Kering - Press release - 2022 Annual Results
Press release - 2022 Annual Results - 15 02 2023
VERY SOLID 2022
PERFORMANCES
MIXED FOURTH QUARTER
Group revenue:
€20,351 millionup 15%
reported, up 9%
comparable
Recurring operating income:
€5,589 million
Net income attributable to the Group:
€3,614 millionRecommended ordinary dividend raised to €14 per
share
“All our Houses posted record revenues and
contributed to higher operating income in 2022. But these good
performances were not uniformly up to our ambitions and potential.
Beyond the challenges some of our Houses faced, notably towards the
end of the year, we are convinced that we are pursuing the right
strategy for the long term. Our 47,000 people share a strong
entrepreneurial culture as well as values of responsibility and
engagement. Together, we nurture the desirability and exclusivity
of our brands, so they all achieve market positions commensurate
with their unique heritage and recognized creativity. In an
environment that remains uncertain, I have no doubt that 2023 will
be another year of success for our Houses and of growth for our
Group.”
François-Henri Pinault, Chairman and
Chief Executive Officer
- Group
revenue exceeded €20 billion in 2022, an increase of
15% as reported and 9% on a comparable basis.
- Revenue from the
directly operated retail network, which includes e-commerce sites,
rose 10% on a comparable basis in 2022, driven in particular by
Western Europe and Japan.
- In the fourth
quarter of 2022, total sales were down 2% year-on-year as reported
and 7% on a comparable basis, with mixed performances across Houses
and regions.
- All Group
activities contributed to the 11% rise in recurring
operating income, which reached €5.6 billion.
Recurring operating margin was 27.5%.
- Net
profit attributable to the Group amounted to
€3.6 billion, up 14%.
- Free
cash flow from operations remained high, at over
€3.2 billion.
Financial indicators
(in € millions) |
|
2022 |
2021 |
Change |
|
|
|
|
|
Revenue |
|
20,351 |
17,645 |
+15% |
Comparable change (1) |
|
|
|
+9% |
|
|
|
|
|
Recurring operating income |
|
5,589 |
5,017 |
+11% |
% of revenue |
|
27.5% |
28.4% |
|
EBITDA |
|
7,255 |
6,470 |
+12% |
% of revenue |
|
35.6% |
36.7% |
|
|
|
|
|
|
Net income attributable to the Group |
|
3,614 |
3,176 |
+14% |
|
|
|
|
|
Recurring net income attributable to the Group
(2) |
|
3,747 |
3,361 |
+11% |
(1) Change on a comparable
scope and exchange rate basis.(2) 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) |
|
2022 |
2021 |
Reported change |
Comparable change(1) |
|
|
|
|
|
|
Gucci |
|
10,487 |
9,731 |
+8% |
+1% |
Yves Saint Laurent |
|
3,300 |
2,521 |
+31% |
+23% |
Bottega Veneta |
|
1,740 |
1,503 |
+16% |
+11% |
Other Houses |
|
3,874 |
3,285 |
+18% |
+16% |
Kering Eyewear and Corporate |
|
1,139 |
733 |
+55% |
+25% |
|
|
|
|
|
|
Eliminations |
|
(189) |
(128) |
- |
- |
|
|
|
|
|
|
KERING |
|
20,351 |
17,645 |
+15% |
+9% |
(1) Change on
a comparable scope and exchange rate basis. |
|
Recurring operating income (in € millions) |
|
2022 |
2021 |
Change |
|
|
|
|
|
Gucci |
|
3,732 |
3,715 |
+0% |
Yves Saint Laurent |
|
1,019 |
715 |
+43% |
Bottega Veneta |
|
366 |
286 |
+28% |
Other Houses |
|
558 |
459 |
+22% |
Kering Eyewear and Corporate |
|
(88) |
(164) |
+46% |
|
|
|
|
|
Eliminations |
|
2 |
6 |
- |
|
|
|
|
|
KERING |
|
5,589 |
5,017 |
+11% |
Gucci:
strengthening
fundamentals in a challenging
year
Gucci’s 2022 revenue amounted
to €10.5 billion (up 8% as reported and up 1% on a comparable
basis). Sales in the directly operated retail network grew 1% on a
comparable basis. Wholesale revenue was stable year-on-year.
