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Published on 22/02/24 – Updated on 22/02/24
Accor, has announced today its full-year 2023 results, showcasing robust operational and financial achievements. The company surpassed its 2023 guidance, demonstrating resilient demand and solid growth across all regions and segments following the post-Covid pandemic recovery in 2022.
Key Highlights:
Record-Breaking Performance: Accor achieved a record EBITDA of over €1 billion, marking a milestone in its financial trajectory. This achievement was driven by robust demand across all regions and segments, resulting in a 49% increase in EBITDA compared to the previous year.
“EBITDA 1.3 billion it’s a strong milestone for Accor, it’s a record high.”- Martine Gerow, Group CFO, Accor
Shareholder Returns: The company resumed its attractive shareholder returns policy, reflecting confidence in its growth prospects. A total of €676 million was returned to shareholders during the year.
Business Expansion: In 2023, Accor opened 291 hotels, adding 41,000 rooms to its network, representing a net network growth of 2.4% over the last 12 months. The group now boasts a hotel portfolio of 821,518 rooms across 5,584 hotels, with a pipeline of 225,000 rooms across 1,315 hotels.
“Net unit growth means nothing by itself, what people should focus on, is the revenue per room.” – Sébastien Bazin, CEO Accor.
Premium, Midscale and Economy (PM&E) division:
The RevPAR of the Premium, Midscale, and Economy (PM&E) division increased by 12% compared to Q4 2022, primarily influenced by price adjustments rather than improvements in occupancy rates.
Regional Performance:
Europe North Africa (ENA): RevPAR increased by 8% compared to Q4 2022, with stable growth in France and solid performance in the United Kingdom and Germany.
Middle East, Africa & Asia-Pacific: The region reported a 19% increase in RevPAR in comparison with Q4 2022, driven by strong business rebound in Asia and steady leisure demand in the Middle East Africa and South-East Asia.
Americas: RevPAR grew by 15%, mainly influenced by Brazil’s performance, benefiting from price increases and event-driven demand.
“All regions had very robust growth and above previsions.”- Martine Gerow, Group CFO, Accor
« We are going to be navigating in a lot of different waters depending on where we stand.” – Sébastien Bazin, CEO Accor.
Luxury & Lifestyle Division:
RevPAR Growth: The division witnessed an 8% increase in RevPAR compared to Q4 2022, primarily attributed to higher occupancy rates.
Extra financial performances:
Beyond the financial aspect, social and environment targets are to be considered for a complete report.
“Carbon emission is by far the most difficult to tackle.” – Sébastien Bazin, CEO Accor.
Financial Performance:
Revenue Surge: Consolidated revenue reached €5,056 million in 2023, reflecting an 18% increase like-for-like (LFL) compared to 2022. The Premium, Midscale and Economy division saw a 17% increase, while the Luxury & Lifestyle division experienced a 22% surge.
EBITDA Growth: Consolidated EBITDA soared to €1,003 million, driven by strong revenue recovery and cost discipline. Premium, Midscale and Economy EBITDA rose by 35%, while Luxury & Lifestyle EBITDA surged by 82% compared to 2022.
Net Profit: Net profit, Group share, surged by 57% to €633 million in 2023, reflecting the company’s operational excellence and strategic initiatives.
Outlook:
Accor reaffirmed its medium-term growth prospects, including annualized RevPAR growth of 3% to 4%, average annual network expansion of 3% to 5%, and EBITDA growth of 9% to 12% from 2023 to 2027.
“We are confident on our ability to deliver our midterm perspectives, 2023 to 2027.”- Martine Gerow, Group CFO, Accor
“The next ten years the growth of the middle-class population is going to be 1.3 billion. That’s a perfect target for our brands like ibis etc…”
“For the last 20 to 30 years demand was in excess regarding supply. We may be looking at a 3 times demand versus supply, mostly thanks to India.”
“I was wrong about corporate travel, we are back at around 90% of business travel.”
“2024 will be an even better year than 2023.”
Sébastien Bazin, CEO, Accor
Dividends:
Accor proposed an ordinary dividend of €1.18 per share, in line with its dividend distribution policy based on recurring free cash flow and a payout rate of 50%.
Other topics:
“I cannot tell you how happy I am personally. We didn’t know we would be able to achieve such results. It tells you a lot on how we transform revenue into profit. The new organisation is fully completed; it took us 9 months.” Concludes Sébastien Bazin.
“The clarity for the next 5 years is far better than what we had 12 months ago. There is no reason to be pessimistic on our capacity to achieve the capital market day.” He adds.
“Our leaders are real bosses, they drive their units as SMEs and are really autonomous. Sébastien Bazin.
“Added to that is a great clarity about our strategy and targets that allows everyone to understand where he belongs and what he/she/they have to do.” Jean-Jacques Morin, Group Deputy CEO and Premium, Midscale & Economy Division CEO
“We are deeply focusing on value proposition for owners and partners. Understanding their priorities, needs, risks and focusing on ROI.” Sébastien Bazin.
“We are also working closely with the Association des Franchisés Accor to listen to their needs and expectation.” Jean-Jacques Morin
The loyalty program All is progressing well with 9 million new members in 2023 to reach 90 million members.
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