In This Article:
Outstanding results in 2024
Revenue amounted to €15.2 billion
(+15% at constant exchange rates and +13% at current exchange rates)
Recurring operating income reached €6.2 billion, representing 40.5% of sales
Adjusted free cash flow amounted to €3.8 billion, up by 18%
Paris, 14 February 2025
The Group’s consolidated revenue amounted to €15.2 billion in 2024, up by 15% at constant exchange rates and by 13% at current exchange rates compared to 2023. Recurring operating income reached €6.2 billion (40.5% of sales) and net profit (group share) reached €4.6 billion (30.3% of sales).
In the fourth quarter, sales reached €4.0 billion, increasing by 18% at constant exchange rates and current exchange rates. All the geographical areas confirmed solid growth, with a strong performance of the Americas in particular.
Axel Dumas, Executive Chairman of Hermès, said: “In 2024, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the Hermès model and the agility of the house’s teams, whom I thank warmly. While preserving the group’s major balances and its responsibility as an employer, the house is staying the course, attached more than ever to its fundamental values of quality, creativity and savoir-faire.”
Sales by geographical area at the end of December
(at constant exchange rates, unless otherwise indicated)
At the end of December 2024, all the geographical areas posted growth. Hermès continued the qualitative development of its exclusive distribution network.
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Asia excluding Japan (+7%) recorded a remarkable increase, thanks to solid sales in all the countries in the area. Growth reached 9% in the fourth quarter, despite the downturn in traffic in Greater China since the end of the first quarter. In China, the store in Shenyang’s MixC mall reopened in December after expansion work, following the Shenzhen Luohu store in October and the Beijing SKP store in May. In Singapore, the newly renovated and extended Takashimaya store also reopened in October.
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Japan (+23%) achieved a regular and sustained growth, driven by the loyalty of local clients. A new store was opened in the Ginza district of Tokyo in June, following the Azabudai Hills store which opened in February.
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The Americas (+15%) confirmed excellent growth in 2024. In the United States, the Atlanta store reopened in October after being renovated and expanded, following the April inauguration of the store in Princeton, New Jersey. An event showcasing the petit h creations was staged in New York’s Madison store in October.
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Europe excluding France (+19%) and France (+13%) both performed well, supported by robust demand and the loyalty of local clients, as well as dynamic tourist flows. In November, a new store was inaugurated in Lille, after the June reopening of the renovated and expanded store in Nantes. The newly renovated and extended store in Naples reopened in December.
Sales by sector at the end of December
(at constant exchange rates, unless otherwise indicated)
At the end of December 2024, all métiers except Watches posted solid growth, supported by the house’s value strategy.
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Leather Goods and Saddlery (+18%) achieved a remarkable performance, thanks to the increase in production capacities and particularly strong demand. The collections were enhanced in particular with the Arçon and Hermès Della Cavalleria Élan models. The travel universe unfolded around an R.M.S. Cargo suitcase and weekend bags. The increase in production capacities continued with the September opening of the twenty-third leather goods workshop in Riom (Puy-de-Dôme). Three new workshops will open in the coming three years: L’Isle-d'Espagnac (Charente) in 2025, Loupes (Gironde) in 2026 and Charleville-Mézières (Ardennes) in 2027. Hermès continues to develop both employment and training in its nine regional centres of expertise located across the national territory.
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The Ready-to-wear and Accessories sector (+15%) continued its solid momentum thanks to the success of the ready-to-wear and shoe collections, blending the house’s abundant know-how with its boundless creativity. The men’s and women’s spring-summer 2025 collections, unveiled at the Palais d’Iéna in June and at the Garde Républicaine in September respectively, were very well received.
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The Silk and Textiles sector (+4%) benefited from the diversity of creations, materials and formats in both the women’s and men’s collections.
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Perfume and Beauty (+9%) achieved steady growth. The Perfume collections were enhanced in September with the new women’s perfume, Barénia, named after a natural heritage leather of the house. It is meeting with great success worldwide, alongside classics such as Terre d’Hermès and new creations including Hermessence Oud Alezan and H24 Herbes Vives. The Beauty division continued to expand with the launch of the collection Trait Hermès eye and lip liners.
