Kering - 2021 First-half results
PRESS RELEASE2021 First-half results |
July 27, 2021 |
VERY STRONG
GROWTH IN SALES
REVENUE UP
MATERIALLY ON FIRST HALF
2019
SHARP REBOUND IN
INCOME, MARGINS
AND CASH FLOW
Consolidated revenue: €8,047.2
millionup 49.6% as reported and 54.1% on a
comparable basis
Recurring operating income: €2,237.0
million, up 134.9%Recurring operating margin:
27.8%Net income attributable to the Group: €1,479.0
millionRecurring net income attributable to the Group4:
€1,477.4 million
“Kering delivered excellent performances in the
first half and resumed its trajectory of strong, profitable growth.
All our Houses contributed to a sharp rebound in total revenue,
which comfortably exceeded its 2019 level, with a remarkable
acceleration in the second quarter. While returning to substantial
profitability and leveraging the desirability of our brands, we are
stepping up the pace of our investments in our Houses and strategic
initiatives, notably to enhance the exclusivity and control of our
distribution. Our teams are demonstrating their agility in this
fast-moving environment, and we have the right assets, resources
and strategy to successfully pursue our journey.”
François-Henri Pinault, Chairman &
CEO
- Consolidated
revenue rebounded sharply in the first half of 2021, up 54.1% from
the first half of 2020 and 8.4% higher than in the same period of
2019, on a comparable basis.
- In the second
quarter of 2021, comparable revenue growth continued to accelerate,
up 95.0% year on year and 11.2% versus the second quarter of
2019.
- In retail
(including e-commerce), second-quarter comparable sales surged
97.9%, driven by North America (up 263%) and Asia-Pacific (up
53%).
-
Recurring operating income was 2.3 times higher than in the first
half of 2020, nearing the level achieved in the first half of 2019.
The recurring operating margin rose by more than 10 points to
27.8%, fueled by the performance recovery at all Group Houses.
-
Free cash flow from operations reached a record level of €2,353.9
million.
Key financial indicators
(in € millions) |
|
H1 2021 |
H1 2020 |
Change |
|
|
|
|
|
Revenue |
|
8,047.2 |
5,378.3 |
+49.6% |
Recurring operating income |
|
2,237.0 |
952.4 |
+134.9% |
as a % of revenue |
|
27.8% |
17.7% |
+10.1 pts |
EBITDA |
|
2,950.9 |
1,675.0 |
+76.2% |
as a % of revenue |
|
36.7% |
31.1% |
+5.6 pts |
|
|
|
|
|
Net income attributable to the Group |
|
1,479.0 |
272.6 |
+442.6% |
|
|
|
|
|
Recurring net income attributable to the
Group |
|
1,477.4 |
569.3 |
+159.5% |
Operating performance
Revenue(in € millions) |
|
H1 2021 |
H1 2020 |
Reported change |
Comparable
change(1) |
|
|
|
|
|
|
Total Houses |
|
7,708.0 |
5,175.5 |
+48.9% |
+53.3% |
Gucci |
|
4,479.3 |
3,072.2 |
+45.8% |
+50.3% |
Yves Saint Laurent |
|
1,045.5 |
681.1 |
+53.5% |
+58.2% |
Bottega Veneta |
|
707.6 |
503.1 |
+40.6% |
+45.0% |
Other Houses |
|
1,475.6 |
919.1 |
+60.5% |
+64.5% |
|
|
|
|
|
|
Corporate and other |
|
339.2 |
202.8 |
+67.3% |
+72.7% |
|
|
|
|
|
|
KERING |
|
8,047.2 |
5,378.3 |
+49.6% |
+54.1% |
(1) On a comparable scope
and exchange rate basis.
