présentation 2015 results va 2203 vdef€¦ · hermÈs 2015 results / 8 distribution network • 3...

• Sales are up +8 % at constant ratesand +18 % at current exchange rates

• Operating income rose +19 % andoperating margin reached 31,8 % of sales (31,5 % in 2014)

• The net profitability is stable at 20 % of sales

HERMÈS 2015 RESULTS / 3

ACTIVITY

• Activity was steady in the Group’s own stores in all regions (+9 % at constant rates)

• The retail growth remained solid throughout the year

• The favorable currency impacts represent € 389M on sales

HERMÈS 2015 RESULTS / 4

ACTIVITY

• The development of all sectors continues thanks to the reinforcement of the production capacities, the success of the recent collections and a sustained demand

HERMÈS 2015 RESULTS / 5

ACTIVITY

• Cash flow reached €1 218M, up by 16%

• Restated net cash position amounts to €1 614M as at 31st December 2015 against €1 494M as at 31st December 2014

HERMÈS 2015 RESULTS / 6

TREASURY

HERMÈS 2015 RESULTS / 7

INVESTMENTSInvestments amount to € 267M, mainly due to :

• The pursuit of increased production capacities, conservation of the maisons’ know-how and safeguarding its procurements

• The development of the distribution network with more than twenty new or renovated branches

HERMÈS 2015 RESULTS / 8

DISTRIBUTIONNETWORK

• 3 store openings (Porto Cervo, NY perfume, Molière Mexico) and 2 concession take overs (Fukuoka and Singapore Airport)

• Renovation with extension in the Bond Street, Gum, Cannes, Turin, Dublin, The Gardens, Cidade jardim, Seattle, Boston, Dallas, Houston, Washington, Kyoto Takashimaya, Tokyo Ikebukuro stores notably

• Opening of the flagship in Miami

• Increase in production capacities at the two new sites in Isère and Charente

• Inauguration of the new workshop in Héricourt

• Pursuit of the investments for a second project in the Franche-Comté region

HERMÈS 2015 RESULTS / 9

PRODUCTION

• NadègeVanhée-Cybulskis’ first collection of Women’s ready-to-wear

• Wanderland exhibition in London, Dans l’œil du flaneur in Paris

• 6th edition of the Saut Hermès at the Grand Palais

• Festival des métiers in Bangkok and Sao Paulo

• Leather Forever exhibition in Singapore

• Launch of a new fragrance Le Jardin de Monsieur Li

• Lauch of the MANIfeste d’Hermès and Hermèsistiblesites

HERMÈS 2015 RESULTS / 10

COMMUNICATION

HERMÈS 2015 RESULTS / 12

REVENUE AND NET RESULT

Sales : +13% CAGR over 10 years

NR : +14.7% CAGR over 10 years

247268

288 290 289

422

594

740

790

859

973

1 4271 515

1 6251 765

1 914

2 401

2 841

3 484

3 755

4 119

4 841

200,0

700,0

1200,0

1700,0

2200,0

2700,0

3200,0

3700,0

4200,0

4700,0

180,0

280,0

380,0

480,0

580,0

680,0

780,0

880,0

980,0

1080,0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Résultat Net Chiffre d'affairesNet Result Revenue

In €MIn €M

HERMÈS 2015 RESULTS / 13

REVENUE BYGEOGRAPHICAL

AREA

HERMÈS 2015 RESULTS / 14

In €M 2015 Change atConstant rates

FranceEurope (Excl. France)

684906

6.2 %10.8 %

EUROPE 1 590 8.7 %JapanAsia-Pacific

6001 694

18.3 %5.1%

ASIA 2 294 8.5 %AmericasOthers

88473

6.8 %- 2.2 %

TOTAL 4 841 8.1 %

Lotte World Tower, Séoul

REVENUE BYGEOGRAPHICAL AREA

HERMÈS 2015 RESULTS / 15

Lotte World Tower, Séoul

REVENUE BYGEOGRAPHICAL AREA

France14%

Europe (excl. France)

19%

Japan12%

Asia Pacific (excl. Japan)

35%

Americas18%

Other2%

HERMÈS 2015 RESULTS / 16

REVENUEBY SECTOR

HERMÈS 2015 RESULTS / 17

In €M 2015Change at constant

rates

Leathergoods - SaddleryReady-to-wear & Fashion AccessoriesSilk & textilesOthers Hermès SectorsPerfumesWatchesOthers products

