Cash flow Hennes & Mauritz AB

Equities

HM B

SE0000106270

Apparel & Accessories Retailers

Market Closed - Nasdaq Stockholm Other stock markets 17:00:00 06/03/2026 GMT			5-day change	1st Jan Change
178.40 ^SEK	-1.52%		-7.42%	-4.03%

03-06	Fast fashion garments pile up in South Asia as Middle East conflict grounds planes	RE
03-04	Adidas Israel Store Hit by Bomb	DJ

39a55ef372de7b44000d87d.tkj6U7kXzRO4x6xJSG5jEzaclSNfF5Fq0doHyQn70HY.5SWZHtggr1bJqdw4CTZSTF7Pw1U7X9pc5-M-_T3DnCDCCqUYgCH5Y9GA2w

Published financial data: HENNES & MAURITZ AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: November	2020	2021	2022	2023	2024
Revenues	187B	199B	224B	236B	234B
Total Revenues	187B	199B	224B	236B	234B
Cost of Goods Sold, Total	93.49B	93.96B	110B	115B	109B
Gross Profit	93.54B	105B	113B	121B	125B
Selling General & Admin Expenses, Total	90.44B	89.75B	106B	107B	108B
Other Operating Expenses, Total	90.44B	89.75B	106B	107B	108B
Operating Income	3.1B	15.26B	7.17B	13.57B	17.38B
Interest Expense, Total	-1.3B	-1.16B	-1.12B	-2.14B	-2.75B
Interest And Investment Income	252M	203M	162M	616M	890M
Net Interest Expenses	-1.05B	-955M	-953M	-1.53B	-1.86B
Income (Loss) On Equity Invest.	-	-	-	971M	-78M
EBT, Excl. Unusual Items	2.05B	14.3B	6.22B	13.01B	15.44B
EBT, Incl. Unusual Items	2.05B	14.3B	6.22B	13.01B	15.44B
Income Tax Expense	809M	3.29B	2.65B	4.29B	3.86B
Earnings From Continuing Operations	1.24B	11.01B	3.57B	8.72B	11.58B
Net Income to Company	1.24B	11.01B	3.57B	8.72B	11.58B
Minority Interest	-	-	-	29M	37M
Net Income - (IS)	1.24B	11.01B	3.57B	8.75B	11.62B
Net Income to Common Incl Extra Items	1.24B	11.01B	3.57B	8.75B	11.62B
Net Income to Common Excl. Extra Items	1.24B	11.01B	3.57B	8.75B	11.62B
Per Share Items
Net EPS - Basic	0.75	6.65	2.16	5.37	7.21
Basic EPS - Continuing Operations	0.75	6.65	2.16	5.37	7.21
Basic Weighted Average Shares Outstanding	1.66B	1.66B	1.65B	1.63B	1.61B
Net EPS - Diluted	0.75	6.65	2.16	5.37	7.21
Diluted EPS - Continuing Operations	0.75	6.65	2.16	5.37	7.21
Diluted Weighted Average Shares Outstanding	1.66B	1.66B	1.65B	1.63B	1.61B
Normalized Basic EPS	0.77	5.4	2.35	5.01	6.01
Normalized Diluted EPS	0.77	5.4	2.35	5.01	6.01
Dividend Per Share	-	6.5	6.5	6.5	6.8
Payout Ratio	-	97.71	299.69	120.85	89.98
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	13.9B	24.08B	16.24B	20.79B	23.85B
EBITA	3.22B	15.37B	7.28B	13.71B	17.52B
EBIT	3.1B	15.26B	7.17B	13.57B	17.38B
EBITDAR	20.82B	29.69B	23.18B	29.16B	31.99B
Effective Tax Rate - (Ratio)	39.42	23.01	42.63	32.95	24.99
Total Current Taxes	2.74B	3.38B	3.36B	4.5B	3.68B
Total Deferred Taxes	-1.93B	-86M	-708M	-218M	180M
