Accor : Full-Year 2019 Results presentation

FY 2019 RESULTS

1

D I S C L A I M E R

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.

The figures included in this presentation are restated after IFRS 5, excepted otherwise stated.

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.

2

SÉBASTIEN BAZIN

Chairman & CEO

OPENINGS REMARKS

3

WE DELIVERED A RADICAL TRANSFORMATION

96%

58%					58%
			41%
		22%		26%
2014	2019(1)	2014	2019	2014	2019
MORE ASSET-LIGHT	MORE UPSCALE	MORE GLOBAL EXPOSURE
(ROOMS %)	& LUXE (FEE %)	OUTSIDE OF EUROPE
				(BUSINESS VOLUME %)

(1) As of end 2019, adjusted for Orbis and Mövenpick lease portfolio disposals

TIMELY EXECUTION OF THE ASSET-LIGHT ROADMAP IN 2019

SALE OF	SALE OF	ASSETS DISPOSAL	SALE OF
5% STAKE	5% STAKE	€730M
LEASE PORTFOLIO
€200M	$450M	NET PROCEEDS
13% IRR	+350%	+22%	€430M
vs. original	vs. Tender offer
vs. May 2018	Net debt reduction
investment in 2016	in January 2019

ACCELERATION THROUGH LUXURY / LIFESTYLE

INCREASING LUXURY PIPELINE	GROWING LIFESTYLE SEGMENT
	In rooms
		NETWORK
		50 HOTELS / 10K ROOMS
	35%
	UPSCALE
36%	LUXURY
	PIPELINE
MIDSCALE
	80 HOTELS / 14K ROOMS
	29%
	ECONOMY

HIGHER FEE GENERATION

FROM OPENINGS

2019

€1.2K PER ROOM AT CRUISE SPEED

2020

€1.6K PER ROOM AT CRUISE SPEED

A COMPREHENSIVE BRAND POWERHOUSE

CLASSIC

COLLECTIONS

LIFESTYLE

RESORTS

REGIONAL

LUXURY

PREMIUM

MIDSCALE

ECONOMY

TOP 10 COUNTRIES ACCOUNTS FOR 60% OF MANAGEMENT & FRANCHISE FEES

Upscale/Luxury is 42% of the Top 10 countries

AS OF END-2019POST PIPELINE % M&F fees

17%		o/w Upscale/Luxury
10%

6%	6%	5%	5%	5%
		4%	4%		3%
25%	96%	35%			3%
76%	23%	60%	76%
					94%	12%

FRANCE

GERMANY

USA

AUSTRALIA

UAE

UK

KSA

CHINA

CANADA

BRAZIL

NETWORK

HOTELS5,036

ROOMS740K

PIPELINE

HOTELS1,206

ROOMS208K

5,000 HOTELS IN NETWORK BY END-2019

North America,
Central America		Europe
& the Caribbean			Asia-Pacific
38K	South	344K	Middle East
America
			& Africa	232K
5K
	62K	46K	64K
			100K
	14K		45K

IN ROOMS, AS OF DECEMBER 2019

A DIFFERENTIATED VALUE PROPOSITION

SOLID BUSINESS MODEL	COMPREHENSIVE PROPOSITION		MULTIPLE VALUE LEVERS
⌐ Global leader group in hotel management	⌐ Powerful distribution platform	⌐	One-stop shop for owners & guests
	including Sabre initiative
⌐ #1 in Europe, MEA, South America & ASPAC		⌐	Augmented Hospitality proposition
outside China	⌐ + 100 countries footprint
		⌐	Limitless loyalty program
⌐ Unique brand powerhouse across all	⌐ Both management & franchise solutions
segments and niches

JEAN-JACQUES MORIN

Deputy CEO

FY 2019 RESULTS

11

BUSINESS

MOMENTUM

Sofitel Mexico City

• +1.7% L/L system RevPAR
• +5.1% Net Organic System Growth
• €22bn Business volume vs. €20bn in FY 2018

FY 2019 KEY ACHIEVEMENTS

	FINANCIAL PERFORMANCE				RETURN TO SHAREHOLDERS

Fairmont Genève

Pullman Maldives

⌐	€4,049m Revenue	⌐ €434m Recurring Free Cash Flow
	up +16.0% reported, up +3.8% L/L
⌐	€825m EBITDA	⌐ €1bn Return to shareholders announced
	up 14.8% reported, up +5.9% L/L
	in line with guidance
⌐ Cash Conversion @ 77%	⌐ €1.05 cash and/or share
		Proposed Dividend

