIAN DOLLAR (CAD) | 1.53 | 1.49 | +2.9% |
⌐ EGYPTIAN POUND (EGP) | 21.05 | 18.88 | +11.5% |
⌐ BRITISH STERLING (GBP) | 0.88 | 0.88 | +0.8% |
⌐ AMERICAN DOLLAR (USD) | 1.18 | 1.12 | +5.5% |
GLOSSARY
GLOSSARY
REGION ORGANIZATION
- EUROPE (INCLUDING FRANCE & SWITZERLAND)
- MEA: MIDDLE-EAST AND AFRICA
- ASPAC: ASIA PACIFIC REGION
- NCAC: NORTH & CENTRAL AMERICA & CARIBBEAN
- SOUTH AMERICA
Attachments
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Disclaimer
Accor SA published this content on 20 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2020 08:36:15 UTC