Hermès International: 2022 Half year Results
2022 FIRST HALF
RESULTS
HERMES
Half-year information report as at the end of
June 2022
Very strong
growth and exceptional
results in
the first half
Revenue increased 29% at current exchange rates
and 23% at constant exchange ratesRecurring operating margin
reached 42% of salesNet profit reached €1,641 million, up 40%
Paris, 29 July 2022
The group's consolidated revenue amounted to
€5,475 million in the first half of 2022, up 29% at current
exchange rates and 23% at constant exchange rates compared to the
same period in 2021. Recurring operating income amounted to €2,304
million (42% of sales). Net profit (group share) reached €1,641
million (30% of sales).
Sales in the second quarter reached €2,710
million (+26% at current exchanges rates, and +20% at constant
exchange rates), with a high level of activity in all the business
lines.
Axel Dumas, Executive Chairman of Hermès, said:
“The very dynamic results over the first six months of the year
testify to the growth across our 16 métiers and the strong
desirability of our objects, designed by craftsmen with a
sustainable approach, without compromising on quality. In a still
unstable context, we are moving forward with confidence, faithful
to our role as a responsible and committed company to our employees
and our partners.”
Sales by geographical area at the end of
June(at comparable exchange rates, unless otherwise
indicated)
Over the first half of 2022, all the
geographical areas posted strong growth, with strong resilience
from Asia despite the sanitary context in China. Sales in the
group's stores (+23%) benefitted from the strengthening of the
exclusive omnichannel network and online sales. Wholesale
activities growth (+25%), resulted notably from the resumption of
travel retail.
- Asia excluding Japan (+15%) was
driven by a high level of activity across the region and by
sustained sales in Singapore, Australia and Korea. Greater China
strongly bounced back in June after being penalised by sanitary
restrictions and store closures in April and May, especially in
Shanghai and Beijing. After the reopening of the renovated Pacific
Place store in Hong Kong and One Central store in Macao at the
beginning of the year, a new store was successfully launched in
Zhengzhou at the end of March, in the Henan province in China.
- Japan (+20%) posted a remarkable
performance, thanks to the loyalty of local clients. In June, the
first edition of the exhibition La Fabrique de la légèreté, based
on the year’s theme, was held in Tokyo.
- America (+34%) continued its strong
momentum at the end of June. In the United States, a new store
opened in Austin in April, the third store of the house in Texas.
The Hermès in the Making exhibition, presenting the house’s
artisanal know-how, was held in Detroit in June.
- Europe excluding France (+34%) and
France (+41%) recorded sustained growth, thanks to the loyalty of
local clients and the return of tourists, particularly in France,
the United Kingdom and Italy.
Sales by business line at the end of
June(at comparable exchange rates, unless otherwise
indicated)
At the end of June 2022, all the business lines
confirmed their high levels of sales, with a remarkable increase in
Silk, Ready-to-wear and Accessories, Watches and Other Hermès
Business Lines (Jewellery and Homeware) underlying the huge
desirability of the house Hermès.
The growth of the Leather Goods and Saddlery
division (+12%) is driven by sustained demand and the increase in
production capacities, in line with the annual objective. The
Rolling Mobility Suitcase (R.M.S), customisable and the result of
exceptional know-how and multiple innovations, received a warm
welcome. Five new workshops are in project for the next five years,
with the Louviers (Eure) and Sormonne (Ardennes) sites in 2023 and
the Riom (Puy-de-Dôme) site in 2024. The sites in L’Isle-d’Espagnac
(Charente) and Loupes (Gironde) have been announced for 2025 and
2026. Hermès thus continues to strengthen its local presence in
France and to create jobs.
The Ready-to-Wear and Accessories division
(+36%) pursued its dynamic growth, thanks to the success of the
ready-to-wear, fashion accessories and footwear collections. The
women’s autumn-winter 2022 fashion show held in March at the Garde
républicaine in Paris met with great success, as did the men's
spring-summer 2023 collection revealed at the manufacture des
Gobelins in June. New creations such as the Rivale micro bracelet,
the single earing Olympe or the Enid sandal were very successful,
alongside the house’s iconic creations with the Hapi, clic H
bracelets and the Kelly belt.
The Silk and Textiles business line (+29%)
achieved excellent growth, with collections combining diversity of
materials, formats and new uses, and supported by the development
of production capacities at the Pierre-Bénite site near Lyon.
