Accor SA (AC FP) - Adj Highlights

In Millions of EUR FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 rrent/LTM
12 Months Ending 12/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017 2/31/2018 6/30/2019
Market CapitalizaHISTORI 6,067.2 7,822.2 8,656.8 9,415.3 10,089.3 12,475.3 10,487.6 10,475.8
- Cash & EquivaleCASH_AND 2,055.0 2,061.0 2,786.0 3,006.0 1,211.0 1,093.0 2,845.0 1,770.0
+ Preferred & OthPREFERRE 230.0 214.0 213.0 225.0 267.0 341.0 108.0 114.0
+ Total Debt SHORT_A 2,371.0 2,210.0 2,866.0 2,840.0 2,885.0 2,981.0 4,019.0 3,989.0
Enterprise ValueENTERPRI 6,613.2 8,185.2 8,949.8 9,474.3 12,030.3 14,704.3 11,769.6 12,808.8

Revenue, Adj SALES_R 5,649.0 5,425.0 5,454.0 1,368.0 1,646.0 2,774.0 3,610.0 4,076.0
Growth %, YoY SALES_G 1.5 -4.0 0.5 -74.9 20.3 68.5 30.1 13.7
Gross Profit, AdjGROSS_P 5,261.0 5,043.0 5,107.0 1,306.0 1,582.0 2,707.0 3,513.0
Margin % GROSS_P 93.1 93.0 93.6 95.5 96.1 97.6 97.3
EBITDA, Adj EBITDA 850.0 845.0 923.0 459.0 447.0 702.0 744.0
Margin % EBITDA 15.0 15.6 16.9 33.6 27.2 25.3 20.6
Net Income, Adj EARN_FO 230.3 236.8 329.2 242.0 181.9 455.8 239.4
Margin % EARN_FO 4.1 4.4 6.0 17.7 11.1 16.4 6.6
EPS, Adj IS_DIL_E 1.01 1.04 1.42 1.03 0.57 1.58 0.83
Growth %, YoY IS_DIL_E -7.7 2.5 36.8 -27.3 -45.0 178.4 -47.7

Cash from OperaCF_CASH 126.0 516.0 690.0 785.0 508.0 941.0 455.0
Capital ExpenditCAPITAL_ -975.0 -454.0 -1,575.0 -261.0 -3,239.0 -507.0 -2,925.0
Free Cash Flow CF_FREE -849.0 62.0 -885.0 524.0 -2,731.0 434.0 -2,470.0
 2019 Est 2020 Est
2/31/2019 2/31/2020

4,134.8 4,394.4
14.5 6.3
1,958.9 2,112.7 15.82
47.4 48.1 3.26
836.3 938.0 4.05
20.2 21.3
411.1 487.9
9.9 11.1
1.47 1.81
77.8 22.8

-200.3 -209.1
445.0 510.8
Accor SA (AC FP) - Adjusted
In Millions of EUR e FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
12 Months Ending 12/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017 2/31/2018 6/30/2019
Revenue SALES_R 5,649.0 5,425.0 5,454.0 1,368.0 1,646.0 2,774.0 3,610.0 4,076.0
+ Sale IS_SALES 5,649.0 5,425.0 5,454.0 1,368.0 1,646.0 2,774.0 3,610.0
- Cost o IS_COGS 388.0 382.0 347.0 62.0 64.0 67.0 97.0
+ Cost IS_COG_A 388.0 382.0 347.0 62.0 64.0 67.0 97.0
Gross ProfGROSS_P 5,261.0 5,043.0 5,107.0 1,306.0 1,582.0 2,707.0 3,513.0
+ Other IS_OTHER — — — 0.0 0.0 0.0 0.0
- Operat IS_OPERA 4,735.0 4,522.0 4,505.0 936.0 1,244.0 2,131.0 2,931.0
+ Selli IS_SG&A_ 886.0 867.0 922.0 15.0 144.0 207.0 613.0
+ Rese IS_OPEX_ 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ DepreIS_DEPRE 324.0 324.0 321.0 89.0 109.0 126.0 348.0
+ Prov IS_PROVI — — — -9.0 — — —
+ Othe IS_OTHER 3,525.0 3,331.0 3,262.0 841.0 991.0 1,798.0 1,970.0
OperatingIS_OPER_ 526.0 521.0 602.0 370.0 338.0 576.0 582.0
- Non-OpIS_NONO 59.0 89.0 20.0 -31.0 111.0 25.0 -13.0
+ Inter IS_NET_I 84.0 83.0 58.0 64.0 90.0 93.0 76.0
+ Inter IS_INT_E — — — — 90.0 93.0 76.0
- Inter IS_INT_IN — — — — 0.0 0.0 0.0
+ Other IS_OTHER -5.0 -7.0 -3.0 -2.0 — -4.0 -4.0
+ Forei IS_FOREI 1.0 6.0 -5.0 3.0 0.0 -6.0 7.0
+ (Inco INCOME_L -17.0 -11.0 -28.0 -8.0 -6.0 -28.0 -80.0
+ Othe IS_OTHER -4.0 18.0 -2.0 -88.0 27.0 -30.0 -12.0
Pretax IncPRETAX_I 467.0 432.0 582.0 401.0 227.0 551.0 595.0
- Abnorm IS_ABNOR 229.0 176.0 163.0 186.0 37.0 178.0 432.0
+ Merg IS_MERGE — — — — — 23.0 32.0
+ Dispo IS_GAIN_ 1.0 -78.0 40.0 — — — —
+ Asset IS_IMPAI 83.0 81.0 52.0 7.0 16.0 3.0 250.0
+ Impai IS_IMPAI 11.0 7.0 3.0 94.0 — — —
+ Impai IS_IMPAI 24.0 1.0 1.0 — — — —
+ Gain/ IS_SALE_ — — — — 14.0 61.0 -33.0
+ Restr IS_RESTR 40.0 132.0 11.0 10.0 98.0 44.0 125.0
+ Sale IS_GAIN_ — — — — -66.0 — —
+ UnreaIS_UNREA 1.0 — — — — — —
+ Other IS_OTHER 69.0 33.0 56.0 75.0 -25.0 47.0 58.0
Pretax In PRETAX_I 238.0 256.0 419.0 215.0 190.0 373.0 163.0
- Income IS_INC_T 143.0 120.0 175.0 60.0 -2.0 -43.0 119.0
+ Curre IS_CURRE 130.0 136.0 163.0 68.0 87.0 58.0 152.0
+ Defer IS_DEFER 13.0 -16.0 12.0 -8.0 -89.0 -101.0 -33.0
Income (LIS_INC_B 95.0 136.0 244.0 155.0 192.0 416.0 44.0
- Net Ext XO_GL_NE 679.0 -1.0 4.0 -116.0 -106.0 -70.0 -2,240.0
+ Disco IS_DISCO 679.0 -1.0 4.0 -116.0 -106.0 -70.0 -2,240.0
+ XO & IS_EXTR 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income (Lo NI_INCLU -584.0 137.0 240.0 271.0 298.0 486.0 2,284.0
 - MinorityMIN_NONC 15.0 11.0 17.0 27.0 33.0 40.0 51.0
Net IncomNET_INC -599.0 126.0 223.0 244.0 265.0 446.0 2,233.0
- Preferr IS_TOT_C 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Other A OTHER_A 0.0 0.0 0.0 37.0 0.0 37.0 37.0
Net IncomEARN_FO -599.0 126.0 223.0 207.0 265.0 409.0 2,196.0