Recurring operating income(in €
millions) |
|
H1 2021 |
H1 2020 |
Change(in €m) |
Change(%) |
|
|
|
|
|
|
Total Houses |
|
2,296.3 |
1,063.0 |
1,233.3 |
+116.0% |
Gucci |
|
1,694.2 |
929.0 |
765.2 |
+82.4% |
Yves Saint Laurent |
|
275.1 |
102.1 |
173.0 |
+169.4% |
Bottega Veneta |
|
129.7 |
43.6 |
86.1 |
+197.5% |
Other Houses |
|
197.3 |
(11.7) |
209.0 |
-- |
|
|
|
|
|
|
Corporate and other |
|
(59.3) |
(110.6) |
51.3 |
+46.4% |
|
|
|
|
|
|
KERING |
|
2,237.0 |
952.4 |
1,284.6 |
+134.9% |
All Houses contributed to the Group’s
strong performance
Total revenue
of Kering’s Houses in the
first half of 2021 amounted to €7,708.0 million, up 48.9%
as reported and 53.3% on a comparable basis. Growth versus the
first half of 2019 was particularly impressive, with comparable
revenue up 7.7% and a marked acceleration in the second quarter, up
10.5%.
Sales generated in directly operated stores –
which accounted for around 80% of the Houses' total sales in the
first half of 2021 – were driven by the excellent momentum in North
America and the Asia-Pacific region. Overall, comparable sales from
the directly operated store network, including
e-commerce, were 60.1% higher than in the first half of 2020 and up
11.2% from the first six months of 2019, even though an average of
17% and 13% of the store network remained closed during the first
quarter and second quarter of 2021, respectively. The Houses’
outstanding online momentum continued, with e-commerce revenue up
78.5% year on year. E-commerce represented 14% of total retail
sales in the first six months of 2021.
In the first half, wholesale revenue increased
29.8% year on year on a comparable basis. Comparable sales
generated by this channel were down 4.0% in the past two years,
reflecting the Houses’ strategy of streamlining their wholesale
networks.
The Houses’ recurring
operating income totaled €2,296.3 million in the first
half of 2021. Recurring operating margin was
29.8%, up 9.3 points year on year, as the Houses pursue major
investment programs to further reinforce their growth
potential.
Gucci: growth momentum
for the long term
Gucci posted first-half 2021
revenue of €4,479.3 million (up
45.8% as reported and 50.3% on a comparable basis), returning to
its pre-pandemic level. Sales generated in directly operated stores
– accounting for 91% of the House’s total revenue – were up 59.0%
and 6.3% from the first six months of 2020 and 2019, respectively.
The House continued to strengthen its positions with local
customers.
In line with Gucci’s strategy to transform its
distribution, implemented since early 2020, wholesale revenue was
down 9.6%, and down 40.8% compared with 2019.
Gucci's sales growth accelerated significantly
in the second quarter of 2021, with an increase of
86.1% on a comparable basis. Sales generated in directly operated
stores rose 93.0% in the second quarter, representing an increase
of 10.7% compared with the second quarter of 2019.
Gucci’s recurring operating
income in the first six months of 2021 totaled €1,694.2
million. Recurring operating margin was 37.8%, as
the House pursues its investments to broaden its brand influence,
notably during this centenary year, and to further deploy its
omnichannel clienteling activities.
Yves Saint Laurent: sharp rebound in
sales and profitability
Yves Saint Laurent's sales
amounted to €1,045.5 million in the first
half of 2021, up
53.5% as reported and 58.2% on a comparable basis. Revenue from
directly operated stores rose 74.9% year on year and was up 17.3%
against 2019. Sales bounced back in all geographic regions, and
particularly North America and Asia-Pacific, reflecting the ongoing
success of both the House’s iconic lines and its new
collections.
Wholesale revenue rose 25.4% during the
period.
The House delivered an excellent performance in
the second quarter, with revenue
up 118.5% on a comparable basis. In the directly operated store
network, sales were up 26.1% compared to the same period of
2019.
Recurring operating income
totaled €275.1 million. Yves Saint Laurent continued to invest in
its geographic expansion during the period while raising its
recurring operating margin to 26.3%, which
exceeded its pre-COVID level.
Bottega Veneta: very healthy growth
across all distribution
channels
Bottega Veneta generated
revenue of €707.6 million in the
first half of
2021, up 40.6% year on year as reported and 45.0%
on a comparable basis. Sales in directly operated stores rose 45.2%
compared with the first half of 2020 and 19.2% versus the same
period of 2019, driven by very robust growth in North America in
particular.