A RECORD-BREAKING YEAR FOR DEVELOPMENT

RECORD

RECORD

RECORD

RECORD

Over	Near 330 hotels	510 hotels &	Over 1,200 hotels &
5,000 hotels &	& 45,000 rooms	76,000 rooms signed	208,000 rooms
740,000 rooms	opened		in pipeline
Net Organic Growth	1 opening per day	1 hotel signed	Pipeline over the
	every 16 hours	next 5 years
+5,1% vs 2018

+1.7% REVPAR GROWTH IN FY 2019

EUROPE

7.9%

7.1%

5.9%

ASIA PACIFIC

5.3%

4.8%

4.6%

5.1%

4.0%

3.1%

3.3%

1.2%

1.0%

Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

0.3% -1.1%-1.9%

-0.6%

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

				REST OF THE WORLD
6.5%	5.8%
		5.0%
3.1%		4.8%			2.8%
	1.0%	1.7%

5.3%		5.9%	6.1%
5.0%		4.0%
			1.6%

GROUP

0.7%	0.6%

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

Occupancy Rate

Average Room Rate

RevPAR L/L

REVENUE GROWTH OF +3.8% L/L

			REPORTED	L/L
IN € MILLIONS	2018 (1)	2019	CHANGE	CHANGE

HOTEL SERVICES

2,644

2,894

+ 9.5%

+ 4.6%

HOTEL ASSETS

751

1,077

+ 43.4%

+ 2.9%

NEW BUSINESSES

149

159

+ 7.2%

+ 3.8%

HOLDING & INTERCOS

(54)

(81)

N/A

N/A

GROUP

3,490

4,049

+ 16.0%

+ 3.8%

1. Restated and Proforma financial information

+3.8% L/L INCREASE IN MANAGEMENT & FRANCHISE REVENUE

			L/L
IN € MILLIONS	2018 (1)	2019	CHANGE
EUROPE	519	525	+4.0%
ASPAC	212	214	+2.3%
MEA	81	107	+5.3%
NCAC	133	132	+1.5%
SOUTH AMERICA	44	49	+13.0%
GROUP	990	1,026	+3.8%

1. Restated and Proforma financial information

SOLID EBITDA GROWTH OF +5.9% L/L

			REPORTED	L/L
IN € MILLIONS	2018 (1)	2019	CHANGE	CHANGE

HOTEL SERVICES

724

741

+2.3%

+5.8% (2)

HOTEL ASSETS

154

216

+40.1%

(7.3%)

NEW BUSINESSES

(20)

(2)

+90.4%

+88.8%

HOLDING & INTERCOS

(139)

(129)

N/A

N/A

GROUP

719

825

+14.8%

+5.9%

(1) Restated and Proforma financial information ; (2) Excluding marketing investment plan

STRONG MANAGEMENT & FRANCHISE EBITDA GROWTH OF +8.3%

			L/L
IN € MILLIONS	2018 (1)	2019	CHANGE

EUROPE	390	416	+6.6%
ASPAC	130	152	+8.9%
MEA	52	82	+14.5%
NCAC	79	92	+7.5%
SOUTH AMERICA	17	24	+21.4%

GROUP

667

765

+8.3%

1. Restated and Proforma financial information

ASPAC PERFORMANCE IMPACTED BY MANTRA

ACCOR'S REVENUE BY REGIONS(1)

DETERIORATED TRADING:

US-China trade war, weakened economy, oversupply & bushfires

<

LEASED HOTELS AMPLIFY

TRADING PERFORMANCE

41%

EUROPE

FY19 EBITDA €(40)M BELOW

INITIAL BUSINESS PLAN

€150M IMPAIRMENT RECOGNIZED

15%

MANTRA

33%

ASPAC

11%

NCAC

8%

7% MEA

SOUTH

AMERICA

1. HotelServices & Hotel Assets excluding reimbursement costs

SOLID PROGRESS ON M&A INTEGRATION

SYNERGIES

PLANNED	% VS.	COMMENTS	COMPLETION
(€)	INITIAL PLAN		TIMELINE

65M		115%		⌐ Connection to distribution completed for B2C
		⌐ Strong development since closing:
				6kr opened or signed (14% of acquired network)
11M		115%		⌐ Connection to distribution completed for B2C
		using D-Edge
				⌐ ALL loyalty program launched in December 2019
				⌐ Connection to distribution completed for B2C
20M		105%		⌐ ALL loyalty program launched in December 2019
		⌐ Strong development since closing:
				4kr opened or signed (20% of acquired network)

