Cash flow Hermès International

Equities

RMS

FR0000052292

Apparel & Accessories

Market Closed - Euronext Paris Other stock markets 16:35:25 10/09/2024 BST			5-day change	1st Jan Change
1,896.00 ^EUR	-0.45%		-12.34%	-1.19%

09-10	Four steps back, one step forward
09-10	HERMES : Bernstein reiterates its Buy rating	ZD

2849951082245206f56186a024da.u_2OAqj5A_XGGdKTMSJO5S1KgpyJaNF5OoiG_pNisbM.3I3UL8qPZsDxVePqdmAMo1d5--nAWuE1QrqytaAF4ebqicds2rxGpoo0oQ

Published financial data: HERMÈS INTERNATIONAL

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	6.88B	6.39B	8.98B	11.6B	13.43B
Total Revenues	6.88B	6.39B	8.98B	11.6B	13.43B
Cost of Goods Sold, Total	2.12B	2.01B	2.58B	3.39B	3.72B
Gross Profit	4.76B	4.38B	6.4B	8.21B	9.71B
Selling General & Admin Expenses, Total	1.82B	1.7B	2.14B	2.68B	3.17B
Stock-Based Compensation (IS)	114M	118M	122M	65M	151M
Other Operating Expenses	466M	524M	547M	648M	632M
Other Operating Expenses, Total	2.4B	2.34B	2.81B	3.39B	3.95B
Operating Income	2.36B	2.04B	3.6B	4.82B	5.76B
Interest Expense, Total	-24.4M	-28.7M	-32M	-45M	-56M
Interest And Investment Income	19M	10.6M	12M	67M	331M
Net Interest Expenses	-5.4M	-18.1M	-20M	22M	275M
Income (Loss) On Equity Invest.	15.9M	16.1M	34M	50M	105M
Other Non Operating Income (Expenses)	-63.1M	-68M	-77M	-84M	-83M
EBT, Excl. Unusual Items	2.31B	1.97B	3.53B	4.81B	6.05B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-23.7M	-54.3M	-65M	-123M	-106M
Other Unusual Items	-	91.1M	-	-	-
EBT, Incl. Unusual Items	2.29B	2B	3.47B	4.68B	5.95B
Income Tax Expense	751M	613M	1.02B	1.3B	1.62B
Earnings From Continuing Operations	1.54B	1.39B	2.45B	3.38B	4.32B
Net Income to Company	1.54B	1.39B	2.45B	3.38B	4.32B
Minority Interest	-7M	-4.1M	-8M	-13M	-12M
Net Income - (IS)	1.53B	1.39B	2.44B	3.37B	4.31B
Net Income to Common Incl Extra Items	1.53B	1.39B	2.44B	3.37B	4.31B
Net Income to Common Excl. Extra Items	1.53B	1.39B	2.44B	3.37B	4.31B
Per Share Items
Net EPS - Basic	14.66	13.27	23.37	32.2	41.2
Basic EPS - Continuing Operations	14.66	13.27	23.37	32.2	41.2
Basic Weighted Average Shares Outstanding	104M	104M	105M	105M	105M
Net EPS - Diluted	14.55	13.21	23.3	32.09	41.12
Diluted EPS - Continuing Operations	14.55	13.21	23.3	32.09	41.12
Diluted Weighted Average Shares Outstanding	105M	105M	105M	105M	105M
Normalized Basic EPS	13.78	11.73	21.03	28.61	36.03
Normalized Diluted EPS	13.68	11.67	20.96	28.51	35.96
Dividend Per Share	4.55	4.55	8	13	15
Payout Ratio	31.58	35.02	19.88	25.07	31.92
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	2.6B	2.31B	3.91B	5.09B	6.04B
EBITA	2.41B	2.1B	3.68B	4.83B	5.76B
EBIT	2.36B	2.04B	3.6B	4.82B	5.76B
EBITDAR	2.87B	2.57B	4.29B	5.56B	6.61B
Effective Tax Rate - (Ratio)	32.85	30.61	29.27	27.85	27.3
Total Current Taxes	799M	618M	1.03B	1.36B	1.74B
Total Deferred Taxes	-47.8M	-5.1M	-14M	-59M	-122M
Normalized Net Income	1.44B	1.22B	2.2B	2.99B	3.77B
Interest on Long-Term Debt	24.4M	28.7M	32M	43M	56M
Non-Cash Pension Expense	24.6M	-400K	21M	16M	17M
Supplemental Operating Expense Items
Net Rental Expense, Total	269M	265M	383M	479M	562M
Imputed Operating Lease Interest Expense	45.46M	43.08M	56.22M	92.31M	126M
Imputed Operating Lease Depreciation	223M	222M	327M	387M	436M
Stock-Based Comp., Other (Total)	114M	118M	122M	65M	151M
Total Stock-Based Compensation	114M	118M	122M	65M	151M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	4.38B	4.73B	6.7B	9.22B	10.62B
