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    RMS   FR0000052292

HERMÈS INTERNATIONAL

(RMS)
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Hermes International : 2021 half year report

07/30/2021 | 02:29am EDT

JUNE 2021

HALF-YEAR FINANCIAL REPORT

CONTENTS

1

KEY FIGURES

3

Key consolidated data for the first half of 2021

3

2

HALF-YEAR BUSINESS REPORT

5

2.1

Half-year highlights

5

2.2

First-half activity

5

Sales by geographical area at the end of June

5

Sales by métier at the end of June

6

2.3

Comments on the consolidated financial statements

7

2.3.1 Income statement

7

2.3.2 Cash flows and investments

8

2.3.3 Financial position

8

2.4

Outlook

8

2.5

Risks and uncertainties

8

2.6

Related-party transactions

9

  • CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AT 30 JUNE 2021

11

3.1

Consolidated income statement

11

3.2

Consolidated statement of comprehensive income

11

3.3

Consolidated balance sheet

12

3.4

Consolidated statement of changes in equity

13

3.5

Consolidated statement of cash flows

14

3.6 Notes to the condensed interim consolidated financial

statements

15

Note 1

Accounting principles and policies

16

Note 2

Changes in the scope of consolidation

16

Note 3

Alternative performance measures

17

Note 4

Seasonal nature of the business

18

Note 5

Segment information

18

Note 6

Cost of sales

18

Note 7

Sales and administrative expenses

19

Note 8

Other income and expenses

19

Note 9

Net financial income

19

Note 10

Income tax

20

Note 11

Earnings per share

20

Note 12

Goodwill

20

Note 13

Intangible assets

21

Note 14

Leases

21

Note 15

Property, plant and equipment

22

Note 16

Investment property

23

Note 17

Financial assets

23

Note 18

Investments in associates

23

Note 19

Loans and deposits

23

Note 20

Inventories and work-in-progress

24

Note 21

Trade receivables and other assets

24

Note 22

Cash and cash equivalents

25

Note 23

Equity

25

Note 24

Non-controlling interests

27

Note 25

Exposure to market risks

27

Note 26

Provisions

27

Note 27

Employees

28

Note 28

Post-employment and other employee benefit

obligations

28

Note 29

Accounts payable and other liabilities

29

Note 30

Off-balance sheet commitments

29

Note 31

Related-party transactions

29

Note 32

Share-based payments

29

Note 33

Subsequent events

29

  • STATUTORY AUDITORS' REPORT ON THE

HALF-YEAR FINANCIAL INFORMATION

31

  • STATEMENT BY THE PERSONS RESPONSIBLE

FOR THE INTERIM FINANCIAL REPORT

35

HALF-YEAR

FINANCIAL

REPORT

JUNE 2021

This document is a free translation into English of the original French "Rapport financier semestriel". It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

HALF-YEAR FINANCIAL REPORT 2021 HERMÈS INTERNATIONAL

1

KEY FIGURES

1. KEY FIGURES

1

KEY CONSOLIDATED DATA FOR THE FIRST HALF OF 2021

H1 2021

2020 Financial

H1 2020

H1 2019

In millions of euros

year

Revenue

4,235

6,389

2,488

3,284

Growth at current exchange rates vs. n-1

70.2%

(7.2)%

(24.2)%

15.1%

Growth at constant exchange rates vs. n-11

76.7%

(6.0)%

(24.9)%

12.0%

Recurring operating income 2

1,722

1,981

535

1,144

In % of revenue

40.7%

31.0%

21.5%

34.8%

Operating income

1,722

2,073

535

1,144

In % of revenue

40.7%

32.4%

21.5%

34.8%

Net income attributable to owners of the parent

1,174

1,385

335

754

In % of revenue

27.7%

21.7%

13.5%

23.0%

Operating cash flows

1,487

1,993

634

971

Operating investments

214

448

162

170

Adjusted free cash flow 3

1,236

995

27

618

Equity attributable to owners of the parent

8,024

7,380

6,340

5,763

Net cash position 4

5,326

4,717

3,742

3,532

Restated net cash position 5

5,521

4,904

3,922

3,740

Workforce (number of employees)

16,966

16,600

15,698

14,751

  1. Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period.
  2. Recurring operating income is one of the main performance indicators monitored by the Group's management. It corresponds to operating income excluding non-recurring items having a significant impact that may affect understanding of the Group's economic performance.
  3. Adjusted free cash flow is the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).
  4. Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short-term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16.
  5. The restated net cash position corresponds to net cash position plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities.

HALF-YEAR FINANCIAL REPORT 2021 HERMÈS INTERNATIONAL

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Hermès International SA published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 06:28:02 UTC.


© Publicnow 2021
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Technical analysis trends HERMÈS INTERNATIONAL
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Consensus
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Last Close Price 1 242,50 €
Average target price 1 173,44 €
Spread / Average Target -5,56%
EPS Revisions
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Axel Dumas Co-Executive Chairman-Management Board
Henri-Louis Bauer Co-Executive Chairman-Management Board
Éric Marie Joseph du Halgouët Executive Vice President-Finance
Éric de Seynes Chairman-Supervisory Board
Nathalie Besombes Secretary & Compliance Officer
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