Net IncomEARN_FO 230.3 236.8 329.2 242.0 181.9 455.8 239.4

Net AbnoIS_NET_A 150.3 111.8 102.2 151.0 22.9 116.8 283.4
Net Extr XO_GL_NE 679.0 -1.0 4.0 -116.0 -106.0 -70.0 -2,240.0

Basic WeigIS_AVG_ 227.3 227.6 230.2 234.4 259.1 287.5 288.5

Basic EPSIS_EPS -2.64 0.55 0.96 0.88 0.88 1.42 7.61
Basic EPSIS_EARN_ 0.35 0.55 0.99 0.41 0.48 1.18 -0.15
Basic EPSIS_BASIC 1.01 1.04 1.43 1.03 0.70 1.59 0.83

Diluted WeIS_SH_FO 227.3 228.6 231.8 236.0 259.9 288.3 289.0

Diluted E IS_DILUT -2.64 0.55 0.96 0.88 0.88 1.42 7.60
Diluted E IS_DIL_E 0.35 0.55 0.98 0.41 0.48 1.18 -0.15
Diluted E IS_DIL_E 1.01 1.04 1.42 1.03 0.57 1.58 0.83

Reference Items
AccountingACCOUNT IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA EBITDA 850.0 845.0 923.0 459.0 447.0 702.0 744.0
EBITDA Ma EBITDA_M 15.05 15.58 16.92 33.55 27.16 25.31 20.61
EBITA EBITA 505.0 552.0 639.0 — — 576.0 582.0
EBIT EBIT 526.0 521.0 602.0 370.0 338.0 576.0 582.0
Gross Marg GROSS_M 93.13 92.96 93.64 95.47 96.11 97.58 97.31
Operating OPER_MA 9.31 9.60 11.04 27.05 20.53 20.76 16.12
Profit MargPROF_MA 4.08 4.36 6.04 20.40 11.05 17.76 7.66
Sales per ACTUAL_ ### ### ### 83,562.40 88,977.78 ### ###
Dividends EQY_DPS 0.76 0.80 0.95 1.00 1.05 1.05 1.05
Total Cas IS_TOT_ 173.0 182.4 220.2 235.4 299.0 304.6 296.7
Personnel IS_PERSO 2,081.0 1,963.0 1,940.0 619.0 723.0 1,607.0 1,818.0
Depreciati IS_DEPR_ 345.0 293.0 284.0 — — 126.0 162.0
Rental Ex BS_CURR 428.0 885.0 849.0 794.0 112.0 615.0 235.0
 2019 Est 2020 Est
2/31/2019 2/31/2020
4,134.8 4,394.4