Q2 19

ACQUIRED IN JULY

2016

Q4 20

ACQUIRED IN MAY

2018

2021

ACQUIRED IN

SEPTEMBER 2018

NEW BUSINESSES DELIVERED FY 2019 TARGET

EBITDA IN € MILLIONS

2016	2017	2018
Reported(1)	Reported(1)	Proforma(2)	2019

-2

-23	-20
	-25

FY 2019 ACHIEVEMENTS

COMMITMENT DELIVERED

Q4 EBITDA break-even

<

OPERATIONAL ACHIEVEMENT

Merger of FastBooking & Availpro

+13% L/L revenue with double-digit profitability (excl. OFS and John Paul)

<

NEXT STEPS

INTEGRATION

within Accor's distribution

PARTNERSHIP STRATEGIC REVIEW

21

(1) Figures for FY16 and FY17 are before IFRS 16 implementation ; (2) Proforma financial information for IFRS 16

FROM EBITDA TO NET PROFIT

IN € MILLIONS	2018 (1)	2019

EBITDA

DEPRECIATION, AMORTIZATION AND PROVISION EXPENSES

EBIT

SHARE OF NET PROFIT OF ASSOCIATES AND JOINT VENTURES NON-RECURRING ITEMS

OPERATING PROFIT

NET FINANCIAL EXPENSE

INCOME TAX

MINORITY INTERESTS

PROFIT FROM CONTINUING OPERATIONS

PROFIT FROM DISCONTINUED OPERATIONS

719825

(203)(328)

516497

803

(432)177

(163)678

(73)(75)

(109)(138)

(22)(18)

(41)447

2,27417

NET PROFIT FOR THE YEAR

2,233

464

1. Restated and Proforma financial information

CASH CONVERSION ABOVE 70%

IN € MILLIONS	2018 (1)	2019
EBITDA	719	825
COST OF NET DEBT (CASH)	(59)	(73)
INCOME TAX (CASH)	(121)	(122)
REIMBURSEMENT OF LEASE LIABILITIES	(84)	(137)
NON-CASH ITEMS & OTHER	88	104
FUNDS FROM OPERATIONS	543	597
RECURRING INVESTMENT	(106)	(161)
WORKING CAPITAL	30	(2)
RECURRING FREE CASH FLOW	467	434
CASH CONVERSION RATE(2)	83%	77%

2019 RECURRING INVESTMENT

BY SEGMENT

	14%
NEW	HOLDING
BUSINESSES	7%
		68%
HOTEL ASSETS	12%	HOTEL

SERVICES

1. Restated and Proforma financial information
2. Cash conversion rate = (EBITDA - Recurring investment - reimbursement of lease liability) / (EBITDA - reimbursement of lease liability).

NET DEBT DRIVEN BY ASSET-LIGHT ROADMAP & IFRS 16

€978M €(430)M

€(434)M

€294M €(188)M

€(148)M

€1,153M

€108M €1,333M

NET DEBT	LEASE LIABILITY	MÖVENPICK	RECURRING	HYBRID	DIVIDEND	M&A	OTHER	NET DEBT
DEC. 2018	(IFRS 16)	LEASES	FCF					DEC. 2019
		RECLASSIFIED
		IN HELD
		FOR SALE

