Hermès International: 2022 Full Year Results
HERMES2022 Full Year
Results
Sales
momentum and
particularly robust
results in 2022
Revenue amounted to €11.6 billion (+29% at
current exchange rates and +23% at constant exchange rates)
Recurring operating income reached €4.7 billion (+33%)Net profit
amounted to €3.4 billion (+38%)
Paris, 17th February 2023
The group’s consolidated revenue amounted to
€11,602 million in 2022, up 29% at current exchange rates and 23%
at constant exchange rates compared to 2021. Recurring operating
income amounted to €4,697 million, i.e. 40.5% of sales. Net profit
(group share) reached €3,367 million, representing net
profitability of 29%.
In the fourth quarter 2022, the great sales
momentum recorded at the end of September continued, with sales
reaching €2,991 million, an increase of 26% at current exchanges
rates and 23% at constant exchange rates.
Axel Dumas, Executive Chairman of Hermès, said:
“In 2022, Hermès had an exceptional year thanks notably to the good
performance of its international markets. This success reinforces
our approach as an artisanal and highly integrated company, mainly
in France: a design house that offers objects conceived to be
functional, with an assertive style and uncompromising quality. The
year underpins the relevance of our responsible and sustainable
model.”
Over the last three years, Hermès created 4,300
jobs, including 2,900 in France, and reinforced its operating
investments by €1.5 billion, including c. 60% in France.
Sales by geographical area at the end of
December(at constant exchange rates unless otherwise
indicated)
At the end of December, sales growth was
remarkable across geographical areas. Sales increased considerably
both in group stores (+23% at constant exchange rates) and in
wholesale activities (+26%), which benefited from the recovery in
travel retail. Hermès continued to develop its exclusive
distribution network, while online sales pursued their upward trend
worldwide.
- Asia excluding Japan (+22%)
remained very dynamic throughout the geographical area. Sales
performance in Greater China was sustained. In October, a fourth
store opened in the Qiantan district in Shanghai, Mainland China,
and Hermès inaugurated a store in Pangyo, in South Korea. Several
stores reopened after renovation and extension work, such as the
Hyundai Coex store in Seoul in December and the Hong Kong
international airport store in November.
- Japan (+20%) recorded a steady,
sustained increase in sales. In November, the Takashimaya store in
Nagoya reopened after renovation and extension in a new location,
and the Hermès in the Making exhibition showcased the house’s
know-how in Kyoto.
- The Americas (+32%) saw an
exceptional year in 2022. After the April opening of a new store in
Austin, a new maison was inaugurated at 706 Madison Avenue in New
York in September. This store offers clients an unprecedented
experience of the creativity of Hermès and confirms the house’s
attachment to the sustainability of objects with a whole floor
dedicated to repairs. In Mexico, the store in Guadalajara reopened
in October after renovation.
- Europe excluding France (+18%)
recorded sustained growth, thanks to the loyalty of local clients
and the resumption of tourist traffic. The Paseo de Gracia store in
Barcelona was inaugurated in November, after being renovated and
extended.
- France (+27%) improved strongly,
with an acceleration at year-end thanks to high demand from both
national and international clients. The store in Strasbourg
reopened in November, after renovation and extension, in a new
location in the city’s historical centre.
Sales by business line at the end of
December(at constant exchange rates unless otherwise
indicated)
At the end of December 2022, all the business
lines confirmed their high levels of sales, with Ready-to-Wear and
Accessories, Watches and Other Hermès business lines posting a
remarkable increase, reflecting the huge desirability of the
house.
The Leather Goods and Saddlery business line
(+16%) performed particularly well, benefitting from very sustained
demand and a favourable comparison basis in the 4th quarter. The
growth in production capacities continued with five site projects.
These new capacities will reinforce the nine centres of expertise
located across the national territory, with their production units,
workshops and training centres. In 2023, Hermès will open two new
leather goods workshops: one in Louviers (Normandie) and the other
one in la Sormonne (Ardennes). The projects for new workshops sites
in Riom (Puy-de-Dôme), L’Isle-d’Espagnac (Charente) and Loupes
(Gironde) are ongoing. Hermès continues to reinforce its local
anchoring in France in regions with strong manufacturing know-how,
while also developing employment and training.
