Cash flow Kering

Equities

KER

FR0000121485

Apparel & Accessories Retailers

Market Closed - Euronext Paris Other stock markets 09:05:01 11/09/2024 pm IST			5-day change	1st Jan Change
229.80 ^EUR	+0.22%		-7.53%	-42.41%

10/09	Four steps back, one step forward
09/09	Burberry struggles but stocks firmly in the green	AN

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Published financial data: KERING

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	15.88B	13.1B	17.65B	20.35B	19.57B
Total Revenues	15.88B	13.1B	17.65B	20.35B	19.57B
Cost of Goods Sold, Total	4.11B	3.59B	4.58B	5.15B	4.64B
Gross Profit	11.78B	9.51B	13.07B	15.2B	14.93B
Selling General & Admin Expenses, Total	2.29B	2.07B	2.44B	2.83B	2.98B
Other Operating Expenses	4.71B	4.3B	5.61B	6.78B	7.2B
Other Operating Expenses, Total	7B	6.37B	8.05B	9.61B	10.18B
Operating Income	4.78B	3.14B	5.02B	5.59B	4.75B
Interest Expense, Total	-173M	-163M	-152M	-181M	-361M
Interest And Investment Income	10.6M	6.7M	7.9M	10M	102M
Net Interest Expenses	-163M	-156M	-144M	-171M	-259M
Income (Loss) On Equity Invest.	41.8M	-7.6M	1M	2M	4M
Currency Exchange Gains (Loss)	-10.9M	-32.2M	1.3M	-28M	-64M
Other Non Operating Income (Expenses)	-136M	-153M	-130M	-61M	-87M
EBT, Excl. Unusual Items	4.51B	2.79B	4.74B	5.33B	4.34B
Restructuring Charges	-28.5M	-41.3M	-9.1M	-36M	-76M
Merger & Related Restructuring Charges	-	-	-	-29M	-39M
Impairment of Goodwill	-8.6M	-51.1M	-	-	-
Gain (Loss) On Sale Of Investments	-100K	-	-	-	-
Asset Writedown	-86.3M	-396M	-69.1M	-41M	-70M
Other Unusual Items	-45.1M	651M	-142M	-88M	82M
EBT, Incl. Unusual Items	4.34B	2.95B	4.53B	5.14B	4.24B
Income Tax Expense	2.13B	759M	1.28B	1.42B	1.16B
Earnings From Continuing Operations	2.21B	2.19B	3.24B	3.72B	3.07B
Earnings Of Discontinued Operations	125M	-9.8M	11.1M	1M	-
Net Income to Company	2.33B	2.18B	3.26B	3.72B	3.07B
Minority Interest	-25.2M	-29.5M	-80.2M	-104M	-91M
Net Income - (IS)	2.31B	2.15B	3.18B	3.61B	2.98B
Net Income to Common Incl Extra Items	2.31B	2.15B	3.18B	3.61B	2.98B
Net Income to Common Excl. Extra Items	2.18B	2.16B	3.16B	3.61B	2.98B
Per Share Items
Net EPS - Basic	18.4	17.2	25.49	29.34	24.38
Basic EPS - Continuing Operations	17.4	17.28	25.4	29.34	24.38
Basic Weighted Average Shares Outstanding	125M	125M	125M	123M	122M
Net EPS - Diluted	18.4	17.2	25.49	29.31	24.37
Diluted EPS - Continuing Operations	17.4	17.28	25.4	29.3	24.37
Diluted Weighted Average Shares Outstanding	125M	125M	125M	123M	122M
Normalized Basic EPS	22.26	13.69	23.16	26.21	21.43
Normalized Diluted EPS	22.26	13.69	23.16	26.18	21.42
Dividend Per Share	8	8	12	14	14
Payout Ratio	57.18	46.51	31.44	41.03	57.39
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	5.28B	3.71B	5.6B	6.32B	5.6B
EBITA	4.89B	3.27B	5.14B	5.77B	4.97B
EBIT	4.78B	3.14B	5.02B	5.59B	4.75B
EBITDAR	6.26B	4.28B	6.51B	7.4B	6.72B
Effective Tax Rate - (Ratio)	49.14	25.75	28.29	27.64	27.45
Total Current Taxes	2.6B	657M	1.46B	1.6B	1.01B
Total Deferred Taxes	-464M	102M	-178M	-177M	156M
Normalized Net Income	2.79B	1.71B	2.89B	3.23B	2.62B
Interest on Long-Term Debt	110M	113M	106M	124M	151M
Non-Cash Pension Expense	-6.1M	-5.3M	-500K	2M	4M
Supplemental Operating Expense Items
Net Rental Expense, Total	986M	573M	910M	1.08B	1.12B
Imputed Operating Lease Interest Expense	205M	78.24M	113M	144M	217M
Imputed Operating Lease Depreciation	781M	495M	797M	936M	901M
