2017 Interim Financial Report

July28th, 2017

Contents

2017 INTERIM MANAGEMENT REPORT 3 2017 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 36 AUDITORS' REPORT ON THE INTERIM FINANCIAL INFORMATION 82 STATEMENT BY THE PERSON RESPONSIBLE FOR THE INTERIM FINANCIAL REPORT 82

2017 Interim Management Report

Contents

2017 INTERIM MANAGEMENT REPORT 3

  1. REVIEW OF THE FIRST HALF OF 2017 6

  2. A BUOYANT AND STIMULATING ENVIRONMENT 6

  3. ACCORHOTELS, A WINNER IN A SECTOR UNDERGOING RAPID TRANSFORMATION 6

  4. ROBUST DEVELOPMENT, SERVING GROWING GLOBAL DEMAND6

  5. A SOLID GLOBAL PRESENC E AT A TIME WHEN HOT EL DEMAND IS OUTPACING GROWTH IN SUPPLY9

  6. HOT EL INDUSTRY CONSOLIDATION9

  7. EXPANSION OF THE BRAND PORTFOLIO 10

  8. EXPANSION OF THE BRAND PORTFOLIO TO INCLUDE LUXURY RESORTS10

  9. THE INDUSTRY'S DIGITAL TRANSFORMATION, AND ITS NEW PLAYERS 11

  10. A PERTINENT DIGITAL PLAN OFFERING A RESPONSE TO INDUSTRY CHALLENGES11

  11. THE EMERGENC E OF DIGITAL PLATFORMS12

  12. MORE BALANC ED REGULATION OF THE HOT EL OFFER12

    1. CONSOLIDATION OF THE ACCORHOTELS' ECOSYSTEM 13

    2. LECLUBACCORHOT ELS: LOYALTY AS A GROWTH DRIVER13

    3. THE ACCORHOT ELS.COM MARKETPLACE, AN INFLUENTIAL GATEWAY TO THEACCORHOTELS NETWORK... 14

      1. CONSOLIDATION OF THE LUXURY SERVICED HOME RENTALS DIVISION AND EXPANSION INTO PRIVATE SALES 15

      2. ACQUISITION OFTRAVELKEYS16

      3. ACQUISITION OFVERYCHIC16

      1. ENRICHMENT OF ACCORHOTELS' ACTIVITIES IN EVENTS, FOOD & BEVERAGE AND

        ENTERTAINMENT 16

      2. ACQUISITION OF31% OFGROUPENOCTIS16

      3. ACQUISITION OF40% OFPOTEL& CHABOT17

      1. THE ACCORLOCAL PROJECT: DIVERSIFICATION OF ACCORHOTELS' ACTIVITIES INTO CONVENIENCE SERVICES 17

      2. ACCORHOTELS' FUTURE MODEL 18

      3. ACCORINVEST, A SPECIAL, SOON-TO-BE-SEPARATE PARTNER OFACCORHOTELS18

      4. ACCORHOT ELS, A WIDE-REACHI NG GROUP SPECIALIZING IN TRAVEL AND MOBILITY20

    4. 2017 INTERIM CONS OLIDATED RESULTS 21

    5. CONSOLIDATED REVENUE 21

    6. EBITDAR 22

    7. EBITDA 22

    8. EBIT 22

    9. OPERATING PROFIT BEFORE TAX AND NON-RECURRING ITEMS 23

    10. NET PROFIT, GROUP SHARE 24

    11. FINANCIAL FLOWS 25

    12. FINANCIAL RATIOS 25

    Accor SA published this content on 27 July 2017 and is solely responsible for the information contained herein.
    Distributed by Public, unedited and unaltered, on 27 July 2017 07:54:08 UTC.

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