SOUND BALANCE SHEET FURTHER OPTIMIZED IN 2019

COST OF DEBT SECURED AND MATURITY EXTENDED

	4.6
	4.5	4.2
			3.7
	3.6	3.6	years
3.5

4.3%

3.1%

2.9% 2.9%

2.0% 1.9% 1.8%

2013	2014	2015	2016	2017	2018	2019
			MATURITY		COST OF DEBT

WELL-BALANCED DEBT REPAYMENT SCHEDULE

500

856

	556		514	606
					500
127
		206
206
2020	2021	2022	2023	2024	2025	BEYOND
		SENIOR DEBT		HYBRID DEBT

2019 PROPOSED DIVIDEND

RECURRING FREE CASH FLOW

€434M

ORDINARY DIVIDEND PER SHARE	EUR1.05
	per share

Subject to shareholders' approval at the AGM on April 30th, 2020

Payment option between 100% cash or 100% shares with a 5% discount

ACCOR LIVE LIMITLESS UPDATE

LAUNCH OF			LOYALTY CONTRIBUTION		PARTNERSHIP REVENUE
IN DECEMBER 2019
			64m members at end-2019		EURm		>100
NEW PREMIUM STATUS
D I A M O N D	L I M I T L E S S						40%
		30%	31%
ENRICHED BENEFITS
		2018	2019	2020	2021	2022	RUN		12
							RATE	6
NEW PARTNERSHIPS								…	…
		Definition varies
						2018	2019	2022
				across industry

SPONSORSHIP IS DELIVERING ABOVE EXPECTATIONS

Media value

€212m

Offline

€18m

Online €118m

Social Media

€76m

Total Awareness

January 2020

39%

18%			19%		19%	21%
				16%	13%
10%	11%
9%			8%
	6%	5%
	4%

FRANCE

UK

GERMANY

USA

BRAZIL

CHINA

AUSTRALIA

WE DID WHAT WE SAID LAST YEAR

FY18 RESULTS	SOLID PERSPECTIVES
Feb. 21ST
2019
	Convert 2018 record pipeline into
	NEW 2019 OPENINGS
	Continue INTEGRATION OF 2018 acquisitions
	Pursue EBITDA growth in the trajectory towards OUR
	€1.2BN TARGET IN 2022
	Maintain HIGH LEVEL OF CASH CONVERSION
	Commitment to ASSET-LIGHT MODEL AND COST
	RIGHTSIZING

AND WE WILL CONTINUE IN 2020

• Convert 2019 record pipeline into NEW 2020 OPENINGS
• Complete INTEGRATION OF 2018 ACQUISITIONS
• Pursue EBITDA growth in the trajectory towards our €1.2BN TARGET IN 2022
• Maintain HIGH LEVEL OF CASH CONVERSION
• Commitment to ASSET-LIGHT MODEL AND COST RIGHTSIZING

SÉBASTIEN BAZIN

Chairman & CEO

CLOSING REMARKS

30

RECORD FY19 RESULTS

IN A CHALLENGING ENVIRONMENT

MACRO UNCERTAINTIES	SCOPE

US-CHINA TRADE WAR	GLOBAL GDP IMPACT
HONG KONG TURMOIL	HONG KONG REVPAR DOWN
AUSTRALIAN BUSHFIRES	AUSTRALIA REVPAR DOWN
BREXIT	UK REVPAR DOWN
YELLOW VESTS	PARIS REGION REVPAR DOWN
MEA GEOPOLITICS	MIDDLE EAST REVPAR DOWN
TURMOIL IN SOUTH AMERICA	CHILI, ARGENTINA & PERU REVPAR DOWN

Despite all of this, EBITDA grew from

€719m to €825m in 2019

IMPACTS IN CHINA

• #4 inbound market in 2019 63m foreign visitors
• Most airliners suspended or reduced flights to/from China
• Occupancy down 45% in January 2020 (STR market data)

COVID19-RELATED RISKS

CHINA LARGEST EMITTING

MARKET

150m international tourists

REST OF

THE WORLD

12%

88%

ASIA

• France: 2% of inbound
• UK: 1% of inbound
• Less than 5% of global GDP in 2003 to c.20% in 2020

ACCOR EXPOSURE

GREATER CHINA 3% OF REVENUE

ASPAC

33% OF REVENUE

Source: UNWTO / IMF

A BLESSED INDUSTRY FOR THE LONG TERM

	4% CAGR TO REACH 2BN TRAVELLERS BY 2030				GLOBAL SUPPLY REMAINS FRAGMENTED
			International arrivals by region							INDEPENDENT ROOMS
Millions
1400											8.4M	8.3M		BRANDED ROOMS
							Financial
1200								Crisis
1000							SARS					5.7M
800					Iraq war
600														3.3M
														2.8M
											52%
400
												32%	74%
200
														18%	18%
-
1950	1957	1964	1971	1978	1985	1992	1999	2006	2013		ASPAC	EUROPE	NORTH	LATIN	MEA
													AMERICA	AMERICA
										rooms	2	12	16	5	2
EUROPE	AMERICAS		ASIA & PACIFIC		MIDDLE EAST & AFRICA	/k inhab

