Visuel H10,21 x L9,14 cm. Operational Strategy
|
|
|
- Homer Gallagher
- 9 years ago
- Views:
Transcription
1 Visuel H10,21 x L9,14 cm Operational Strategy 64 Investor Day - September 13, 2011
2 A Value Creative Strategy The Reference Hotel Player Revitalize our brand portfolio Promote our unique operational know-how Deploy our LT asset management strategy Run a value creation development strategy Effective financial strategy 65 Investor Day - September 13, 2011
3 Operational Strategy: Our Key Levers Promote our unique operational know-how Distribution Strategy Operational Excellence Franchise Expertise 66 Investor Day - September 13, 2011
4 Visuel H10,21 x L9,14 cm Distribution Strategy Jean-Luc Chrétien 67 Investor Day - September 13, 2011
5 We Master The Key Strategic Elements Of Hotel Distribution A significant contribution to hotel results A dynamic growth of Direct channels A capacity to adapt to technological innovations 68 Investor Day - September 13, 2011
6 Our Distribution Drives Demand 36%* 48%* 7,6% 40,2% 54%* 13,2% 42,6% 59%* 17,6% 45,3% +65% contribution ,7% Le Club Accorhotels contrib. 14% 20% 22% 24% Tars contribution Total On line sales YTD * Share of Room Business Volume generated by Accor Reservation channels and Le Club Accorhotels members direct bookings 69 Investor Day - September 13, 2011
7 Our Distribution Is Growing Direct Sales Contribution 7.4 Million 1 Million Members Members 70 Investor Day - September 13, 2011
8 We Have Powerful, International & Efficient Direct Channels > 10 M annual roomnights 14 languages across all activities 45% conversion ratio 200 M 9 annual Website Visits Call center platforms 65% worldwide Share of direct Web Sales 20M customer contacts in database 28 Geo localized web portals iphone app downloads 7 M Le Club Accorhotels members 71 Investor Day - September 13, % Le Club Accorhotels members outside France new Le Club Accorhotels members daily
9 We Have A Well-Balanced Distribution Strategy 1. An aggressive multi-channel approach Strategic agreements and connectivity with key players 2. A strict control of channel performance Best-in-class RM tools and processes 3. A strong commitment to customer relationship management 72 Investor Day - September 13, 2011
10 We Are A Technology Innovation Leader 100% web booking system Leader in Mobile booking solutions e-check-in & e-check-out solutions Direct connect Solutions Revenue Management tools 73 Investor Day - September 13, 2011
11 Our Distribution Generates Value For Our Hotels Increase Direct contribution Increase Revenue Increase RevPar index Direct channels Direct connect to Distributors Loyalty Hotel System Revenue Management System Business Intelligence Accor reservations system (TARS) Payment solutions Improve Performance 74 Investor Day - September 13, 2011 Improve Productivity
12 75 Investor Day - September 13, 2011 Q&A session
13 Visuel H10,21 x L9,14 cm Operational Excellence Yann Caillère 76 Investor Day - September 13, 2011
14 Operational Strategy: Key Levers Promote our unique operational know-how Distribution Strategy Operational Excellence Franchise Expertise 77 Investor Day - September 13, 2011
15 Operational Excellence Our Know-how & Goals Achieve Highest RevPAR Maximize margins Efficient hotel renovation RevPAR index > 100 Flow-through 50% Capex 5% of revenue 78 Investor Day - September 13, 2011
16 Maximize Topline & Secure Growth Our Key Levers Of Action Our Goal: Achieve the Highest RevPAR index Operational Excellence combined with reinforced Brands, and dynamic Distribution to outperform the competition Excellence in Hotel quality of service Trained and motivated teams to grow Revenue Effective tools and methodology for Revenue Management (e.g. UK) 79 Investor Day - September 13, 2011
17 Maximize Topline & Secure Growth Outperforming Competition In Main Markets month (July) RevPAR index Brand awareness RevPAR index Distribution power Operational excellence > Investor Day - September 13, 2011
18 Maximize Topline & Secure Growth At Hotel Level, Excellence In Quality Of Service 1 st Hotel Group with Tripadvisor reviews on its own websites; 300,000 reviews collected since August ,000 hotels measuring quality on a daily basis (Guest Satisfaction Survey tools) 116 luxury industry awards won by Sofitel (as of July 2011, doubled vs. 2010)... and many other awards for Accor best-in-class hotels 81 Investor Day - September 13, 2011
19 Maximize Topline & Secure Growth Trained & Motivated People To Grow Revenue 1,000 key employees trained & certified by Accor Revenue Management training program employees to be trained by 2013 in 500 Accor new Sales & Distribution training program 1 st Hotel company in Great Place to Work rankings in Brazil, Latin America & Austria. 11 more countries are joining Great Place to Work rankings, + 5 countries planned in Investor Day - September 13, 2011
20 Maximize Topline & Secure Growth Effective Revenue Management (e.g. ibis Budget in UK) Dynamic pricing since October 2010 with greater price elasticity Regions, OR Strategy: London, ARR Strategy: Results*: ibis Budget UK Network RevPAR : + 12% OR : + 14% Significant market share gains OR index** : + 13% RevPAR index**: + 5% 83 Investor Day - September 13, 2011 (*) Figures January to July 2011 vs (**) STR market data for followed hotels
21 Maximize Bottom Line & Flow-through Our Key Levers Of Action Our Goal: Secure Flow-Through of 50% Hotel cost optimization, thanks to effective tools (e.g. maintenance and energy) Country cost optimization (e.g. France) Group initiatives to maximize margins (e.g. sourcing) 84 Investor Day - September 13, 2011
22 Maximize Bottom Line & Flow-through Effective Tools For Hotels Cost Efficiency (e.g. Open) OPEN WATER & ENERGY Accor tool 1,300 hotels equipped with OPEN 5% energy costs savings i.e. 10M impact for Accor An attractive tool for our partners In a hotel life cycle, 80% of property costs are due to maintenance, energy and renovation costs vs. 20% for initial investment costs 85 Investor Day - September 13, 2011
23 Maximize Bottom Line & Flow-through Best Procurement For Our Hotels & Our Partners Profit center: 30M savings and avoided costs in Opex & Capex Sourcing for our O&L hotels and for our partners Best-in-class organization, per expertise 86 Investor Day - September 13, 2011
24 Maximize Bottom Line & Flow-through Margin Optimization Throughout The Business Cycle 50% as target flow-through ratio during growth periods Accor flow-trough rate 2011 JuneYTD: 51%* 40% as target reactivity ratio during downturns 87 Investor Day - September 13, 2011 (*) Excluding exceptional Egypt, Ivory Coast
25 Efficient Hotel Renovation Our Key Levers Of Action Our Goal: Capex at 5% of revenue Optimize Capex allocation policy (e.g. rules & tool) Reduce renovation costs (e.g. Mercure Dédicaces) Differentiate renovation to gain market share (e.g. ibis Budget) 88 Investor Day - September 13, 2011
