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Kering : Kering : A solid first-half performance



               Kering : Kering : A solid first-half performance

                           2013 First-Half Results

     
A solid first-half performance

Revenue up 4% on a comparable basis, gathering momentum in the second quarter

Excellent performance of the Luxury Division: 8% increase in sales on a
comparable basis

Recurring operating income up 2.3%
Improved operating margin at 18%

 

François-Henri   Pinault,    Chairman    and    Chief    Executive    Officer, 
commented: "Kering delivered a solid  performance in the  first half of  2013, 
with revenue  up 4%  on a  comparable basis  and further  growth in  operating 
margin. The  Luxury Division  continued to  deliver robust  growth,  gathering 
momentum in the  second quarter and  powered by the  solid performance in  its 
directly operated stores and its mature markets. The contraction in the  Sport 
& Lifestyle Division's sales is in line with our forecasts for the full  year. 
Puma,  now  under  the   management  of  Björn   Gulden,  is  continuing   its 
Transformation Programme. The  strength of  our brands,  their organic  growth 
potential, the good geographic balance of our activities and the commitment of
our teams  all reinforce  our confidence  in the  Group's ability  to  further 
improve its performances in the full year."

(in € million)                      H1 2013 H1 2012^(1) Change ^(2)
 
Revenue                             4,678   4,614           +1.4 %
Recurring operating income          843     824             +2.3 %
      as a % of revenue             18.0 %  17.9 %         +0.1 pt
Recurring net income, Group share * 582     559             +4.1 %
Free cash-flow from operations      393     345                 +13.9%

^(1) Restated to  reflect reclassification  of Group Fnac  in accordance  with 
IFRS 5.
^(2) Reported change.

 

* Recurring net income, Group share:net income from continuing operations,
Group share, excluding non-current items.

 

 

 

 

Operating performance

In a weaker economic climate, Kering's revenue from continuing operations  for 
the first half of 2013 amounted to €4,678 million, up 1.4% over the first half
of 2012  as  reported and  4.2%  based on  a  comparable Group  structure  and 
exchange rates. Kering recorded revenue growth  of 3.3% on a comparable  basis 
in the first quarter  of 2013 and  5.2% in the second  quarter (1.2% and  1.6% 
respectively, as reported).

The Group's  balance  across regions  and  distribution formats  enhances  its 
resilience to changes in the  economic environment. Revenue generated  outside 
the Eurozone rose 6.3% in  the first half of  2013 (based on comparable  data) 
and accounted for 79% of the Group total, versus 78% in the first half of 2012
(on a comparable basis). Sales in France represented 5.4% of the Group's total
revenue in the first half of 2013.   

Kering pursued its  strategy of  expanding in emerging  markets where  revenue 
posted further growth.  Revenue generated by  the Group's Luxury  and Sport  & 
Lifestyle brands in  emerging markets  rose 4.5%  on a  comparable basis,  and 
accounted for  39%  of  total  revenue  for  the  period,  representing  a  10 
basis-point increase over the first-half 2012 level based on comparable  data. 
During the first six months of 2013,  the Group's brands also posted a  steady 
rise in revenue in mature markets, up  4.1% year on year (based on  comparable 
data).

In the first six months of 2013, Kering's recurring operating income  amounted 
to €843 million, up  2.3% on the equivalent  period of 2012. This  performance 
helped drive up the Group's recurring  operating margin by 10 basis points  to 
18%.

At €983 million, EBITDA for the first six months of 2013 was 2.9% higher  than 
in the first half of  2012 on a reported basis.  This led to a 30  basis-point 
improvement in the EBITDA margin to 21%.

The Group's  other  non-recurring operating  income  and expenses  consist  of 
unusual items  that could  distort  the assessment  of each  brand's  economic 
performance. In the first half of 2013, this item represented a net expense of
€25 million and primarily included €8 million in exceptional asset write-downs
and €8 million in restructuring costs.

Financial performance

Net finance costs totalled over €97 million in the first half of 2013. Average
outstanding net debt was down 17% compared  with the first half of 2012.  This 
reduction was chiefly  due to  the proceeds received  from the  sale of  Cfao, 
which took place in the second half of 2012, partially offset by the impact of
the various acquisitions carried out by  the Luxury Division in the first  six 
months of 2013 and purchases of treasury shares.

