Key figures

Half year 2022

  • 42%

    Recurring operating margin

  • 190

    M€ of operating investments

  • 7.7

    Bn€ of adjusted free cash flow

Key consolidated data

Key consolidated data
In millions of euros First half 2022 2021 First half 2021
Revenue 5,475 8,982 4,235
Growth at current exchange rates vs. n-1 29.3% 40.6% 70.2%
Growth at constant exchange rates vs. n-1(1) 23.2% 41.8% 76.7%
Recurring operating income(2) 2,304 3,530 1,722
As a % of revenue 42.1% 39.3% 40.7%
Operating income 2,304 3,530 1,722
As a % of revenue 42.1% 39.3% 40.7%
Net profit – Group share 1,641 2,445 1,174
As a % of revenue 30.0% 27.2% 27.7%
Operating cash flows 2,001 3,060 1,487
Investments (excluding financial investments) 190 532 214
Adjusted free cash flow(3) 1,421 2 661 1,236
Equity – Group share 10,259 9,400 8,024
Net cash position(4) 7,280 6,695 5,326
Restated net cash position(5) 7,685 7,070 5,521
Workforce (number of employees) 18,428 17,595 15,698
(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.

2021 Universal Registration Document

Press release

Hermès climate commitments for a 1.5°C pathway validated by the SBTi