HERMÈS
2021 Full Year Results
Outstanding performance in 2021
Revenue amounted to €9 billion and increased by 42% at constant exchange rates
Recurring operating income reached €3.5 billion (+78%)
Net income amounted to €2.4 billion (+77%)
Paris, 18 February 2022
In 2021, the Group's consolidated revenue reached €8,982 million, up 42% at constant exchange rates and 41% at current exchange rates compared to 2020. Over two years, this increase was 33% at constant exchange rates, in the first as in the second half of the year. Recurring operating income was up 78% and amounted to €3,530 million (39.3% of sales). Net profit (Group share) reached €2,445 million, up 77% compared to 2020.
Axel Dumas, Executive Chairman of Hermès, said: " I thank above all the passion and quality of our teams’ work, because together we have made 2021 an exceptional year. Abundant creativity, unique know-how and the quality of materials have driven the growth of our sixteen métiers. Hermès is very dedicated to its role as a committed and responsible company and continues its commitments to job creation around the world and to regional regeneration in France, while reinforcing its ambitious environmental objectives."
Sales by geographical area at the end of December
(at constant exchange rates, unless otherwise indicated)
Asia and America recorded the highest growths, compared to 2020 as well as to 2019, and Europe returned to growth compared to 2019. Sales in the Group's stores increased by 44% at constant exchange rates compared to 2020 and 41% over two years. Hermès continued to selectively develop its distribution network and online sales increased worldwide, with the rollout of new services and sustained growth in traffic. Wholesale activities (+24%) increased despite constraints faced by travel retail.
- Asia excluding Japan (+45% and +65% over two years) pursued its dynamic growth, driven particularly by the sustained performance in Greater China, Australia and Singapore, despite new restrictions in some of the region's countries. The Shanghai Plaza 66, Suzhou and Ningbo stores reopened after renovation and extension, after the Beijing China World store in spring, and new stores were inaugurated in Macao and Shenzhen. In Australia, the Brisbane store also reopened after being extended.
- Japan (+25% and +20% over two years) posted a sustained and regular increase in sales, thanks to the loyalty of local customers, while benefitting from the end of the health state of emergency in October. A new store opened in February on Omotesando Avenue and the Shinjuku Isetan store in Tokyo was renovated following extension work in November.
- America (+57% and +24% over two years) achieved a strong performance, despite the sanitary restrictions imposed in several US cities in the fourth quarter. Two new stores opened, in Troy near Detroit in June and in Aventura Mall near Miami in October.
- Europe excluding France (+37% and +10% over two years) recorded a strong second half, with a remarkable development of the local customer base, which partly offset the tourist traffic. Several stores were renovated and extended, Zurich in May, Milan in July, and Istanbul in October, and the Luxembourg store moved to a new address in November.
- France (+35% and -3% over two years) confirmed its recovery, with a fourth quarter marked by fewer tourists in the Paris stores. The stores in Lyon and rue de Sèvres in Paris reopened in February and March after being renovated and extended.
Sales by business line at the end of December
(at constant exchange rates, unless otherwise indicated)
At the end of December 2021, all the business lines confirmed their growth, with a noteworthy increase in Ready-to-wear and Accessories, Watches and Other Hermès Business Lines (Jewellery and Homeware).
In the Leather Goods and Saddlery division (+29% and +23% over two years) sales were exceptional. After the strong acceleration in the first nine months, sales in the 4th quarter reflected as anticipated the capacity constraints. Demand both for new bags like Della Cavalleria and 24/24 and the Hermès classics is very sustained. The increase in production capacities continued, with the opening of the Louviers site (Eure) in 2022, the Sormonne site (Ardennes) in 2023 and a new one in Riom (Puy-de-Dôme) scheduled for 2024. Hermès continued to strengthen its local presence in France and to create jobs. In September, in line with our commitments to knowledge transfer and education, Hermès opened the École Hermès des savoir-faire (Hermès school of know-how), which is accredited by the French Education Department and will award a State-approved diploma in leatherworking expertise.
The Ready-to-wear and Accessories business line (+59% and +44% over two years) pursued its dynamic growth, thanks to the success of the ready-to-wear, fashion accessories and footwear collections. The Men’s and Women's Spring-Summer 2022 collection, presented respectively in July and October, met with great success.