The Ready-to-Wear and Accessories division
(+36%) pursued its strong growth, thanks to the success of the
ready-to-wear, fashion accessories and footwear collections. The
men’s and women’s spring-summer 2023 collections, mixing casual,
sophisticated, bold and light spirits, were respectively presented
in June and October. Demand was also strong for fashion accessories
and footwear, with models that express the abundance of the house’s
know-how.
The Silk and Textiles business line (+20%)
achieved a splendid performance, supported by the growth in
production capacities and the success of the collections,
especially through the exploration of exceptional materials and
artisanal know-how, such as hand-weaving and leather work.
Perfume and Beauty business line (+15%) gained
from the successful launches of new creations, such as Terre
d’Hermès Eau Givrée, the Eau de parfum H24, and the Colognes with
Eau de basilic pourpre. Two years after its creation, the Hermès
Beauty business line continues its strong growth, thanks to the
limited editions of Rouge Hermès and the launch of Hermès Plein
Air, the new chapter for complexion.
The Watches business line (+46%) confirmed its
outstanding performance, displaying singular creativity and unique
style nurtured by all the other métiers of the house, as well as
exceptional watch-making know-how. In November 2022, the Arceau Le
temps voyageur watch won two awards at the Grand Prix d’Horlogerie
de Genève (Geneva Watchmaking Grand Prix). The new Hermès H08 men’s
watch confirmed its success, alongside the house’s classic
models.
The Other Hermès business lines (+30%), which
include Jewellery and Homeware, continued on their upward trend,
highlighting the full creative strength and singularity of the
house. The seventh haute bijouterie collection, called Les jeux de
l’ombre, was presented in Paris this summer and in New York this
autumn.
Particularly
robust
results
Recurring operating income increased by 33% to
€4,697 million compared to €3,530 million in 2021. Thanks to the
leverage effect generated by the strong sales growth and the
exceptional performance of the collections, annual recurring
operating profitability reached its highest level ever at 40.5%, up
from 39.3% in 2021.
Consolidated net profit (group share) amounted
to €3,367 million (29% of sales), an increase of 38% from €2,445
million in 2021.
Operational investments represented €518 million
and adjusted free cash flow reached €3,405 million.
After distribution of the ordinary dividend
(€837 million) and inclusion of share redemptions (€116 million for
104,269 shares outside the liquidity contract), the restated net
cash position increased by €2,672 million to €9,742 million
compared to €7,070 million as at 31 December 2021.
A responsible, sustainable
model
The group pursued its dynamic recruitment,
adding some 2,100 new hires to the workforce this year. At the end
of December 2022, the group employed 19,700 people, including
12,400 in France. True to its commitment as a responsible employer
and in recognition of the employees’ contribution to the
performance and success of the group, Hermès will pay an
exceptional bonus of €4,000 in 2023, to all the employees
worldwide.
Hermès strengthened its commitments in the
fields of education and knowledge transmission with the launch of
the École des artisans de la vente in April and the rollout of the
École Hermès des savoir-faire, opening a new Apprentice Training
Centre at the Ardennes regional hub of expertise. The group has
made another five-year commitment in an amount of €61 million for
the actions of the Fondation d’Entreprise Hermès.
In line with the house’s commitments for the
fight against climate change, Hermès pursued its actions in line
with the emissions reduction targets validated by the Science Based
Target initiative (SBTi). Hermès aims to reduce emissions by 50.4%
on scope 1 and 2 in absolute value and by 58.1% in intensity on
scope 3, over the 2018-2030 period. The house already offsets 100%
of scope 1&2 emissions, and most of transport-related
emissions, thanks to high environmental and societal value
programmes. Regarding the protection of biodiversity and resources,
the house also introduced a demanding responsible construction
standard that integrates sustainability issues across the life
cycle of real-estate projects. It was certified in November 2022 by
an independent third party, as being more demanding that the main
global standards.
In 2022, Hermès again saw an improvement in
non-financial ratings reflecting the strength of the CSR
commitments and the reinforced transparency. MSCI published a
greatly improved “AA” rating (versus BBB in 2020 and then A in
2021). Sustainalytics ranked the house as the best company in
Textiles and Clothing (number 1 out of 191 companies) and in the
Luxury Goods sector (number 1 out of 102 companies), with the
highest “Negligible Risk” classification. Moody’s ESG Solutions
ranked Hermès in 5th position in the Luxury Goods and Cosmetics
sector, thus consolidating the group’s position in the CAC40 ESG
index. Finally, Hermès joined the CDP’s A-list, making the house
one the world’s 330 top-performing companies in environmental
matters.