Perfume and Beauty (+23%) gained from the
successful launches of the new chapter of Beauty, Hermès Plein Air,
dedicated to complexion, as well as of infused care oil for lips,
Hermèsistibles. Perfume launched a fresh and powerful creation,
Terre d’Hermès Eau Givrée and a new light and airy fragrance joined
the colognes collection in June, Eau de Basilic Pourpre.
The Watches business line (+55%) achieved an
outstanding performance thanks to the development of timepieces
with exceptional know-how such as the watch Arceau Le temps
voyageur, and the success of iconic models such as Heure H and Cape
Cod.
The Other Hermès business lines (+33%) kept up
their momentum, thanks to Homeware and Jewellery. Homeware was
presented in June at the Milan Design Week, with textile new
creations and the Soleil d’Hermès tableware collection. The seventh
haute bijouterie collection called Les jeux de l’ombre, featuring
innovative shapes and know-how pushed to the highest standard, was
presented at the Faubourg Saint-Honoré store in Paris.
Outstanding
results in the first half
of 2022
Recurring operating income was up 34% and
amounted to €2,304 million compared to €1,722 million in the first
half of 2021. Thanks to the leverage effect generated by the strong
sales increase and the collections exceptional sell-through rates,
the recurring operating margin reached an historical high of 42%
compared to 41% at the end of June 2021.
Consolidated net profit (group share) amounts to
€1,641 million (30% of sales) compared to €1,174 million in the
first half of 2021.
Operational investments represented €190 million
and adjusted free cash flow reached €1,421 million.
After distribution of the ordinary dividend
(€837 million) and inclusion of share buybacks (€115 million for
103,368 shares excluding the liquidity contract), the restated net
cash position increased by €615 million to €7,685 million compared
to €7,070 million as at 31 December 2021.
A responsible, sustainable
model
The Hermès group continued to recruit and added
more than 800 people to its workforce over the first six months. At
the end of June 2022, the group employed 18,400 people, including
11,500 in France. True to its commitment as a responsible employer,
Hermès paid an exceptional €3,000 bonus in February 2022, in
respect of 2021, to all employees of the group to reward them for
their engagement, as well as a rise of €100 gross per month in
January in France, on top of the usual rises. In June, a second
rise of €100 gross per month was announced for all European
employees, starting in July.
Hermès is stepping up its commitments in the
areas of education and knowledge transfer with the launch of the
École des Artisans de la Vente in April. The group continues to
roll out the École Hermès des savoir-faire with the opening of a
new Apprentice Training Centre in Charleville-Mézières, in the
Ardennes division.
The employment of people with disabilities
reached 6.4%, which reflects the house's commitment to
inclusion.
On 4 July, Hermès International received the
Grand Prix de la Transparence 2022 for all categories, now renamed
Transparency Awards, which recognise the quality of regulated
information of SBF 120 companies.
Outlook
For 2022, the impacts of the health context are
still difficult to assess. Our highly integrated craftsmanship
model and balanced distribution network, as well as the creativity
of the collections and clients' loyalty allow us to look to the
future with confidence.
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.
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.
Limited review procedures have been carried out
on the condensed interim consolidated financial statements by the
Statutory Auditors in accordance with applicable regulations.
The half-year financial report, the press release
and the presentation of the 2022 half-year results are available on
the group's website: https://finance.hermes.com
Upcoming
events:
- 20 October 2022: Q3 2022 revenue
publication
- 17 February 2023: 2022 full-year
results publication
- 14 April 2023: Q1 2023 revenue
publication
- 20 April 2023: General Meeting of
Shareholders
FIRST HALF 2022 KEY FIGURES
In millions of euros |
H1 2022 |
FY 2021 |
H1 2021 |
|
|
|
|
Revenue |
5,475 |
8,982 |
4,235 |
Growth at current exchange rates vs. n-1 |
29.3% |
40.6% |
70.2% |
Growth at constant exchange rates vs. n-1 (1) |
23.2% |
41.8% |
76.7% |
|
|
|
|
Recurring operating income (2) |
2,304 |
3,530 |
1,722 |
As a % of revenue |
42.1% |
39.3% |
40.7% |
|
|
|
|
Operating income |
2,304 |
3,530 |
1,722 |
As a % of revenue |
42.1% |
39.3% |
40.7% |
|
|
|
|
Net profit – Group share |
1,641 |
2,445 |
1,174 |
As a % of revenue |
30.0% |
27.2% |
27.7% |
|
|
|
|
Operating cash flows |
2,001 |
3,060 |
1,487 |
|
|
|
|
Investments (excluding financial investments) |
190 |
532 |
214 |
|
|
|
|
Adjusted free cash flow (3) |
1,421 |
2,661 |
1,236 |
|
|
|
|
Equity – Group share |
10,259 |
9,400 |
8,024 |
|
|
|
|
Net cash position (4) |
7,293 |
6,695 |
5,326 |
|
|
|
|
Restated net cash position (5) |
7,685 |
7,070 |
5,521 |
|
|
|
|
Workforce (number of employees) |
18,428 |
17,595 |
16,966 |
(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.
