2010 ANNUAL REPORT OVERVIEW OF THE gROUP - 3rd quarter ...

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KEY FIGuRES KEY CONSOLIDATED DATA (in millions of euros) Revenue Recurring operating income Operating income Net income attributable to owners of the parent Operating cash flows Investments (excluding financial investments) Shareholders’ equity1 Net cash position Restated net cash3 Economic value added4 Return on capital employed (ROCE) 5 Number of employees 1 Equity excluding non-controlling interests. 2 After application of IAS 38 on the treatment of samples at the point of sale and of advertising and promotional expenditure. 3 Includes non-liquid financial investments and borrowings. 4 Difference between adjusted operating income after tax on operating income and the weighted average cost of capital employed (net value of long-term capital and working capital). 5 Difference between adjusted operating income after tax on operating income and the average cost of capital employed. BREAKDOWN OF REvENUE BY SECTOR 2010 (2009) Leather Goods-Saddlery 50% (49%) Ready-to-Wear & Accessories 19% (19%) Silk & Textiles 12% (12%) perfumes 6% (6%) Watches 5% (5%) Other Hermès sectors 3% (4%) Tableware 2% (2%) Other products 3% (3%) 2010 2,400.8 668.2 668.2 421.7 571.5 153.8 2,150.3 828.5 950.1 332.7 32% 8,366 2009 1,914.3 462.9 462.9 288.8 401.1 207.3 1,789.9 507.6 576.4 191.6 21% 8,057 BREAKDOWN OF REvENUE BY REGION 2010 (2009) 2008 1,764.6 449.2 449.2 290.2 378.9 160.4 1,588.5 450.5 432.4 190.8 22% 7,894 2007 1,625.1 414.5 423.7 288.0 356.6 155.9 1,459.8 480.5 485.5 196.5 25% 2 2 7,455 France 19% (20%) Rest of Europe 19% (20%) Americas 16% (15%) Japan 19% (21%) 2006 1 514.9 401.1 415.2 268.4 321.7 134.3 1,409.0 538.2 536.3 197.7 26% Rest of Asia-pacific 26% (22%) Other 1% (2%) 6,825
CONSOLIDATED REvENUE (in millions of euros) 1,227 1,242 1,230 1,331 1,427 1,515 1,625 1,765 1,914 2,401 2001 2002 2003 2004 1 2005 2006 2007 2008 2009 2010 1 2004 figures are restated under IFRS. NUMBER OF EXCLUSIvE RETAIL OUTLETS 252 107 145 267 111 156 287 121 166 304 124 180 317 124 193 2006 2007 2008 2009 2010 Branches Concessionnaires RECURRING OpERATING INCOME (in millions of euros) 307 320 333 357 384 2001 2002 2003 2004 1 2005 2006 2007 2008 2009 2010 1 2004 figures are restated under IFRS. 401 415 449 463 2006 2007 2008 2009 2010 Investments Operating cash flows 668 INvESTMENTS (EXCLUDING FINANCIAL INvESTMENTS) AND OpERATING CASH FLOWS (in millions of euros) 134 322 156 357 160 379 207 401 154 571 21
Page 1: 2010 ANNUAL REPORT OVERVIEW OF THE
Page 4 and 5: 2010 REGISTRATION DOCUMENT FILED WI
Page 6 and 7: 2010 Tales to be told�
Page 9: Bertrand Puech and Patrick Thomas.
