Hermès International: 2023 Half-year Results
Half-year information report as at the end of
June 2023
Outstanding performance
in sales and results in the first
half
Revenue increased by 25% at constant rates and by
22% at current rates Recurring operating income reached €2,947
million (i.e. 44% of sales)Net income amounted to €2,226 million,
an increase of 36%
Paris, 28 July 2023
The group’s consolidated revenue in the first
half of 2023 amounted to €6,698 million, up 25% at constant
exchange rates and 22% at current exchange rates compared to the
same period in 2022. Recurring operating income reached €2,947
million (44% of sales) and net income (group share) €2,226 million
(33% of sales).
In the second quarter, sales reached €3,317
million, increasing by 28% at constant exchange rates and by 22% at
current exchange rates, with a strong momentum across all business
lines and all regions.
Axel Dumas, Executive Chairman of Hermès, said:
“The 2023 first half results reflect the strength of the pillars of
the artisanal model of the house: quality of materials, exceptional
know-how and abundant creativity. To support this growth, we
continue to invest in our production capacities, in the expansion
of our network, while accelerating job creation and training in all
of the group’s métiers.”
Sales by geographical area at the end of
June(at comparable exchange rates, unless otherwise
indicated)
At the end of June 2023, all the regions posted
strong growth of 20% or above, with an exceptional growth in Asia,
supported by a favourable comparison basis in the 2nd quarter.
Sales increased significantly both in group stores (+25% at
constant exchange rates) and in wholesale activities (+26%), which
benefitted from the rebound in travel retail. Hermès continued to
develop its exclusive distribution network.
- Asia excluding Japan (+28%), after
a successful Chinese New Year, continued its strong momentum in
Greater China and throughout the region, particularly in Singapore,
Thailand, Australia and Korea. The second quarter benefitted from a
favourable comparison basis year on year, due to the health
measures taken in China in April and May 2022. The Peninsula store,
the house’s first address in Beijing in 1997, reopened in April
after renovation and extension.
- Japan (+26%), thanks notably to its
local clients, achieved a remarkable performance. The Fukuoka
Hakata Hankyu store reopened in May after renovation.
- The Americas (+20%) continued their
sustained growth in the second quarter. In the United States, a new
store opened in Aspen, Colorado, in June, after the one in Naples
in the Gulf of Mexico in February. The Le monde d’Hermès kiosk, an
invitation to immerse into the universe of the house, stopped off
in Austin in May.
- Europe excluding France (+22%) and
France (+24%) pursued their strong growth, thanks to the loyalty of
local customers and dynamic tourist flows. The store in Hamburg
reopened in April after being renovated and extended.
Sales by business line at the end of
June(at comparable exchange rates, unless otherwise
indicated)
At the end of June 2023, all the business lines
confirmed their solid momentum, underlying the tremendous
attractiveness of the house.
The Leather Goods and Saddlery (+21%) recorded
exceptional growth, benefitting from sustained demand and a
favourable comparison basis in the 2nd quarter, notably in Greater
China. Two new leather goods production workshops were inaugurated
in Louviers (Normandy) in April and in la Sormonne (Ardennes) in
May. The leather goods and glove-making workshop in Saint-Junien
has been relocated to a new, larger site by the Vienne river. Four
new leather goods production sites will be rolled out the next four
years, in Riom (Puy-de-Dôme) in 2024, L’Isle-d’Espagnac (Charente)
in 2025, Loupes (Gironde) in 2026 and Charleville-Mézières
(Ardennes) scheduled for 2027. Hermès thus continues to strengthen
its local anchoring in France and to create jobs. The collections
have been enriched with new models, including In-The-Loop,
Maximors, Birkin Picnic and Hacados, and enhanced savoir-faire such
as hand painting, wickerwork, marquetry and embroidery.
The Ready-to-Wear and Accessories division
(+35%) pursued its dynamic growth, driven by the success of the
ready-to-wear collections, fashion accessories and shoes. The men’s
spring-summer 2024 fashion show unveiled at the palais d’Iéna in
June was very well received. Fashion accessories and shoes are
enjoying a strong demand, with models showcasing know-how and
innovation.