Net income, Group share amounted to €173  million for the first six months  of 
2013, down on the first-half 2012  figure of €477 million, chiefly due to  the 
€388  million  impact  of  discontinued  operations.  This  net  loss   mainly 
corresponds to the €263 million net loss recognised on the disposal of  Groupe 
Fnac shares,  after  tax  and  distribution  costs  and  the  contribution  to 
first-half earnings, and €111 in exceptional write-downs of Redcats'  residual 
assets. Net income from continuing operations, Group share, rose 3.9% to  €559 
million  from  €538  million  in  the   first  half  of  2012.  Adjusted   for 
non-recurring items  net  of  tax, attributable  net  income  from  continuing 
operations climbed 4.1% in first-half  2013, coming in at €582 million  versus 
€559 million as of June 30, 2012.

Earnings per  share totaled  €1.37 in  the first  half of  2013, down  on  the 
first-half 2012 figure of €3.79. Earnings per share from continuing operations
stood at €4.44 in the first half of 2013, up 4% on the first-half 2012  figure 
of €4.27. Excluding  non-recurring items, earnings  per share from  continuing 
operations amounted to  €4.63, 4.3%  higher than  the €4.44  reported for  the 
first half of 2012.

 

Financial position

 

(in € million)           June 30, 2013 June 30, 2012 Dec. 31, 2012
Capital employed            14,816        15,570        14,285
Net assets held for sale     (72)           675           325
Total equity                11,556        11,760        12,119
Net debt                     3,188         4,484         2,492

In the  first half  of 2013,  free  cash flow  from operations  totalled  €393 
million compared with €345 million in the first six months of 2012.

Kering's net debt stood  at €3,188 million  as of June 30,  2013, down on  the 
previous-year figure of €4,484 million.

Highlights of first-half 2013

PPR becomes Kering

Having completed  its  transformation into  a  global leader  in  apparel  and 
accessories operating in the  Luxury and Sport &  Lifestyle markets, on  March 
22, 2013, the Group announced its decision  to change its name to "Kering"  to 
better reflect its new identity. This  name change was approved at the  Annual 
General Meeting of June 18, 2013.

Distribution of  Groupe Fnac  shares  to Kering  shareholders and  listing  of 
Groupe Fnac shares on NYSE Euronext Paris

At its  April  17,  2013  meeting, Kering's  Board  of  Directors  unanimously 
approved the listing of  Groupe Fnac shares through  a distribution of  Groupe 
Fnac shares to Kering shareholders.

At the  Annual  General  Meeting  of  June  18,  2013,  Kering's  shareholders 
authorised the payment  of a cash dividend  of €2.25 per  share (following  an 
interim cash dividend of €1.50 paid on January 24, 2013), and of an additional
dividend in the form of Groupe Fnac shares at a ratio of one Groupe Fnac share
for every eight Kering shares held.

On June 20,  2013 prior  to the  start of market  trading, the  rights to  the 
balance of the cash dividend for 2012 were detached from the Kering shares and
the dividend was paid. The rights to the allotment of Groupe Fnac shares  were 
also detached from the Kering shares and the deliveries of Groupe Fnac  shares 
began. Consequently, the Groupe Fnac  share allotment rights began trading  on 
Euronext Paris on the same day.

Further disposals of Redcats units

- Kering  sold the  Redcats  Children and  Family  division -  comprising  the 
Cyrillus and Vertbaudet brands - to Alpha Private Equity Fund 6 ("APEF 6") for
an enterprise value of €119 million.
The transaction was completed on March 28, 2013.

- Kering finalised the sale of OneStopPlus to Charlesbank Capital Partners and
Webster Capital on February 5, 2013. This transaction marked the final step in
the sale of all of Redcats USA's operations.

- Kering sold Redcats' Nordic activities,  Ellos and Jotex, to Nordic  Capital 
Fund VII  for  an  enterprise  value of  €275  million.  The  transaction  was 
completed on June 3, 2013.

Kering strengthens its portfolio of luxury brands

- In early January 2013, Kering completed its acquisition of a majority  stake 
in the Chinese  fine jewellery brand  Qeelin. Created in  2004, Qeelin is  the 
first Chinese luxury jeweller  to have developed  an international network  of 
boutiques and currently operates 14 boutiques worldwide.