Wholesale revenue rose 44.6% year on year, as
the House gains market share in its highly exclusive network of
third-party retailers.
Bottega Veneta’s revenue in the second
quarter of 2021 totaled a record €379.4 million, up
69.0%.
The House’s recurring operating
income exceeded its first-half 2019 level and its
recurring operating margin stood at 18.3%.
Other Houses: an excellent performance across the
board
Revenue from the Group’s Other
Houses rebounded sharply in the first half of
2021, at €1,475.6 million, up 60.5% as reported and 64.5%
on a comparable basis. Comparable revenue in the first half of 2021
was 22.7% higher than in the first six months of 2019. Sales growth
was very robust for all of the Other Houses’ distribution channels,
reaching 63.1% for directly operated stores and 66.8% for the
wholesale network.
Balenciaga and Alexander McQueen once again
delivered outstanding performances, as did the Jewelry Houses. The
Watchmaking brands and Brioni registered very encouraging
rebounds.
Revenue growth of the Other Houses accelerated
sharply in the second quarter, with sales up
111.3% on a comparable basis.
The Other Houses delivered
recurring operating income of
€197.3 million, up sharply year on year, and their
recurring operating margin amounted to 13.4%, a
2.1-point improvement compared to the first half of 2019.
Corporate and other
Revenue of the Corporate and other segment
increased 67.3% as reported and 72.7% on a comparable basis in the
first half of 2021, fueled by the strong momentum of Kering Eyewear
(up 61.8% on a comparable basis).
Kering Eyewear’s contribution to first-half
consolidated revenue totaled €326.4 million (after elimination
of intra-group sales and royalties paid to the Houses).
Net operating costs recorded by the Corporate
and other segment totaled €59.3 million in the first half of
2021, a €51.3 million improvement compared to the first six months
of 2020, thanks to sharply higher operating income at Kering
Eyewear and tight control over corporate costs.
Financial performance
Financial result was €125.6
million negative, down 13.3% from €144.9 million last year. This
total includes the cost of net debt, which amounted to €21.7
million, 27.7% lower than in the same period of 2020.
The effective tax rate in the
first half of 2021 was 28.4% and its effective tax rate on
recurring income was 28.2%.
Cash flow and financial position
The Group’s free cash flow from
operations rose 316.2% year on year in the first half of
2021 to a record €2,353.9 million.
Kering’s financial structure at June 30, 2021
was very solid and its net debt was considerably
reduced from the year-earlier level:
(in € millions) |
|
June 30, 2021 |
Dec. 31, 2020 |
Change |
Capital employed |
|
13,385.7 |
14,183.7 |
-5.6% |
o/w Total equity |
|
12,766.5 |
12,035.0 |
+6.1% |
o/w Net debt |
|
619.2 |
2,148.7 |
-71.2% |
Outlook
Though it remains highly dependent on
developments in the health situation and associated restrictions
across countries and regions, the luxury market has posted a
significant rebound since the beginning of the year.A key player in
this market, Kering is perfectly positioned to fully benefit from
the upturn, having successfully safeguarded its profitability while
maintaining the expenditure and investments required to strengthen
its Houses and ensure their potential to bounce back. Kering
pursues the steadfast implementation of its strategy and will
continue to steer and allocate its resources towards supporting its
operating performance, maintain high cash flow generation, and
optimize return on capital employed.
Thanks to its robust operational and
organizational model, along with its solid financial position,
Kering remains confident in its growth potential for the medium and
long term.
***
At its meeting of July 27, 2021, Kering’s Board
of Directors, under the chairmanship of François-Henri Pinault,
approved the consolidated financial statements for the first half
of 2021, which were subject to limited review procedures.
AUDIOCAST
An
audiocast for analysts and investors will be held
at 5:45pm (CEST)
on Tuesday, July 27, 2021. It may be accessed
here.
The slides (PDF) will
be available ahead of the audiocast at www.kering.com.
A replay of the
audiocast will also be available at www.kering.com.
