Kering: Press release - 2024 Annual Results
Kering Press Release - Annual Results 2024 - 110225
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PRESS RELEASE |
February 11, 2025
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2024 ANNUAL RESULTS
Revenue: €17,194 million
down 12% as reported and on a comparable basis
Recurring operating income:
€2,554 million
Net income attributable to the Group: €1,133
million
Proposed ordinary dividend: €6 per share
“In a difficult year, we accelerated the
transformation of several of our Houses and moved determinedly to
strengthen the health and desirability of our brands for the long
term. Across the Group, and at Gucci first and foremost, we made
critical decisions to raise the impact of our communications,
sharpen our product strategies, and heighten the quality of our
distribution, all in the respect of the creative heritage that
distinguishes our brands. We secured our organization, made key
hirings, sped up execution, and intensified the efficiency of our
operations. Our efforts must remain sustained and we are confident
that we have driven Kering to a point of stabilization, from which
we will gradually resume our growth trajectory.”
François-Henri Pinault, Chairman and
Chief Executive Officer
-
Kering’s revenue amounted to €17.2 billion in
2024, down 12% both as reported and on a comparable basis.
-
Sales from the directly operated retail network, including
e-commerce, fell 13% on a comparable basis, affected by lower store
traffic in adverse market conditions.
-
Wholesale revenue of the Houses was down 22% on a comparable basis,
as they continued to heighten the exclusivity of their
distribution. At Group level, Wholesale and Other revenue was down
9% on a comparable basis.
-
In the fourth quarter of 2024, revenue was down
12% both as reported and on a comparable basis. Sales from the
directly operated retail network decreased 13% on a comparable
basis. Trends improved sequentially in all regions, except Japan.
Wholesale and Other revenue was down 10% overall on a comparable
basis, and Wholesale revenue was down 25% for the Houses.
-
Recurring operating income totaled €2.6 billion in
2024, down 46% from the 2023 level. Recurring operating margin was
14.9% in 2024 versus 24.3% in 2023.
Net income attributable to the
Group amounted to €1.1 billion in 2024, and
recurring net income attributable to the Group was
€1.3 billion.
-
Free cash flow from operations was €1.4 billion in
2024. Excluding real estate transactions, it amounted to €3.6
billion, an increase of 7% compared to 2023. Good management of
operating working capital contributed €0.7 billion
to this performance.
Financial
indicators
|
(in € millions) |
|
2024 |
2023 |
Change |
|
|
|
|
|
|
|
Revenue |
|
17,194 |
19,566 |
-12% |
|
Comparable change (1) |
|
|
|
-12% |
|
|
|
|
|
|
|
Recurring operating income |
|
2,554 |
4,746 |
-46% |
|
% of revenue |
|
14.9% |
24.3% |
|
|
|
|
|
|
|
|
EBITDA |
|
4,667 |
6,569 |
-29% |
|
% of revenue |
|
27.1% |
33.6% |
|
|
|
|
|
|
|
|
Net income attributable to the Group |
|
1,133 |
2,983 |
-62% |
|
|
|
|
|
|
|
Recurring net income attributable to the
Group (2) |
|
1,310 |
3,061 |
-57% |
|
|
|
|
|
|
-
Change on a comparable scope and exchange rate basis.
-
Recurring net income attributable to the Group: net income from
continuing operations attributable to the Group, excluding
non-recurring items.
Operating performance
Revenue
(in € millions) |
|
2024 |
2023 |
Reported change |
Comparable change
(1) |
|
Gucci |
|
7,650 |
9,873 |
-23% |
-21% |
|
Yves Saint Laurent |
|
2,881 |
3,179 |
-9% |
-9% |
|
Bottega Veneta |
|
1,713 |
1,645 |
+4% |
+6% |
|
Other Houses |
|
3,221 |
3,514 |
-8% |
-7% |
|
Kering Eyewear and Corporate |
|
1,941 |
1,568 |
+24% |
+8% |
|
|
|
|
|
|
|
|
Eliminations |
|
(212) |
(213) |
– |
– |
|
|
|
|
|
|
|
|
KERING |
|
17,194 |
19,566 |
-12% |
-12% |
| |
|
|
|
|
|
|
-
Change on a comparable scope and exchange rate basis.