OUR STRONGEST ASSETS

PEOPLE	BRAND	DISTRIBUTION
POWERHOUSE	LOYALTY

NETWORKBALANCE

LEADERSHIPSHEET

PRIORITIES MOVING FORWARD

ACCOR VALUES	DEVELOPMENT		ASSET-LIGHT
			MODEL
Strong CSR	Foster owner's preference	Drive customer stickiness	Increase shareholder
commitments	to fuel ambitious organic	through:	return deploying:
	development

⌐	People diversity and	⌐	Through comprehensive	⌐	Personalization with	⌐	A simple, cash
	inclusiveness		brand powerhouse		ALL		generating,
⌐	Environmental	⌐	Dedicated expert local	⌐	Secure accretive	⌐	self deleveraging
	engagement		teams		partnerships		asset-light model

€1.85BN SHARE BUYBACK TOPPING ORDINARY DIVIDEND SINCE 2018

To be pursued beyond 2021

€300M

€350M €500M €300M

€400M

ORDINARY DIVIDEND

€305M €283M

Launched Jan. 2020

€284M(1)

• of market cap at the beginning of the year

2018	2019	2020	2021
5.3%	7.3%	7.8%	N/A

(1) Based on proposed cash dividend at €1.05 per share and number of shares as of Dec. 2019

Q&A

THANK YOU

APPENDICES

RESTATED AND PROFORMA FIGURES FOR FY 2018

	FY18		FY18			FY18
IN € MILLIONS	reported	IFRS 5	Restated	IFRS 16(1)	Booster(2)	Proforma

Revenue	3,610	(328)	3,282	-	207	3,490
EBITDA	712	(87)	626	93	-	719
EBIT	550	(45)	505	11	-	516
Net profit before discontinued operations	(8)	(33)	(41)	-	-	(41)
Net profit attributable to shareholders	2,233	-	2,233	-	-	2,233

• Restated figures are Disclosed figures in Consolidated financial statements and adjusted from IFRS 5 implementation only (i.e. Orbis assets reported as "Discontinued operations")
• Proforma figures are Disclosed figures in this presentation, in order to ensure a proper comparability. It is adjusted from IFRS 5 (i.e. Orbis assets reported as "Discontinued operations"), IFRS 16 (i.e. fixed rents excluded from EBITDA) and Booster closing (Fees from AccorInvest disclosed in Revenue from January 1st).

(1) Simplified approach for illustrative purposes (split to depreciation & interests based on estimated pro rata) ; (2) 5 months revenue adjustements: gross-up of fees with AccorInvest from January to May

SOLID MARGIN FOR MANAGEMENT & FRANCHISE

IN € MILLIONS

Management	Services
& Franchise	to Owners	HotelServices

Revenue

2019 EBITDA

Margin

1,026	1,867	2,894
765	(24)	741
74.5%	(1.3)%	25.6%

Revenue

2018(1) EBITDA

Margin

990	1,654	2,644
667	57	724
67.4%	3.4%	27.4%

1. Restated and Proforma financial information

FY19 REVENUE - FROM LIKE-FOR-LIKE TO REPORTED

LIKE-FOR-LIKE

+3.8% +€131M

• HotelServices: +4.6% comp (1)
  New businesses: +3.8% L/L
• Hotel Assets: +2.9% L/L

PERIMETER

+10.9% +€380M

M&A INTEGRATION

• Mantra: €190m
• Mövenpick: €146m

CURRENCY

+1.4% +€48M

SLIGHT POSITIVE CURRENCY EFFECT

• USD: €50m
• CAD: €9m
• BRL: €(5)m
• AUD: €(13)m

REPORTED

+16.0% +€560M

(1) Comparable (comp.) revenue growth - includes fees linked to organic expansion, at constant exchange rates

Q4 REVENUE GROWTH OF +2.0% L/L

	Q4	Q4	REPORTED	L/L
IN € MILLIONS	2018 (1)	2019	CHANGE	CHANGE

HOTEL SERVICES

733

769

+ 4.8%

+ 2.2%

HOTEL ASSETS

282

285

+ 1.0%

+ 2.6%

NEW BUSINESSES

38

40

+ 5.6%

+ 3.2%

HOLDING & INTERCOS

(16)

(19)

