Slide 1: H1 2021 Results
H1 2021 Results July 29%, 2021 A ACCOR
Slide 2: Limitations and qualifications
By reading the following presentation slides, you further agree to be bound by the following limitations and qualifications: This document does not constitute the Financial report on the first half of 2021 which will be separately published on the website (www.group.accor.com). This presentation is
Slide 3: Opening remarks
Opening remarks Sébastien Bazin Chairman & CEO
Slide 4: Recovery Context
Recovery Context Gradual Border Reopening Group RevPAR improvement Remaining Uncertainty +5pp each month since April 15% 15% 1 Covid variants 13% 37% 87% 2 Heterogeneous 63% travelling rules -47% -53% -59% June 20 June 21 -64% 3 The 2 largest hospitality Borders opened Complete or Apr. May June July
Slide 5: A Threefold Recovery Pattern
A Threefold Recovery Pattern Pace of Confirmed rebound recovery USA China Ready for rebound Australia France UK Delayed rebound Germany Brazil Thailand Vietnam Argentina Weight of domestic market
Slide 6: H1 2021 Results
H1 2021 Results Jean-Jacques Morin Deputy CEO
Slide 7: H1 2021 Highlights
H1 2021 Highlights Figures Reflect Strong Operational Control H1 Challenging Macro 1 Systemwide RevPAR 1 RESET cost savings on target (60)% L/L vs. 2019 €70m+ EBITDA in FY21 with Q2 improvement at (58)% 2 Net Organic System Growth +1.9% LTM 2 Confirmed guidance for FY21 • EBITDA sensitivity slighlty
Slide 8: RESET Per Plan, Per Schedule
RESET Per Plan, Per Schedule Overall EBITDA Effect Savings Illustration Exit run rate €200m • Organization: one management layer removed, hub reorganisation €135m • 1000+ tasks eliminated out of 7000 • IT: 150 apps decommissioned out of 750, migration to cloud €20m • SMDL: -25% savings on contractor
Slide 9: Q2 RevPAR Improves Month after Month Across Geographies
Q2 RevPAR Improves Month after Month Across Geographies South Europe North Europe Asia Pacific -23.3% -34.4% -23.6% -38.5% -49.0% -51.0% -54.8% -63.2% -63.5% -58.2% -69.4% -67.8% -74.4% -81.1% -81.9% -77.1% -89.5% -91.7% Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q1 20 Q
Slide 10: +1.9% LTM Net System Growth
+1.9% LTM Net System Growth In rooms, as of June 2021 237k Network 178k Hotels 5,199 159k Rooms 762k 93k 100k 89k 48k Pipeline 38k 16k 16k Hotels 1,203 Rooms 211k South Europe North Europe Asia-Pacific IMEAT Americas
Slide 11: H1 Revenue Outperforms RevPAR
H1 21 Revenue Outperforms RevPAR H1 H1 L/L L/L In € millions Reported 2020 2021 vs. H1 20 vs. H1 19 HotelServices 650 545 (16)% (14)% (60)% Hotel Assets & Other 283 281 (0)% 8% (38)% Holding & Intercos (16) (3) N/A N/A N/A Total 917 824 (10)% (6)% (53)% SLS Cancun, Mexico
Slide 12: Improved M&F Revenue Owing to Incentives
Improved M&F Revenue Owing to Incentives H1 H1 L/L L/L In € millions 2020 2021 vs. H1 20 vs. H1 19 South Europe 31 41 34% (67)% North Europe 30 24 (18)% (79)% ASPAC 27 43 60% (54)% IMEAT 20 24 27% (67)% Americas 31 31 (3)% (66)% Total 139 163 19% (67)% SLS Dubai, U.A.E
Slide 13: EBITDA Reflects Operational Upgrade
EBITDA Reflects Operational Upgrade H1 H1 L/L L/L In € millions Reported 2020 2021 vs. H1 20 vs. H1 19 HotelServices (141) (78) 44% 61% (117)% Hotel Assets & Other (26) 25 N/A N/A (50)% Holding & Intercos (60) (66) N/A N/A N/A Total (227) (120) 47% 58% (120)% Mövenpick Melbourne On Spencer, Australi
Slide 14: Stronger M&F EBITDA despite Comparable RevPAR
Stronger M&F EBITDA despite Comparable RevPAR H1 H1 L/L In € millions 2020 2021 vs. H1 19 South Europe (1) 24 (75)% North Europe (1) 4 (94)% ASPAC (2) 21 (67)% IMEAT (0) 11 (84)% Americas 4 (6) (107)% Total 0 55 (85)% Fairmont Sanya Haitang Bay, China
Slide 15: Hotel Assets & Other Driven by Australia
Hotel Assets & Other Driven by Australia EBITDA reflects Revenue driven by Australia Australia recovery IMEAT 5% Americas 11% 1 Australia benefitted from large domestic market and controlled sanitary situation Europe 17% Australia 64% 2 Brazil was protected by variable lease Other structure ASPAC 3%
Slide 16: Net Profit back to Positive
Net Profit back to Positive In € millions H1 2020 H1 2021 EBITDA (227) (120) Depreciation, amortization and provision (137) (118) EBIT (363) (239) Share of net losses of associates and JVs (353) (213) (a) (a) • AccorInvest Non-recurring items (o/w impairments) (1,000) 585 (b) (b) • Huazhu capital ga