Recurring operating income
(in € millions) |
|
2024 |
2023 |
Change |
|
|
|
|
|
|
|
Gucci |
|
1,605 |
3,264 |
-51% |
|
Yves Saint Laurent |
|
593 |
969 |
-39% |
|
Bottega Veneta |
|
255 |
312 |
-18% |
|
Other Houses |
|
(9) |
212 |
N/A |
|
Kering Eyewear and Corporate |
|
112 |
(7) |
N/A |
|
|
|
|
|
|
|
Eliminations |
|
(2) |
(4) |
– |
|
|
|
|
|
|
|
KERING |
|
2,554 |
4,746 |
-46% |
Gucci
Gucci’s 2024 revenue amounted
to €7.7 billion, down 23% as reported and down 21% on a comparable
basis.
Sales from the directly operated retail network, accounting for 91%
of the total, were down 21% on a comparable basis. Wholesale
revenue was down 28% on a comparable basis.
In the fourth quarter of 2024,
Gucci’s revenue decreased 24% on a comparable basis. Sales from the
directly operated retail network were down 21% on a comparable
basis, with a slight sequential improvement in North America and
Asia-Pacific. The performance of new Leather Goods lines as well as
iconic Gucci lines – such as the Jackie handbag and its new
interpretations – is highly encouraging. Wholesale revenue
decreased 53% on a comparable basis in the fourth quarter, partly
reflecting increased selectivity of distribution partners.
Gucci’s recurring operating
income totaled €1.6 billion in 2024. Recurring
operating margin was 21.0%, with lower sales resulting in
negative operational leverage, although that was mitigated by major
efforts to streamline the cost base.
Yves Saint Laurent
Yves Saint Laurent’s 2024
revenue amounted to €2.9 billion, down 9% both as reported
and on a comparable basis.
Sales from the directly operated retail network were down 7% while
Wholesale revenue fell 25%, both on a comparable basis.
In the fourth quarter of 2024,
sales were down 8% on a comparable basis. Sales from the directly
operated retail network, down 7% on a comparable basis, posted a
notable improvement in North America and Asia-Pacific. New Leather
Goods products and reinterpretation of Yves Saint Laurent’s iconic
handbags were very well received. Wholesale revenue was down 35% in
the fourth quarter, due in part to efforts to streamline that
distribution channel.
Yves Saint Laurent achieved recurring
operating income of €593 million in 2024 and its
recurring operating margin was 20.6%, reflecting
the House’s investments in its collections, stores and clienteling
events.
Bottega Veneta
In 2024, Bottega Veneta’s
revenue amounted to €1.7 billion, up 4% as
reported and up 6% on a comparable basis. Sales from the directly
operated retail network rose 10% on a comparable basis. Wholesale
revenue was down 15% on a comparable basis, due to the House’s
highly selective approach to partners.
Sales in the fourth quarter of
2024 were up 12% on a comparable basis with a 17% increase
in the directly operated retail network, driven by outstanding
performances in North America and Western Europe. Trends in
Asia-Pacific improved. The House’s leather goods offer remains
highly successful, underscoring the immense desirability of the
Bottega Veneta brand. Wholesale revenue was down 10% on a
comparable basis.
Bottega Veneta’s recurring operating
income totaled €255 million in 2024, yielding a
recurring operating margin of 14.9%, as the House
continued to make significant investments in its communications and
store network.
Other Houses
Revenue from Other Houses
amounted to €3.2 billion in 2024, down 8% as reported and down 7%
on a comparable basis. On a comparable basis, sales from the
directly operated retail network were down 4%, while Wholesale
revenue was down 17%.
In the fourth quarter of 2024,
sales of the Other Houses were down 4% on a comparable basis. Sales
from the directly operated retail network were down 7%, while
Wholesale revenue was up 9%. Balenciaga’s leather goods continued
to be well received, while sales at Alexander McQueen suffered from
its transition currently underway. Brioni achieved double-digit
growth. Jewelry Houses continued to make progress, with a
particularly healthy performance at Boucheron.
The recurring operating loss of
the Other Houses amounted to €9 million in 2024, due to negative
operational leverage at Couture and Leather Goods Houses.
Kering Eyewear and Corporate
In 2024, total revenue of the
Kering Eyewear and Corporate segment, which
includes Kering Beauté, amounted to €1.9 billion, up 24% as
reported and up 8% on a comparable basis.
Kering Beauté’s revenue
amounted to €323 million in 2024, as Creed was consolidated over
the full year.
Kering Eyewear, which
celebrated its 10th anniversary, generated revenue of €1.6 billion
in 2024, an increase of 6% on a comparable basis. In the
fourth quarter, sales totaled €326 million, up 8%
as reported and up 7% on a comparable basis, driven by all regions
as well as the main brands in its portfolio.
Kering Eyewear’s recurring operating
income amounted to €277 million in 2024.