In the fourth quarter of 2022,
Gucci’s revenue was down 14% on a comparable basis relative to the
same period in 2021. In directly operated stores, sales dropped 15%
from a very high base and were significantly affected by the
situation in China during the quarter.
Gucci’s recurring operating
income totaled €3.7 billion in 2022.
Recurring operating margin was
35.6%, notably reflecting investments aimed at nurturing the
House’s future growth.
Yves Saint Laurent: performance in line
with the House’s
ambitions
Yves Saint Laurent’s 2022
revenue amounted to €3.3 billion, up 31% as reported
and 23% on a comparable basis. Sales from the House’s directly
operated retail network rose sharply, up 28%, while wholesale
revenue was up 6%.
In the fourth quarter of 2022,
sales rose 4% on a comparable basis, thanks to good performance in
the directly operated retail network, where sales were up 7%.
Wholesale revenue declined 13%.
Yves Saint Laurent achieved recurring
operating income of over €1 billion in 2022, and its
recurring operating margin exceeded 30%.
Bottega Veneta: record year,
timeless positioning
Bottega Veneta’s 2022 revenue
amounted to €1.7 billion, up 16% as reported and 11% on a
comparable basis. Growth was driven by the directly operated retail
network, where sales rose 15% on a comparable basis. Wholesale
revenue was stable year-on-year.
Fourth
quarter 2022 sales
were up 6% on a comparable basis, supported by good momentum in the
directly operated retail network (up 4%) and in wholesale (up
13%).
Bottega Veneta achieved recurring
operating income of €366 million in 2022, yielding a
recurring operating margin of 21%.
Other Houses:
sharp growth and
long-term investments
2022 revenue from Other Houses
amounted to €3.9 billion, an increase of 18% as reported and
16% on a comparable basis. Growth was driven by the directly
operated retail network, where sales were up 27% on a comparable
basis. Wholesale revenue was down 6% on a comparable basis.
Balenciaga had an excellent 2022, despite a
difficult month of December. Alexander McQueen performed well in
the handbags and ready-to-wear categories, and Brioni confirmed its
recovery.
Kering’s Jewelry Houses once again achieved
outstanding progress and reached significant milestones. Boucheron
posted firm, steady growth, while Pomellato continued to perform
well in Western Europe and Japan. Finally, Qeelin grew at a rapid
pace.
In the fourth quarter of 2022,
revenue of Other Houses was down 4% on a comparable basis. Sales in
the Other Houses’ directly operated retail network rose 2% during
the quarter, driven by double-digit growth in Western Europe and
Japan, while wholesale revenue was down 26%.
The Other Houses generated recurring
operating income of €558 million in 2022, an increase
of 22%. Recurring operating margin was 14.4%.
Kering Eyewear and Corporate
Kering Eyewear’s 2022 revenue
broke through the billion-euro mark (up 58% as reported and up 27%
on a comparable basis) to €1.1 billion, confirming the validity of
its strategy and boosted by the contributions of Lindberg and Maui
Jim. This excellent performance was confirmed in the fourth
quarter of 2022, with revenue up 30% on a comparable
basis.
Kering Eyewear’s 2022 recurring
operating income was €203 million, 2.5 times the 2021
level.
After deduction of corporate costs, the
2022 recurring operating income of the Kering
Eyewear and Corporate segment amounted to a negative €88 million, a
material improvement compared to 2021.
Financial performance
Net financial expense totaled
€260 million in 2022, a year-on-year improvement of 5%.
The effective tax rate on
recurring income was 27.8%.
Net income
attributable to the Group was sizable at
€3.6 billion.
Earnings per share were up
15%.
Cash flow and financial position
Free cash flow from operations
exceeded €3.2 billion in 2022.
At December 31, 2022, Kering’s net debt amounted
to €2.3 billion.
Dividend
At its February 14, 2023 meeting, Kering’s Board
of Directors decided to ask shareholders to approve a cash dividend
of €14.00 per share at the Annual General Meeting to be held on
April 27, 2023 to approve the financial statements for the year
ended December 31, 2022.An interim dividend of €4.50 per share was
paid on January 18, 2023. If approved, a final dividend of €9.50
would be paid on May 4, 2023.
