Hermès International: 2021 Full Year Results
HERMÈS 2021 Full Year Results
Outstanding performance in
2021
Revenue amounted to €9 billion and increased by
42% at constant exchange rates Recurring operating income reached
€3.5 billion (+78%) Net income amounted to €2.4 billion (+77%)
Paris, 18 February 2022
In 2021, the Group's consolidated revenue
reached €8,982 million, up 42% at constant exchange rates and 41%
at current exchange rates compared to 2020. Over two years, this
increase was 33% at constant exchange rates, in the first as in the
second half of the year. Recurring operating income was up 78% and
amounted to €3,530 million (39.3% of sales). Net profit (Group
share) reached €2,445 million, up 77% compared to 2020.
Axel Dumas, Executive Chairman of Hermès, said:
" I thank above all the passion and quality of our teams’ work,
because together we have made 2021 an exceptional year. Abundant
creativity, unique know-how and the quality of materials have
driven the growth of our sixteen métiers. Hermès is very dedicated
to its role as a committed and responsible company and continues
its commitments to job creation around the world and to regional
regeneration in France, while reinforcing its ambitious
environmental objectives."
Sales by geographical area at the end of
December(at constant exchange rates, unless otherwise
indicated)
Asia and America recorded the highest growths,
compared to 2020 as well as to 2019, and Europe returned to growth
compared to 2019. Sales in the Group's stores increased by 44% at
constant exchange rates compared to 2020 and 41% over two years.
Hermès continued to selectively develop its distribution network
and online sales increased worldwide, with the rollout of new
services and sustained growth in traffic. Wholesale activities
(+24%) increased despite constraints faced by travel retail.
- Asia excluding Japan (+45% and +65%
over two years) pursued its dynamic growth, driven particularly by
the sustained performance in Greater China, Australia and
Singapore, despite new restrictions in some of the region's
countries. The Shanghai Plaza 66, Suzhou and Ningbo stores reopened
after renovation and extension, after the Beijing China World store
in spring, and new stores were inaugurated in Macao and Shenzhen.
In Australia, the Brisbane store also reopened after being
extended.
- Japan (+25% and +20% over two
years) posted a sustained and regular increase in sales, thanks to
the loyalty of local customers, while benefitting from the end of
the health state of emergency in October. A new store opened in
February on Omotesando Avenue and the Shinjuku Isetan store in
Tokyo was renovated following extension work in November.
- America (+57% and +24% over two
years) achieved a strong performance, despite the sanitary
restrictions imposed in several US cities in the fourth quarter.
Two new stores opened, in Troy near Detroit in June and in Aventura
Mall near Miami in October.
- Europe excluding France (+37% and
+10% over two years) recorded a strong second half, with a
remarkable development of the local customer base, which partly
offset the tourist traffic. Several stores were renovated and
extended, Zurich in May, Milan in July, and Istanbul in October,
and the Luxembourg store moved to a new address in November.
- France (+35% and -3% over two
years) confirmed its recovery, with a fourth quarter marked by
fewer tourists in the Paris stores. The stores in Lyon and rue de
Sèvres in Paris reopened in February and March after being
renovated and extended.
Sales by business line at the end of
December(at constant exchange rates, unless otherwise
indicated)
At the end of December 2021, all the business
lines confirmed their growth, with a noteworthy increase in
Ready-to-wear and Accessories, Watches and Other Hermès Business
Lines (Jewellery and Homeware).
In the Leather Goods and Saddlery division (+29%
and +23% over two years) sales were exceptional. After the strong
acceleration in the first nine months, sales in the 4th quarter
reflected as anticipated the capacity constraints. Demand both for
new bags like Della Cavalleria and 24/24 and the Hermès classics is
very sustained. The increase in production capacities continued,
with the opening of the Louviers site (Eure) in 2022, the Sormonne
site (Ardennes) in 2023 and a new one in Riom (Puy-de-Dôme)
scheduled for 2024. Hermès continued to strengthen its local
presence in France and to create jobs. In September, in line with
our commitments to knowledge transfer and education, Hermès opened
the École Hermès des savoir-faire (Hermès school of know-how),
which is accredited by the French Education Department and will
award a State-approved diploma in leatherworking expertise.