Taking into account the contribution of Kering
Beauté, including the full-year consolidation of Creed, and
Corporate costs, the Kering Eyewear and Corporate segment generated
recurring operating income of €112 million.
Financial performance
In 2024, Kering’s net financial
expense totaled €614 million.
The effective tax rate on
recurring income was 27.1%.
Net profit attributable to the
Group was €1.1 billion.
Earnings per share amounted to
€9.2.
Cash flow and financial position
The Group’s free cash flow from operations was
€1.4 billion in 2024. Excluding real estate transactions, it was
€3.6 billion, up 7% compared to 2023.
As of December 31, 2024, Kering’s net debt
amounted to €10.5 billion.
Dividend
In its February 10, 2025, meeting, Kering’s
Board of Directors resolved to ask shareholders to approve a cash
dividend of €6.00 per share at the Annual General Meeting to be
held on April 24, 2025, to approve the financial statements for the
year ended December 31, 2024.
An interim dividend of €2.00 per share was paid on January 16,
2025. If approved, a final dividend of €4.00 will be paid on May 7,
2025, on positions determined on the evening of May 6, 2025. The
ex-date for the final dividend payment will be the morning of May
5, 2025.
Outlook
To achieve its long-term vision, Kering invests
in the development of its Houses, so that they continuously
strengthen their desirability and the exclusivity of their
distribution, strike a perfect balance between creative innovation
and heritage, and achieve the highest standards in terms of
quality, sustainability and experience for their customers.
In an economic and geopolitical environment that
remains uncertain, Kering continues to deploy its strategy with the
aim of achieving a profitable long-term growth trajectory.
The Group is stepping up the initiatives needed
to support the development and growth of its Houses, while
implementing with determination the actions required to increase
its efficiency. These actions imply particular vigilance with
regards to financial discipline related to control of the Group’s
cost base, selectivity of its investments, and management of its
balance sheet.
***
At its February 10, 2025, meeting, Kering’s
Board of Directors, chaired by François-Henri Pinault, approved the
consolidated financial statements for 2024. The consolidated
financial statements have been audited and are in the process of
being certified.
WEBCAST
Kering will present
its 2024 results in a webcast, which can be
accessed here at 8.30am (CET) on Tuesday,
February 11, 2025.
The presentation will
be followed by a Q&A session for analysts and investors.
The slides (in PDF
format) will be available ahead of the webcast from the
www.kering.com/en/finance/ website.
A replay of the
webcast will also be available at www.kering.com/en/finance.
The notes to the consolidated financial
statements are included in the 2024 financial document available at
www.kering.com.
About Kering
A global Luxury group, Kering manages the
development of a series of renowned Houses in Fashion, Leather
Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta,
Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo,
Qeelin and Ginori 1735, as well as Kering Eyewear and Kering
Beauté. By placing creativity at the heart of its strategy, Kering
enables its Houses to set new limits in terms of their creative
expression while crafting tomorrow’s Luxury in a sustainable and
responsible way. We capture these beliefs in our signature:
“Empowering Imagination”. In 2024, Kering had 47,000 employees and
revenue of €17.2 billion.
Contacts
|
Press |
|
|
|
Emilie Gargatte |
+33 (0)1 45 64 61
20 |
emilie.gargatte@kering.com |
|
Marie de
Montreynaud |
+33 (0)1 45 64 62
53 |
marie.demontreynaud@kering.com |
|
|
|
|
Analysts/investors |
|
|
|
Claire Roblet |
+33 (0)1 45 64 61
49 |
claire.roblet@kering.com |
ANNEXES
EXCERPT FROM THE CONSOLIDATED FINANCIAL STATEMENTS AND
ADDITIONAL
INFORMATION RELATING TO THE 2024 ANNUAL
RESULTS
POSITION AS OF DECEMBER 31, 2024
AUDITED FINANCIAL STATEMENTS, CERTIFICATION IN
PROGRESS
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Contents |
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Page |
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Highlights and announcements since January 1,
2024 |
8 |
|
|
Consolidated income statement |
10 |
|
|
Consolidated statement of comprehensive
income |
11 |
|
|
Consolidated balance sheet |
12 |
|
|
Consolidated statement of changes in equity |
13 |
|
|
Consolidated statement of cash flows |
14 |
|
|
Revenue by quarter |
15 |
|
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Main definitions |
16 |
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HIGHLIGHTS AND ANNOUNCEMENTS SINCE
JANUARY 1, 2024
Acquisition of strategic real estate
assets in New York and Milan
In 2024, Kering acquired prestigious real estate assets in New York
and Milan as part of its selective real estate strategy aimed at
securing key highly desirable locations for its Houses.