The 2021 First-Half Report will 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, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta,
Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo,
Qeelin, Ulysse Nardin, Girard-Perregaux, 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 2020, Kering had over 38,000 employees and revenue
of €13.1 billion.
Contacts |
Kering –
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 |
|
Kering -
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 EXTRACT FROM THE
CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND ADDITIONAL
INFORMATION FOR THE SIX MONTHS ENDED JUNE 30,
2021 |
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Contents |
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Page |
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Highlights and announcements since January
1, 2021 |
8 |
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Consolidated income statement |
9 |
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Consolidated statement of comprehensive
income |
10 |
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Consolidated balance sheet |
11 |
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Consolidated cash flow statement |
12 |
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Breakdown of revenue |
13 |
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Main definitions |
14 |
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HIGHLIGHTS AND ANNOUNCEMENTS SINCE
JANUARY 1, 2021
Kering and Conservation
International launch the Regenerative Fund for
NatureJanuary 28, 2021 – Kering and Conservation
International launched the Regenerative Fund for Nature to
transform one million hectares of farms and landscapes producing
raw materials in fashion’s supply chains to regenerative
agriculture over the next five years. As an important step in
achieving Kering’s commitment to have a net positive impact on
biodiversity by 2025, the one million hectares under the new Fund
is on top of Kering’s goal to protect an additional one million
hectares of critical, “irreplaceable” habitat outside of its direct
supply chain, entailing the transformation of two million hectares
in total.
Kering invests in
Vestiaire Collective March 1,
2021 – Vestiaire Collective announced a new €178 million financing
round backed by Kering and Tiger Global Management to accelerate
its growth in the second-hand market and drive change for a more
sustainable fashion industry. By investing in Vestiaire Collective
(approximately 5% stake) and by being represented on the platform’s
Board of Directors, Kering is illustrating its pioneering strategy,
supporting innovative business models, embracing new market trends
and exploring new services to fashion and luxury customers.
Kering enhances its global logistics
capabilities with a new hub in Northern ItalyApril 8, 2021
– Kering announced the completion of the first phase of its new
global logistics hub in Trecate, in the Piemonte region of Northern
Italy. The first part of the building has been operating since
March 2020, and the second part (over 100,000 sq.m) is scheduled to
become operational by the end of the third quarter of 2021. Built
in record time, the Group’s new global logistics hub covers more
than 162,000 sq.m and combines state-of-the-art technology and
automation, scalability, innovative sustainability and features for
the well-being of employees. The hub will meet the demand from the
Houses’ regional warehouses, retail stores, wholesalers and
e-commerce worldwide.
Ginevra Elkann leaves Kering's
Board of Directors
April 27, 2021 – As a result of her changing
roles within Exor, of which she is also a board member, and in
order to avoid any potential conflict of interests, Ginevra Elkann
resigned from her position as a member of Kering’s Board of
Directors, as of April 27, 2021. Her resignation was duly noted by
the Board.
Kering successfully completes the sale of 5.9% of Puma’s
share capital
May 27, 2021 – Kering announced the completion
of the sale following an accelerated bookbuilding process, to
qualified investors only, of approximately 5.9% of the share
capital of Puma SE for a total amount of approximately €805
million, corresponding to a sale price of €90.3 per Puma share.
Following this transaction, Kering has a remaining stake of c. 4.0%
of Puma’s share capital. The net proceeds of the transaction were
used for Kering’s general corporate purposes and have further
strengthened its financial structure.
Kering Eyewear acquires the Danish
luxury eyewear brand LindbergJuly 8, 2021 – Kering Eyewear
and the Lindberg family signed an agreement for Kering Eyewear to
acquire 100% of the share capital of Lindberg. This acquisition is
an important milestone in the successful expansion of Kering
Eyewear and fits perfectly with its development strategy. This
acquisition will further reinforce Kering Eyewear as the most
relevant player in the luxury eyewear market segment, adding to its
portfolio a complementary and proprietary brand with strong
legitimacy, undisputed know-how and best-in-class customer service
in optical frames.
