2016
RESULTS
In 2016, the Christian Dior group recorded revenue of
39.5 billion euros, up 5% at actual exchange rates and 6% at
constant structure and exchange rates. Profit from recurring
operations was 7.3 billion euros, up 6%.
The Group share of net profit was
1.8 billion euros.
Free cash flow before financial
investments, transactions relating to equity and financing
activities, was 4.0 billion euros.
The financial highlights of the period were as
follows:
Consolidated financial
highlights
(EUR millions) |
December 31, 2016
(12 calendar months) (a) |
December 31, 2015
(12 calendar months) (a) |
Change
|
Revenue |
39,501 |
37,511 |
+5% |
Profit
from recurring operations |
7,252 |
6,827 |
+6% |
Net
profit |
4,594 |
4,074 |
+13% |
Net
profit, Group share |
1,764 |
1,537 |
+15% |
Free cash
flow (b) |
4,003 |
3,607 |
+11% |
Net
financial debt |
4,753 |
5,841 |
-19% |
Equity |
30,084 |
27,638 |
+9% |
(a)
Limited review without a report issued by the
Statutory Auditors
(b)
Before financial investments, transactions
relating to equity and financing activities
In 2016, Christian Dior Couture posted revenue of 1,936 million
euros, up 3% at actual exchange rates and 5% at constant exchange
rates compared to 2015. Retail sales revenue growth was up 3% at
actual exchange rates and 5% at constant exchange rates. Profit
from recurring operations was 252 million euros, up 5%.
LVMH recorded
revenue of 37.6 billion euros in 2016, up 5% at actual exchange
rates and 6% at constant structure and exchange rates with respect
to 2015. Profit from recurring operations reached 7.0 billion euros
in 2016, an increase of 6%, to which all business groups, apart
from selective distribution, contributed. This result compares to
2015 which was itself a year of growth. Operating margin reached
18.7%. Group share of net profit was 3,981 million euros,
representing growth of 11%.
For LVMH, the key highlights from
2016 include:
-
Record revenue and profit from recurring
operations
-
Growth in the United States, Europe and
Asia
-
Good performance of Wines & Spirits in all
regions
-
The success of both iconic and new products at
Louis Vuitton, where profitability remains at an exceptional
level
-
Progress at Fendi
-
The sale of Donna Karan and the acquisition of
Rimowa, leader in luggage of excellence
-
Good momentum at Parfums Christian Dior driven
by successful product innovations
-
Market share gains at Bvlgari and TAG
Heuer
-
Growth at Sephora which strengthened its
position in all its markets and in digital
Revenue and profit from recurring
operations by business group for the Christian
Dior group for the 12-month calendar year ended December 31,
2016 were as follows:
REVENUE
(EUR millions) |
December 31, 2016
(12 calendar months) (a) |
December 31, 2015
(12 calendar months) (a) |
Change at actual exchange rates |
Organic
growth (b) |
Christian Dior
Couture |
1,936 |
1,872 |
+3% |
+5% |
Wines and Spirits |
4,835 |
4,603 |
+5% |
+7% |
Fashion and Leather
Goods |
12,775 |
12,369 |
+3% |
+4% |
Perfumes and
Cosmetics |
4,953 |
4,671 |
+6% |
+8% |
Watches and
Jewelry |
3,468 |
3,308 |
+5% |
+5% |
Selective
Retailing |
11,973 |
11,193 |
+7% |
+8% |
Other
activities and eliminations |
(439) |
(505) |
- |
- |
Total |
39,501 |
37,511 |
+5% |
+6% |
(a)
Limited review without a report issued by the
Statutory Auditors
(b)
At constant structure and exchange rates
PROFIT FROM
RECURRING OPERATIONS
(EUR millions) |
December 31, 2016
(12 calendar months) (a) |
December 31, 2015 (12 calendar months) (a) |
Change |
Christian Dior
Couture |
252 |
240 |
+5% |
Wines and Spirits |
1,504 |
1,363 |
+10% |
Fashion and Leather
Goods |
3,873 |
3,505 |
+10% |
Perfumes and
Cosmetics |
551 |
524 |
+5% |
Watches and
Jewelry |
458 |
432 |
+6% |
Selective
Retailing |
919 |
940 |
-2% |
Other
activities and eliminations |
(305) |
(177) |
- |
Total |
7,252 |
6,827 |
+6% |
(a)
Limited review without a report issued by the
Statutory Auditors
Outlook:
cautiously confident for 2017
Despite a climate of geopolitical
and currency uncertainties, the Christian Dior
group is well-equipped to continue its growth momentum across
all business groups in 2017. The Group will maintain a strategy
focused on developing its brands by continuing to build on strong
innovation and a constant quest for quality in their products and
their distribution.
