Kering: First-half 2023 results
PRESS RELEASE |
July 27, 2023 |
FIRST-HALF 2023 RESULTS
Group revenue:
€10,135 million,up 2% as reported and on a
comparable basis
Recurring operating income:
€2,739 million
Net income attributable to the Group:
€1,785 million
"In the first half, we pursued our investments
in our Houses’ desirability and exclusivity. While engaging in
critical forward-looking initiatives, we maintained a high level of
profitability. We also took some decisive steps to expand our
footprint in the luxury universe, notably with the acquisition of
the famed Creed fragrance house to accelerate the liftoff of Kering
Beauté. Together with the major organizational changes we announced
last week to enhance stewardship of our Houses, as well as the many
projects we have already launched over the past few months, the
developments of the first half strengthen my confidence in Kering’s
future prospects.”
François-Henri Pinault,
Chairman and Chief Executive
Officer
- Group
revenue amounted to €10.1 billion in the
first half of 2023, an increase of 2% both as
reported and on a comparable basis.
- In the
second quarter of 2023, sales rose 2% as reported and 3%
on a comparable basis.
- Revenue from the
directly operated retail network, which includes e-commerce sites,
grew 4% on a comparable basis in the second quarter, with good
performances in Asia-Pacific and Japan. Growth in Western Europe
was solid, while sales fell in North America.
- Against a
background of ongoing investments in the Group’s Houses,
recurring operating income amounted to
€2.7 billion in the first half. Recurring
operating margin was 27.0%.
- Net
income attributable to the Group was €1.8 billion in
the first half of 2023.
- Free
cash flow from operations, excluding real-estate
acquisition and disposal, remained high at €2.1 billion during
the first half, up 4%.
Operating performance
Revenue(in € millions) |
|
H1 2023 |
H1 2022 |
Reported change |
Comparable change(1) |
|
|
|
|
|
|
Gucci |
|
5,128 |
5,173 |
-1% |
+1% |
Yves Saint Laurent |
|
1,576 |
1,481 |
+6% |
+7% |
Bottega Veneta |
|
833 |
834 |
-0% |
+2% |
Other Houses |
|
1,856 |
1,955 |
-5% |
-5% |
Kering Eyewear and Corporate |
|
869 |
591 |
+47% |
+16% |
|
|
|
|
|
|
Eliminations |
|
(127) |
(104) |
- |
- |
|
|
|
|
|
|
KERING |
|
10,135 |
9,930 |
+2% |
+2% |
(1) On a comparable scope
and exchange rate basis.
Recurring operating income(in € millions) |
|
H1 2023 |
H1 2022 |
Change |
|
|
|
|
|
Gucci |
|
1,810 |
1,886 |
-4% |
Yves Saint Laurent |
|
481 |
438 |
+10% |
Bottega Veneta |
|
169 |
168 |
+1% |
Other Houses |
|
224 |
337 |
-34% |
Kering Eyewear and Corporate |
|
63 |
(7) |
- |
|
|
|
|
|
Eliminations |
|
(8) |
(2) |
- |
|
|
|
|
|
KERING |
|
2,739 |
2,820 |
-3% |
Gucci: further investment
Gucci’s first-half 2023
revenue amounted to €5.1 billion (down 1% as reported
and up 1% on a comparable basis). Sales in the directly operated
retail network grew 1% on a comparable basis. Wholesale revenue
dropped 3% on a comparable basis compared to the first half of
2022.
In the second quarter of 2023,
Gucci’s revenue rose 1% on a comparable basis. Sales from directly
operated stores were also up 1%, driven by strong sales of Gucci’s
most exclusive products and by its leather goods, travel, and
women’s collections.
Gucci’s recurring operating
income totaled €1.8 billion in the first half of 2023.
This equates to recurring operating margin of
35.3% and reflects investments made to continue the House’s
strategic initiatives.
Yves Saint Laurent: a highly desirable
brand, another period
of growth
Yves Saint Laurent’s first-half
2023 revenue amounted to €1.6 billion, up 6% as
reported and up 7% on a comparable basis. Sales from the House’s
directly operated retail network rose by 11% on a comparable basis,
while wholesale revenue was down 10%, in line with the strategy of
streamlining this channel.
In the second quarter of 2023,
sales rose 7% on a comparable basis, thanks to good performance in
the directly operated retail network (up 8%), driven by
ready-to-wear and leather goods.