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The Watches business line (-4%), penalised by a more challenging context and a high comparison basis, continues its development, displaying singular creativity and remarkable watchmaking know-how. The new complication model Arceau Duc Attelé, the launch of Hermès Cut and the iconic Hermès H08 and Kelly lines have met with great success.
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The Other Hermès sector (+17%) which include Jewellery and the Home universe, recorded strong growth. The eighth Haute Bijouterie collection, Les formes de la couleur, was presented in Paris, Beijing and Taipei.
Solid Results
Recurring operating income amounted to €6.2 billion, up by 9% from €5.7 billion in 2023. Despite the negative impact of currency hedging, recurring operating profitability reached 40.5% compared to 42.1% in 2023, an exceptionally high level.
Consolidated net profit group share grew by 7% to €4.6 billion, representing a net profitability of 30.3% compared to 32.1% last year.
The cash flow from operating activities amounted to €5.1 billion and increased by 19%, thanks to a smaller increase in working capital requirements. After operational investments (€1.1 billion) and repayment of lease liabilities, the adjusted free cash flow reached €3.8 billion compared to €3.2 billion last year.
After distribution of the ordinary and extraordinary dividend of €2.6 billion, the restated net cash position amounted to €12.0 billion at the end of December 2024 compared to €11.2 billion at the
end of 2023.
A responsible and sustainable model
The Hermès group continued to recruit, increasing its workforce by around 2,300 people, including around 1,300 in France. At the end of 2024, the group passed the 25,000 employees milestone, including 15,556 in France. Over the past three years, Hermès has created around 7,000 jobs, including 60% in France. In line with its ambitions to promote diversity, Hermès reaffirms its commitment to the inclusion of people with disabilities. As a result, the direct employment rate has reached 7.12% in France, doubling in 5 years.
True to its commitment as a responsible employer and its willingness to share the fruits of growth with all those who contribute to it daily, Hermès will be giving out a bonus of €4,500 to all its employees worldwide at the beginning of the year in respect of 2024. Hermès also strengthens its commitments to education and the transmission know-how, particularly with the deployment of the École Hermès des savoir-faire, which has extended its training programs to all 10 training schools in France. The company confirms its commitment to local anchoring by promoting local know-how and employment.
In line with its commitments to fight climate change, the Hermès group has continued its actions in accordance with its 2030 targets, validated by the Science Based Target initiative (SBTi). Since 2018, the reduction in emissions for scopes 1 and 2 has been 63.7% in absolute terms, and 50.5% in intensity for scope 3.
The sustainable and responsible dimension of the house’s craftsmanship model was rewarded in July with the Grand Prix in all categories at the Transparency Awards, an 11-point increase in the S&P ESG rating agency’s evaluation, and by the inclusion in the CDP’s “A-list” for the third year in a row. These results reflect the house’s commitments and values.
Proposed dividend
At the General Meeting to be held on 30 April 2025, a dividend of €16.00 per share will be proposed. The €3.50 interim dividend, to be paid on 19 February 2025, will be deducted from the dividend approved by the General Meeting. In addition, an exceptional dividend of €10.00 per share will be proposed at the General Meeting.
Other highlights
At the end of December 2024, currency fluctuations represented a negative impact of €235 million on revenue.
During the year, Hermès International redeemed 21,316 shares for €40 million, excluding transactions completed within the framework of the liquidity contract.
Hermès became a majority shareholder in January 2024 alongside its partner in the Middle East in the retail activities located in the United Arab Emirates. As a reminder, the impact resulting from this acquisition of a majority stake was not significant on the 2024 consolidated financial statements.
Outlook
In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.
In a more complex economic and geopolitical context, the group has moved into 2025 with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients.
Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.
Drawn to craft is the theme of the year. From the saddle stitch to the pencil stroke, everything at Hermès begins with drawing. It’s the link that binds us, the language of a material being shaped. It will carry us – walking, trotting and galloping – along the paths of creation.
The press release and the presentation of the 2024 results are available on the group’s website: https://finance.hermes.com
At the Supervisory Board meeting on 13 February 2025, Executive Management presented the audited financial statements for 2024. The audit procedures have been completed and the audit report is under preparation. The procedures for the verification of sustainability information are underway.