Normalized Net Income	1.28B	8.94B	3.88B	8.16B	9.69B
Interest on Long-Term Debt	951M	779M	872M	1.74B	1.99B
Non-Cash Pension Expense	-20M	7M	-38M	18M	20M
Supplemental Operating Expense Items
Selling and Marketing Expenses	81.42B	80.54B	94.54B	96.44B	97.15B
General and Administrative Expenses	9.02B	9.22B	11.57B	10.9B	10.76B
Research And Development Expense From Footnotes	1.22B	1.45B	1.66B	1.96B	2.09B
Net Rental Expense, Total	6.92B	5.6B	6.94B	8.38B	8.14B
Imputed Operating Lease Interest Expense	1.47B	708M	888M	1.91B	2.31B
Imputed Operating Lease Depreciation	5.45B	4.9B	6.05B	6.47B	5.82B

Fiscal Period: November	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	16.54B	27.47B	21.71B	26.4B	17.34B
Total Cash And Short Term Investments	16.54B	27.47B	21.71B	26.4B	17.34B
Accounts Receivable, Total	3.09B	3.06B	3.01B	3.3B	5.63B
Other Receivables	3.35B	4.92B	7.13B	7.85B	7.26B
Total Receivables	6.44B	7.98B	10.15B	11.15B	12.89B
Inventory	38.21B	37.31B	42.5B	37.36B	40.35B
Prepaid Expenses	3.44B	4.81B	4.49B	4.53B	3.92B
Other Current Assets, Total	730M	1.42B	681M	1.09B	1.22B
Total Current Assets	65.36B	78.99B	79.52B	80.53B	75.73B
Gross Property Plant And Equipment	131B	121B	126B	131B	141B
Accumulated Depreciation	-39.54B	-41.83B	-43.71B	-49.72B	-55.14B
Net Property Plant And Equipment	91.17B	79.66B	82.74B	81.54B	86.22B
Long-term Investments	786M	5.09B	3.16B	2.57B	3.29B
Goodwill	64M	64M	64M	1.01B	1.01B
Other Intangibles, Total	191M	224M	161M	746M	623M
Deferred Tax Assets Long-Term	5.71B	5.63B	6.54B	5.71B	5.39B
Deferred Charges Long-Term	10.18B	9.27B	8.93B	7.97B	7.09B
Other Long-Term Assets, Total	907M	860M	939M	1.2B	859M
Total Assets	174B	180B	182B	181B	180B
Liabilities
Accounts Payable, Total	9.51B	20.38B	21.09B	21.03B	24.42B
Accrued Expenses, Total	19.88B	22.07B	25.05B	22.73B	20.15B
Short-term Borrowings	1.3B	275M	950M	625M	-
Current Portion of Long-Term Debt	6.6B	161M	185M	2.37B	-
Current Portion of Leases	13.28B	11.7B	12.58B	12.16B	12.48B
Current Income Taxes Payable	1.71B	1.44B	1.84B	1.38B	2.26B
Other Current Liabilities	3.98B	5.15B	6.64B	7.63B	7.35B
Total Current Liabilities	56.26B	61.18B	68.34B	67.93B	66.65B
Long-Term Debt	8.43B	9.18B	9.64B	14.08B	14.12B
Long-Term Leases	50.46B	45.38B	49.28B	48.73B	50.36B
Pension & Other Post Retirement Benefits	612M	428M	333M	379M	471M
Deferred Tax Liability Non Current	3.99B	3.6B	3.27B	2.42B	2.24B
Other Non Current Liabilities	-	-	425M	137M	162M
Total Liabilities	120B	120B	131B	134B	134B
Common Stock, Total	207M	207M	207M	207M	207M
Retained Earnings	53.43B	57.47B	44.69B	41.12B	39.49B
Comprehensive Income and Other	990M	2.34B	5.86B	6.2B	6.44B
