Christian Dior : Financial release
July 28 2016 - 12:30PM
FINANCIAL
RELEASE
The Christian Dior group achieved revenue of
38.0 billion euros for the fiscal year from July 1, 2015 to June
30, 2016, up 8% at actual exchange rates and 5% at constant
structure and exchange rates. Profit from recurring operations was
6.8 billion euros, up 8%.
The Group share of net profit was
1.6 billion euros. Excluding the impact of the exceptional
distributions of Hermès shares in December 2014, the Group share of
net profit was up 18% compared to the fiscal year from July 1, 2014
to June 30, 2015.
Free cash flow (before financial
investments, transactions relating to equity and financing
activities) was 3.7 billion euros for the fiscal year.
The financial highlights of the
fiscal year 2015/2016 (audit procedures in progress) are as
follows:
Consolidated financial
highlights
(EUR billions) |
Fiscal year from July 1, 2015 to
June 30, 2016 (a) |
Fiscal year from July 1, 2014 to June
30, 2015 |
|
Change |
|
Revenue |
38.0 |
35.1 |
|
+8% |
|
Profit
from recurring operations |
6.8 |
6.3 |
|
+8% |
|
Net
profit
|
4.2 |
6.2
3.5 |
(b)
(c)
|
-32%
+18% |
(b)
(c)
|
Net
profit, Group share
|
1.6 |
2.4
1.3 |
(b)
(c) |
-34%
+18% |
(b)
(c) |
Free cash
flow (d) |
3.7 |
3.5 |
|
+5% |
|
Net
financial debt |
6.8 |
7.5 |
|
-9% |
|
Total
equity |
28.1 |
26.3 |
|
+7% |
|
(a)
Audit procedures in progress
(b)
Including the impact of the exceptional
distributions in kind of Hermès shares in December
2014
(c)
Excluding the impact of the exceptional
distributions in kind of Hermès shares in December
2014
(d)
Before financial investments, transactions
relating to equity and financing activities |
|
Revenue and profit from recurring operations by business group were
as follows:
Revenue
(EUR millions)
|
1st half-year
(July 1 - Dec. 31, 2015) (b) |
2nd half-year
(January 1 - June 30, 2016) (c) |
12-month fiscal year
(July 1, 2015 - June 30, 2016) (a) |
12-month fiscal year
(July 1, 2014 - June 30, 2015) |
Change at actual exchange rates |
Organic growth (d) |
Christian Dior
Couture |
961 |
893 |
1,854 |
1,765 |
+5% |
+2% |
Wines and Spirits |
2,673 |
2,056 |
4,729 |
4,226 |
+12% |
+9% |
Fashion and Leather
Goods |
6,436 |
5,885 |
12,321 |
11,731 |
+5% |
+2% |
Perfumes and
Cosmetics |
2,443 |
2,337 |
4,780 |
4,347 |
+10% |
+8% |
Watches and
Jewelry |
1,756 |
1,609 |
3,365 |
3,068 |
+10% |
+6% |
Selective
Retailing |
5,918 |
5,480 |
11,398 |
10,423 |
+9% |
+5% |
Other
activities and eliminations |
(284) |
(195) |
(479) |
(479) |
- |
- |
Total |
19,903 |
18,065 |
37,968 |
35,081 |
+8% |
+5% (e) |
(a)
Audit procedures in progress
(b)
Figures for the first half of the fiscal year
(July 1 - December 31, 2015) underwent limited review procedures
with a report issued by the Statutory Auditors on the half-year
consolidated financial information
(c)
Figures for the second half of the fiscal year
(January 1 - June 30, 2016) underwent limited review procedures
with no report issued
(d)
At constant structure and exchange
rates
(e)
The exchange rate impact was +3%
Profit from recurring
operations
(EUR millions)
|
1st half-year
(July 1 - Dec. 31, 2015) (b) |
2nd half-year
(January 1 - June 30, 2016) (c) |
12-month fiscal year
(July 1, 2015 - June 30,
2016) (a) |
12-month fiscal year
(July 1, 2014 - June 30, 2015) |
Change |
Christian Dior
Couture |
135 |
74 |
209 |
226 |
-8% |
Wines and Spirits |
881 |
565 |
1,446 |
1,168 |
+24% |
Fashion and Leather
Goods |
1,844 |
1,630 |
3,474 |
3,363 |
+3% |
Perfumes and
Cosmetics |
275 |
272 |
547 |
456 |
+20% |
Watches and
Jewelry |
227 |
205 |
432 |
381 |
+13% |
Selective
Retailing |
507 |
410 |
917 |
922 |
-1% |
Other
activities and eliminations |
