Friday, February 19, 2016
2015 Results - Solid full-year performances
Consolidated revenue: €11,584 million, up 15.4% (up 4.6% on a comparable basis)
Luxury activities: €7,865 million, up 16.4% (up 4.1% on a comparable basis)
Recurring operating income: €1,647 million
Luxury activities: €1,708 million, up 2.5%
Net income, Group share: €696 million, up 31.6%
Proposed dividend at €4 per share (unchanged)
- A strong performance in Luxury activities
o revenue growth fuelled by strong performances from directly operated stores in mature markets
o strong momentum in the fourth quarter
o growth in EBITDA and recurring operating income
- Successful repositioning of Puma
François-Henri Pinault, Chairman and Chief Executive Officer, commented: "Kering's solid 2015 results reflect brisk sales and improved operating performances in the second half of the year. These results come amid a more complex economic and geopolitical environment, accentuating the shifts taking place in our sector. We are entering a new phase in our growth: we are perfectly positioned to leverage the strength of our brands and maximise value creation over the long term. We are closely monitoring resource and capital allocation in order to bolster returns. I am confident that the work of our creative teams and the commitment of all our associates will enable us to extend our growth trajectory in 2016 and beyond."
Key financial indicators
Consolidated revenue from continuing operations amounted to €11,584 million in 2015, up 15.4% on 2014 as reported and 4.6% on a comparable Group scope and exchange rate. Revenue growth in mature markets was once again buoyant (+7.3% comparable), driven by dynamic performances in Western Europe and Japan. Revenue generated outside the eurozone accounted for 78.8% of the consolidated total in 2015.
Kering's recurring operating income amounted to €1,647 million in 2015, down 1% on 2014 on a reported basis, and consolidated recurring operating margin came to 14.2%.
Consolidated gross margin for 2015 amounted to €7,074 million, up €778 million or 12.4% on the previous year as reported.
At €2,056 million, consolidated EBITDA was 3.3% higher than in 2014, and the EBITDA margin amounted to 17.8% for the year.
Adjusted for non-recurring items net of tax, net income, Group share from continuing operations decreased 13.6%, at €1,017 million versus €1,177 million in 2014.
Earnings per share amounted to €5.52 versus €4.20 for the previous year. Earnings per share from continuing operations totalled €5.20 in 2015, compared with €8.00 for 2014.
A world leader in apparel and accessories, Kering develops an ensemble of powerful Luxury and Sport & Lifestyle brands: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Tomas Maier, Boucheron, Dodo, Girard-Perregaux, JeanRichard, Pomellato, Qeelin, Ulysse Nardin, Puma, Volcom, Cobra and Electric. By ‘empowering imagination’ in the fullest sense, Kering encourages its brands to reach their potential, in the most sustainable manner.
Present in more than 120 countries, the Group generated revenues of more than €11.5 billion in 2015 and had more than 38,000 employees at year end. The Kering (previously PPR) share is listed on Euronext Paris (FR 0000121485, KER.PA, KER.FP).
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