Accor : Consolidated Financial Statements as of December 31, 2020

Accor - Consolidated financial statements and notes

December 31, 2020

CONSOLIDATED FINANCIAL STATEMENTS

AND NOTES

 Consolidated income statement	p. 2
 Consolidated statement of comprehensive income	p. 3
 Consolidated statement of financial position	p. 4
 Consolidated statement of cash flows	p. 6
 Changes in consolidated shareholders' equity	p. 7
 Notes to the consolidated financial statements	p. 8

Unless stated otherwise, the amounts presented are in millions of euros, rounded to the nearest million. In general, the amounts presented in the consolidated financial statements and the notes to the financial statements are rounded to the nearest unit. This may result in a non-material difference between the sum of the rounded amounts and the reported total. All ratios and variances are calculated using the underlying amounts rather than the rounded amounts.

Accor - Consolidated financial statements and notes

December 31, 2020

Consolidated income statement

	Notes	2019	2020
(€ in million)
Revenue	4	4,049	1,621
Operating expenses	4	(3,224)	(2,012)
EBITDA	4	825	(391)
Depreciation, amortization and provision expenses		(328)	(274)
EBIT		497	(665)
Share of net profit of associates and joint-ventures	6	3	(578)
EBIT including profit of associates and joint-ventures		501	(1,243)
Other income and expenses	7	177	(958)
Operating profit		678	(2,201)
Financial result	11	(75)	(108)
Income tax	12	(138)	62
Profit from continuing operations		465	(2,247)
Profit from discontinued operations	3	20	257
Net profit of the year		485	(1,990)
• Group		464	(1,988)
from continuing operations		447	(2,244)
from discontinued operations		17	257
• Minority interests		21	(2)
from continuing operations		18	(2)
from discontinued operations		3	0
Basic earnings per share (in euros)
Earnings per share from continuing operations		1.49	(8.69)
Earnings per share from discontinued operations		0.06	0.98
Basic earnings per share		1.55	(7.71)
Diluted earnings per share (in euros)
Diluted earnings per share from continuing operations		1.49	(8.69)
Diluted earnings per share from discontinued operations		0.06	0.98
Diluted earnings per share	13	1.55	(7.71)

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Accor - Consolidated financial statements and notes

December 31, 2020

Consolidated statement of comprehensive income

	Notes	2019	2020
(€ in million)
Net profit of the year		485	(1,990)
Currency translation adjustments	13	153	(310)
Effective portion of gains and losses on hedging instruments	13	1	(28)
Currency translation adjustments from discontinued operations	13	1	(10)

Items that may be reclassified subsequently to profit or loss		155	(348)
Changes in the fair value of non-consolidated investments	13	4	(27)
Actuarial gains and losses on defined benefit plans	13	(20)	3
Actuarial gains and losses from discontinued operations	13	(0)	0
Items that will not be reclassified to profit or loss		(16)	(24)
Other comprehensive income, net of tax		139	(372)
Total comprehensive income of the period		624	(2,362)
• Group share		607	(2,357)
• Minority interests		17	(5)

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Accor - Consolidated financial statements and notes

December 31, 2020

Consolidated statement of balance sheet

Assets

(€ in million)	Notes	Dec. 2019 (*)	Dec. 2020
Goodwill	8	1,947	1,879
Other intangible assets	8	3,130	2,668
Property, plant & equipment	8	632	242
Right-of-use assets	9	531	377
Investments in associates and joint-ventures	6	1,841	1,166
Other non-current financial assets	11	383	170
Non-current financial assets		2,224	1,335
Deferred tax assets	12	218	157
Contract assets	4	216	201
Other non-current assets		4	3
Non-current assets		8,903	6,862
Inventories	4	20	21
Trade receivables	4	649	534
Other current assets	4	264	222
Current financial assets	11	61	38
Cash and cash equivalents	11	2,279	2,474
Current assets		3,274	3,289
Assets classified as held for sale	3	1,761	395
TOTAL ASSETS		13,937	10,546

(*) Restated amounts following the finalization of purchase price allocation of Rixos acquired in 2019 (see Note 8.1)

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Accor - Consolidated financial statements and notes

December 31, 2020

Liabilities and shareholders' equity

(€ in million)	Notes	Dec. 2019 (*)	Dec. 2020
Share capital	13	813	784
Additional paid-in capital and reserves	13	4,419	4,296
Net profit of the year		464	(1,988)
Ordinary shareholders' equity		5,695	3,092
Perpetual subordinated bonds	13	1,127	1,000
Shareholders' equity - Group share		6,822	4,092
Minority interests	13	153	66
Shareholders' equity	13	6,975	4,158
Long-term financial debt	11	2,840	2,473
Long-term lease debt	9	461	314
Deferred tax liabilities	12	621	513
Non-current provisions	10	89	132
Non-current contract liabilities	4	26	23
Non-current liabilities		4,037	3,456
Trade payables	4	441	327
Current liabilities	4	703	579
Current provisions	10	316	423
Current contract liabilities	4	228	205
Short-term financial debt	11	306	969
Short-term lease debt	9	87	102
Current liabilities		2,080	2,606
Liabilities associated with assets classified as held for sale	3	845	326
TOTAL EQUITY AND LIABILITIES		13,937	10,546

(*) Restated amounts following the finalization of purchase price allocation of Rixos acquired in 2019 (see Note 8.1)

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