Outlook
To achieve its long-term vision, Kering invests
in the development of its Houses, enabling them to continuously
strengthen their desirability and the exclusivity of their
distribution, strike a perfect balance between creative innovation
and timelessness, and achieve the highest standards in terms of
quality, sustainability, and experience for their customers.In an
environment of ongoing economic and geopolitical uncertainty in the
near term, Kering will continue to execute on its strategy and
vision, in pursuit of two key ambitions: maintain a trajectory of
profitable growth resulting in high levels of cash flow generation
and return on capital employed, and confirm its status as one of
the most influential groups in the Luxury industry.
***
At its February 14, 2023 meeting, Kering’s Board
of Directors, chaired by François-Henri Pinault, approved the
consolidated financial statements for 2022. The consolidated
financial statements have been audited and are in the process of
being certified.
WEBCAST
Kering will present
its 2022 results in a webcast, which can be
accessed here at
8:30 a.m.
(CET) on Wednesday, February 15, 2023.
The presentation will
be followed by a Q&A session for analysts and investors.
The slides (PDF) will
be available ahead of the webcast from the www.kering.com
website.
A replay of the
webcast will also be available at www.kering.com.
The notes to the consolidated financial
statements are included in the 2022 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, as well as Kering Eyewear. 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 2022, Kering
had over 47,000 employees and revenue of €20.4 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 |
Julien
Brosillon |
+33 (0)1 45 64 62
30 |
julien.brosillon@kering.com |
Follow us on:
APPENDICES EXCERPT FROM THE
CONSOLIDATED FINANCIAL STATEMENTS AND
ADDITIONALINFORMATION RELATING TO THE 2022 ANNUAL
RESULTS POSITION AS OF DECEMBER 31, 2022
AUDITED FINANCIAL STATEMENTS, CERTIFICATION IN
PROGRESS |
|
|
|
|
|
|
|
|
|
|
|
Contents |
|
Page |
|
|
|
|
|
|
|
Highlights and announcements since January 1,
2022 |
8 |
|
|
Consolidated income statement |
11 |
|
|
Consolidated statement of comprehensive
income |
12 |
|
|
Consolidated balance sheet |
13 |
|
|
Consolidated statement of changes in
equity |
14 |
|
|
Consolidated statement of cash flows |
15 |
|
|
Revenue by quarter |
16 |
|
|
Main definitions |
17 |
|
|
|
|
|
|
|
|
|
HIGHLIGHTS AND ANNOUNCEMENTS SINCE
JANUARY 1, 2022
Sale of
Girard-Perregaux and
Ulysse Nardin to their
managementJanuary 24, 2022 - Kering announced the
signature of an agreement to sell its entire stake (100%) in Sowind
Group SA, which owns the Swiss watch manufacturers Girard-Perregaux
and Ulysse Nardin, to its current management. The transaction was
completed on May 31, 2022 as planned.
Kering
Eyewear’s acquisition of Maui
JimMarch 14, 2022 - Kering Eyewear signed an agreement to
acquire US eyewear company Maui Jim, Inc. Founded in 1987, Maui Jim
is the world’s largest independently owned high-end eyewear brand
with a leading position in North America. Recognized for its
outstanding technicity, Maui Jim offers a broad spectrum of
high-quality sun and optical frames sold in more than 100 countries
and has developed the revolutionary lens technology known as
PolarizedPlus2®. The transaction was completed on October 3, 2022
and Maui Jim is consolidated in Kering’s consolidated financial
statements since October 1, 2022.
Partnership agreement in support of
integrating young, vulnerable and
disabled peopleApril 22, 2022 - Kering and the French
Ministry of Labor, Employment and Integration signed a partnership
charter for the integration of young people, vulnerable individuals
and people with disabilities, with the aim of supporting them in
the job market. Kering has undertaken to take practical action to
help young people gain employment and make roles accessible to
disabled people through recruitment, work/study programs, mentoring
and immersive work experience through the Contrat d’Engagement
Jeune (youth commitment contract).
Dual-tranche bond issue for a total
amount of
€1.5 billionApril
28, 2022 - Kering issued €1.5 billion of new bonds, comprising
one tranche of €750 million with a three-year maturity and a
coupon of 1.25% and a €750 million tranche with an eight-year
maturity and a coupon of 1.875%. This issue, in line with the
Group’s active liquidity management, enables Kering to enhance its
funding flexibility through refinancing of existing debt and the
partial financing of the Maui Jim acquisition. The great success of
this issue with investors underscores the market’s confidence in
the credit quality of the Group. Kering’s long-term debt is rated
“A” with a stable outlook by Standard & Poor’s.