- On January 15, 2013, Kering acquired a majority stake in the luxury designer
brand Christopher Kane with a view to developing the brand's business in close
partnership with  its eponymous  creator,  the Scottish  designer  Christopher 
Kane. Founded in 2006,  Christopher Kane is a  distinctive and exciting  brand 
with a unique DNA.

The Qeelin  and  Christopher  Kane  brands have  been  fully  consolidated  in 
Kering's financial statements since January 1, 2013. 

- On March 25, 2013, Kering announced that it had acquired a majority stake in
France Croco. Founded in 1974, France  Croco is a leading independent  tannery 
located in Normandy and specialised in the sourcing, tanning and processing of
crocodile skins. This acquisition will allow Kering's brands to further secure
a sustainable supply of  high quality crocodile skins.  France Croco has  been 
consolidated in  Kering's financial  statements since  the second  quarter  of 
2013.

- On  April  22,  2013,  Gucci further  demonstrated  its  commitment  to  the 
excellence of  "Made  in Italy"  and  to Tuscany  by  announcing that  it  had 
acquired the Italian porcelain maker,  Richard Ginori. Richard Ginori will  be 
consolidated in the second half of 2013.

- On April 24,  2013, Kering announced  that it had  signed an agreement  with 
RA.MO S.p.A  to  acquire a  majority  stake  in the  Italian  jewellery  group 
Pomellato. The Pomellato group has two brands: Pomellato, which is  positioned 
in the fine jewellery segment and Dodo, positioned in the accessible jewellery
segment. Through this  acquisition, Kering has  extended and strengthened  its 
portfolio of luxury  brands in the  jewellery market, which  is a  high-growth 
segment. The transaction was completed on July 5, 2013, following clearance by
the competition authorities.  In view of  the date on  which Kering took  over 
control of the group, Pomellato will be consolidated as from July 1, 2013.

Other highlights

- On April 18, 2013, PUMA SE  announced that it had appointed Björn Gulden  as 
Chief Executive Officer  effective July  1, 2013.  Mr. Gulden  brings to  PUMA 
solid international experience of  nearly 20 years in  the sporting goods  and 
footwear industry where he has held a variety of management positions, notably
with Adidas,  Helly Hansen  and Deichman.  He  will be  a member  of  Kering's 
Executive Committee.

- In the  first half  of 2013,  Kering redeemed  €600 million  worth of  bonds 
issued in 2005,  including additional  bonds issued in  2006, as  well as  the 
second €200 million  tranche of the  bonds indexed to  the Kering share  price 
issued in May 2008.

Subsequent event

 

- On July 8, 2013, Kering announced  that it had issued a €500 million,  2.50% 
fixed-rate bond  maturing in  seven years.  This  issue is  in line  with  the 
Group's active liquidity management policy.

Outlook

The trends recorded in  the first six  months of 2013  should continue in  the 
second half of the  year.  In this  context, the Group  maintains its goal  of 
improving its operating and financial performances in the full year.

The positive momentum  supporting the  growth of the  Group's Luxury  Division 
should be extended to the second half, as each of the Division's brand targets
the optimisation of its distribution, notably through the selective  expansion 
of its directly operated store network.

In the Sport  & Lifestyle Division,  the transformation of  Puma is  underway. 
Björn Gulden and the  Puma management team will  work on the acceleration  and 
intensification  of  the  brand's  transformation  program.   Puma  does   not 
anticipate that such  brand renovation  process will  yield a  rebound in  the 
Division's revenue and profitability for full year 2013.

Main definitions

IFRS 5 - Non-current assets held for sale and discontinued operations

In accordance with IFRS 5 - Non-current Assets Held for Sale and  Discontinued 
Operations, the Group has presented certain activities as "Non-current  assets 
held for sale and discontinued  operations". Net income and losses from  these 
activities are shown on a separate  line of the income statement, "Net  income 
(loss) from discontinued  operations", and  are restated in  the statement  of 
cash flows and income statement for all reported periods.

Assets and  liabilities relating  to assets  held for  sale are  presented  on 
separate lines  in  the  Group's  statement  of  financial  position,  without 
restatement  for  previous  periods.   Assets  and  liabilities  relating   to 
discontinued operations are  not presented  on separate lines  in the  Group's 
statement of financial position.

As  stated  in  Note 10  to  the  condensed  consolidated  interim   financial 
statements, Groupe Fnac and the  Redcats group are classified as  "Non-current 
assets held  for sale  and discontinued  operations". As  of  January 1, 2013, 
Redcats Asia is no  longer presented under "Non-current  assets held for  sale 
and discontinued operations"  following the  Group's decision  to retain  this 
activity. 

