Hermes инвестиции
Other Hermès business lines (+57% and +95% over two years) confirmed their momentum, both in Jewellery and Homeware.
Axel Dumas, Executive Chairman of Hermès, said: « I thank above all the passion and quality of our teams’ work, because together we have made 2021 an exceptional year. Abundant creativity, unique know-how and the quality of materials have driven the growth of our sixteen métiers. Hermès is very dedicated to its role as a committed and responsible company and continues its commitments to job creation around the world and to regional regeneration in France, while reinforcing its ambitious environmental objectives.»
Paris, 18 February 2022
(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.
After distribution of the ordinary dividend (€476 million) and inclusion of shares redeemed (€162 million for 142,131 shares, excluding the liquidity contract), the restated net cash position increased by €2,166 million to €7,070 million.
Lighthearted will be the prevailing theme in 2022. Never lacking in depth, it is a source of creative vitality and nourishes the positive and resilient mindset of Hermès.
(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.
Sales by geographical area at the end of December
(at constant exchange rates, unless otherwise indicated)
Revenue amounted to €9 billion and increased by 42% at constant exchange rates
Recurring operating income reached €3.5 billion (+78%)
Net income amounted to €2.4 billion (+77%)
(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.
A responsible and sustainable model
The press release and the presentation of the 2021 results are available on the Group’s website: https://finance.hermes.com
INFORMATION BY GEOGRAPHICAL ZONE ( a )
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Asia excluding Japan (+45% and +65% over two years) pursued its dynamic growth, driven particularly by the sustained performance in Greater China, Australia and Singapore, despite new restrictions in some of the region’s countries. The Shanghai Plaza 66, Suzhou and Ningbo stores reopened after renovation and extension, after the Beijing China World store in spring, and new stores were inaugurated in Macao and Shenzhen. In Australia, the Brisbane store also reopened after being extended.
In 2021, the Group’s consolidated revenue reached €8,982 million, up 42% at constant exchange rates and 41% at current exchange rates compared to 2020. Over two years, this increase was 33% at constant exchange rates, in the first as in the second half of the year. Recurring operating income was up 78% and amounted to €3,530 million (39.3% of sales). Net profit (Group share) reached €2,445 million, up 77% compared to 2020.
(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.
The Hermès Group has continued to recruit and added nearly 1,000 people to its workforce this year. At the end of December 2021, the Group employed 17,595 people, including 10,969 in France. True to its commitment as a responsible employer, in 2022 Hermès will pay an exceptional €3,000 bonus to all the employees to reward them for their engagement and their contribution to the results in a challenging context.
At the Supervisory Board meeting on 17 February 2022, Executive Management presented the audited financial statements for 2021.
The audit procedures have been completed and the audit report is under preparation. The complete consolidated financial statements will be available by 31 March 2022 at the following address https://finance.hermes.com and on the AMF website: www.amf-france.org
(a) Sales by destination.
Sales by business line at the end of December
(at constant exchange rates, unless otherwise indicated)
Outstanding performance in 2021
2021 HALF YEAR KEY FIGURES
In 2021, the outstanding improvement in non-financial ratings reflected the speeding-up of CSR commitments and the sustainable dimension of Hermès’ craftsmanship model. MSCI published an «A» rating in its analysis of the firm’s resilience to environmental, social and governance risks. The Group was included in the CAC40 ESG index, after Hermès was ranked by Vigeo-Eiris in the «Advanced» category. Sustainalytics ranked Hermès the second best player in the Textiles and Clothing sector. Hermès’ commitment to fighting climate change was particularly recognised by the CDP rating for which Hermès scored «A-«.
Upcoming events:
INFORMATION BY SECTOR
At the end of December 2021, all the business lines confirmed their growth, with a noteworthy increase in Ready-to-wear and Accessories, Watches and Other Hermès Business Lines (Jewellery and Homeware).
Asia and America recorded the highest growths, compared to 2020 as well as to 2019, and Europe returned to growth compared to 2019. Sales in the Group’s stores increased by 44% at constant exchange rates compared to 2020 and 41% over two years. Hermès continued to selectively develop its distribution network and online sales increased worldwide, with the rollout of new services and sustained growth in traffic. Wholesale activities (+24%) increased despite constraints faced by travel retail.
(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.
Hermès Group reasserted its commitment to fighting climate change by reviewing its reduction targets at year end, to align with a global warming pathway below 1.5°C. These targets were calculated scientifically and validated by the Science Based Target initiative (SBTi). Hermès thus committed to reducing emissions by 50,4% on scopes 1 and 2 in absolute value and by 58,1% in intensity (per €m of gross margin) on scope 3, over the 2018-2030 period.