Yves Saint Laurent’s recurring operating
income was €481 million in the first half and
recurring operating margin was 30.5%.
Bottega Veneta: strengthened
exclusivity
Bottega Veneta’s first-half
2023 revenue totaled €833 million, unchanged as
reported and up 2% on a comparable basis. Sales from the directly
operated retail network were buoyant (up 6% on a comparable basis),
while wholesale revenue fell 13% on a comparable basis.
The House’s sales in the second quarter
of 2023 rose by 3% on a comparable basis, driven by
healthy growth in the directly operated retail network (up 7%).
Bottega Veneta’s recurring operating
income in the first half of 2023 totaled
€169 million, taking its recurring operating
margin to 20.3%.
Other Houses: growth in the directly operated retail
network, excellent momentum in Jewelry
Sales by the Group’s Other Houses in the
first half of 2023 totaled €1.9 billion (down
5% as reported and on a comparable basis), with a significant
improvement between the first and second quarters. There was strong
momentum in the directly operated retail network, with sales up 8%
on a comparable basis. Wholesale revenue fell 27% as all Houses
pursue their strategy of streamlining this channel, and reflecting
the mixed American market.
In the second quarter of 2023,
revenue from the directly operated retail network rose by 9% on a
comparable basis, all Houses contributing to growth. Balenciaga
began its recovery, driven in particular by the Asia-Pacific
region. Alexander McQueen’s ready-to-wear performed well, while
Brioni made good progress. The Group’s Jewelry Houses – Boucheron,
Pomellato and Qeelin – maintained their strong growth trajectory,
each delivering double-digit growth.
Recurring operating income from
the Other Houses in the first half of 2023
amounted to €224 million, and recurring operating
margin was 12.1%.
Kering Eyewear and Corporate: a record six months for
Kering Eyewear
Kering Eyewear’s first-half
2023 revenue hit a record €869 million, an
increase of 51% as reported thanks to the significant contribution
of Maui Jim and up 16% on a comparable basis.
In the second quarter, sales
growth was once again sustained, with growth of 21% on a comparable
basis – driven by the successful development of its brand portfolio
– and 58% as reported.
Kering Eyewear’s first-half
recurring operating income rose sharply to €186
million.
After taking into account Corporate costs of
€123 million during the period, the Kering Eyewear and
Corporate segment’s recurring operating
income amounted to €63 million.
Financial performance
Net financial expense totaled
€204 million in the first half of 2023.
The effective tax rate on
recurring income was 27.1%.
Net profit attributable to the
Group was €1.8 billion.
Cash flow and financial position
The Group’s free cash flow from
operations totaled €823 million in the first half of 2023.
Excluding real estate activities, it was €2.1 billion.
At June 30, 2023, Kering’s net
debt amounted to €3.9 billion.
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 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: to maintain a trajectory of profitable growth resulting
in high levels of cash flow generation and return on capital
employed, and to confirm its status as one of the most influential
groups in the Luxury industry.
***
In its meeting on July 27, 2023, Kering’s Board
of Directors, chaired by François-Henri Pinault, approved the
consolidated financial statements for the six months ended June 30,
2023, which were subject to a limited review.
WEBCAST
Kering will present
its first-half 2023 results in an audiocast,
which can be accessed here at 6:00 p.m.
(CEST) on Thursday, July 27, 2023.
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 audiocast at
https://www.kering.com.
A replay of the
webcast will also be 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, 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 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 |
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APPENDICES EXCERPT FROM THE
CONSOLIDATED FINANCIAL STATEMENTS AND
ADDITIONALINFORMATION RELATING TO THE
FIRST-HALF 2023 RESULTSSITUATION AS OF JUNE
30, 2023 |
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Contents |
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page |
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Announcements since January 1, 2023 |
8 |
|
|
Consolidated income statement |
10 |
|
|
Consolidated statement of comprehensive
income |
11 |
|
|
Consolidated balance sheet |
12 |
|
|
Consolidated statement of cash flow |
13 |
|
|
Breakdown of revenue |
14 |
|
|
Main definitions |
15 |
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HIGHLIGHTS AND ANNOUNCEMENTS SINCE
JANUARY 1, 2023
Dual-tranche bond issue for a total
amount of €1.5 billionFebruary 20, 2023 - Kering
carried out a dual-tranche bond issue in a total amount of
€1.5 billion, consisting of a €750 million tranche
with a 6-year maturity and a 3.25% coupon and a €750 million
tranche with a 10-year maturity and a 3.375% coupon. This
issue, which forms part of the Group’s active liquidity management,
enhances its funding flexibility by enabling it to refinance
existing debt. 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.