1,958.9 2,112.7

587.6 666.3

574.2 679.8

574.2 679.8

410.3 500.8
410.3 500.8

410.3 500.8

411.1 487.9

1.48 1.79
1.48 1.79
1.47 1.81

1.48 1.79
1.48 1.79
1.47 1.81

836.3 938.0
20.23 21.35

587.6 666.3
47.38 48.08
14.21 15.16
9.94 11.10

1.08 1.15
Accor SA (AC FP) - Standardized
In Millions of EUR except Pe FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 12/31/2009 2/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015
Total Assets
+ Cash, Cash EquiC&CE_AND 1,181.0 1,163.0 1,396.0 1,908.0 1,943.0 2,693.0 3,006.0
+ Cash & Cash EBS_CASH 1,164.0 1,143.0 1,370.0 1,874.0 1,913.0 2,677.0 2,963.0
+ ST InvestmentsBS_MKT_S 17.0 20.0 26.0 34.0 30.0 16.0 43.0
+ Accounts & NoteBS_ACCT 1,350.0 374.0 364.0 402.0 379.0 417.0 432.0
+ Accounts ReceiBS_ACCT 1,350.0 374.0 364.0 402.0 379.0 417.0 432.0
+ Notes ReceivabNOTES_RE 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Inventories BS_INVEN 60.0 41.0 41.0 47.0 41.0 28.0 37.0
+ Other ST AssetsOTHER_C 1,865.0 1,545.0 1,161.0 724.0 575.0 822.0 722.0
+ Prepaid Expen BS_PREPA 462.0 453.0 502.0 119.0 125.0 141.0 120.0
+ Derivative & H BS_DERIV 0.0 0.0 0.0 4.0 0.0 2.0 —
+ Assets Held-forBS_ASSET 144.0 813.0 386.0 156.0 61.0 347.0 208.0
+ Taxes ReceivabBS_TAXES 246.0 166.0 156.0 151.0 140.0 130.0 146.0
+ Misc ST AssetsBS_OTHE 1,013.0 113.0 117.0 294.0 249.0 202.0 248.0
Total Current AsseBS_CUR_ 4,456.0 3,123.0 2,962.0 3,081.0 2,938.0 3,960.0 4,197.0
+ Property, Plant BS_NET_F 4,306.0 3,682.0 3,257.0 2,592.0 2,396.0 3,157.0 3,025.0
+ Property, Plant BS_GROSS 7,341.0 6,507.0 6,038.0 5,119.0 4,977.0 5,853.0 5,732.0
- Accumulated DeBS_ACCU 3,035.0 2,825.0 2,781.0 2,527.0 2,581.0 2,696.0 2,707.0
+ LT Investments BS_LT_IN 237.0 264.0 339.0 369.0 272.0 262.0 308.0
+ LT InvestmentsBS_LONG 111.0 136.0 220.0 222.0 154.0 169.0 190.0
+ LT Marketable BS_LT_MA 126.0 128.0 119.0 147.0 118.0 93.0 —
+ LT ReceivablesBS_LT_RE — — — — — — 118.0
+ Other LT Assets BS_OTHE 2,747.0 1,609.0 1,442.0 1,518.0 1,397.0 1,375.0 1,423.0
+ Total Intangibl BS_DISCL 2,265.0 1,152.0 1,085.0 1,104.0 972.0 984.0 1,004.0
+ Goodwill BS_GOOD 1,777.0 743.0 712.0 840.0 691.0 701.0 697.0
+ Other Intangibl OTHER_IN 488.0 409.0 373.0 264.0 281.0 283.0 307.0
+ Deferred Tax A BS_DEFER 291.0 241.0 147.0 151.0 149.0 66.0 73.0
+ Derivative & H BS_DERIV 0.0 0.0 0.0 0.0 0.0 0.0 —
+ Investments in ABS_INVES 191.0 216.0 210.0 263.0 276.0 324.0 346.0
+ Misc LT Assets OTHER_N 0.0 0.0 0.0 0.0 0.0 1.0 0.0
Total Noncurrent ABS_TOT_ 7,290.0 5,555.0 5,038.0 4,479.0 4,065.0 4,794.0 4,756.0
Total Assets BS_TOT_ 11,746.0 8,678.0 8,000.0 7,560.0 7,003.0 8,754.0 8,953.0