Definition of "reported" and "comparable" revenue

The Group's "reported"  revenue corresponds  to published  revenue. The  Group 
also uses "comparable" data to measure organic growth. "Comparable" revenue is
2012 revenue restated for the impact of changes in Group structure in 2012  or 
2013, and  for  translation  differences  relating  to  foreign  subsidiaries' 
revenue in 2012.

Definition of recurring operating income

The Group's total operating income includes all revenues and expenses directly
related to Group activities, whether these revenues and expenses are recurring
or arise from non-recurring decisions or transactions.

"Other non-recurring operating income and expenses" consists of unusual items,
notably as concerns the nature or frequency, that could distort the assessment
of Group  entities'  economic  performance,  as  defined  by  French  national 
accounting board  (Commission  des  Normes Comptables  -  CNC)  recommendation 
No. 2009-R-03.

Consequently, Kering  monitors  its  operating  performance  using  "Recurring 
operating income", defined  as the difference  between total operating  income 
and other  non-recurring operating  income  and expenses  (see Note 6  to  the 
condensed consolidated interim financial statements).

Recurring operating income is an intermediate line item intended to facilitate
the understanding of the entity's operating performance and which can be  used 
as a way to estimate recurring  performance. This indicator is presented in  a 
manner that is consistent and stable over the long-term in order to ensure the
continuity and relevance of financial information.

Definition of EBITDA

The Group uses  EBITDA to  monitor its operating  performance. This  financial 
indicator corresponds  to  recurring  operating income  plus  net  charges  to 
depreciation, amortisation  and  provisions on  non-current  operating  assets 
recognised in recurring operating income.

Definition of free cash flow from operations and available cash flow

The  Group  also  uses  an  intermediate  line  item,  "Free  cash  flow  from 
operations", to monitor  its financial performance.  This financial  indicator 
measures net operating cash  flow less net  operating investments (defined  as 
purchases and sales of property, plant and equipment and intangible assets).
"Available cash  flow" corresponds  to  free cash  flow from  operations  plus 
interest and dividends received less interest paid and equivalent.

Definition of net debt

As defined  by CNC  recommendation  No. 2009-R-03 of  July 2, 2009,  net  debt 
comprises gross borrowings, including accrued interest, less net cash.

Net debt includes fair value hedging instruments recorded in the statement  of 
financial position relating to bank  borrowings and bonds whose interest  rate 
risk is fully  or partly  hedged as  part of  a fair  value relationship  (see 
Note 18 to the condensed consolidated interim financial statements).

The  financing  of  customer  loans  by  fully-consolidated  consumer   credit 
businesses is presented in  borrowings. However, Group  net debt excludes  the 
financing of customer loans by consumer credit businesses.

CONFERENCE CALL

Kering will hold a conference call for analysts and investors at 6:00pm
(Continental Europe) / 5:00pm (UK) / 12:00pm (East Coast, USA) on Thursday,
July 25, 2013.

The conference call will be available through a live listen-only web audiocast
on www.kering.com (Finance section).

The conference call will also be available through phone, using one of the
dial-in numbers and associated access code below:

France                   + 33 (0)1 76 77 22 23
UK                          +44 (0)20 3427 1919
US                          +1 (212) 444 0481

Access code: 8877580

A replay of the audiocast will be available on www.kering.com.

PRESENTATION

The slides (PDF) will be available ahead of the conference call at
www.kering.com

       The 2013 First-Half report will be available at www.kering.com.

About Kering
A world leader  in apparel  and accessories,  Kering develops  an ensemble  of 
powerful Luxury and  Sport &  Lifestyle brands: Gucci,  Bottega Veneta,  Saint 
Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ,  Stella 
McCartney,  Sergio  Rossi,  Boucheron,  Dodo,  Girard-Perregaux,  JeanRichard, 
Pomellato, Qeelin, Puma, Volcom, Cobra,  Electric and Tretorn. By  'empowering 
imagination' in the fullest sense, Kering encourages its brands to reach their
potential, in the most sustainable manner.
Present in  more than  120 countries,  the Group  generated revenues  of  €9.7 
billion in 2012 and had 33,000  employees at year end. The Kering  (previously 
PPR) share is listed on Euronext Paris (FR 0000121485, KER.PA, KER.FP).

