Debt structure

HP-Mercure-Wuhan-Changqing-Park-Chine
In December 2023, the Group has signed a new undrawn confirmed credit line for €1,000 million for five years with a two-year extension period, exercisable in 2024 and 2025. This line replaces the undrawn credit line of €1,200 million concluded in June 2018. The €1,000 million undrawn credit line does not contain any early repayment clause, but is subject to retaining its “Investment Grade” rating. 
As at December 31, 2023, Accor has a stable financial structure, with net cash and cash equivalent of €1,279 million. In October 2023, the Group refinanced its €500 million hybrid bond issued in January 2019. 

As at December 31, 2023, Accor has a short-term financing program in the form of negotiable commercial papers (NEU CP) capped at €500 million. This program is drawn for €291 million, representing an increase of €182 million compared to December 31, 2022.

As at December 31, 2023, 98% of bonds and bank borrowings were at fixed rate, with an average rate of 2.9%, and 2% were at a variable rate, with an average rate of 8.1%. The fixed rate debt is denominated primarily in euro

Bond issues

As at March 11, 2024, bond issues break down as follows:

Senior Bonds

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

February 2019

February 2026

3.000%

600M

600M

EUR

March 2024

March 2031

3.875%

600M

600M

EUR

Perpetual Bonds

Issue Date

1st Call Date

Coupon

Principal

Outstanding

Currency

October 2019

April 2025

2.625%

500M

500M

EUR

October 2023

April 2029

7.25%

500M

500M

EUR

Convertible Bond

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

November 2020

December 2027

0.700%

500M

500M

EUR

SLB Bond

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

November 2021

November 2028

2.375%

700M

700M

EUR

Accor experienced a significant return of business during 2021 following the relaxation of health-related restrictions. This change of business activity is reflected as an increase in emissions between 2020 and 2021. As business activity returns to 2019 levels, further emission increases are anticipated in 2022. Accor is investing heavily in new capabilities in the form of tools and resources to enable hotels to reduce emissions. The benefits of these capabilities will progressively reduce emission over the coming years and enable the Group to achieve the published KPIs and targets.

Both scopes 1 & 2 and scope 3 emissions during 2021 are below the 2025 and 2030 emission reduction trajectory:

2019

Base Year

2020

2021

Scope 1 & 2 KPI - Trajectory tCO2e ('000)

3,471

3,325

3,180

Status KPI

-

On Track

On Track

2019

Base Year

2020

2021

Scope 3 KPI - Trajectory tCO2e ('000)

3,255

3,170

3,087

Scope 3 KPI - Actual tCO2e ('000)

3,255

1,940

2,306

Status KPI

-

On Track

On Track

Financial Operations

Prospectus