The complete consolidated financial statements will be available by 31 March 2025 at the following address https://finance.hermes.com and on the AMF website: www.amf-france.org
Upcoming events:
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17 April 2025: Q1 2025 revenue publication
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30 April 2025: General Meeting of shareholders
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30 July 2025: Publication of H1 2025 results
2024 KEY FIGURES
| In millions of euros | 2024 | 2023 |
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| Revenue | 15,170 | 13,427 |
| Growth at current exchange rates vs. n-1 | 13.0% | 15.7% |
| Growth at constant exchange rates vs. n-1 (1) | 14.7% | 20.6% |
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| Recurring operating income (2) | 6,150 | 5,650 |
| As a % of revenue | 40.5% | 42.1% |
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| Operating income | 6,150 | 5,650 |
| As a % of revenue | 40.5% | 42.1% |
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| Net profit – Group share | 4,603 | 4,311 |
| As a % of revenue | 30.3% | 32.1% |
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| Operating cash flows | 5,378 | 5,123 |
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| Investments (excluding financial investments) | 1,067 | 859 |
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| Adjusted free cash flow (3) | 3,767 | 3,192 |
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| Equity – Group share | 17,327 | 15,201 |
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| Net cash position (4) | 11,642 | 10,625 |
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| Restated net cash position (5) | 12,039 | 11,164 |
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| Workforce (number of employees) (6) | 25,185 | 22,879 |
(1) Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period.
(2) Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the group’s economic performance.
(3) Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).
(4) Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16.
(5) The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities.
(6) The headcount relates to employees on permanent contracts and those on fixed-term contracts with no seniority requirement (22,037 published at the end of December 2023, excluding fixed-term contracts of less than 9 months prior to the change in CSRD methodology).
REVENUE BY GEOGRAPHICAL AREA (a)
|
|
| As of Dec. 31st, | Evolution /2023 | ||
| In millions of Euros |
| 2024 | 2023 | Published | At constant exchange rates |
| France |
| 1,447 | 1,274 | 13.5% | 13.5% |
| Europe (excl. France) |
| 2,147 | 1,818 | 18.1% | 18.9% |
| Total Europe |
| 3,594 | 3,093 | 16.2% | 16.7% |
| Japan |
| 1,437 | 1,260 | 14.0% | 22.5% |
| Asia-Pacific (excl. Japan) |
| 6,648 | 6,273 | 6.0% | 7.4% |
| Total Asia |
| 8,085 | 7,533 | 7.3% | 9.9% |
| Americas |
| 2,865 | 2,502 | 14.5% | 15.5% |
| Other (Middle East) |
| 627 | 299 | 109.7% | 109.6% |
| TOTAL |
| 15,170 | 13,427 | 13.0% | 14.7% |
|
|
| 4th quarter | Evolution /2023 | ||
| In millions of Euros |
| 2024 | 2023 | Published | At constant exchange rates |
| France |
| 401 | 359 | 11.8% | 11.8% |
| Europe (excl. France) |
| 593 | 491 | 20.6% | 20.7% |
| Total Europe |
| 994 | 850 | 16.9% | 17.0% |
| Japan |
| 384 | 321 | 19.7% | 22.4% |
| Asia-Pacific (excl. Japan) |
| 1,543 | 1,401 | 10.1% | 8.9% |
| Total Asia |
| 1,927 | 1,722 | 11.9% | 11.5% |
| Americas |
| 870 | 717 | 21.4% | 22.3% |
| Other (Middle East) |
| 171 | 76 | 125.2% | 123.2% |
| TOTAL |
| 3,962 | 3,364 | 17.7% | 17.6% |
(a) Sales by destination.