Contacts

Press
Paul    Michon                                +33     (0)1    45     64     63 
48                              paul.michon@kering.com
Hélène      Saint-Raymond                +33      (0)1      45      64      61 
20                              helene.saint-raymond@kering.com

Analysts/investors
Alexandre  de  Brettes                               +   33  (0)1  45  64   61 
49             alexandre.debrettes@kering.com
Edouard  Crowley                      +  33  (0)1  45  64  63   28             
edouard.crowley@kering.com

Website : www.kering.com     

 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED
                                 30 JUNE 2013
      Contents                                                       page
      Consolidated income statement                                     9
      Consolidated statement of financial position                     10
      Consolidated statement of cash flows                             11
      Breakdown of recurring operating income                          12
      Quarterly breakdown of revenue                                   13
                                                                           

               Consolidated income statement

(in € million)                       June 30, 2013 June 30, 2012 Dec. 31, 2012
                                                                  
CONTINUING OPERATIONS                                             
Revenue                                    4,678.4       4,613.7       9,736.3
Cost of sales                            (1,753.0)     (1,764.5)     (3,776.2)
Gross margin                               2,925.4       2,849.2       5,960.1
Payroll expenses                           (755.5)       (742.7)     (1,493.6)
Other recurring operating income and
expenses                                 (1,327.2)     (1,282.9)     (2,675.0)
Recurring operating income                   842.7         823.6       1,791.5
Other non-recurring operating income
and expenses                                (25.4)        (23.8)        (25.2)
Operating income                             817.3         799.8       1,766.3
Finance costs, net                          (97.2)       (100.7)       (147.7)
Income before tax                            720.1         699.1       1,618.6
Corporate income tax                       (137.0)       (168.7)       (297.6)
Share in earnings (losses) of
associates                                   (0.7)          35.3          36.9
Net income from continuing
operations                                   582.4         565.7       1,357.9
o/w attributable to owners of the
parent                                       558.8         537.6       1,323.7
o/w attributable to non-controlling
interests                                     23.6          28.1          34.2
                                                                  
DISCONTINUED OPERATIONS                                           
Net loss from discontinued
operations                                 (388.0)        (60.7)       (275.5)
o/w attributable to owners of the
parent                                     (386.3)        (60.7)       (275.5)
o/w attributable to non-controlling
interests                                    (1.7)                
                                                                  
Net income of consolidated companies         194.4         505.0       1,082.4
Net income attributable to owners of
the parent                                   172.5         476.9       1,048.2
Net income attributable to
non-controlling interests                     21.9          28.1          34.2
                                                                  
Net income attributable to owners of
the parent                                   172.5         476.9       1,048.2
Earnings per share (in €)                     1.37          3.79          8.32
Fully diluted earnings per share (in
€)                                            1.37          3.78          8.31
Net income from continuing
operations attributable to owners of
the parent                                   558.8         537.6       1,323.7
Earnings per share (in €)                     4.44          4.27         10.51
Fully diluted earnings per share (in
€)                                            4.44          4.26         10.50
Net income from continuing
operations (excluding non-recurring
items) attributable to owners of the
parent                                       582.1         559.3       1,268.8
Earnings per share (in €)                     4.63          4.44         10.07
Fully diluted earnings per share (in
€)                                            4.62          4.44         10.06

       Consolidated statement of financial position

ASSETS                                                            
(in € million)                       June 30, 2013 June 30, 2012 Dec. 31, 2012
Goodwill                                   3,896.7       4,493.7       3,871.0
Brands and other intangible assets        10,500.6      10,423.8      10,489.9
Property, plant and equipment              1,402.1       1,455.7       1,376.3
Investments in associates                     24.3         757.1          25.8
Non-current financial assets                 294.5         266.2         273.7
Deferred tax assets                          583.2         612.5         600.2
Other non-current assets                      40.1           9.7          28.9
Non-current assets                        16,741.5      18,018.7      16,665.8
Inventories                                1,920.5       2,444.5       1,736.5
Trade receivables                            986.0       1,122.6         985.3
Current tax receivables                      103.7         104.8          75.7
Other current financial assets                78.2          36.9          87.0
Other current assets                         527.6         509.4         494.7
Cash and cash equivalents                    934.3       1,094.0       2,081.0
Current assets                             4,550.3       5,312.2       5,460.2
Assets classified as held for sale           438.4       2,159.2       3,130.5
Total assets                              21,730.2      25,490.1      25,256.5
                                                                  