26 Efficient Hotel Renovation Optimize Capex Allocation Capex allocation policy Rules and tool Capex on existing network in % of total revenue Strategic assets Locations AAA, BBB Commitment to partners Target Rolled out in Investor Day - September 13, 2011 Note: Capex excluding ibis Budget exceptional program
27 Efficient Hotel Renovation Reduce Renovation Costs: e.g. Mercure Dédicaces - 40% in renovation costs 2 room unavailability during works 135 rooms to be deployed per month 90 Investor Day - September 13, 2011
28 Efficient Hotel Renovation Differentiate Renovation To Gain Market Shares Strong positive impact of Cocoon renovation on performance +5.5 pts additional RevPAR growth for hotels renovated with Cocoon (+9.6%) vs. hotels not renovated (+4.1%) +6 pts in RevPAR index vs. flat for non-renovated hotels 95% of the network renovated by Investor Day - September 13, 2011 Data source: France results for 20 hotels renovated vs. 54 hotels non-renovated (JulyYTD 2011 vs. 2010), RevPAR index as of JulyYTD 2011 (12 months)
29 Operational Excellence by Accor for Accor and for its Partners Achieve Highest RevPAR Maximize margins Efficient hotels renovation Benefiting the entire network Owned & Leased Managed Franchised 92 Investor Day - September 13, 2011
30 Operational Strategy: Key Levers Promote our unique operational know-how Distribution Strategy Operational Excellence Franchise Expertise 93 Investor Day - September 13, 2011
31 Franchise: What Do We Sell? Brand Powerful Distribution Business Solutions Support & Training Brand License Know-How & Expertise A partnership 94 Investor Day - September 13, 2011
32 Support & Training The Franchise s Virtuous Spiral Recruit Recruit 95 Investor Day - September 13, 2011
33 Support & Training The Franchise s Virtuous Spiral Recruit 96 Investor Day - September 13, 2011
34 Support & Training The Franchise s Virtuous Spiral Integrate Recruit Integrate 97 Investor Day - September 13, 2011
35 Support & Training The Franchise s Virtuous Spiral Integrate 98 Investor Day - September 13, 2011
36 Support & Training The Franchise s Virtuous Spiral Share Recruit Share Integrate 99 Investor Day - September 13, 2011
37 Support & Training The Franchise s Virtuous Spiral Share 100 Investor Day - September 13, 2011
38 Support & Training The Franchise s Virtuous Spiral Share 101 Investor Day - September 13, 2011
39 Support & Training The Franchise s Virtuous Spiral Grow Grow Recruit Share Integrate 102 Investor Day - September 13, 2011
40 Support & Training The Franchise s Virtuous Spiral Grow Recruit Share Integrate 103 Investor Day - September 13, 2011
41 Visuel H10,21 x L9,14 cm Asset Management Strategy Marc Vieilledent 104 Investor Day - September 13, 2011
42 A Value Creative Strategy The Reference Hotel Player Revitalize our brand portfolio Promote our unique operational know-how Deploy our LT asset management strategy Run a value creation development strategy Effective financial strategy 105 Investor Day - September 13, 2011
43 Asset Management Strategy Our Key Strategic Objectives Reduce Capital employed Increase profitability Reduce volatility Externalize real estate value Facilitate strategic developments (both internal & external) 106 Investor Day - September 13, 2011
44 Asset Management Strategy Analysis Matrix Sale & Mngt Back or Sale & Var. lease Back Tier 1 cities Tier 2 cities Tier 3 cities Suburbs Second loc. Prime loc. Sale & Franchise Back or Outright Sale Clear asset management guidelines 107 Investor Day - September 13, 2011 (1) ROCE calculated on normalized EBITDA divided by replacement costs
45 Asset Management Strategy Variable Lease Strong Cash Generation Model Owned model Variable lease model Capital Employed 12,000 k 2,250 k EBIT 720 k 363 k In % of revenues 18% 9% Cash before taxes 1,234 k Real estate value 11 m (*) 519 k In % of capital employed 10% 23% 108 Investor Day - September 13, 2011 Example of a 150-rooms hotel at 80k / rooms Revenues = 4,114 k EBITDAR = 1,440k 35% margin (*) based on a rent at 756k capitalized at 6.5%
46 Asset Management Strategy 3 Operation Types For 3 Rationale Variable Lease Management Contract Franchise Contract Targeted assets : Most profitable Economy hotels & Selected Midscale hotels Targeted assets : Upscale hotels & large Midscale hotels Targeted assets : All Midscale & Economy hotels with profitability below Group standards Expected benefits : Keep the operational lever of strong cash generation & profitable assets Reduce future results volatility Externalize real estate value Expected benefits : Recover capital employed and limit results volatility Keep the operational lever on strategic assets that have low cash generation Expected benefits : Withdraw commitment from non strategic locations Maintain network size with positive contribution from franchise 109 Investor Day - September 13, 2011
47 Asset Management Program Update On Objectives Type of operation (in nb of hotels) Mid 2011 * Total Sale & Variable Lease Back Sale & Management Back Sale & Franchise Back Outright Sale Total Cash proceeds 796 1,600 Impact On Adj. Net Debt (in M) 936 2,000 (*) including Sales & Management Back of Pullman Bercy & Sofitel Arc de Triomphe Existing program already half-completed 110 Investor Day - September 13, 2011
48 Asset Management Program Sale & Management Back Transaction Examples Sofitel Arc de Triomphe Enterprise value = 69m Sold to a consortium of French private investors Pullman Paris Bercy Enterprise value = 105m Sold to Host Hotel & Resorts, Inc European joint venture with APG and an affiliate of GIC Characteristics of the deals Valuation in line with our value-per-room objectives Capex financed by investors Long term contracts Cash generating contracts with low volatility 111 Investor Day - September 13, 2011
49 Asset Management Program Valuation Elements Sale & variable lease back : Target yield between 6.0% and 6.5% Sale & management back : Value per room reflecting asset location, cash generated and real estate value Examples : Sofitel Arc de Triomphe : Pullman Bercy : 556k per room 265k per room Sale & franchise back / Outright sales : Last 18 months disposals at an average valuation of 13x EBITDA Transactions at best market conditions 112 Investor Day - September 13, 2011
50 Asset Management Program Update On 1.2bn Program In a more uncertain environment, objective on track Objective supported by : Historical track record, experienced & committed asset management teams Attractive Accor brands, locations and products for investors Considering transactions of single unit or portfolios with limited numbers of hotels Strong appetite by individual entrepreneurs for Sale & Franchise back and outright sales Several deals already in progress 113 Investor Day - September 13, 2011
51 A New Disposal Plan Hotels 225 h. 175 h. 400 h. Impact on adj. net debt 1.2bn 1.0bn 2.2bn Identification of a new plan 1bn impact on adjusted net debt 114 Investor Day - September 13, 2011