Liabilities & Shareholders' Equity

+ Payables & AccrACCT_PAY 2,051.0 1,853.0 1,894.0 1,684.0 1,490.0 1,618.0 1,691.0
+ Accounts Paya BS_ACCT_ 709.0 634.0 642.0 580.0 599.0 690.0 736.0
+ Accrued Taxes BS_TAXES 457.0 433.0 416.0 308.0 168.0 206.0 196.0
+ Other PayablesBS_ACCR 885.0 786.0 836.0 796.0 723.0 722.0 759.0
+ ST Debt BS_ST_B 352.0 182.0 109.0 819.0 511.0 82.0 95.0
+ ST Borrowings SHORT_TE 344.0 182.0 96.0 817.0 510.0 72.0 76.0
+ ST Lease LiabilST_CAPIT 8.0 — 13.0 2.0 1.0 10.0 19.0
+ ST Finance Le ST_CAPIT 8.0 — 13.0 2.0 1.0 10.0 19.0
 + Other ST Liabilit OTHER_CU 3,271.0 679.0 379.0 269.0 325.0 227.0 264.0
+ Deferred Reve ST_DEFE 143.0 123.0 111.0 76.0 66.0 76.0 85.0
+ Derivatives & BS_DERIV 21.0 23.0 15.0 10.0 0.0 0.0 15.0
+ Misc ST LiabilitOTHER_CU 3,107.0 533.0 253.0 183.0 259.0 151.0 164.0
Total Current LiabilBS_CUR_L 5,674.0 2,714.0 2,382.0 2,772.0 2,326.0 1,927.0 2,050.0
+ LT Debt BS_LT_B 2,475.0 1,783.0 1,593.0 1,552.0 1,699.0 2,784.0 2,745.0
+ LT Borrowings LONG_TE 2,332.0 1,690.0 1,524.0 1,496.0 1,651.0 2,722.0 2,692.0
+ LT Lease LiabiliLT_CAPITA 143.0 93.0 69.0 56.0 48.0 62.0 53.0
+ LT Finance Le LT_CAPIT 143.0 93.0 69.0 56.0 48.0 62.0 53.0
+ Other LT Liabiliti OTHER_NO 343.0 232.0 257.0 241.0 226.0 174.0 171.0
+ Accrued LiabilitBS_ACCRU 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Pension LiabilitPENSION_L 108.0 79.0 74.0 94.0 55.0 103.0 120.0
+ Deferred Reve LT_DEFE 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Deferred Tax Lia BS_DEFER 211.0 123.0 156.0 119.0 118.0 41.0 29.0
+ Derivatives & BS_DERIV 0.0 0.0 0.0 0.0 0.0 0.0 —
+ Misc LT Liabilit OTHER_NO 24.0 30.0 27.0 28.0 53.0 30.0 22.0
Total Noncurrent LiNON_CUR 2,818.0 2,015.0 1,850.0 1,793.0 1,925.0 2,958.0 2,916.0
Total Liabilities BS_TOT_L 8,492.0 4,729.0 4,232.0 4,565.0 4,251.0 4,885.0 4,966.0
+ Preferred Equity BS_PFD_E 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Share Capital & BS_SH_CA 3,279.0 4,280.0 2,000.0 2,000.0 2,412.0 2,548.0 1,960.0
+ Common StockBS_COMM 676.0 680.0 682.0 682.0 684.0 696.0 706.0
+ Additional Paid BS_ADD_P 2,603.0 3,600.0 1,318.0 1,318.0 1,728.0 1,852.0 1,254.0
- Treasury Stock BS_AMT_ 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Retained Earnin BS_PURE_ -282.0 -630.0 1,448.0 591.0 126.0 223.0 244.0
+ Other Equity OTHER_I 0.00 0.00 89.00 174.00 0.00 885.00 1,558.00
Equity Before Minor EQTY_BEF 2,997.0 3,650.0 3,537.0 2,765.0 2,538.0 3,656.0 3,762.0
+ Minority/Non Cont MINORITY 257.0 299.0 231.0 230.0 214.0 213.0 225.0
Total Equity TOTAL_EQ 3,254.0 3,949.0 3,768.0 2,995.0 2,752.0 3,869.0 3,987.0
Total Liabilities & TOT_LIAB 11,746.0 8,678.0 8,000.0 7,560.0 7,003.0 8,754.0 8,953.0

Reference Items
Accounting StandarACCOUNT IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
Shares OutstandingBS_SH_O 225.5 226.8 227.3 227.3 228.1 231.8 235.4
Number of TreasuryBS_NUM_ 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pension ObligationsBS_PENS 108.0 79.0 74.0 94.0 55.0 103.0 120.0
Future Minimum Ope BS_FUTUR 6,528.0 6,331.0 — 4,723.0 — 3,816.0 3,525.0
Capital Leases - TotBS_TOTAL 151.0 — 82.0 58.0 49.0 72.0 72.0
Options Granted DurBS_OPTI 1.0 0.1 0.7 0.6 0.0 0.0 0.0
Options OutstandingBS_OPTIO 9.5 12.9 13.0 11.6 8.3 4.5 2.4
Net Debt NET_DEB 1,520.0 674.0 187.0 316.0 149.0 80.0 -166.0
Net Debt to Equity NET_DEB 46.71 17.07 4.96 10.55 5.41 2.07 -4.16
Tangible Common Eq TCE_RATI 7.72 33.19 35.46 25.73 25.97 34.39 34.70
Current Ratio CUR_RATI 0.79 1.15 1.24 1.11 1.26 2.06 2.05
Cash Conversion CyCASH_CO -562.93 -545.90 -533.11 -501.26 -503.94 -641.39 -3,360.83
Number of EmployeNUM_OF_65,244.00 65,170.00 62,589.00 52,062.00 48,710.00 48,270.00 16,371.00
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2016 FY 2017 FY 2018
2/31/2016 2/31/2017 2/31/2018

1,211.0 1,093.0 2,845.0

1,169.0 1,063.0 2,820.0
42.0 30.0 25.0
374.0 403.0 617.0
374.0 403.0 617.0
0.0 0.0 0.0
8.0 8.0 15.0
4,725.0 5,102.0 301.0
36.0 27.0 42.0
15.0 24.0 30.0
4,457.0 4,824.0 14.0
93.0 116.0 93.0
124.0 111.0 122.0
6,318.0 6,606.0 3,778.0
562.0 662.0 1,192.0
1,169.0 1,409.0 2,109.0
607.0 747.0 917.0
248.0 157.0 339.0
171.0 112.0 119.0
— — —
77.0 45.0 220.0
4,736.0 4,655.0 7,608.0
3,897.0 3,656.0 5,052.0
1,496.0 1,500.0 2,399.0
2,401.0 2,156.0 2,653.0
233.0 140.0 199.0
0.0 0.0 0.0
596.0 672.0 2,177.0
10.0 187.0 180.0
5,546.0 5,474.0 9,139.0
11,864.0 12,080.0 12,917.0