Launch of an employee share ownership
programMay 4, 2022 - Kering announced the launch of its
first employee share ownership program. This transaction was
implemented in France, Italy, United Kingdom, United States,
Mainland China, Hong Kong SAR, Japan and South Korea. Entitled
KeringForYou, the program gave eligible employees the opportunity
to become Kering shareholders with preferential terms. By investing
in this way, employees become directly involved in their company’s
development and future performance. The price for subscribing
shares under the program was set at €394, corresponding to Kering’s
average opening share price on Euronext Paris during the 20 trading
sessions from April 19 to May 16, 2022, less a 20% discount and
rounded up to the nearest cent.At the end of the subscription
period from May 19, 2022 to June 9, 2022, 102,862 shares had been
subscribed (including employer contributions). The shares were
settled and delivered on July 7, 2022 through a capital increase
involving the issue of new ordinary shares.
Publication of the fifth edition of
Kering’s standards for
sustainabilitySeptember 30, 2022 - In 2018, Kering
published its first set of Standards for Raw Materials and
Manufacturing Processes. Year after year, the Group has continually
developed the suite that serves to guide its sustainability
strategy. In this endeavor, following its focus on synthetics and
silk in 2019, packaging, visual marketing and innovation in 2020,
as well as circularity and ‘faux fur’ in 2021, Kering added two new
chapters to the 2022 version: “Cut, Make, Trim” and “Sustainability
claims”. The updates address growing interests and emerging
concerns such as regenerative agriculture and the product
end-of-life phase with a further focus on innovation. Reviewed
annually, these major developments reflect the Group’s commitment
to transparency and its open source approach.
Launch of the Climate Fund for
NatureDecember 13, 2022 - At the 15th Conference of
Parties (COP) of the Convention on Biological Diversity taking
place in Montreal, Kering and L’Occitane announced that they were
teaming up to create the Climate Fund for Nature. This ambitious
fund will mobilize resources from the Luxury Fashion and Beauty
sectors to protect and restore nature, with a particular focus on
empowering women. €140 million have already been committed by the
two groups out of an eventual target of €300 million. The fund
is open to other partner companies to support the scaling up of its
positive impacts on the ground. The fund is managed by Mirova, a
subsidiary of Natixis Investment Managers that is dedicated to
sustainable investing.
Completion of the stock repurchase
programThe stock repurchase program announced on August
25, 2021, with the aim of repurchasing up to 2.0% of Kering’s share
capital over a 24-month period, was completed on December 15, 2022.
Between August 25, 2021 and December 15, 2022, 2.6 million
shares were repurchased. Of this total, 1,050,000 shares have
already been canceled.In 2022, Kering carried out the second, third
and fourth tranches of the program:
- The second tranche of 650,000
shares, representing around 0.5% of the share capital, was
completed on April 6, 2022 and 325,000 of the repurchased shares
were canceled on December 12, 2022.
- The third tranche of 650,000
shares, representing around 0.5% of the share capital, was
completed on July 19, 2022 and 400,000 of the repurchased shares
were canceled on December 12, 2022.
- The fourth tranche of 650,000
shares, representing around 0.5% of the share capital, was
completed on December 15, 2022. At the meeting of the Board of
Directors of February 14, 2023, the decision was taken to cancel
the 650,000 shares repurchased in this tranche by the end of
2023.
APPOINTMENTS AND MOVEMENTS
Changes in the membership of
Kering’s Board of
DirectorsIn 2022, Kering’s Board of Directors, in
coordination with the Appointments and Governance Committee,
confirmed the following changes in its membership:
- Resignations of Sophie L’Hélias and
Jean Liu from their roles as Independent Directors;
- Appointments of Véronique Weill,
Yonca Dervisoglu and Serge Weinberg as Independent Directors;
- Appointment of Véronique Weill as
Lead Independent Director;
- Appointment of Jean-Pierre Denis as
Climate Change Lead;
- Renewal of Daniela Riccardi’s term
of office as Independent Director;
- Non-renewal of Yseulys Costes’ term
of office as Independent Director;
- Appointment of Vincent Schaal by
the Workforce Relations and Economic Committee as Director
representing employees, replacing Claire Lacaze;
- Adjustments to the membership of
the Board Committees.