The Silk and Textiles business line (+49% and +15% over two years) performed well. A new printing line was inaugurated as part of the development of the site near Lyon to meet demand.
Perfumes and Beauty (+47% and +19% over two years) benefitted from the successful launches of the H24 perfume for men and Twilly Eau Ginger, and the development of the Beauty line with the autumn rollout of the third chapter in Beauty, Les Mains Hermès.
The Watches business line (+73% and +77% over two years) confirmed its strong, which results from the exceptional watch-making expertise and the success of the new men's watch H08 alongside other classics of the house.
Other Hermès business lines (+57% and +95% over two years) confirmed their momentum, both in Jewellery and Homeware.
Outstanding results and free cash flow progression in 2021
Recurring operating income amounted to €3,530 million, rising 78% from €1,981 million in 2020. Thanks to the collections remarkable sell-through and an exceptional leverage effect, the recurring operating margin reached an historical high of 39% of sales, up 8 points compared to 2020 and 5 points compared to 2019.
Consolidated net profit (Group share) amounted to €2,445 million (27% of sales), up 77% from €1,385 at the end of December 2020.
Operating investments amounted to €532 million. Thanks to the outstanding increase in results and the favourable impact of the change in working capital, the adjusted free cash flow reached a record-high €2,661 million, i.e. 2.7 times that of 2020.
After distribution of the ordinary dividend (€476 million) and inclusion of shares redeemed (€162 million for 142,131 shares, excluding the liquidity contract), the restated net cash position increased by €2,166 million to €7,070 million.
A responsible and sustainable model
The Hermès Group has continued to recruit and added nearly 1,000 people to its workforce this year. At the end of December 2021, the Group employed 17,595 people, including 10,969 in France. True to its commitment as a responsible employer, in 2022 Hermès will pay an exceptional €3,000 bonus to all the employees to reward them for their engagement and their contribution to the results in a challenging context.
In 2021, the outstanding improvement in non-financial ratings reflected the speeding-up of CSR commitments and the sustainable dimension of Hermès' craftsmanship model. MSCI published an "A" rating in its analysis of the firm's resilience to environmental, social and governance risks. The Group was included in the CAC40 ESG index, after Hermès was ranked by Vigeo-Eiris in the "Advanced" category. Sustainalytics ranked Hermès the second best player in the Textiles and Clothing sector. Hermès' commitment to fighting climate change was particularly recognised by the CDP rating for which Hermès scored "A-".
Hermès Group reasserted its commitment to fighting climate change by reviewing its reduction targets at year end, to align with a global warming pathway below 1.5°C. These targets were calculated scientifically and validated by the Science Based Target initiative (SBTi). Hermès thus committed to reducing emissions by 50,4% on scopes 1 and 2 in absolute value and by 58,1% in intensity (per €m of gross margin) on scope 3, over the 2018-2030 period.
Proposed dividend
At the General Meeting to be held on 20 April 2022, a dividend proposal of €8.00 per share will be made. The €2.5 interim dividend that will be paid on 23 February 2022, will be deducted from the dividend approved by the General Meeting.
Outlook
For 2022, the impacts of the COVID-19 pandemic are still difficult to assess. Our highly integrated craftsmanship model and balanced distribution network, as well as the creativity of our collections and our customers' loyalty allow us to look to the future with confidence.
In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.
Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.
Lighthearted will be the prevailing theme in 2022. Never lacking in depth, it is a source of creative vitality and nourishes the positive and resilient mindset of Hermès.
The press release and the presentation of the 2021 results are available on the Group's website: https://finance.hermes.com
At the Supervisory Board meeting on 17 February 2022, Executive Management presented the audited financial statements for 2021.