N/A

N/A

TOTAL

1,037

1,075

+3.6%

+ 2.0%

1. Restated and Proforma financial information

Q4 REVENUE - FROM LIKE-FOR-LIKE TO REPORTED

LIKE-FOR-LIKE

+2.0% +€20M

• HotelServices: +2.2% comp (1)
  New businesses: +3.2% L/L
• Hotel Assets: +2.6% L/L

PERIMETER

+0.7% +€7M

SLIGHT POSITIVE CURRENCY EFFECT

CURRENCY

+1.0% +€10M

• USD: €9m
• CAD: €3m
• BRL: €(3)m
• AUD: €(4)m

REPORTED

+3.6% +€37M

1. Comparable (comp.) revenue growth - includes fees linked to organic expansion, at constant exchange rates

HOTEL SERVICES Q4 M&F REVENUE

	Q4	Q4	L/L
IN € MILLIONS	2018 (1)	2019	CHANGE

EUROPE	138	134	+ 0.2%
ASPAC	66	60	+ 0.6%
MEA	25	31	+ 6.9%
NCAC	40	31	(5.3)%
SOUTH AMERICA	12	12	+ 10.7%

TOTAL

281

268

+0.6%

1. Restated and Proforma financial information

REVPAR

REVPAR - SYSTEMWIDE

			Q4 2019					H2 2019					FY 2019
		OR		ARR	RevPAR		OR		ARR	RevPAR		OR		ARR	RevPAR
		Chg		Chg		Chg		Chg		Chg		Chg		Chg		Chg		Chg
	%	Pts	€	%	€	%	%	Pts	€	%	€	%	%	Pts	€	%	€	%
		L/L		L/L		L/L		L/L		L/L		L/L		L/L		L/L		L/L
LUX. & UPSCALE	67.3	+1.1	151	-1.1	101	+0.6	68.7	+0.8	155	-1.0	106	+0.1	67.6	+0.9	153	-0.2	103	+1.2
MIDSCALE	70.4	+0.8	89	-0.8	62	+0.3	72.5	+0.6	88	-0.2	64	+0.6	70.5	+0.6	88	+0.8	62	+1.7
ECONOMY	69.0	+0.1	58	+0.7	40	+0.8	71.5	+0.3	58	+1.0	41	+1.4	69.7	+0.4	58	+1.8	40	+2.4
SYSTEMWIDE	68.9	+0.6	91	-0.3	63	+0.6	71.0	+0.5	92	-0.1	65	+0.7	69.3	+0.6	92	+0.7	64	+1.7

REVPAR - GEOGRAPHICAL BREAKDOWN (1/2)

Q4 2019H2 2019FY 2019

		OR		ARR	RevPAR		OR		ARR	RevPAR		OR		ARR	RevPAR
		Chg		Chg		Chg		Chg		Chg		Chg		Chg		Chg		Chg
	%	Pts	€	%	€	%	%	Pts	€	%	€	%	%	Pts	€	%	€	%
		L/L		L/L		L/L		L/L		L/L		L/L		L/L		L/L		L/L
LUX. & UPSCALE	68.9	+0.6	157	-0.2	108	+0.7	73.4	+0.4	167	-0.6	122	-0.1	71.9	+1.1	166	+1.6	119	+3.1
MIDSCALE	69.8	+0.3	96	+0.4	67	+0.8	73.8	+0.0	96	+0.7	71	+0.8	71.5	+0.4	96	+1.7	69	+2.2
ECONOMY	69.5	-0.2	66	+1.7	46	+1.4	73.6	-0.1	66	+1.9	49	+1.8	71.8	+0.3	66	+2.4	47	+2.9
EUROPE
69.4	+0.0	86	+1.0	60	+1.0	73.5	+0.0	88	+1.1	65	+1.1	71.6	+0.4	87	+2.1	62	+2.6
LUX. & UPSCALE
67.1	+0.6	117	-2.7	79	-1.8	67.4	+0.3	112	-2.2	76	-1.9	66.0	+0.3	113	-1.3	75	-1.0
MIDSCALE	72.7	+1.6	81	-3.5	59	-1.3	72.8	+1.4	79	-2.4	57	-0.6	70.9	+0.6	80	-1.3	57	-0.4
ECONOMY	74.3	-1.3	44	-3.3	33	-5.1	74.3	-0.9	43	-2.6	32	-3.9	72.7	-0.7	44	-1.5	32	-2.5
ASPAC
71.1	+0.5	82	-2.6	58	-1.9	71.3	+0.4	80	-2.0	57	-1.5	69.6	+0.2	81	-1.1	56	-0.9