As a result, since December 31, 2022, Kering’s
Board of Directors is made up of 13 members, including:
- six independent directors (55% of
Board members excluding Directors representing employees in
accordance with the AFEP-MEDEF code);
- five women (45% of Board members
excluding Directors representing employees in accordance with the
AFEP-MEDEF code);
- five different nationalities
(British, French, Italian, Ivorian and Turkish).
Appointment of
Gianfilippo Testa as CEO of Alexander
McQueenMarch 21, 2022 - Kering announced the appointment
of Gianfilippo Testa as CEO of Alexander McQqueen, effective May
2022. He reports to François-Henri Pinault. He succeeds Emmanuel
Gintzburger, who decided to leave the Group to pursue new
professional challenges outside Kering.
Departure of Alessandro Michele as
Gucci’s Creative
DirectorNovember 23, 2022 - Gucci announced that
Alessandro Michele was stepping down as Creative Director of Gucci.
Alessandro Michele had been at the creative helm of the House since
January 21, 2015, and played a fundamental part in making the brand
what it is today through his groundbreaking creativity, while
staying true to the renowned codes of the House.
Appointment of Sabato
De Sarno
as Gucci’s Creative
DirectorJanuary 28, 2023 - Kering and Gucci announced
Sabato De Sarno’s arrival as Creative Director of Gucci. Mr.
De Sarno will present his debut runway collection at Milan
Women’s Fashion Week in September 2023. In his new role,
De Sarno will lead the House’s Design Studio reporting to
Marco Bizzarri, President and CEO of Gucci, with the responsibility
for defining and expressing the House’s creative vision across the
women’s, men’s, leather goods, accessories and lifestyle
collections.
Appointment of Raffaella
Cornaggia as Chief Executive Officer of
Kering BeautéFebruary 3, 2023 - Kering announced the
appointment of Raffaella Cornaggia as CEO of Kering Beauté. Based
in Paris and reporting to Jean-François Palus, Group Managing
Director of Kering, she will be a member of the Group’s Executive
Committee. In her new role, and supported by a team of seasoned
professionals, she will help develop expertise in the Beauty
category for Bottega Veneta, Balenciaga, Alexander McQueen,
Pomellato and Qeelin. The creation of Kering Beauté will enable the
Group to support these brands in the development of the Beauty
category, which is a natural extension of their universe. Kering is
confident it can create value for the Group and its Houses, drawing
on each of their unique identities in a way that is fully
consistent with their strategy and market positioning.
CONSOLIDATED INCOME STATEMENT
(in € millions) |
2022 |
2021 |
CONTINUING OPERATIONS |
|
|
Revenue |
20,351 |
17,645 |
Cost of sales |
(5,153) |
(4,577) |
Gross margin |
15,198 |
13,068 |
Personnel expenses |
(2,830) |
(2,444) |
Other recurring operating income and expenses |
(6,779) |
(5,607) |
Recurring operating
income |
5,589 |
5,017 |
Other non-recurring operating income and expenses |
(194) |
(220) |
Operating income |
5,395 |
4,797 |
Financial result |
(260) |
(273) |
Income before
tax |
5,135 |
4,524 |
Income tax expense |
(1,420) |
(1,280) |
Share in earnings (losses) of equity-accounted companies |
2 |
1 |
Net income from continuing operations |
3,717 |
3,245 |
o/w attributable to the Group |
3,613 |
3,165 |
o/w attributable to minority interests |
104 |
80 |
DISCONTINUED OPERATIONS |
|
|
Net income (loss) from discontinued
operations |
1 |
11 |
o/w attributable to the Group |
1 |
11 |
o/w attributable to minority interests |
- |
- |
TOTAL GROUP |
|
|
Net income of consolidated companies |
3,718 |
3,256 |
o/w attributable to the Group |
3,614 |
3,176 |
o/w attributable to minority interests |
104 |
80 |
(in € millions) |
2022 |
2021 |
Net income attributable to the Group |