898.0 864.0 1,047.0

384.0 398.0 426.0
45.0 93.0 153.0
469.0 373.0 468.0
709.0 213.0 1,259.0
709.0 213.0 1,259.0
— 0.0 0.0
— 0.0 0.0
 1,425.0 1,911.0 739.0
74.0 249.0 276.0
24.0 24.0 9.0
1,327.0 1,638.0 454.0
3,032.0 2,988.0 3,045.0
2,176.0 2,768.0 2,760.0
2,176.0 2,768.0 2,760.0
— 0.0 0.0
— 0.0 0.0
731.0 541.0 676.0
0.0 0.0 0.0
114.0 91.0 102.0
0.0 0.0 0.0
599.0 416.0 531.0
0.0 0.0 0.0
18.0 34.0 43.0
2,907.0 3,309.0 3,436.0
5,939.0 6,297.0 6,481.0
0.0 0.0 0.0 2,905.00
3,677.0 3,554.0 3,226.0
854.0 870.0 848.0
2,823.0 2,684.0 2,378.0
0.0 0.0 0.0
265.0 2,260.0 3,423.0
1,716.00 -372.00 -321.00
5,658.0 5,442.0 6,328.0
267.0 341.0 108.0
5,925.0 5,783.0 6,436.0
11,864.0 12,080.0 12,917.0

IAS/IFRS IAS/IFRS IAS/IFRS

284.8 290.1 282.6
0.0 0.0 0.0
114.0 91.0 102.0
— 0.0 0.0
— 0.0 0.0
— — —
2.1 1.3 0.5
1,674.0 1,888.0 1,174.0
28.25 32.65 18.24
22.10 21.20 16.22
2.08 2.21 1.24
-5,637.72 -2,035.37 -1,351.12
18,499.00 18,393.00 22,935.00
Accor SA (AC FP) - Standardized
In Millions of EUR e FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12 Months Ending 12/31/2009 2/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016
Cash from Operating Activities
+ Net In CF_NET_I -282.0 3,600.0 27.0 -599.0 126.0 223.0 244.0 265.0
+ DepreciCF_DEPR 429.0 429.0 339.0 324.0 324.0 321.0 89.0 109.0
+ Non-CaNON_CASH 243.0 -3,454.0 227.0 835.0 108.0 39.0 -56.0 -199.0
+ Othe OTHER_NO 243.0 -3,454.0 227.0 835.0 108.0 39.0 -56.0 -199.0
+ Chg in CF_CHNG -291.0 198.0 -19.0 -158.0 -49.0 103.0 60.0 -4.0
+ Inc ( INC_DEC_ -291.0 198.0 -19.0 -158.0 -49.0 103.0 60.0 -4.0
+ Net Ca CF_NET_ 284.0 -108.0 68.0 -276.0 7.0 4.0 448.0 337.0
Cash fromCF_CASH 383.0 665.0 642.0 126.0 516.0 690.0 785.0 508.0

Cash from Investing Activities

+ ChangeCHG_IN_F -708.0 -621.0 -559.0 -975.0 -454.0 -1,447.0 -261.0 -3,239.0
+ Disp DISP_FXD — — — — — 128.0 — 0.0
+ Disp CF_DISPO — — — — — — — 0.0
+ Disp CF_DISPO — — — — — — — 0.0
+ Acq o ACQUIS_F -708.0 -621.0 -559.0 -975.0 -454.0 -1,575.0 -261.0 -3,239.0
+ Net Ch NET_CHG_ — — — — — 0.0 0.0 0.0
+ Dec i CF_DECR_ — — — — — 0.0 0.0 0.0
+ Inc i CF_INCR_ — — — — — 0.0 0.0 0.0
+ Net Ca CF_NT_CS — — — — — 0.0 0.0 0.0
+ Cash CF_CASH_ — — — — — 0.0 0.0 0.0
+ Cash CF_CASH_ — — — — — 0.0 0.0 0.0
+ Cash CF_CASH — — — — — 0.0 0.0 0.0
+ Other I OTHER_IN 339.0 556.0 502.0 371.0 333.0 0.0 34.0 212.0
+ Net Ca CF_NET_C -361.0 335.0 297.0 529.0 1.0 0.0 -53.0 -711.0
Cash fromCF_CASH -730.0 270.0 240.0 -75.0 -120.0 -1,447.0 -280.0 -3,738.0