CONSOLIDATED INCOME STATEMENT
(in € millions) |
First
half2021 |
First
half2020 |
CONTINUING OPERATIONS |
|
|
Revenue |
8,047.2 |
5,378.3 |
Cost of sales |
(2,104.6) |
(1,474.8) |
Gross margin |
5,942.6 |
3,903.5 |
Personnel expenses |
(1,162.5) |
(1,026.7) |
Other recurring operating income and expenses |
(2,543.1) |
(1,924.4) |
Recurring operating
income |
2,237.0 |
952.4 |
Other non-recurring operating income and expenses |
(17.3) |
(319.6) |
Operating income |
2,219.7 |
632.8 |
Financial result |
(125.6) |
(144.9) |
Income before
tax |
2,094.1 |
487.9 |
Income tax expense |
(594.6) |
(193.7) |
Share in earnings (losses) of equity-accounted companies |
0.9 |
(7.8) |
Net income from
continuing operations |
1,500.4 |
286.4 |
o/w attributable to the Group |
1,461.9 |
283.8 |
o/w attributable to minority interests |
38.5 |
2.6 |
DISCONTINUED OPERATIONS |
|
|
Net income
(loss) from
discontinued operations |
17.1 |
(11.2) |
o/w attributable to the Group |
17.1 |
(11.2) |
o/w attributable to minority interests |
- |
- |
TOTAL GROUP |
|
|
Net income of consolidated
companies |
1,517.5 |
275.2 |
o/w attributable to the Group |
1,479.0 |
272.6 |
o/w attributable to minority interests |
38.5 |
2.6 |
(in € millions) |
First
half2021 |
First
half2020 |
Net income
attributable to
the Group |
1,479.0 |
272.6 |
Basic earnings
per share (in €) |
11.85 |
2.18 |
Diluted earnings per share (in €) |
11.85 |
2.18 |
Net income from
continuing operations
attributable to
the Group |
1,461.9 |
283.8 |
Basic earnings
per share (in €) |
11.71 |
2.27 |
Diluted earnings per share (in €) |
11.71 |
2.27 |
Net income from continuing
operations(excluding
non-recurring items) attributable to the
Group |
1,477.4 |
569.3 |
Basic earnings
per share (in €) |
11.84 |
4.55 |
Diluted earnings per share (in €) |
11.84 |
4.55 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
(in € millions) |
First
half2021 |
First
half2020 |
Net income |
1,517.5 |
275.2 |
o/w attributable to the Group |
1,479.0 |
272.6 |
o/w attributable to minority interests |
38.5 |
2.6 |
Change in
currency translation
adjustments relating
to
consolidatedsubsidiaries: |
|
|
87.2 |
(31.3) |
change in currency translation adjustments |
87.2 |
(31.3) |
amounts transferred to the income statement |
- |
- |
Change in
foreign currency
cash flow
hedges: |
(115.7) |
67.9 |
change in fair value |
(66.0) |
59.1 |
amounts transferred to the income statement |
(55.9) |
12.1 |
tax effects |
6.2 |
(3.3) |
Change in other comprehensive income
(loss) of
equity-accountedcompanies: |
|
|
- |
2.1 |
change in fair value |
- |
2.1 |
amounts transferred to the income statement |
- |
- |
Gains and losses
recognized in
equity, to be
transferred to
the income
statement |
(28.5) |
38.7 |
Change in provisions for pensions and
other post-employment benefits: |
7.6 |
6.0 |
change in actuarial gains and losses |
9.0 |
6.9 |
tax effects |
(1.4) |
(0.9) |
Change in financial assets
measured at fair value: |
55.3 |
- |
change in fair value |
35.8 |
- |
tax effects |
19.5 |
- |
Gains and losses
recognized in
equity, not to
be transferred
to the income
statement |
62.9 |
6.0 |
Total gains and
losses recognized
in equity |
34.4 |
44.7 |
o/w attributable to the Group |
29.7 |
44.2 |
o/w attributable to minority interests |
4.7 |
0.5 |
COMPREHENSIVE INCOME |
1,551.9 |
319.9 |
o/w attributable to the Group |