52 Asset Management Strategy Deploy A Long Term Asset Management Strategy (1/2) Ongoing restructuring of assets EBIT Margin improvement Owned hotels Ongoing program with value creation objectives Fixed lease hotels Implementation of asset light guidelines, subject to owner's approval or lease term Variable lease hotels Ongoing review of strategic interest hotel by hotel 115 Investor Day - September 13, 2011
53 Asset Management Strategy Deploy A Long Term Asset Management Strategy (2/2) Lever for strategic development Profitable growth Owned hotels Ability, on a selective basis, to build or acquire hotels with a view towards future sale & management back and/or sale & variable lease back Fixed lease hotels Only for strategic locations (Economy & Midscale segments) Variable lease hotels Preferred model for hotels to be operated as subsidiaries (organic growth or acquisitions) 116 Investor Day - September 13, 2011
54 Asset Management Strategy Conclusion Current program well on track A new disposal plan with 1bn impact on adjusted net debt A long term strategy with an ongoing restructuring of our portfolio, aiming to improve EBIT margins A virtuous cycle providing room for potential investments with asset management acting as a facilitator of Accor s growth A strong value creation driver 117 Investor Day - September 13, 2011
55 Visuel H10,21 x L9,14 cm Development Strategy Denis Hennequin / Michael Issenberg 118 Investor Day - September 13, 2011
56 A Value Creative Strategy The Reference Hotel Player Revitalize our brand portfolio Promote our unique operational know-how Deploy our LT asset management strategy Run a value creation development strategy Effective financial strategy 119 Investor Day - September 13, 2011
57 Development Strategy Expand our European leadership & Take or secure leading positions in emerging countries Major markets, with an existing leadership Priority markets with significant development ambition Selective development in AAA locations 120 Investor Day - September 13, 2011
58 European Hospitality Market Accor Footprint & Competitive Position By Segment 2,368 hotels 259,500 rooms as of end of 2010 Rank % 1 st player 18% of branded supply Accor ranking & % of branded supply Top5* 5% Top5 8% 1 st 46% 1 st 18% 1 st 21% 2 nd 10% 1st (1) A clear position as global leader in all European countries, especially in Economy & Midscale 121 Investor Day - September 13, 2011 Source : MKG analysis 2011 (*) excluding resorts offer (1) Including Switzerland, Austria, Poland, Czech Rep., Slovakia, Hungary
59 European Hospitality Market Growth Opportunities Potential for chain development 6,400 k r. through conversion & Potential for new supply offer in Eco / Budget segments European market Existing supply 6.4m rooms Chain penetration 25% Maturing markets Spain / Italy Germany Eco & Budget market < 30% of total market Chain penetration < 10% vs vs US market Existing supply 5.0m rooms Chain penetration 67% Mature markets France / US Eco & Budget market 50% Chain penetration 60% 122 Investor Day - September 13, 2011 Source : MKG 2011 report
60 Expand Our European Leadership Invest in key strategic locations to create value Increase our development through franchise especially in Midscale & Economy segments Consider very selective acquisitions in specific markets to take or secure leadership 123 Investor Day - September 13, 2011
61 Invest In Key Strategic Locations To Create Value ibis & Novotel London Blackfriars Project negotiated and signed in 2009 & 2010 Located in Central London's south bank 297-bedroom ibis and 182-bedroom Novotel Opening scheduled in 2012 Lease agreement with McAleer & Rushe Group 20-year, triple net lease with renewal options at Accor hand ibis : Fixed lease Novotel : Variable lease with a capped minimum guarantee ibis & Novotel Blackfriars Third operating year Turnover : 17.3m EBITDAR : 9.0m EBITDAR margin : 52% Rent : 4.8m EBIT : 3.3m FCF : 3.4m Strong, stable cash flow generation with a limited risk One of the strongest and most resilient market in Europe Proven track record of ibis and Novotel in central London 19m NPV of free cash flows with a limited investment of 4.6m (FF&E) 124 Investor Day - September 13, 2011
62 Increase Development Through Franchise A Very Limited Existing Franchise Supply 1,011 kr. 3,750 kr. 5,000 kr. 750 kr. Independent supply 654 kr. Branded supply 579 kr. 608 kr. Of which Franchise supply XX% Franchise supply vs total supply 50% 18% 9% 12% 159 kr. 2% 3% 18% 9% France Germany UK Spain Italy Benelux West. Europe * In Western Europe, globally a low penetrated market (30% of supply), with high discrepancy in Franchise model appeal USA 125 Investor Day - September 13, 2011 * Based on Top 6 key countries
63 Increase Development Through Franchise 2 Strategic Levers For A Focused Approach Stronger & better suited brands & Restructuring of our service offering Focused efforts on 4 high-potential countries 126 Investor Day - September 13, 2011
64 Increase Development Through Franchise Focused Development Economy & Midscale Economy Midscale 200 h. 300 h. 200 h. 200 h. Key market for franchise dvpt No sizeable Franchise 300 h. 100 h. dvpt at this stage 200 h. 300 h. Depth of the franchise market A potential of hotels for Accor Depth of the franchise market A potential of hotels for Accor A global franchise development plan for Economy & Midscale focused on 4 countries looking for density & volume 127 Investor Day - September 13, 2011 XXXh. Nb of potential existing hotels that can be converted through franchise, from an Accor perspective (30 to 50% of potential)
65 Take Or Secure Leading Positions In Emerging Countries Ease / accelerate organic development with better suited & attractive brands Consider very selective acquisitions / partnerships in specific markets in Midscale & Upscale segments, giving us flagship hotels essential for development of the brand 2 regional examples Asia / Pacific South America 128 Investor Day - September 13, 2011
66 Asia Pacific Hospitality Market Accor Footprint 430 hotels 83,600 rooms as of end of nd ** 2 nd * 6% 1 st 11% 1 st Int l player In number of hotels ~ 7% of branded supply In number of rooms 1 st 23% Rank % Accor ranking & % of branded supply 1 st 20% 1 st Accor undisputed leader in South East Asia & Pacific, China and India, the most competitive markets 129 Investor Day - September 13, 2011 * Among International players ** Including pipeline
67 China International Players Also Very Active Network end 2010 Pipeline > 220h. 107 h. > 210 h. International brands * > 180h. - Multi segments and international brands - International standards > 75h. > 140h. - Priority market for development (e.g. : 20% of total pipeline for IHG, 37% for Starwood) 50 h. 100 h. 150 h. 200 h. 250 h. 130 Investor Day - September 13, 2011 Sources : Company Annual reports 2010, Lodging Q * Wyndham network excluding Super 8 brand (192 h.)