Stock-Based Comp., SG&A Exp. (Total)	155M	58.3M	54.5M	29M	10M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	155M	58.3M	54.5M	29M	10M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.29B	3.44B	5.25B	4.34B	3.92B
Short Term Investments	7.5M	33.9M	-	-	-
Total Cash And Short Term Investments	2.29B	3.48B	5.25B	4.34B	3.92B
Accounts Receivable, Total	996M	824M	977M	1.18B	1.15B
Other Receivables	281M	600M	822M	378M	765M
Notes Receivable	-	-	6.2M	3M	14M
Total Receivables	1.28B	1.42B	1.8B	1.56B	1.93B
Inventory	2.96B	2.85B	3.37B	4.46B	4.55B
Other Current Assets, Total	1.02B	1.27B	991M	1.3B	1.53B
Total Current Assets	7.55B	9.02B	11.41B	11.66B	11.93B
Gross Property Plant And Equipment	9.61B	10.46B	12.11B	14.32B	17.3B
Accumulated Depreciation	-2.74B	-3.83B	-4.84B	-6B	-6.98B
Net Property Plant And Equipment	6.87B	6.63B	7.27B	8.32B	10.32B
Long-term Investments	1.23B	1.53B	873M	677M	2.05B
Goodwill	2.53B	2.45B	2.89B	4.05B	7.11B
Other Intangibles, Total	7.26B	6.99B	7.03B	7.36B	8.18B
Loans Receivable Long-Term	-	900K	700K	1M	3M
Deferred Tax Assets Long-Term	1.37B	1.18B	1.35B	1.64B	1.52B
Other Long-Term Assets, Total	353M	210M	236M	234M	246M
Total Assets	27.15B	28.01B	31.07B	33.94B	41.37B
Liabilities
Accounts Payable, Total	809M	666M	1.74B	2.26B	2.2B
Accrued Expenses, Total	8.9M	12.2M	12.3M	12M	12M
Short-term Borrowings	1.27B	995M	1.44B	1.25B	1.55B
Current Portion of Long-Term Debt	708M	781M	1.01B	1.04B	850M
Current Portion of Leases	720M	538M	675M	812M	884M
Current Income Taxes Payable	1.36B	901M	1.15B	567M	536M
Other Current Liabilities	3.27B	2.84B	2.75B	2.56B	2.6B
Total Current Liabilities	8.15B	6.73B	8.77B	8.51B	8.63B
Long-Term Debt	3.12B	3.82B	2.98B	4.35B	10.03B
Long-Term Leases	3.6B	3.55B	3.83B	4.42B	4.51B
Pension & Other Post Retirement Benefits	106M	108M	88.9M	66M	68M
Deferred Tax Liability Non Current	1.53B	1.49B	1.45B	1.57B	1.78B
Other Non Current Liabilities	204M	282M	215M	247M	345M
Total Liabilities	16.71B	15.97B	17.33B	19.16B	25.36B
Common Stock, Total	505M	500M	499M	496M	493M
Treasury Stock	-574M	-53.9M	-380M	-1.03B	-450M
Comprehensive Income and Other	10.35B	11.37B	13.23B	14.53B	15.17B
Total Common Equity	10.28B	11.82B	13.35B	14B	15.21B
Minority Interest	160M	214M	389M	785M	798M
Total Equity	10.44B	12.04B	13.74B	14.78B	16.01B
Total Liabilities And Equity	27.15B	28.01B	31.07B	33.94B	41.37B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	125M	125M	124M	122M	123M
ECS Total Common Shares Outstanding	125M	125M	124M	122M	123M
Book Value / Share	82.21	94.63	107.58	114.53	124.1
Tangible Book Value	492M	2.38B	3.42B	2.59B	-78M
Tangible Book Value Per Share	3.93	19.07	27.59	21.17	-0.64
Total Debt	9.42B	9.68B	9.92B	11.87B	17.82B
Net Debt	7.12B	6.2B	4.67B	7.54B	13.9B
Debt Equivalent of Unfunded Proj. Benefit Obligation	115M	120M	101M	79M	80M
Debt Equivalent Oper. Leases	7.89B	4.58B	7.28B	8.64B	8.94B
Minority Interest, Total (Incl. Fin. Div)	160M	214M	389M	785M	798M
Equity Method Investments, Total	1.11B	36.2M	31.1M	49M	1.75B
Account Code - Inventory Valuation	3	3	3	6	6
Inventories - Finished Goods, Total	3.9B	3.81B	4.29B	4.71B	4.98B
Inventories - Others	745M	749M	940M	1.1B	1.09B
Land - (BS)	872M	891M	874M	923M	2.68B
Machinery, Total	3.47B	3.57B	4.67B	5.55B	6.15B
Full Time Employees	38.07K	38.55K	42.81K	47.23K	48.96K
Accumulated Allowance for Doubtful Accounts (Supple)	27.3M	39.3M	30.8M	27M	26M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.31B	2.15B	3.18B	3.61B	2.98B
Depreciation & Amortization - CF	1.1B	1.28B	1.29B	1.49B	1.62B
Amortization of Goodwill and Intangible Assets - (CF)	110M	135M	120M	177M	221M