Total Cash And Short Term Investments	4.38B	4.73B	6.7B	9.22B	10.62B
Accounts Receivable, Total	318M	250M	333M	383M	431M
Other Receivables	219M	63.5M	58M	19M	51M
Total Receivables	537M	313M	391M	402M	482M
Inventory	1.13B	1.29B	1.45B	1.78B	2.41B
Other Current Assets, Total	36.5M	314M	309M	422M	487M
Total Current Assets	6.09B	6.65B	8.84B	11.83B	14.01B
Gross Property Plant And Equipment	4.66B	5.43B	6.1B	6.68B	7.43B
Accumulated Depreciation	-2.17B	-2.33B	-2.7B	-3.09B	-3.37B
Net Property Plant And Equipment	2.5B	3.09B	3.4B	3.59B	4.06B
Long-term Investments	425M	402M	649M	1.15B	1.32B
Goodwill	16.2M	42.4M	42M	-	72M
Other Intangibles, Total	184M	221M	258M	213M	225M
Loans Receivable Long-Term	2M	1.6M	59M	65M	70M
Deferred Tax Assets Long-Term	511M	475M	546M	555M	631M
Other Long-Term Assets, Total	157M	166M	50M	60M	62M
Total Assets	9.88B	11.05B	13.85B	17.46B	20.45B
Liabilities
Accounts Payable, Total	406M	373M	450M	659M	685M
Accrued Expenses, Total	18.2M	28.3M	40M	15M	16M
Short-term Borrowings	12.6M	16.4M	1M	2M	1M
Current Portion of Long-Term Debt	7.9M	8.1M	-	-	-
Current Portion of Leases	196M	196M	248M	268M	289M
Current Income Taxes Payable	360M	218M	347M	496M	586M
Other Current Liabilities	1.02B	1B	1.49B	1.56B	1.61B
Total Current Liabilities	2.02B	1.84B	2.58B	3B	3.18B
Long-Term Debt	29.6M	18.4M	24M	35M	50M
Long-Term Leases	896M	1.45B	1.53B	1.63B	1.72B
Pension & Other Post Retirement Benefits	270M	275M	220M	181M	151M
Deferred Tax Liability Non Current	24.6M	21.9M	15M	20M	2M
Other Non Current Liabilities	61.4M	57.9M	72M	134M	138M
Total Liabilities	3.31B	3.66B	4.44B	5B	5.24B
Common Stock, Total	53.8M	53.8M	54M	54M	54M
Additional Paid In Capital	49.6M	49.6M	50M	50M	50M
Retained Earnings	1.53B	1.39B	2.44B	3.37B	4.31B
Treasury Stock	-509M	-464M	-551M	-674M	-698M
Comprehensive Income and Other	5.45B	6.36B	7.4B	9.64B	11.48B
Total Common Equity	6.57B	7.38B	9.4B	12.44B	15.2B
Minority Interest	7.8M	10.9M	12M	16M	2M
Total Equity	6.58B	7.39B	9.41B	12.46B	15.2B
Total Liabilities And Equity	9.88B	11.05B	13.85B	17.46B	20.45B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	104M	105M	105M	105M	105M
ECS Total Common Shares Outstanding	104M	105M	105M	105M	105M
Book Value / Share	63.03	70.55	89.83	119	145.14
Tangible Book Value	6.37B	7.12B	9.1B	12.23B	14.9B
Tangible Book Value Per Share	61.11	68.03	86.96	116.96	142.31
Total Debt	1.14B	1.69B	1.8B	1.93B	2.06B
Net Debt	-3.24B	-3.05B	-4.89B	-7.29B	-8.56B
Debt Equivalent of Unfunded Proj. Benefit Obligation	288M	303M	260M	197M	167M
Debt Equivalent Oper. Leases	2.15B	2.12B	3.06B	3.83B	4.5B
Minority Interest, Total (Incl. Fin. Div)	7.8M	10.9M	12M	16M	2M
Equity Method Investments, Total	79.3M	48.8M	51M	54M	200M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	644M	750M	803M	960M	1.3B
Inventories - Finished Goods, Total	1.21B	1.35B	1.44B	1.61B	1.97B
Land - (BS)	164M	172M	199M	191M	348M
Buildings, Total	956M	1.01B	1.13B	1.28B	1.32B
Machinery, Total	1.38B	1.47B	1.7B	1.89B	2.08B
Full Time Employees	14.64K	15.84K	16.78K	18.88K	22.04K
Part Time Employees	779	762	813	808	-
Accumulated Allowance for Doubtful Accounts (Supple)	6.8M	6.2M	3M	3M	3M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.53B	1.39B	2.44B	3.37B	4.31B
Depreciation & Amortization - CF	401M	449M	476M	524M	571M
Amortization of Goodwill and Intangible Assets - (CF)	46.4M	65.6M	87M	8M	6M
Depreciation & Amortization, Total	448M	514M	563M	532M	577M