3,614 |
3,176 |
Basic earnings per share (in €) |
29.34 |
25.49 |
Diluted earnings per share (in €) |
29.31 |
25.49 |
Net income from continuing operations attributable to the
Group |
3,613 |
3,165 |
Basic earnings per share (in €) |
29.33 |
25.40 |
Diluted earnings per share (in €) |
29.30 |
25.40 |
Net income from continuing operations (excluding
non‑recurring items) attributable
to the Group |
3,747 |
3,361 |
Net income attributable to the Group (in €) |
30.42 |
26.98 |
Basic earnings per share (in €) |
30.39 |
26.98 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
(in € millions) |
2022 |
2021 |
Net income |
3,718 |
3,256 |
o/w attributable to the Group |
3,614 |
3,176 |
o/w attributable to minority interests |
104 |
80 |
Change in currency translation adjustments relating to
consolidated subsidiaries: |
(69) |
220 |
change in currency translation adjustments |
(69) |
220 |
amounts transferred to the income statement |
- |
- |
Change in foreign currency cash flow hedges: |
246 |
(280) |
change in fair value |
(68) |
(261) |
amounts transferred to the income statement |
327 |
(34) |
tax effects |
(13) |
15 |
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 |
177 |
(60) |
Change in provisions for pensions and other post-employment
benefits: |
24 |
16 |
change in actuarial gains and losses |
30 |
18 |
tax effects |
(6) |
(2) |
Change in financial assets measured at fair
value: |
(225) |
83 |
change in fair value |
(272) |
91 |
tax effects |
47 |
(8) |
Gains and losses recognized in equity, not to be
transferred to the income statement |
(201) |
99 |
Total gains and losses recognized in equity |
(24) |
39 |
o/w attributable to the Group |
(38) |
25 |
o/w attributable to minority interests |
14 |
14 |
COMPREHENSIVE INCOME |
3,694 |
3,295 |
o/w attributable to the Group |
3,576 |
3,201 |
o/w attributable to minority interests |
118 |
94 |
CONSOLIDATED BALANCE SHEET
Assets
(in € millions) |
2022 |
2021 |
Goodwill |
4,053 |
2,891 |
Brands and other intangible assets |
7,357 |
7,032 |
Lease right-of-use assets |
4,929 |
4,302 |
Property, plant and equipment |
3,388 |
2,967 |
Investments in equity-accounted companies |
49 |
31 |
Non-current financial assets |
855 |
1,054 |
Deferred tax assets |
1,640 |
1,352 |
Other non-current assets |
8 |
6 |
Non-current
assets |
22,279 |
19,635 |
Inventories |
4,465 |
3,369 |
Trade receivables and accrued income |
1,180 |
977 |
Current tax receivables |
378 |
822 |
Current financial assets |
167 |
22 |
Other current assets |
1,136 |
975 |
Cash and cash equivalents |
4,336 |
5,249 |
Current assets |
11,662 |
11,414 |
Assets held for
sale |
- |
19 |
TOTAL ASSETS |
33,941 |
31,068 |
Equity and
liabilities
(in € millions) |
2022 |
2021 |
Equity attributable to the Group |
13,998 |
13,347 |
Equity attributable to minority interests |
785 |
389 |
Equity |
14,783 |
13,736 |
Non-current borrowings |
4,347 |
2,976 |
Non-current lease liabilities |
4,420 |
3,826 |
Non-current financial liabilities |
- |
- |
Non-current provisions for pensions and other post-employment
benefits |
66 |
89 |
Non-current provisions |
19 |
16 |
Deferred tax liabilities |
1,572 |
1,452 |
Other non-current liabilities |
228 |
198 |
Non-current
liabilities |
10,652 |
8,557 |
Current borrowings |
2,295 |
2,442 |
Current lease liabilities |
812 |
675 |
Current financial liabilities |
663 |
743 |
Trade payables and accrued expenses |
2,263 |
1,742 |
Current provisions for pensions and other post-employment
benefits |
12 |
12 |
Current provisions |
168 |
138 |
Current tax liabilities |
567 |
1,148 |
Other current liabilities |
1,726 |
1,826 |
Current liabilities |
8,506 |
8,726 |
Liabilities associated with assets held for
sale |
- |
49 |
TOTAL EQUITY AND LIABILITIES |
33,941 |
31,068 |
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 |