REVENUE BY GEOGRAPHICAL AREA
(a)
|
|
First half |
Evolution /2021 |
In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
France |
|
480 |
341 |
40.7% |
40.7% |
Europe (excl.
France) |
|
696 |
522 |
33.4% |
33.8% |
Total
Europe |
|
1,176 |
863 |
36.3% |
36.5% |
Japan |
|
546 |
469 |
16.4% |
20.4% |
Asia-Pacific
(excl. Japan) |
|
2,665 |
2,153 |
23.8% |
14.9% |
Total
Asia |
|
3,211 |
2,622 |
22.5% |
15.9% |
Americas |
|
982 |
668 |
47.0% |
34.1% |
Other |
|
106 |
82 |
28.7% |
28.0% |
TOTAL |
|
5,475 |
4,235 |
29.3% |
23.2% |
|
|
2nd quarter |
Evolution /2021 |
In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
France |
|
266 |
188 |
41.5% |
41.5% |
Europe (excl.
France) |
|
369 |
294 |
25.7% |
26.1% |
Total
Europe |
|
636 |
482 |
31.9% |
32.1% |
Japan |
|
269 |
228 |
17.9% |
23.4% |
Asia-Pacific
(excl. Japan) |
|
1,218 |
1,023 |
19.1% |
9.6% |
Total
Asia |
|
1,487 |
1,251 |
18.9% |
12.2% |
Americas |
|
533 |
377 |
41.4% |
26.3% |
Other |
|
55 |
42 |
32.0% |
31.1% |
TOTAL |
|
2,710 |
2,151 |
26.0% |
19.5% |
(a) Sales by destination.
REVENUE BY SECTOR
|
|
First half |
Evolution /2021 |
In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
Leather Goods
and Saddlery (1) |
|
2,358 |
1,999 |
18.0% |
12.1% |
Ready-to-wear
and Accessories (2) |
|
1,458 |
1,025 |
42.3% |
35.9% |
Silk and
Textiles |
|
372 |
274 |
35.6% |
29.0% |
Other Hermès
sectors (3) |
|
648 |
462 |
40.2% |
32.5% |
Perfume and
Beauty |
|
230 |
184 |
24.9% |
23.3% |
Watches |
|
262 |
159 |
65.2% |
55.3% |
Other products
(4) |
|
146 |
132 |
11.1% |
9.1% |
TOTAL |
|
5,475 |
4,235 |
29.3% |
23.2% |
|
|
2nd quarter |
Evolution /2021 |
In millions of
Euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
Leather Goods
and Saddlery (1) |
|
1,162 |
1,011 |
14.9% |
8.5% |
Ready-to-wear
and Accessories (2) |
|
748 |
552 |
35.6% |
29.0% |
Silk and
Textiles |
|
174 |
126 |
38.4% |
31.1% |
Other Hermès
sectors (3) |
|
318 |
234 |
36.1% |
27.8% |
Perfume and
Beauty |
|
111 |
85 |
30.7% |
28.9% |
Watches |
|
128 |
81 |
59.0% |
48.9% |
Other products
(4) |
|
69 |
63 |
9.3% |
7.1% |
TOTAL |
|
2,710 |
2,151 |
26.0% |
19.5% |
(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.
REMINDER – 1ST
QUARTER 2022
REVENUE BY GEOGRAPHICAL ZONE
(a)
|
|
1st quarter |
Evolution /2021 |
In millions of
euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
France |
|
214 |
153 |
39.7% |
39.7% |
Europe (excl.
France) |
|
327 |
228 |
43.4% |
43.9% |
Total
Europe |
|
541 |
381 |
41.9% |
42.2% |
Japan |
|
277 |
241 |
15.0% |
17.4% |
Asia-Pacific
(excl. Japan) |
|
1,447 |
1,130 |
28.0% |
19.8% |
Total
Asia |
|
1,724 |
1,371 |
25.7% |
19.3% |
Americas |
|
449 |
291 |
54.3% |
44.2% |
Other |
|
51 |
41 |
25.2% |
24.7% |
TOTAL |
|
2,765 |
2,084 |
32.7% |
27.1% |
(a) Sales by destination.