The Ready-to-wear and Accessories business line
(+59% and +44% over two years) pursued its dynamic growth, thanks
to the success of the ready-to-wear, fashion accessories and
footwear collections. The Men’s and Women's Spring-Summer 2022
collection, presented respectively in July and October, met with
great success.
The Silk and Textiles business line (+49% and
+15% over two years) performed well. A new printing line was
inaugurated as part of the development of the site near Lyon to
meet demand.
Perfumes and Beauty (+47% and +19% over two
years) benefitted from the successful launches of the H24 perfume
for men and Twilly Eau Ginger, and the development of the Beauty
line with the autumn rollout of the third chapter in Beauty, Les
Mains Hermès.
The Watches business line (+73% and +77% over
two years) confirmed its strong, which results from the exceptional
watch-making expertise and the success of the new men's watch H08
alongside other classics of the house.
Other Hermès business lines (+57% and +95% over
two years) confirmed their momentum, both in Jewellery and
Homeware.
Outstanding results and free cash flow
progression in 2021
Recurring operating income amounted to €3,530
million, rising 78% from €1,981 million in 2020. Thanks to the
collections remarkable sell-through and an exceptional leverage
effect, the recurring operating margin reached an historical high
of 39% of sales, up 8 points compared to 2020 and 5 points compared
to 2019.
Consolidated net profit (Group share) amounted
to €2,445 million (27% of sales), up 77% from €1,385 at the end of
December 2020.
Operating investments amounted to €532 million.
Thanks to the outstanding increase in results and the favourable
impact of the change in working capital, the adjusted free cash
flow reached a record-high €2,661 million, i.e. 2.7 times that of
2020.
After distribution of the ordinary dividend
(€476 million) and inclusion of shares redeemed (€162 million for
142,131 shares, excluding the liquidity contract), the restated net
cash position increased by €2,166 million to €7,070 million.
A responsible and sustainable
model
The Hermès Group has continued to recruit and
added nearly 1,000 people to its workforce this year. At the end of
December 2021, the Group employed 17,595 people, including 10,969
in France. True to its commitment as a responsible employer, in
2022 Hermès will pay an exceptional €3,000 bonus to all the
employees to reward them for their engagement and their
contribution to the results in a challenging context.
In 2021, the outstanding improvement in
non-financial ratings reflected the speeding-up of CSR commitments
and the sustainable dimension of Hermès' craftsmanship model. MSCI
published an "A" rating in its analysis of the firm's resilience to
environmental, social and governance risks. The Group was included
in the CAC40 ESG index, after Hermès was ranked by Vigeo-Eiris in
the "Advanced" category. Sustainalytics ranked Hermès the second
best player in the Textiles and Clothing sector. Hermès' commitment
to fighting climate change was particularly recognised by the CDP
rating for which Hermès scored "A-".
Hermès Group reasserted its commitment to
fighting climate change by reviewing its reduction targets at year
end, to align with a global warming pathway below 1.5°C. These
targets were calculated scientifically and validated by the Science
Based Target initiative (SBTi). Hermès thus committed to reducing
emissions by 50,4% on scopes 1 and 2 in absolute value and by 58,1%
in intensity (per €m of gross margin) on scope 3, over the
2018-2030 period.
Proposed dividend
At the General Meeting to be held on 20 April
2022, a dividend proposal of €8.00 per share will be made. The €2.5
interim dividend that will be paid on 23 February 2022, will be
deducted from the dividend approved by the General Meeting.
Outlook
For 2022, the impacts of the COVID-19 pandemic
are still difficult to assess. Our highly integrated craftsmanship
model and balanced distribution network, as well as the creativity
of our collections and our customers' loyalty allow us to look to
the future with confidence.
In the medium-term, despite the economic,
geopolitical and monetary uncertainties around the world, the group
confirms an ambitious goal for revenue growth at constant exchange
rates.
Thanks to its unique business model, Hermès is
pursuing its long-term development strategy based on creativity,
maintaining control over know-how and singular communication.
