2020 half-year results: Highlights

Despite results being significantly down and revenue halved, as the majority of our hotels were shut for nearly 3 months, Accor is weathering the storm with a robust balance sheet and a high level of liquidity thanks to its transformation to an 'asset-light' model. Started 4 years ago, the transformation of the Group's business model is nearing completion. Now, the organizational transformation is accelerating in order to optimize performance while offering our guests high-quality experiences. The aim is to put in place a more efficient cost structure and simplified organization to get closer to the field and local teams.

The crisis hit the Group hard, but the worst is behind us. 81% of hotels have reopened their doors and business is gradually ramping up again. We never actually stopped growing either, as we continued to bring on new hotels over recent months, adding 12,000 new rooms to our portfolio, bringing it up to 5,100 hotels and 748,000 rooms.

Our hotels are now ready to welcome a different kind of clientelethat is seeking leisure activities, domestic tourism and a lower level of business travel. We have the most outstanding talent waiting to greet them and strict hygiene and prevention measures to ensure safety for everyone. The important thing is to adapt and learn from this crisis and understand what we are capable of doing thanks to the strength of our employees, expertise and savoir-faire, as well as our solid balance sheet and spirit of conquest, which enables us to take advantage of new opportunities.

Sébastien Bazin talks about the half-year results and provides a forecast for the future of the Group.