Présentation 2015 Results VA 2203 VDEF€¦ · HERMÈS 2015 RESULTS / 8 DISTRIBUTION NETWORK • 3...
Transcript of Présentation 2015 Results VA 2203 VDEF€¦ · HERMÈS 2015 RESULTS / 8 DISTRIBUTION NETWORK • 3...
• Sales are up +8 % at constant ratesand +18 % at current exchange rates
• Operating income rose +19 % andoperating margin reached 31,8 % of sales (31,5 % in 2014)
• The net profitability is stable at 20 % of sales
HERMÈS 2015 RESULTS / 3
ACTIVITY
• Activity was steady in the Group’s own stores in all regions (+9 % at constant rates)
• The retail growth remained solid throughout the year
• The favorable currency impacts represent € 389M on sales
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ACTIVITY
• The development of all sectors continues thanks to the reinforcement of the production capacities, the success of the recent collections and a sustained demand
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ACTIVITY
• Cash flow reached €1 218M, up by 16%
• Restated net cash position amounts to €1 614M as at 31st December 2015 against €1 494M as at 31st December 2014
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TREASURY
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INVESTMENTSInvestments amount to € 267M, mainly due to :
• The pursuit of increased production capacities, conservation of the maisons’ know-how and safeguarding its procurements
• The development of the distribution network with more than twenty new or renovated branches
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DISTRIBUTIONNETWORK
• 3 store openings (Porto Cervo, NY perfume, Molière Mexico) and 2 concession take overs (Fukuoka and Singapore Airport)
• Renovation with extension in the Bond Street, Gum, Cannes, Turin, Dublin, The Gardens, Cidade jardim, Seattle, Boston, Dallas, Houston, Washington, Kyoto Takashimaya, Tokyo Ikebukuro stores notably
• Opening of the flagship in Miami
• Increase in production capacities at the two new sites in Isère and Charente
• Inauguration of the new workshop in Héricourt
• Pursuit of the investments for a second project in the Franche-Comté region
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PRODUCTION
• NadègeVanhée-Cybulskis’ first collection of Women’s ready-to-wear
• Wanderland exhibition in London, Dans l’œil du flaneur in Paris
• 6th edition of the Saut Hermès at the Grand Palais
• Festival des métiers in Bangkok and Sao Paulo
• Leather Forever exhibition in Singapore
• Launch of a new fragrance Le Jardin de Monsieur Li
• Lauch of the MANIfeste d’Hermès and Hermèsistiblesites
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COMMUNICATION
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REVENUE AND NET RESULT
Sales : +13% CAGR over 10 years
NR : +14.7% CAGR over 10 years
247268
288 290 289
422
594
740
790
859
973
1 4271 515
1 6251 765
1 914
2 401
2 841
3 484
3 755
4 119
4 841
200,0
700,0
1200,0
1700,0
2200,0
2700,0
3200,0
3700,0
4200,0
4700,0
180,0
280,0
380,0
480,0
580,0
680,0
780,0
880,0
980,0
1080,0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Résultat Net Chiffre d'affairesNet Result Revenue
In €MIn €M
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REVENUE BYGEOGRAPHICAL
AREA
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In €M 2015 Change atConstant rates
FranceEurope (Excl. France)
684906
6.2 %10.8 %
EUROPE 1 590 8.7 %JapanAsia-Pacific
6001 694
18.3 %5.1%
ASIA 2 294 8.5 %AmericasOthers
88473
6.8 %- 2.2 %
TOTAL 4 841 8.1 %
Lotte World Tower, Séoul
REVENUE BYGEOGRAPHICAL AREA
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Lotte World Tower, Séoul
REVENUE BYGEOGRAPHICAL AREA
France14%
Europe (excl. France)
19%
Japan12%
Asia Pacific (excl. Japan)
35%
Americas18%
Other2%
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REVENUEBY SECTOR
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In €M 2015Change at constant
rates
Leathergoods - SaddleryReady-to-wear & Fashion AccessoriesSilk & textilesOthers Hermès SectorsPerfumesWatchesOthers products
2 2741 101
521332241163209
12.6%7.8%-0.5%8.5%3.3%0.1%-0.2%
TOTAL 4 841 8.1 %
REVENUEBY SECTOR
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Leathergoods and Saddlery
47%
Ready-to-wear and Fashion accessories
23%
Silk and Textiles11%
Other Hermès sectors
7%
Perfumes 5%
Watches3%
Other products 4%
REVENUEBY SECTOR
