H RESULTS July 26 th, 2018

Transcription

1 H RESULTS July 26 th, 2018

2 Disclaimer 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. 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, including the prior information and consultation of AccorHotels employee representative bodies. The figures included in this presentation are restated after IFRS 5, excepted otherwise stated. This document includes only summary information and must be read in conjunction with Accor s Registration Document registered with the AMF on March 29, 2018 under number D (in particular the risk factors which could affect Accor s financial results), as well as the consolidated financial statements and activity report for the 2017 fiscal year, which may be obtained from Accor s website. ACCORHOTELS / H Results 2

3 Fairmont - Maldives H Key achievements Business momentum Booster completion Cash deployment Systemwide RevPAR +5.1% Gross revenue c. 8.9bn (+10.3% excl. FX) 45k rooms added o/w 20k rooms organic Closed on May 31st Sale of 57.8% 4.6bn cash proceeds Additional tranche of 7% for 250m 1.8bn M&A spent or committed Up to 1.35bn Share Buyback announced ACCORHOTELS / H Results 3

4 Record half-year for added rooms (in % of rooms) By segment By region 24% Luxury & Upscale 51% Midscale 25% Economy Organic 135 hotels 20k rooms Mantra 138 hotels 25k rooms Mantis 28 hotels 1k rooms Total 301 hotels 45k rooms 5% NCAC 15% Europe 4% MEA 3% South America 72% ASPAC ACCORHOTELS / H Results 4

5 Increasing footprint in Asia Pacific (At June 30, in rooms) Network 4,530 Hotels South Europe ASPAC America MEA NCAC 653k Rooms 325k 100 Countries 197k 53k 48k Pipeline 959 Hotels 167k Rooms 32k 83k 19k 31k 30k 3k ACCORHOTELS / H Results 5

6 Strong H1 revenue growth of 8.0% In m H (1) H Reported Change HotelServices Ongoing solid momentum fostering growth HotelServices 1,219 1,205 (1.1)% +6.8% Reported growth impacted by FX New Businesses % +7.1% New Businesses Hotel Assets & Other % +8.6% affected by slow ramp-up Holding & Intercos (210) (205) N/A N/A Reported growth fueled by M&A AccorHotels 1,416 1, % +8.0% Hotel Assets & Other Supported by Orbis and Brazil (1) Proforma figures ACCORHOTELS / H Results 6

7 A confirmed RevPAR momentum 5.0% 4.6% 6.2% 5.3% 5.0% H1 18 REVPAR BY SEGMENT 2.8% Luxury +4.6% Midscale +5.4% Q1 Q2 Q3 Q4 Q1 Q2 Economy +5.2% RevPAR Occupancy Rate Average Room Rate ACCORHOTELS / H Results 7

8 RevPAR growth driven by our core markets Europe Asia Pacific 6.3% 6.5% 6.6% 4.6% 5.9% 6.2% 5.1% 5.8% 6.2% 5.3% 4.8% 2.2% Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q RevPAR Occupancy Rate Average Room Rate ACCORHOTELS / H Results 8

9 A 6.8% increase in Management & Franchise Revenue By region By segment In m Europe H (1) 220 H (2) +4.2% 22% 22% 35% 36% Luxury ASPAC MEA NCAC % (0.2)% +15.9% 43% 42% 37% 35% Midscale South America Total % +6.8% 35% 36% H H % 29% H H Economy (1) Proforma figures (IFRS15) (2) Like-for-like revenue growth includes fees linked to organic expansion, at constant exchange rates ACCORHOTELS / H Results 9

10 New businesses H1 Revenue of 70m Revenue by quarter Growth drivers In m Performance Revenue +7.1% Acquisitions 13 Sound growth for Digital Factory and VeryChic Q1 Q2 Q3 Q Q Q2 Reassessment of book value ACCORHOTELS / H Results 10

11 Hotel Assets & Others: driven by Europe and Brazil Revenue by region Key performance indicators 4% MEA 16% South America 1% NCAC RevPAR +10.6% Revenue +8.6% Portfolio 40,890 rooms 25% ASPAC (1) 54% Europe o/w +8.6% in Europe 389m o/w 86m Others 229 hotels (1) ASPAC driven by Timeshare, Strata and AccorPlus ACCORHOTELS / H Results 11

12 Solid EBITDA growth for Hotels In m HotelServices Hotel Assets & Other New Businesses Holding & Intercos AccorHotels H (14) (49) 301 H Reported Change (15) (60) % +2.6% (11.0)% N/A (3.2)% +6.7% +7.0% (53.7)% N/A +4.2% HotelServices & Hotel Assets Solid growth New Businesses Margins affected by limited scale Holding & Intercos Holding costs increase driven by share incentive plan Group Reported growth impacted by (19)m FX ACCORHOTELS / H Results 12