The Silk and Textiles business line (+22%)
recorded solid growth, supported by exceptional materials and the
expansion of production capacities at the Pierre-Bénite site near
Lyon, inaugurated in July. After Dubai in the first quarter,
scarves transformed into kites once again and spread their patterns
at the Kite Festival in Busan, South Korea, in June.
Perfume and Beauty (+10%) continued their
development. A new Eau de toilette, Un Jardin à Cythère, the 7th
creation in the Jardin collection, was unveiled in February. Hermès
launched a new limited edition of Rouge Hermès ahead of the arrival
this autumn of the fifth chapter of Beauty around the eyes.
The Watches business line (+24%) confirmed its
excellent performance, based on exceptional creativity, style and
remarkable watch-making savoir-faire, both for the complication
models and the house’s classic models. The H08 line, which welcomed
a new carbon fibre chronograph version this year, is meeting with
great success.
The Other Hermès business lines (+32%) pursued
their strong growth, highlighting the full singularity and creative
strength of the house, with for example the Chaîne d’ancre jewel
new creations presented in July at the Faubourg Saint-Honoré in
Paris. Home universe collections were presented in April at the
latest Milan Design Week.
Outstanding
results in H1 2023
Recurring operating income increased by 28% to
€2,947 million compared to €2,304 million in H1 2022. Thanks to the
leverage effect generated by strong sales growth and the positive
currency impact, the recurring operating profitability reached 44%,
compared to 42% at the end of June 2022.
Consolidated net profit (group share) amounted
to €2,226 million (33% of sales) compared to €1,641 million in H1
2022, an increase of 36% thanks notably to improved cash
remuneration conditions.
The cash flow related to operating activities
amounted to €2,106 million, compared to €1,740 million in the first
half of 2022. After operational investments (€249 million) and
repayment of lease liabilities (€137 million), the adjusted free
cash flow reached €1,720 million.
After distribution of the ordinary dividend
(€1,359 million), the restated net cash position amounted to €9,848
million at 30 June 2023.
A responsible, sustainable
model
In line with its commitments as a responsible
employer, the Hermès group continued to recruit and increased its
workforce by more than 900 people, including more than 500 in
France, in the first half. At the end of June 2023, the Group
employed 20,607 people, including 12,875 in France.
In order to involve all employees in its
development and successes, the group announced in June the 6th free
share plan which will enable all employees worldwide to become
shareholders.
Committed to the excellence and transmission of
our know-how, the house continues to develop internal training
programmes. The École Hermès des Savoir-Faire has rolled out its
Vocational Training Center (CFA), which delivers the CAP
Maroquinier, at the Guyenne (Gironde) site and has launched a new
certifying training course for the profession of cutter.
The house continues to promote inclusion and
diversity, and has 6.85% of employees with disabilities in
France.
The leather goods production sites of Louviers
and la Sormonne inaugurated this semester are today the first two
industrial buildings in France to be E4C2 certified, a label which
assesses environmental performance according to energy consumption
and carbon emissions. They reflect the responsible construction
standard developed by the house, which is particularly demanding in
terms of carbon footprint, air quality, local sourcing,
biodiversity and environmental health, thus contributing to our
objective of halving the carbon footprint per square metre built by
2030, compared to 2018.
Finally, on 28 June 2023, the Hermès Group
received the Grand Prix CAC Large 60 Transparency Award for the
quality of regulated information.
Outlook
The group continues the year 2023 with
confidence, thanks to the highly integrated artisanal model, the
balanced distribution network, the creativity of collections and
the loyalty of clients.
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.
Inspiration of the creation at Hermès,
Astonishment is the theme of the year. The ability to be surprised
is a constant source of innovation and dynamism for the house,
which will continue to accompany clients with enthusiasm and
creativity across 2023.
Limited review procedures have been carried out
on the condensed interim consolidated financial statements by the
Statutory Auditors in accordance with applicable regulations.