REVENUE BY
SECTOR
|
|
1st quarter |
Evolution /2021 |
In millions of
euros |
|
2022 |
2021 |
Published |
At constant exchange rates |
Leather Goods
and Saddlery (1) |
|
1,197 |
988 |
21.1% |
15.8% |
Ready-to-wear
and Accessories (2) |
|
710 |
473 |
50.1% |
44.1% |
Silk and
Textiles |
|
198 |
148 |
33.3% |
27.3% |
Other Hermès
sectors (3) |
|
330 |
228 |
44.4% |
37.4% |
Perfume and
Beauty |
|
119 |
99 |
20.0% |
18.4% |
Watches |
|
134 |
78 |
71.5% |
62.0% |
Other products
(4) |
|
77 |
69 |
12.8% |
10.9% |
TOTAL |
|
2,765 |
2,084 |
32.7% |
27.1% |
(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.
APPENDIX – EXTRACT FROM FIRST HALF CONSOLIDATED
ACCOUNTS
CONSOLIDATED INCOME STATEMENT
In millions of euros |
H1 2022 |
2021 Financial year |
H1 2021 |
Revenue |
5,475 |
8,982 |
4,235 |
Cost of sales |
(1,586) |
(2,580) |
(1,207) |
Gross margin |
3,889 |
6,402 |
3,028 |
Sales and administrative expenses |
(1,178) |
(2,137) |
(935) |
Other income and expenses |
(406) |
(734) |
(371) |
Recurring operating income |
2,304 |
3,530 |
1,722 |
Other non-recurring income and expenses |
- |
- |
- |
Operating income |
2,304 |
3,530 |
1,722 |
Net financial income |
(35) |
(96) |
(47) |
Net income before tax |
2,270 |
3,435 |
1,675 |
Income tax |
(647) |
(1,015) |
(511) |
Net income from associates |
25 |
34 |
13 |
CONSOLIDATED NET INCOME |
1,647 |
2,454 |
1,177 |
Non-controlling interests |
(6) |
(8) |
(3) |
NET INCOME ATTRIBUTABLE TO OWNERS OF THE
PARENT |
1,641 |
2,445 |
1,174 |
Basic earnings per share (in euros) |
15.69 |
23.37 |
11.22 |
Diluted earnings per share (in euros) |
15.64 |
23.30 |
11.19 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
In millions of euros |
H1 2022 |
2021 Financial year |
H1 2021 |
|
Consolidated net income |
1,647 |
2,454 |
1,177 |
|
Changes in foreign currency adjustments 1 |
182 |
141 |
35 |
|
Hedges of future cash flows in foreign
currencies 1 2 |
10 |
(110) |
(44) |
|
|
(97) |
(87) |
(19) |
|
- recycling through profit or loss
|
107 |
(23) |
(25) |
|
Assets at fair value 2 |
- |
87 |
87 |
|
Employee benefit obligations: change in value linked to actuarial
gains and losses 2 |
1 |
9 |
- |
|
Net comprehensive income |
1,840 |
2,582 |
1,255 |
|
- attributable to owners of the
parent
|
1,833 |
2,573 |
1,252 |
|
- attributable to non-controlling
interests
|
7 |
9 |
3 |
|
(1) Transferable through profit or loss.(2) Net of tax. |
CONSOLIDATED BALANCE SHEET
ASSETS
In millions of euros |
30/06/2022 |
31/12/2021 |
30/06/2021 |
Goodwill |
14 |
42 |
42 |
Intangible assets |
204 |
258 |
236 |
Right-of-use assets |
1,665 |
1,517 |
1,405 |
Property, plant and equipment |
1,916 |
1,881 |
1,665 |
Investment property |
8 |
9 |
75 |
Financial assets |
648 |
617 |
431 |
Investments in associates |
52 |
51 |
49 |
Loans and deposits |
63 |
59 |
57 |
Deferred tax assets |
636 |
546 |
539 |
Other non-current assets |
25 |
22 |
23 |
Non-current assets |
5,232 |
5,002 |
4,522 |
Inventories and work-in-progress |
1,617 |
1,449 |
1,394 |
Trade and other receivables |
464 |
333 |
298 |
Current tax receivables |
8 |
58 |
11 |
Other current assets |
288 |
257 |
228 |
Financial derivatives |
179 |
53 |
80 |
Cash and cash equivalents |
7,293 |
6,696 |
5,352 |
Current assets |
9,850 |
8,845 |
7,362 |
TOTAL ASSETS |
15,082 |
13,847 |
11,885 |
LIABILITIES
In millions of euros |
30/06/2022 |
31/12/2021 |
30/06/2021 |
Share capital |