In New York City, the acquisition of the property located at
715-717 Fifth Avenue, totaling approximately 115,000 sq. ft, or
10,700 sq. m. for a price of $963 million (€885 million on the date
of the announcement) was finalized on January 22, 2024.
In Milan, Kering acquired the company that owns the building
located at 8 Via Monte Napoleone with a gross floorspace of
approximately 127,000 sq. ft, or 11,800 sq. m. The acquisition was
finalized on July 18, 2024, for a consideration of approximately
€1.3 billion.
Obtention of “Triple A” CDP score for
Kering's climate commitments
On February 6, 2024, Kering became one of only 10 companies in the
world to achieve a score of AAA following the Carbon Disclosure
Project’s annual assessment, which covers more than 21,000
companies. Kering is the only company in the luxury sector to earn
this distinction, confirming its leadership in terms of
transparency and performance as regards the protection of the
climate, forests, and water.
Bond issues
As part of the Group’s active liquidity management, Kering carried
out bond issues in 2024, enabling it to enhance its financial
flexibility.
On March 5, 2024, Kering carried out a dual-tranche bond issue for
a total of €1.75 billion, consisting of:
-
a €1 billion tranche with an 8-year maturity and a 3.375%
coupon;
-
a €750 million tranche with a 12-year maturity and a 3.625%
coupon.
On November 14, 2024, Kering carried out a
single-tranche bond issue for a total of €750 million with a
10-year maturity and a 3.625% coupon.
The Group's long-term credit is rated “BBB+” with a stable outlook
by Standard & Poor’s.
Adoption of first-ever science-based
targets for nature globally
During COP16 on October 30, 2024, Kering set and adopted
science-based targets for land and freshwater, becoming the first
company globally to adopt such targets.
These advance the Group’s commitment to biodiversity after
participating in a year-long pilot with the Science Based Targets
Network.
Verification and approval of Kering’s
Net-Zero science-based targets by SBTi
On November 1, 2024, Kering took another significant step to
strengthen its climate ambitions. The Group has set emission
reduction targets across its value chain, both near and long term,
in line with climate science and the Science Based Targets
initiative (SBTi) net-zero criteria.
Signature of an agreement regarding
prime real estate assets in Paris with Ardian
On January 15, 2024, as part of its selective real estate strategy,
Kering signed a binding investment agreement with Ardian, a
world-leading private investment house, pertaining to three highly
prestigious real estate properties in Paris.
Kering will bring these assets into the newly created
joint-venture. Ardian will own 60% of this unique property
portfolio while Kering retains 40% of the ownership and will
receive net proceeds of €837 million.
The deal is expected to close in the first quarter of 2025, pending
the fulfillment of customary conditions for real estate
transactions.
Kering and Simon announce the completion
of the sale of 'The Mall Luxury outlets'
On January 30, 2025, Kering and Simon® announced the finalization
of the sale of 100% of The Mall Luxury Outlets entities held by
Kering to Simon, the US real estate investment trust engaged in the
ownership of premier shopping, dining, entertainment
destinations.
The Mall, created in 2001, operates two luxury outlet destinations
in Italy. For Kering, the divestment of this non-core asset will
generate net proceeds of approximately €350 million.
Kering’s brands will maintain a presence in these two very high-end
shopping villages, the strategy implemented by Kering aiming at
gradually concentrating its outlet distribution to a limited number
of exclusive venues.
APPOINTMENTS AND MOVEMENTS SINCE JANUARY
1, 2024
Changes in the Executive
Committee
On April 2, 2024, Kering appointed Mélanie Flouquet, Chief Strategy
Officer, and Armelle Poulou, Chief Financial Officer, to the
Group’s Executive Committee.
On June 6, 2024, Kering announced the appointment of Laurent
Claquin as its Chief Brand Officer and a member of the Executive
Committee, effective July 1, 2024.
Changes in the Board of
Directors
At the Annual General Meeting held on April 25, 2024, Kering's
shareholders approved the appointment of three new directors:
Rachel Duan, Giovanna Melandri, and Dominique D’Hinnin. They also
ratified the cooption of Maureen Chiquet as Director and the
renewal of Jean-Pierre Denis' term of office.
Stefano Cantino appointed CEO of
Gucci
On October 8, 2024, Kering announced the appointment of Stefano
Cantino as CEO of Gucci, effective January 1, 2025, reporting to
Francesca Bellettini, Kering Deputy CEO in charge of Brand
Development. Stefano Cantino, who joined Gucci in May 2024 as
Deputy CEO, is a member of Kering’s Executive Committee.