Cash from Financing Activities

+ DividenCF_DVD_P -396.0 -249.0 -155.0 -269.0 -187.0 -137.0 -171.0 -178.0
+ Cash FPROC_FR 342.0 -1,534.0 -333.0 857.0 -129.0 707.0 -48.0 138.0
+ Cash CF_NET_C -109.0 -1,253.0 -187.0 146.0 -725.0 -398.0 -21.0 -29.0
+ Cash CF_PROC_ 1,710.0 75.0 20.0 727.0 607.0 1,123.0 657.0 183.0
+ Repa CF_PYMT_ -1,259.0 -356.0 -166.0 -16.0 -11.0 -18.0 -684.0 -16.0
+ Cash ( PROC_FR 175.0 44.0 -39.0 -3.0 13.0 46.0 52.0 1,733.0
+ Incre CF_INCR_ 175.0 44.0 11.0 3.0 13.0 46.0 52.0 1,733.0
+ DecreCF_DECR 0.0 0.0 -50.0 -6.0 0.0 0.0 0.0 0.0
+ Other FCF_OTHER 0.0 0.0 0.0 0.0 0.0 887.0 -37.0 -37.0
+ Net Ca CF_NET_C 206.0 837.0 -130.0 -145.0 -2.0 1.0 -26.0 21.0
Cash fromCFF_ACTI 327.0 -902.0 -657.0 440.0 -305.0 1,504.0 -230.0 1,677.0

Effect o CF_EFFE -28.0 27.0 -8.0 7.0 -37.0 37.0 -9.0 44.0
Net ChangCF_NET_ -48.0 60.0 217.0 498.0 54.0 784.0 266.0 -1,509.0

Cash PaidCF_CASH_ — — 163.0 122.0 131.0 151.0 78.0 90.0

Cash PaidCF_ACT_C — — — — — — — —

Reference Items
EBITDA EBITDA 664.0 875.0 854.0 850.0 845.0 923.0 459.0 410.0
Trailing 1 EBITDA_M 12.09 14.71 15.34 15.05 15.58 16.92 33.55 24.91
Free CashCF_FREE -325.0 44.0 83.0 -849.0 62.0 -885.0 524.0 -2,731.0
Free Cash CF_FREE — — 140.1 -818.7 109.8 -854.7 574.5 —
Free Cash FREE_CA 17.0 -1,490.0 -250.0 8.0 -67.0 -50.0 476.0 -2,593.0
Free Cash FREE_CA -1.46 0.19 0.37 -3.74 0.27 -3.84 2.24 -10.54
Price to F PX_TO_F — 170.92 53.59 — 125.92 — 17.89 —
Cash FlowCASH_FL — 0.18 23.78 — 4.10 3.09 3.22 1.92
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2017 FY 2018
2/31/2017 2/31/2018

446.0 2,233.0
126.0 162.0
-200.0 -1,996.0
-200.0 -1,996.0
30.0 6.0
30.0 6.0
539.0 50.0
941.0 455.0

-507.0 -2,925.0
0.0 0.0
0.0 0.0
0.0 0.0
-507.0 -2,925.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
147.0 4,657.0
-877.0 -210.0
-1,237.0 1,522.0

-163.0 -323.0
127.0 554.0
-472.0 245.0
617.0 493.0
-18.0 -184.0
26.0 -339.0
26.0 0.0
0.0 -339.0
0.0 0.0
101.0 -228.0
91.0 -336.0

-57.0 43.0
-262.0 1,684.0

74.0 136.0
37.0 37.0

524.0 312.0
18.89 8.64
434.0 -2,470.0
— -2,449.5
561.0 -1,916.0
1.51 -8.56
28.48 —
2.11 0.20
Accor SA (AC FP) - Profitability
In Millions of EUR e FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12 Months Ending 12/31/2009 2/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016
Returns
Return on RETURN_ -8.95 108.32 0.75 -19.01 4.75 7.20 5.58 5.63
Return on RETURN_ -2.44 35.25 0.32 -7.70 1.73 2.83 2.76 2.55
Return on RETURN_ -3.06 61.66 1.88 -10.22 3.58 4.62 4.74 4.53
Return on RETURN_O 0.36 -1.86 5.56 3.91 5.05 6.00 3.56 3.15

Margins
Gross MargGROSS_M 92.44 93.29 92.98 93.13 92.96 93.64 95.47 96.11
EBITDA Ma EBITDA_T 12.09 14.71 15.34 15.05 15.58 16.92 33.55 24.91
Operating OPER_MA 4.28 7.50 9.25 9.31 9.60 11.04 27.05 18.29
IncrementaINCREMEN -33.30 46.07 — 13.58 -2.23 279.31 -5.68 —
Pretax MarPRETAX_I -4.79 -0.20 7.85 4.21 4.72 7.68 15.72 11.54
Income befINC_BEF_ -5.37 -6.79 4.87 1.68 2.51 4.47 11.33 11.66
Net IncomePROF_MA -5.14 60.52 0.48 -10.60 2.32 4.09 17.84 16.10
Net Incom NET_INC -5.14 60.52 0.48 -10.60 2.32 4.09 15.13 16.10

Additional
Effective TEFF_TAX_ — — 37.99 60.08 46.88 41.77 27.91 —
Dvd PayoutDVD_PAYO — — 105.49 216.25 145.95 97.02 258.63 188.05
SustainablSUSTAIN — — -0.04 22.10 -2.18 0.21 -8.85 -4.95
 FY 2017 FY 2018
2/31/2017 2/31/2018

7.37 37.32
3.73 17.87
6.23 23.98
4.65 0.41

97.58 97.31
18.89 8.64
14.35 4.16
8.60 —
13.45 4.52
15.00 1.22
16.08 61.86
14.74 60.83