1,508.7 |
316.8 |
o/w attributable to minority interests |
43.2 |
3.1 |
CONSOLIDATED BALANCE SHEET
Assets
(in € millions) |
June 30,
2021 |
Dec. 31,
2020 |
Goodwill |
2,456.6 |
2,452.2 |
Brands and other
intangible assets |
7,012.9 |
6,985.8 |
Lease
right-of-use assets |
4,239.8 |
3,956.8 |
Property, plant
and equipment |
2,725.3 |
2,670.2 |
Investments in
equity-accounted companies |
34.3 |
36.2 |
Non-current
financial assets |
983.1 |
1,688.6 |
Deferred tax
assets |
1,275.7 |
1,177.4 |
Other non-current assets |
5.5 |
17.4 |
Non-current assets |
18,733.2 |
18,984.6 |
Inventories |
3,041.1 |
2,845.5 |
Trade receivables
and accrued income |
898.1 |
910.4 |
Current tax
receivables |
335.6 |
600.5 |
Current financial
assets |
26.7 |
158.0 |
Other current
assets |
1,109.4 |
1,062.9 |
Cash and cash equivalents |
4,786.9 |
3,442.8 |
Current assets |
10,197.8 |
9,020.1 |
Assets held for
sale |
0.3 |
0.7 |
TOTAL ASSETS |
28,931.3 |
28,005.4 |
Equity and
liabilities
(in € millions) |
June 30,
2021 |
Dec. 31,
2020 |
Equity attributable to the Group |
12,518.0 |
11,820.9 |
Equity attributable to minority interests |
248.5 |
214.1 |
Equity |
12,766.5 |
12,035.0 |
Non-current borrowings |
3,507.7 |
3,815.3 |
Non-current lease
liabilities |
3,835.2 |
3,545.8 |
Non-current
financial liabilities |
80.1 |
80.0 |
Non-current
provisions for pensions and other post-employment benefits |
105.0 |
107.5 |
Non-current
provisions |
18.5 |
18.4 |
Deferred tax
liabilities |
1,475.7 |
1,485.1 |
Other non-current liabilities |
182.7 |
183.6 |
Non-current liabilities |
9,204.9 |
9,235.7 |
Current borrowings |
1,898.4 |
1,776.2 |
Current lease
liabilities |
575.4 |
538.0 |
Current financial
liabilities |
72.7 |
338.1 |
Trade payables
and accrued expenses |
1,659.4 |
1,489.6 |
Current
provisions for pensions and other post-employment benefits |
9.3 |
12.2 |
Current
provisions |
132.7 |
212.4 |
Current tax
liabilities |
1,117.3 |
901.3 |
Other current liabilities |
1,494.6 |
1,466.8 |
Current liabilities |
6,959.8 |
6,734.6 |
Liabilities associated
with assets held
for sale |
0.1 |
0.1 |
TOTAL EQUITY AND LIABILITIES |
28,931.3 |
28,005.4 |
CONSOLIDATED CASH FLOW
STATEMENT
(in € millions) |
First
half2021 |
First
half2020 |
Net income from
continuing operations |
1,500.4 |
286.4 |
Net recurring charges to depreciation, amortization and provisions
on non-current operating assets |
713.9 |
722.6 |
Other non-cash (income) expenses |
(102.7) |
136.7 |
Cash flow
received from
operating activities |
2,111.6 |
1,145.7 |
Expenses (income) from financial interest |
114.6 |
142.9 |
Dividends
received |
(1.8) |
- |
Current tax expense |
670.1 |
307.1 |
Cash flow
received from
operating activities
before tax,
dividends and
interest |
2,894.5 |
1,595.7 |
Change in working capital requirement |
12.4 |
(470.3) |
Income tax paid |
(208.5) |
(192.1) |
Net cash
received from
operating activities |
2,698.4 |
933.3 |
Acquisitions of property, plant and equipment and intangible
assets |
(345.4) |
(367.8) |
Disposals of
property, plant and equipment and intangible assets |
0.9 |
0.1 |
Acquisitions of
subsidiaries and associates, net of cash acquired |
18.7 |
12.5 |
Disposals of
subsidiaries and associates, net of cash transferred |
(0.7) |
0.7 |
Acquisitions of
other financial assets |
(90.4) |
(28.1) |
Disposals of
other financial assets |