13 Sofitel Inle Lake - Myanmar Robust margin at HotelServices In m MANAGED & FRANCHISED SERVICES TO OWNERS HOTELSERVICES H Revenue ,205 EBITDA Margin % 70.9% 0.7% 25.9% H Revenue ,219 EBITDA Margin % 70.1% 1.0% 25.5% ACCORHOTELS / H Results 13

14 Management & Franchise EBITDA: Solid growth across the board In m H H Change Europe: in line with business growth Europe % ASPAC: in line excl. one-off in China in 2017 ASPAC MEA NCAC South America Total % +12.7% +12.6% +9.9% +7.4% MEA: stable RevPAR growth offset by a bad debt reversal NCAC: growth supported by incentives South America: in line with business growth ACCORHOTELS / H Results 14

15 Adjusted EBITDA: 79m from associates in m H H EBITDA consolidated Share base payment 4 10 AccorInvest - 32 Huazhu Other EBITDA from associates Adjusted EBITDA ACCORHOTELS / H Results 15

16 From EBITDA to Net Profit In m H (1) H EBITDA Depreciation & Amortization (64) (72) EBIT Net financial expense (40) (33) Share of profits of associates Operating profit before tax and non-recurring items Non-recurring items (59) (249) Income tax expense 39 (23) Minority interests (15) (29) Net profit before discontinued operations 175 (94) Profit from discontinued operations (88) 2,274 Net profit attributable to shareholders 87 2,179 (1) Proforma figures ACCORHOTELS / H Results 16

17 From EBITDA to Recurring Free Cash flow In m H H H RECURRING INVESTMENT BY SEGMENT EBITDA Cost of net debt (45) (29) Income tax (cash) (20) (32) Non cash & others 15 5 Funds from operations Recurring investment (66) (60) Working capital and contract assets/liabilities (63) 22 Recurring Free Cash flow Recurring FCF / EBITDA 41% 67% 33% Hotel Assets 8% Holding 8% New Businesses 51% HotelServices As a reminder, new dividend policy is set on 50% pay-out on recurring free cash flow ACCORHOTELS / H Results 17

18 Swift redeployment of AccorInvest cash proceeds In m ( 196 )m 1,888 m Committed M&A over H (4,575)m (985)m 830m 949m 317m 632m Net debt Dec Recurring FCF Booster proceeds Other Dividend M&A and disposals Net debt June 2018 ACCORHOTELS / H Results 18

19 Mama Shelter - Prague Conclusion Solid momentum in H1, expected to carry on in H2 Development: confirmed target of 5% annual net organic system growth Expected EBITDA contribution from acquisitions at 50m+ Share buy-back program to be launched swiftly Full-Year 2018 EBITDA expected in a range between 690m and 720m ACCORHOTELS / H Results 19

20 Mama Shelter - Belgrade Appendices

21 New Reporting HotelServices New Businesses Hotel Assets & Other Holding & Intercos Management & Franchise Procurement Services to Owners Sales, Marketing, Distribution Shared Services Employee costs reimbursement Onefinestay Fastbooking Availpro Verychic TravelKeys John Paul Gekko Orbis assets EBITDAR leases Sofitel Gezirah/BelOmbre AccorPlus Strata Timeshare Interco elimination Corporate functions Regions Europe Asia-Pacific Middle-East/Africa North & Central America & Caribbean South America ACCORHOTELS / H Results 21

22 Restated and Proforma figures for H revenue H Disclosed IFRS15 Restated H Booster & others H Proforma Revenue , ,416 EBITDA (9) 301 EBIT Restated figures are Disclosed figures in Consolidated Financial statements and adjusted from IFRS 15 implementation only Proforma figures are Disclosed figures in this presentation, in order to ensure a proper comparability. It is adjusted from IFRS 15, Booster closing (Fees and procurement commissions from AccorInvest disclosed in Revenue from June 1st) and other retreatments. ACCORHOTELS / H Results 22

23 H1 Revenue From Like-for-like to Reported +8.0% Like-for-Like + 114m HotelServices: +6.8% comp (1) New businesses: +7.1% Hotel Assets: +8.6% +3.0% Perimeter + 42m New Businesses and Mantra integration (8.0)% +3.0% Currency - 113m Reported + 43m Strong negative currency effect > USD: (63.2)m > AUD: (17.6)m > BRL: (15.3)m > TRY: (4.1)m > AED: (2.4)m (1) Comparable (comp.) revenue growth includes fees linked to organic expansion, at constant exchange rates ACCORHOTELS / H Results 23

24 APPENDICES Q Revenue ACCORHOTELS / H Results 24

25 Q2 Revenue From Like-for-like to Reported +6.9% Like-for-Like + 54m HotelServices: +5.9% comp (1) New businesses: +3.8% Hotel Assets: +9.3% +4.4% Perimeter + 34m New Businesses and Mantra integration (6.3)% +5.0% Currency (49)m Reported + 39m Strong negative currency effect > USD: (24.7)m > BRL: (8.2)m > AUD: (7.5)m > TRY: (2.6)m (1) Comparable (comp.) revenue growth includes fees linked to organic expansion, at constant exchange rates ACCORHOTELS / H Results 25