— 73.01
89.86 —
0.75 —
Accor SA (AC FP) - Growth
In Millions of EUR e FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12 Months Ending 12/31/2009 2/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016
1 Year Growth
Revenue SALES_G -27.86 8.34 -6.39 1.45 -3.97 0.53 -74.92 20.32
EBITDA EBITDA_ -51.74 31.78 -2.40 -0.47 -0.59 9.23 -50.27 -10.68
Operating OPER_IN -75.03 89.79 15.47 2.14 -0.95 15.55 -38.54 -18.65
Net Incom EARN_FO — — -99.25 — — 76.98 -7.17 28.02
EPS DiluteDILUTED — — -99.24 — — 74.55 -8.33 0.00
EPS DiluteDILUTED — -33.82 — -67.89 57.14 78.18 -58.16 17.07
EPS DiluteRR_DIL_ — — 157.71 -7.71 2.53 36.75 -27.32 -44.97
Dividend pDIVIDEN -36.36 -40.95 4.84 16.92 5.26 18.75 5.26 5.00

Accounts RACCOUNT 2.82 -72.30 -2.67 10.44 -5.72 10.03 3.60 -13.43
Inventory INVENTO -41.75 -31.67 0.00 14.63 -12.77 -31.71 32.14 -78.38
Fixed AsseNET_FIX -0.42 -14.49 -11.54 -20.42 -7.56 31.76 -4.18 -81.42
Total AssetASSET_G 2.92 -26.12 -7.81 -5.50 -7.37 25.00 2.27 32.51
Modified WMODIFIE 7.68 — -8.22 44.73 -36.64 -36.87 -8.98 99.25
Working CaWORK_CA 13.74 — 41.81 -46.72 98.06 232.19 5.61 53.05
EmployeesEMPL_GR -23.77 -0.11 -3.96 -16.82 -6.44 -0.90 -66.08 13.00
Accounts ACCOUNT -7.32 -10.58 1.26 -9.66 3.28 15.19 6.67 -47.83
Short-TermSHORT_T 22.65 -48.30 -40.11 651.38 -37.61 -83.95 15.85 646.32
Total Debt TOTAL_D 19.03 -30.49 -13.38 39.31 -6.79 29.68 -0.91 1.58
Total EquitTOTAL_E -8.67 21.36 -4.58 -20.51 -8.11 40.59 3.05 48.61
Capital GROWTH_ 2.41 -2.75 -7.51 -1.90 -7.53 35.73 1.37 29.05
Book ValueBVPS_GR -11.56 21.07 -3.29 -21.84 -8.52 41.70 1.36 24.30

Cash FromCASH_FL -63.52 73.63 -3.46 -80.37 309.52 33.72 13.77 -35.29
Capital Ex TOT_CAP -55.02 -12.29 -9.98 74.42 -53.44 246.92 -83.43 1,141.00
Net ChangNET_CHA — — 261.67 129.49 -89.16 1,351.85 -66.07 —
Free CashFREE_CA 37.98 — 88.64 — — — — —
Cash FlowCASH_FL — — — -77.64 260.64 27.75 15.99 —
Free Cash FCF_TO_ — — — — — — — —

5 Year Growth
Revenue GEO_GRO -4.78 -3.41 -5.87 -6.78 -6.54 -0.13 -25.47 -21.63
EBITDA GEO_GRO -8.51 -4.56 -7.08 -9.08 -9.29 6.81 -12.11 -13.65
Operating GEO_GRO -17.42 -8.12 -8.70 -11.54 -11.15 20.70 -3.67 -10.18
Net Incom NET_INC — 60.98 -44.24 — — — -43.51 57.90
EPS Dilute5Y_GEO_ — 60.07 -43.95 — — — -43.92 48.96
EPS Dilute5Y_GEO_ — — — — — — — -15.13
EPS DiluteGEO_GRO — -26.63 -10.56 -15.59 -17.09 — 19.37 -12.34
Dividend pGEO_GRO -4.18 -11.62 -14.83 -14.36 -13.48 -1.98 10.03 10.07

Accounts RACCOUNT 1.20 -24.34 -22.57 -24.12 -22.00 -20.94 2.93 0.54
Inventory INVENTO -2.76 -8.52 -8.52 -8.68 -16.83 -14.14 -2.03 -27.88
Fixed AsseNET_FIX 2.99 -1.10 -1.46 -4.84 -11.14 -6.02 -3.85 -29.63
Total AssetGEO_GRO 0.68 -8.02 -6.40 -6.94 -9.31 -5.71 0.63 8.20
Modified WMODIFIE 3.83 — — — — — — —
Working CaWORKING — — — — — — 39.32 41.46
EmployeesEMPLOYE -6.73 -6.83 -7.46 -10.66 -10.66 -5.85 -24.14 -21.63
Accounts ACCOUNT -1.38 -5.67 1.40 -3.10 -4.77 -0.54 3.03 -9.77
Short-TermSHORT_T -4.96 -37.91 -26.52 41.57 12.23 -25.28 -12.19 45.43
Total Debt TOTAL_D -6.70 -12.56 -1.31 10.86 -1.43 0.27 7.64 11.13
Total EquitGEO_GRO 0.35 -2.12 -1.98 -4.41 -5.03 3.52 0.19 9.48
Total CapitTOTAL_CA -3.31 -6.42 -1.77 0.75 -3.53 2.06 2.91 10.00
Book ValueGEO_GRO -2.80 -4.28 -4.28 -6.82 -5.83 3.48 -0.14 5.00