Remeasurement of financial instruments |
Other reserves and net income |
Group |
Minority interests |
Total |
As of January 1, 2021 |
124,922,916 |
500 |
1,863 |
(54) |
(288) |
362 |
9,438 |
11,821 |
214 |
12,035 |
Net income |
|
|
|
|
|
|
3,176 |
3,176 |
80 |
3,256 |
Total gains and losses recognized in equity |
|
|
|
|
206 |
(197) |
16 |
25 |
14 |
39 |
Comprehensive income |
|
|
|
|
206 |
(197) |
3,192 |
3,201 |
94 |
3,295 |
Change in equity of Kering SA |
|
|
|
|
|
|
|
|
|
|
Change in equity of subsidiaries |
|
|
|
|
|
|
|
- |
95 |
95 |
Expense related to share-based payments |
|
|
|
|
|
|
21 |
21 |
- |
21 |
Cancellation of Kering treasury shares |
|
(1) |
(208) |
209 |
|
|
|
- |
- |
- |
(Acquisitions) disposals of Kering treasury shares |
(854,211) |
|
|
(535) |
|
|
(4) |
(538) |
- |
(538) |
Distribution of dividends |
|
|
|
|
|
|
(1,122) |
(1,122) |
(23) |
(1,146) |
Other changes |
|
|
|
|
|
|
(35) |
(35) |
10 |
(25) |
As of December 31,
2021 |
124,068,705 |
499 |
1,655 |
(380) |
(82) |
165 |
11,490 |
13,347 |
389 |
13,736 |
Impact of applying new IFRS from January 1, 2022 |
|
|
|
|
|
|
(21) |
(21) |
- |
(21) |
As of January 1,
2022 |
124,068,705 |
499 |
1,655 |
(380) |
(82) |
165 |
11,469 |
13,326 |
389 |
13,715 |
Net income |
|
|
|
|
|
|
3,614 |
3,614 |
104 |
3,718 |
Total gains and losses recognized in equity |
|
|
|
|
(83) |
21 |
24 |
(38) |
14 |
(24) |
Comprehensive income |
|
|
|
|
(83) |
21 |
3,638 |
3,576 |
118 |
3,694 |
Change in equity of Kering SA |
102,862 |
|
38 |
|
|
|
|
38 |
|
38 |
Change in equity of subsidiaries |
|
|
|
|
|
|
|
- |
346 |
346 |
Expense related to share-based payments |
|
|
|
|
|
|
45 |
45 |
- |
45 |
Cancellation of Kering treasury shares |
- |
(3) |
(379) |
382 |
|
|
|
- |
- |
- |
(Acquisitions) disposals of Kering treasury shares |
(1,951,197) |
|
|
(1,030) |
|
|
|
(1,030) |
|
(1,030) |
Distribution of dividends |
|
|
|
|
|
|
(1,605) |
(1,605) |
(45) |
(1,650) |
Other changes |
|
|
|
|
|
|
(352) |
(352) |
(23) |
(375) |
As of December 31,
2022 |
122,220,370 |
496 |
1,314 |
(1,028) |
(165) |
186 |
13,195 |
13,998 |
785 |
14,783 |
CONSOLIDATED STATEMENT OF CASH FLOW
(in € millions) |
2022 |
2021 |
Net income from continuing operations |
3,717 |
3,245 |
Net recurring charges to depreciation, amortization and provisions
on non-current operating assets |
1,666 |
1,453 |
Other non-cash (income) expenses |
(334) |
18 |
Cash flow received from operating activities |
5,049 |
4,716 |
Interest paid (received) |
287 |
215 |
Dividends received |
(7) |
(2) |
Current tax expense |
1,597 |
1,458 |
Cash flow received from operating activities before
tax, dividends and
interest |
6,926 |
6,387 |
Change in working capital requirement |
(902) |
(38) |
Income tax paid |
(1,746) |
(1,473) |
Net cash received from operating activities |
4,278 |
4,876 |
Acquisitions of property, plant and equipment and intangible
assets |
(1,071) |
(934) |
Disposals of property, plant and equipment and intangible
assets |
1 |
6 |
Acquisitions of subsidiaries and associates, net of cash
acquired |
(1,565) |
(466) |
Disposals of subsidiaries and associates, net of cash
transferred |
(32) |
(22) |
Acquisitions of other financial assets |
(235) |
(122) |
Disposals of other financial assets |
115 |
1,049 |
Interest and dividends received |
17 |
37 |
Net cash received from (used in) investing
activities |
(2,770) |
(452) |
Increase (decrease) in share capital and other transactions |
38 |
- |
Dividends paid to shareholders of Kering SA |
(1,483) |
(998) |
Dividends paid to minority interests in consolidated
subsidiaries |
(45) |
(27) |
Transactions with minority interests |
317 |
2 |
(Acquisitions) disposals of Kering treasury shares |
(1,030) |
(538) |
Issuance of bonds and bank debt |
1,742 |
63 |
Redemption of bonds and bank debt |
(904) |
(583) |