Kering appoints new CEOs at Saint
Laurent and Balenciaga
On November 18, 2024, Kering announced, the appointment of Cédric
Charbit as CEO of Saint Laurent and Gianfranco Gianangeli as CEO of
Balenciaga, effective January 2, 2025. Both report to Francesca
Bellettini.
Appointment of Louise Trotter as
Creative Director of Bottega Veneta
On December 12, 2024, Kering announced the appointment of
Louise Trotter as the new Creative Director of Bottega Veneta,
marking the opening of an exciting new chapter in the brand’s
creative journey. She joined the House in late
January 2025.
Gucci ends its collaboration with Sabato
De Sarno
On February 6, 2025, Gucci announced the end of its collaboration
with Creative Director Sabato De Sarno. The Fall-Winter '25 fashion
show in Milan on February 25 will be presented by the Gucci design
office. The new Artistic Direction will be announced in due
time.
CONSOLIDATED INCOME STATEMENT
|
(in € millions) |
2024 |
2023 |
|
CONTINUING OPERATIONS |
|
|
|
Revenue |
17,194 |
19,566 |
|
Cost of sales |
(4,513) |
(4,639) |
|
Gross margin |
12,681 |
14,927 |
|
Other personnel expenses |
(3,017) |
(2,982) |
|
Other recurring operating income and expenses |
(7,110) |
(7,199) |
|
Recurring operating income |
2,554 |
4,746 |
|
Other non-recurring operating income and expenses |
(242) |
(103) |
|
Operating income |
2,312 |
4,643 |
|
Financial result |
(614) |
(410) |
|
Income before tax |
1,698 |
4,233 |
|
Income tax expense |
(461) |
(1,163) |
|
Share in earnings (losses) of equity-accounted companies |
(10) |
4 |
|
Net income from continuing operations |
1,227 |
3,074 |
|
o/w attributable to the Group |
1,133 |
2,983 |
|
o/w attributable to minority interests |
94 |
91 |
|
DISCONTINUED OPERATIONS |
|
|
|
Net income from discontinued operations |
– |
– |
|
o/w attributable to the Group |
– |
– |
|
o/w attributable to minority interests |
– |
– |
|
GROUP TOTAL |
|
|
|
Net income of consolidated companies |
1,227 |
3,074 |
|
o/w attributable to the Group |
1,133 |
2,983 |
|
o/w attributable to minority interests |
94 |
91 |
|
|
|
|
(in € millions) |
2024 |
2023 |
|
Net income attributable to the Group |
1,133 |
2,983 |
|
Basic earnings per share (in €) |
9.24 |
24.38 |
|
Diluted earnings per share (in €) |
9.24 |
24.37 |
|
Net income from continuing operations attributable to the
Group |
1,133 |
2,983 |
|
Basic earnings per share (in €) |
9.24 |
24.38 |
|
Diluted earnings per share (in €) |
9.24 |
24.37 |
|
Net income from continuing operations (excluding
non‑recurring items) attributable
to the Group |
1,310 |
3,061 |
|
Basic earnings per share (in €) |
10.68 |
25.02 |
|
Diluted earnings per share (in €) |
10.68 |
25.01 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
(in € millions) |
2024 |
2023 |
|
Net income |
1,227 |
3,074 |
|
o/w attributable to the Group |
1,133 |
2,983 |
|
o/w attributable to minority interests |
94 |
91 |
|
Change in currency translation adjustments relating to
consolidated subsidiaries: |
84 |
(75) |
|
change in currency translation adjustments |
84 |
(75) |
|
amounts transferred to the income statement |
- |
- |
|
Change in foreign currency cash flow hedges: |
(124) |
(4) |
|
change in fair value |
(70) |
268 |
|
amounts transferred to the income statement |
(77) |
(271) |
|
tax effects |
23 |
(1) |
|
Change in other comprehensive income (loss) of
equity‑accounted
companies: |
- |
- |
|
change in fair value |
- |
- |
|
amounts transferred to the income statement |
- |
- |
|
Gains and losses recognized in equity, to be transferred to
the income statement |
(40) |
(79) |
|
Change in provisions for pensions and other post-employment
benefits: |
(9) |
1 |
|
change in actuarial gains and losses |
(11) |
1 |
|
tax effects |
2 |
- |
|
Change in financial assets measured at fair
value: |
11 |
(23) |
|
change in fair value |
15 |
(33) |
|
tax effects |
(4) |
10 |
Gains and losses recognized in equity, not to be