68 Our Strategy For China Position Accor as the leading International Hotel Company by 2015 with almost 400 hotels committed The only hotel company operating Budget through Luxury, including an Upscale China-specific brand The only operator with an Asset Right mix : investment, management and franchise A dynamic management team of domestic and international experts China-centric Sales, Marketing and Distribution platforms A committed network of 400 hotels by 2015 delivering an asset light profitable business model 131 Investor Day - September 13, 2011
69 A New COO For Accor Operations In China Samuel SHIH Started early September 2011 Extensive experience working with strong international brands such as Red Bull and Pepsico Managing Director for Asia Pacific Vice President Beverage, Greater China A wealth of experience in working in China Broad marketing and operational experience Education : Bachelor of Science University of British Columbia, Canada M.B.A. University of Macau, Taipa 132 Investor Day - September 13, 2011
70 Our Strategy For China In Midscale To Luxury Segments Strengthen our position in the Midscale to Luxury segments leveraging our brand strategy 133 Investor Day - September 13, 2011
71 Sofitel In China Leading network in luxury segment in China Well-positioned as a French luxury product 134 Investor Day - September 13, 2011
72 Pullman In China Experiencing unparallel and sustained expansion Extensive opportunity beyond existing network and commitments Brand resonates well with developers in China Brand specifications suit upper-upscale developments in China 135 Investor Day - September 13, 2011
73 Grand Mercure In China Announcement in China during October 2011 First-to-market with tailored China upscale non-standardized product Fast-paced deployment through organic growth Network of 14 hotels committed & 14 hotels under advanced negotiation 136 Investor Day - September 13, 2011
74 Our Strategy For China ibis Strategy Play a key role in the eco segments with a quality product suited to market conditions Improve ibis business model, restructured towards a more asset right model Restructure our network through aggressive Asset disposals (Sale & Franchise Back) retaining only the best performing assets Enhance development Priority to manchise, and management for big hotels Capitalizing on ibis MegaBrand to accelerate development with the opportunity to launch ibis Styles Review partnership and acquisition opportunities 137 Investor Day - September 13, 2011
75 Accelerated Growth Options China - Accor Network and Pipeline Network as of June 2011 Pipeline Opened or committed by 2015 > Sofitel Pullman Grd M Novotel Ibis June 2011: 107 hotels Pipeline as of Aug > 100 h. End 2015: 400 hotels committed 138 Investor Day - September 13, 2011
76 Our Strategy For India Be the 1 st International Hotel Company with 90 hotels / 20,000 rooms opened by 2015 Target Network 2015 Accelerate our development in Upscale & Luxury, and anchor our presence in key locations throughout the country 12 h. Take a leadership position in the Midscale segments, and further exploit our strategic partnership with GIC / Host 33 h. Develop the Economy & Budget segments to build our leadership, capitalizing on our partnership for ibis (Interglobe) 45 h. 139 Investor Day - September 13, 2011
77 South America Hospitality Market Accor Footprint 166 hotels 25,400 rooms as of end of 2010 x% 1 st 20% 1 st player In number of hotels ~ 10% of branded supply In number of rooms 4 th * Rank % Accor ranking & % of branded supply (*) Ranking for the region Argentina, Chile, Colombia, Peru among int l players Accor is the major multi-segment leader in key South American markets with a strong leadership in Brazil 140 Investor Day - September 13, 2011 (1) Accor network as of end 2010
78 Brazil Accor Strong Leadership vs Local & Int l Players Network Pipeline 143 h. 217 h. Atlantica Allia Nacional Inn BHG Blue Tree Transamerica Slaviero Othon Wyndham Sol Melia IHG Local, with int l brands Local Local Local, with int l brands Local Local Local Local Local players - Owned and Managed models - Aggressive development plans International chains - Accor, strong leader with differentiated model : multi-segment, no local partner - Other international players : - Recent but strong interest for Brazil - Midscale segment mainly - Mainly partnership with local operators : Starwood, Choice & Carlson with Atlantica, Louvre Hotels with BHG 141 Investor Day - September 13, 2011 Sources : Company Annual reports 2010, Lodging Q4 2010
79 Our Strategy For Brazil Expand our Brazilian leadership with more than 250 hotels opened by 2015 Target Network 2015 Strengthen our positions in Midscale & Upscale segments thanks to aggressive development 85 h. Consolidate our leadership in Economy & Budget segments through development combining subsidiaries in key locations franchises in secondary locations 170 h. Consider acquisitions in this strategic market 142 Investor Day - September 13, 2011
80 Development Plan Split by segment Almost 60% in Economy & Budget segments Budget 11% Budget US 11% Up & Lux 15% Midscale 27% Economy 36% Eco & Budget = 58% 54% in emerging markets, with 27% of total in fast growing countries (China, India & Brazil) Split by Geography Other emerging markets 27% China, India, Brazil 27% Mature markets 46% with a strong focus on Mngt & Franchise contracts (91% Asset Light, incl. variable lease) Split by Operating mode Franch. 36% Asset Light = 91% Owned 6% Fixed L. 3% Mngt 45% Variable L. 10% 143 Investor Day - September 13, 2011
81 Development Plan h. / ~25kr. 40,000 35,000 5kr. 5kr. 5kr kr. 35kr. 35kr ~14kr Opened (as of end of June 2011) Development plan Potential acquisitions Citéa operation 35k / 40k room openings per year from 2011 taking into account potential acquisitions 144 Investor Day - September 13, 2011
82 Visuel H10,21 x L9,14 cm Financial Strategy Sophie Stabile 145 Investor Day - September 13, 2011
83 A Value Creative Strategy The Reference Hotel Player Revitalize our brand portfolio Promote our unique operational know-how Deploy our LT asset management strategy Run a value creation development strategy Effective financial strategy 146 Investor Day - September 13, 2011
84 2011 Outlook Hotels Business Trends In July & August in % YoY RevPAR change in July L/L (1) Excl. VAT YoY RevPAR change in August L/L (1) Excl. VAT Upscale and Midscale Hotels Europe +7.3% +7.4% France +11.2% +12.7% Germany +6.5% +2.2% UK +8.1% +9.0% Other +2.5% +3.6% Economy Hotels Europe +7.7% +5.7% France +6.9% +6.6% Germany +7.9% +5.0% UK +10.5% +9.7% Other +7.5% +3.1% Economy Hotels US +4.0% +3.4% 147 Investor Day - September 13, 2011
85 2011 Outlook Full-Year EBIT Target A favorable cycle upturn, illustrated by the solid first-half operating performance and 3 rd quarter trends No sign of slowdown in the recovery at this stage Flow-through target confirmed at 50% No significant impact from today s announcements Full-year 2011 EBIT target of 510 million to 530 million 148 Investor Day - September 13, 2011
