Conference call H Revenue

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1 Conference call H July 17,

2 HotelInvest & HotelServices June 30 th, 2014 HotelServices HotelInvest Strategy Hotel operator & brand franchisor Guest & partner focused Fee-oriented Hotel owner & investor Asset portfolio focused Yield-oriented Key figures 3,645 hotels (1) 44% of fees generated by HotelInvest Management contracts 1,369 hotels KPIs Network evolution EBIT margin P&L driven Cash-Flow / NOI (2) Gross asset value Balance sheet driven (1) Including Hotel Invest (2) Net Operating Income 2

3 H Key takeaways Accor H (1) up 2.8% L/L at 2,593m (2) HotelInvest: 1.6% increase in L/L at 2,286m HotelServices: 5.7% increase in comparable (3) at 582m o/w 44% of fees paid by HotelInvest Gross revenue at 5.7bn, up 5.0% excluding currency effect Expansion: 12,284 rooms (92 hotels) added over the semester 90% under Management and Franchise (1) H and H figures are restated from the IFRS 11 impacts (2) Including 275m of Holding and Interco s (3) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 3

4 H : 2,593m, up 2.8% L/L +2.8% Like-for-Like 73.8m Like-for-like growth > HotelServices: +5.7% comp (1) > HotelInvest: +1.6% L/L +0.7% -2.5% Expansion 19.4m Disposals (65)m Impact of expansion > Openings: 12,284 new rooms (92 hotels) in H1, of which 3,001 rooms in Franchise (24% of openings) 8,070 rooms in Management (66% of openings) Impact of disposals > Asset management: (62.3)m > Other disposals: (2.7)m -2.8% -1.8% Currency (75.1)m Reported (46.9)m Currency effect > AUD: -1.1%, (29.6)m > BRL: -1.1%, (29.4)m > ARS: -0.3%, (6.7)m NB: H and H figures are restated from the IFRS 11 impacts (1) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 4

5 Q : 1,458m, up 3.3% L/L +3.3% Like-for-Like 48.1m Like-for-like growth > HotelServices: +6.5% comp (1) > HotelInvest: +2.0% L/L Expansion +0.8% Impact of expansion 11.9m > Openings: 7,835 new rooms (60 hotels) 2,213 rooms in Franchise (28% of openings) 5,098 rooms in Management (65% of openings) Disposals -0.7% Impact of disposals (10.3)m > Asset management: (9.5)m > Other disposals: (0.8)m Quarterly growth -2.1% Currency (30.7)m Currency effect > BRL: -0.9%, (12.8)m > AUD: -0.7%, (10.8)m > ARS: -0.2%, (3.4)m +3.3% +3.8% Q2 13 Q % Q % Q % Q % Reported 18.9m NB: Q and Q figures are restated from the IFRS 11 impacts (1) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 5

6 HotelInvest Q : 1,294m, up 2.0% L/L Q by region France NCEE MMEA Q (in million) L/L growth -0.2% +1.7% +8.3% Breakdown of s by segment Economy 39% Luxury & Upscale 14% Asia Pacific % Midscale 47% Americas % HotelInvest 1, % Marginal improvement in France vs Q1, despite tough trading environment Moderate growth in Europe, with Germany stabilizing and solid UK / Benelux Strong performance in Americas and Middle-East/Africa with double digit growth in Southern Europe Slower activity in Australia and China constraining Asia-Pacific performance 6

7 HotelInvest Q : 1,294m, up 2.0% L/L L/L Q growth Luxury & Upscale Midscale Economy Total France +3.1% +0.0% -1.1% -0.2% NCEE +0.5% +1.6% +2.9% +1.7% MMEA +7.2% +8.5% +8.4% +8.3% Asia Pacific +4.1% -0.8% -4.3% -2.3% Americas +13.9% +4.8% +7.2% +8.9% Total +4.4% +1.6% +2.0% +2.0% Solid trends in the Luxury & Upscale segment, almost across all the regions Performance in Midscale lifted by MMEA and Americas Solid pace of growth on the economy segment, lifted by Southern Europe, South America and NCEE 7

8 HotelServices Q : 320m, up 6.5% comp. (1) Q by region France NCEE MMEA Asia Pacific Americas Q (in million) Comp. (1) growth +3.7% +3.8% +12.6% -0.5% +10.2% Breakdown of s by segment Economy 35% Midscale 44% Luxury & Upscale 21% Worldwide Structures 14 N/A HotelServices % Steady performance across all markets except Australia and China Fast fee-based revenue growth enhanced by expansion (1) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 8

9 France Q Managed + HotelInvest Occupancy Net ARR Net RevPAR % D (L/L, pts) D (L/L, %) D (L/L, %) Luxury & Upscale Midscale Economy Total Solid HotelServices performance (+3.7% in comp. (1) revenue), enhanced by expansion (11 hotels/681 rooms) Weak revenue growth in Q2 impacted by poor May and June Paris still leading growth regions penalized by VAT and a structural lack of events Multiple trading challenges reflected in the HotelInvest performance (-0.2% in L/L revenue) (1) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 9