Cash FromGEO_GRO -17.18 -9.28 -11.70 -38.35 -13.25 12.49 3.37 -4.57
Net ChangNET_CHA — — — — 7.85 — 34.69 —
Cash FlowCASH_FL — — — — — — — —

Sequential Growth
Revenue REVENUE -27.86 8.34 -6.39 1.45 -3.97 0.53 -74.92 20.32
EBITDA EBITDA_ -51.74 31.78 -2.40 -0.47 -0.59 9.23 -50.27 -10.68
Operating OPERATI -75.03 89.79 15.47 2.14 -0.95 15.55 -38.54 -18.65
Net Incom NET_INC -149.04 — -99.25 -2,318.52 — 76.98 -7.17 28.02
EPS DiluteEPS_DIL -149.03 — -99.24 -2,300.00 — 74.55 -8.33 0.00
EPS DiluteEPS_DIL -152.51 — — -67.89 57.14 78.18 -58.16 17.07
EPS DiluteEPS_DIL -108.81 — 157.71 -7.71 2.53 36.75 -27.32 -44.97
Dividend pDPS_SEQ -36.36 -40.95 4.84 16.92 5.26 18.75 5.26 5.00

Accounts RACCOUNT 2.82 -72.30 -2.67 10.44 -5.72 10.03 3.60 -13.43
Inventory INVENTO -41.75 -31.67 0.00 14.63 -12.77 -31.71 32.14 -78.38
Fixed AsseFIXED_A -0.42 -14.49 -11.54 -20.42 -7.56 31.76 -4.18 -81.42
Total AssetTOTAL_A 2.92 -26.12 -7.81 -5.50 -7.37 25.00 2.27 32.51
Modified WMODIFIE 7.68 -131.24 — — — — — —
Working CaWORKING — — 41.81 -46.72 98.06 232.19 5.61 53.05
EmployeesEMPLOYE -23.77 -0.11 -3.96 -16.82 -6.44 -0.90 -66.08 13.00
Accounts ACCOUNT -7.32 -10.58 1.26 -9.66 3.28 15.19 6.67 -47.83
Short-TermST_DEBT 22.65 -48.30 -40.11 651.38 -37.61 -83.95 15.85 646.32
Total Debt TOTAL_D 19.03 -30.49 -13.38 39.31 -6.79 29.68 -0.91 1.58
Total EquitTOTAL_E -8.67 21.36 -4.58 -20.51 -8.11 40.59 3.05 48.61
Capital TOTAL_CA 2.41 -2.75 -7.51 -1.90 -7.53 35.73 1.37 29.05
Book ValueBPS_SEQ -11.56 21.07 -3.29 -21.84 -8.52 41.70 1.36 24.30

Cash FromCFO_SEQ -63.52 73.63 -3.46 -80.37 309.52 33.72 13.77 -35.29
Capital Ex CAPEX_S -55.02 -12.29 -9.98 74.42 -53.44 246.92 -83.43 1,141.00
Net ChangNET_CHA -229.73 — 261.67 129.49 -89.16 1,351.85 -66.07 -667.29
Free CashFREE_CA — — 88.64 -1,122.89 — -1,527.42 — -621.18
Cash FlowCF_TO_F — — — -77.64 260.64 27.75 15.99 —
Free Cash FCF_TO_ — — — -684.54 — -878.34 — —
 FY 2017 FY 2018
2/31/2017 2/31/2018

68.53 30.14
27.80 -40.46
32.23 -62.31
54.34 436.92
61.36 435.21
145.25 —
178.44 -47.67
0.00 0.00

7.75 53.10
0.00 87.50
17.79 80.06
1.82 6.93
— 1,484.62
10.10 -79.74
-0.57 24.69
3.65 7.04
-69.96 491.08
3.33 34.82
-2.40 11.29
-0.52 19.29
-5.59 19.37

85.24 -51.65
-84.35 476.92
82.64 —
— —
— —
— —

-13.26 -7.82
-9.22 -18.07
-5.42 -22.04
— 77.11
— 69.08
27.45 —
9.32 -4.44
6.68 5.59

0.05 10.24
-29.82 -18.22
-23.89 -13.03
9.83 13.03
— —
63.57 3.67
-18.79 -13.98
-7.25 -6.59
-23.61 19.76
4.69 12.71
14.06 18.52
10.31 16.07
9.05 15.01

49.50 -2.48
— —
— —

68.53 30.14
27.80 -40.46
32.23 -62.31
54.34 436.92
61.36 435.21
145.25 -112.96
178.44 -47.67
0.00 0.00

7.75 53.10
0.00 87.50
17.79 80.06
1.82 6.93
— 1,484.62
10.10 -79.74
-0.57 24.69
3.65 7.04
-69.96 491.08
3.33 34.82
-2.40 11.29
-0.52 19.29
-5.59 19.37

85.24 -51.65
-84.35 476.92
— —
— -669.12
— —
— —