86 Financial Strategy Maximize value creation thanks to an effective financial strategy Track operational profitability Monitoring tool P&L Performance Follow asset management optimization & development contribution Monitor owned & leased EBIT performance Strong Value Creation drivers Brands & Operational excellence Asset Management Asset light development 149 Investor Day - September 13, 2011
87 P&L Performance Key Principles Manager and franchisor Remuneration on a fee basis including subsidiaries Fees Sales & Marketing fund Sales, distribution and marketing fund Services Owned & leased Managed Franchised Owned & Leased Hotels owned or leased by Accor Full P&L contribution Owned & leased A key management tool & performance monitor 150 Investor Day - September 13, 2011
88 P&L Performance FY 2010 Results December 2010 Manager and franchisor (1) Sales & Marketing Fund (1) Owned & Leased Unalloc., platform & intercos Total Gross revenue 9,810 n.a. 5, ,065 o/w revenue ,330 (233) 5,948 EBITDAR Contrib. margin % (18) (7%) 1,530 29% (10) n.a. 1,814 30% EBIT EBIT margin % (18) (7%) 226 4% (74) n.a % Our targets : 50% contribution margin from Manager & Franchisor activity Breakeven at EBIT level for Sales & Marketing Fund (1) Including fees from subsidiaries 151 Investor Day - September 13, 2011
89 P&L Performance Details On Owned & Leased P&L December 2010 Manager and franchisor (1) Sales & Marketing Fund (1) Owned & Leased Unalloc., platform & intercos Total Gross revenue 9,810 n.a. 5, ,065 o/w revenue ,330 (233) 5,948 EBITDAR Contrib. margin % (18) (7%) 1,530 29% (10) n.a. 1,814 30% EBIT 312 (18) 226 (74) 446 EBIT margin 53% (7%) 4% n.a. 8% Owned Fixed lease Var. lease Nb of hotels Revenue 1,380 1,686 2,264 EBITDAR Contrib. margin % % % (1) Including fees from subsidiaries EBIT EBIT margin 122 9% (33) (2)% 137 6% 152 Investor Day - September 13, 2011
90 3 Value Creation Drivers, One Key Target Brands & Operational excellence Asset Management Asset Light Development Maximized RevPar Flow-through = 50% plan 400 hotels / 2.2bn adjusted net debt impact 80% through management & franchise Maximize Free cash flow generation before asset disposals 153 Investor Day - September 13, 2011
91 Value Creation Drivers Impact of Operational Excellence Top Line Brand initiatives & Operational excellence Up & Mid scale Eco & Budget RevPar maximization RevPar Index increase RevPar Increase with a growing part of price (limited related costs increase) Distribution solutions Strategy to give priority to our distribution channels vs 3 rd party contributors 59% Tars contribution to room revenues Maximized RevPar increase transformation into revenues Maximization of Revenues increase (Price & transformation) pts on EBITDAR Margin 154 Investor Day - September 13, 2011
92 Value Creation Drivers Impact of Operational Excellence Bottom Line Hotel Costs monitoring Hotels cost structure savings (energy, maintenance) Procurement P&L and capex effectiveness Limited costs increase as compared to revenues increase Support cost optimization Adaptation according to business model evolution towards Asset Light Optimization of Costs at all levels from hotel to corporate pts on EBITDAR Margin 155 Investor Day - September 13, 2011
93 Value Creation Drivers Impact of Operational Excellence Top line maximization Brand initiatives & Operational excellence Bottom line optimization Distribution solutions 50% Flow-through ratio on EBITDAR Hotel Cost monitoring Procurement +2-3pts on EBIT Margin at mid term Support cost optimization 156 Investor Day - September 13, 2011
94 Value Creation Drivers Impact of Asset Management Ongoing restructuring of assets Target EBIT margin (*) Owned hotels Ongoing program with value creation objectives % Fixed lease hotels Implementation of asset light guidelines, subject to owner's approval or lease term 6-8 % Variable lease hotels Ongoing review of strategic interest hotel by hotel 8-10 % 157 Investor Day - September 13, 2011 (*) Including impact from operational excellence in flow-through objective
95 Value Creation Drivers Impact of Development High margin incremental revenues For each project, The right brand, The right operating mode, The right location Double digit EBIT margin after ramp up Low volatility 80% through Management & Franchise contracts 70% of EBIT from Development relying on fees business Selective investment 200m Focus on key profitable geographies / segments Target ROCE of 15% 158 Investor Day - September 13, 2011
96 Value Creation Drivers Targets Brands & Operational excellence Asset Management Asset Light Development Maximized RevPar Flow-through = 50% plan 400 hotels / 2.2bn adjusted net debt impact 80% through management & franchise +2-3pts EBIT Margin Capex = 5% of revenues +1-2 pts EBIT margin on owned & leased perimeter 15% ROCE Investments = 250m * Positive Free cash flow generation before asset disposals across the cycle 159 Investor Day - September 13, 2011 (*) Including capex on major renovations
97 Value Creation Drivers P&L Performance Mid-term Targets Manager and franchisor (1) Sales & Marketing Fund (1) Owned & Leased Unalloc., platform & intercos Total Mid term targets Contrib. margin > 50% Breakeven at EBIT level EBIT Margin 10-12% Owned Fixed lease Var. lease Mid term targets EBIT margin 12-15% EBIT margin 6-8% EBIT margin 8-10% (1) Including fees from subsidiaries 160 Investor Day - September 13, 2011 (*) Including capex on major renovations
98 Value Creation Drivers A Less Volatile & More Resilient Business Model Revenues A strong move towards Asset Light model From 43% of owned & fixed leased in 2004 to 22% in 2011 in Up & Midscale From 69% of owned & fixed leased in 2004 to 24% in 2011 in Eco & Budget excl. US A network evolution to 66% asset light in 2011 Vs 37% in 2004 EBITDAR & EBIT margin Reactivity rate at 40% at EBITDAR level c.50% EBIT generated by fees Free Cash Flow Maximized EBITDAR margin : +2-3pts Selective Renovation & Development Capex at c m Less volatile & more resilient business model Higher cash generation 161 Investor Day - September 13, 2011
99 A Sound Financial Position In millions June 2010 Dec June 2011 Gross debt 2,303 1,988 1,882 Current financial assets (1,339) (1,258) (1,323) Net debt Adjusted Funds from Operations / Adusted net debt (1) 16.7% 20.1% 23.1% (1) Net debt adjusted for NPV of minimum lease payments discounted at 8% ( Standard & Poor s methodology) A sound financial position, including 1.8bn in unused and confirmed credit lines 162 Investor Day - September 13, 2011
100 Financial Strategy Conclusion Maximization of revenues through RevPar and transformation A growth of EBIT margin between 2-4pts ad mid term A more resilient EBIT Increased ROCE through a less capital-intensive model A highly positive Free Cash Flow before asset disposals over the period allowing flexibility for growth and return to shareholders A financial strategy aiming to create value and to increase Group attractiveness for shareholders 163 Investor Day - September 13, 2011
101 Visuel H10,21 x L9,14 cm Conclusion Denis Hennequin 164 Investor Day - September 13, 2011
102 A Strategy For Value Creation The Reference Hotel Player Revitalize our brand portfolio Promote our unique operational know-how Deploy our LT asset management strategy Run a value creation development strategy Effective financial strategy 165 Investor Day - September 13, 2011
