Accor: heavy loss of almost E2bn in 2020
(CercleFinance.com) - Accor has announced a net loss (group share) of 1.
99 billion euros for 2020, against a profit of 464 million euros the previous year, for EBITDA that tumbled from +825 million to -391 million year-on-year.
The hotel group's sales came in at 1.62 billion euros, down 60% (-54.8% LFL), with RevPAR down 62% in an environment that was plagued by different restrictions, lockdowns and border closures.
In view of the cash burn recorded in 2020 and uncertainties about a recovery in business, the group's Board of Directors has decided to propose no dividend payment at its next AGM scheduled for 29 April.
All this was clearly already expected by the market - the share has begun trading up over 2.5% in a pretty flat market.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
99 billion euros for 2020, against a profit of 464 million euros the previous year, for EBITDA that tumbled from +825 million to -391 million year-on-year.
The hotel group's sales came in at 1.62 billion euros, down 60% (-54.8% LFL), with RevPAR down 62% in an environment that was plagued by different restrictions, lockdowns and border closures.
In view of the cash burn recorded in 2020 and uncertainties about a recovery in business, the group's Board of Directors has decided to propose no dividend payment at its next AGM scheduled for 29 April.
All this was clearly already expected by the market - the share has begun trading up over 2.5% in a pretty flat market.
Copyright (c) 2021 CercleFinance.com. All rights reserved.