Issuance (redemption) of other borrowings |
343 |
152 |
Repayment of lease liabilities |
(824) |
(776) |
Interest paid and equivalent |
(298) |
(222) |
Net cash received from (used in) financing
activities |
(2,144) |
(2,927) |
Net cash received from (used in) discontinued operations. |
(8) |
(2) |
Impact of exchange rates on cash and cash equivalents |
222 |
21 |
Net increase (decrease) in cash and cash
equivalents |
(422) |
1,516 |
|
|
|
Cash and cash equivalents at opening |
4,516 |
3,000 |
Cash and cash equivalents at closing |
4,094 |
4,516 |
REVENUE FOR THE FIRST, SECOND, THIRD AND FOURTH QUARTERS
OF 2022
(in € millions) |
|
Q4 2022 |
Q4 2021 (1) |
Reportedchange |
Comparable change
(1) |
Q3 2022 |
Q3 2021 (1) |
Reportedchange |
Comparable change
(1) |
Q2 2022 |
Q2 2021 (1) |
Reportedchange |
Comparable change
(1) |
Q1 2022 |
Q1 2021 (1) |
Reportedchange |
Comparable change
(1) |
Gucci |
|
2,733 |
3,070 |
-11% |
-14% |
2,581 |
2,182 |
+18% |
+9% |
2,582 |
2,312 |
+12% |
+4% |
2,591 |
2,168 |
+20% |
+13% |
Yves Saint Laurent |
|
903 |
823 |
+10% |
+4% |
916 |
652 |
+40% |
+30% |
742 |
529 |
+40% |
+31% |
739 |
517 |
+43% |
+37% |
Bottega Veneta |
|
469 |
432 |
+8% |
+6% |
437 |
363 |
+20% |
+14% |
438 |
379 |
+15% |
+10% |
396 |
328 |
+21% |
+16% |
Other Houses |
|
924 |
951 |
-3% |
-4% |
995 |
849 |
+17% |
+13% |
982 |
766 |
+28% |
+24% |
973 |
719 |
+35% |
+35% |
Kering Eyewear and Corporate |
|
295 |
164
|
+79% |
+28% |
253 |
173 |
+47% |
+21% |
283 |
204 |
+39% |
+17% |
308 |
192 |
+60% |
+35% |
Eliminations |
|
(40) |
(30) |
- |
- |
(45) |
(31) |
- |
- |
(53) |
(33) |
- |
- |
(51) |
(34) |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KERING |
|
5,284 |
5,410 |
-2% |
-7% |
5,137 |
4,188 |
+23% |
+14% |
4,974 |
4,157 |
+20% |
+12% |
4,956 |
3,890 |
+27% |
+21% |
(1) Change on a comparable scope and exchange rate basis.
MAIN
DEFINITIONS
“Reported” and “comparable”
revenueThe Group’s “reported” revenue corresponds to
published revenue. The Group also uses “comparable” data to measure
organic growth. “Comparable” revenue refers to 2021 revenue
adjusted as follows
by:- neutralizing
the portion of revenue corresponding to entities divested in
2021;- including the
portion of revenue corresponding to entities acquired in
2022;- remeasuring
2021 revenue at 2022 exchange rates.These adjustments give rise to
comparative data at constant scope and exchange rates, which serve
to measure organic growth.
Recurring operating incomeThe
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 Group structure, 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 a major indicator for the Group, defined as
the difference between operating income and other non-recurring
operating income and expenses. This intermediate line item is
intended to facilitate the understanding of the operating
performance of the Group and its Houses and can therefore be used
as a way to estimate recurring performance. This indicator 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.
EBITDAThe Group uses EBITDA 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 from operations, available
cash flow from operations and available cash flowThe 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 an
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 debtNet debt is one of the
Group’s main financial indicators, and is defined as borrowings
less cash and cash equivalents. Consequently, 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
incomeThe effective tax rate on recurring income
corresponds to the effective tax rate excluding tax effects
relating to other non-recurring operating income and expenses.
- Press release - 2022 Annual Results - 15 02 2023
Grafico Azioni Kering (EU:KER)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Kering (EU:KER)
Storico
Da Apr 2023 a Apr 2024