Lighthearted will be the prevailing theme in
2022. Never lacking in depth, it is a source of creative vitality
and nourishes the positive and resilient mindset of Hermès.
The press release and the presentation of the
2021 results are available on the Group's website:
https://finance.hermes.com
At the Supervisory Board meeting on 17 February
2022, Executive Management presented the audited financial
statements for 2021. The audit procedures have been completed and
the audit report is under preparation. The complete consolidated
financial statements will be available by 31 March 2022 at the
following address https://finance.hermes.com and on the AMF
website: www.amf-france.org
Upcoming events:
- 14 April 2022: Q1 2022 revenue
publication
- 20 April 2022: General meeting of
shareholders
- 29 July 2022: First half 2022
results publication
2021 KEY FIGURES
In millions of euros |
2021 |
2020 |
2019 |
|
|
|
|
Revenue |
8,982 |
6,389 |
6,883 |
Growth at current exchange rates vs. n-1 |
40.6% |
(7.2)% |
15.4% |
Growth at constant exchange rates vs. n-1 (1) |
41.8% |
(6.0)% |
12.4% |
|
|
|
|
Recurring operating income (2) |
3,530 |
1,981 |
2,339 |
As a % of revenue |
39.3% |
31.0% |
34.0% |
|
|
|
|
Operating income |
3,530 |
2,073 |
2,339 |
As a % of revenue |
39.3% |
32.4% |
34.0% |
|
|
|
|
Net profit – Group share |
2,445 |
1,385 |
1,528 |
As a % of revenue |
27.2 % |
21.7% |
22.2% |
|
|
|
|
Operating cash flows |
3,060 |
1,993 |
2,063 |
|
|
|
|
Investments (excluding financial investments) |
532 |
448 |
478 |
|
|
|
|
Adjusted free cash flow (3) |
2,661 |
995 |
1,406 |
|
|
|
|
Equity – Group share |
9,400 |
7,380 |
6,568 |
|
|
|
|
Net cash position (4) |
6,695 |
4,717 |
4,372 |
|
|
|
|
Restated net cash position (5) |
7,070 |
4,904 |
4,562 |
|
|
|
|
Workforce (number of employees) |
17,595 |
16,600 |
15,417 |
(1) Growth at
constant exchange rates is calculated by applying the average
exchange rates of the previous period to the current period's
revenue, for each currency.
(2) Recurring
operating income is one of the main performance indicators
monitored by the group's General Management. It corresponds to the
operating income excluding non-recurring items having a significant
impact likely to affect the understanding of the group's economic
performance.
(3) Adjusted
free cash flow corresponds to the sum of operating cash flows and
change in working capital requirement, less operating investments
and repayment of lease liabilities, as per IFRS cash flow
statement.
(4) The
net cash position includes cash and cash equivalents on the asset
side of the balance sheet, less bank overdrafts presented within
the short-term borrowings and financial liabilities on the
liability side of the balance sheet. It does not include lease
liabilities recognised in accordance with IFRS 16.
(5) The
restated net cash position corresponds to the net cash position,
plus cash investments that do not meet IFRS criteria for cash
equivalents as a result of their original maturity of more than
three months, minus borrowings and financial liabilities.
INFORMATION BY GEOGRAPHICAL ZONE
(a)
|
|
As of Dec.
31st |
Evolution /2020 |
Evolution /2019 |
In millions of
euros |
|
2021 |
2020 |
Published |
At constant exchange rates |
At constant exchange rates |
France |
|
838 |
620 |
35.2% |
35.2% |
(3.4)% |
Europe (excl.
France) |
|
1,303 |
953 |
36.6% |
36.9% |
9.8% |
Total
Europe |
|
2,141 |
1,573 |
36.1% |
36.3% |
4.3% |
Japan |
|
977 |
834 |
17.1% |
24.9% |
20.2% |
Asia-Pacific
(excl. Japan) |
|
4,251 |
2,915 |
45.8% |
44.6% |
65.4% |
Total
Asia |
|
5,227.2 |
3,749 |
39.4% |
40.2% |
54.1% |
Americas |
|
1,458 |
959 |
52.0% |
56.7% |
24.4% |
Other |
|
156 |
108 |
44.4% |
44.6% |
30.2% |
TOTAL |
|
8,982 |
6,389 |
40.6% |
41.8% |
33.4% |
|
|
4th quarter |
Evolution /2020 |
Evolution /2019 |
In millions of
euros |
|
2021 |
2020 |
Published |
At constant exchange rates |
At constant exchange rates |
France |
|
251 |
200 |
25.6% |
25.6% |
2.7% |
Europe (excl.
