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Accor — Earnings Release 2022
Sep 28, 2022
1066_iss_2022-09-28_a1bb4241-192c-4feb-b879-ecf32dc4c90d.pdf
Earnings Release
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Press release MARCH XX, 2020 SEPTEMBER 28, 2022
FY22 EBITDA guidance revised upwards, between €610 and €640 million
Exclusive negotiations for the sale of headquarters building for €465 million
- Full benefit from the accelerated summer activity supported by H1 2022 sales and marketing investments,
- Continued execution of asset-light strategy.
The Group expects, for its Services to Owners activity (including sales, marketing, distribution and loyalty), a return to breakeven EBITDA in the second half of 2022. This demonstrates the Group's strong resilience, and this is particularly due to the robust summer activity as well as the full benefit of marketing and sales investments made first half of 2022. Thanks to the positive impact of these investments, the strict discipline maintained on cost base and the strong pace of activity, the Group is rising its 2022 EBITDA guidance. Initially announced at above €550 million, FY22 EBITDA is now expected to be between €610 and €640 million.
Accor also announces that it entered into exclusive negotiations with Valesco Group to sell its Paris headquarters building, "Sequana Tower", for €465 million. The disposal is subject to a 12-year sale and leaseback agreement. The transaction, which is subject to the usual due diligence procedures, is expected to be completed by the end of the year. It is part of the Group's asset-light strategy, which aims to simplify Accor's balance sheet structure.
About ACCOR
Accor is a world leading hospitality group consisting of 5,300 properties and 10,000 food and beverage venues throughout 110 countries. The group has one of the industry's most diverse and fully-integrated hospitality ecosystems encompassing more than 40 luxury, premium, midscale and economy hotel brands, entertainment and nightlife venues, restaurants and bars, branded private residences, shared accommodation properties, concierge services, coworking spaces and more. Accor's unmatched position in lifestyle hospitality – one of the fastest growing categories in the industry – is led by Ennismore, a joint venture in which Accor holds a majority shareholding. Ennismore is a creative hospitality company with a global collective of entrepreneurial and founder-built brands with purpose at their heart. Accor boasts an unrivalled portfolio of distinctive brands and approximately 230,000 team members worldwide. Members benefit from the company's comprehensive loyalty program – ALL - Accor Live Limitless – a daily lifestyle companion that provides access to a wide variety of rewards, services and experiences. Through its Planet 21 – Acting Here, Accor Solidarity, RiiSE and ALL Heartist Fund initiatives, the Group is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity and inclusivity. Founded in 1967, Accor SA is headquartered in France and publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information visit group.accor.com or follow us on Twitter, Facebook, LinkedIn and Instagram.
Press Relations
Charlotte Thouvard Senior Vice President Global Communications T. +33 (0)1 45 38 19 14 [email protected]
Investor and Analyst Relations
Pierre-Loup Etienne Senior Vice President Investor Relations and Financial Communications T. +33 (0)1 45 38 47 76 [email protected]
Line Crieloue
Corporate Executive Director Group External Communications T. +33 (0)1 45 38 18 11 [email protected]
Nastassja Mirza
Investor Relations and Financial Communications Officer T. +33 (0)1 45 38 87 23 [email protected]