transferred to the income
statement |
2 |
(22) |
|
Total gains and losses recognized in equity |
(38) |
(101) |
|
COMPREHENSIVE INCOME |
1, 189 |
2,973 |
|
o/w attributable to the Group |
1,088 |
2,879 |
|
o/w attributable to minority interests |
101 |
94 |
CONSOLIDATED BALANCE SHEET
Assets
|
(in € millions) |
2024 |
2023 |
|
Goodwill |
6,277 |
7,112 |
|
Brands and other intangible assets |
9,287 |
8,178 |
|
Lease right-of-use assets |
5,615 |
4,984 |
|
Property plant and equipment |
6,537 |
5,341 |
|
Investments in equity-accounted companies |
1,762 |
1,750 |
|
Non-current financial assets |
492 |
536 |
|
Deferred tax assets |
1,651 |
1,520 |
|
Other non-current assets |
27 |
16 |
|
Non current assets |
31,648 |
29,437 |
|
Inventories |
3,992 |
4,550 |
|
Trade receivables and accrued income |
1,003 |
1,151 |
|
Current tax receivables |
680 |
765 |
|
Current financial assets |
42 |
136 |
|
Other current assets |
1,388 |
1,406 |
|
Cash and cash equivalents |
3,518 |
3,922 |
|
Current assets |
10,623 |
11,930 |
|
Assets held for sale |
1,075 |
– |
|
TOTAL ASSETS |
43,346 |
41,367 |
Equity and liabilities
|
(in € millions) |
2024 |
2023 |
|
Equity attributable to the Group |
14,904 |
15,212 |
|
Equity attributable to the minority interests |
826 |
798 |
|
Equity |
15,730 |
16,010 |
|
Non-current borrowings |
10,556 |
10,026 |
|
Non-current lease liabilities |
5,056 |
4,511 |
|
Non-current financial liabilities |
13 |
13 |
|
Non-current provisions for pensions and other post-employment
benefits |
85 |
68 |
|
Non-current provisions |
51 |
21 |
|
Deferred tax liabilities |
1,985 |
1,776 |
|
Other non-current liabilities |
278 |
311 |
|
Non current liabilities |
18,024 |
16,726 |
|
Current borrowings |
3,479 |
2,400 |
|
Current lease liabilities |
1,051 |
884 |
|
Current financial liabilities |
343 |
588 |
|
Trade payables and accrued expenses |
2,098 |
2,200 |
|
Current provisions for pensions and other post-employment
benefits |
13 |
12 |
|
Current provisions |
191 |
163 |
|
Current tax liabilities |
528 |
536 |
|
Other current liabilities |
1,889 |
1,848 |
|
Current liabilities |
9,592 |
8,631 |
|
Liabilities associated with assets held for
sale |
– |
– |
|
TOTAL EQUITY AND LIABILITIES |
43,346 |
41,367 |
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
|
Before appropriation of net income (in €
millions) |
Number of shares outstanding |
Share capital |
Capital reserves |
Kering treasury shares |
Cumulative translation adjustments |
Remeasure-ment of financial instruments |
Other reserves and net income |
Group |
Minority interests |
TOTAL |
|
As of January 1st, 2023 |
122,220,370 |
496 |
1,314 |
(1,028) |
(165) |
186 |
13,195 |
13,998 |
785 |
14,783 |
|
Net income |
|
|
|
|
|
|
2,983 |
2,983 |
91 |
3,074 |
|
Total gains and losses recognized in equity |
|
|
|
|
(78) |
(26) |
|
(104) |
3 |
(101) |
|
Comprehensive income |
|
|
|
|
(78) |
(26) |
2,983 |
2,879 |
94 |
2,973 |
|
Change in equity of Kering SA |
|
|
|
|
|
|
|
– |
– |
– |
|
Change in equity of subsidiaries |
|
|
|
|
|
|
|
– |
9 |
9 |
|
Expense related to share-based payments |
16,928 |
|
|
10 |
|
|
15 |
25 |
– |
25 |
|
Cancellation of Kering treasury shares |
|
(3) |
(330) |
333 |
|
|
|
– |
– |
– |
|
(Acquisitions) disposals of Kering treasury shares |
342,883 |
|
|
230 |
|
|
(217) |
13 |
– |
13 |
|
Distribution of dividends |
|
|
|
|
|
|
(1,705) |
(1,705) |
(42) |
(1,747) |
|
Other changes |
|
|
|
5 |
|
|
(3) |
2 |
(48) |
(46) |
|
As of Dec. 31, 2023 |
122,580,181 |
493 |
984 |
(450) |
(243) |
160 |
14,268 |
15,212 |
798 |
16,010 |
|
Net income |
|
|
|
|
|
|
1,133 |
1,133 |
94 |
1,227 |
|
Total gains and losses recognized in equity |
|
|
|
|
77 |
(122) |
|
(45) |
7 |
(38) |
|
Comprehensive income |
|
|
|
|
77 |
(122) |
1,133 |
1,088 |
101 |
1,189 |
|
Change in equity of Kering SA |
|
|
|
|
|
|
|
- |
- |
- |
|
Change in equity of subsidiaries |
|
|
|
|
|
|
|
- |
- |
- |
|