France) |
|
398 |
324 |
22.9% |
22.0% |
17.6% |
Total
Europe |
|
649 |
524 |
23.9% |
23.3% |
11.4% |
Japan |
|
267 |
267 |
(0.2)% |
4.8% |
21.1% |
Asia-Pacific
(excl. Japan) |
|
1,025 |
921 |
11.3% |
6.0% |
56.3% |
Total
Asia |
|
1,292 |
1,188 |
8.7% |
5.7% |
46.9% |
Americas |
|
397 |
353 |
12.7% |
10.3% |
10.5% |
Other |
|
42 |
37 |
14.7% |
14.6% |
41.2% |
TOTAL |
|
2,380 |
2,101 |
13.3% |
11.0% |
28.4% |
(a) Sales by destination.
INFORMATION BY SECTOR
|
|
As of Dec. 31st |
Evolution /2020 |
Evolution /2019 |
In millions of
euros |
|
2021 |
2020 |
Published |
At constant exchange rates |
At constant exchange rates |
Leather Goods
and Saddlery (1) |
|
4,091 |
3,209 |
27.5% |
28.9% |
22.8% |
Ready-to-wear
and Accessories (2) |
|
2,219 |
1,409 |
57.5% |
58.8% |
44.3% |
Silk and
Textiles |
|
669 |
452 |
48.1% |
49.1% |
15.3% |
Other Hermès
sectors (3) |
|
1,001 |
642.6 |
55.8% |
56.7% |
94.5% |
Perfume and
Beauty |
|
385 |
263 |
46.4% |
46.5% |
18.9% |
Watches |
|
337 |
196 |
72.0% |
72.5% |
76.6% |
Other products
(4) |
|
279 |
218 |
28.2% |
29.1% |
9.3% |
TOTAL |
|
8,982 |
6,389 |
40.6% |
41.8% |
33.4% |
|
|
4th quarter |
Evolution /2020 |
Evolution /2019 |
In millions of
euros |
|
2021 |
2020 |
Published |
At constant exchange rates |
At constant exchange rates |
Leather Goods
and Saddlery (1) |
|
1,015 |
1,049 |
(3.3)% |
(5.4)% |
11.2% |
Ready-to-wear
and Accessories (2) |
|
585 |
435 |
34.5% |
31.8% |
48.0% |
Silk and
Textiles |
|
237 |
181 |
30.7% |
29.1% |
26.7% |
Other Hermès
sectors (3) |
|
265 |
219 |
21.5% |
18.5% |
84.5% |
Perfume and
Beauty |
|
97 |
72 |
34.9% |
34.2% |
22.2% |
Watches |
|
95 |
68 |
39.7% |
36.6% |
75.5% |
Other products
(4) |
|
86 |
78 |
10.9% |
10.6% |
5.6% |
TOTAL |
|
2,380 |
2,101 |
13.3% |
11.0% |
28.4% |
(1) The “Leather Goods and Saddlery” business
line includes bags, riding, memory holders and small leather
goods.(2) The “Ready-to-wear and Accessories” business line
includes Hermès Ready-to-wear for men and women, belts, costume
jewellery, gloves, hats and shoes.(3) The “Other Hermès business
lines” include Jewellery and Hermès home products (Art of Living
and Hermès Tableware).(4) The “Other products” include the
production activities carried out on behalf of non-group brands
(textile printing, tanning…), as well as John Lobb, Saint-Louis and
Puiforcat.
APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS
Financial statements of the year, including
notes to the consolidated accounts, will be available at the end of
March 2022 on the website https://finance.hermes.com, together with
the other chapters of the Annual Financial Report.