REVPAR - GEOGRAPHICAL BREAKDOWN (2/2)

				Q4 2019							H2 2019							FY 2019
		OR			ARR		RevPAR		OR			ARR		RevPAR		OR			ARR		RevPAR
		Chg			Chg			Chg		Chg			Chg			Chg		Chg			Chg			Chg
	%	Pts		€	%		€	%	%	Pts		€	%		€	%	%	Pts		€	%		€	%
		L/L			L/L			L/L		L/L			L/L			L/L		L/L			L/L			L/L
LUX. & UPSCALE	67.1	+3.3		147	-4.0		99	+1.5	65.3	+3.1		150	-3.7		98	+1.2	65.2	+3.3		151	-3.3		98	+1.8
MIDSCALE	69.5	+0.3		72	-4.2		50	-3.8	68.5	+1.0		68	-4.4		47	-3.1	67.7	+1.1		69	-4.7		47	-3.3
ECONOMY	69.6	+4.1		56	-5.3		39	+0.7	66.4	+4.4		52	-5.5		35	+1.1	64.8	+1.4		54	-4.5		35	-2.5
MEA
67.6	+3.0		115	-3.8		78	+0.8	65.7	+3.0		116	-3.8		76	+0.8	65.2	+2.5		117	-2.9		76	+0.9
LUX. & UPSCALE
68.7	+0.5		243	+1.0		167	+1.7	73.7	+0.1		256	+0.8		189	+0.9	72.8	+0.2		243	+0.7		177	+0.9
MIDSCALE	77.6	-3.5		152	+0.5		118	-4.1	79.3	-1.4		146	+0.9		116	-0.9	77.5	+0.2		141	+0.7		109	+0.9
ECONOMY	61.3	-3.6		43	-0.2		26	-5.6	61.5	-2.1		43	-1.0		26	-4.3	60.9	-3.1		42	+0.5		26	-4.3
NCAC
69.0	-0.3		215	+1.4		148	+1.0	73.2	-0.3		225	+1.0		165	+0.6	72.3	-0.2		215	+0.9		155	+0.7
LUX. & UPSCALE
56.4	-1.0		120	+15.9		68	+13.7	55.4	-1.4		115	+13.9		64	+11.0	56.0	-0.1		116	+12.7		65	+12.4
MIDSCALE	61.3	+2.1		65	+9.2		40	+13.1	61.8	+2.2		65	+9.2		40	+13.2	60.0	+2.4		65	+9.4		39	+13.9
ECONOMY	59.1	+3.0		41	+4.5		24	+10.1	59.2	+3.0		41	+4.3		24	+9.8	56.9	+2.8		42	+6.2		24	+11.7
SOUTH AMER.
59.3	+2.4		55	+7.1		33	+11.4	59.5	+2.3		55	+6.6		32	+10.8	57.6	+2.4		56	+7.6		32	+12.3

REVPAR - FRANCE

			Q4 2019					H2 2019					FY 2019
		OR		ARR	RevPAR		OR		ARR	RevPAR		OR		ARR	RevPAR
		Chg		Chg		Chg		Chg		Chg		Chg		Chg		Chg		Chg
	%	Pts	€	%	€	%	%	Pts	€	%	€	%	%	Pts	€	%	€	%
		L/L		L/L		L/L		L/L		L/L		L/L		L/L		L/L		L/L
LUX. & UPSCALE	67.1	-1.2	203	-1.9	136	-3.7	72.7	-1.3	216	-0.6	157	-2.3	70.5	-0.0	211	+1.3	149	+1.3
MIDSCALE	65.3	-0.6	108	-0.8	70	-1.7	70.6	-0.4	109	+0.9	77	+0.4	68.8	+0.4	109	+1.7	75	+2.3
ECONOMY	65.8	-0.8	65	+0.9	43	-0.3	70.4	-0.4	65	+2.1	46	+1.5	69.1	+0.4	65	+2.5	45	+3.1
FRANCE	65.6	-0.8	84	-0.1	55	-1.3	70.5	-0.5	85	+1.3	60	+0.6	69.0	+0.4	85	+2.0	58	+2.6

PORTFOLIO

PORTFOLIO AS OF DECEMBER 31ST, 2019 (1/2)