103 A Strategy For Value Creation Brands & Operational excellence Asset Management Asset Light Development Strong Cash Flow generation Net debt free by the end of 2011 Use of cash to optimize gross debt Cash utilization in line with Investment Grade status 166 Investor Day - September 13, 2011
104 A Strategy For Value Creation Investment in existing network Brands & distribution Network Growth Investment with ROCE >12% Return to shareholders Pay out ratio = 50% Our major objective is to keep financial room for growth in order to seize opportunities and for return to shareholders 167 Investor Day - September 13, 2011
105 A Strategy For Value Creation The Reference Hotel Player 168 Investor Day - September 13, 2011
106 169 Investor Day - September 13, 2011 Q&A session
107 170 Investor Day September 13, 2011
H1 2015 RESULTS. July 30, 2015
H1 2015 RESULTS July 30, 2015 Sébastien Bazin CHAIRMAN AND CEO ACCORHOTELS H1 2015 Results 07/30/2015 2 Staying the course in a changing environment Solid H1 2015 results reflecting transformation Strong
Conference call Q4 and FY 2013 Revenue
Conference call Q4 and FY 2013 Revenue January 16, 2014 1 FY 2013 Key takeaways Gross revenue up 2.8% as reported in 2013 Negative Forex effects in 2013 Solid increase in L/L revenue across most key markets
How To Improve Hotel Performance
Conference Call Q3 2006 Revenue October 19, 2006 2 September YTD 2006 Revenue: 5,641M Solid YTD growth: +7.0% reported, +6.3% like-for-like Hotels: +5.7% reported, +5.8% like-for-like Services: +22.7%
2014 HALF YEAR RESULTS 4 September 2014
862m H1 2014 Revenues 2014 HALF YEAR RESULTS 4 September 2014 57% of Revenues for International in H1 2014 21,657 Employees In H1 2014 Disclaimer This presentation contains forward-looking statements (as
H1 2014 Earning Results JULY 30 TH, 2014
H1 2014 Earning Results JULY 30 TH, 2014 Disclaimer This document includes forward looking statements relating to Ingenico Group s future prospects, development and business strategies. By their nature,
Andrew Cosslett Chief Executive
Andrew Cosslett Chief Executive IHG's journey Goal Target Faster growth by making IHG s brands the first-choice for guests and hotel owners By end 2008: Net, organic growth of 50,000-60,000 rooms Strategy
Financial Information
Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow
AXA INVESTMENT MANAGERS
AXA INVESTMENT MANAGERS Entering a new phase of growth Investor Day November 20, 2014 Andrea ROSSI CEO AXA Investment Managers Member of the AXA Group Executive Committee Certain statements contained herein
February 27 th, 2014 2013 FULL YEAR RESULTS
Disclaimer Confidential IMPORTANT NOTICE: By attending the meeting where this presentation is given, or by reading the presentation slides, you agree to be bound by the following limitations and qualifications:
2015 Results and Prospects
PRESS RELEASE Paris, 23 March 2016 2015 Results and Prospects Revenues: 2,579.3 million, up 3.2% EBITDA: 342.0 million, an operating margin of 13.3% 2016 Objectives: revenues close to 3 billion and an
Transforming Carrefour to create value. Lars Olofsson, CEO
Transforming Carrefour to create value Lars Olofsson, CEO 1 Agenda Transforming Carrefour to create value 1. Our plan to transform Carrefour 2. Delivering on our strategy 3. On track to achieve our 2012
Building lasting guest relationships June 2010. Hotel Indigo Scottsdale, USA
1 Building lasting guest relationships June 2010 Hotel Indigo Scottsdale, USA 2 IHG s growth strategy to create sustainable value Making best use of our scale to build and grow preferred hotel brands for
Operational Excellence Wolfgang M. Neumann, Executive Vice President & COO INVESTORS DAY - 2 DECEMBER 2011 RADISSON BLU PORTMAN HOTEL, LONDON
Operational Excellence Wolfgang M. Neumann, Executive Vice President & COO INVESTORS DAY - 2 DECEMBER 2011 RADISSON BLU PORTMAN HOTEL, LONDON Executive Summary Focus on RevPAR Index (RGI) improvement Fully
Investors Presentation JANUARY 2015
Investors Presentation JANUARY 2015 GLOBAL LEADER IN SEAMLESS PAYMENT 2 Ingenico Group / Global Investors leader Presentation in seamless payment - January July 2015 2014 We provide smart, trusted and
Company Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015
Company Presentation VTG AG Connecting worlds Analyst Conference April 14, 2015 Table of content 1 Highlights 2014 2 Performance & Financials 2014 3 Update on Strategy 4 Outlook 2015 5 Appendix 1 Executive
Expense Management. Workshop. February 12, 2015
Expense Management Workshop February 12, 2015 Summary 1. Introduction 2. Fuel & Fleet: Market & strategy 3. Travel & Entertainment: Illustration with Ticket Travel Pro 4. Conclusion Introduction 1 EXPENSE
Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014
Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications
Third quarter results as of December 31, 2014. Investor presentation
Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking
InterContinental Hotels. Focusing on the managed and franchised business
InterContinental Hotels Focusing on the managed and franchised business 1 Objectives Explain why IHG s franchised and managed business is attractive to shareholders and why focusing on it plays to our
Corporate & Investment Banking Top 5 position in Europe
15 June 2010 Corporate & Investment Banking Top 5 position in Europe Séverin Cabannes Deputy Chief Executive Officer Michel Péretié Head of Corporate and Investment Banking A model able to generate strong
Strategic and Operational Overview May 11, 2016
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
corporate presentation santander 15th annual latin american ceo conference cancun January 2011
corporate presentation santander 15th annual latin american ceo conference cancun January 2011 disclaimer This presentation may contain projections or other forward-looking statements related to masisa
2013FIRSTHALFRESULTS. JERÓNIMO MARTINS Strategic Overview
2013FIRSTHALFRESULTS JERÓNIMO MARTINS Strategic Overview Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject
FURTHER PROFIT GROWTH IN FIRST-HALF 2015
FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,
ACE: Leader in the European Automotive Components Market
ACE: Leader in the European Automotive Components Market ACE 2012-2015 Strategy 21/12/2011 Following on from our Current Report in December 2010, ACE s management herein presents its 2011 update on the
July 30 th, 2015 2015 HALF-YEAR RESULTS
Disclaimer Confidential IMPORTANT NOTICE: By attending the meeting where this presentation is given, or by reading the presentation slides, you agree to be bound by the following limitations and qualifications:
Earnings Release 9M2015
Earnings Release 9M2015 19 November 2015 Results overview Regional segments Final remarks PAGE 3 PAGE 12 PAGE 22 Europe Africa Latin America 2 Key highlights Consolidation of EGF in the 3Q15, according
Health Care Worldwide. Citi - European Credit Conference September 24, 2015 - London
Health Care Worldwide Citi - European Credit Conference September 24, 2015 - London Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties.
