As at December 31, 2022, the Group has one undrawn confirmed credit line for €1,200 million, maturing in June 2024 (for €86 million) and in June 2025 (for €1,114 million). The €560 million credit line negotiated in May 2020, matured in May 2022.

The €1,200 million undrawn bank credit line contained, at contract inception, an early repayment clause that can be triggered in the event of non-compliance with a financial leverage ratio (consolidated net debt reported to consolidated EBITDA before application of IFRS  16 Leases). In the context of the health crisis, Accor obtained a first covenant holiday until June  2021, which was extended on February  8, 2021, until June  2022. Since November 15, 2021, this covenant has been replaced by a minimum liquidity covenant, applicable for the years 2022 and 2023. From 2024, the initial “Leverage ratio” will apply again.

Accor has a short-term financing program in the form of commercial papers (NEU CP) capped at €500 million. As at December 31, 2022, this program is drawn for €109 million, representing a decrease of €193 million compared to December 31, 2021.

As of December 31, 2022, Accor has a strong financial position, with net cash and cash equivalent of 1,625 million euros, after the redemption of the two bonds of 60 million euros and 150 million CHF, issued in 2014, and maturing in February and June 2022 respectively.

As at December 31, 2022, 97% of bonds and bank borrowings were at fixed rate, with an average rate of 2.1%, and 3% were at a variable rate, with an average rate of 5%. The fixed rate debt is denominated primarily in euro.

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: