Magasin de Varsovie, la Pologne un nouveau pays pour Hermès

Key figures

Key figures first half 2020

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M€ of revenue

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M€ of operating investments

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M€ of restated net cash position

Key consolidated data in millions of euros

  H1 2020 FY 2019 H1 2019
Revenue 2,488 6,883 3,284
Growth at current exchange rates vs. n-1 -24.2% 15.4% 15.1%
Growth at constant exchange rates vs. n-1(1) -24.9% 12.4% 12.0%
Recurring operating income(2) 535 2,339 1,144
As a % of revenue 21.5% 34.0% 34.8%
Operating income 535 2,339 1,144
As a % of revenue 21.5% 34.0% 34.8%
Net profit - Group share 335 1,528 754
As a % of revenue 13.5% 22.2% 23.0%
Operating cash flows 634 2,063 971
Investments (excluding financial investments) 162 478 170
Ajusted free cashflow(3) 27 1,406 618
Equity attribuable - Group share 6,340 6,568 5,763
IFRS net cash position(4) 3,742 4,372 3,532
Restated net cash position(5) 3,922 4,562 3,740
Workforce (number of employees) 15,698 15,417 14,751
(1)Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period's revenue, for each currency.
(2)Recurring operating income is one of the main performance indicators monitored by the group's General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group's economic performance.
(3)Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.
(4)The IFRS net cash position includes cash and cash equivalents, less bank overdrafts and short-term debts. It doesn’t include liabilities related to the application of IFRS 16.
(5)The restated net cash position includes short-term investments that do not meet IFRS cash equivalents criteria mainly because their original maturity exceeds three months.
couverture RFS 2020 - HYR 2020 cover

2020 Half-year financial report

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Press release

Covid-19 crisis: Hermès united and responsible