10 Germany Q Managed + HotelInvest Occupancy Net ARR Net RevPAR % D (L/L, pts) D (L/L, %) D (L/L, %) Luxury & Upscale Midscale Economy Total Moderate activity for HotelInvest (L/L revenue down 0.9%) and HotelServices (comp. (1) revenue down 1.4%) Temporary impact on the fair calendar constraining the quarterly performance Good demand across all regions (1) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 10

11 UK Q Managed + HotelInvest Occupancy Net ARR Net RevPAR % D (L/L, pts) D (L/L, %) D (L/L, %) Luxury & Upscale Midscale Economy Total Strong HotelInvest (L/L revenue up +5.0%) and HotelServices performance (comp. (1) revenue +3.6%), with 4 hotel / 530 room openings in Q2 Solid RevPAR performance in the UK, especially in Midscale & Economy, driven by prices Continued strong improvement in regions (+8% in Q2 RevPAR) vs more moderate growth in London (+4% in Q2 RevPAR) based on challenging comps (1) Comparable (comp.) revenue growth includes fees linked to expansion, at constant exchange rates 11

12 Expansion in H1 2014: 12,284 rooms (92 hotels) opened Room openings H by region Room openings H by operating mode France NCEE Owned 3% Americas 16% 8% 19% 23% Asia Pacific Franchise 24% Leased 7% MMEA 34% 90% asset-light Management 66% Fast expansion led by the Asia Pacific region 12

13 Conclusion 13

14 Conclusion Solid revenue growth in Q2 France remains under pressure with multiple trading challenges Continued improvement in Northern, Central & Eastern Europe, enhanced by solid performance in UK and Benelux Sustained recovery in Southern Europe Solid trends in emerging markets excluding Australia and China Ongoing momentum expected to carry on in the coming months despite uncertainties in France Agenda 2014 interim results August 26,

15 Appendices 15

16 Accor H1 and Q in million H H Change L/L change HotelServices % 5.7% HotelInvest 2,336 2, % 1.6% Holding & Interco % 0.3% Total 2,640 2, % 2.8% in million Q Q Change L/L change HotelServices % 6.5% HotelInvest 1,285 1, % 2.0% Holding & Interco % 0.5% Total 1,439 1, % 3.3% 16

17 Appendices H1 and Q RevPAR 2013 RevPAR within the new organization are available on the Accor website 17

18 H RevPAR (1/2) H Luxury & Upscale % Managed HotelInvest (Owned & Leased) Total OR ARR RevPAR OR ARR RevPAR OR ARR RevPAR chg pts L/L chg % L/L chg % L/L % chg pts L/L Midscale Economy France chg %L/L chg % L/L % chg pts L/L chg % L/L chg % L/L Luxury & Upscale Midscale Economy NCEE Luxury & Upscale Midscale Economy MMEA

19 H RevPAR (2/2) Managed HotelInvest (Owned & Leased) Total H Luxury & Upscale OR ARR RevPAR OR ARR RevPAR OR ARR RevPAR % pts % % % pts % % % pts % % Midscale Economy AsPac Luxury & Upscale Midscale Economy Americas Luxury & Upscale Midscale Economy Total

20 Q RevPAR (1/2) Q Luxury & Upscale % Managed HotelInvest (Owned & Leased) Total OR ARR RevPAR OR ARR RevPAR OR ARR RevPAR chg pts L/L chg % L/L chg % L/L % chg pts L/L Midscale Economy France chg %L/L chg % L/L % chg pts L/L chg % L/L chg % L/L Luxury & Upscale Midscale Economy NCEE Luxury & Upscale Midscale Economy MMEA

21 Q RevPAR (2/2) Managed HotelInvest (Owned & Leased) Total Q Luxury & Upscale OR ARR RevPAR OR ARR RevPAR OR ARR RevPAR % pts % % % pts % % % pts % % Midscale Economy AsPac Luxury & Upscale Midscale Economy Americas Luxury & Upscale Midscale Economy Total

22 Appendices Portfolio at the end of June 2014 The portfolios at 31 December 2013 and 31 March 2014 under the new organization are available on the Accor website 22

23 Portfolio at June 30 th, 2014 (1/2) Managed Franchised HotelInvest (Owned & Leased) Total June 30 th, 2014 # hotels # rooms # hotels # rooms # hotels # rooms # hotels # rooms Luxury & Upscale 8 1, , , ,520 Midscale 48 6, , , ,491 Economy 57 5, , ,237 1,126 90,757 France , , ,195 1, ,819 Luxury & Upscale 17 2, , , ,471 Midscale 55 7, , , ,649 Economy 30 4, , , ,946 NCEE , , , ,054 Luxury & Upscale 36 8, , , ,721 Midscale 35 7, , , ,190 Economy 42 6, , , ,102 MMEA , , , ,185 Region figures comprise other brands 23