Total Common Equity	54.62B	60.02B	50.76B	47.52B	46.14B
Minority Interest	-	-	-	82M	69M
Total Equity	54.62B	60.02B	50.76B	47.6B	46.21B
Total Liabilities And Equity	174B	180B	182B	181B	180B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.66B	1.66B	1.63B	1.62B	1.6B
ECS Total Common Shares Outstanding	1.66B	1.66B	1.63B	1.62B	1.6B
Book Value / Share	33	36.26	31.15	29.29	28.76
Tangible Book Value	54.37B	59.73B	50.53B	45.76B	44.51B
Tangible Book Value Per Share	32.85	36.09	31.01	28.2	27.74
Total Debt	80.06B	66.69B	72.64B	77.97B	76.95B
Net Debt	63.52B	39.22B	50.93B	51.57B	59.61B
Debt Equivalent of Unfunded Proj. Benefit Obligation	612M	428M	333M	379M	471M
Debt Equivalent Oper. Leases	55.37B	44.84B	55.5B	67.01B	65.11B
Minority Interest, Total (Incl. Fin. Div)	-	-	-	82M	69M
Equity Method Investments, Total	247M	686M	503M	209M	259M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	150M	154M	125M	131M	134M
Buildings, Total	1.13B	1.16B	1.24B	1.24B	1.27B
Machinery, Total	69.45B	66.29B	65.22B	69.61B	76.03B
Full Time Employees	153K	155K	150K	143K	140K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: November	2020	2021	2022	2023	2024
Net Income	1.24B	11.01B	3.57B	8.75B	11.62B
Depreciation & Amortization - CF	24.61B	20.75B	20.8B	19.95B	19.35B
Amortization of Goodwill and Intangible Assets - (CF)	123M	117M	110M	145M	133M
Depreciation & Amortization, Total	24.74B	20.87B	20.91B	20.1B	19.48B
Amortization of Deferred Charges, Total - (CF)	1.22B	1.45B	1.66B	1.96B	2.09B
Asset Writedown & Restructuring Costs	-	-	-	896M	679M
Other Operating Activities, Total	-2.89B	-1.7B	-81M	-2.6B	2.87B
Change In Accounts Receivable	1.37B	-736M	-452M	-594M	-2.3B
Change In Inventories	-1.98B	1.26B	-3.73B	5.25B	-3.04B
Change in Other Net Operating Assets	2.2B	12.46B	2.6B	189M	346M
Cash from Operations	25.9B	44.62B	24.48B	33.95B	31.76B
Capital Expenditure	-3.61B	-2.73B	-4.53B	-7.99B	-10.06B
Sale (Purchase) of Intangible assets	-1.5B	-737M	-1.48B	-978M	-1.39B
Investment in Marketable and Equity Securities, Total	-142M	-614M	-802M	-655M	-126M
Cash from Investing	-5.24B	-4.08B	-6.81B	-9.62B	-11.57B
Short Term Debt Issued, Total	995M	-	680M	-	-
Long-Term Debt Issued, Total	-	5.13B	-	6.31B	-
Total Debt Issued	995M	5.13B	680M	6.31B	-
Short Term Debt Repaid, Total	-	-7.67B	-	-408M	-2.97B
Long-Term Debt Repaid, Total	-16.15B	-16.88B	-12.14B	-12.87B	-12.88B
Total Debt Repaid	-16.15B	-24.55B	-12.14B	-13.28B	-15.84B
Repurchase of Common Stock	-	-	-3B	-1.08B	-2.93B
Common Dividends Paid	-	-10.76B	-10.69B	-10.58B	-10.46B
Common & Preferred Stock Dividends Paid	-	-10.76B	-10.69B	-10.58B	-10.46B