54 |
54 |
54 |
Share premium |
50 |
50 |
50 |
Treasury shares |
(672) |
(551) |
(552) |
Reserves |
8,735 |
7,142 |
7,077 |
Foreign currency adjustments |
359 |
178 |
72 |
Revaluation adjustments |
93 |
83 |
149 |
Net income attributable to owners of the parent |
1,641 |
2,445 |
1,174 |
Equity attributable to owners of the parent |
10,259 |
9,400 |
8,024 |
Non-controlling interests |
14 |
12 |
10 |
Equity |
10,273 |
9,412 |
8,034 |
Borrowings and financial liabilities due in more than one year |
24 |
24 |
18 |
Lease liabilities due in more than one year |
1,705 |
1,529 |
1,405 |
Non-current provisions |
29 |
26 |
21 |
Post-employment and other employee benefit obligations due in more
than one year |
224 |
220 |
284 |
Deferred tax liabilities |
46 |
15 |
17 |
Other non-current liabilities |
48 |
45 |
36 |
Non-current liabilities |
2,076 |
1,860 |
1,781 |
Borrowings and financial liabilities due in less than one year |
14 |
1 |
25 |
Lease liabilities due in less than one year |
272 |
248 |
227 |
Current provisions |
129 |
115 |
108 |
Post-employment and other employee benefit obligations due in less
than one year |
40 |
40 |
28 |
Trade and other payables |
536 |
535 |
383 |
Financial derivatives |
213 |
122 |
67 |
Current tax liabilities |
468 |
347 |
311 |
Other current liabilities |
1,063 |
1,168 |
920 |
Current liabilities |
2,733 |
2,575 |
2,070 |
TOTAL EQUITY AND LIABILITIES |
15,082 |
13,847 |
11,885 |
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 |
Equity attributable to owners of the
parent |
Non- controlling interests |
Equity |
Financial investments |
Hedges of future cash flows in foreign
currencies |
As at 1 January
2021 |
105,569,412 |
54 |
50 |
(464) |
7,732 |
(135) |
38 |
100 |
5 |
7,380 |
11 |
7,391 |
Net income for the first half of 2021 |
- |
- |
- |
- |
1,174 |
- |
- |
- |
|
1,174 |
3 |
1,177 |
Other comprehensive income for the first half of 2021 |
- |
- |
- |
- |
|
- |
35 |
87 |
(44) |
78 |
0 |
78 |
Comprehensive income for the first half of
2021 |
- |
- |
- |
- |
1,174 |
- |
35 |
87 |
(44) |
1,252 |
3 |
1,255 |
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Purchase or sale of treasury shares |
- |
- |
- |
(88) |
(69) |
- |
- |
- |
- |
(158) |
- |
(158) |
Share-based payments |
- |
- |
- |
- |
32 |
- |
- |
- |
- |
32 |
- |
32 |
Dividends paid |
- |
- |
- |
- |
(485) |
- |
- |
- |
- |
(485) |
(4) |
(489) |
Other |
- |
- |
- |
- |
3 |
- |
- |
- |
- |
3 |
- |
3 |
AS AT 30 JUNE 2021 |
105,569,412 |
54 |
50 |
(552) |
8,386 |
(135) |
72 |
188 |
(39) |
8,024 |
10 |
8,034 |
Net income for the second half of 2021 |
- |
- |
- |
- |
1,272 |
- |
- |
- |
- |
1,272 |
5 |
1,277 |
Other comprehensive income for the second half of 2021 |
- |
- |
- |
- |
- |
9 |
106 |
- |
(66) |
49 |
0 |
50 |
Comprehensive income for the second half
of 2021 |
- |
- |
- |
- |
1,272 |
9 |
106 |
- |
(66) |
1,321 |
5 |
1,327 |
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Purchase or sale of treasury shares |
- |
- |
- |
1 |
- |
- |
- |
- |
- |
1 |
- |
1 |
Share-based payments |
- |
- |
- |
- |
27 |
- |
- |
- |
- |
27 |
- |
27 |
Dividends paid |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2) |
(2) |
Other |
- |
- |
- |
- |
27 |
- |
- |
- |
- |
27 |
(2) |
25 |
As at 31 December
2021 |
105,569,412 |
54 |
50 |
(551) |
9,712 |
(125) |
178 |
188 |
(105) |
9,400 |
12 |
9,412 |
Net income for the first half of 2022 |
