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Worldreginfo - 8B0df382-Fc9a-418E-8874-B6b567b62f86 Worldreginfo - 8B0df382-Fc9a-418E-8874-B6b567b62f86 01 VA V4 18/02/2016 17:11 Page1 WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page1 TABLE OF CONTENTS CHAPTER 1 Kering in 2015 3 CHAPTER 2 Our activities 15 CHAPTER 3 Financial information 57 2015 Financial Document ~ Kering 1 WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page2 2 Kering ~ 2015 Financial Document WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page3 Chapter 1 Kering in 2015 1. History 4 2. Key consolidated figures 6 3. Kering Empowering Imagination 8 4. Kering Group Simplified Organisational Chart as of December 31, 2015 14 2015 Financial Document ~ Kering 3 WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page4 1 KERING IN 2015 ~ HISTORY 1. HISTORy The Kering group was founded by François Pinault in 1997 1963, as a timber and building materials business. In the • Takeover by Redcats (Kering’s home shopping business) mid-1990s, the Group repositioned itself on the retail of Ellos, the leader on the Scandinavian mail order market and soon became one of the leading players in market. the sector. • Creation of Fnac Junior, a concept store for children The acquisition of a controlling stake in Gucci Group in 1999 under 12. and the establishment of a multi-brand Luxury Goods group marked a new stage in the Group’s development. 1998 • Takeover of Guilbert, the European leader in office In 2007, the Group seized a new growth opportunity with supplies and furnishings. the purchase of a controlling stake in PUMA, a world • Acquisition by Redcats of 49.9% of Brylane, the fourth- leader and benchmark in Sport & Lifestyle. largest home shopping company in the US. Having fully aligned the Group around its Luxury and • Creation of Made in Sport, a chain of stores dedicated Sport & Lifestyle activities, since 2014 Kering has continued to sports enthusiasts. its growth story aimed at unlocking the potential of its brands. 1999 • Purchase of the remaining stake in Brylane. 1963 • The Group enters the Luxury Goods sector with the • François Pinault establishes the Pinault group, acquisition of 42% of Gucci Group NV. specialising in timber trading. • First steps towards the creation of a multi-brand Luxury Goods group, with the acquisition by Gucci Group of 1988 Yves Saint Laurent, YSL Beauté and Sergio Rossi. • Flotation on the Paris Stock Market’s Second Marché of • Launch of fnac.com, the Fnac website. Pinault SA, a company specialising in timber trading, distribution and processing. 2000 • Acquisition of Surcouf, a specialised PC retailer. 1990 • Acquisition by Gucci Group of Boucheron. • Acquisition of Cfao, a group specialising in electrical • Launch of Citadium, the new Printemps sports store. equipment distribution (through CDME, which became Rexel in 1993) and in trading with Africa. 2001 • Gucci Group acquires Bottega Veneta and Balenciaga 1991 and signs partnership agreements with Stella McCartney • The Group acquires Conforama and enters the retail and Alexander McQueen. market. • Pinault-Printemps-Redoute raises its stake in Gucci Group to 53.2%. 1992 • The Pinault-Printemps Group is born with the takeover 2002 of Au Printemps SA, which held 54% of La Redoute and • The Group raises its stake in Gucci Group to 54.4%. Finaref. • Sale of the Guilbert home shopping business to Staples Inc. • Partial disposal of the Credit and Financial Services 1994 division in France and Scandinavia to Crédit Agricole SA • La Redoute is merged into Pinault-Printemps, and the (61% of Finaref) and BNP Paribas (90% of Facet). Group is subsequently renamed Pinault-Printemps- Redoute. 2003 • Takeover of Fnac. • The Group raises its stake in Gucci Group to 67.6%. • Sale of Pinault Bois & Matériaux to the Wolseley group 1995 in the UK. • Launch of the Group’s first website, laredoute.fr. • Sale of an additional 14.5% stake in Finaref. 1996 • Creation of Orcanta, a women’s lingerie chain. 4 Kering ~ 2015 Financial Document WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page5 HISTORY ~ KERING IN 2015 1 2004 2011 • The Group raises its stake in Gucci Group to 99.4% • Closing of the sale of Conforama to Steinhoff. further to a tender offer. • New organisation of the Luxury Division. • Sale of Rexel. • Acquisition of Volcom. • Sale of the residual 24.5% stake in Finaref. • Increased stake (50.1%) in Sowind Group (Girard- Perregaux and JEANRICHARD). 2005 • Announced acquisition of Brioni. • Change of corporate name: Pinault-Printemps-Redoute becomes PPR. 2012 • Sale of the residual 10% stake in Facet. • Closing of the acquisition of Brioni. • Sale of the remaining 42% stake in Cfao to TTC. 2006 • Creation of a joint venture with Yoox S.p.A. dedicated to • Sale of 51% of France Printemps to RREEF and the e-commerce for several brands of the Luxury Division. Borletti group. • Announced project to demerge and list Fnac. • Sale of Orcanta to the Chantelle group. • Sale of Fnac Italy. • Sale of the Bernay industrial site (YSL Beauté Recherche • Sale of Redcats USA business (The Sportsman’s Guide and et Industrie). The Golf Warehouse, announced sale of OneStopPlus). • Discontinuation of Fnac Service’s activities. • Announced acquisition of a majority stake in Chinese • Acquisition by Conforama of a majority stake in Sodice fine jewellery brand Qeelin. Expansion. • Acquisition by Redcats group of The Sportsman’s 2013 Guide, Inc. • Closing of the acquisition of a majority stake in Chinese fine jewellery brand Qeelin. 