Accor : 2018 Registration Document filed with the AMF on March 29, 2019

Content

Integrated report		03
1 Corporate presentation		43
1.1	Milestones	45
1.2	The Group's activities	51

1.3A transformed business model,

creating more value	67
1.4 Investments to consolidate
the Group's network, brand
portfolio and service offering	71

1.5Development and geographic

footprint of the Group

78

1.6Investments to consolidate

	the Group's digital capacity					84
1.7	Markets and competition					88
1.8	Risk management					90
1.9	Internal Control and Internal Audit						105
2 Corporate responsibility						113

2.1CSR Strategy and management of the

ethics, compliance and CSR process		114

2.2We strive to be responsible

and inclusive with our employees		134

2.3Involving our guests

in a long-term relationship		155

2.4Involving our partners

in a long-term relationship		161

2.5Working hand-in-hand with local

communities for a positive impact		167

2.6Aiming for carbon neutrality for the hotel

network under the Accor brand		172

2.7Eliminating food waste and favoring

healthy and sustainable food		183

3.5 Directors' and officers' compensation		230

3.6Executive officers' and employees' interests

in the capital of the company		242
3.7 Say on pay 2018	252

3.8	Items likely to have an influence
	in the event of a public takeover offer	260
3.9	Agreements between company
	executive officers or significant
	shareholders and group subsidiaries	260
3.10 Annual Shareholders' Meeting		261

3.11Authorizations relating

to capital increases

276

3.12Statutory Auditors' report on related party

agreements and commitments

286

4 2018 business review			293
and subsequent events
4.1 Review of 2018			294

4.2Report on the parent company financial statements for the year

4.3	ended December 31, 2018						305
	Material contracts					309
4.4	Subsequent events					309
5 Consolidated financial
statements						311

5.1Consolidated financial

statements and notes		312

5.2Statutory Auditors' report on the

consolidated financial statements		375

5.3Parent company financial

statements and notes		380

5.4Statutory Auditors' report

on the financial statements		415

2.8	Measuring and assessing performance	188	6	Capital and ownership structure								421
2.9	Independent third party's report
	on the consolidated non-financial statement			6.1	Information about the company							422
	presented in the management report	199
2.10 Appendices		203		6.2	Share capital							424
				6.3	Ownership structure							428
Board of Directors' report				6.4	The market for Accor securities							431
3 on Corporate Governance		209	7	Other information								435
3.1	Corporate Governance
	and governance structure	210		7.1	Investor relations and
3.2	Membership of the Board				documents on display							436
				7.2	Persons responsible for
	of Directors at December 31, 2018	213
3.3	Operating procedures and conditions				the Registration Document
					and the audit of the accounts							438
	of preparation and organization			7.3
					Information incorporated by reference							439
	of the work of the Board of Directors
3.4	and its Committees	225		7.4	Cross-reference table
	Board Committees	228			for the Registration Document							440
				7.5	Cross-reference table
					for the annual financial report							443

Information disclosed in the Annual Financial Report is indicated in the contents by the pictogram

The original French version of this translated Registration Document was filed with the Autorité

des Marchés Financiers on March 29, 2019 in accordance with article 212-13 of the General Regulations of the Autorité des Marchés Financiers. It may be used in connection with a financial transaction

in conjonction with an Information Memorandum approved by the Autorité des Marchés Financiers. This document was prepared by the issuer and is binding on its signatories.

2018 Registration Document - ACCOR

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02 2018 Integrated report - ACCOR

Integrated report

Contents

Message from the Chairman
and CEO	05
Accor, the most diversified
hotel group	07
Accor, leading the way in augmented
hospitality	07
An organization and brand portfolio
designed to deliver augmented hospitality	09
Our history - 50 years
of reinventing hospitality	10
1967 - The early days,
with the Novotel Lille Lesquin	10
Tirelessly reinventing hospitality	11
Making a positive impact	11
Trends and challenges
in the hospitality sector	13
The tourism sector is enjoying fast growth
on all continents, especially in China	13
The hospitality industry is undergoing
profound changes and facing new forms
of competition	14
Global environmental and social
challenges impacting the hospitality
sector	16

Strategy and objectives	18
A successful transformation for
a simplified value-creation model	18
The Accor's business model	20
The new Accor: resolutely expansionist,
innovative and value-creating	22
A model serving Accor's aim
of doubling EBITDA by 2022	27

Performance and leadership	30
Financial performance	32
Non-financial performance	33
Reliable governance
to support the strategy	35
Close-up on the composition and
organization of the Board of Directors	36
Directors' and officers' compensation	38
A structured approach to
comprehensive risk management	39
Approach	39
Significant risks	40

2018 Integrated report - ACCOR

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