The audit procedures have been completed and the audit report is under preparation. The complete consolidated financial statements will be available by 31 March 2022 at the following address https://finance.hermes.com and on the AMF website: www.amf-france.org
Upcoming events:
- 14 April 2022: Q1 2022 revenue publication
- 20 April 2022: General meeting of shareholders
- 29 July 2022: First half 2022 results publication
2021 KEY FIGURES
| In millions of euros | 2021 | 2020 | 2019 |
| Revenue | 8,982 | 6,389 | 6,883 |
| Growth at current exchange rates vs. n-1 | 40.6% | (7.2)% | 15.4% |
| Growth at constant exchange rates vs. n-1 (1) | 41.8% | (6.0)% | 12.4% |
| Recurring operating income (2) | 3,530 | 1,981 | 2,339 |
| As a % of revenue | 39.3% | 31.0% | 34.0% |
| Operating income | 3,530 | 2,073 | 2,339 |
| As a % of revenue | 39.3% | 32.4% | 34.0% |
| Net profit – Group share | 2,445 | 1,385 | 1,528 |
| As a % of revenue | 27.2 % | 21.7% | 22.2% |
| Operating cash flows | 3,060 | 1,993 | 2,063 |
| Investments (excluding financial investments) | 532 | 448 | 478 |
| Adjusted free cash flow (3) | 2,661 | 995 | 1,406 |
| Equity – Group share | 9,400 | 7,380 | 6,568 |
| Net cash position (4) | 6,695 | 4,717 | 4,372 |
| Restated net cash position (5) | 7,070 | 4,904 | 4,562 |
| Workforce (number of employees) | 17,595 | 16,600 | 15,417 |
(1) Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period's revenue, for each currency.
(2) Recurring operating income is one of the main performance indicators monitored by the group's General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group's economic performance.
(3) Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.
(4) The net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.
(5) The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.
INFORMATION BY GEOGRAPHICAL ZONE (a)
| As of Dec. 31st | Evolution /2020 | Evolution /2019 | ||||
| In millions of euros | 2021 | 2020 | Published | At constant exchange rates | At constant exchange rates | |
| France | 838 | 620 | 35.2% | 35.2% | (3.4)% | |
| Europe (excl. France) | 1,303 | 953 | 36.6% | 36.9% | 9.8% | |
| Total Europe | 2,141 | 1,573 | 36.1% | 36.3% | 4.3% | |
| Japan | 977 | 834 | 17.1% | 24.9% | 20.2% | |
| Asia-Pacific (excl. Japan) | 4,251 | 2,915 | 45.8% | 44.6% | 65.4% | |
| Total Asia | 5,227.2 | 3,749 | 39.4% | 40.2% | 54.1% | |
| Americas | 1,458 | 959 | 52.0% | 56.7% | 24.4% | |
| Other | 156 | 108 | 44.4% | 44.6% | 30.2% | |
| TOTAL | 8,982 | 6,389 | 40.6% | 41.8% | 33.4% | |
| 4th quarter | Evolution /2020 | Evolution /2019 | ||||
| In millions of euros | 2021 | 2020 | Published | At constant exchange rates | At constant exchange rates | |
| France | 251 | 200 | 25.6% | 25.6% | 2.7% | |
| Europe (excl. France) | 398 | 324 | 22.9% | 22.0% | 17.6% | |
| Total Europe | 649 | 524 | 23.9% | 23.3% | 11.4% | |
| Japan | 267 | 267 | (0.2)% | 4.8% | 21.1% | |
| Asia-Pacific (excl. Japan) | 1,025 | 921 | 11.3% | 6.0% | 56.3% | |
| Total Asia | 1,292 | 1,188 | 8.7% | 5.7% | 46.9% | |
| Americas | 397 | 353 | 12.7% | 10.3% | 10.5% | |
| Other | 42 | 37 | 14.7% | 14.6% | 41.2% | |
| TOTAL | 2,380 | 2,101 | 13.3% | 11.0% | 28.4% | |
(a) Sales by destination.
