F i r s t - h a l f r e s u l t s. 30 July 2014

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1 F i r s t - h a l f r e s u l t s 30 July 2014

2 Disclaimer This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in this document may include projections and forecasts. They express objectives based on current assessments and estimates of the Group s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Document de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on April 9, 2014 which is available on Kering s website at may cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by the Luxury Goods and Sport & Lifestyle brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation. The information contained in this document has been selected by the Group s executive management to present Kering s H results. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION. 2

3 2014 first-half results O p e r a t i n g p e r f o r m a n c e s f u r t h e r v a l i d a t i n g G r o u p m u l t i - b r a n d m o d e l Jean-François Palus Group General Manager 3

4 f i r s t - h a l f r e s u l t s Key H1 14 highlights H1 operating performances further validating Group multi-brand model Comparable revenue up +4% Gross Margin improvement +110 bps Group EBIT maintained at a high level, and improving at constant currency Operating cash flow up Luxury : First-half comparable revenues up sharply: +6%, driven by retail +10% Further increase in Luxury EBIT, propelled by outstanding performances of high-growth brands Strong operating profitability level: 24.7% Sport & Lifestyle : Promising revenue performance in the first half for all brands Puma sales stabilizing, encouraging order books Adverse FX impacting profits Group transformation achieved, no further material financial impact to be expected 4

5 f i r s t - h a l f r e s u l t s Operating performances by activity In m Change (%) Revenue Reported Comparable (*) Recurring Operating Income Reported change (%) Recurring Operating margin (%) Luxury 3, % +5.7% % 24.7% Sport & Lifestyle 1, % +0.4% % 4.7% Corporate & others % n.a. (60) -4.9% - Kering total 4, % +4.0% % 17.1% Luxury activities Gucci sales performance reflecting ongoing brand elevation, while delivering a very resilient operating margin Alongside Bottega Veneta, Saint Laurent and Other Brands confirming their relevance as drivers of additional sales and profit growth Sport & Lifestyle activities Puma performing in line with plan, ahead of Forever Faster launch due in Q3 14 Further improvement at Volcom and Electric, reflecting first signs of successful repositioning * At constant perimeter and exchange rates 5

6 2014 first-half results A n a l y s i s of H r e s u l t s Jean-Marc Duplaix Chief Financial Officer 6

7 Luxury activities H r e v e n u e : % c o m p a r a b l e Solid retail trends driving sales and EBIT growth X%: comparable growth In m H1 14 Reported change Revenue 3, % 3,078m +6% +12% +20% +7% +28% (3%) 3,230m Recurring operating income Recurring operating income margin % +1.2% -0.9pt Retail: +10% EBITDA EBITDA margin % +2.6% +9% +8% +10% Gross CAPEX % H1 13 H2 13 H1 14 H Western Europe North America Japan Asia Pacific Other Countries Wholesale H Luxury revenues up 5.7% in H1, driven by double-digit growth in retail, well balanced across all regions: +9% in emerging markets, +11% in mature markets Wholesale trend illustrating the move toward increased share of directly operated distribution Further EBIT growth, up c.9% in constant currency increased contribution of Bottega Veneta, YSL and Other Brands with a combined EBIT up 16%, now representing over a third of Luxury activities EBIT CAPEX level allowing to fully nurture each brand s potential while prioritizing investments 7

8 H r e v e n u e : % c o m p a r a b l e Satisfactory retail performances in the first half X%: comparable growth In m H1 14 Reported change Revenue 1, % 1,755m (1%) +7% +17% Retail: +3% (2%) +18% (16%) 1,676m Recurring operating income Recurring operating income margin % -5.1% -0.2pt EBITDA EBITDA margin % -4.7% Gross CAPEX % H Western Europe North America Japan Asia Pacific Other Countries Wholesale H A half-year retail performance reflecting contrasted situations, depending on implementation stages of brand strategy, on top of diverging macro trends Excellent dynamic in Japan and the US over H1 Western Europe bottoming APAC impacted by strategic move toward brand upscaling, amplified by adverse market conditions Wholesale down as anticipated, with a more normalized trend expected in H2 EBIT margin nearly unchanged, up in constant currency sustained gross margin improvement, strong discipline on reinvestment CAPEX broadly stable, with more emphasis on refurbs and relocations, and 6 net openings 8