Proposed dividend
At the General Meeting to be held on 20th April
2023, a dividend proposal of €13.00 per share will be made. The
€3.50 interim dividend, paid on 22nd February 2023, will be
deducted from the dividend approved by the General Meeting.
Outlook
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.
The group has moved into 2023 with confidence,
thanks to the highly integrated artisanal model, the balanced
distribution network, the creativity of collections and the loyalty
of clients.
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.
The press release and the presentation of the
2022 results are available on the group’s website:
https://finance.hermes.com
At the Supervisory Board meeting on 16th February
2023, Executive Management presented the audited financial
statements for 2022. The audit procedures have been completed and
the audit report is under preparation. The complete consolidated
financial statements will be available by 31st March 2023 at the
following address https://finance.hermes.com and on the AMF
website: www.amf-france.org
Upcoming events:
- 14th April 2023: Q1 2023 revenue
publication
- 20th April 2023: General Meeting of
shareholders
- 28th July 2023: Publication of H1
2023 results
2022
KEY FIGURES
|
In millions of euros |
2022 |
2021 |
| |
|
|
|
Revenue |
11,602 |
8,982 |
|
Growth at current exchange rates vs. n-1 |
29.2% |
40.6% |
|
Growth at constant exchange rates vs. n-1 (1) |
23.4% |
41.8% |
|
|
|
|
|
Recurring operating
income (2) |
4,697 |
3,530 |
|
As a % of revenue |
40.5% |
39.3% |
|
|
|
|
|
Operating income |
4,697 |
3,530 |
|
As a % of revenue |
40.5% |
39.3% |
|
|
|
|
|
Net profit – Group share |
3,367 |
2,445 |
|
As a % of revenue |
29.0% |
27.2% |
|
|
|
|
|
Operating cash flows |
4,111 |
3,060 |
|
|
|
|
|
Investments (excluding financial investments) |
518 |
532 |
|
|
|
|
|
Adjusted free cash flow (3) |
3,405 |
2,661 |
|
|
|
|
|
Equity – Group share |
12,440 |
9,400 |
|
|
|
|
|
Net cash position (4) |
9,223 |
6,695 |
|
|
|
|
|
Restated net cash position (5) |
9,742 |
7,070 |
|
|
|
|
|
Workforce (number of employees) |
19,686 |
17,595 |
(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 /2021 |
| In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
| France |
|
1,064 |
838 |
26.9 % |
26.9 % |
| Europe (excl.
France) |
|
1,536 |
1,303 |
17.9 % |
18.4 % |
| Total
Europe |
|
2,600 |
2,141 |
21.5 % |
21.8 % |
| Japan |
|
1,101 |
977 |
12.7 % |
19.7 % |
| Asia-Pacific
(excl. Japan) |
|
5,556 |
4,251 |
30.7 % |
21.9 % |
| Total
Asia |
|
6,657 |
5,227 |
27.4 % |
21.5 % |
| Americas |
|
2,138 |
1,458 |
46.6 % |
31.6 % |
| Other |
|
207 |
156 |
32.5 % |
31.5 % |
|
TOTAL |
|
11,602 |
8,982 |
29.2 % |
23.4 % |
|
|
|
4th quarter |
Evolution /2021 |
| In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
| France |
|
311 |
251 |
23.9 % |
23.9 % |
| Europe (excl.
France) |
|
413 |
398 |
3.8 % |
4.8 % |
| Total
Europe |
|
724 |
649 |
11.6 % |
12.2 % |
| Japan |
|
279 |
267 |
4.6 % |
15.7 % |
| Asia-Pacific
(excl. Japan) |
|
1,314 |
1,025 |
28.3 % |
24.7 % |
| Total
Asia |
|
1,593 |
1,292 |
23.4 % |
22.8 % |
| Americas |
|
620 |
397 |
56.0 % |
40.8 % |
| Other |
|
54 |
42 |
28.8 % |
27.7 % |
|
TOTAL |
|
2,991 |
2,380 |
25.7 % |
22.9 % |
(a) Sales by destination.
INFORMATION BY SECTOR
|
|
|
As of Dec.