Other Financing Activities, Total	-	-	-	-	24M
Cash from Financing	-15.16B	-30.18B	-25.15B	-18.62B	-29.2B
Foreign Exchange Rate Adjustments	-1.27B	574M	1.72B	-1.02B	-35M
Miscellaneous Cash Flow Adjustments	-	1M	-	-	-
Net Change in Cash	4.23B	10.93B	-5.76B	4.69B	-9.06B
Supplemental Items
Cash Interest Paid	349M	380M	243M	399M	760M
Cash Income Tax Paid (Refund)	3.72B	4.97B	3.5B	5.56B	1.72B
Levered Free Cash Flow	17.42B	38.93B	19.81B	22.06B	16.42B
Unlevered Free Cash Flow	18.23B	39.65B	20.51B	23.4B	18.14B
Change In Net Working Capital	4.56B	-11.26B	539M	-1.83B	2.85B
Net Debt Issued / Repaid	-15.16B	-19.43B	-11.46B	-6.96B	-15.84B

Fiscal Period: November	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.31	5.38	2.48	4.67	6.01
Return on Total Capital	1.85	7.29	3.58	6.81	8.74
Return On Equity %	2.23	19.21	6.44	17.74	24.72
Return on Common Equity	2.23	19.21	6.44	17.81	24.84
Margin Analysis
Gross Profit Margin %	50.02	52.78	50.67	51.22	53.44
SG&A Margin	48.36	45.11	47.46	45.47	46.02
EBITDA Margin %	7.43	12.1	7.27	8.81	10.17
EBITA Margin %	1.72	7.73	3.26	5.81	7.47
EBIT Margin %	1.66	7.67	3.21	5.75	7.41
Income From Continuing Operations Margin %	0.66	5.53	1.6	3.7	4.94
Net Income Margin %	0.66	5.53	1.6	3.71	4.96
Net Avail. For Common Margin %	0.66	5.53	1.6	3.71	4.96
Normalized Net Income Margin	0.69	4.49	1.74	3.46	4.13
Levered Free Cash Flow Margin	9.31	19.57	8.86	9.35	7
Unlevered Free Cash Flow Margin	9.75	19.93	9.17	9.92	7.74
Asset Turnover
Asset Turnover	1.27	1.12	1.24	1.3	1.3
Fixed Assets Turnover	2.83	2.33	2.75	2.87	2.8
Receivables Turnover (Average Receivables)	41.72	64.76	73.62	74.75	52.5
Inventory Turnover (Average Inventory)	2.46	2.49	2.76	2.88	2.81
Short Term Liquidity
Current Ratio	1.16	1.29	1.16	1.19	1.14
Quick Ratio	0.41	0.58	0.47	0.55	0.45
Operating Cash Flow to Current Liabilities	0.46	0.73	0.36	0.5	0.48
Days Sales Outstanding (Average Receivables)	8.77	5.64	4.96	4.88	6.97
Days Outstanding Inventory (Average Inventory)	148.83	146.67	132.07	126.57	130.25
Average Days Payable Outstanding	33.82	58.62	65.55	69.87	74.14
Cash Conversion Cycle (Average Days)	123.78	93.68	71.47	61.58	63.08
Long Term Solvency
Total Debt/Equity	146.58	111.12	143.1	163.8	166.53
Total Debt / Total Capital	59.44	52.63	58.87	62.09	62.48
LT Debt/Equity	107.81	90.9	116.09	131.96	139.53
Long-Term Debt / Total Capital	43.72	43.06	47.75	50.02	52.35
Total Liabilities / Total Assets	68.67	66.62	72.12	73.74	74.36
EBIT / Interest Expense	2.39	13.17	6.43	6.33	6.31
EBITDA / Interest Expense	21.43	31.2	25.19	15.71	13.39
(EBITDA - Capex) / Interest Expense	18.65	28.84	21.13	11.98	9.74