Depreciation & Amortization, Total	1.21B	1.42B	1.41B	1.67B	1.84B
Amortization of Deferred Charges, Total - (CF)	11.6M	21M	40.3M	-	-
(Gain) Loss From Sale Of Asset	-	-705M	-	-	-
Asset Writedown & Restructuring Costs	117M	450M	75.2M	39M	53M
(Income) Loss On Equity Investments - (CF)	-41.8M	7.6M	-1M	-2M	-4M
Stock-Based Compensation (CF)	-	-	-	-	-
Net Cash From Discontinued Operations	172M	-4.3M	-2.4M	-8M	-
Other Operating Activities, Total	-574M	-495M	216M	-139M	-17M
Change In Accounts Receivable	-128M	152M	-12.5M	-196M	24M
Change In Inventories	-507M	48.6M	-429M	-1.02B	-102M
Change In Accounts Payable	63.3M	-150M	173M	494M	-126M
Change in Other Net Operating Assets	13.8M	-5.9M	231M	-185M	-192M
Cash from Operations	2.65B	2.88B	4.87B	4.27B	4.46B
Capital Expenditure	-956M	-787M	-955M	-1.1B	-2.61B
Sale of Property, Plant, and Equipment	1.2M	2.9M	6.3M	1M	135M
Cash Acquisitions	-42.4M	6.2M	-466M	-1.56B	-5.09B
Divestitures	800K	656M	-1.4M	-	-
Investment in Marketable and Equity Securities, Total	-209M	-81.9M	927M	-120M	195M
Other Investing Activities, Total	-9.9M	6.9M	37.3M	17M	76M
Cash from Investing	-1.22B	-196M	-452M	-2.77B	-7.3B
Long-Term Debt Issued, Total	1.44B	1.44B	215M	2.08B	6.38B
Total Debt Issued	1.44B	1.44B	215M	2.08B	6.38B
Long-Term Debt Repaid, Total	-927M	-1.69B	-1.36B	-1.73B	-1.84B
Total Debt Repaid	-927M	-1.69B	-1.36B	-1.73B	-1.84B
Issuance of Common Stock	-	-	-	38M	-
Repurchase of Common Stock	-402M	-54.1M	-538M	-1.03B	-10M
Common Dividends Paid	-1.32B	-1B	-998M	-1.48B	-1.71B
Common & Preferred Stock Dividends Paid	-1.32B	-1B	-998M	-1.48B	-1.71B
Other Financing Activities, Total	-340M	-324M	-246M	-26M	-443M
Cash from Financing	-1.55B	-1.62B	-2.93B	-2.14B	2.38B
Foreign Exchange Rate Adjustments	115M	97.8M	20.9M	222M	18M
Net Change in Cash	1.3M	1.16B	1.52B	-422M	-444M
Supplemental Items
Cash Interest Paid	290M	287M	222M	298M	377M
Cash Income Tax Paid (Refund)	2.9B	1.44B	1.47B	1.75B	1.43B
Levered Free Cash Flow	2.69B	1.24B	4.24B	2.55B	1.25B
Unlevered Free Cash Flow	2.8B	1.34B	4.33B	2.67B	1.47B
Change In Net Working Capital	609M	1.32B	-649M	1.42B	734M
Net Debt Issued / Repaid	516M	-245M	-1.14B	357M	4.54B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	12.31	7.11	10.62	10.75	7.88
Return on Total Capital	17.65	9.43	13.82	13.89	9.81
Return On Equity %	21.55	19.49	25.18	26.07	19.97
Return on Common Equity	21.63	19.55	25.15	26.43	20.42
Margin Analysis
Gross Profit Margin %	74.13	72.59	74.06	74.68	76.29
SG&A Margin	14.42	15.8	13.85	13.91	15.24
EBITDA Margin %	33.23	28.33	31.72	31.06	28.63
EBITA Margin %	30.78	24.96	29.11	28.33	25.39
EBIT Margin %	30.08	23.93	28.43	27.46	24.26
Income From Continuing Operations Margin %	13.9	16.72	18.39	18.26	15.71
Net Income Margin %	14.53	16.42	18	17.76	15.25
Net Avail. For Common Margin %	13.74	16.49	17.93	17.75	15.25
Normalized Net Income Margin	17.59	13.07	16.35	15.86	13.4
Levered Free Cash Flow Margin	16.95	9.48	24.01	12.55	6.37
Unlevered Free Cash Flow Margin	17.63	10.26	24.55	13.11	7.52
Asset Turnover
Asset Turnover	0.65	0.48	0.6	0.63	0.52
Fixed Assets Turnover	3.49	1.94	2.54	2.61	2.1
Receivables Turnover (Average Receivables)	17.21	14.39	18.7	18.87	16.79
Inventory Turnover (Average Inventory)	1.53	1.24	1.47	1.32	1.03
Short Term Liquidity
Current Ratio	0.93	1.34	1.3	1.37	1.38
Quick Ratio	0.44	0.73	0.8	0.69	0.68
Operating Cash Flow to Current Liabilities	0.32	0.43	0.56	0.5	0.52
Days Sales Outstanding (Average Receivables)