revenue by sector
|
|
| As of Dec. 31st | Evolution /2023 | ||
| In millions of Euros |
| 2024 | 2023 | Published | At constant exchange rates |
| Leather Goods and Saddlery (1) |
| 6,457 | 5,547 | 16.4% | 18.3% |
| Ready-to-wear and Accessories (2) |
| 4,405 | 3,879 | 13.6% | 15.4% |
| Silk and Textiles |
| 950 | 932 | 1.9% | 3.8% |
| Other Hermès sectors (3) |
| 1,909 | 1,653 | 15.5% | 17.1% |
| Perfume and Beauty |
| 535 | 492 | 8.7% | 9.3% |
| Watches |
| 577 | 611 | (5.6%) | (4.2%) |
| Other products (4) |
| 337 | 313 | 7.7% | 8.7% |
| TOTAL |
| 15,170 | 13,427 | 13.0% | 14.7% |
|
|
| 4th quarter | Evolution /2023 | ||
| In millions of Euros |
| 2024 | 2023 | Published | At constant exchange rates |
| Leather Goods and Saddlery (1) |
| 1,669 | 1,371 | 21.7% | 21.5% |
| Ready-to-wear and Accessories (2) |
| 1,108 | 945 | 17.3% | 17.4% |
| Silk and Textiles |
| 304 | 285 | 6.7% | 7.3% |
| Other Hermès sectors (3) |
| 488 | 413 | 18.0% | 17.4% |
| Perfume and Beauty |
| 147 | 126 | 16.7% | 16.9% |
| Watches |
| 143 | 138 | 3.2% | 2.6% |
| Other products (4) |
| 104 | 87 | 19.1% | 19.0% |
| TOTAL |
| 3,962 | 3,364 | 17.7% | 17.6% |
(1) The “Leather Goods and Saddlery” business line includes women’s and men’s bags, travel items, small leather goods and accessories, saddles, bridles and all equestrian objects and clothing.
(2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
(3) The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
(4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.
2024 quarterly revenue
|
|
| Q1 | Q2 | Q3 | Q4 | 2024 |
| Revenue (in €m) |
| 3,805 | 3,699 | 3,704 | 3,962 | 15,170 |
| Growth at current exchange rates |
| 12.6% | 11.5% | 10.1% | 17.7% | 13.0% |
| Growth at constant exchange rates |
| 17.0% | 13.3% | 11.3% | 17.6% | 14.7% |
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Extra-financial performances
| RESPONSIBLE EMPLOYER | DIVERSITY AND INCLUSION | GENDER EQUALITY |
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APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS
Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2025 on the website https://finance.hermes.com, together with the other chapters of the Annual Financial Report.
CONSOLIDATED INCOME STATEMENT
| In millions of euros | 2024 | 2023 |
| Revenue | 15,170 | 13,427 |
| Cost of sales | (4,511) | (3,720) |
| Gross margin | 10,660 | 9,708 |
| Sales and administrative expenses | (3,569) | (3,169) |
| Other income and expenses | (942) | (889) |
| Recurring operating income | 6,150 | 5,650 |
| Other non-recurring income and expenses | - | - |
| Operating income | 6,150 | 5,650 |
| Net financial income | 283 | 190 |
| Net income before tax | 6,432 | 5,840 |
| Income tax | (1,845) | (1,623) |
| Net income from associates | 44 | 105 |
| CONSOLIDATED NET INCOME | 4,631 | 4,322 |
| Non-controlling interests | (28) | (12) |
| NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT | 4,603 | 4,311 |
| Basic earnings per share (in euros) | 43.93 | 41.19 |
| Diluted earnings per share (in euros) | 43.87 | 41.12 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| In millions of euros | 2024 | 2023 |
|
| Consolidated net income | 4,631 | 4,322 |
|
| Changes in foreign currency adjustments | 168 | (114) |
|
| Hedges of future cash flows in foreign currencies 1 | (111) | 7 |
|
| Items that may be transferable to profit or loss | 57 | (107) |
|
| Assets at fair value 1 | 30 | - |
|
| Actuarial gains and losses 1 | (18) | 10 |
|
| Items that may not be transferable to profit or loss | 12 | 10 |
|
| Other comprehensive income | 69 | (97) |
|
| NET COMPREHENSIVE INCOME | 4,700 | 4,225 |
|
| 4,670 | 4,213 |
|
| 29 | 13 |
|
| (1) Net of tax. |
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CONSOLIDATED BALANCE SHEET
ASSETS
| In millions of euros | 31/12/2024 | 31/12/2023 |
| Goodwill | 228 | 72 |
| Intangible assets | 237 | 225 |
| Right-of-use assets | 1,786 | 1,716 |
| Property, plant and equipment | 2,980 | 2,347 |
| Financial assets | 1,050 | 1,141 |