EQUITY AND LIABILITIES                                            
(in € millions)                      June 30, 2013 June 30, 2012 Dec. 31, 2012
Share capital                                504.8         504.2         504.5
Capital reserves                           2,422.0       2,411.0       2,416.1
Treasury shares                            (133.0)         (8.7)         (3.3)
Translation adjustments                     (27.6)          34.2        (24.2)
Remeasurement of financial
instruments                                   62.5        (58.9)          41.4
Other reserves                             8,023.4       8,128.5       8,479.3
Equity attributable to owners of the
parent                                    10,852.1      11,010.3      11,413.8
Non-controlling interests                    704.3         750.0         704.9
Total equity                              11,556.4      11,760.3      12,118.7
Non-current borrowings                     2,056.8       3,113.3       2,988.9
Provisions for pensions and other
post-employment benefits                      99.4         129.4          98.2
Provisions                                    88.6         117.9          92.3
Deferred tax liabilities                   2,753.1       2,879.6       2,772.3
Non-current liabilities                    4,997.9       6,240.2       5,951.7
Current borrowings                         2,068.9       2,470.7       1,595.1
Other current financial liabilities           12.5          86.7         207.9
Trade payables                               872.1       1,345.5         684.5
Provisions for pensions and other
post-employment benefits                       6.7           7.9           6.6
Provisions                                   123.4         141.2         167.7
Current tax liabilities                      327.0         367.2         318.4
Other current liabilities                  1,254.8       1,585.8       1,400.4
Current liabilities                        4,665.4       6,005.0       4,380.6
Liabilities associated with assets
classified as held for sale                  510.5       1,484.6       2,805.5
Total equity and liabilities              21,730.2      25,490.1      25,256.5

             Consolidated statement of cash flows

(in € million)                       June 30, 2013 June 30, 2012 Dec. 31, 2012
Net income from continuing
operations                                   582.4         565.7       1,357.9
Net recurring charges to
depreciation, amortisation and
provisions on non-current operating
assets                                       140.3         132.1         275.1
Other non-cash income and expenses            32.8        (37.6)       (156.4)
Cash flow from operating activities          755.5         660.2       1,476.6
Interest paid/received                        25.9         106.6         163.2
Dividends received                                                       (0.1)
Net income tax payable                       131.3         174.2         361.0
Cash flow from operating activities
before tax, dividends and interest           912.7         941.0       2,000.7
Change in working capital
requirement                                (148.8)       (265.4)       (272.5)
Corporate income tax paid                  (164.7)       (180.2)       (362.2)
Net cash from operating activities           599.2         495.4       1,366.0
Purchases of property, plant and
equipment and intangible assets            (208.1)       (152.5)       (441.9)
Proceeds from disposals of property,
plant and equipment and intangible
assets                                         2.1           2.0           6.1
Acquisitions of subsidiaries, net of
cash acquired                              (115.6)       (199.9)       (219.3)
Proceeds from disposals of
subsidiaries, net of cash
transferred                                    4.3        (50.0)         916.5
Purchases of other financial assets         (23.1)         (4.3)        (92.5)
Proceeds from sales of other
financial assets                               4.4          14.6          21.2
Interest and dividends received               65.4           3.1          68.9
Net cash from (used in) investing
activities                                 (270.6)       (387.0)         259.0
Increase/decrease in share capital
and other transactions with owners             4.8       (172.7)       (204.9)
Treasury share transactions                (151.2)        (13.4)        (14.9)
Dividends paid to owners of the
parent company                             (471.3)       (440.7)       (440.7)
Dividends paid to non-controlling
interests                                   (20.0)        (24.2)        (32.6)
Bond issues                                   94.9         762.3         676.5
Bond redemptions                           (848.8)        (85.4)       (138.7)
Increase/decrease in other
borrowings                                    94.3         182.9       (565.9)
Interest paid and equivalent                (83.8)       (102.3)       (231.1)
Net cash from (used in) financing
activities                               (1,381.1)         106.5       (952.3)
Net cash from (used in) discontinued
operations                                  (94.8)       (340.7)          97.1
Impact of exchange rate variations            22.3        (38.9)           3.0
Net increase (decrease) in cash and
cash equivalents                         (1,125.0)       (164.7)         772.8
Cash and cash equivalents at
beginning of period                        1,975.1       1,202.3       1,202.3
Cash and cash equivalents at end of
period                                       850.1       1,037.6       1,975.1