Gucci, supported by Kering, launches its
“Circular Hub”, first dedicated circular economy platform in the
Italian Luxury industryFebruary 21, 2023 - With support of
Kering, Gucci launched Italy’s first dedicated circular economy
platform for the Luxury sector. The Circular Hub will aim to
accelerate the circular transformation of the Italian fashion
industry’s production model, across the entire value chain.
Starting from raw materials and design, through to production
optimization and logistics, the Circular Hub will be an open
innovation platform for the design and manufacturing of circular
products and the development of new solutions.
Kering Eyewear acquires French
manufacturing company UNTMarch 13, 2023 - Kering Eyewear
signed an agreement to acquire 100% of French company UNT, Usinage
& Nouvelles Technologies, to strengthen its position in the
luxury eyewear industry. Founded in 1989 in Morbier in the
Bourgogne-Franche-Comté region of France, UNT is a key player in
the manufacturing of high-precision metal and mechanical components
for the entire luxury eyewear sector. The completion of the
acquisition was announced on June 30, 2023, after approval was
obtained from the competition authorities.
Kering publishes its new report on
progress toward its sustainability targetsMarch 22, 2023 -
Six years after launching its “Crafting Tomorrow’s Luxury”
strategy, Kering published a new report showing its progress toward
sustainability targets between 2020 and 2023. In the three years
following the publication of its first progress report in 2020, the
Group made significant strides toward attaining its initial 2025
social and environmental targets. Since then, Kering has added to
those initial targets, with a series of ambitious new targets in
line with the Group’s strategies regarding the climate,
biodiversity and the circular economy. Accordingly, Kering has
committed to reducing its greenhouse gas emissions by 40% by 2035
compared with 2021.
Preliminary investigation by the
European Commission April 19, 2023 - On April 18, 2023, as
part of a preliminary investigation into the fashion sector in
several countries under EU antitrust rules, the European Commission
started an inspection at the Italian premises of Gucci, a
subsidiary of Kering. The Group is fully cooperating with the
Commission as regards this investigation.
Kering unveils its new Italian
headquarters in the center of MilanMay 25, 2023 - Kering
announced the opening of its new 9,500 square-meter offices in
Milan. Kering is the sole occupant of the six-floor Palazzo
Pertusati, located in Via Senato in the center of the city.
Kering Beauté
acquires Creed, the high-end luxury heritage fragrance
houseJune 26, 2023 - Kering Beauté announced that it had
signed an agreement to acquire 100% of Creed from funds controlled
by BlackRock Long Term Private Capital Europe and Creed’s current
Chairman Javier Ferrán. The acquisition of Creed is a major step
for Kering Beauté. A perfect fit with the Group’s portfolio of
renowned luxury brands, it immediately provides Kering Beauté with
the required scale, an outstanding financial profile, as well as a
platform for supporting the future development of other Kering
Beauté fragrance franchises, particularly by leveraging Creed’s
global distribution network.
Kering and
Mayhoola announce that Kering becomes a
significant shareholder of Valentino as part of a
broader strategic partnership July 27, 2023 - Kering and
Mayhoola entered into a binding agreement for the acquisition by
Kering of a 30% shareholding in Valentino, for a cash consideration
of €1.7 billion. The agreement comprises an option for Kering to
acquire 100% of the share capital of Valentino no later than 2028.
The transaction is part of a broader strategic partnership between
Kering and Mayhoola, which could lead to Mayhoola becoming a
shareholder in Kering.
APPOINTMENTS AND NEW ROLES SINCE JANUARY
1, 2023
Appointment of Sabato
de Sarno as Gucci’s Creative
Director January 28, 2023 - Kering and Gucci announced
Sabato De Sarno’s appointment as Creative Director of Gucci.
He will present his first collection during Milan Women’s Fashion
Week in September 2023. As part of his new role, Sabato
De Sarno will lead the House’s creative studio. He will be
responsible for defining and expressing the House’s creative vision
through Womenswear, Menswear, 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, she is 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 this category,
which is a natural extension of their universes. 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.