26 Strong Q2 revenue up 6.9% In m Q Q Reported Change HotelServices (0.5)% +5.9% New Businesses % +3.8% Hotel Assets & Other % +9.3% Holding & Intercos (99) (98) N/A N/A AccorHotels % +6.9% ACCORHOTELS / H Results 26

27 HotelServices Q2 Management & Franchise Revenue In m Q Q (1) Europe % ASPAC % MEA (3.5)% NCAC % South America % Total % (1) Like-for-like revenue growth includes fees linked to organic expansion, at constant exchange rates ACCORHOTELS / H Results 27

28 APPENDICES RevPAR ACCORHOTELS / H Results 28

29 RevPAR - Systemwide Q H OR ARR RevPAR OR ARR RevPAR % chg pts chg % chg % % chg pts chg % chg % Lux. & Upscale Midscale Economy SYSTEMWIDE ACCORHOTELS / H Results 29

30 RevPAR Geographical breakdown (1/2) % Q H OR ARR RevPAR OR ARR RevPAR chg pts chg % chg % Lux. & Upscale Midscale Economy % chg pts chg % chg % EUROPE Lux. & Upscale Midscale Economy ASPAC ACCORHOTELS / H Results 30

31 RevPAR Geographical breakdown (2/2) % Q H OR ARR RevPAR OR ARR RevPAR chg pts chg % chg % Lux. & Upscale Midscale Economy MEA Lux. & Upscale Midscale Economy NCAC Lux. & Upscale Midscale Economy SOUTH AMERICA % chg pts chg % chg % ACCORHOTELS / H Results 31

32 RevPAR - France % Q H OR ARR RevPAR OR ARR RevPAR chg pts chg % Lux. & Upscale Midscale Economy FRANCE chg % % chg pts ch g % chg % ACCORHOTELS / H Results 32

33 APPENDICES Exchanges rates ACCORHOTELS / Q Revenue 33

34 Q Exchange Rates 1 = X foreign currency Q average rate Q average rate Q vs. Q Australian dollar (AUD) (7.5)% Brazilian real (BRL) (21.4)% Canadian dollar (CAD) (4.1)% Egyptian Pound (EGP) (6.6)% British Sterling (GBP) (1.8)% American dollar (USD) (8.5)% ACCORHOTELS / Q Revenue 34

35 H Exchange Rates 1 = X foreign currency H average rate H average rate H vs. H Australian dollar (AUD) (9.3)% Brazilian real (BRL) (20.4)% Canadian dollar (CAD) (7.1)% Egyptian Pound (EGP) (10.5)% British Sterling (GBP) (2.3)% American dollar (USD) (11.9)% ACCORHOTELS / Q Revenue 35

36 APPENDICES Portfolio ACCORHOTELS / H Results 36

37 Portfolio at June 30 th, 2018 (1/2) OWNED & LEASED MANAGED FRANCHISED TOTAL # hotels # rooms # hotels # rooms # hotels # rooms # hotels # rooms Luxury & Upscale 8 2, , , ,592 Midscale 57 10, , , ,505 Economy 56 8, ,139 88,003 1, ,373 EUROPE ,882 1, ,048 1, ,540 2, ,470 Luxury & Upscale 10 2, , , ,288 Midscale 27 4, , , ,311 Economy , , ,031 ASPAC 39 6, , ,740 1, ,630 Luxury & Upscale , ,598 Midscale , , ,462 Economy , ,654 MEA 9 1, , , ,714 ACCORHOTELS / H Results 37

38 Portfolio at June 30 th, 2018 (2/2) OWNED & LEASED MANAGED FRANCHISED TOTAL # hotels # rooms # hotels # rooms # hotels # rooms # hotels # rooms Luxury & Upscale , ,394 Midscale , , ,267 Economy , ,470 NCAC , , ,131 Luxury & Upscale , ,977 Midscale 11 1, , , ,217 Economy 49 9, , , ,800 South America 60 11, , , ,994 Luxury & Upscale 20 5, , , ,849 Midscale 97 17, , ,244 1, ,762 Economy , ,474 1, ,412 2, ,328 TOTAL ,890 2, ,219 2, ,830 4, ,939 ACCORHOTELS / H Results 38

39 APPENDICES Glossary ACCORHOTELS / H Results 39

40 Glossary REGIONAL ORGANIZATION Europe (including France & Switzerland) MEA: Middle-East and Africa ASPAC: Asia Pacific Region NCAC: North & Central America & Caribbean South America OTHERS AccorPlus, a pay-to-join loyalty program Timeshare activity, named Accor Vacation Club Strata, i.e. Management Letting Rights in Australia ACCORHOTELS / H Results 40

41 SO Sofitel Saint Petersburg