| Investments in associates | 238 | 200 |
| Deferred tax assets | 929 | 631 |
| Other non-current assets | 159 | 107 |
| Non-current assets | 7,608 | 6,438 |
| Inventories and work-in-progress | 2,797 | 2,414 |
| Trade and other receivables | 478 | 431 |
| Current tax receivables | 28 | 51 |
| Other current assets | 398 | 300 |
| Financial derivatives | 132 | 188 |
| Cash and cash equivalents | 11,642 | 10,625 |
| Current assets | 15,476 | 14,008 |
| TOTAL ASSETS | 23,084 | 20,447 |
LIABILITIES
| In millions of euros | 31/12/2024 | 31/12/2023 |
| Share capital | 54 | 54 |
| Share premium | 50 | 50 |
| Treasury shares | (670) | (698) |
| Reserves | 12,464 | 10,744 |
| Foreign currency adjustments | 355 | 189 |
| Revaluation adjustments | 471 | 553 |
| Net income attributable to owners of the parent | 4,603 | 4,311 |
| Equity attributable to owners of the parent | 17,327 | 15,201 |
| Non-controlling interests | 7 | 2 |
| Equity | 17,334 | 15,203 |
| Borrowings and financial liabilities due in more than one year | 61 | 50 |
| Lease liabilities due in more than one year | 1,781 | 1,720 |
| Non-current provisions | 33 | 31 |
| Post-employment and other employee benefit obligations due in more than one year | 173 | 151 |
| Deferred tax liabilities | 5 | 2 |
| Other non-current liabilities | 69 | 106 |
| Non-current liabilities | 2,120 | 2,060 |
| Borrowings and financial liabilities due in less than one year | 0 | 1 |
| Lease liabilities due in less than one year | 332 | 289 |
| Current provisions | 96 | 134 |
| Post-employment and other employee benefit obligations due in less than one year | 16 | 16 |
| Trade and other payables | 832 | 880 |
| Financial derivatives | 161 | 45 |
| Current tax liabilities | 773 | 586 |
| Other current liabilities | 1,419 | 1,233 |
| Current liabilities | 3,629 | 3,183 |
| TOTAL EQUITY AND LIABILITIES | 23,084 | 20,447 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| In millions of euros | Number of shares | Share capital | Share premium | Treasury shares | Consolidated reserves and net income attributable to owners of the parent | Actuarial gains and losses | Foreign currency adjustments | Revaluation adjustments |
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|
| |
| Financial investments | Hedges of future cash flows in foreign currencies | Equity attributable to owners of the parent | Non-controlling interests | Equity | ||||||||
| As at 1 January 2023 | 105,569,412 | 54 | 50 | (674) | 12,247 | (85) | 303 | 521 | 25 | 12,440 | 16 | 12,457 |
| Net income | - | - | - | - | 4,311 | - | - | - | - | 4,311 | 12 | 4,322 |
| Other comprehensive income | - | - | - | - | - | 10 | (115) | - | 7 | (98) | 1 | (97) |
| Comprehensive income | - | - | - | - | 4,311 | 10 | (115) | 0 | 7 | 4,213 | 13 | 4,225 |
| Change in share capital and share premiums | - | - | - | - | - | - | - | - | - | - | - | - |
| Purchase or sale of treasury shares | - | - | - | (24) | (105) | - | - | - | - | (129) | - | (129) |
| Share-based payments | - | - | - | - | 104 | - | - | - | - | 104 | - | 104 |
| Dividends paid | - | - | - | - | (1,376) | - | - | - | - | (1,376) | (10) | (1,386) |
| Other | - | - | - | - | (51) | - | - | - | - | (51) | (17) | (68) |
| As at 31 December 2023 | 105,569,412 | 54 | 50 | (698) | 15,130 | (75) | 189 | 521 | 32 | 15,201 | 2 | 15,203 |
| Net income | - | - | - | - | 4,603 | - | - | - | - | 4,603 | 28 | 4,631 |
| Other comprehensive income | - | - | - | - | - | (18) | 166 | 30 | (111) | 67 | 2 | 69 |
| Comprehensive income | - | - | - | - | 4,603 | (18) | 166 | 30 | (111) | 4,670 | 29 | 4,700 |
| Change in share capital and share premiums | - | - | - | - | - | - | - | - | - | - | - | - |
| Purchase or sale of treasury shares | - | - | - | 28 | (64) | - | - | - | - | (36) | - | (36) |
| Share-based payments | - | - | - | - | 142 | - | - | - | - | 142 | - | 142 |
| Dividends paid | - | - | - | - | (2,642) | - | - | - | - | (2,642) | (63) | (2,705) |
| Other | - | - | - | - | (7) | (2) | - | - | - | (9) | 39 | 30 |