Slide 17: Halved Monthly Cash Burn
Halved Monthly Cash Burn In € millions H1 2020 H1 2021 EBITDA (227) (120) Cost of net debt (28) (40) Income tax (cash) 1 (6) Reimbursement of lease liabilities (47) (42) Non-cash items & other 69 29 (a) FUNDS FROM OPERATIONS (232) (179) Tight control on Investment Recurring investment (61) (38) (a)
Slide 18: €3.4bn Liquidity at end-June 2021
€3.4bn Liquidity at end-June 2021 €4.2bn RCF €1,760m €3.4bn €(260)m €239m €(241)m RCF Cash burn 1.5% stake AccorInvest €(550)m €1,760m disposal capital €102m in Feb. increase Cash & 2021 €(105)m Other €2,445m Cash €1,630m Liquidity Liquidity Recurring FCF Huazhu Non-recurring Debt Commercial Other L
Slide 19: Closing remarks
Closing remarks Sébastien Bazin Chairman & CEO
Slide 20: Accor Committed to its Engagements
Accor Committed to its Engagements Strong Accor DNA …emphasized during the …and to be and values… Covid crisis… strengthened tomorrow Carbon Footprint Reduce absolute emissions for scope 1 & 2 by 46%, for scope 3 by Fighting exclusion and empower, 28% by 2030 training and protecting the most Support
Slide 21: Confirmed Priorities for 2021
Confirmed Priorities for 2021 1 Positioned to benefit from summer rebound 2 Deliver on the RESET cost saving plan 3 Leverage our Loyalty platform 4 Accelerate system growth and deliver on pipeline 5 Preserve talent engagement & reinforce CSR commitment
Slide 22: Appendices
Appendices Novotel Megève Mont Blanc, France
Slide 23: HotelServices Driven by SMDL
HotelServices Driven by SMDL Hotel M&F Services to Owners (A) (B) Services (A)+(B) Reimbursed Other In € millions SMDL(1) STO (2) costs services (a) (b) (c) (a)+(b)+(c) Revenue 163 140 201 42 383 545 H1 2021 EBITDA 55 (124) 0 (9) (133) (78) Revenue 139 164 297 49 511 650 H1 2020 EBITDA 0 (130) (0) (
Slide 24: H1 2021 Revenue – From Like-for-Like to Reported
H1 2021 Revenue – From Like-for-Like to Reported Like-for-Like HotelServices: (14)% L/L vs. 2020 (1) (6)% €(58)m Hotel Assets & Other: 8% L/L vs. 2020 (1) Perimeter Mainly Mövenpick lease portfolio disposal (2)% €(19)m early March 2020 Slight negative currency effect Currency (2)% €(16)m • AUD: €18m
Slide 25: Q2 Group Revenue
Q2 21 Group Revenue Q2 Q2 L/L L/L In € millions Reported 2020 2021 vs. H1 20 vs. H1 19 HotelServices 110 311 184% 189% (57)% Hotel Assets & Other 44 152 244% 232% (32)% Holding & Intercos (5) (1) N/A N/A N/A Total 149 462 210% 210% (49)% Rixos Premium Magawish , Egypt
Slide 26: Q2 Management & Franchise Revenue
Q2 21 Management & Franchise Revenue L/L In € millions Q2 2020 Q2 2021 vs. Q2 19 South Europe (5) 24 (67)% North Europe (5) 14 (79)% ASPAC (0) 23 (45)% IMEAT (2) 13 (66)% Americas 1 15 (63)% Total (11) 90 (66)% Fairmont Ambassador Seoul, South Korea
Slide 27: Q2 Revenue – From Like-for-Like to Reported
Q2 21 Revenue – From Like-for-Like to Reported Like-for-Like HotelServices: 189% L/L (1) vs. 2020 (1) 210% €313m Hotel Assets & Other: 232% L/L vs. 2020 (1) Perimeter Mainly sbe integration 4% €6m Slight negative currency effect Currency (4)% €(6)m • AUD: €10m • BRL: €(1)m • TRY: €(2)m • USD: €(11)m
Slide 28: RevPAR
\3\ RevPAR
Slide 29: RevPAR – Systemwide
RevPAR – Systemwide Q2 2021 vs. Q2 2019 H1 2021 vs. H1 2019 OR ARR RevPAR OR ARR RevPAR Lux. & Upscale 37.3 -29.5 120 -17.8 45 -53.5 33.5 -32.2 115 -18.4 38 -57.8 Midscale 37.6 -36.8 69 -17.8 26 -59.5 33.8 -36.8 67 -18.5 23 -62.0 Economy 36.8 -37.1 45 -21.1 16 -61.6 33.5 -36.1 43 -20.9 14 -62.7 SYST
Slide 30: RevPAR – Geographical Breakdown (1/2)
RevPAR – Geographical Breakdown (1/2) Q2 2021 vs. Q2 2019 H1 2021 vs. H1 2019 OR ARR RevPAR OR ARR RevPAR Lux. & Upscale 24.0 -52.1 200 -9.6 48 -71.6 19.4 -48.7 186 -8.2 36 -73.7 Midscale 28.6 -46.7 95 -13.9 27 -67.1 25.5 -42.1 92 -13.1 23 -67.0 Economy 36.0 -39.4 58 -12.7 21 -58.1 32.8 -36.1 56 -11
Slide 31: RevPAR – Geographical Breakdown (2/2)
RevPAR – Geographical Breakdown (2/2) Q2 2021 vs. Q2 2019 H1 2021 vs. H1 2019 OR ARR RevPAR OR ARR RevPAR Lux. & Upscale 46.1 -16.7 87 -19.6 40 -40.2 42.4 -21.4 87 -23.2 37 -48.2 Midscale 53.5 -20.2 65 -9.4 35 -35.3 48.4 -24.2 64 -13.6 31 -43.2 Economy 58.1 -19.4 34 -18.2 20 -39.6 52.6 -23.5 33 -22.