(91) |
(142) |
(233) |
(220) |
- |
Total |
3,778 |
3,014 |
6,792 |
6,296 |
+8% |
(a)
Audit procedures in progress
(b)
Figures for the first half of the fiscal year
(July 1 - December 31, 2015) underwent limited review procedures
with a report issued by the Statutory Auditors on the half-year
consolidated financial information
(c)
Figures for the second half of the fiscal year
(January 1 - June 30, 2016) underwent limited review procedures
with no report issued
Highlights for the second half of
the fiscal year of the Christian Dior group (January 1 - June 30,
2016) include:
-
Strong momentum in the United States, and
continued growth in the European market;
-
Christian Dior Couture's resilience, illustrated
by its stable half-year revenue at constant exchange rates (down 2%
at actual exchange rates), with local customer growth limiting the
impact of lower tourist traffic. The power of the Dior brand will
be boosted by the arrival of a new leadership (women), which will
combine its artistic vision with the excellence of the Maison's
savoir-faire;
-
Excellent performance from Wines and Spirits in
all regions;
-
Success of iconic lines and new products at
Louis Vuitton, where profitability remains at an exceptional
level;
-
Impressive growth of Fendi, which celebrates its
90th year;
-
Continued investment in the fashion
brands;
-
Strong momentum at Parfums Christian Dior, led
by successful innovations;
-
Market share gains at Bvlgari and the successful
refocusing of TAG Heuer on its core range;
-
Exceptional progress at Sephora which is
strengthening its position in all operating regions and in the
digital universe;
-
Cash from operations before changes in working
capital of 3.8 billion euros, an increase of 8%;
-
Net debt to equity ratio of 24% as of the end of
June 2016.
After the fiscal year-end, an
agreement was announced for the sale of the Donna Karan business on
July 25, 2016. The transaction is expected to close in late 2016 or
early 2017.
OUTLOOK
Despite the context of
geopolitical and currency uncertainties, the Christian Dior group will continue to gain market share
thanks to the numerous upcoming product launches and its geographic
expansion in promising markets, while continuing to manage
costs.
Our strategy of focusing on
quality across all our activities, combined with the dynamism and
unparalleled creativity of our teams, will enable us to further
reinforce, once again, the Group's global leadership position in
luxury goods.
During the fiscal year and to
date, no events or changes have occurred which could significantly
modify the Group's financial structure.
The annual
financial statements as of June 30, 2016 will be approved by the
Board of Directors at its meeting in October 2016, which will be
followed by the publication of a financial release.
* *
*
This financial
release constitutes regulated information and is made available on
the Company's website (www.dior-finance.com).
Some of the
statements contained in this financial release may include or be
based on forward-looking information. Major risk factors,
uncertainties or elements either beyond our control or unable to be
anticipated as of this writing may thus cause actual results to
differ significantly from those expressed or implied by the
forward-looking information in this financial release. The
statements made herein reflect our vision of the Group's business
activities as of the date of this financial release. Accordingly,
readers are cautioned not to place undue reliance on the
information thus provided. Furthermore, it should be noted that we
undertake no obligation to update publicly or otherwise revise any
forward-looking statements.