F i r s t - h a l f r e s u l t s. 30 July 2014
F i r s t - h a l f r e s u l t s 30 July 2014 Disclaimer This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information
J.P. Morgan Cazenove Pan-European Capital Goods CEO Conference
J.P. Morgan Cazenove Pan-European Capital Goods CEO Conference London, June 11, 2015 Plenary session Rudy PROVOOST, Chairman and CEO 1. REXEL AT A GLANCE Rexel is a global leader in the professional distribution
A Leading Global Health Care Group
A Leading Global Health Care Group Commerzbank German Investment Seminar January 11/12, 2016 For detailed financial information please see our annual/quarterly reports and/or conference call materials
Ramón Tellaeche Santander Cards
Ramón Tellaeche Santander Cards Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in various
Q2 and H1 2014 FINANCIAL RESULTS. 29 August 2014
Q and H1 014 FINANCIAL RESULTS 9 August 014 Forward Looking Statements This Presentation may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management
Full year results. March 2012
2 0 1 1 Full year results March 2012 1 DISCLAIMER Safe Harbour Statement This presentation contains forward-looking statements (made pursuant to the safe harbour provisions of the Private Securities Litigation
PIERRE JEAN SIVIGNON FINANCIAL. Deputy Chief Executive Officer, Chief Financial Officer RESULTS
FULL YEAR RESULTS FINANCIAL RESULTS PIERRE JEAN SIVIGNON Deputy Chief Executive Officer, Chief Financial Officer FURTHER PROFIT GROWTH IN 2015 Variation at (in m) 2014 2015 (1) constant exch. rates Variation
How We Sell Franchise and Management Contracts. Kirk Kinsell Senior Vice President, Franchising and Business Development
How We Sell Franchise and Management Contracts Kirk Kinsell Senior Vice President, Franchising and Business Development Successful franchising requires meeting 3 simultaneous needs Price / value Meet needs
HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013
Holdings plc and Bank Canada Presentation to Fixed Income Investors September 2013 Forward-looking statements This presentation, including the accompanying slides and subsequent discussion, contains certain
Telenor Group Third Quarter 2014. Jon Fredrik Baksaas, CEO
Telenor Group Third Quarter 2014 Jon Fredrik Baksaas, CEO Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated
Marketing and Sales Highlights of the Volkswagen Group. Investor Meeting London, 13 July 2006
Marketing and Sales Highlights of the Volkswagen Group Stefan Jacoby, Executive Vice President Marketing & Sales Volkswagen Group Investor Meeting London, 13 July 2006 1. Marketing and Sales structure
J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015
J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015 DISCLAIMER This presentation contains, in addition to historical information, certain forward-looking statements within the meaning
Focus on fleet customers SAF-HOLLAND 1st half-year results 2014
Focus on fleet customers SAF-HOLLAND 1st half-year results 214 Detlef Borghardt, CEO Wilfried Trepels, CFO August 7, 214 Executive Summary 1 Increase in group sales by 1.7% to 482.mn (previous year: 435.6)
DCC Overview DCC is an international sales, marketing, distribution and business support services group operating across four divisions
Company Overview DCC Overview DCC is an international sales, marketing, distribution and business support services group operating across four divisions Profit by division * Profit by geography * 14% 4%
For personal use only INVESTOR PRESENTATION MARCH 2015
INVESTOR PRESENTATION MARCH 2015 Contents Part 1 Yellow Brick Road Group - performance update Key Metrics and Financial Results The model in motion brand, distribution, product Part 2 Acquisition journey
Magda Salarich Head of Santander Consumer Finance
Magda Salarich Head of Santander Consumer Finance Santander Consumer Finance S.A. ( Santander Consumer Finance ) and Banco Santander, S.A. ("Santander") both caution that this presentation contains forward-looking
Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
A Leading Global Commercial Real Estate Company. Buy, Hold, Sell Real Estate as Single Assets and Portfolios 25% CAGR
GE Real Estate GE Real Estate Michael Pralle President & Chief Executive Officer, GE Real Estate October 29, 2003 This presentation includes certain "forward-looking statements" within the meaning of the
A Leading Global Health Care Group
A Leading Global Health Care Group Credit Suisse Global Health Care Conference, March 4, 2015 For detailed financial information please see our annual/quarterly reports and/or conference call materials
Full Year Results 2014
Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix
Société Générale Premium Review 2013 Paris
Société Générale Premium Review 2013 Paris 1 Disclaimer This presentation contains further forward-looking statements that involve risks and uncertainties concerning the Group's expected growth and profitability
JP Morgan European Capital Goods CEO Conference 2015
JP Morgan European Capital Goods CEO Conference 2015 Jean-Pascal Tricoire, Chairman and CEO June 11, 2015 1 A technology company with strong foundations 2 We are the global specialist in energy management
Consolidated sales of 6,347 million euros, up 10% on a like-for-like basis (7% as reported)
14.18 Order intake surged 25% to 9.1 billion euros Sales came in at 6.3 billion euros, up 10% like for like (7% as reported) Operating margin (1) up 15% to 442 million euros, or 7.0% of sales Net income
Kevin Kowalski Vice President, Crowne Plaza Brand
Kevin Kowalski Vice President, Crowne Plaza Brand -0- Crowne Plaza is a 21 year old brand with two distinct eras Began as a line extension Holiday Inn Crowne Plaza Brand changes to Crowne Plaza by Holiday
22 nd February 2010. FY 2009: Full Year Results 1 Jan 09 31 Dec 09 Ned Montarello: Executive Chairman & CEO Neil Barker: Group COO
22 nd February 2010 FY 2009: Full Year Results 1 Jan 09 31 Dec 09 Ned Montarello: Executive Chairman & CEO Neil Barker: Group COO Agenda 1. Key Points & Results Highlights 2. ThinkSmart: A Focused, Global
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales
Hotel Asset Management
Hotel Asset Management A World Apart The leading Hotel Asset Management Company serving Asia Pacific region S i n g a p o r e B a l i N e w Z e a l a n d i n f o @ g l o b a l a s s e t s o l u t i o n.
2014 results presentation for media and investors. Zurich, March 26, 2015
2014 results presentation for media and investors Zurich, Agenda 1 Introduction and executive summary 2 2014 results 3 A multi-dimensional transformation 4 Outlook Slide 2 Valora is moving in the right
Half year results 2011
Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated
WE ARE. SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016
WE ARE SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 I BUSINESS UPDATE AND 2015 RESULTS HIGHLIGHTS 2015: A YEAR FULL OF ACHIEVEMENTS A STRONG AND PROFITABLE GROWTH 443m net sales and 24m EBITDA
DECISIONS, DECISIONS... WHICH HOTEL OPERATING MODEL IS RIGHT FOR YOU?