24 Portfolio at June 30 th, 2014 (2/2) Managed Franchised HotelInvest (Owned & Leased) Total June 30 th, 2014 # hotels # rooms # hotels # rooms # hotels # rooms # hotels # rooms Luxury & Upscale , , ,900 Midscale , , , ,738 Economy 89 16, , , ,728 AsPac , , , ,118 Luxury & Upscale 16 4, ,141 Midscale 73 11, , , ,051 Economy 29 4, , , ,442 Americas , , , ,702 Luxury & Upscale , , , ,753 Midscale , , ,845 1, ,119 Economy , , ,043 2, ,975 Total ,230 1, ,912 1, ,736 3, ,878 Region figures comprise other brands 24

25 Appendices Impact IFRS Quarterly s 2013 P&L details are available on 25

26 Q1 & Q Group In million Q Reported IFRS 11 New org. & Realloc. Q In million Q Reported IFRS 11 New org. & Realloc. Q Upscale & Midscale Upscale & Midscale Economy Economy Other brands Other brands Hotels 1, ,184 Hotels 1, ,423 Other activities Other activities Total Group 1, ,201 Total Group 1, ,439 26

27 Q3 & Q Group In million Q Reported IFRS 11 New org. & Realloc. Q In million Q Reported IFRS 11 New org. & Realloc. Q Upscale & Midscale Upscale & Midscale Economy Economy Other brands Other brands Hotels 1, ,398 Hotels 1, ,357 Other activities Other activities Total Group 1, ,411 Total Group 1, ,374 27

28 2013 Group In million Q Reported Q Q Reported Q H Reported H Q Reported Q Q Reported Q FY 2013 Reported FY 2013 Upscale & Midscale ,680 1, ,438 3,223 Economy ,970 1,956 Other brands Hotels 1,193 1,184 1,435 1,423 2,628 2,607 1,410 1,398 1,370 1,357 5,408 5,362 Other activities Total Group 1,227 1,201 1,467 1,439 2,694 2,640 1,440 1,411 1,402 1,374 5,536 5,425 28

29 Accor 2013 Quarterly s Quarterly s at Group level In million Q Q H Q Q FY 2013 HotelServices ,254 HotelInvest 1,051 1,285 2,336 1,252 1,210 4,798 Interco Accor 1,201 1,439 2,640 1,411 1,374 5,425 29

30 HotelServices 2013 Quarterly s Quarterly s by region In million Q Q H Q Q FY 2013 France NCEE MMEA Asia Pacific Americas Worldwide structures HotelServices ,254 30

31 HotelInvest 2013 Quarterly s Quarterly s by region In million Q Q H Q Q FY 2013 France ,678 NCEE ,018 MMEA Asia Pacific Americas HotelInvest 1,051 1,285 2,336 1,252 1,210 4,798 31

32 Appendices H1 and Q exchanges rates 32

33 H Exchange Rates 1 = X foreign currency H average rate H average rate 2014 vs Change Brazilian real (BRL) % Australian dollar (AUD) % Sterling (GBP) % Argentine Peso (ARS) % Swiss Franc (CHF) % 33

34 Q Exchange Rates 1 = X foreign currency Q average rate Q average rate 2014 vs Change Brazilian real (BRL) % Australian dollar (AUD) % Sterling (GBP) % Argentine Peso (ARS) % Swiss Franc (CHF) % 34

35 Glossary 35

36 Glossary (1/2) Region organization France NCEE: Northern, Central and Eastern Europe (does not include France nor Southern Europe) MMEA: Mediterranean, Middle-East and Africa (includes Southern Europe) AsPac: Asia Pacific Region Americas: Northern, Central and South America Other hotel brands in the portfolio (slides 21 to 22) Brands not included in the 3 Luxury & Upscale /Midscale / Economy segments. At the end of June 2014, 35 hotels (5,031 rooms) are classified in Other hotel brands : 4 Orbis in Poland; 3 Caesar and 1 Coralia Club in South America; 27 no-branded hotels (1 in France, 2 in Switzerland, 2 in Marocco, 10 in Australia/New Zealand, 12 in South-East Asia) 36

37 Glossary (2/2) Other brands in the previous Group presentation (slides 24 to 26) In the 2013 Reported the Other brands were mostly allocated to the Upscale & Midscale segment. They have been identified separately in the These Other brands include activities related to hotel operations, such as Le Club Accorhotels and Allegiance (Group Loyalty programs), Accor Académies (Group training), Orbis hotels and support functions for this segment. Other activities in the previous Group presentation (slides 24 to 26) Other activities in the 2013 Group presentation include hotel-related businesses, such as Strata and timeshare business in Australia, Casinos, Orbis transport and catering. 37

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