9 Regions Regions Worldwide Worldwide Focus on brand elevation Handbags case study Q : handbags sales mix by price range Q : handbags sales mix by price range 18% 2% 32% 2% 2% 42% 54% 48% AuR price and retail revenue increase Handbags category architecture as of F/W 2014 FY M CAGR + 14% FY M SUPER HIGH CORE HIGH CORE MEDIUM FY 08 FY 09 FY 10 FY 11 FY 12 FY YTD 9 ENTRY

10 10

11 H r e v e n u e : % c o m p a r a b l e Sustained growth across the board X%: comparable growth In m H1 14 Reported change Revenue % Recurring operating income Recurring operating income margin EBITDA EBITDA margin % % +11.3% -0.5pt +13.0% 466m +11% +13% +25% Retail: +17% +17% +3% +22% 525m Gross CAPEX % H Western Europe North America Japan Asia Pacific Other Countries Wholesale H Very strong retail trends achieved in both Q1 and Q2 Sustained double-digit performance across all key regions, with growth consistently driven by leather goods category and Men s lines Wholesale trend reflecting strong appreciation of the Fall/Winter collection together with phasing impact due to favorable production and delivery flow Further double-digit EBIT increase, with margin dilution in line with plan: Incremental operating investments to fuel future growth Less positive impact from hedging CAPEX down from high H1 13 comparison base (Milan Maison and Montebello Atelier) 11

12 H r e v e n u e : % c o m p a r a b l e Significant investments are paying off X%: comparable growth In m H1 14 Reported change Revenue % Recurring operating income Recurring operating income margin % +50.4% +2.0pts 255m +35% +57% +57% +66% X2.6 (1%) 321m EBITDA EBITDA margin % +54.3% Retail: +56% Gross CAPEX % H Western Europe North America Japan Asia Pacific Other Countries Wholesale H Outstanding retail trends consistent throughout the first half Strong double-digit growth across all regions, buoyant in mature and emerging markets alike All categories contributing to growth Strong reception for the newly launched leather lines, continued success of iconic styles in shoes RTW retail revenues up 42% in H1 notably fueled by Men Sharp increase in EBIT, led by further gross margin improvement and operating leverage Selective retail network expansion and ambitious refurbishment program, following a strong investment phase in FY13 12

13 Other Luxury brands H r e v e n u e : % c o m p a r a b l e Soft luxury brands driving growth X%: comparable growth In m H1 14 Reported change +3% 708m Revenue % 603m +4% +14% +13% +32% +7% Recurring operating income Recurring operating income margin % +12.2% -0.4pt Retail: +12% EBITDA EBITDA margin % +17.3% Gross CAPEX % H Western Europe North America Japan Asia Pacific Other Countries Wholesale H Soft Luxury: Solid performances for the UK designer brands, with retail sales growth above 20% Double-digit retail trends at Balenciaga, accelerating in the second quarter Satisfactory performance at Brioni but Russian clientele exposure impacting traffic in Western Europe Watches & Jewelry: Positive trends in the first half, with different patterns between quarters, especially at Boucheron in Japan Pomellato: integration and geographical diversification on track Targeted investments adapted to each brand s lifecycle within a stable overall total 13

