2015 Registration Document and Annual Financial Report Content
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2015 Registration Document and Annual Financial Report Content 1 Corporate 4 Review PRESENTATION 3 OF 2015 161 1.1 Corporate profile 4 4.1 Financial review 162 1.2 Core businesses 4 4.2 Report on the parent company 1.3 Financial highlights 11 financial statements for the year ended December 31, 2015 170 1.4 Milestones 12 4.3 Material contracts 172 1.5 Strategic Vision and Outlook 15 4.4 Subsequent events 173 2 Corporate 5 Financial RESPONSIBILITY 21 STATEMENTS 175 2.1 Vision and commitments 22 5.1 Statutory Auditor’s report Steering the CSR APPROACH 29 2.2 on the consolidated financial statements 176 commitments to employees AFR 35 2.3 5.2 Consolidated financial statements 2.4 Social responsibility and notes 177 commitments AFR 52 5.3 Statutory Auditors’ report 2.5 Environmental commitments AFR 65 on the financial statements 250 2.6 Measuring and assessing performance 80 5.4 Parent company financial statements 2.7 Independent verifier’s report and notes 251 on consolidated social, environmental and societal information presented in the management report 94 6 Capital AND OWNERSHIP 3 Corporate STRUCTURE 285 GOVERNANCE 97 6.1 Information about the Company 286 3.1 Administrative and management bodies 98 6.2 Share capital AFR 288 3.2 Report of the Chairman 6.3 Ownership structure AFR 292 of the Board of Directors AFR 113 6.4 The market for Accor securities 295 3.3 Statutory Auditors' report, on the report prepared by the Chairman of the Board of Directors of ACCOR AFR 129 7 Other 3.4 Risk Management AFR 130 INFORMATION 297 3.5 Interests and Compensation AFR 139 3.6 Statutory auditors’ special report 7.1 Investor relations and documents on related party agreements on display 298 and commitments 157 7.2 Persons responsible for the registration document and the audit of the accounts 300 7.3 Fees paid to the Auditors AFR 301 7.4 Information incorporated by reference 301 7.5 Cross-reference table for the Registration Document 302 7.6 Cross-reference table for the Annual Financial Report 304 7.7 Cross-reference table for AFR Information disclosed in the Annual the Management report 305 Financial Report is indicated 7.8 Cross-reference table for corporate social, in the contents by the pictogram. societal and environmental responsibility 306 2015 Registration Document AND ANNUAL FINANCIAL REPORT The original French version of this translated Registration Document was filed with the Autorité des Marchés Financiers on March 24, 2016 in accordance with article 212-13 of the General Regulations of the Autorité des Marchés Financiers. It may be used in connection with a financial transaction in conjonction with an Information Memorandum approved by the Autorité des Marchés Financiers. This document was prepared by the issuer and is binding on its signatories. Corporate 1 PRESENTATION 1.1 CORPORATE PROFILE 4 1.2 CORE BUSINESSES 4 1.2.1 Hotels 4 1.2.2 Other businesses 10 1.3 FINANCIAL HIGHLIGHTS 11 1.4 MILESTONES 12 1.5 STRATEGIC VISION AND OUTLOOK 15 1.5.1 2015: excellent performance reflecting the benefits of the transformation plan 16 1.5.2 Outlook 17 1.5.3 Implementation of the digital roadmap 18 1.5.4 Acquisition and strategic partnership 19 REGISTRATION DOCUMENT 2015 3 Corporate presentation 1 Corporate PROFILE 1.1 CORPORATE PROFILE The Accor Group became AccorHotels in 2015 but its legal business name remains unchanged. AccorHotels is a Group united by a shared passion for hospitality and driven by a shared promise to make everyone Feel Welcome. Over 190,000 women and men in nearly 3,900 AccorHotels establishments look after thousands of guests every day in 92 countries. AccorHotels is the world’s leading hotel operator and offers its customers, partners and employees: its dual expertise as a hotel operator and franchisor (HotelServices) and a hotel owner and investor (HotelInvest); a large portfolio of internationally renowned brands covering the full spectrum, with luxury (Sofitel, Pullman, MGallery by Sofitel, Grand Mercure, The Sebel), midscale (Novotel, Mercure, Mama Shelter, adagio) economy (ibis, ibis Styles, ibis budget, adagio access and hotelF1) establishments; a powerful marketplace and loyalty program Le Club AccorHotels; almost half a century of commitment to corporate citizenship and solidarity with the PLANET 21 program. 