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EMPLOYEES
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EMPLOYEES
Employees worldwide
+ 500 people in 2015, mainly in production and sales
including 7461 in France
HERMÈS 2015 RESULTS
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INCOMESTATEMENT
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In €M 2015 % revenue 2014 %
revenue
RevenueCost of sales
4 841-1 642
4 119-1 366
Gross profit 3 199 66.1% 2 753 66.8%
Selling and MarketingAdministrative expensesOthers income and expense
-215-1 204- 239
-4.4%-24.9%-4.9%
-208-1 084- 162
-5.0% -26.3%-3.9%
Recurring operating income 1 541 31.8% 1 299 31.5%
Others non-recurring income and expenses
- -
OPERATING INCOME 1 541 31.8% 1 299 31.5%
Change +18.6% -
CONSOLIDATEDINCOME STATEMENT
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In €M 2015 % revenue 2014 %
revenue
OPERATING INCOME 1 541 31.8 1 299 31.5
Net financial incomeIncome tax expense
Net income from associatesNet income attribuable to non controlling interest
-46-536
-35.8 %
18-5
-25-424
-33.2%
12-4
NET INCOME ATTRIBUABLE TO OWNERS OF THE PARENT
973 20.1 859 20.9
Change +13.2% -
CONSOLIDATEDINCOME STATEMENT
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RECURRING OPERATING INCOME
26.9 26.525.5 25.5
24.2
27.8
31.232.1 32.4
31.5 31.8
15
17
19
21
23
25
27
29
31
33
35
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ROI in % Sales
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NET RESULT
17.3 17.7 17.7
16.4
15.1
17.6
20.9 21.2 21.0 20.920.1
5
7
9
11
13
15
17
19
21
23
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
In % of sales
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In M€ 2015
Stores and distribution
Production and securing of supplies
Real estate and others
135
76
56
Investments 267
INVESTMENTS
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In €M 2015 2014
Operating cash flowsChange in working capitalInvestmentsDividends paidOther changes
Changes in Net cash position
1 2182
-267-840
7
120
1 049-105-322-295
76
403
Closing restated Net cash position 1 614 1 494
Opening restated Net cash position 1 494 1 091
RESTATED CASH FLOW STATEMENT
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In M€ 2015 2014
Operating cash flowsChange in working capitalInvestmentsDividends paidOthers changes
Changes in net cash position
1 2182
-267-840
36
149
1 049-105-325-295
76
400
Closing IFRS Net cash position 1 571 1 422
Opening IFRS Net cash position 1 422 1 022
Lotte World Tower, Séoul
IFRS CASH FLOWSTATEMENT
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723
885
1018 1049
1218
2011 2012 2013 2014 2015
In €M
EVOLUTION OF THE OPERATING CASH FLOWS
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1022
1422
1571
2013 2014 2015
In €M
NET CASH POSITION AT CLOSING
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2,00
2,502,70
2,95
3,35
2011 2012 2013 2014 2015
Ordinary dividend
Exceptional dividend
EVOLUTION OF DIVIDEND BY SHARE
In €/shareFor the period
+ €5 + €5
HERMÈS 2015 RESULTS / 32
• Thanks to its unique business model, Hermès will continue its long-term development strategy based on creativity, maintaining control over know-how and a singular communication
• The development of the distribution network will continue with the opening, renovation or extension of more than twenty subsidiaries
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OUTLOOK
• As indicated in the February 10th 2015 publication, sales growth in 2016 could be below the medium-term goal of 8% revenue growth at constant exchange rates owing to the economic, geopolitical and monetary uncertainties around the world
• In 2016, Hermès will celebrate "nature at a gallop". Through horses, its very first customer, Hermès has developed a genuine and profound bond with nature, built on inspiration, admiration and respect.
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OUTLOOK
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Gum - Moscow
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Miami
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London Bond Street
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Seattle
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Wanderland Exhibition
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Women’s Ready-to-wear fashion show
Shoes Presentation