CONSOLIDATED INCOME STATEMENT
In millions of euros |
2021 |
2020 |
Revenue |
8,982 |
6,389 |
Cost of sales |
(2,580) |
(2,013) |
Gross margin |
6,402 |
4,376 |
Sales and administrative expenses |
(2,137) |
(1,699) |
Other income and expenses |
(734) |
(696) |
Recurring operating income |
3,530 |
1,981 |
Other non-recurring income and expenses |
- |
91 |
Operating income |
3,530 |
2,073 |
Net financial income |
(96) |
(86) |
Net income before tax |
3,435 |
1,986 |
Income tax |
(1,015) |
(613) |
Net income from associates |
34 |
16 |
CONSOLIDATED NET INCOME |
2,454 |
1,390 |
Non-controlling interests |
(8) |
(4) |
NET INCOME ATTRIBUTABLE TO OWNERS OF THE
PARENT |
2,445 |
1,385 |
Basic earnings per share (in euros) |
23.37 |
13.27 |
Diluted earnings per share (in euros) |
23.30 |
13.21 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
In millions of euros |
2021 |
2020 |
|
Consolidated net income |
2,454 |
1,390 |
|
Changes in foreign currency adjustments 1 |
141 |
(103) |
|
Hedges of future cash flows in foreign currencies 1 2 |
(110) |
55 |
|
|
(87) |
36 |
|
- recycling through profit or loss
|
(23) |
18 |
|
Assets at fair value 2 |
87 |
- |
|
Employee benefit obligations: change in value linked to actuarial
gains and losses 2 |
9 |
(2) |
|
Net comprehensive income |
2,582 |
1,339 |
|
- attributable to owners of the parent
|
2,573 |
1337 |
|
- attributable to non-controlling interests
|
9 |
2 |
|
(1) Transferable through profit or loss.(2) Net of tax. |
CONSOLIDATED BALANCE SHEET
ASSETS
In millions of euros |
31/12/2021 |
31/12/2020 |
Goodwill |
42 |
42 |
Intangible assets |
258 |
221 |
Right-of-use assets |
1,517 |
1,446 |
Property, plant and equipment |
1,881 |
1,646 |
Investment property |
9 |
73 |
Financial assets |
617 |
368 |
Investments in associates |
51 |
49 |
Loans and deposits |
59 |
56 |
Deferred tax assets |
546 |
475 |
Other non-current assets |
22 |
24 |
Non-current assets |
5,002 |
4,401 |
Inventories and work-in-progress |
1,449 |
1,289 |
Trade and other receivables |
333 |
250 |
Current tax receivables |
58 |
63 |
Other current assets |
257 |
193 |
Financial derivatives |
53 |
121 |
Cash and cash equivalents |
6,696 |
4,733 |
Current assets |
8,845 |
6,650 |
TOTAL ASSETS |
13,847 |
11,051 |
LIABILITIES
In millions of euros |
31/12/2021 |
31/12/2020 |
Share capital |
54 |
54 |
Share premium |
50 |
50 |
Treasury shares |
(551) |
(464) |
Reserves |
7,142 |
6,212 |
Foreign currency adjustments |
178 |
38 |
Revaluation adjustments |
83 |
106 |
Net income attributable to owners of the parent |
2,445 |
1,385 |
Equity attributable to owners of the parent |
9,400 |
7,380 |
Non-controlling interests |
12 |
11 |
Equity |
9,412 |
7,391 |
Borrowings and financial liabilities due in more than one year |
24 |
18 |
Lease liabilities due in more than one year |
1,529 |
1,447 |
Non-current provisions |
26 |
22 |
Post-employment and other employee benefit obligations due in more
than one year |
220 |
275 |
Deferred tax liabilities |
15 |
22 |
Other non-current liabilities |
45 |
36 |
Non-current liabilities |
1,860 |
1,821 |
Borrowings and financial liabilities due in less than one year |
1 |
25 |
Lease liabilities due in less than one year |
248 |
196 |
Current provisions |
115 |
100 |
Post-employment and other employee benefit obligations due in less
than one year |
40 |
28 |
Trade and other payables |
535 |
448 |
Financial derivatives |
122 |
29 |