The half-year financial report, the press release
and the presentation of the 2023 half year results are available on
the group's website: https://finance.hermes.com
Upcoming events:
- 24 October 2023: Q3 2023 revenue
publication
- 9 February 2024: 2023 full-year
results publication
- 25 April 2024: Q1 2024 revenue
publication
- 30 April 2024: General Meeting of
shareholders
FIRST HALF 2023 KEY FIGURES
|
In millions of euros |
H1 2023 |
2022 |
H1 2022 |
| |
|
|
|
|
Revenue |
6,698 |
11,602 |
5,475 |
|
Growth at current exchange rates vs. n-1 |
22.3% |
29.2% |
29.3% |
|
Growth at constant exchange rates vs. n-1 (1) |
25.2% |
23.4% |
23.2% |
|
|
|
|
|
|
Recurring operating income (2) |
2,947 |
4,697 |
2,304 |
|
As a % of revenue |
44.0% |
40.5% |
42.1% |
|
|
|
|
|
|
Operating income |
2,947 |
4,697 |
2,304 |
|
As a % of revenue |
44.0% |
40.5% |
42.1% |
|
|
|
|
|
|
Net profit – Group share |
2,226 |
3,367 |
1,641 |
|
As a % of revenue |
33.2% |
29.0% |
30.0% |
|
|
|
|
|
|
Operating cash flows |
2,615 |
4,111 |
2,001 |
|
|
|
|
|
|
Investments (excluding financial investments) |
249 |
518 |
190 |
|
|
|
|
|
|
Adjusted free cash flow (3) |
1,720 |
3,405 |
1,421 |
|
|
|
|
|
|
Equity – Group share |
13,249 |
12,440 |
10,259 |
|
|
|
|
|
|
Net cash position (4) |
9,326 |
9,223 |
7,280 |
|
|
|
|
|
|
Restated net cash position (5) |
9,848 |
9,742 |
7,685 |
|
|
|
|
|
|
Workforce (number of employees) |
20,607 |
19,686 |
18,428 |
(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.
REVENUE BY GEOGRAPHICAL AREA
(a)
|
|
|
First half |
Evolution /2022 |
| In millions of
Euros |
|
2023 |
2022 |
Published |
At constant exchange rates |
| France |
|
593 |
480 |
23.5 % |
23.5 % |
| Europe (excl.
France) |
|
836 |
696 |
20.0 % |
21.5 % |
| Total
Europe |
|
1,428 |
1,176 |
21.4 % |
22.3 % |
| Japan |
|
636 |
546 |
16.4 % |
26.0 % |
| Asia-Pacific
(excl. Japan) |
|
3,297 |
2,665 |
23.7 % |
27.6 % |
| Total
Asia |
|
3,932 |
3,211 |
22.5 % |
27.3 % |
| Americas |
|
1,185 |
982 |
20.7 % |
19.9 % |
| Other |
|
151 |
106 |
43.0 % |
42.4 % |
|
TOTAL |
|
6,698 |
5,475 |
22.3 % |
25.2 % |
|
|
|
2nd quarter |
Evolution /2022 |
| In millions of
Euros |
|
2023 |
2022 |
Published |
At constant exchange rates |
| France |
|
320 |
266 |
20.1 % |
20.1 % |
| Europe (excl.
France) |
|
444 |
369 |
20.3 % |
22.1 % |
| Total
Europe |
|
764 |
636 |
20.2 % |
21.3 % |
| Japan |
|
314 |
269 |
16.7 % |
25.9 % |
| Asia-Pacific
(excl. Japan) |
|
1,534 |
1,218 |
26.0 % |
33.7 % |
| Total
Asia |
|
1,848 |
1,487 |
24.3 % |
32.3 % |
| Americas |
|
629 |
533 |
18.0 % |
20.5 % |
| Other |
|
77 |
55 |
38.8 % |
38.2 % |
|
TOTAL |
|
3,317 |
2,710 |
22.4 % |
27.5 % |
(a) Sales by destination.