14 Sport & Lifestyle activities H r e v e n u e : % c o m p a r a b l e A promising first half X%: comparable growth In m H1 14 Reported change Revenue 1, % Recurring operating income Recurring operating income margin % -35.4% -2.2pts 1,587m Other 113m -1% +3% +3% -8% Y-o-Y Change (%) % comparable % reported +2% 1,499m Other 113m EBITDA EBITDA margin % -30.5% Puma 1,474m Puma Other brands +0.1% +4.0% -6.0% -0.4% Puma 1,386m Gross CAPEX % H Western Europe North America Japan Asia Pacific Other Countries H Puma: revenues stabilizing, further encouraging signs on positive order books Improved revenue trends in Q2 (+0.7%), with wholesale broadly stable and solid retail comparable sales North America sales pick-up confirmed in Q2, driven by accessories and positive impact of the Puma Labs at Footlocker; Western Europe more contrasted Renewed focus on performance gaining traction: World Cup boosting visibility in Football ahead of Arsenal Kit launch and Forever Faster campaign Other brands: repositioning starting to pay off Improved first half at Volcom with market share gains; solid growth at Electric driven by sunglasses EBIT decrease reflecting ongoing efforts to support brands re-launch, further exacerbated at Puma by adverse FX 14

15 15

16 F i n a n c i a l p e r f o r m a n c e In m H1 14 H1 13 Recurring operating income Other non-recurring operating income and expenses Net financial charges Corporate income tax Share in earnings of associates Net loss from discontinued operations (8) (105) (143) (2) (348) (25) (97) (138) (1) (388) Consolidated net income Of which: net income, Group share Net income, Group share, from continuing operations excluding non-recurring items Net income, Group share, per share (in euro) Net income per share from continuing operations, Group share, excluding non-recurring items (in euro)

17 F r e e c a s h f l o w f r o m o p e r a t i o n s In m H1 14 H1 13 Cash flow before taxes, dividends and interest Change in working capital requirement (excluding taxes) Corporate income tax paid 930 (263) (173) 913 (149) (165) Net cash flow from operating activities Acquisition of fixed operating assets Sale of fixed operating assets (215) 341 (208) 2 Free cash flow from operations

18 N e t f i n a n c i a l d e b t In m Net debt at December 31, ,443 Free cash flow from operations Net interest paid and dividend received Dividends paid Purchases of Kering shares Purchases of Puma shares Other acquisitions and disposals Other (620) Net debt at June 30, ,905 18

19 2014 first-half results C o n c l u s i o n & O u t l o o k Jean-François Palus Group General Manager 19

20 F i r s t - h a l f r e s u l t s Conclusion & outlook Priorities and action plans Luxury Organic growth and operating cash flow generation still main priorities for 2014, with dedicated actions plan in place Positive outcome in H1, albeit in a tougher market environment with diverging macro trends Positive comparable revenue trends expected at Gucci in H2 Sport and Lifestyle Puma on track ahead of Forever Faster launch in August Acquisition of Ulysse Nardin, strengthening our Luxury Watches & Jewelry activities Outlook for FY14 Disciplined management to improve operating performance in H2 while facing an uncertain environment 20

21 2014 first-half results Appendices 21

22 H O p e r a t i n g p e r f o r m a n c e R e p o r t e d f i g u r e s In m CONTINUING OPERATIONS H1 14 H1 13 Change Revenue 4,747 4, % Gross profit 3,020 2, % Gross profit margin 63.6% 62.5% Recurring operating income % Recurring operating income margin 17.1% 18.0% EBITDA % EBITDA margin 20.4% 21.0% 22

23 H r e v e n u e R e p o r t e d f i g u r e s Change In m H1 14 H1 13 m % Gucci Bottega Veneta Saint Laurent Other brands 1, , (78.5) % +12.9% +25.6% +17.5% Luxury division 3, , % Puma 1, ,473.9 (87.8) -6.0% Other brands (0.4) -0.4% Sport & Lifestyle division 1, ,586.9 (88.2) -5.6% Corporate % Kering 4, , % 23