- |
- |
- |
- |
1,641 |
- |
- |
- |
|
1,641 |
6 |
1,647 |
Other comprehensive income for the first half of 2022 |
- |
- |
- |
- |
- |
1 |
181 |
- |
10 |
191 |
1 |
193 |
Comprehensive income for the first half of
2022 |
- |
- |
- |
- |
1,641 |
1 |
181 |
- |
10 |
1,833 |
7 |
1,840 |
Change in share capital and share premiums |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Purchase or sale of treasury shares |
- |
- |
- |
(120) |
(0) |
- |
- |
- |
- |
(120) |
- |
(120) |
Share-based payments |
- |
- |
- |
- |
27 |
- |
- |
- |
- |
27 |
- |
27 |
Dividends paid |
- |
- |
- |
- |
(845) |
- |
- |
- |
- |
(845) |
(6) |
(850) |
Other |
- |
- |
- |
|
(36) |
- |
- |
- |
- |
(36) |
- |
(36) |
AS AT 30 JUNE 2022 |
105,569,412 |
54 |
50 |
(672) |
10,500 |
(124) |
359 |
188 |
(95) |
10,259 |
14 |
10,273 |
CONSOLIDATED STATEMENT OF CASH FLOWS
In millions of euros |
H1 2022 |
2021 Financial year |
H1 2021 |
CASH FLOWS RELATED TO OPERATING ACTIVITIES |
|
|
|
Net income attributable to owners of the parent |
1,641 |
2,445 |
1,174 |
Depreciation and amortisation of fixed assets |
160 |
312 |
148 |
Depreciation of right-of-use assets |
127 |
251 |
120 |
Impairment losses |
71 |
65 |
41 |
Mark-to-Market financial instruments |
- |
(1) |
(1) |
Foreign exchange gains/(losses) on fair value adjustments |
(24) |
(46) |
(12) |
Change in provisions |
22 |
28 |
17 |
Net income from associates |
(25) |
(34) |
(13) |
Net income attributable to non-controlling interests |
6 |
8 |
3 |
Capital gains or losses on disposals and impact of changes in scope
of consolidation |
7 |
(4) |
1 |
Deferred tax expense |
(1) |
(15) |
(14) |
Accrued expenses and income related to share-based payments |
27 |
59 |
32 |
Dividend income |
(11) |
(10) |
(10) |
Other |
(0) |
(0) |
(0) |
Operating cash flows |
2,001 |
3,060 |
1,487 |
Change in working capital requirements |
(261) |
346 |
65 |
Change in net cash position related to operating
activities (A) |
1,740 |
3,405 |
1,552 |
CASH FLOWS RELATED TO INVESTING ACTIVITIES |
|
|
|
Operating investments |
(190) |
(532) |
(214) |
Acquisitions of consolidated shares |
- |
(0) |
(0) |
Acquisitions of other financial assets |
(40) |
(198) |
(4) |
Disposals of operating assets |
0 |
3 |
2 |
Disposals of consolidated shares and impact of losses of
control |
- |
- |
- |
Disposals of other financial assets |
5 |
6 |
3 |
Change in payables and receivables related to investing
activities |
(18) |
6 |
(30) |
Dividends received |
36 |
47 |
26 |
Change in net cash position related to investing
activities (B) |
(207) |
(669) |
(217) |
CASH FLOWS RELATED TO FINANCING ACTIVITIES |
|
|
|
Dividends paid |
(850) |
(490) |
(489) |
Repayment of lease liabilities |
(128) |
(212) |
(102) |
Treasury share buybacks net of disposals |
(120) |
(158) |
(159) |
Borrowing subscriptions |
- |
- |
- |
Repayment of borrowings |
(0) |
(8) |
(8) |
Change in net cash position related to financing activities
(C) |
(1,099) |
(869) |
(757) |
Foreign currency translation adjustment (D) |
151 |
110 |
32 |
CHANGE IN NET CASH POSITION (A) + (B) + (C)
+ (D) |
585 |
1,978 |
609 |
Net cash position at the beginning of the period |
6,695 |
4,717 |
4,717 |
Net cash position at the end of the period |
7,280 |
6,695 |
5,326 |
CHANGE IN NET CASH POSITION |
585 |
1,978 |
609 |
- hermes_20220729_pr_firsthalfresults_va
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