APRIL 2015 PRICE 350 DECISIONS, DECISIONS... WHICH HOTEL OPERATING MODEL IS RIGHT FOR YOU? Stephen Collins Consulting & Valuation Analyst Sophie Perret Director www.hvs.com HVS 7 10 Chandos Street, London
1H/14 Results Presentation
1H/14 Results Presentation September 1st, 2014 YTD Highlights Good operating performance impacted by f/x effects Like for like* growth in Sales, EBIT & Net Profit Stable net debt LTM despite significant
Meeting with Investors & Analysts. December 17 th, 2013
Meeting with Investors & Analysts December 17 th, 2013 9-Months 2013 - Results 9 Months - 2013 Revenues: 39,6 m (+16,2% vs. 9-months 2012) of which 54% International (vs. 40,1 m Full Year 2011) 26% Software
Integrating Automotive and Financial Services
Integrating Automotive and Financial Services Frank Witter, CEO Volkswagen Financial Services AG Frank Fiedler, CFO Volkswagen Financial Services AG Ehra-Lessien, 11 March 2009 Agenda Financial Services
Klöckner & Co SE. Q3 2014 Results
Klöckner & Co SE A Leading Multi Metal Distributor Gisbert Rühl CEO Marcus A. Ketter CFO Results Analysts and Investors Conference November 6, Disclaimer This presentation contains forward-looking statements
Telenor Group Fourth Quarter 2015. Sigve Brekke, CEO
Telenor Group Fourth Quarter 2015 Sigve Brekke, CEO Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated
CEERCB - A Model For Austrian Insurance Growth
V.I.G. Getting in shape for economic recovery in CEE RCB Institutional Investors Conference, Zürs -15 April 2010 Contents A 2 A B C D V.I.G. a model expansion Adopting to a changing environment Distribution
Investor Presentation 8 February 2016
Investor Presentation 8 February 2016 SOLID BUSINESS DYNAMICS IN FRANCE AND RESILIENT INTERNATIONAL OPERATIONS STRONG LIQUIDITY AND ONGOING DELEVERAGING CONCLUSION APPENDICES SOLID BUSINESS DYNAMICS IN
FY2010 Results Presentation. 23 March 2011
FY2010 Results Presentation 23 March 2011 Disclaimer This document is of a purely informative nature and does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, securities
Press Release. FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive
Press Release 7 May 2013 FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive Between 1 April 2012 and 31 March 2013, Alstom booked 23.8 billion of
Full Year 2012 Results. Madrid, February 28 th, 2013
Full Year 2012 Results Madrid, February 28 th, 2013 Our progress in 2012 1. A new company identity and mission 2. A fully integrated organization 3. A strong plan going forward 4. Solid business and financial
The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG
The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch
MAHINDRA CIE AUTOMOTIVE
MAHINDRA CIE AUTOMOTIVE June 2013 Industrial Group specialized in Managing High Value Added Processes 1 Table of Contents 1 Introduction to the Mahindra CIE Alliance 2 Rationale for the Alliance 3 Introduction
Second Quarter 2015 Investor Conference Call
Second Quarter 2015 Investor Conference Call August 20, 2015 December 13, 2012 DRAFT 5 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references
UBS Global Financials Conference
UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up
Health Care Worldwide
Health Care Worldwide Credit Suisse Global Credit Products Conference September 18, 2014 Miami Credit Suisse Global Credit Products Conference, September 18, 2014 Copyright Page 1 Safe Harbor Statement
FY 2013 Results & Strategic Outlook. 2014 STAR Conference
FY 2013 Results & Strategic Outlook 2014 STAR Conference The gateway to your digital presence Agenda DADA in a snapshot Core Business Overview: Domains & Hosting New Business Overview: Digital Advertising
Health Care Worldwide
Health Care Worldwide Goldman Sachs - Leveraged Finance Healthcare Conference March 4, 2014 New York Goldman Sachs Leveraged Finance Conference, Fresenius SE & Co. KGaA Copyright, March 4, 2014 Page 1
DEUTSCHE TELEKOM Q3/14 Results
DEUTSCHE TELEKOM Results DISCLAIMER This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forwardlooking
Speech of the Board of Management. General Shareholders Meeting, 9 June 2015
Speech of the Board of Management General Shareholders Meeting, 9 June 2015 AGENDA Overview of the financial year Steven Holland, CEO Financial figures 2014 Georg Müller, CFO ConnectingChemistry Steven
Reed Elsevier Results 2013 Erik Engstrom, CEO Duncan Palmer, CFO
Reed Elsevier Results Erik Engstrom, CEO Duncan Palmer, CFO FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the US Securities Act of
Capital Markets Day, November 28, 2012 TOM TAILOR GROUP - STRATEGY UPDATE DIETER HOLZER CHIEF EXECUTIVE OFFICER
Capital Markets Day, November 28, 2012 TOM TAILOR GROUP - STRATEGY UPDATE DIETER HOLZER CHIEF EXECUTIVE OFFICER TOM TAILOR GROUP AT A GLANCE Retail Wholesale TOM TAILOR BONITA TOM TAILOR Retail stores
Telecom Italia Group CARLO BUORA. Executive Deputy Chairman
Telecom Italia Group CARLO BUORA Executive Deputy Chairman Safe Harbour This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation
2014 Orbis Hotel Group results
Mercure Gdańsk Stare Old Miasto Town 2014 Orbis Hotel Group results Conference for equity market analysts Warsaw, 18th February 2015 2014 Summary Novotel Budapest City Novotel Warszawa Centrum 2 Orbis
Global Consumer Bank. Manuel Medina-Mora CEO, Global Consumer Banking
Global Consumer Bank Manuel Medina-Mora CEO, Global Consumer Banking Bank of America Merrill Lynch Banking and Financial Services Conference November 16, 2011 Agenda Our Business & Results Investing in
Pierre-André Terisse Chief Financial Officer. Société Générale The Premium Review Paris December 4 th, 2013
Pierre-André Terisse Chief Financial Officer Société Générale The Premium Review Paris December 4 th, 2013 2 Disclaimer This document contains certain forward-looking statements concerning DANONE. Although
Be ONE: Our strategy in the current environment. Guidance 2010
Results February January-December 25th, 2009 2010 1 Disclaimer This document contains additional non-compulsory forward-looking statements on intentions or expectations of the Company as of the date of
Presentation of Grupo ACS. September 2009
Presentation of Grupo ACS September 2009 Strategic vision A global leader in infrastructure development In the fields of civil and industrial engineering activities With sustainable and profitable growing
Speech at the annual press conference on the 2010 financial year Bonn, February 25, 2011
The spoken word shall prevail Speech at the annual press conference on the 2010 financial year Bonn, February 25, 2011 Timotheus Höttges Chief Financial Officer Deutsche Telekom AG Thank you, René Obermann!