Departure of Daniela
Riccardi from
Kering’s Board of DirectorsApril
27, 2023 - At the Board of Directors meeting following the Annual
General Meeting on Thursday, April 27, 2023, Daniela Riccardi
submitted her resignation from her position as a Director of
Kering.
Appointment of Maureen
Chiquet to
Kering’s Board of DirectorsJuly
18, 2023 - At its meeting of July 18, 2023, the Board of Directors,
after consultation with the Nominations & Governance Committee,
decided to coopt Maureen Chiquet as independent director for the
remainder of Daniela Riccardi’s term of office (expiring on the
date of the shareholder meeting approving the financial statements
for the fiscal year ending December 31, 2025). She will join
Kering’s Board of Directors in September 2023. The cooptation of
Maureen Chiquet will be subject to ratification by the shareholder
meeting approving the financial statements for the fiscal year
ending December 31, 2023. Maureen Chiquet, a US citizen, has more
than 35 years’ experience in the fashion and luxury goods sector,
including nine years as Global CEO of Chanel.
Kering strengthens its governance and
operationsJuly 18, 2023 - Kering announced a series of top
appointments aimed at reinforcing stewardship of its Houses,
further elevating operational expertise at Group level, and
strengthening its organization:
- Francesca Bellettini, President and
CEO of Yves Saint Laurent since 2013, in addition to her current
role, is appointed Kering Deputy CEO, in charge of Brand
Development.
- Marco Bizzarri, President and CEO
of Gucci since 2015 and a member of Kering’s executive committee
since 2012, will leave the company effective September 23,
2023.
- Jean-François Palus, currently
Kering Group Managing Director, is appointed President and CEO of
Gucci for a transitional period.
- Jean-Marc Duplaix, Chief Financial
Officer since 2012, is appointed Kering Deputy CEO, in charge of
Operations and Finance.
CONSOLIDATED INCOME STATEMENT
(in € millions) |
|
First half
2023 |
First half
2022 |
CONTINUING OPERATIONS |
|
|
|
Revenue |
|
10,135 |
9,930 |
Cost of sales |
|
(2,405) |
(2,552) |
Gross margin |
|
7,730 |
7,378 |
Other personnel expenses |
|
(1,505) |
(1,376) |
Other recurring operating income and expenses |
|
(3,486) |
(3,182) |
Recurring operating
income |
|
2,739 |
2,820 |
Other non-recurring operating income and expenses |
|
- |
(13) |
Operating income |
|
2,739 |
2,807 |
Financial result |
|
(204) |
(19) |
Income before
tax |
|
2,535 |
2,788 |
Income tax expense |
|
(692) |
(747) |
Share in earnings (losses) of equity-accounted companies |
|
3 |
2 |
Net income from continuing operations |
|
1,846 |
2,043 |
o/w attributable to the Group |
|
1,785 |
1,987 |
o/w attributable to minority interests |
|
61 |
56 |
DISCONTINUED OPERATIONS |
|
|
|
Net income (loss) from discontinued
operations |
|
- |
1 |
o/w attributable to the Group |
|
- |
1 |
o/w attributable to minority interests |
|
- |
- |
GROUP TOTAL |
|
|
|
Net income of consolidated
companies |
|
1,846 |
2,044 |
o/w attributable to the Group |
|
1,785 |
1,988 |
o/w attributable to minority interests |
|
61 |
56 |
(in € millions) |
|
First half
2023 |
First half
2022 |
Net income attributable to the Group |
|
1,785 |
1,988 |
Basic earnings per share (in €) |
|
14.60 |
16.09 |
Diluted earnings per share (in €) |
|
14.59 |
16.08 |
Net income from continuing operations attributable to the
Group |
|
1,785 |
1,987 |
Basic earnings per share (in €) |
|
14.60 |
16.08 |
Diluted earnings per share (in €) |
|
14.59 |
16.07 |
Net income from continuing operations (excluding
non‑recurring items) attributable to the Group |
|
1,789 |
1,977 |
Basic earnings per share (in €) |
|
14.63 |
15.99 |
Diluted earnings per share (in €) |
|
14.62 |