INFORMATION BY SECTOR
| As of Dec. 31st | Evolution /2020 | Evolution /2019 | ||||
| In millions of euros | 2021 | 2020 | Published | At constant exchange rates | At constant exchange rates | |
| Leather Goods and Saddlery (1) | 4,091 | 3,209 | 27.5% | 28.9% | 22.8% | |
| Ready-to-wear and Accessories (2) | 2,219 | 1,409 | 57.5% | 58.8% | 44.3% | |
| Silk and Textiles | 669 | 452 | 48.1% | 49.1% | 15.3% | |
| Other Hermès sectors (3) | 1,001 | 642.6 | 55.8% | 56.7% | 94.5% | |
| Perfume and Beauty | 385 | 263 | 46.4% | 46.5% | 18.9% | |
| Watches | 337 | 196 | 72.0% | 72.5% | 76.6% | |
| Other products (4) | 279 | 218 | 28.2% | 29.1% | 9.3% | |
| TOTAL | 8,982 | 6,389 | 40.6% | 41.8% | 33.4% | |
| 4th quarter | Evolution /2020 | Evolution /2019 | ||||
| In millions of euros | 2021 | 2020 | Published | At constant exchange rates | At constant exchange rates | |
| Leather Goods and Saddlery (1) | 1,015 | 1,049 | (3.3)% | (5.4)% | 11.2% | |
| Ready-to-wear and Accessories (2) | 585 | 435 | 34.5% | 31.8% | 48.0% | |
| Silk and Textiles | 237 | 181 | 30.7% | 29.1% | 26.7% | |
| Other Hermès sectors (3) | 265 | 219 | 21.5% | 18.5% | 84.5% | |
| Perfume and Beauty | 97 | 72 | 34.9% | 34.2% | 22.2% | |
| Watches | 95 | 68 | 39.7% | 36.6% | 75.5% | |
| Other products (4) | 86 | 78 | 10.9% | 10.6% | 5.6% | |
| TOTAL | 2,380 | 2,101 | 13.3% | 11.0% | 28.4% | |
(1) The “Leather Goods and Saddlery” business line includes bags, riding, memory holders and small leather goods.
(2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
(3) The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
(4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.
APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS
Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2022 on the website https://finance.hermes.com, together with the other chapters of the Annual Financial Report.
CONSOLIDATED INCOME STATEMENT
| In millions of euros | 2021 | 2020 |
| Revenue | 8,982 | 6,389 |
| Cost of sales | (2,580) | (2,013) |
| Gross margin | 6,402 | 4,376 |
| Sales and administrative expenses | (2,137) | (1,699) |
| Other income and expenses | (734) | (696) |
| Recurring operating income | 3,530 | 1,981 |
| Other non-recurring income and expenses | - | 91 |
| Operating income | 3,530 | 2,073 |
| Net financial income | (96) | (86) |
| Net income before tax | 3,435 | 1,986 |
| Income tax | (1,015) | (613) |
| Net income from associates | 34 | 16 |
| CONSOLIDATED NET INCOME | 2,454 | 1,390 |
| Non-controlling interests | (8) | (4) |
| NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT | 2,445 | 1,385 |
| Basic earnings per share (in euros) | 23.37 | 13.27 |
| Diluted earnings per share (in euros) | 23.30 | 13.21 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| In millions of euros | 2021 | 2020 | |
| Consolidated net income | 2,454 | 1,390 | |
| Changes in foreign currency adjustments 1 | 141 | (103) | |
| Hedges of future cash flows in foreign currencies 1 2 | (110) | 55 | |
| (87) | 36 | |
| (23) | 18 | |
| Assets at fair value 2 | 87 | - | |
| Employee benefit obligations: change in value linked to actuarial gains and losses 2 | 9 | (2) | |
| Net comprehensive income | 2,582 | 1,339 | |
| 2,573 | 1337 | |
| 9 | 2 | |
| (1) Transferable through profit or loss. (2) Net of tax. | |||
CONSOLIDATED BALANCE SHEET
ASSETS
| In millions of euros | 31/12/2021 | 31/12/2020 |
| Goodwill | 42 | 42 |
| Intangible assets | 258 | 221 |
| Right-of-use assets | 1,517 | 1,446 |
| Property, plant and equipment | 1,881 | 1,646 |
| Investment property | 9 | 73 |
| Financial assets | 617 | 368 |
| Investments in associates | 51 | 49 |
| Loans and deposits | 59 | 56 |
| Deferred tax assets | 546 | 475 |
| Other non-current assets | 22 | 24 |
| Non-current assets | 5,002 | 4,401 |
