Accor have announced their 2021 Q1 results alongside reorganisation of the the business management structure, revenues are down as the group pins its hopes on seeing a strong summer rebound.
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “There were no surprises in our first-quarter performance. Global business trends are improving slightly and the ramp-up of the vaccine rollouts bodes well for a particularly strong rebound.
“As it did in 2020, the Group continues to keep a close eye on protecting its cash and cutting costs. Today, all our efforts are focused on the strong recovery expected this summer.”
Consolidated first-quarter 2021 revenue totalled €361 million, down 53% as reported and 48% like-for-like versus Q1 2020 (i.e., -57% versus Q1 2019).
RevPAR fell by 64.3% versus Q1 2019, reflecting an environment that remains hard hit by the Covid-19 epidemic. There were, however, significant year-on-year improvements in South Europe, Australia, the Middle East and North America.
Changes in the scope of consolidation (acquisitions and disposals) had a negative impact of -€25 million, largely due to the disposal of Mövenpick leased hotels in early March 2020.
Currency effects had a negative impact of -€11 million, mainly due to the Brazilian real (-26.4%) and the US dollar (-8.7%).
During the first quarter, Accor opened 56 hotels, representing 7,100 rooms. Although slightly below previous years, this is a very satisfying level given the current backdrop.
At end-March 2021, the Group had a portfolio of 757,000 rooms (5,163 hotels) and a pipeline of 211,000 rooms (1,204 hotels), of which 74% in emerging markets.
As of April 19, 2021, 87% of the Group’s hotels were open, i.e., more than 4,500 units.
Change in reporting format
The reorganization of the Group, and notably the change of the management structure in the frame of the RESET plan, resulted in a modification of the internal performance reporting and consequently of the segment reporting in accordance with IFRS 8 (operating segments):
Reorganization of the operating structures within the different regions led to a change in the geographic reporting of the Management & Franchise segment.
Europe is split between South Europe (including France) and North Europe (including the United Kingdom and Germany).
Asia-Pacific (ASPAC) comprises the Pacific, Southeast Asia and Greater China regions.
Middle East & Africa (MEA) has been renamed India, Middle East, Africa & Turkey (IMEAT) as the region now includes India (previously in ASPAC) and Turkey (previously in Europe).
North/Central America, the Caribbean and South America have been grouped together under “Americas”.
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