REVENUE BY SECTOR
|
|
|
First half |
Evolution /2022 |
| In millions of
Euros |
|
2023 |
2022 |
Published |
At constant exchange rates |
| Leather Goods
and Saddlery (1) |
|
2,780 |
2,358 |
17.9 % |
20.8 % |
| Ready-to-wear
and Accessories (2) |
|
1,922 |
1,458 |
31.8 % |
34.8 % |
| Silk and
Textiles |
|
444 |
372 |
19.4 % |
22.4 % |
| Other Hermès
sectors (3) |
|
836 |
648 |
29.0 % |
32.1 % |
| Perfume and
Beauty |
|
249 |
230 |
8.3 % |
9.5 % |
| Watches |
|
317 |
262 |
21.0 % |
24.3 % |
| Other products
(4) |
|
150 |
146 |
2.2 % |
4.1 % |
|
TOTAL |
|
6,698 |
5,475 |
22.3 % |
25.2 % |
|
|
|
2nd quarter |
Evolution /2022 |
| In millions of
Euros |
|
2023 |
2022 |
Published |
At constant exchange rates |
| Leather Goods
and Saddlery (1) |
|
1,371 |
1,162 |
18.0 % |
23.2 % |
| Ready-to-wear
and Accessories (2) |
|
972 |
748 |
29.9 % |
35.1 % |
| Silk and
Textiles |
|
209 |
174 |
20.5 % |
25.8 % |
| Other Hermès
sectors (3) |
|
415 |
318 |
30.3 % |
36.1 % |
| Perfume and
Beauty |
|
123 |
111 |
10.7 % |
12.4 % |
| Watches |
|
152 |
128 |
18.3 % |
24.2 % |
| Other products
(4) |
|
75 |
69 |
9.3 % |
12.3 % |
|
TOTAL |
|
3,317 |
2,710 |
22.4 % |
27.5 % |
(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.
REMINDER – 1ST
QUARTER 2023
REVENUE BY GEOGRAPHICAL ZONE
(a)
|
|
|
1st quarter |
Evolution /2022 |
| In millions of
Euros |
|
2023 |
2022 |
Published |
At constant exchange rates |
| France |
|
273 |
214 |
27.7% |
27.7% |
| Europe (excl.
France) |
|
391 |
327 |
19.7% |
21.3% |
| Total
Europe |
|
664 |
541 |
22.9% |
23.9% |
| Japan |
|
322 |
277 |
16.1% |
26.1% |
| Asia-Pacific
(excl. Japan) |
|
1,763 |
1,447 |
21.8% |
22.5% |
| Total
Asia |
|
2,084 |
1,724 |
20.9% |
23.0% |
| Americas |
|
556 |
449 |
23.9% |
19.2% |
| Other |
|
75 |
51 |
47.6% |
46.9% |
|
TOTAL |
|
3,380 |
2,765 |
22.3% |
23.0% |
(a) Sales by destination.
REVENUE BY
SECTOR
|
|
|
1st quarter |
Evolution /2022 |
| In millions of
Euros |
|
2023 |
2022 |
Published |
At constant exchange rates |
| Leather Goods
and Saddlery (1) |
|
1,409 |
1,197 |
17.8% |
18.5% |
| Ready-to-wear
and Accessories (2) |
|
950 |
710 |
33.7% |
34.4% |
| Silk and
Textiles |
|
234 |
198 |
18.4% |
19.6% |
| Other Hermès
sectors (3) |
|
421 |
330 |
27.7% |
28.3% |
| Perfume and
Beauty |
|
126 |
119 |
6.1% |
6.8% |
| Watches |
|
166 |
134 |
23.6% |
24.6% |
| Other products
(4) |
|
74 |
77 |
(4.0)% |
(3.2)% |
|
TOTAL |
|
3,380 |
2,765 |
22.3% |
23.0% |
(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 FIRST HALF CONSOLIDATED
ACCOUNTS
CONSOLIDATED INCOME STATEMENT
|
In millions of euros |
H1 2023 |
Financial year 2022 |
H1 2022 |
|
Revenue |
6,698 |
11,602 |
5,475 |
|
Cost of sales |
(1,863) |
(3,389) |
(1,586) |
|
Gross margin |
4,834 |
8,213 |
3,889 |
|
Sales and administrative expenses |
(1,485) |
(2,680) |
(1,178) |
|
Other income and expenses |
(403) |
(836) |
(406) |
|
Recurring operating income |
2,947 |
4,697 |
2,304 |
|
Other non-recurring income and expenses |
- |
- |
- |
|
Operating income |
2,947 |
4,697 |
2,304 |
|
