Half-year 2021: The recovery is gaining traction, but remains heterogeneous

RESET recurring cost savings initiatives are delivering results

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REVPAR DOWN BY 60% VERSUS H1 2019 
EBITDA SENSITIVITY AND 
CASH BURN INDICATORS CONFIRMED FOR FULL-YEAR 2021 
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REVENUE DOWN 10% TO €824 MILLION ((6)% LFL) 
H1 EBITDA NEGATIVE AT €(120) MILLION 
NEGATIVE RECURRING FREE CASH FLOW OF €(260) MILLION 
NET PROFIT, GROUP SHARE OF €67 MILLION


Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said:
 “Since May, we have seen a clear recovery. Positive signs including the ramp up of vaccine roll out and the progressive reopening of borders will continue throughout the summer.
 In the first half of the year, Accor significantly improved its operating performance. Furthermore, we continued to efficiently and cautiously manage our liquidity and investments. We are therefore prepared for the rebound with a solid balance sheet and an increasingly agile and efficient organizational structure. It is still too early to fully define the outlook for the end of the year, but we are confident in our ability to capture recovery in all geographies and to put into place a reinvented vision of travel.” 

Consolidated first-half revenue (H1 2021) totaled €824 million, down (10)% as reported and down (6)% like-for-like versus first-half 2020 (H1 2020), i.e., (53)% compared with first-half 2019 (H1 2019).

 RevPAR fell by (60)% versus H1 2019. This decline masks very mixed situations by country. Certain regions experienced a remarkable improvement from the first quarter of the year, while others continued to be hard-hit by government restrictions linked to the Covid-19 health crisis.

 Changes in the scope of consolidation (acquisitions and disposals) had a negative impact of €(19) million, largely due to the disposal of Mövenpick leased hotels in early March 2020. Currency effects had a negative impact of €(16) million, mainly due to the US dollar (+10%) and the Brazilian real (+21%).
 
During the first half, Accor opened 121 hotels, representing 15,000 rooms, i.e., net system growth of +1.9% over the twelve-month period. The pace of the gross opening was subdued as the hotel owners are cautiously monitoring the activity rebound. The Group expects a net system growth in the low range between 3% and 4%.

 At end-June 2021, the Group had a portfolio of 762,000 rooms (5,199 hotels) and a stable pipeline of 211,000 rooms (1,203 hotels).
 
As of July 26, 2021, 93% of Group hotels were open, i.e., more than 4,800 units.


Die vollständige Presseinformation finden Sie im Anhang. Aufgrund der Kurzfristigkeit folgt die deutsche Version der Presseaussendung.