Total Debt / EBITDA	2.88	1.85	2.59	2.32	2.09
Net Debt / EBITDA	2.28	1.09	1.81	1.53	1.62
Total Debt / (EBITDA - Capex)	3.3	2	3.08	3.04	2.87
Net Debt / (EBITDA - Capex)	2.62	1.17	2.16	2.01	2.22
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-19.64	6.38	12.36	5.58	-0.66
Gross Profit, 1 Yr. Growth %	-23.61	12.25	7.88	6.64	3.64
EBITDA, 1 Yr. Growth %	-49.34	73.31	-32.54	38.08	14.74
EBITA, 1 Yr. Growth %	-81.59	377.09	-52.65	81.65	27.76
EBIT, 1 Yr. Growth %	-82.13	392.26	-53.01	82.39	28.14
Earnings From Cont. Operations, 1 Yr. Growth %	-90.75	785.76	-67.61	144.62	32.9
Net Income, 1 Yr. Growth %	-90.75	785.76	-67.61	145.43	32.89
Normalized Net Income, 1 Yr. Growth %	-88.2	596.88	-56.53	110.04	18.73
Diluted EPS Before Extra, 1 Yr. Growth %	-90.75	785.76	-67.51	148.56	34.32
Accounts Receivable, 1 Yr. Growth %	-47.51	-0.88	-1.47	9.52	70.58
Inventory, 1 Yr. Growth %	1.02	-2.36	13.91	-12.09	8
Net Property, Plant and Equip., 1 Yr. Growth %	122.96	-12.63	3.86	-1.45	5.74
Total Assets, 1 Yr. Growth %	44.72	3.1	1.26	-0.43	-0.58
Tangible Book Value, 1 Yr. Growth %	-3.93	9.86	-15.4	-9.44	-2.55
Common Equity, 1 Yr. Growth %	-4.29	9.88	-15.43	-6.38	-2.71
Cash From Operations, 1 Yr. Growth %	-10.65	72.27	-45.14	37.2	-6.46
Capital Expenditures, 1 Yr. Growth %	-51.16	-24.38	66.01	76.41	25.97
Levered Free Cash Flow, 1 Yr. Growth %	1.1	123.53	-48.87	19.13	-25.59
Unlevered Free Cash Flow, 1 Yr. Growth %	4.56	117.54	-48.04	21.78	-22.5
Dividend Per Share, 1 Yr. Growth %	-	-	0	0	4.62
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.72	-7.54	9.33	8.92	2.41
Gross Profit, 2 Yr. CAGR %	-8.15	-7.4	10.04	7.3	5.13
EBITDA, 2 Yr. CAGR %	-24.94	-6.29	8.13	-7.1	25.87
EBITA, 2 Yr. CAGR %	-54.63	-6.29	50.3	-5.56	52.34
EBIT, 2 Yr. CAGR %	-55.28	-6.22	52.1	-5.7	52.88
Earnings From Cont. Operations, 2 Yr. CAGR %	-68.66	-9.5	69.38	-10.99	80.23
Net Income, 2 Yr. CAGR %	-68.66	-9.5	69.38	-10.84	80.52
Normalized Net Income, 2 Yr. CAGR %	-63.78	-9.32	74.05	-4.45	57.92
Diluted EPS Before Extra, 2 Yr. CAGR %	-68.66	-9.5	69.65	-10.13	82.65
Accounts Receivable, 2 Yr. CAGR %	-30.17	-27.87	-1.17	3.88	36.69
Inventory, 2 Yr. CAGR %	0.64	-0.69	5.46	0.07	-2.56
Net Property, Plant and Equip., 2 Yr. CAGR %	46.57	39.57	-4.74	1.17	2.08
Total Assets, 2 Yr. CAGR %	21.16	22.15	2.18	0.41	-0.5
Tangible Book Value, 2 Yr. CAGR %	-3.16	2.73	-3.59	-12.47	-6.15
Common Equity, 2 Yr. CAGR %	-3.41	2.55	-3.6	-11.02	-4.65
Cash From Operations, 2 Yr. CAGR %	10.3	24.07	-2.79	-12.77	13.28
Capital Expenditures, 2 Yr. CAGR %	-38.57	-39.23	12.04	71.13	49.07
Levered Free Cash Flow, 2 Yr. CAGR %	63.01	50.33	6.66	-24.54	-5.85