Net financial income |
75 |
(62) |
(35) |
|
Net income before tax |
3,021 |
4,635 |
2,270 |
|
Income tax |
(831) |
(1,305) |
(647) |
|
Net income from associates |
43 |
50 |
25 |
|
CONSOLIDATED NET INCOME |
2,234 |
3,380 |
1,647 |
|
Non-controlling interests |
(8) |
(13) |
(6) |
|
NET INCOME ATTRIBUTABLE TO OWNERS OF THE
PARENT |
2,226 |
3,367 |
1,641 |
|
Basic earnings per share (in euros) |
21.29 |
32.20 |
15.69 |
|
Diluted earnings per share (in euros) |
21.26 |
32.09 |
15.64 |
|
In millions of euros |
H1 2023 |
Financial year 2022 |
H1 2022 |
|
|
Consolidated net income |
2,234 |
3,380 |
1,647 |
|
|
Changes in foreign currency adjustments 1 |
(115) |
126 |
182 |
|
|
Hedges of future cash flows in foreign currencies 1 2 |
72 |
129 |
10 |
|
|
|
123 |
23 |
(97) |
|
- recycling through profit or loss
|
(51) |
106 |
107 |
|
|
Assets at fair value 2 |
- |
333 |
- |
|
|
Employee benefit obligations: change in value linked to actuarial
gains and losses 2 |
(1) |
41 |
1 |
|
|
Net comprehensive income |
2,189 |
4,009 |
1,840 |
|
- attributable to owners of the
parent
|
2,180 |
3,996 |
1,833 |
|
- attributable to non-controlling
interests
|
9 |
14 |
7 |
|
|
(1) Transferable through profit or loss.(2) Net of tax. |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
CONSOLIDATED BALANCE SHEET
ASSETS
|
In millions of euros |
30/06/2023 |
31/12/2022 |
30/06/2022 |
|
Goodwill |
- |
- |
14 |
|
Intangible assets |
217 |
213 |
204 |
|
Right-of-use assets |
1,624 |
1,582 |
1,665 |
|
Property, plant and equipment |
2,018 |
2,007 |
1,916 |
|
Investment property |
8 |
8 |
8 |
|
Financial assets |
1,121 |
1,109 |
648 |
|
Investments in associates |
58 |
54 |
52 |
|
Loans and deposits |
65 |
65 |
63 |
|
Deferred tax assets |
581 |
555 |
636 |
|
Other non-current assets |
45 |
39 |
25 |
|
Non-current assets |
5,737 |
5,630 |
5,232 |
|
Inventories and work-in-progress |
2,081 |
1,779 |
1,617 |
|
Trade and other receivables |
415 |
383 |
464 |
|
Current tax receivables |
16 |
19 |
8 |
|
Other current assets |
353 |
263 |
288 |
|
Financial derivatives |
303 |
160 |
179 |
|
Cash and cash equivalents |
9,349 |
9,225 |
7,293 |
|
Current assets |
12,518 |
11,828 |
9,850 |
|
TOTAL ASSETS |
18,255 |
17,459 |
15,082 |
LIABILITIES
|
In millions of euros |
30/06/2023 |
31/12/2022 |
30/06/2022 |
|
Share capital |
54 |
54 |
54 |
|
Share premium |
50 |
50 |
50 |
|
Treasury shares |
(670) |
(674) |
(672) |
|
Reserves |
10,785 |
8,795 |
8,735 |
|
Foreign currency adjustments |
188 |
303 |
359 |
|
Revaluation adjustments |
617 |
546 |
93 |
|
Net income attributable to owners of the parent |
2,226 |
3,367 |
1,641 |
|
Equity attributable to owners of the parent |
13,249 |
12,440 |
10,259 |
|
Non-controlling interests |
(5) |
16 |
14 |
|
Equity |
13,244 |
12,457 |
10,273 |
|
Borrowings and financial liabilities due in more than one year |
35 |
35 |
24 |
|
Lease liabilities due in more than one year |
1,646 |
1,629 |
1,705 |
|
Non-current provisions |
28 |
30 |
29 |
|
Post-employment and other employee benefit obligations due in more
