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Mise En Page 1 01_VF_V7 12/02/2018 19:12 Page1 TABLE OF CONTENTS CHAPTER 1 Kering in 2017 3 CHAPTER 2 Our activities 15 CHAPTER 3 Financial information 57 2017 Financial Document ~ Kering 1 2 Kering ~ 2017 Financial Document CHAPter 1 Kering in 2017 1. History 4 2. Key consolidated figures 6 3. Group strategy 8 4. Kering Group simplified organisational chart as of December 31, 2017 13 2017 Financial Document ~ Kering 3 1 KERING IN 2017 ~ HISTORY 1. History Kering has continuously transformed itself since its inception 1999 in 1963, guided by an entrepreneurial spirit and a commitment • Acquisition of a 42% stake in Gucci Group NV, marking to constantly seek out growth and create value. the Group’s entry into the Luxury Goods sector. Founded by François Pinault as a lumber and building • First steps towards the creation of a multi- brand Luxury materials business, the Kering group repositioned itself on Goods group, with the acquisition by Gucci Group of the retail market in the 1990s and soon became one of Yves Saint Laurent, YSL Beauté and Sergio Rossi. the leading European players in the sector. The acquisition of a controlling stake in Gucci Group in 1999 marked a new 2000 stage in the Group’s development, and the establishment • Acquisition by Gucci Group of high jewelry House of a coherent ensemble of complementary Luxury brands. Boucheron. Kering is continuing its growth story, unlocking the potential of its brands and pursuing its ambition to be the world’s most influential Luxury group in terms of creativity, 2001 sustainability and economic performance. • Gucci Group acquires Italian leather goods brand Bottega Veneta and the House of Balenciaga and signs partnership 1963 agreements with Alexander McQueen and Stella McCartney. • François Pinault establishes the Pinault group, • The Group raises its stake in Gucci Group to 53.2%. specialising in lumber trading. 2003 1988 • Sale of Pinault Bois & Matériaux to the Wolseley group of • Listing of Pinault SA on the Paris Stock Exchange. the UK. • The Group raises its stake in Gucci Group to 67.6% (after 1990 raising it to 54.4% in 2002). • Acquisition of Cfao, a group specialising in trading with Africa and in electrical equipment distribution (activity renamed Rexel in 1993). 2004 • The Group raises its stake in Gucci Group to 99.4% further to a tender offer. 1991 • The Group acquires Conforama and enters the retail • Sale of Rexel. market. 2005 1992 • Pinault- Printemps- Redoute becomes PPR. • Takeover of Au Printemps SA, a department store chain which also held a majority interest in mail order clothing 2006 brand La Redoute. • Sale of a 51% controlling stake in Printemps to RREEF and the Borletti group. 1994 • La Redoute is merged into Pinault- Printemps, renamed 2007 Pinault- Printemps- Redoute. • Sale of the residual 49% stake in Printemps to RREEF • Takeover of Fnac, a retailer of books, music, films and and the Borletti group. consumer electronics. • Acquisition of a 27.1% controlling stake in PUMA. This stake was increased to 62.1% further to a tender offer. 4 Kering ~ 2017 Financial Document HISTORY ~ KERING IN 2017 1 2008 2014 • Sale of YSL Beauté to L’Oréal. • Closing of the sale of La Redoute. • Acquisition of a 23% stake in watchmaker Girard- Perregaux. • Acquisition of watchmaker Ulysse Nardin. 2009 2015 • Acquisition by PUMA of Dobotex International BV. • Sale by PUMA of the intellectual property rights of the Tretorn group (including trademark rights, patents and • Acquisition by PUMA of Brandon AB. designs). • Listing of 58% of Cfao. • Launch of Kering Eyewear. • Sale of Italian shoemaker Sergio Rossi. 2010 • Acquisition by PUMA of a 20% stake in Wilderness • Publication of the very first Environmental Profit and Holdings Ltd. Loss Account (EP&L) at Group level. • Acquisition by PUMA of COBRA. 2016 • Creation of a new division called Kering Luxury Logistics 2011 and Industrial Operations (KLLIO) which combines • Closing of the sale of Conforama to Steinhoff. Kering Supply Chain, Logistics and Industrial Operations. • Acquisition of Volcom. • Sale of Electric by Volcom. • The Group raises its stake in Sowind Group (Girard- Perregaux • Kering relocates its head office to the former Laennec and JEANRICHARD) to 50.1%. Hospital, in the heart of Paris’ Left Bank. 2012 2017 • Closing of the acquisition of Italian men’s tailor Brioni. • Agreement signed between Kering Eyewear and Maison • Sale of the remaining 42% stake in Cfao. Cartier to develop, manufacture and distribute the Cartier eyewear collections, with Richemont acquiring a • Creation of a joint venture with Yoox S.p.A. dedicated to minority stake in Kering Eyewear. e- commerce for several of the Group’s Luxury brands. 