Luxury brand Hermes H1 profit climbs 13.9%

30 Aug '13

3 min read

-Cash flow from operations reached €476.2 million, growing 21.3%. The increase was faster than that of net income due to this year's larger proportion of expenses with no cash impact (recognition of hedging instruments at fair value and of bonus share plans). After financing operating and financial investments (€74.9 million), ordinary dividend (€260.3 million) and working capital requirements, net cash position stands at €595.9 million as at 30 June 2013.

-Hermès International did not buy back any of its own shares during the first half of 2013, other than shares traded under the liquidity contract. Hermès had 10,604 employees as at end of June 2013. 486 new jobs were created in the first half, strengthening sales teams and increasing production capacities.

-Half-year summarized consolidated accounts have been selectively audited by the Statutory Auditorsaccording to current legislation.

Outlook 2013

In the light of sales achieved in the first half of the year, consolidated sales figure at constant rates could slightly exceed the mid-term growth target of 10%. Depending on currency fluctuations, recurring operating margin could be close to the all-time high reached in 2012 (32.1%).

Hermes

More Hermes News... More Fashion News - France...