December 2014
  • Accor

Finance - First half-year 2014 results

A solid first-half 2014 reflecting strong momentum in international markets and the early effects of the Group's transformation


  • Revenue up 2.8% like-for-like1 to €2,593 million

  • A significant improvement in EBIT, up 17.6% like-for-like to €219 million

  • Operating profit before tax and non-recurring items up 38.6% like-for-like to €192 million

  • Net profit of €60 million


    Full year EBIT target of €575-595 million


Sébastien Bazin, Chairman and Chief Executive Officer, said:
In the first-half of 2014, our planned reorganisation ensured the Group’s transformation is now well underway. The strong results for the period, with an increase in margins, reflect good momentum and the work of highly committed teams to deploy our new strategy. Each business now has the means to respond effectively to its specific challenges. We have significantly increased resources and completed major acquisitions/restructuring for HotelInvest in the first half, followed by the agreement signed with Tritax in the United Kingdom. In the second half we will focus in particular on deploying the HotelServices strategy built around innovation, digital solutions and brands.

First-half 2014 highlights: The transformation is underway


  • The reorganisation of Accor around its HotelServices and HotelInvest business lines is now effective. The Group’s financial reporting system is now fully aligned with this new structure.

  • Accor’s financial position was strengthened through debt issues at record low interest rates, including €900 million worth of perpetual subordinated notes issued in June, and a new €1.8 billion syndicated credit line.

  • €900 million worth of acquisitions were completed (97 hotels in Germany, the Netherlands and Switzerland).

  • The improvement of the Group’s digital eco-system for our guests was introduced by the launch of the Welcome project and the implementation of new advantages for our 16 million Le Club Accorhotels members.

  • The first valuation of the gross asset value of HotelInvest’s portfolio came up to an indicative range of between €5.0 and 5.5 billion.

Priorities for second-half 2014

With a dedicated organisation and adequate funding capacity to restructure and develop its business, HotelInvest will continue to optimise its real estate portfolio in accordance with its strategy.

The strategic roadmap of HotelServices, covering digital services, distribution and brands, is currently being finalised and will be presented at a Digital Day to be held in London on 30 October 2014.

The €100 million cost saving plan launched in first-half 2013 continues to be rolled out. This plan includes several pillars: the optimisation and pooling of some European headquarters, the prioritisation and strategic review of projects, and reduction in hotel operating costs.

Full year EBIT target

In view of these factors, the Group expects to report full-year EBIT of €575 to €595 million, compared with adjusted 2013 EBIT of €521 million.

1 At comparable scope of consolidation and constant exchange rates.