2007 • Acquisition of a majority stake in the luxury designer • Sale of the residual 49% stake in France Printemps to brand Christopher Kane. RREEF and the Borletti group. • Closing of the sale of OneStopPlus. • Sale of Kadéos to the Accor group. • Sale of the Children and Family division of Redcats, • Acquisition of a 27.1% controlling stake in PUMA. This Cyrillus and Vertbaudet. stake was increased to 62.1% further to a tender offer. • Acquisition of a majority stake in tannery France Croco. • Sale of the Nordic brands of Redcats, Ellos and Jotex. 2008 • Listing of Groupe Fnac. • Sale of YSL Beauté to L’Oréal. • Change of corporate name: PPR becomes Kering. • Sale of Conforama Poland. • Acquisition of a majority stake in Italian jewellery group • Sale by Redcats UK of Empire Stores and by Redcats Pomellato. USA of the Missy division. • Kering enters into exclusive negotiations for the disposal • Acquisition of a 23% stake in Girard-Perregaux. of La Redoute and Relais Colis. 2009 2014 • Acquisition by PUMA of Dobotex International BV. • Closing of the sale of La Redoute and Relais Colis. • Acquisition by PUMA of Brandon AB. • Announced project of internalisation of the Eyewear • Sale of Bédat & Co. business value chain. • Sale of Surcouf. • Acquisition of the haute horlogerie brand Ulysse Nardin. • Flotation of 58% of Cfao. 2015 2010 • Sale of the industrial property rights of the Tretorn • Acquisition by PUMA of a 20% stake in Wilderness group (which include trademark rights, patents and Holdings Ltd. designs) by PUMA (June 2015). • Acquisition by PUMA of COBRA. • Launch of Kering Eyewear (June 2015). • Sale of Fnac éveil & jeux. • Sale of the Italian luxury shoemaker Sergio Rossi • Sale of the controlling stake in Conforama to Steinhoff. (December 2015). 2015 Financial Document ~ Kering 5 WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page6 1 KERING IN 2015 ~ KEY CONSOLIDATED FIGURES 2. Key consolidated figures (in € millions) 2015 2014 Revenue 11,584 10,038 o/w generated in emerging countries (as a % of revenue) 36.8% 37.6% EBITDA 2,056 1,991 EBITDA margin (as a % of revenue) 17.8% 19.8% Recurring operating income 1,647 1,664 Recurring operating margin (as a % of revenue) 14.2% 16.6% Net income attributable to owners of the parent 696 529 o/w net income from continuing operations excluding non-recurring items 1,017 1,177 Gross operating investments (1) 672 551 Free cash flow from operations (2) 660 1,078 Average number of employees 34,697 32,890 (1) Purchases of property, plant and equipment and intangible assets. (2) Net cash flow from operating activities - net acquisitions of property, plant and equipment and intangible assets. Per share data (in €) 2015 2014 Earnings per share attributable to owners of the parent 5.52 4.20 o/w continuing operations excluding non-recurring items 8.07 9.35 Dividend per share 4.00 (3) 4.00 (3) Subject to the approval of the Annual General Meeting on April 29, 2016. Revenue breakdown Revenue breakdown by Division by region 2015 Luxury 68% 2015 Western Europe 31% Sport & Lifestyle 32% North America 23% €11.6bn Asia Pacific 26% Other countries 10% Japan 10% Group revenue Number of directly-operated stores reported change, 2015 vs 2014 comparable (1) by region (luxury division) in % change, in % 2015 Emerging countries 491 +15.4% Western Europe 326 Group +4.6% +5.9% +4.0% +4.1% 1,264 2014 2015 Luxury Sport & Lifestyle Division Division Japan 237 North America 210 (1) Comparable revenue is defined on page 58. 6 Kering ~ 2015 Financial Document WorldReginfo - 8b0df382-fc9a-418e-8874-b6b567b62f86 01_VA_V4 18/02/2016 17:11 Page7 KEY CONSOLIDATED FIGURES ~ KERING IN 2015 1 Recurring operating income Dividend per share Breakdown by Division * (in euros) 2015 Luxury 95% 4.00 4.00 Sport & Lifestyle 5% 3.75 €1.65bn 2013 2014 2015* * Subject to the approval of the Annual General Meeting on April 29, 2016. * Excluding Corporate. Net income attributable Net income attributable to owners of the parent to owners of the parent (in € millions) from continuing operations excluding non-recurring items (in € millions) 696 1 177 1 017 529 2014 2015 2014 2015 Financial position Liquidity debt-to-equity ratio 11,623 11,262 4,132 Maturity schedule of net debt (1) (€4,679 million) 39.0 % 40.3 % 1,770 2014 2015 693 639 593 536 Equity (in € millions) 448 Net debt as a percentage of consolidated equity Undrawn 2016* 2017** 2018** 2019** 2020** Beyond** 2014 2015 confirmed Net debt (1) (ND) credit lines (in € millions) (in € millions) 4,391 4,679 Solvency ratio (ND/EBITDA) 2.21 (2) 2.28 * Gross borrowings after deduction of cash equivalents.
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