15.99 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
(in € millions) |
|
First half
2023 |
First half
2022 |
Net income |
|
1,846 |
2,044 |
o/w attributable to the Group |
|
1,785 |
1,988 |
o/w attributable to minority interests |
|
61 |
56 |
Change in currency translation adjustments relating to
consolidated subsidiaries |
|
(95) |
142 |
change in currency translation adjustments |
|
(95) |
142 |
amounts transferred to the income statement |
|
- |
- |
Change in foreign currency cash flow hedges |
|
119 |
(84) |
change in fair value |
|
204 |
(212) |
amounts transferred to the income statement |
|
(79) |
123 |
tax effects |
|
(6) |
5 |
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 |
|
24 |
58 |
Change in provisions for pensions and other post-employment
benefits |
|
(2) |
13 |
change in actuarial gains and losses |
|
(2) |
15 |
tax effects |
|
- |
(2) |
Change in financial assets measured at fair
value |
|
16 |
(207) |
change in fair value |
|
22 |
(249) |
tax effects |
|
(6) |
42 |
Gains and losses recognized in equity, not to be transferred to the
income statement |
|
14 |
(194) |
Total gains and losses recognized in equity |
|
38 |
(136) |
o/w attributable to the Group |
|
40 |
(160) |
o/w attributable to minority interests |
|
(2) |
24 |
COMPREHENSIVE INCOME |
|
1,884 |
1,908 |
o/w attributable to the Group |
|
1,825 |
1,828 |
o/w attributable to minority interests |
|
59 |
80 |
CONSOLIDATED BALANCE SHEET
Assets
(in € millions) |
|
June 30, 2023 |
Dec. 31, 2022 |
Goodwill |
|
3,574 |
4,053 |
Brands and other intangible assets |
|
8,053 |
7,357 |
Lease right-of-use assets |
|
4,672 |
4,929 |
Property, plant and equipment |
|
5,125 |
3,388 |
Investments in equity-accounted companies |
|
51 |
49 |
Non-current financial assets |
|
695 |
855 |
Deferred tax assets |
|
1,600 |
1,640 |
Other non-current assets |
|
8 |
8 |
Non-current
assets |
|
23,778 |
22,279 |
Inventories |
|
4,569 |
4,465 |
Trade receivables and accrued income |
|
1,204 |
1,180 |
Current tax receivables |
|
491 |
378 |
Current financial assets |
|
262 |
167 |
Other current assets |
|
1,340 |
1,136 |
Cash and cash equivalents |
|
3,328 |
4,336 |
Current assets |
|
11,194 |
11,662 |
Assets held for
sale |
|
- |
- |
TOTAL ASSETS |
|
34,972 |
33,941 |
Equity and
liabilities
(in € millions) |
|
June 30, 2023 |
Dec. 31, 2022 |
Equity attributable to the Group |
|
14,572 |
13,998 |
Equity attributable to minority interests |
|
800 |
785 |
Equity |
|
15,372 |
14,783 |
Non-current borrowings |
|
5,441 |
4,347 |
Non-current lease liabilities |
|
4,219 |
4,420 |
Non-current financial liabilities |
|
3 |
- |
Non-current provisions for pensions and other post-employment
benefits |
|
71 |
66 |
Non-current provisions |
|
18 |
19 |
Deferred tax liabilities |
|
1,746 |
1,572 |
Other non-current liabilities |
|
442 |
228 |
Non-current
liabilities |
|
11,940 |
10,652 |
Current borrowings |
|
1,741 |
2,295 |
Current lease liabilities |
|
832 |
812 |
Current financial liabilities |
|
83 |
663 |
Trade payables and accrued expenses |
|
2,327 |
2,263 |
Current provisions for pensions and other post-employment
benefits |
|
12 |
12 |
Current provisions |
|
134 |
168 |
Current tax liabilities |
|
940 |
567 |
Other current liabilities |
|
1,591 |
1,726 |
Current liabilities |
|
7,660 |
8,506 |
Liabilities associated with assets held for
sale |
|
- |
- |
TOTAL EQUITY AND LIABILITIES |
|
34,972 |
33,941 |
CONSOLIDATED STATEMENT OF CASH FLOWS
(in € millions) |
|
First half
2023 |
First half
2022 |
Net income from continuing operations |
|
1,846 |
2,043 |
Net recurring charges to depreciation, amortization and provisions
on non-current operating assets |
|
878 |
797 |
Other non-cash (income) expenses |
|
(139) |
(264) |
Cash flow received from operating activities |
|
2,585 |