APPENDIX
1
Christian Dior
group - Revenue by business group and by quarter
Fiscal year ended June 30, 2016 |
|
|
|
|
|
|
|
|
Revenue (EUR
millions) |
Christian
Dior Couture |
Wines and
Spirits |
Fashion
and Leather Goods |
Perfumes
and Cosmetics (*) |
Watches
and Jewelry |
Selective
Retailing (*) |
Other
activities and eliminations (*) |
Total |
Quarter from July 1 to
September 30, 2015 |
471 |
1,199 |
2,939 |
1,143 |
852 |
2,603 |
(161) |
9,046 |
Quarter from October 1
to December 31, 2015 |
490 |
1,474 |
3,497 |
1,300 |
904 |
3,315 |
(123) |
10,857 |
Quarter from January 1
to March 31, 2016 |
429 |
1,033 |
2,965 |
1,213 |
774 |
2,747 |
(120) |
9,041 |
Quarter
from April 1 to June 30, 2016 |
464 |
1,023 |
2,920 |
1,124 |
835 |
2,733 |
(75) |
9,024 |
Total |
1,854 |
4,729 |
12,321 |
4,780 |
3,365 |
11,398 |
(479) |
37,968 |
|
|
|
|
|
|
|
|
|
Organic revenue growth (as %) |
Christian
Dior Couture |
Wines and
Spirits |
Fashion
and Leather Goods |
Perfumes
and Cosmetics (*) |
Watches
and Jewelry |
Selective
Retailing (*) |
Other
activities and eliminations (*) |
Total |
Quarter from July 1 to
September 30, 2015 |
+5% |
+16% |
+3% |
+9% |
+11% |
+5% |
- |
+7% |
Quarter from October 1
to December 31, 2015 |
+4% |
+4% |
+3% |
+8% |
+3% |
+5% |
- |
+5% |
Quarter from January 1
to March 31, 2016 |
0% |
+6% |
0% |
+9% |
+7% |
+4% |
- |
+3% |
Quarter
from April 1 to June 30, 2016 |
0% |
+13% |
+1% |
+6% |
+2% |
+7% |
- |
+4% |
Total |
+2% |
+9% |
+2% |
+8% |
+6% |
+5% |
- |
+5% |
|
Fiscal year ended June 30, 2015 |
Revenue (EUR
millions) |
Christian
Dior Couture |
Wines and
Spirits |
Fashion
and Leather Goods |
Perfumes
and Cosmetics (*) |
Watches
and Jewelry |
Selective
Retailing (*) |
Other
activities and eliminations (*) |
Total |
Quarter from July 1 to
September 30, 2014 |
417 |
948 |
2,647 |
981 |
706 |
2,232 |
(132) |
7,799 |
Quarter from October 1
to December 31, 2014 |
437 |
1,348 |
3,151 |
1,138 |
810 |
2,916 |
(126) |
9,674 |
Quarter from January 1
to March 31, 2015 |
433 |
992 |
2,975 |
1,129 |
723 |
2,648 |
(149) |
8,751 |
Quarter
from April 1 to June 30, 2015 |
478 |
938 |
2,958 |
1,099 |
829 |
2,627 |
(72) |
8,857 |
Total |
1,765 |
4,226 |
11,731 |
4,347 |
3,068 |
10,423 |
(479) |
35,081 |
|
(*)
Taking into account the reclassification of the
Kendo cosmetics company from Selective Retailing to Perfumes and
Cosmetics
APPENDIX
2
Christian Dior
group - Profit from recurring operations by business group and by
half-year period
Fiscal year ended June 30, 2016 |
|
|
|
|
|
|
|
|
(EUR millions) |
Christian
Dior Couture |
Wines and
Spirits |
Fashion
and Leather Goods |
Perfumes
and Cosmetics (*) |
Watches
and Jewelry |
Selective
Retailing (*) |
Other
activities and eliminations (*) |
Total |
Half-year from July 1
to December 31, 2015 |
135 |
881 |
1,844 |
275 |
227 |
507 |
(91) |
3,778 |
Half-year
from January 1 to June 30, 2016 |
74 |
565 |
1,630 |
272 |
205 |
410 |
(142) |
3,014 |
Total |
209 |
1,446 |
3,474 |
547 |
432 |
917 |
(233) |
6,792 |
|
Fiscal year ended June 30, 2015 |
(EUR millions) |
Christian
Dior Couture |
Wines and
Spirits |
Fashion
and Leather Goods |
Perfumes
and Cosmetics (*) |
Watches
and Jewelry |
Selective
Retailing (*) |
Other
activities and eliminations (*) |
Total |
Half-year from July 1
to December 31, 2014 |
120 |
686 |
1,702 |
207 |
176 |
489 |
(133) |
3,247 |
Half-year
from January 1 to June 30, 2015 |
106 |
482 |
1,661 |
249 |
205 |
433 |
(87) |
3,049 |
Total |
226 |
1,168 |
3,363 |
456 |
381 |
922 |
(220) |
6,296 |
(*)
Taking into account the reclassification of the
Kendo cosmetics company from Selective Retailing to Perfumes and
Cosmetics
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information contained therein.
Source: Christian Dior via Globenewswire
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