31st |
Evolution /2021 |
| In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
| Leather Goods
and Saddlery (1) |
|
4,963 |
4,091 |
21.3 % |
15.6 % |
| Ready-to-wear
and Accessories (2) |
|
3,152 |
2,219 |
42.0 % |
35.8 % |
| Silk and
Textiles |
|
842 |
669 |
25.8 % |
20.3 % |
| Other Hermès
sectors (3) |
|
1,371 |
1,001 |
37.0 % |
29.6 % |
| Perfume and
Beauty |
|
448 |
385 |
16.4 % |
15.0 % |
| Watches |
|
519 |
337 |
54.2 % |
45.9 % |
| Other products
(4) |
|
306 |
279 |
9.6 % |
7.6 % |
|
TOTAL |
|
11,602 |
8,982 |
29.2 % |
23.4 % |
|
|
|
4th quarter |
Evolution /2021 |
| In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
| Leather Goods
and Saddlery (1) |
|
1,300 |
1,015 |
28.1 % |
25.3 % |
| Ready-to-wear
and Accessories (2) |
|
775 |
585 |
32.5 % |
29.7 % |
| Silk and
Textiles |
|
263 |
237 |
11.2 % |
8.7 % |
| Other Hermès
sectors (3) |
|
348 |
265 |
31.0 % |
27.4 % |
| Perfume and
Beauty |
|
105 |
97 |
7.8 % |
7.4 % |
| Watches |
|
118 |
95 |
24.3 % |
21.4 % |
| Other products
(4) |
|
82 |
86 |
(4.3) % |
(5.5) % |
|
TOTAL |
|
2,991 |
2,380 |
25.7 % |
22.9 % |
(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.
2022 quarterly
revenue
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
2022 |
| Revenue (in
€M) |
|
2,765 |
2,710 |
3,136 |
2,991 |
11,602 |
| Growth at
current exchange rates |
|
32.7% |
26.0% |
32.5% |
25.7% |
29.2% |
| Growth at
constant exchange rates |
|
27.1% |
19.5% |
24.3% |
22.9% |
23.4% |
--------------------------------------------------------------------------------
Extra-financial performances
|
RESPONSIBLE EMPLOYER2,100 Jobs
created |
DIVERSITY AND INCLUSION6.4%Direct
disability employment rate |
GENDER EQUALITY60%Women managers
group |
|
LONG-TERM RELATIONSHIPS 20
years Average age of supplier
relationships(Top50) |
PARTNERS SUPPORT24
daysAverage payment terms for suppliers in
France |
LOCAL
SUPPLIERS66%Of purchases come
from France (Top50) |
|
CLIMATE1.5°CCarbon
trajectory commitment validated by SBTi |
ENERGY TRANSITION100%Green
electricity in France |
DURABILITY202,000Repairs in
workshops |
|
TRANSPARENCY AWARDS#1SBF
120, all categories |
SOCIAL
RESPONSIBILITY€61mBudget allocated to the
Fondation d’entreprise Hermès |
PARTNERSHIPS€5.2mPurchases
from socially supported organisations |
APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS
Financial statements of the year, including
notes to the consolidated accounts, will be available at the end of
March 2023 on the website https://finance.hermes.com, together with
the other chapters of the Annual Financial Report.
CONSOLIDATED INCOME STATEMENT
|
In millions of euros |
2022 |
2021 |
|
Revenue |
11 602 |
8 982 |
|
Cost of sales |
(3 389) |
(2 580) |
|
Gross margin |
8 213 |
6 402 |
|
Sales and administrative expenses |
(2 680) |
(2 137) |
|
Other income and expenses |
(836) |
(734) |
|
Recurring operating income |
4 697 |
3 530 |
|
Other non-recurring income and expenses |
- |
- |
|
Operating income |
4 697 |
3 530 |
|
Net financial income |
(62) |
(96) |
|
Net income before tax |
4 635 |
3 435 |
|
Income tax |
(1 305) |
(1 015) |
|
Net income from associates |
50 |
34 |
|
CONSOLIDATED NET INCOME |
3 380 |
2 454 |
|
Non-controlling interests |
(13) |
(8) |
|
NET INCOME ATTRIBUTABLE TO OWNERS OF THE
PARENT |
3 367 |
2 445 |
|
Basic earnings per share (in euros) |
32,20 |
23,37 |
|
Diluted earnings per share (in euros) |
32,09 |
23,30 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
In millions of euros |
2022 |
2021 |
|
Consolidated net income |
3 380 |
2 454 |
|
Changes in foreign currency adjustments 1 |
126 |
141 |
|
Hedges of future cash flows in foreign currencies 1 2 |
129 |
(110) |
|
|
23 |
(87) |
- recycling through profit or loss
|
106 |
(23) |
|
Assets at fair value 2 |
333 |
87 |
|
Employee benefit obligations: change in value linked to actuarial
gains and losses 2 |
41 |
9 |
|
Net comprehensive income |
4 009 |
2 582 |
- attributable to owners of the
parent
|
3 996 |
2 573 |
- attributable to non-controlling
interests
|
14 |
9 |
(1) Transferable through profit or loss.(2) Net of
tax.