Current Tax liabilities |
347 |
218 |
Other current liabilities |
1,168 |
795 |
Current liabilities |
2,575 |
1,839 |
TOTAL EQUITY AND LIABILITIES |
13,847 |
11,051 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
In millions of euros |
Number of shares |
Share capital |
Share premium |
Treasury shares |
Consolidated reserves and net income attributable to owners
of the parent |
Actuarial gains and losses |
Foreign currency adjustments |
Revaluation adjustments |
|
|
|
Financial investments |
Hedges of future cash flows in foreign
currencies |
Equity attributable to owners of the parent |
Non-controlling interests |
Equity |
As at 1 January 2020 |
105,569,412 |
54 |
50 |
(509) |
6,917 |
(133) |
139 |
100 |
(49) |
6,568 |
8 |
6,576 |
Net income |
- |
- |
- |
- |
1,385 |
- |
- |
- |
- |
1,385 |
4 |
1,390 |
Other comprehensive income |
- |
- |
- |
- |
- |
(2) |
(101) |
- |
55 |
(48) |
(2) |
(50) |
Comprehensive income |
- |
- |
- |
- |
1,385 |
(2) |
(101) |
- |
55 |
1,337 |
2 |
1,339 |
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Purchase or sale of treasury shares |
- |
- |
- |
45 |
(166) |
- |
- |
- |
- |
(121) |
- |
(121) |
Share-based payments |
- |
- |
- |
- |
79 |
- |
- |
- |
- |
79 |
- |
79 |
Dividends paid |
- |
- |
- |
- |
(485) |
- |
- |
- |
- |
(485) |
(4) |
(490) |
Other |
- |
- |
- |
|
2 |
- |
- |
- |
- |
2 |
5 |
8 |
As at 31 December 2020 |
105,569,412 |
54 |
50 |
(464) |
7,732 |
(135) |
38 |
100 |
5 |
7,380 |
11 |
7,391 |
Net income |
- |
- |
- |
- |
2,445 |
- |
- |
- |
- |
2,445 |
8 |
2,454 |
Other comprehensive income |
- |
- |
- |
- |
- |
9 |
141 |
87 |
(110) |
127 |
0 |
128 |
Comprehensive income |
- |
- |
- |
- |
2,445 |
9 |
141 |
87 |
(110) |
2,573 |
9 |
2,582 |
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Purchase or sale of treasury shares |
- |
- |
- |
(88) |
(69) |
- |
- |
- |
- |
(157) |
- |
(157) |
Share-based payments |
- |
- |
- |
- |
59 |
- |
- |
- |
- |
59 |
- |
59 |
Dividends paid |
- |
- |
- |
- |
(485) |
- |
- |
- |
- |
(485) |
(5) |
(490) |
Other |
- |
- |
- |
- |
30 |
- |
- |
- |
- |
30 |
(2) |
28 |
AS AT 31 DECEMBER 2021 |
105,569,412 |
54 |
50 |
(551) |
9,712 |
(125) |
178 |
188 |
(105) |
9,400 |
12 |
9,412 |
CONSOLIDATED STATEMENT OF CASH FLOWS
In millions of euros |
2021 |
2020 |
CASH FLOWS RELATED TO OPERATING ACTIVITIES |
|
|
Net income attributable to owners of the parent |
2,445 |
1,385 |
Depreciation and amortisation of fixed assets |
312 |
271 |
Depreciation of right-of-use assets |
251 |
243 |
Impairment losses |
65 |
54 |
Mark-to-Market financial instruments |
(1) |
1 |
Foreign exchange gains/(losses) on fair value adjustments |
(46) |
30 |
Change in provisions |
28 |
26 |
Net income from associates |
(34) |
(16) |
Net income attributable to non-controlling interests |
8 |
4 |
Capital gains or losses on disposals and impact of changes in scope
of consolidation |
(4) |
(90) |
Deferred tax expense |
(15) |
5 |
Accrued expenses and income related to share-based payments |
59 |
79 |
Dividend income |
(10) |
(0) |
Other |
(0) |
(0) |
Operating cash flows |
3,060 |
1,993 |
Change in working capital requirements |
346 |
(350) |
Change in net cash position related to operating activities
(A) |
3,405 |
1,642 |
CASH FLOWS RELATED TO INVESTING ACTIVITIES |
|
|
Operating investments |
(532) |
(448) |
Acquisitions of consolidated shares |
(0) |
(72) |
Acquisitions of other financial assets |
(198) |
(36) |