| AS AT | 105,569,412 | 54 | 50 | (670) | 17,163 | (95) | 355 | 551 | (80) | 17,327 | 7 | 17,334 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| In millions of euros | 2024 | 2023 |
| Net income attributable to owners of the parent | 4,603 | 4,311 |
| Depreciation and amortisation of fixed assets, rights of use and impairment losses | 844 | 772 |
| Foreign exchange gains/(losses) on fair value adjustments | (56) | 56 |
| Change in provisions | (29) | 15 |
| Net income from associates | (44) | (105) |
| Net income attributable to non-controlling interests | 28 | 12 |
| Capital gains or losses on disposals and impact of changes in scope of consolidation | (2) | (14) |
| Deferred tax variation | (93) | (14) |
| Accrued expenses and income related to share-based payments | 142 | 104 |
| Dividend income | (16) | (12) |
| Other | (0) | 1 |
| Operating cash flows | 5,378 | 5,123 |
| Change in working capital requirements | (239) | (794) |
| CASH FLOWS RELATED TO OPERATING ACTIVITIES (A) | 5,139 | 4,328 |
| Operating investments | (1,067) | (859) |
| Acquisitions of consolidated shares | (229) | (288) |
| Acquisitions of other financial assets | (27) | (52) |
| Disposals of operating assets | 1 | 0 |
| Disposals of consolidated shares and impact of losses of control | - | - |
| Disposals of other financial assets | 145 | - |
| Change in payables and receivables related to investing activities | (49) | 93 |
| Dividends received | 30 | 112 |
| CASH FLOWS RELATED TO INVESTING ACTIVITIES (B) | (1,195) | (995) |
| Dividends paid | (2,705) | (1,386) |
| Repayment of lease liabilities | (305) | (277) |
| Treasury share buybacks net of disposals | (37) | (130) |
| Borrowing subscriptions | - | - |
| Repayment of borrowings | (1) | (1) |
| Other changes in equity | 2 | (0) |
| CASH FLOWS RELATED TO FINANCING ACTIVITIES (C) | (3,046) | (1,794) |
| Foreign currency translation adjustment (D) | 119 | (138) |
| CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D) | 1,017 | 1,402 |
| Net cash position at the beginning of the period | 10,625 | 9,223 |
| Net cash position at the end of the period | 11,642 | 10,625 |
REMINDER
2024 HALF YEAR KEY FIGURES
| In millions of euros | H1 2024 | H1 2023 |
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| Revenue | 7,504 | 6,698 |
| Growth at current exchange rates vs. n-1 | 12.0% | 22.3% |
| Growth at constant exchange rates vs. n-1 (1) | 15.1% | 25.2% |
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| Recurring operating income (2) | 3,148 | 2,947 |
| As a % of revenue | 42.0% | 44.0% |
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| Operating income | 3,148 | 2,947 |
| As a % of revenue | 42.0% | 44.0% |
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| Net profit – Group share | 2,368 | 2,226 |
| As a % of revenue | 31.6% | 33.2% |
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| Operating cash flows | 2,829 | 2,615 |
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| Operating investments | 319 | 249 |
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| Adjusted free cash flows (3) | 1,776 | 1,720 |
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| Equity – Group share | 15,052 | 13,249 |
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| Net cash position (4) | 9,477 | 9,326 |
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| Restated net cash position (5) | 10,033 | 9,848 |
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| Workforce (number of employees) (6) | 23,242 | 20,607 |
(1) Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period.
(2) Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the group’s economic performance.
(3) Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).
(4) Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16.
(5) The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities.
(6) The headcount relates to employees on permanent contracts and those on fixed-term contracts lasting more than 9 months, prior to the change in CSRD methodology.
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