HERMÈS. 1 st half 2013 RESULTS

Transcription

1 HERMÈS 1 st half 2013 RESULTS Presentation as of 30 th August 2013

2 HIGHLIGHTS 2

3 HIGHLIGHTS ACTIVITY Sales are up 14% at constant rates, and 11% at current rates Operating result increases by 14%, to reach 584M. Operating margin reaches 33.1% of sales, from 32.1% in the first half 2012 Net result amounts to 382M versus 335M as at 30 th June 2012, i.e a 14% increase 3

4 HIGHLIGHTS ACTIVITY Activity was robust in the Group s own stores (+15% at constant rates) Wholesale sales (+11% at constant rates) maintained a sustained growth Currency fluctuations produced a negative impact of about 50M in sales (3 points in growth) mainly due to the weakening of the Yen 4

5 HIGHLIGHTS ACTIVITY A handsome growth in all sectors, with the exception of watches which were affected by the general downturn in the watch industry A well-balanced growth in all regions 5

6 HIGHLIGHTS TREASURY Operating cash flow reaches 476M, up 21% Restated net cash position amounts to 647M as at 30 th June

7 HIGHLIGHTS INVESTMENTS Investments amount to 75M, mainly related to : A continued increase in production capacities and to secure supply sources The completion of the construction «Cité des Métiers» in Pantin Developing the distribution network with five branches being opened or renovated 7

8 HIGHLIGHTS DISTRIBUTION NETWORK 2 concessions being taken back (Singapore airport and United States) 3 renovations with enlargements in Asia, of which the store in the Beijing China World Beijing China World store 8

9 HIGHLIGHTS DEVELOPMENTS Opening of a space dedicated to Petit h in the rue de Sèvres store Development of Shang Xia project, in preparation for Paris store opening Petit h space 9

10 HIGHLIGHTS COMMUNICATION 4 th edition of the «Saut Hermès» at the Grand Palais in Paris Event around the men s universe in Miami «Festival des Métiers» in London, Beijing, Shenyang and Düsseldorf 10

11 HALF YEAR TURNOVER AND NET RESULT Turnover Over 1 year Over 2 years +11.0% +35.4% TURNOVER (in M ) Net result +13.9% +31.2% NET RESULT (in M ) Consolidated turnover Net result 11

12 HALF YEAR CURRENT OPERATING PROFIT As a % of TURNOVER 35% 32,0% 32,1% 33,1% 30% 25% 23,9% 24,4% 26,4% 26,4% 24,8% 25,1% 22,8% 28,3% 20% 15% 10% 5% 0%

13 ACTIVITY BY GEOGRAPHICAL ZONE 13

14 ACTIVITY BY GEOGRAPHICAL ZONE (in M ) June change at 2013 constant rates France % Europe (excl. France) % EUROPE % Japon % Asia-Pacific (excl. Japan) % ASIA % Americas % Others % TOTAL 1, % 14

15 ACTIVITY BY GEOGRAPHICAL ZONE America 16% Other 2% France 16% Europe (excl. France) 20% Asia Pacific (excl. Japan) 33% Japan 13% 15

16 ACTIVITY BY SECTOR 16

17 ACTIVITY BY SECTOR (in M ) June 2013 change at constant rates Leathergoods - Saddlery % Ready-to-wear & Fashion Accessories % Silk & Textiles % Perfumes % Watches % Other Hermès sectors % Tableware % Other products % TOTAL 1, % 17

18 ACTIVITY BY SECTOR Other Hermès sectors 5% Tableware Watches 2% 4% Perfumes 6% Other products 6% Leathergoods and Saddlery 44% Silk and Textiles 11% Ready-to-wear and Fashion accessories 22% 18

19 PROFIT AND LOSS ACCOUNT 19

20 CONSOLIDATED INCOME STATEMENT in M June % June % 2013 revenue 2012 revenue Revenue 1, ,591.4 Cost of sales Gross profit 1, % 1, % Selling, marketing and administrative expenses Other income and expense Recurring operating income % % Other non-recurring income and expense - - OPERATING INCOME % % Change +14.3% 20

21 CONSOLIDATED INCOME STATEMENT in M June 2013 % revenue June 2012 % revenue OPERATING INCOME % % Net financial income Income tax expense % -32.5% Net income from associates Net income attributable to non-controlling interests NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT % % Change +13.9% 21

22 INVESTMENTS in M June 2013 Stores and distribution 36 Production and securing of supplies 19 Real estate and others (incl. "cité des métiers") 20 Investments 75 22

23 RESTATED CASH FLOWS STATEMENT in M June June Operating cash flows Change in working capital Investments Dividends paid Other changes Change in net cash position Closing restated Net cash position Opening restated Net cash position

24 IFRS CASH FLOWS STATEMENT in M June June Operating cash flows Change in working capital Investments Dividends paid Other changes Change in net cash position Closing IFRS Net cash position Opening IFRS Net cash position

25 2013 OUTLOOK 25

26 2013 OUTLOOK Long-term strategy to be pursued. Alliance between creativity and exceptional craftsmanship. Control of our know-how. Reinforcement of the distribution network. 26

27 HERMES OUTLOOK Continued of the distribution network with around fifteen branches being opened or renovated. Completion of the construction of the Hermès Maison in Shanghai; opening is planned for mid Building of the «Maison des savoir-faire Jean-Louis Dumas», to be finalized end of

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