1.2 CORE BUSINESSES 1.2.1 HOTELS Present in every segment, from luxury to economy, AccorHotels is uniquely positioned in the global hospitality market. A PORTFOLIO STRUCTURED TO MEET DEMAND, FROM LUXURY TO ECONOMY Luxury and upscale Sofitel and its Ambassadors bring French elegance to the world With Pullman Hotels & Resorts AccorHotels welcomes a new through a collection of prestigious hotels, offering their guests generation of upscale hotels. The cosmopolitan brand offers and partners personalized service that combines an emotional ultra-connected travelers an experience that combines efficiency experience, outstanding performance and excellence. The and comfort. Sofitel family comprises three labels that all share the same DNA. Network: 108 hotels, 31,450 rooms in 31 countries. Sofitel Legend, an iconic AccorHotels brand; Guests: 55% business – 45% leisure. Sofitel hotels & resorts, combining local culture and French art de vivre; Sofitel SO, the ideal experience for international, cosmopolitan travelers. Grand Mercure blends local culture with a universal sense of Network: 114 hotels, 29,538 rooms in 41 countries. hospitality. In Asia, the Middle East and Latin America, the brand’s distinctive personality in each country ensures that guests feel Guests: 46% business – 54% leisure. at home. Its hotels are cultural gems in magnificent locations. Network: 46 hotels, 9,648 rooms in 11 countries. Guests: 50% business – 50% leisure. With MGallery by Sofitel, AccorHotels offers charming locations with their own exciting story. These boutique hotels, boasting the Independence takes on a whole new meaning at The Sebel best of French hospitality, will inspire travelers who are curious Hotels and Apartments, with its elegant apartments, spacious about the world around them. design and personalized service. Thanks to this upscale collection of hotels and apartments, travelers looking for autonomy and Network: 82 hotels, 8,333 rooms in 23 countries. unparalleled hospitality in a calm and relaxing environment are Guests: 36% business – 64% leisure. in for an unforgettable experience. Network: 25 hotels, 1,667 rooms in 3 countries. Guests: 52% business – 48% leisure. 4 REGISTRATION DOCUMENT 2015 Corporate presentation CORE businesses 1 Midscale Economy Novotel is suited to everyone: from families to solo travelers, Some people say you can’t put a price on comfort. ibis hotels travelling for business or leisure. In these hotels, everything has prove otherwise, offering guests comfort at unbeatable prices been designed to make you feel perfectly at home. And the with modern rooms, innovative bed linen, cozy and stylish teams, famous for their attention to detail, are always ready living spaces and 24/7 reception services. Welcome to Europe’s to help. This unique approach to hospitality, underpinned by leading low-cost hotel chain. simplicity and elegance, is appreciated across the world. Network: 1,068 hotels, 134,786 rooms in 64 countries. Within the Novotel family, Suite Novotel offers midscale travelers a warm welcome, 30-square-meter suites and innovative services Guests: 52% business – 48% leisure. including free massages, the loan of a vehicle and a gourmet shop. Everything is designed to allow business and leisure guests to enjoy complete autonomy and freedom during their stay. Network: 459 hotels, 87,169 rooms in 61 countries. Guests: 51% business – 49% leisure. Creativity, design and fun are the watchwords for ibis Styles. Upbeat and trendy, this multi-style brand offers a unique blend of comfort and design, as well as services like Wi-Fi and family rooms. Everything is in place to cater to the needs of the modern traveler at an all-inclusive price. In Mercure hotels, every stay is unique. Run by passionate hoteliers, Network: 310 hotels, 29,274 rooms in 30 countries. Mercure hotels have a strong local feel that is in tune with the location and people. Mercure does everything it can to provide Guests: 52% business – 48% leisure. you with a high-quality and immensely enjoyable experience. (Re) discover Mercure and enjoy a local hotel experience. Network: 741 hotels, 93,897 rooms in 56 countries. Guests: 58% business – 42% leisure. ibis budget provides a clever, cozy and low-cost offer, with rooms for one, two or three people, fun living spaces, XL showers, and all-you-can-eat breakfast buffets. The leading low-cost hotel skillfully blends simplicity and quality. More than just a place to eat and sleep, Mama is an urban kibbutz, Network: 551 hotels, 52,699 rooms in 17 countries. a living space for sharing experiences and meeting new people. Guests: 52% business – 48% leisure. Mama feels like a mother’s love – a warm embrace, a comfortable haven, generous and unique dishes concocted by top chefs. Just like a mother, Mama’s overriding aim is to take care of you. Network: 6 hotels, 702 rooms in 3 countries. hotelF1 offers fully renovated Duo and Trio rooms featuring a contemporary design as well as new reception and breakfast areas. More dynamic than ever, hotelF1 has established itself as an unconventional brand that meets the expectations of cost-conscious consumers. You’re new in town but you already feel at home. Your apartment Network: 237 hotels, 17,860 rooms in 1 country. is spacious and has everything you need including a kitchen, and our hotel services make life easy for you with 24/7 reception, For various contractual reasons, 8 hotels representing 1,099 rooms housekeeping and a breakfast buffet. For a few days or several are still operated under the Formule 1 brand.