Amortization of Deferred Charges, Total - (CF)	-	-	-	75M	89M
Minority Interest in Earnings - (CF)	7M	4.1M	8M	13M	12M
(Gain) Loss From Sale Of Asset	1.2M	-89.9M	-4M	-1M	-14M
Asset Writedown & Restructuring Costs	28.5M	54.3M	65M	123M	106M
(Income) Loss On Equity Investments - (CF)	-15.9M	-16.1M	-34M	-50M	-105M
Stock-Based Compensation (CF)	87.7M	79M	59M	55M	104M
Other Operating Activities, Total	-21M	61.7M	-43M	-3M	42M
Change In Accounts Receivable	-13.9M	38.4M	-30M	-54M	-122M
Change In Inventories	-160M	-158M	-116M	-324M	-662M
Change In Accounts Payable	-16.1M	-23.7M	71M	203M	42M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	214M	-207M	421M	248M	-52M
Cash from Operations	2.09B	1.64B	3.4B	4.18B	4.33B
Capital Expenditure	-381M	-336M	-403M	-414M	-578M
Sale of Property, Plant, and Equipment	300K	200K	3M	1M	-
Cash Acquisitions	-	-71.6M	-	-1M	-288M
Divestitures	-	81.4M	-	-	-
Sale (Purchase) of Real Estate properties	-2.7M	-3.7M	-2M	-	-166M
Sale (Purchase) of Intangible assets	-94.7M	-108M	-127M	-104M	-115M
Investment in Marketable and Equity Securities, Total	-54.4M	-26.1M	-192M	-160M	-52M
Other Investing Activities, Total	61M	32.3M	52M	99M	204M
Cash from Investing	-471M	-432M	-669M	-579M	-995M
Long-Term Debt Issued, Total	-	8.2M	-	-	-
Total Debt Issued	-	8.2M	-	-	-
Long-Term Debt Repaid, Total	-203M	-207M	-220M	-261M	-278M
Total Debt Repaid	-203M	-207M	-220M	-261M	-278M
Repurchase of Common Stock	-53.1M	-122M	-158M	-123M	-130M
Common Dividends Paid	-483M	-485M	-486M	-844M	-1.38B
Common & Preferred Stock Dividends Paid	-483M	-485M	-486M	-844M	-1.38B
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-4M	-4.6M	-5M	-9M	-10M
Cash from Financing	-743M	-810M	-869M	-1.24B	-1.79B
Foreign Exchange Rate Adjustments	33.1M	-54.6M	110M	159M	-138M
Miscellaneous Cash Flow Adjustments	-	-100K	1M	1M	1M
Net Change in Cash	906M	345M	1.98B	2.53B	1.4B
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	-	-	-
Levered Free Cash Flow	1.63B	1.04B	2.86B	3.09B	3.06B
Unlevered Free Cash Flow	1.65B	1.06B	2.88B	3.12B	3.1B
Change In Net Working Capital	-82.7M	400M	-476M	46M	621M
Net Debt Issued / Repaid	-203M	-198M	-220M	-261M	-278M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	16.11	12.16	18.05	19.25	18.98
Return on Total Capital	20.57	15.15	22.15	23.53	22.73
Return On Equity %	25.48	19.9	29.2	30.91	31.26
Return on Common Equity	25.39	19.86	29.14	30.83	31.19
Margin Analysis
Gross Profit Margin %	69.13	68.49	71.28	70.79	72.29
SG&A Margin	26.38	26.58	23.79	23.1	23.6
EBITDA Margin %	37.75	36.1	43.51	43.84	45.01
EBITA Margin %	35	32.89	41	41.61	42.91
EBIT Margin %	34.32	31.86	40.04	41.54	42.86
Income From Continuing Operations Margin %	22.3	21.75	27.31	29.13	32.2
Net Income Margin %	22.2	21.68	27.22	29.02	32.11
Net Avail. For Common Margin %	22.2	21.68	27.22	29.02	32.11
Normalized Net Income Margin	20.87	19.16	24.49	25.79	28.08
Levered Free Cash Flow Margin	23.69	16.31	31.82	26.65	22.83
Unlevered Free Cash Flow Margin	23.91	16.59	32.05	26.9	23.09
Asset Turnover
Asset Turnover	0.75	0.61	0.72	0.74	0.71
Fixed Assets Turnover	2.85	2.29	2.77	3.32	3.51
Receivables Turnover (Average Receivables)	23	22.51	30.81	32.41	32.99
Inventory Turnover (Average Inventory)	2.03	1.66	1.88	2.1	1.77
Short Term Liquidity
Current Ratio	3.01	3.62	3.43	3.94	4.4
Quick Ratio	2.43	2.74	2.75	3.2	3.49
Operating Cash Flow to Current Liabilities