| Inventories and work-in-progress | 1,449 | 1,289 |
| Trade and other receivables | 333 | 250 |
| Current tax receivables | 58 | 63 |
| Other current assets | 257 | 193 |
| Financial derivatives | 53 | 121 |
| Cash and cash equivalents | 6,696 | 4,733 |
| Current assets | 8,845 | 6,650 |
| TOTAL ASSETS | 13,847 | 11,051 |
LIABILITIES
| In millions of euros | 31/12/2021 | 31/12/2020 |
| Share capital | 54 | 54 |
| Share premium | 50 | 50 |
| Treasury shares | (551) | (464) |
| Reserves | 7,142 | 6,212 |
| Foreign currency adjustments | 178 | 38 |
| Revaluation adjustments | 83 | 106 |
| Net income attributable to owners of the parent | 2,445 | 1,385 |
| Equity attributable to owners of the parent | 9,400 | 7,380 |
| Non-controlling interests | 12 | 11 |
| Equity | 9,412 | 7,391 |
| Borrowings and financial liabilities due in more than one year | 24 | 18 |
| Lease liabilities due in more than one year | 1,529 | 1,447 |
| Non-current provisions | 26 | 22 |
| Post-employment and other employee benefit obligations due in more than one year | 220 | 275 |
| Deferred tax liabilities | 15 | 22 |
| Other non-current liabilities | 45 | 36 |
| Non-current liabilities | 1,860 | 1,821 |
| Borrowings and financial liabilities due in less than one year | 1 | 25 |
| Lease liabilities due in less than one year | 248 | 196 |
| Current provisions | 115 | 100 |
| Post-employment and other employee benefit obligations due in less than one year | 40 | 28 |
| Trade and other payables | 535 | 448 |
| Financial derivatives | 122 | 29 |
| Current Tax liabilities | 347 | 218 |
| Other current liabilities | 1,168 | 795 |
| Current liabilities | 2,575 | 1,839 |
| TOTAL EQUITY AND LIABILITIES | 13,847 | 11,051 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| In millions of euros | Number of shares | Share capital | Share premium | Treasury shares | Consolidated reserves and net income attributable to owners of the parent | Actuarial gains and losses | Foreign currency adjustments | Revaluation adjustments | ||||
| Financial investments | Hedges of future cash flows in foreign currencies | Equity attributable to owners of the parent | Non-controlling interests | Equity | ||||||||
| As at 1 January 2020 | 105,569,412 | 54 | 50 | (509) | 6,917 | (133) | 139 | 100 | (49) | 6,568 | 8 | 6,576 |
| Net income | - | - | - | - | 1,385 | - | - | - | - | 1,385 | 4 | 1,390 |
| Other comprehensive income | - | - | - | - | - | (2) | (101) | - | 55 | (48) | (2) | (50) |
| Comprehensive income | - | - | - | - | 1,385 | (2) | (101) | - | 55 | 1,337 | 2 | 1,339 |
| Change in share capital and share premiums | - | - | - | - | - | - | - | - | - | - | - | - |
| Purchase or sale of treasury shares | - | - | - | 45 | (166) | - | - | - | - | (121) | - | (121) |
| Share-based payments | - | - | - | - | 79 | - | - | - | - | 79 | - | 79 |
| Dividends paid | - | - | - | - | (485) | - | - | - | - | (485) | (4) | (490) |
| Other | - | - | - | 2 | - | - | - | - | 2 | 5 | 8 | |
| As at 31 December 2020 | 105,569,412 | 54 | 50 | (464) | 7,732 | (135) | 38 | 100 | 5 | 7,380 | 11 | 7,391 |
| Net income | - | - | - | - | 2,445 | - | - | - | - | 2,445 | 8 | 2,454 |
| Other comprehensive income | - | - | - | - | - | 9 | 141 | 87 | (110) | 127 | 0 | 128 |
| Comprehensive income | - | - | - | - | 2,445 | 9 | 141 | 87 | (110) | 2,573 | 9 | 2,582 |
| Change in share capital and share premiums | - | - | - | - | - | - | - | - | - | - | - | - |
| Purchase or sale of treasury shares | - | - | - | (88) | (69) | - | - | - | - | (157) | - | (157) |
| Share-based payments | - | - | - | - | 59 | - | - | - | - | 59 | - | 59 |
| Dividends paid | - | - | - | - | (485) | - | - | - | - | (485) | (5) | (490) |
| Other | - | - | - | - | 30 | - | - | - | - | 30 | (2) | 28 |