Driven by the agility of its
teams, their entrepreneurial spirit and the balance of its
different businesses and geographic diversity, the Christian Dior
group enters 2017 with caution but has, once again, set an
objective of increasing its global leadership position in luxury
goods.
* *
*
APPROVAL FOR
PUBLICATION OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED
DECEMBER 31, 2016
(6-month fiscal year due to the change in the
fiscal year-end approved at the Shareholders' Meeting of December
1, 2015)
The Christian
Dior group achieved revenue of 21.4 billion euros for the
6-month fiscal year from July 1 to December 31, 2016, up 8% at
actual exchange rates and 7% at constant structure and exchange
rates with respect to the half-year from July 1 to December 31,
2015. Profit from recurring operations was 4.2 billion euros,
up 12%.
The Group share of net profit was
1.1 billion euros.
Free cash flow for the fiscal
year, before financial investments, transactions relating to equity
and financing activities, was 3.3 billion euros.
The Board of Directors met on
February 9, 2017 to approve the financial statements for the fiscal
year ended December 31, 2016. Audit procedures have been carried
out and the audit report is being issued.
At the Shareholders' Meeting of
April 13, 2017, the payment of a gross cash dividend of 1.40 euros
per share will be proposed in respect of the fiscal year ended
December 31, 2016, which will be paid as of April 21, 2017.
To date, no events or changes have
occurred which could significantly modify the Group's financial
structure.
The main aggregates for the fiscal
year ended December 31, 2016 were as follows:
Consolidated financial highlights
(EUR millions) |
Fiscal year from
July 1, 2016
to December 31, 2016
(6 months) (a) |
Half-year from
July 1, 2015
to December 31, 2015
(6 months) (b) |
Change |
Revenue |
21,436 |
19,903 |
+8% |
Profit
from recurring operations |
4,238 |
3,778 |
+12% |
Net
profit |
2,724 |
2,294 |
+19% |
Net
profit, Group share |
1,058 |
863 |
+23% |
Free cash
flow (c) |
3,305 |
2,961 |
+12% |
Net
financial debt |
4,753 |
5,841 |
-19% |
Equity |
30,084 |
27,638 |
+9% |
(a)
Audit procedures carried out, audit report being
issued
(b)
Limited review with a report issued by the
Statutory Auditors on the financial information for the first half
of the 2015/2016 fiscal year
(c)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) |
Fiscal year from
July 1, 2016
to December 31, 2016
(6 months) (a) |
Half-year from
July 1, 2015
to December 31, 2015
(6 months) (b) |
Change at
actual
exchange rates |
Organic
growth |
Christian Dior
Couture |
1,043 |
961 |
+9% |
+10% |
Wines and Spirits |
2,779 |
2,673 |
+4% |
+5% |
Fashion and Leather
Goods |
6,890 |
6,436 |
+7% |
+7% |
Perfumes and
Cosmetics |
2,616 |
2,443 |
+7% |
+8% |
Watches and
Jewelry |
1,859 |
1,756 |
+6% |
+5% |
Selective
Retailing |
6,493 |
5,918 |
+10% |
+9% |
Other
activities and eliminations |
(244) |
(284) |
- |
- |
Total |
21,436 |
19,903 |
+8% |
+7% |
(a)
Audit procedures carried out, audit report being
issued
(b)
Limited review with a report issued by the
Statutory Auditors on the financial information for the first half
of the 2015/2016 fiscal year
Profit from
recurring operations
(EUR millions) |
Fiscal year from
July 1, 2016
to December 31, 2016
(6 months) (a) |
Half-year from
July 1, 2015
to December 31, 2015
(6 months) (b) |
Change
|
Christian Dior
Couture |
178 |
135 |
+33% |
Wines and Spirits |
939 |
881 |
+7% |
Fashion and Leather
Goods |
2,243 |
1,844 |
+22% |
Perfumes and
Cosmetics |
279 |
275 |
+1% |
Watches and
Jewelry |
253 |
227 |
+11% |
Selective
Retailing |
509 |
507 |
0% |
Other
activities and eliminations |
(163) |
(91) |
- |
Total |
4,238 |
3,778 |
+12% |
(a)
Audit procedures carried out, audit report being
issued
(b)
Limited review with a report issued by the
Statutory Auditors on the financial information for the first half
of the 2015/2016 fiscal year
* *
*
APPENDIX 1:
Revenue by business group and
by period (12 calendar months)
APPENDIX 2:
Revenue by business group and
by quarter (6-month fiscal year ended December 31, 2016)
This announcement
constitutes regulated information, and is 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.