	OWNED & LEASED	MANAGED	FRANCHISED		TOTAL
	# HOTELS	# ROOMS	# HOTELS	# ROOMS	# HOTELS	# ROOMS	# HOTELS	# ROOMS
LUX. & UPSCALE	22	6,021	116	21,372	62	11,308	200	38,701
MIDSCALE	58	10,812	323	51,349	586	62,773	967	124,934
ECONOMY	56	8,659	586	75,437	1,220	96,041	1,862	180,137
EUROPE
136	25,492	1,025	148,158	1,868	170,122	3,029	343,772
LUX. & UPSCALE
12	2,566	271	67,288	59	9,306	342	79,160
MIDSCALE	26	4,201	274	64,323	128	20,247	428	88,771
ECONOMY	2	346	198	36,539	230	27,642	430	64,527
ASPAC
40	7,113	743	168,150	417	57,195	1,200	232,458
LUX. & UPSCALE
2	525	157	38,360	6	956	165	39,841
MIDSCALE	2	235	56	11,053	9	2,015	67	13,303
ECONOMY	5	826	50	9,129	3	530	58	10,485
MEA	9	1,586	263	58,542	18	3,501	290	63,629

PORTFOLIO AS OF DECEMBER 31ST, 2019 (2/2)

	OWNED & LEASED	MANAGED	FRANCHISED		TOTAL
	# HOTELS	# ROOMS	# HOTELS	# ROOMS	# HOTELS	# ROOMS	# HOTELS	# ROOMS
LUX. & UPSCALE	0	0	73	27,627	9	3,105	82	30,732
MIDSCALE	0	0	6	2,641	7	1,400	13	4,041
ECONOMY	0	0	21	2,775	3	377	24	3,152
NCAC
0	0	100	33,043	19	4,882	119	37,925
LUX. & UPSCALE
0	0	27	5,856	5	1,094	32	6,950
MIDSCALE	15	2,586	77	10,838	17	2,277	109	15,701
ECONOMY	49	9,889	75	12,221	133	16,992	257	39,102
SOUTH AMER.
64	12,475	179	28,915	155	20,363	398	61,753
LUX. & UPSCALE	36	9,112	644	160,503	141	25,769	821	195,384
MIDSCALE	101	17,834	736	140,204	747	88,712	1,584	246,750
ECONOMY	112	19,720	930	136,101	1,589	141,582	2,631	297,403
TOTAL	249	46,666	2,310	436,808	2,477	256,063	5,036	739,537

EXCHANGE RATES

Q4 2019 EXCHANGE RATES

1€ = X FOREIGN CURRENCY	Q4 2018	Q4 2019	Q4 2018
	AVERAGE RATE	AVERAGE RATE	VS. Q4 2019

⌐ AUSTRALIAN DOLLAR (AUD)	1.59	1.62	(1.9)%
⌐ BRAZILIAN REAL (BRL)	4.34	4.56	(4.8)%
⌐ CANADIAN DOLLAR (CAD)	1.51	1.46	+3.2%
⌐ EGYPTIAN POUND (EGP)	20.44	17.88	+14.3%
⌐ BRITISH STERLING (GBP)	0.89	0.86	+2.9%
⌐ AMERICAN DOLLAR (USD)	1.14	1.11	+3.2%

2019 EXCHANGE RATES

1€ = X FOREIGN CURRENCY	2018	2019	2018
	AVERAGE RATE	AVERAGE RATE	VS. 2019

⌐ AUSTRALIAN DOLLAR (AUD)	1.58	1.61	(1.9)%
⌐ BRAZILIAN REAL (BRL)	4.31	4.41	(2.4)%
⌐ CANADIAN DOLLAR (CAD)	1.53	1.49	+2.9%
⌐ EGYPTIAN POUND (EGP)	21.05	18.88	+11.5%
⌐ BRITISH STERLING (GBP)	0.88	0.88	+0.8%
⌐ AMERICAN DOLLAR (USD)	1.18	1.12	+5.5%

GLOSSARY

GLOSSARY

REGION ORGANIZATION

• EUROPE (INCLUDING FRANCE & SWITZERLAND)
• MEA: MIDDLE-EAST AND AFRICA
• ASPAC: ASIA PACIFIC REGION
• NCAC: NORTH & CENTRAL AMERICA & CARIBBEAN

• SOUTH AMERICA