| AS AT 31 DECEMBER 2021 | 105,569,412 | 54 | 50 | (551) | 9,712 | (125) | 178 | 188 | (105) | 9,400 | 12 | 9,412 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| In millions of euros | 2021 | 2020 |
| CASH FLOWS RELATED TO OPERATING ACTIVITIES | ||
| Net income attributable to owners of the parent | 2,445 | 1,385 |
| Depreciation and amortisation of fixed assets | 312 | 271 |
| Depreciation of right-of-use assets | 251 | 243 |
| Impairment losses | 65 | 54 |
| Mark-to-Market financial instruments | (1) | 1 |
| Foreign exchange gains/(losses) on fair value adjustments | (46) | 30 |
| Change in provisions | 28 | 26 |
| Net income from associates | (34) | (16) |
| Net income attributable to non-controlling interests | 8 | 4 |
| Capital gains or losses on disposals and impact of changes in scope of consolidation | (4) | (90) |
| Deferred tax expense | (15) | 5 |
| Accrued expenses and income related to share-based payments | 59 | 79 |
| Dividend income | (10) | (0) |
| Other | (0) | (0) |
| Operating cash flows | 3,060 | 1,993 |
| Change in working capital requirements | 346 | (350) |
| Change in net cash position related to operating activities (A) | 3,405 | 1,642 |
| CASH FLOWS RELATED TO INVESTING ACTIVITIES | ||
| Operating investments | (532) | (448) |
| Acquisitions of consolidated shares | (0) | (72) |
| Acquisitions of other financial assets | (198) | (36) |
| Disposals of operating assets | 3 | 0 |
| Disposals of consolidated shares and impact of losses of control | - | 81 |
| Disposals of other financial assets | 6 | 10 |
| Change in payables and receivables related to investing activities | 6 | 11 |
| Dividends received | 47 | 21 |
| Change in net cash position related to investing activities (B) | (669) | (432) |
| CASH FLOWS RELATED TO FINANCING ACTIVITIES | ||
| Dividends paid | (490) | (490) |
| Repayment of lease liabilities | (212) | (199) |
| Treasury share buybacks net of disposals | (158) | (122) |
| Borrowing subscriptions | - | 8 |
| Repayment of borrowings | (8) | (8) |
| Change in net cash position related to financing activities (C) | (869) | (810) |
| Foreign currency translation adjustment (D) | 110 | (55) |
| CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D) | 1,978 | 345 |
| Net cash position at the beginning of the period | 4,717 | 4,372 |
| Net cash position at the end of the period | 6,695 | 4,717 |
| CHANGE IN NET CASH POSITION | 1,978 | 345 |
REMINDER
2021 HALF YEAR KEY FIGURES
| In millions of euros | H1 2021 | H1 2020 | H1 2019 |
| Revenue | 4,235 | 2,488 | 3,284 |
| Growth at current exchange rates vs. n-1 | 70.2 % | (24.2) % | 15.1 % |
| Growth at constant exchange rates vs. n-1 (1) | 76.7 % | (24.9) % | 12.0 % |
| Recurring operating income (2) | 1,722 | 535 | 1,144 |
| As a % of revenue | 40.7 % | 21.5 % | 34.8 % |
| Operating income | 1,722 | 535 | 1,144 |
| As a % of revenue | 40.7 % | 21.5 % | 34.8 % |
| Net profit – Group share | 1,174 | 335 | 754 |
| As a % of revenue | 27.7 % | 13.5 % | 23.0 % |
| Operating cash flows | 1,487 | 634 | 971 |
| Investments (excluding financial investments) | 214 | 162 | 170 |
| Adjusted free cash flow (3) | 1,236 | 27 | 618 |
| Equity – Group share | 8,024 | 6,340 | 5,763 |
| Net cash position (4) | 5,326 | 3,742 | 3,532 |
| Restated net cash position (5) | 5,521 | 3,922 | 3,740 |
| Workforce (number of employees) | 16,966 | 15,698 | 14,751 |
(6) Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period's revenue, for each currency.
(7) Recurring operating income is one of the main performance indicators monitored by the group's General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group's economic performance.
(8) Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.
(9) The net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.
(10) The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.
Attachment