CONSOLIDATED BALANCE SHEET
ASSETS
|
In millions of euros |
31/12/2022 |
31/12/2021 |
|
Goodwill |
- |
42 |
|
Intangible assets |
213 |
258 |
|
Right-of-use assets |
1 582 |
1 517 |
|
Property, plant and equipment |
2 007 |
1 881 |
|
Investment property |
8 |
9 |
|
Financial assets |
1 109 |
617 |
|
Investments in associates |
54 |
51 |
|
Loans and deposits |
65 |
59 |
|
Deferred tax assets |
555 |
546 |
|
Other non-current assets |
39 |
22 |
|
Non-current assets |
5 630 |
5 002 |
|
Inventories and work-in-progress |
1 779 |
1 449 |
|
Trade and other receivables |
383 |
333 |
|
Current tax receivables |
19 |
58 |
|
Other current assets |
263 |
257 |
|
Financial derivatives |
160 |
53 |
|
Cash and cash equivalents |
9 225 |
6 696 |
|
Current assets |
11 828 |
8 845 |
|
TOTAL ASSETS |
17 459 |
13 847 |
LIABILITIES
|
In millions of euros |
31/12/2022 |
31/12/2021 |
|
Share capital |
54 |
54 |
|
Share premium |
50 |
50 |
|
Treasury shares |
(674) |
(551) |
|
Reserves |
8 795 |
7 142 |
|
Foreign currency adjustments |
303 |
178 |
|
Revaluation adjustments |
546 |
83 |
|
Net income attributable to owners of the parent |
3 367 |
2 445 |
|
Equity attributable to owners of the parent |
12 440 |
9 400 |
|
Non-controlling interests |
16 |
12 |
|
Equity |
12 457 |
9 412 |
|
Borrowings and financial liabilities due in more than one year |
35 |
24 |
|
Lease liabilities due in more than one year |
1 629 |
1 529 |
|
Non-current provisions |
30 |
26 |
|
Post-employment and other employee benefit obligations due in more
than one year |
181 |
220 |
|
Deferred tax liabilities |
20 |
15 |
|
Other non-current liabilities |
103 |
45 |
|
Non-current liabilities |
1 998 |
1 860 |
|
Borrowings and financial liabilities due in less than one year |
2 |
1 |
|
Lease liabilities due in less than one year |
268 |
248 |
|
Current provisions |
133 |
115 |
|
Post-employment and other employee benefit obligations due in less
than one year |
15 |
40 |
|
Trade and other payables |
777 |
535 |
|
Financial derivatives |
74 |
122 |
|
Current tax liabilities |
496 |
347 |
|
Other current liabilities |
1 239 |
1 168 |
|
Current liabilities |
3 004 |
2 575 |
|
TOTAL EQUITY AND LIABILITIES |
17 459 |
13 847 |
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
2021 |
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 |
|
Net income |
- |
- |
- |
- |
3 367 |
- |
- |
- |
- |
3 367 |
13 |
3 380 |
|
Other comprehensive income |
- |
- |
- |
- |
- |
41 |
125 |
333 |
129 |
628 |
1 |
630 |
|
Comprehensive income |
- |
- |
- |
- |
3 367 |
41 |
125 |
333 |
129 |
3 996 |
14 |
4 009 |
|
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Purchase or sale of treasury shares |
- |
- |
- |
(123) |
2 |
- |
- |
- |
- |
(121) |
- |
(121) |
|
Share-based payments |
- |
- |
- |
- |
55 |
- |
- |
- |
- |
55 |
- |
55 |
|
Dividends paid |
- |
- |
- |
- |
(845) |
- |
- |
- |
- |
(845) |
(8) |
(852) |
|
Other |
- |
- |
- |
- |
(44) |
- |
- |
- |
- |
(44) |
(2) |
(46) |
|
AS AT 31 DECEMBER 2022 |
105 569 412 |
54 |
50 |
(674) |
12 247 |
(85) |
303 |
521 |
25 |
12 440 |
16 |
12 457 |
CONSOLIDATED STATEMENT OF CASH FLOWS
|
In millions of euros |
2022 |
2021 |
|
CASH FLOWS RELATED TO OPERATING ACTIVITIES |
|
|
|