This document is a free translation into English
of the original French "Communiqué financier"
dated February 9, 2017. It is not a binding document. In the
event of a conflict in interpretation, reference should be made to
the French version, which is the authentic text.
APPENDIX 1
Christian Dior
group - Revenue by business group and by period
(12 calendar months)
Periods from January 1 to December 31, 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 |
Period from January 1
to March 31, 2016 |
429 |
1,033 |
2,965 |
1,213 |
774 |
2,747 |
(120) |
9,041 |
Period from
April 1 to June 30, 2016 |
464 |
1,023 |
2,920 |
1,124 |
835 |
2,733 |
(75) |
9,024 |
Period from
July 1 to September 30, 2016 |
502 |
1,225 |
3,106 |
1,241 |
877 |
2,803 |
(122) |
9,632 |
Period from
October 1 to December 31, 2016 |
541 |
1,554 |
3,784 |
1,375 |
982 |
3,690 |
(122) |
11,804 |
Total |
1,936 |
4,835 |
12,775 |
4,953 |
3,468 |
11,973 |
(439) |
39,501 |
|
Periods from January 1 to December 31, 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 |
Period from January 1
to March 31, 2015 |
433 |
992 |
2,975 |
1,129 |
723 |
2,648 |
(149) |
8,751 |
Period from
April 1 to June 30, 2015 |
478 |
938 |
2,958 |
1,099 |
829 |
2,627 |
(72) |
8,857 |
Period from
July 1 to September 30, 2015 |
471 |
1,199 |
2,939 |
1,143 |
852 |
2,603 |
(161) |
9,046 |
Period from
October 1 to December 31, 2015 |
490 |
1,474 |
3,497 |
1,300 |
904 |
3,315 |
(123) |
10,857 |
Total |
1,872 |
4,603 |
12,369 |
4,671 |
3,308 |
11,193 |
(505) |
37,511 |
|
(*)
Taking into account the reclassification of the
Kendo cosmetics company from Selective Retailing to Perfumes and
Cosmetics
APPENDIX 2
Christian Dior
group - Revenue by business group and by quarter
(6-month fiscal year ended December 31,
2016)
Fiscal year ended December 31, 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, 2016 |
502 |
1,225 |
3,106 |
1,241 |
877 |
2,803 |
(122) |
9,632 |
Quarter from October 1
to December 31, 2016 |
541 |
1,554 |
3,784 |
1,375 |
982 |
3,690 |
(122) |
11,804 |
Total |
1,043 |
2,779 |
6,890 |
2,616 |
1,859 |
6,493 |
(244) |
21,436 |
|
|
|
|
|
|
|
|
|
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, 2016 |
+8% |
+4% |
+5% |
+10% |
+2% |
+8% |
- |
+6% |
Quarter from October 1
to December 31, 2016 |
+12% |
+7% |
+9% |
+7% |
+8% |
+11% |
- |
+8% |
Total |
+10% |
+5% |
+7% |
+8% |
+5% |
+9% |
- |
+7% |
|
First half of the 2015/2016 fiscal year |
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 |
Total |
961 |
2,673 |
6,436 |
2,443 |
1,756 |
5,918 |
(284) |
19,903 |
|
(*)
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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