- 14 April 2022: Q1 2022 revenue publication
- 20 April 2022: General meeting of shareholders
- 29 July 2022: First half 2022 results publication
(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.
The Ready-to-wear and Accessories business line (+59% and +44% over two years) pursued its dynamic growth, thanks to the success of the ready-to-wear, fashion accessories and footwear collections. The Men’s and Women’s Spring-Summer 2022 collection, presented respectively in July and October, met with great success.
HERMÈS
2021 Full Year Results
REMINDER
Proposed dividend
2021 KEY FIGURES
APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS
Consolidated net profit (Group share) amounted to €2,445 million (27% of sales), up 77% from €1,385 at the end of December 2020.
Perfumes and Beauty (+47% and +19% over two years) benefitted from the successful launches of the H24 perfume for men and Twilly Eau Ginger, and the development of the Beauty line with the autumn rollout of the third chapter in Beauty, Les Mains Hermès.
(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.
CONSOLIDATED STATEMENT OF CASH FLOWS
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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Recurring operating income amounted to €3,530 million, rising 78% from €1,981 million in 2020. Thanks to the collections remarkable sell-through and an exceptional leverage effect, the recurring operating margin reached an historical high of 39% of sales, up 8 points compared to 2020 and 5 points compared to 2019.
The Silk and Textiles business line (+49% and +15% over two years) performed well. A new printing line was inaugurated as part of the development of the site near Lyon to meet demand.
(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.
(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.
For 2022, the impacts of the COVID-19 pandemic are still difficult to assess. Our highly integrated craftsmanship model and balanced distribution network, as well as the creativity of our collections and our customers’ loyalty allow us to look to the future with confidence.
CONSOLIDATED INCOME STATEMENT
Outstanding results and free cash flow progression in 2021
In the Leather Goods and Saddlery division (+29% and +23% over two years) sales were exceptional. After the strong acceleration in the first nine months, sales in the 4 th quarter reflected as anticipated the capacity constraints. Demand both for new bags like Della Cavalleria and 24/24 and the Hermès classics is very sustained. The increase in production capacities continued, with the opening of the Louviers site (Eure) in 2022, the Sormonne site (Ardennes) in 2023 and a new one in Riom (Puy-de-Dôme) scheduled for 2024. Hermès continued to strengthen its local presence in France and to create jobs. In September, in line with our commitments to knowledge transfer and education, Hermès opened the École Hermès des savoir-faire (Hermès school of know-how), which is accredited by the French Education Department and will award a State-approved diploma in leatherworking expertise.
(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.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Outlook
CONSOLIDATED BALANCE SHEET
Источники:
https://www.hermes.com/us/en/category/women/bags-and-small-leather-goods/bags-and-clutches/&rut=f883a458be2f40c39e9570c453650ae2a7a1e82adc88e244db754d33da84eb0f
https://martinroll.com/resources/articles/strategy/hermes-the-strategy-behind-the-global-luxury-success/&rut=48f103206b743c9c112a6597d40efe57794f49b1d79e8312f5b9105a580a1037
https://finance.hermes.com/en/share-and-dividend/&rut=46f2b58cda8ee15d84c20440677a38cbe15ed22dacdbc1640cc9dbab9cf5604a
https://finance.hermes.com/&rut=958dfdfee8e4d0e13b0de7d8d08326f7b6061131b2ed37b3e9ed620b34123923
https://finance.hermes.com/en/&rut=3151d4ca8eeffbc988a7600e6dbba1966c39c56a54b54a76c241ee40cdcb3cab
https://www.hermes.com/us/en/&rut=44a2c3aeb078b64609062c1454c1dc53164e5d2307412a6f35c1558eee06a3f9
https://markets.ft.com/data/announce/full?dockey=1330-1000605592en-6vca7vr7advbbojbkdqd1s7l6a&rut=b93492b07386c91c8d9f77559bf0be501458f089db80a7677ace6437562cabb4
https://assets-finance.hermes.com/s3fs-public/node/pdf_file/2020-06/hermes_2019_presentation_resultats_en.pdf&rut=1bcb19b6b172481383e51ccb6d54f01bc19bff782ddffc23b799c208151bb0f8
https://finance.hermes.com/en/strategy/&rut=fdee4c24df98b54c1a4fcfbd885281855aca90bec59962c494bc7d56221bfd9b