Unlevered Free Cash Flow, 2 Yr. CAGR %	65.62	50.82	6.07	-23	-2.85
Dividend Per Share, 2 Yr. CAGR %	-	-	-	0	2.28
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.21	-1.85	-1.34	8.07	5.63
Gross Profit, 3 Yr. CAGR %	-4.7	-1.8	-2.56	8.93	6.07
EBITDA, 3 Yr. CAGR %	-21.56	-0.79	-16.02	14.37	-0.32
EBITA, 3 Yr. CAGR %	-46.27	-0.6	-25.36	62.05	4.45
EBIT, 3 Yr. CAGR %	-46.79	-0.51	-25.51	63.58	4.45
Earnings From Cont. Operations, 3 Yr. CAGR %	-57.49	-4.53	-35.75	91.45	1.71
Net Income, 3 Yr. CAGR %	-57.49	-4.53	-35.75	91.67	1.82
Normalized Net Income, 3 Yr. CAGR %	-53.8	-2.94	-29.03	85.3	2.73
Diluted EPS Before Extra, 3 Yr. CAGR %	-57.49	-4.53	-35.68	92.68	2.72
Accounts Receivable, 3 Yr. CAGR %	-16.48	-21.52	-19.96	2.27	22.56
Inventory, 3 Yr. CAGR %	4.26	-0.37	3.96	-0.75	2.65
Net Property, Plant and Equip., 3 Yr. CAGR %	31.8	23.36	26.48	-3.66	2.67
Total Assets, 3 Yr. CAGR %	17.84	14.81	14.75	1.3	0.08
Tangible Book Value, 3 Yr. CAGR %	-2.71	1	-3.71	-5.58	-9.34
Common Equity, 3 Yr. CAGR %	-2.93	0.83	-3.83	-4.54	-8.39
Cash From Operations, 3 Yr. CAGR %	6.26	27.98	-5.48	9.44	-10.72
Capital Expenditures, 3 Yr. CAGR %	-29.55	-34.17	-15.05	30.35	54.52
Levered Free Cash Flow, 3 Yr. CAGR %	48.57	81.1	4.77	8.21	-24.89
Unlevered Free Cash Flow, 3 Yr. CAGR %	50.6	81.38	5.57	8.69	-22.83
Dividend Per Share, 3 Yr. CAGR %	-	-12.64	-	-	1.52
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.67	0.69	2.25	2.33	0.15
Gross Profit, 5 Yr. CAGR %	-1.94	-0.22	0.94	1.74	0.46
EBITDA, 5 Yr. CAGR %	-16.02	-5.09	-10.82	-3.36	-2.76
EBITA, 5 Yr. CAGR %	-34.72	-8.57	-18.92	-2.61	0.01
EBIT, 5 Yr. CAGR %	-35.11	-8.53	-19.01	-2.62	0.04
Earnings From Cont. Operations, 5 Yr. CAGR %	-43.13	-9.99	-26.1	-7.17	-2.93
Net Income, 5 Yr. CAGR %	-43.13	-9.99	-26.1	-7.11	-2.87
Normalized Net Income, 5 Yr. CAGR %	-40.38	-9.87	-21.47	-3.55	-2.27
Diluted EPS Before Extra, 5 Yr. CAGR %	-43.13	-9.99	-26.06	-6.81	-2.35
Accounts Receivable, 5 Yr. CAGR %	-5.16	-8.92	-10.66	-12.21	-0.86
Inventory, 5 Yr. CAGR %	9	3.29	4.74	-0.19	1.3
Net Property, Plant and Equip., 5 Yr. CAGR %	22.57	15.54	15.75	13.95	16.09
Total Assets, 5 Yr. CAGR %	15.24	12.77	11.31	8.82	8.39
Tangible Book Value, 5 Yr. CAGR %	-1	-0.24	-3.06	-4.62	-4.69
Common Equity, 5 Yr. CAGR %	-1.21	-0.4	-3.2	-4.09	-4.16
Cash From Operations, 5 Yr. CAGR %	1.48	13.42	2.54	9.78	1.84
Capital Expenditures, 5 Yr. CAGR %	-19.39	-25.31	-15.18	-3.53	6.38
Levered Free Cash Flow, 5 Yr. CAGR %	19.1	40.33	30.12	27.48	-0.96
Unlevered Free Cash Flow, 5 Yr. CAGR %	20.17	40.83	30.9	28.63	0.8
Dividend Per Share, 5 Yr. CAGR %	-	-7.79	-7.79	-7.79	-