Slide 32: RevPAR – France
RevPAR – France Q2 2021 vs. Q2 2019 H1 2021 vs. H1 2019 OR ARR RevPAR OR ARR RevPAR Lux. & Upscale 25.8 -50.0 198 -10.0 51 -69.6 21.1 -47.1 182 -11.1 38 -72.7 Midscale 29.0 -45.4 99 -13.3 29 -65.9 26.3 -40.3 95 -13.4 25 -65.5 Economy 36.9 -37.4 59 -11.8 22 -56.1 34.1 -33.8 57 -11.1 19 -55.2 FRANCE 3
Slide 33: Portfolio
\4\ Portfolio
Slide 34: Portfolio as of June 30th, 2021 (1/2)
Portfolio as of June 30th, 2021 (1/2) OWNED & LEASED MANAGED FRANCHISED TOTAL # hotels # rooms # hotels # rooms # hotels # rooms # hotels # rooms Luxury & Upscale 2 1,339 37 6,729 33 2,677 72 10,745 Midscale 6 807 165 24,471 351 33,626 522 58,904 Economy 1 98 270 32,683 1,028 75,637 1,299 108,418 SO
Slide 35: Portfolio as of June 30th, 2021 (2/2)
Portfolio as of June 30th, 2021 (2/2) OWNED & LEASED MANAGED FRANCHISED TOTAL # hotels # rooms # hotels # rooms # hotels # rooms # hotels # rooms Luxury & Upscale 2 525 177 44,594 24 6,348 203 51,467 Midscale 5 796 82 15,750 22 4,194 109 20,740 Economy 10 1,681 71 13,049 15 2,309 96 17,039 IMEAT 17
Slide 36: Exchange rates
\5\ Exchange rates
Slide 37: H1 Exchange Rates
H1 21 Exchange Rates H1 2020 H1 2021 H1 2021 1€ = X foreign currency Average Rate Average Rate vs. H1 2020 Australian Dollar (AUD) 1.68 1.56 (7)% Brazilian Real (BRL) 5.37 6.51 21% Canadian Dollar (CAD) 1.50 1.51 0% Egyptian Pound (EGP) 17.43 18.92 9% British Sterling (GBP) 0.87 0.87 (0)% American D
Slide 38: Q2 Exchange Rates
Q2 21 Exchange Rates Q2 2020 Q2 2021 Q2 2021 1€ = X foreign currency Average Rate Average Rate vs. Q2 2020 Australian Dollar (AUD) 1.69 1.56 (7)% Brazilian Real (BRL) 5.88 6.44 9% Canadian Dollar (CAD) 1.53 1.48 (3)% Egyptian Pound (EGP) 17.47 18.88 8% British Sterling (GBP) 0.89 0.86 (3)% American
Slide 39: Glossary
\8\ Glossary
Slide 40: Glossary
Glossary Region organization • South Europe (including France) • North Europe (including UK and Germany) • ASPAC: Asia Pacific Region including Greater China & Australia • IMEAT: India, Middle-East, Africa & Turkey • Americas: North, Central and South America & Caribbean Like-for-like (L/L) definiti
Slide 41: ACCOR
ACCOR RAFFLES \ ORIENT EXPRESS \ FAENA \ BANYAN TREE \ DELANO \ SOFITEL LEGEND \ FAIRMONT \ SLS \ SO SOFITEL \ THE HOUSE OF ORIGINALS \ RIXOS \ ONEFINESTAY \ MANTIS \ MGALLERY \ 21C \ ART SERIES MONDRIAN \ PULLMAN \ SWISSOTEL \ ANGSANA \ 25HOURS \ HYDE \ MOVENPICK \ GRAND MERCURE \ PEPPERS THE SEBEL