Key figures

1st half 2021

  • 41%

    Recurring operating income

  • 214

    M€ of operating investments

  • 1.2

    Bn€ of adjusted free cash flow

Key consolidated data

Key consolidated data
In millions of euros H1 2021 FY 2020 H1 2020 H1 2019
Revenue 4,235 6,389 2,488 3,284
Growth at current exchange rates vs. n-1 70.2% (7.2)% (24.2)% 15.1%
Growth at constant exchange rates vs. n-1(1) 76.7% (6.0)% (24.9)% 12.0%
Recurring operating income(2) 1,722 1,981 535 1,144
As a % of revenue 40.7% 32.4% 21.5% 34.8%
Operating income 1,722 2,073 535 1,144
As a % of revenue 40.7% 32.4% 21.5% 34.8%
Net profit – Group share 1,174 1,385 335 754
As a % of revenue 27.7% 21.7% 13.5% 23.0%
Operating cash flows 1,487 1,993 634 971
Investments (excluding financial investments) 214 448 162 170
Adjusted free cash flow(3) 1,236 995 27 618
Equity – Group share 8,024 7,380 6,340 5,763
Net cash position(4) 5,326 4,717 3,742 3,532
Restated net cash position(5) 5,521 4,904 3,922 3,740
Workforce (number of employees) 16,966 16,600 15,698 15,751
(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 net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.
(5)The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.
Publication

2020 Universal Registration Document

Press release

Covid-19 crisis: Hermès united and responsible