than one year |
186 |
181 |
224 |
|
Deferred tax liabilities |
4 |
20 |
46 |
|
Other non-current liabilities |
118 |
103 |
48 |
|
Non-current liabilities |
2,017 |
1,998 |
2,076 |
|
Borrowings and financial liabilities due in less than one year |
23 |
2 |
14 |
|
Lease liabilities due in less than one year |
284 |
268 |
272 |
|
Current provisions |
130 |
133 |
129 |
|
Post-employment and other employee benefit obligations due in less
than one year |
15 |
15 |
40 |
|
Trade and other payables |
699 |
777 |
536 |
|
Financial derivatives |
80 |
74 |
213 |
|
Current tax liabilities |
647 |
496 |
468 |
|
Other current liabilities |
1,115 |
1,239 |
1,063 |
|
Current liabilities |
2,994 |
3,004 |
2,733 |
|
TOTAL EQUITY AND LIABILITIES |
18,255 |
17,459 |
15,082 |
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 2022 |
105,569,412 |
54 |
50 |
(551) |
9,712 |
(125) |
178 |
188 |
(105) |
9,400 |
12 |
9,412 |
|
Net income for the first half of 2022 |
- |
- |
- |
- |
1,641 |
- |
- |
- |
|
1,641 |
6 |
1,647 |
|
Other comprehensive income for the first half of 2022 |
- |
- |
- |
- |
- |
1 |
181 |
- |
10 |
191 |
1 |
193 |
|
Comprehensive income for the first half of
2022 |
- |
- |
- |
- |
1,641 |
1 |
181 |
- |
10 |
1,833 |
7 |
1,840 |
|
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Purchase or sale of treasury shares |
- |
- |
- |
(120) |
(0) |
- |
- |
- |
- |
(120) |
- |
(120) |
|
Share-based payments |
- |
- |
- |
- |
27 |
- |
- |
- |
- |
27 |
- |
27 |
|
Dividends paid |
- |
- |
- |
- |
(845) |
- |
- |
- |
- |
(845) |
(6) |
(850) |
|
Other |
- |
- |
- |
|
(36) |
- |
- |
- |
- |
(36) |
- |
(36) |
|
AS AT 30 JUNE 2022 |
105,569,412 |
54 |
50 |
(672) |
10,500 |
(124) |
359 |
188 |
(95) |
10,259 |
14 |
10,273 |
|
Net income for the second half of 2022 |
- |
- |
- |
- |
1,726 |
- |
- |
- |
- |
1,726 |
6 |
1,732 |
|
Other comprehensive income for the second half of 2022 |
- |
- |
- |
- |
- |
39 |
(55) |
333 |
120 |
437 |
(0) |
437 |
|
Comprehensive income for the second half of
2022 |
- |
- |
- |
- |
1,726 |
39 |
(55) |
333 |
120 |
2,163 |
6 |
2,169 |
|
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Purchase or sale of treasury shares |
- |
- |
- |
(3) |
2 |
- |
- |
- |
- |
(1) |
- |
(1) |
|
Share-based payments |
- |
- |
- |
- |
27 |
- |
- |
- |
- |
27 |
- |
27 |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(0) |
(2) |
(2) |
|
Other |
- |
- |
- |
|
(8) |
- |
- |
- |
- |
(8) |
(2) |
(10) |
|
As at 31 December 2022 |
105,569,412 |
54 |
50 |
(674) |
12,247 |
(85) |
303 |
521 |
25 |
12,440 |
16 |
12,457 |
|
Net income for the first half of 2023 |
- |
- |
- |
- |
2,226 |
- |
- |
- |
- |
2,226 |
8 |
2,234 |
|
Other comprehensive income for the first half of 2023 |
- |
- |
- |
- |
- |
(1) |
(116) |
- |
72 |
(45) |
1 |
(45) |
|
Comprehensive income for the first half of
2023 |
- |
- |
- |
- |
2,226 |
(1) |
(116) |
- |
72 |
2,180 |
9 |
2,189 |
|
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Purchase or sale of treasury shares |
- |
- |
- |
4 |
1 |
- |
- |
- |