Net income attributable to owners of the parent |
3 367 |
2 445 |
|
Depreciation and amortisation of fixed assets |
341 |
312 |
|
Depreciation of right-of-use assets |
266 |
251 |
|
Impairment losses |
123 |
65 |
|
Mark-to-Market financial instruments |
- |
(1) |
|
Foreign exchange gains/(losses) on fair value adjustments |
12 |
(46) |
|
Change in provisions |
12 |
28 |
|
Net income from associates |
(50) |
(34) |
|
Net income attributable to non-controlling interests |
13 |
8 |
|
Capital gains or losses on disposals and impact of changes in scope
of consolidation |
(1) |
(4) |
|
Deferred tax expense |
(16) |
(15) |
|
Accrued expenses and income related to share-based payments |
55 |
59 |
|
Dividend income |
(11) |
(10) |
|
Other |
(0) |
(0) |
|
Operating cash flows |
4 111 |
3 060 |
|
Change in working capital requirements |
73 |
346 |
|
Change in net cash position
related to operating activities (A) |
4 184 |
3 405 |
|
CASH FLOWS RELATED TO INVESTING ACTIVITIES |
|
|
|
Operating investments |
(518) |
(532) |
|
Acquisitions of consolidated shares |
(1) |
- |
|
Acquisitions of other financial assets |
(165) |
(198) |
|
Disposals of operating assets |
1 |
3 |
|
Disposals of consolidated shares and impact of losses of
control |
0 |
- |
|
Disposals of other financial assets |
5 |
6 |
|
Change in payables and receivables related to investing
activities |
32 |
6 |
|
Dividends received |
67 |
47 |
|
Change in net cash position
related to investing activities (B) |
(579) |
(669) |
|
CASH FLOWS RELATED TO FINANCING ACTIVITIES |
|
|
|
Dividends paid |
(852) |
(490) |
|
Repayment of lease liabilities |
(261) |
(212) |
|
Treasury share buybacks net of disposals |
(123) |
(158) |
|
Borrowing subscriptions |
- |
- |
|
Repayment of borrowings |
(0) |
(8) |
|
Change in net cash position
related to financing activities (C) |
(1 237) |
(869) |
|
Foreign currency translation adjustment (D) |
159 |
110 |
|
CHANGE IN NET CASH POSITION
(A) + (B) + (C) + (D) |
2 528 |
1 978 |
|
Net cash position at the beginning of the period |
6 695 |
4 717 |
|
Net cash position at the end of the period |
9 223 |
6 695 |
|
CHANGE IN NET CASH POSITION |
2 528 |
1 978 |
REMINDER
2022
HALF YEAR KEY FIGURES
|
In millions of euros |
H1 2022 |
H1 2021 |
| |
|
|
|
Revenue |
5,475 |
4,235 |
|
Growth at current exchange rates vs. n-1 |
29.3,% |
70.2 % |
|
Growth at constant exchange rates vs. n-1 (1) |
23.2,% |
76.7 % |
|
|
|
|
|
Recurring operating
income (2) |
2,304 |
1,722 |
|
As a % of revenue |
42.1,% |
40.7 % |
|
|
|
|
|
Operating income |
2,304 |
1,722 |
|
As a % of revenue |
42.1,% |
40.7 % |
|
|
|
|
|
Net profit – Group share |
1,641 |
1,174 |
|
As a % of revenue |
30.0,% |
27.7 % |
|
|
|
|
|
Operating cash flows |
2,001 |
1,487 |
|
|
|
|
|
Investments (excluding financial investments) |
190 |
214 |
|
|
|
|
|
Adjusted free cash flow (3) |
1,421 |
1,236 |
|
|
|
|
|
Equity – Group share |
10,259 |
8,024 |
|
|
|
|
|
Net cash position (4) |
7,280 |
5,326 |
|
|
|
|
|
Restated net cash position (5) |
7,685 |
5,521 |
|
|
|
|
|
Workforce (number of employees) |
18,428 |
16,966 |
(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.
- hermes_20230217_pr_2022fullyearresults_va
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