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kering (PPRUF) Key Developments

Kering Announces Audited Consolidated Earnings Results for the Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Kering announced audited consolidated earnings results for the full year ended December 31, 2014. For the year, the company reported revenue of €10,037.5 million compared to €9,655.7 million for the same period last year. Recurring operating income was €1,664 million compared to €1,751.2 million for the same period last year. Operating income was €1,551.9 million compared to €1,310.5 million for the same period last year. Income before tax was €1,354.5 million compared to €1,100.0 million for the same period last year. Net income from continuing operations was €1,028.1 million compared to €864.7 million for the same period last year. Net income from continuing operations attributable to owners of the parent was €1,007.7 million or €8.00 per basic and diluted share compared to €872.5 million or €6.92 per diluted share for the same period last year. Net income attributable to owners of the parent was €528.9 million or €4.20 per basic and diluted share compared to €49.6 million or €0.39 per basic and diluted share for the same period last year. Net cash from operating activities was €1,261.3 million compared to €1,521.2 million for the same period last year. Purchases of property, plant and equipment and intangible assets were €551.4 million compared to €674.9 million for the same period last year. Recurring net income, group share was €1,177.4 million compared to €1,231.3 million for the same period last year. Net income, group share was €528.9 million compared to €49.6 million for the same period last year. At €1,991 million, EBITDA was 2.6% lower than in 2013. Adjusted from non-recurring items net of tax, net income, Group share from continuing operations totalled €1,177 million. In 2014, the cost of net debt came out at €151 million, 13% lower than in 2013. This year-on-year decrease was primarily due to a reduction in Kering's average cost of borrowing, particularly much lower interest rates on the Group's bond debt. Net debt was €4,391 million compared to €3,443 million for the same period last year. Operating free cash flow of the group maintained a high level, close on EUR 1.1 billion. CapEx level was comparable to that of previous year, at EUR 551 million against EUR 530 million in 2013. For the year 2015, the company expects to achieve profitable organic growth as in 2014. Going forward, a particular focus for the Group will be its brands' cash-flow generation. CapEx is expected to remain stable in 2015.

Kering Proposes Cash Dividend for the Year 2014, Payable on April 30, 2015; to Open New Stores

At its February 16, 2015 meeting, the Board of Kering decided that, at the Annual General Meeting to be held to approve the financial statements for the year ended December 31, 2014, it will ask shareholders to approve a €4.00 per-share cash dividend for 2014, up close on 7%. This proposal reflects Kering's result to maintain balance payout ratios both in respect of the group's recurring income as well as the level of available cash flow. It's a strong sign of confidence in the growth in its activities. Subject to the shareholders' meeting's approval, the balance of EUR 2.50 will be up for payment on the 30th of April 2015. The company will be opening new stores. This will mainly have to do with Saint Laurent and its new brands.

Kering SA, 2014 Earnings Call, Feb 17, 2015

Kering SA, 2014 Earnings Call, Feb 17, 2015

Kering SA to Report Fiscal Year 2014 Results on Feb 17, 2015

Kering SA announced that they will report fiscal year 2014 results Pre-Market on Feb 17, 2015

Kering Promotes Alessandro Michele to Gucci's Creative Director

Kering promoted Alessandro Michele, Gucci's head of accessories, to creative director. Mr. Michele replaces his former boss, Frida Giannini, who, along with the chief executive Patrizio di Marco, was asked to leave the Italian fashion house at the end of last year. Mr. Michele would be given total creative responsibility for all of Gucci's collections and its brand image.

 

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