2 2741 101

521332241163209

12.6%7.8%-0.5%8.5%3.3%0.1%-0.2%

TOTAL 4 841 8.1 %

REVENUEBY SECTOR

HERMÈS 2015 RESULTS / 18

Leathergoods and Saddlery

47%

Ready-to-wear and Fashion accessories

23%

Silk and Textiles11%

Other Hermès sectors

7%

Perfumes 5%

Watches3%

Other products 4%

REVENUEBY SECTOR

/ 19

EMPLOYEES

HERMÈS 2015 RESULTS

/ 20

EMPLOYEES

Employees worldwide

+ 500 people in 2015, mainly in production and sales

including 7461 in France

HERMÈS 2015 RESULTS

HERMÈS 2015 RESULTS / 21

INCOMESTATEMENT

HERMÈS 2015 RESULTS / 22

In €M 2015 % revenue 2014 %

revenue

RevenueCost of sales

4 841-1 642

4 119-1 366

Gross profit 3 199 66.1% 2 753 66.8%

Selling and MarketingAdministrative expensesOthers income and expense

-215-1 204- 239

-4.4%-24.9%-4.9%

-208-1 084- 162

-5.0% -26.3%-3.9%

Recurring operating income 1 541 31.8% 1 299 31.5%

Others non-recurring income and expenses

- -

OPERATING INCOME 1 541 31.8% 1 299 31.5%

Change +18.6% -

CONSOLIDATEDINCOME STATEMENT

HERMÈS 2015 RESULTS / 23

In €M 2015 % revenue 2014 %

revenue

OPERATING INCOME 1 541 31.8 1 299 31.5

Net financial incomeIncome tax expense

Net income from associatesNet income attribuable to non controlling interest

-46-536

-35.8 %

18-5

-25-424

-33.2%

12-4

NET INCOME ATTRIBUABLE TO OWNERS OF THE PARENT

973 20.1 859 20.9

Change +13.2% -

CONSOLIDATEDINCOME STATEMENT

HERMÈS 2015 RESULTS / 24

RECURRING OPERATING INCOME

26.9 26.525.5 25.5

24.2

27.8

31.232.1 32.4

31.5 31.8

15

17

19

21

23

25

27

29

31

33

35

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

ROI in % Sales

HERMÈS 2015 RESULTS / 25

NET RESULT

17.3 17.7 17.7

16.4

15.1

17.6

20.9 21.2 21.0 20.920.1

5

7

9

11

13

15

17

19

21

23

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

In % of sales

HERMÈS 2015 RESULTS / 26

In M€ 2015

Stores and distribution

Production and securing of supplies

Real estate and others

135

76

56

Investments 267

INVESTMENTS

HERMÈS 2015 RESULTS / 27

In €M 2015 2014

Operating cash flowsChange in working capitalInvestmentsDividends paidOther changes

Changes in Net cash position

1 2182

-267-840

7

120

1 049-105-322-295

76

403

Closing restated Net cash position 1 614 1 494

Opening restated Net cash position 1 494 1 091

RESTATED CASH FLOW STATEMENT

HERMÈS 2015 RESULTS / 28

In M€ 2015 2014

Operating cash flowsChange in working capitalInvestmentsDividends paidOthers changes

Changes in net cash position

1 2182

-267-840

36

149

1 049-105-325-295

76

400

Closing IFRS Net cash position 1 571 1 422

Opening IFRS Net cash position 1 422 1 022

Lotte World Tower, Séoul

IFRS CASH FLOWSTATEMENT

HERMÈS 2015 RESULTS / 29

723

885

1018 1049

1218

2011 2012 2013 2014 2015

In €M

EVOLUTION OF THE OPERATING CASH FLOWS

HERMÈS 2015 RESULTS / 30

1022

1422

1571

2013 2014 2015

In €M

NET CASH POSITION AT CLOSING

HERMÈS RÉSULTATS 2015 / 31

2,00

2,502,70

2,95

3,35

2011 2012 2013 2014 2015

Ordinary dividend

Exceptional dividend

EVOLUTION OF DIVIDEND BY SHARE

In €/shareFor the period

+ €5 + €5

HERMÈS 2015 RESULTS / 32

• Thanks to its unique business model, Hermès will continue its long-term development strategy based on creativity, maintaining control over know-how and a singular communication

• The development of the distribution network will continue with the opening, renovation or extension of more than twenty subsidiaries

HERMÈS 2015 RESULTS / 33

OUTLOOK

• As indicated in the February 10th 2015 publication, sales growth in 2016 could be below the medium-term goal of 8% revenue growth at constant exchange rates owing to the economic, geopolitical and monetary uncertainties around the world

• In 2016, Hermès will celebrate "nature at a gallop". Through horses, its very first customer, Hermès has developed a genuine and profound bond with nature, built on inspiration, admiration and respect.

HERMÈS 2015 RESULTS / 34

OUTLOOK

HERMÈS 2015 RESULTS / 36

HERMÈS 2015 RESULTS / 37

Gum - Moscow

HERMÈS 2015 RESULTS / 38

Miami

HERMÈS 2015 RESULTS / 39

London Bond Street

HERMÈS 2015 RESULTS / 40

Seattle

HERMÈS 2015 RESULTS / 41

Wanderland Exhibition

HERMÈS 2015 RESULTS / 42

Women’s Ready-to-wear fashion show

Shoes Presentation