24 Luxury activities H r e v e n u e : 3, M % c o m p a r a b l e ; % r e p o r t e d Revenue Y-o-y Change Other Countries 8% Western Europe 32% In m EURm % comparable % reported Q1 14 Q2 14 1,601 1, % +5.2% +5.1% +4.8% Asia Pacific 32% Japan 10% North America 18% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2013: 1149 June 30th, 2014:

25 H r e v e n u e : 1, M % c o m p a r a b l e ; % r e p o r t e d Revenue Y-o-y Change Other Countries 8% Western Europe 26% In m EURm % comparable % reported Q % (3.2%) Q (2.4%) (5.7%) Asia Pacific 37% North America 19% Japan 10% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2013: 474 June 30th, 2014:

26 H r e v e n u e : 525M % c o m p a r a b l e ; % r e p o r t e d Revenue Y-o-y Change Other Countries 4% Western Europe 26% In m EURm % comparable % reported Q % +9.5% Q % +16.1% Asia Pacific 42% North America 13% Japan 15% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2013: 221 June 30th, 2014:

27 H r e v e n u e : 321M % c o m p a r a b l e ; % r e p o r t e d Revenue Y-o-y Change Other Countries 9% In m EURm % comparable % reported Q % +24.2% Q % +26.9% Asia Pacific 22% Western Europe 41% Japan 7% North America 21% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2013: 115 June 30th, 2014:

28 Other Luxury brands H r e v e n u e : 708M % c o m p a r a b l e ; % r e p o r t e d Revenue Y-o-y Change Other Countries 10% In m EURm % comparable % reported Q % +17.4% Q % +17.5% Asia Pacific 17% Western Europe 47% Japan 8% North America 18% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2013: 339 June 30th, 2014:

29 Sport & Lifestyle activities H r e v e n u e : 1, M % c o m p a r a b l e ; % r e p o r t e d Revenue Y-o-y Change Other Countries 21% In m EURm % comparable % reported Q (0.2%) (6.3%) Q % (4.7%) Asia Pacific 13% Western Europe 31% Japan 8% North America 27% Recurring operating income % of sales In m H1 14 H1 13 H1 14 H1 13 Puma % 7.4% Other brands % - Sport & Lifestyle division % 6.9% 29

30 H r e c u r r i n g o p e r a t i n g i n c o m e Change In m H1 14 H1 13 m % Gucci Bottega Veneta Saint Laurent Other brands (28.4) % +11.3% +50.4% +12.2% Luxury division % Puma (39.0) -35.5% Other brands n.a. Sport & Lifestyle division (38.9) -35.4% Corporate (59.4) (56.6) (2.8) -4.9% Kering (32.5) -3.9% 30

31 H E B I T D A Change In m H1 14 H1 13 m % Gucci Bottega Veneta Saint Laurent Other brands (29.2) % +13.0% +54.3% +17.3% Luxury division % Puma (42.3) -30.8% Other brands (0.2) -10.0% Sport & Lifestyle division (42.5) -30.5% Corporate (50.3) (53.0) % Kering (16.4) -1.7% 31

32 N e t f i n a n c i a l c o s t s a n d i n c o m e t a x H In m H1 14 H1 13 Cost of net debt Other financial income and expenses (87) (18) (88) (9) Financial costs (net) (105) (97) In m H1 14 H1 13 Tax on recurring income Tax on non-recurring items (129) (14) (140) 2 Total tax charge (143) (138) Effective tax rate 20.5% 19.0% Recurring tax rate 18.3% 18.7% 32

33 H condensed consolidated balance sheet In m H1 14 H1 13 Goodwill, brands & other intangible assets - Net 14,361 14,397 Other net non-current assets Net current assets Provisions 4 1,039 (391) (413) 1,150 (318) CAPITAL EMPLOYED 15,013 14,816 Net assets held for sale (66) (72) SHAREHOLDERS EQUITY 11,042 11,556 NET DEBT 3,905 3,188 33

34 34

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