Disposals of operating assets |
3 |
0 |
Disposals of consolidated shares and impact of losses of
control |
- |
81 |
Disposals of other financial assets |
6 |
10 |
Change in payables and receivables related to investing
activities |
6 |
11 |
Dividends received |
47 |
21 |
Change in net cash position related to investing activities
(B) |
(669) |
(432) |
CASH FLOWS RELATED TO FINANCING ACTIVITIES |
|
|
Dividends paid |
(490) |
(490) |
Repayment of lease liabilities |
(212) |
(199) |
Treasury share buybacks net of disposals |
(158) |
(122) |
Borrowing subscriptions |
- |
8 |
Repayment of borrowings |
(8) |
(8) |
Change in net cash position related to financing activities
(C) |
(869) |
(810) |
Foreign currency translation adjustment (D) |
110 |
(55) |
CHANGE IN NET CASH POSITION (A) + (B) + (C) +
(D) |
1,978 |
345 |
Net cash position at the beginning of the period |
4,717 |
4,372 |
Net cash position at the end of the period |
6,695 |
4,717 |
CHANGE IN NET CASH POSITION |
1,978 |
345 |
REMINDER
2021 HALF YEAR KEY FIGURES
In millions of euros |
H1 2021 |
H1 2020 |
H1 2019 |
|
|
|
|
Revenue |
4,235 |
2,488 |
3,284 |
Growth at current exchange rates vs. n-1 |
70.2 % |
(24.2) % |
15.1 % |
Growth at constant exchange rates vs. n-1 (1) |
76.7 % |
(24.9) % |
12.0 % |
|
|
|
|
Recurring operating income (2) |
1,722 |
535 |
1,144 |
As a % of revenue |
40.7 % |
21.5 % |
34.8 % |
|
|
|
|
Operating income |
1,722 |
535 |
1,144 |
As a % of revenue |
40.7 % |
21.5 % |
34.8 % |
|
|
|
|
Net profit – Group share |
1,174 |
335 |
754 |
As a % of revenue |
27.7 % |
13.5 % |
23.0 % |
|
|
|
|
Operating cash flows |
1,487 |
634 |
971 |
|
|
|
|
Investments (excluding financial investments) |
214 |
162 |
170 |
|
|
|
|
Adjusted free cash flow (3) |
1,236 |
27 |
618 |
|
|
|
|
Equity – Group share |
8,024 |
6,340 |
5,763 |
|
|
|
|
Net cash position (4) |
5,326 |
3,742 |
3,532 |
|
|
|
|
Restated net cash position (5) |
5,521 |
3,922 |
3,740 |
|
|
|
|
Workforce (number of employees) |
16,966 |
15,698 |
14,751 |
(6) Growth at constant exchange
rates is calculated by applying the average exchange rates of the
previous period to the current period's revenue, for each
currency.
(7) Recurring operating income
is one of the main performance indicators monitored by the group's
General Management. It corresponds to the operating income
excluding non-recurring items having a significant impact likely to
affect the understanding of the group's economic performance.
(8) Adjusted free cash flow
corresponds to the sum of operating cash flows and change in
working capital requirement, less operating investments and
repayment of lease liabilities, as per IFRS cash flow
statement.
(9) The
net cash position includes cash and cash equivalents on the asset
side of the balance sheet, less bank overdrafts presented within
the short-term borrowings and financial liabilities on the
liability side of the balance sheet. It does not include lease
liabilities recognised in accordance with IFRS 16.
(10) The
restated net cash position corresponds to the net cash position,
plus cash investments that do not meet IFRS criteria for cash
equivalents as a result of their original maturity of more than
three months, minus borrowings and financial liabilities.
- CP Résultats FY 2021 - VA - VDEF - avec visuels
Hermes (EU:RMS)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Hermes (EU:RMS)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024