Page 12 and 13: GROuP MANAGEMENT The role of the Ex
Page 14 and 15: MANAGEMENT BODIES The Supervisory B
Page 17: ≤ Window display at 24, faubourg
Page 20 and 21: Bracelets in enamel. Chaîne d’an
Page 24 and 25: 22. key figures KEY STOCK MARKET DA
Page 26 and 27: SIMPLIFIED ORGANISATION CHART AS AT
Page 29 and 30: Review of Operations
Page 31: EXCEpTIONAL GROWTH IN EARNINGS AND
Page 34 and 35: 32. activity by sector BAGS AND LUG
Page 36 and 37: 34. activity by sector DIARIES AND
Page 38 and 39: 36. activity by sector MEN’S READ
Page 40: 38. activity by sector HERMÈS SHOE
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Page 46 and 47: ∫ Silk twill ties 2.75 inches and
Page 48 and 49: 46. activity by sector ≥ Centaure
Page 51 and 52: ≤ Voyage d’Hermès fragrance. p
Page 54 and 55: 52. activity by sector TABLEWARE Ta
Page 56 and 57: 54. activity by sector OTHER gROUP
Page 58 and 59: 56. activity by sector INTERIOR DES
Page 60 and 61: 58. activity by sector PARTNERSHIPS
Page 63 and 64: ACTIVITY BY REGION The Hermès Grou
Page 65 and 66: AmERICAS In 2010, the Hermès Group
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Page 70 and 71: 68. activity by region Portugal 1 I
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Mexico 4 USA 55 Panama 1 Canada 5 C
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72.activity by region Lebanon 1 Bah
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Le Mans Textiles Le Vaudreuil Perfu
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76. environement CHANGE IN WATER CO
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HERMÈS: A RESPONSIBLE, COMMITTED E
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Breakdown of workforce by gender 68
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FORUM H: A BIANNUAL REUNION FOR STA
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ENCOURAGING ENvIRONMENTAL AWARENESS
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À travers by Elisabeth Clark at th
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harmoniously in society and learnin
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COMpLIANCE WITH AppLICABLE LAWS IN
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CONTROL OvER SOURCING Hermès retai
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96. consolidated results INVESTmENT
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PERSPECTIVES FURTHER EXPANSION FOCU
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102. summary consolidated financial
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104. summary consolidated financial
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108. schareholder’s guide HOW TO
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110. schareholder’s guide 25 May
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photo credits Cover: Paolo Roversi
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A U T O R I T É D E S M A R C H É
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Contents 7 Overview of Hermès Inte
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Overview of Hermès International a
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Corporate governance - Report from
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Gouvernement d’entreprise - Rappo
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Supervisory Board Rules of Procedur
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Supervisory Board Rules of Procedur
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Corporate Governance Summary inform
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Corporate Governance 38 CORPORATE G
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Corporate Governance TRANSACTIONS I
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Corporate Governance 44 GOUVERNEMEN
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Corporate Governance Table 6 52 GOU
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Corporate Governance Table 9 54 GOU
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Corporate appointments and offices
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Information on the share capital SH
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Information on the share capital CH
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Information on the Shareholders APP
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Information on the Shareholders ano
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Information on the Shareholders fam
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Information on the Shareholders SHA
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Change in share price over the past
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INFORMATION ON THE PARENT COMPANY F
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Property and Insurance 90 Property
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Insurance The Hermès Group’s pol
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Natural resources consumption • C
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Results by sector LEATHER GOODS •
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Fossil fuels Gas consumption rose b
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production over those two years, co
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for the period 2005-2010. A non-Gro
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installed at the end of 2009, which
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• Figures 2007 2008 2009 2010 Wat
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workshop’s stripping tanks, which
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100 years), which required more air
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NRE annexes: Human resources 117 Gr
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Human resources information WORKFOR
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Consolidated financial statements 1
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Consolidated statement of financial
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Consolidated statement of changes i
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Consolidated statement of cash flow
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Notes to the consolidated financial
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Parent company financial statements
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Statement of financial position as
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Statement of changes in equity as a
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Notes to the financial statements 1
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Notes to the financial statements N
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List of subsidiaries and associates
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Five-year summary of the Company’
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Agenda of the Combined General Meet
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Agenda of the Combined General Meet
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Description of proposed resolutions
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Description of proposed resolutions
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Information on Board members whose
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Rapport du Conseil de surveillance
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Statutory Auditors’ report on the
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Statutory Auditors’ special repor
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Resolutions submitted to the combin
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Articles of Association of Hermès
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Auditors STATUTORY AUDITORS 266 ADD
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Cross-reference table The following
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Reconciliation with Management Repo
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A N ÉDITIONS H ER M È S ® PU BLI
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