2,576 |
Interest paid (received) |
|
173 |
127 |
Dividends received |
|
(7) |
(4) |
Current tax expense |
|
684 |
804 |
Cash flow received from operating activities before
tax, dividends and
interest |
|
3,435 |
3,503 |
Change in working capital requirement |
|
(419) |
(476) |
Income tax paid |
|
(419) |
(617) |
Net cash received from operating activities |
|
2,597 |
2,410 |
Acquisitions of property, plant and equipment and intangible
assets |
|
(1,891) |
(361) |
Disposals of property, plant and equipment and intangible
assets |
|
117 |
- |
Acquisitions of subsidiaries and associates, net of cash
acquired |
|
(55) |
(11) |
Disposals of subsidiaries and associates, net of cash
transferred |
|
- |
- |
Acquisitions of other financial assets |
|
(24) |
(119) |
Disposals of other financial assets |
|
96 |
3 |
Interest and dividends received |
|
14 |
6 |
Net cash received from (used in) investing
activities |
|
(1,743) |
(482) |
Dividends paid to shareholders of Kering SA |
|
(1,712) |
(1,483) |
Dividends paid to minority interests in consolidated
subsidiaries |
|
(12) |
(22) |
Transactions with minority interests |
|
(26) |
(22) |
(Acquisitions) disposals of Kering treasury shares |
|
(7) |
(648) |
Issuance of bonds and bank debt |
|
1,508 |
1,708 |
Redemption of bonds and bank debt |
|
(658) |
(348) |
Issuance (redemption) of other borrowings |
|
(408) |
223 |
Repayment of lease liabilities |
|
(419) |
(395) |
Interest paid and equivalent |
|
(178) |
(128) |
Net cash received from (used in) financing
activities |
|
(1,912) |
(1,115) |
Net cash received from (used in) discontinued operations |
|
- |
(8) |
Impact of exchange rates on cash and cash equivalents |
|
14 |
(11) |
Net increase (decrease) in cash and cash
equivalents |
|
(1,044) |
794 |
|
|
|
|
Cash and cash equivalents at opening |
|
4,094 |
4,516 |
Cash and cash equivalents at closing |
|
3,050 |
5,310 |
REVENUE FOR THE FIRST AND SECOND
QUARTERS
(in € millions) |
|
H1 2023 |
H1 2022 |
Reportedchange |
Comparable change(1) |
Q2 2023 |
Q2 2022 |
Reportedchange |
Comparable change(1) |
Q1 2023 |
Q1 2022 |
Reportedchange |
Comparable change(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gucci |
|
5,128 |
5,173 |
-1% |
+1% |
2,512 |
2,582 |
-3% |
+1% |
2,616 |
2,591 |
+1% |
+1% |
Yves Saint Laurent |
|
1,576 |
1,481 |
+6% |
+7% |
770 |
742 |
+4% |
+7% |
806 |
739 |
+9% |
+8% |
Bottega Veneta |
|
833 |
834 |
-0% |
+2% |
438 |
438 |
+0% |
+3% |
395 |
396 |
-0% |
+0% |
Other Houses |
|
1,856 |
1,955 |
-5% |
-5% |
966 |
982 |
-2% |
-1% |
890 |
973 |
-9% |
-9% |
Kering Eyewear and Corporate |
|
869 |
591 |
+47% |
+16% |
436 |
283 |
+54% |
+21% |
433 |
308 |
+41% |
+11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations |
|
(127) |
(104) |
- |
- |
(64) |
(53) |
- |
- |
(63) |
(51) |
- |
- |
KERING |
|
10,135 |
9,930 |
+2% |
+2% |
5,058 |
4,974 |
+2% |
+3% |
5,077 |
4,956 |
+2% |
+1% |
(1) Change on a comparable scope and exchange rate basis.
MAIN DEFINITIONS
“Reported” and “comparable”
growthThe Group’s “reported” growth corresponds to the
change in reported revenue 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 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 nonrecurring 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 the 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.
EBITDAThe 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 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 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 debtNet 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
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 - Résultats Semestriels 2023 27 07 23
Grafico Azioni Kering (EU:KER)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Kering (EU:KER)
Storico
Da Apr 2023 a Apr 2024