2013 • Closing of the acquisition of a majority stake in Chinese fine jewelry brand Qeelin. • Acquisition of a majority stake in the luxury designer brand Christopher Kane. • Acquisition of a majority stake in France Croco, a Normandy- based tannery specialising in precious skins. • Listing of Groupe Fnac on the Paris Stock Exchange. • Change of corporate name: PPR becomes Kering. • Acquisition of a majority stake in Italian jewelry group Pomellato. 2017 Financial Document ~ Kering 5 1 KERING IN 2017 ~ KEY CONSOLIDATED FIGURES 2. Key consolidated figures (in € millions) 2017 2016 Change Revenue 15,478 12,385 +25.0% EBITDA 3,464 2,318 +49.4% EBITDA margin (as a % of revenue) 22.4% 18.7% +3.7pts Recurring operating income 2,948 1,886 +56.3% Recurring operating margin (as a % of revenue) 19.0% 15.2% +3.8pts Net income attributable to owners of the parent 1,786 814 +119.5% o/w continuing operations excluding non-recurring items 2,002 1,282 +56.2% Gross operating investments (1) 752 611 +23.1% Free cash flow from operations (2) 2,318 1,189 +94.9% Net debt (3) 3,049 4,371 -30.2% Average number of employees (full time equivalent) 38,596 35,877 +7.6% Per share data (in €) 2017 2016 Change Earnings per share attributable to owners of the parent 14.17 6.46 +119.3% o/w continuing operations excluding non-recurring items 15.89 10.17 +56.2% Dividend per share (4) 6.00 4.60 +30.4% dividend per share Net income attributable to owners (in €) of the parent (in € millions) 2015 4.00 2016 814 2016 4.60 2017 1,786 2017(4) 6.00 Equity and debt-to-equity ratio* Free cash flow from operations (2) (in € millions and in %) (in € millions) 36.5% 2016 11,964 2016 1,189 24.1% 2017 12,626 2017 2,318 * Net debt (3) / equity. Net debt (3) Solvency ratio (in € millions) (Net debt(3)/EBITDA) 2016 4,371 2016 1.89 2017 3,049 2017 0.88 (1) Purchases of property, plant and equipment and intangible assets. (2) Net cash flow from operating activities less net acquisitions of property, plant and equipment and intangible assets. (3) Net debt is defined on page 86. (4) Subject to the approval of the Annual General Meeting to be held on April 26, 2018. 6 Kering ~ 2017 Financial Document KEY CONSOLIDATED FIGURES ~ KERING IN 2017 1 revenue breakdown Group revenue (2) by activity (1) 2017 vs 2016 comparable change, in % Luxury 71% Group +27% Luxury activities +30% Sport & Lifestyle +15% €15.2 bn activities Sport & Lifestyle 29% Revenue breakdown and comparable (2) change by region 33% of revenue change: +32% 21% of revenue 8% of revenue change: +23% change: +11% 27% of revenue change: +33% 11% of revenue Western Europe variation: +23% North America Japan Asia Pacific Other countries Recurring operating income Recurring operating income Breakdown by activity (3) change and margin Recurring Reported Recurring operating change operating (in € millions) income (in %) margin (in %) Luxury 2,911 +50.4% 27.0% Luxury 92% Sport & Lifestyle 244 +98.1% 5.6% €3.2 bn Corporate and other (207) - 19.7% - Group 2,948 +56.3% 19.0% Sport & Lifestyle 8% (1) Excluding corporate and other, with a revenue of €300 million in 2017. (2) Comparable revenue is defined on page 86. (3) Excluding corporate and other. 2017 Financial Document ~ Kering 7 1 KERING IN 2017 ~ GROUP STRATEGY 3. Group strategy VISION Embracing creativity for a modern, bold vision of Luxury BUSINESS A multi-brand model built on a long-term approach MODEL and creative autonomy of our Houses Agility Balance Responsibility STRATEGY Harnessing the full potential of Luxury to grow faster than our markets Promoting Enhancing synergies organic growth and integration Vision: Embracing creativity for a modern, bold vision of Luxury A new world order is unfolding. Against a backdrop of also become a vital means of self-expression, enabling our ever-faster change, new economies are taking shape as clients to display their singular personalities. cultures collide, disruptive technologies emerge and What Kering and its Houses propose is an experience. Our young “always-on” consumers seek meaningful connections. values are closely tied to a powerful, creative content Today’s change generation is shaking up the rules. imbued with modernity, and are complemented by the Kering is setting the trend, purposefully shaping the Luxury entrepreneurial spirit that permeates each of our brands of tomorrow, which will be more responsible and more in and creative teams. Our Group is driven forward by tune with our times while remaining true to the exceptional committed women and men who strive each day to create history and heritage of our Houses. Our ambition is to be authentic, ever-changing Luxury. the world’s most influential Luxury group in terms of We want to play our part in the emergence of a more creativity, sustainability and economic performance. sustainable world. We are constantly raising our creative Boldness is an essential source of inspiration and and production standards to ensure respect for the creativity.
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