                   Breakdown of recurring operating income

                                             Change                                         
            First-half First-half in                                         %
(In M €)       2013          2012           € million                      Change
           
Luxury           789.5      727.1                          62.4                       +8.6 %
Division
Gucci            556.0      521.0                          35.0                       +6.7 %
Bottega          146.5      129.9                          16.6                      +12.8 %
Veneta
Yves
Saint             27.2       24.7                           2.5                      +10.1 %
Laurent
Other             59.8       51.5                           8.3                       +16.1%
brands
Sport &
Lifestyle        109.8      151.4                        (41.6)                      -27.5 %
Division
Puma             109.8      148.8                        (39.0)                       -26.2%
Other              0.0        2.6                         (2.6)                            -
brands
Corporate       (56.6)     (54.9)                         (1.7)                       -3.1 %
Recurring
operating        842.7      823.6                          19.1                       +2.3 %
income

                                                                   
                           First-half First-half 2012  Reported    Comparable
     (in € million)           2013               ^(1)   change    change ^ (2)
                                                                   
Luxury Division               3,078.4         2,924.5       +5.3%        +7.9%
Gucci                         1,754.8         1,727.8       +1.6%        +4.1%
Bottega Veneta                  465.6           429.5       +8.4%       +12.9%
Yves Saint Laurent              255.3           223.5      +14.2%       +16.5%
Other brands                    602.7           543.7      +10.9%       +12.5%
Sport & Lifestyle             1,586.9         1,694.0       -6.3%        -3.2%
Division
Puma                          1,473.9         1,573.8       -6.3%        -3.1%
Other brands                    113.0          120.2       -6.0%         -4.2%
Eliminations                     13.1            -4.8                         
Kering - Continuing           4,678.4         4,613.7       +1.4%        +4.2%
activities
                                                                   
^(1) Figures have been restated of Group Fnac (IFRS 5).            
^(2) Comparable scope and exchange rates.                          
                                                                   

Quarterly breakdown of revenue

                                    

                                                                   
                                                                   
                                                                   Comparable
      (in € million)         Q2 2013 Q2 2012 ^(1) Reported change change ^ (2)
                                                                   
Luxury Division              1,555.0      1,466.6           +6.0%        +9.4%
Gucci                          888.9        879.9           +1.0%        +4.1%
Bottega Veneta                 236.6        211.5          +11.9%       +17.2%
Yves Saint Laurent             128.1        114.7          +11.7%       +14.4%
Other brands                   301.4        260.5          +15.7%       +18.7%
Sport & Lifestyle Division     744.2        807.5          -7.8%         -3.9%
Puma                           692.3        752.9         -8.0%          -4.0%
Other brands                    51.9         54.6          -4.9%         -2.4%
Eliminations                     8.8         -2.3                             
Kering - Continuing          2,308.0      2,271.8           +1.6%        +5.2%
activities
                                                                   
^(1) Figures have been restated of Group Fnac (IFRS 5).            
^(2) Comparable scope and exchange rates.                          
                                                                   

                                                              
                                                              
                                                             Comparable change
   (in € million)       Q1 2013 Q1 2012 ^(1) Reported change       ^ (2)
                                                              
Luxury Division         1,523.4      1,457.9           +4.5%             +6.4%
Gucci                     865.9        847.9           +2.1%             +4.0%
Bottega Veneta            229.0        218.0           +5.0%             +8.8%
Yves Saint Laurent        127.2        108.8          +16.9%            +18.7%
Other brands              301.3        283.2           +6.4%             +6.9%
Sport & Lifestyle         842.7        886.5         -4.9%               -2.5%
Division
Puma                      781.6        820.9         -4.8%               -2.3%
Other brands               61.1         65.6          -6.9%              -5.7%
Eliminations                4.3         -2.5                                  
Kering - Continuing     2,370.4      2,341.9           +1.2%             +3.3%
activities
                                                              
^(1) Figures have been restated of Group Fnac (IFRS 5).       
^(2) Comparable scope and exchange                            
rates.
                                                              

KeringPR2013H1results

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Source: Kering via Thomson Reuters ONE
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