- |
5 |
- |
5 |
|
Share-based payments |
- |
- |
- |
- |
30 |
- |
- |
- |
- |
30 |
- |
30 |
|
Dividends paid |
- |
- |
- |
- |
(1,376) |
- |
- |
- |
- |
(1,376) |
(8) |
(1,384) |
|
Other |
- |
- |
- |
- |
(31) |
- |
- |
- |
- |
(31) |
(22) |
(53) |
|
AS AT 30 JUNE 2023 |
105,569,412 |
54 |
50 |
(670) |
13,097 |
(86) |
188 |
521 |
96 |
13,249 |
(5) |
13,244 |
CONSOLIDATED STATEMENT OF CASH FLOWS
|
In millions of euros |
H1 2023 |
Financial year 2022 |
H1 2022 |
|
CASH FLOWS RELATED TO OPERATING ACTIVITIES |
|
|
|
|
Net income attributable to owners of the parent |
2,226 |
3,367 |
1,641 |
|
Depreciation and amortisation of fixed assets |
183 |
341 |
160 |
|
Amortisation of right-of-use assets |
139 |
266 |
127 |
|
Impairment losses |
22 |
123 |
71 |
|
Foreign exchange gains/(losses) on fair value adjustments |
62 |
12 |
(24) |
|
Change in provisions |
26 |
12 |
22 |
|
Net income from associates |
(43) |
(50) |
(25) |
|
Net income attributable to non-controlling interests |
8 |
13 |
6 |
|
Capital gains or losses on disposals and impact of changes in scope
of consolidation |
0 |
(1) |
7 |
|
Deferred income tax expense |
(25) |
(16) |
(1) |
|
Accrued expenses and income related to share-based payments |
30 |
55 |
27 |
|
Dividend income |
(12) |
(11) |
(11) |
|
Operating cash flows |
2,615 |
4,111 |
2,001 |
|
Change in working capital requirements |
(509) |
73 |
(261) |
|
Change in net cash position related to operating activities
(A) |
2,106 |
4,184 |
1,740 |
|
CASH FLOWS RELATED TO INVESTING ACTIVITIES |
|
|
|
|
Operating investments |
(249) |
(518) |
(190) |
|
Acquisitions of consolidated shares |
(73) |
(1) |
- |
|
Acquisitions of other financial assets |
(24) |
(165) |
(40) |
|
Disposals of operating assets |
0 |
1 |
0 |
|
Disposals of consolidated shares and impact of losses of
control |
- |
0 |
- |
|
Disposals of other financial assets |
- |
5 |
5 |
|
Change in payables and receivables related to investing
activities |
(12) |
32 |
(18) |
|
Dividends received |
26 |
67 |
36 |
|
Change in net cash position related to investing activities
(B) |
(333) |
(579) |
(207) |
|
CASH FLOWS RELATED TO FINANCING ACTIVITIES |
|
|
|
|
Dividends paid |
(1,384) |
(852) |
(850) |
|
Repayment of lease liabilities |
(137) |
(261) |
(128) |
|
Treasury share buybacks net of disposals |
4 |
(123) |
(120) |
|
Borrowing subscriptions |
0 |
- |
- |
|
Repayment of borrowings |
(0) |
(0) |
(0) |
|
Change in net cash position related to financing activities
(C) |
(1,517) |
(1,237) |
(1,099) |
|
Foreign currency translation adjustment (D) |
(153) |
159 |
151 |
|
CHANGE IN NET CASH POSITION (A) + (B) + (C) +
(D) |
103 |
2,528 |
585 |
|
Net cash position at the beginning of the period |
9,223 |
6,695 |
6,695 |
|
Net cash position at the end of the period |
9,326 |
9,223 |
7,280 |
|
CHANGE IN NET CASH POSITION |
103 |
2,528 |
585 |
- hermes_20230728_pr_firsthalfresults_va
Hermes (EU:RMS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Hermes (EU:RMS)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