Expense related to share-based payments |
14,762 |
|
|
82 |
|
|
(75) |
7 |
- |
7 |
|
Cancellation of Kering treasury shares |
|
|
|
|
|
|
|
- |
- |
- |
|
(Acquisitions) disposals of Kering treasury shares |
6,750 |
|
|
3 |
|
|
24 |
27 |
- |
27 |
|
Distribution of dividends |
|
|
|
|
|
|
(1,410) |
(1,410) |
(22) |
(1,432) |
|
Other changes |
|
|
|
|
|
|
(20) |
(20) |
(51) |
(71) |
|
As of Dec. 31, 2024 |
122,601,693 |
493 |
984 |
(365) |
(166) |
38 |
13,920 |
14,904 |
826 |
15,730 |
CONSOLIDATED STATEMENT OF CASH FLOW
|
(in € millions) |
2024 |
2023 |
|
Net income from continuing operations |
1,227 |
3,074 |
Net recurring charges to depreciation, amortization
and provision on non-current operating assets |
2,113 |
1,823 |
|
Other non-cash (income) expenses |
57 |
94 |
|
Cash flow received from operating activities |
3,397 |
4,991 |
|
Interest paid (received) |
559 |
300 |
|
Dividends received |
(2) |
(9) |
|
Current tax expense |
526 |
1,007 |
Cash flow received from operating activities before
tax,
dividends and interests |
4,480 |
6,289 |
|
Change in working capital requirement |
667 |
(396) |
|
Income tax paid |
(438) |
(1,434) |
|
Net cash received from operating activities |
4,709 |
4,459 |
|
Acquisitions of property, plant and equipment and intangible
assets |
(3,309) |
(2,611) |
|
Disposals of property, plant and equipment and intangible
assets |
32 |
135 |
|
Acquisitions of subsidiaries and associates, net of cash
acquired |
(35) |
(5,093) |
|
Acquisitions of other financial assets |
(83) |
(56) |
|
Disposals of other financial assets |
140 |
251 |
|
Interest and dividends received |
70 |
76 |
|
Net cash received from (used in) investing
activities |
(3,185) |
(7,298) |
|
Dividends paid to shareholders of Kering SA |
(1,716) |
(1,712) |
|
Dividends paid to minority interests in consolidated
subsidiaries |
(24) |
(42) |
|
Transactions with minority interests |
(73) |
(24) |
|
(Acquisitions) disposals of Kering treasury shares |
2 |
(10) |
|
Issuance of bonds and bank debt |
2,493 |
6,205 |
|
Redemption of bonds and bank debt |
(525) |
(957) |
|
Issuance (redemption) of other borrowings |
(394) |
174 |
|
Repayment of lease liabilities |
(1,049) |
(880) |
|
Interest paid and equivalent |
(610) |
(377) |
|
Net cash received from (used in) from financing
activities |
(1,896) |
2,377 |
|
Impact of exchange rate variations on cash and cash
equivalents |
31 |
18 |
|
Net increase (decrease) in cash and cash
equivalents |
(341) |
(444) |
|
|
|
|
Cash and cash equivalents at opening |
3,650 |
4,094 |
|
Cash and cash equivalents at closing |
3,309 |
3,650 |
REVENUE FOR THE FIRST, SECOND, THIRD AND
FOURTH QUARTERS OF 2024
(in € millions)
|
|
Q4 2024 |
Q4 2023 (1) |
Reported change |
Comparable change (1) |
Q3 2024 |
Q3 2023 (1) |
Reported change |
Comparable change (1) |
Q2 2024 |
Q2 2023 (1) |
Reported change |
Comparable change (1) |
Q1 2024 |
Q1 2023 (1) |
Reported change
|
Comparable change (1) |
|
Gucci |
|
1,924 |
2,528 |
-24% |
-24% |
1,641 |
2,217 |
-26% |
-25% |
2,006 |
2,512 |
-20% |
-19% |
2,079 |
2,616 |
-21% |
-18% |
|
Yves Saint Laurent |
|
770 |
835 |
-8% |
-8% |
670 |
768 |
-13% |
-12% |
701 |
770 |
-9% |
-9% |
740 |
806 |
-8% |
-6% |
|
Bottega Veneta |
|
480 |
431 |
+11% |
+12% |
397 |
381 |
+4% |
+5% |
448 |
438 |
+2% |
+4% |
388 |
395 |
-2% |
+2% |
|
Other Houses |
|
818 |
853 |
-4% |
-4% |
686 |
805 |
-15% |
-14% |
893 |
966 |
-8% |
-5% |
824 |
890 |
-7% |
-6% |
|
Kering Eyewear and Corporate |
|
434 |
366 |
+18% |
+10% |
440 |
333 |
+32% |
+7% |
531 |
436 |
+22% |
+5% |
536 |
433 |
+24% |
+9% |
Eliminations |
|
(36) |
(46) |
- |
- |
(48) |
(40) |
- |
- |
(65) |
(64) |
- |
- |
(63) |
(63) |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KERING |
|
4,390 |
4,967 |
-12% |
-12% |
3,786 |
4,464 |
-15% |
-16% |
4,514 |
5,058 |
-11% |
-11% |
4,504 |
5,077 |
-11% |
-10% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Change on a comparable scope and