823.8 |
12.2 |
Interest and dividends received |
2.0 |
2.5 |
Net cash
received from
(used in)
investing activities |
408.9 |
(367.9) |
Dividends paid to shareholders of Kering SA |
(998.3) |
(1,000.1) |
Dividends paid to
minority interests in consolidated subsidiaries |
(8.8) |
(1.6) |
Transactions with
minority interests |
(81.1) |
(51.6) |
(Acquisitions)
disposals of Kering treasury shares |
(117.8) |
(2.0) |
Issuance of bonds
and bank debt |
38.6 |
1,423.0 |
Redemption of
bonds and bank debt |
(219.7) |
(234.0) |
Issuance
(redemption) of other borrowings |
155.8 |
321.6 |
Repayment of
lease liabilities |
(372.1) |
(385.3) |
Interest paid and equivalent |
(129.4) |
(144.9) |
Net cash
received from
(used in)
financing activities |
(1,732.8) |
(74.9) |
Net cash received from (used in) discontinued operations |
4.1 |
(1.4) |
Impact of exchange rates on cash and cash equivalents |
9.7 |
5.5 |
Net increase
(decrease) in
cash and cash
equivalents |
1,388.3 |
494.6 |
|
|
|
Cash and cash
equivalents at
opening |
3,000.1 |
1,837.6 |
Cash and cash
equivalents at
closing |
4,388.4 |
2,332.2 |
REVENUE FOR THE FIRST AND SECOND QUARTERS
OF 2021
(in € millions) |
|
H1 2021 |
H1 2020 |
Reported change |
Comparable change(1) |
Q22021 |
Q22020 |
Reported change |
Comparable change(1) |
Q12021 |
Q12020 |
Reported change |
Comparable change(1) |
Total Houses |
|
7,708.0 |
5,175.5 |
+48.9% |
+53.3% |
3,981.1 |
2,109.8 |
+88.7% |
+92.5% |
3,726.9 |
3,065.7 |
+21.6% |
+26.0% |
Gucci |
|
4,479.3 |
3,072.2 |
+45.8% |
+50.3% |
2,311.6 |
1,268.1 |
+82.3% |
+86.1% |
2,167.7 |
1,804.1 |
+20.2% |
+24.6% |
Yves Saint Laurent |
|
1,045.5 |
681.1 |
+53.5% |
+58.2% |
528.8 |
246.5 |
+114.5% |
+118.5% |
516.7 |
434.6 |
+18.9% |
+23.4% |
Bottega Veneta |
|
707.6 |
503.1 |
+40.6% |
+45.0% |
379.4 |
229.4 |
+65.4% |
+69.0% |
328.2 |
273.7 |
+19.9% |
+24.6% |
Other Houses |
|
1,475.6 |
919.1 |
+60.5% |
+64.5% |
761.3 |
365.8 |
+108.1% |
+111.3% |
714.3 |
553.3 |
+29.1% |
+33.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other |
|
339.2 |
202.8 |
+67.3% |
+72.7% |
176.1 |
65.3 |
+169.7% |
+176.5% |
163.1 |
137.5 |
+18.6% |
+22.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KERING |
|
8,047.2 |
5,378.3 |
+49.6% |
+54.1% |
4,157.2 |
2,175.1 |
+91.1% |
+95.0% |
3,890.0 |
3,203.2 |
+21.4% |
+25.8% |
(1) On a comparable Group structure 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 2020 revenue
adjusted as follows
by:- neutralizing
the portion of revenue corresponding to entities divested in
2020;- including the
portion of revenue corresponding to entities acquired in
2021;- remeasuring
2020 revenue at 2021 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 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 Capex
(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. 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. Borrowings include put options
granted to minority interests.
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.
4 Recurring net income attributable to the Group: net income
from continuing operations attributable to the Group, excluding
non-recurring items.
- Kering_Press release_First-half 2021 results_27 07 2021
Grafico Azioni Kering (EU:KER)
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Grafico Azioni Kering (EU:KER)
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