exchange rate basis.
MAIN DEFINITIONS
“Reported” and “comparable”
growth
The Group’s “reported” growth corresponds to the change in reported
revenue (previously referred to as “actual” growth) between two
periods.
The Group measures “comparable” growth (also referred to as
“organic” growth) in its business by comparing revenue between two
periods at constant scope and exchange rates.
Changes in scope are dealt with as follows for the periods
concerned:
-
the portion of revenue relating to acquired entities is excluded
from the current period;
-
the portion relating to entities divested or in the process of
being divested is excluded from the previous period.
Currency effects are calculated by applying the
average exchange rates for the current period to amounts in the
previous period.
Recurring operating
income
The Group’s operating income includes all revenues and expenses
directly related to its activities, whether these revenues and
expenses are recurring or arise from non-recurring decisions or
transactions.
Other non-recurring operating income and expenses consist of items
that, by their nature, amount or frequency, could distort the
assessment of the Group’s operating performance as reflected in its
recurring operating income. They include changes in scope, the
impairment of goodwill and brands and, where material, of property,
plant and equipment and intangible assets, capital gains and losses
on disposals of non-current assets, restructuring costs and
disputes.
“Recurring operating income” is therefore an alternative
performance indicator for the Group, defined as the difference
between operating income and other non-recurring operating income
and expenses. This indicator is intended to facilitate
understanding of the operating performance of the Group and its
Houses and can therefore be used as a way to estimate recurring
performance. It is presented in a manner that is consistent and
stable over the long term in order to ensure the continuity and
relevance of financial information.
EBITDA
The Group uses EBITDA as an alternative performance indicator to
monitor its operating performance. This financial indicator
corresponds to recurring operating income plus net charges to
depreciation, amortization and provisions on non-current operating
assets recognized in recurring operating income.
Free cash flow from operations,
available cash flow from operations and available cash
flow
The Group uses an intermediate line item, “Free cash flow from
operations”, to monitor its financial performance. This financial
indicator measures net operating cash flow less net operating
investments (defined as acquisitions and disposals of property,
plant and equipment and intangible assets).
The Group has also defined a new indicator, “Available cash flow
from operations”, in order to take into account capitalized fixed
lease payments (repayments of principal and interest) pursuant to
IFRS 16, and thereby reflect all of its operating cash flows.
“Available cash flow” therefore corresponds to available cash flow
from operations plus interest and dividends received, less interest
paid and equivalent (excluding leases).
Net debt
Net debt is one of the Group’s main financial indicators, and is
defined as borrowings less cash and cash equivalents. Lease
liabilities are not included in the calculation of this indicator.
Borrowings include put options granted to minority interests. The
cost of net debt corresponds to all financial income and expenses
associated with these items, including the impact of derivative
instruments used to hedge the fair value of borrowings.
Effective tax rate on recurring
income
The effective tax rate on recurring income corresponds to the
effective tax rate excluding tax effects relating to other
non-recurring operating income and expenses.
- Kering Press Release - Annual Results 2024 - 110225
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