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Financial Highlights

Key consolidated data

EUR millions and as %202120202019
Revenue64,21544,65153,67
Gross margin43,86028,7835,547
Gross margin as a percentage of revenue68.3%65.0%66.2%
Profit from recurring operations17,1398,311,492
Current operating margin as a percentage of revenue26.7%18.6%21.4%
Net profit12,6644,977,81
Net profit, minority interests’ share7,7183,0374,872
Net profit, Group share4,9461,9332,938
Cash from operations before changes in working capital22,61113,9916,092
Operating investments2,6642,4783,294
Operating free cash flow  (a)13,5186,0936,237
Equity, Group share15,37211,2710,88
Minority interests30,99524,97424,837
Total equity46,36736,24435,717
Net financial debt  (b)9,5214,2136,184
Net financial debt / Total equity ratio 20.5 %11.6 %17.3 %

(a) See the consolidated cash flow statement in the consolidated financial statements for definition of operating free cash flow.
(b) Excluding lease liabilities and purchase commitments for minority interests' shares, included in « Other non-current liabilities ».

Data per share

in euros202120202019
Earnings per share
Basic Group share of net profit per share27.4110.7216.29
Diluted Group share of net profit per share27.4010.7016.27
Dividend per share
Interim dividend3.002.0031.40 (b)
Final dividend7.004.002.60
Gross amount paid for the fiscal year (a)10.00 6.0034.00 (c)

(a) Excluding the impact of tax regulations applicable to recipients.
(b) Of which 2.20 euros as an ordinary part and 29.20 euros as an exceptional part.
(c) Of which 4.80 euros as an ordinary part and 29.20 euros as an exceptional part.

Revenue per business group

202120202021/2020 Change2021/2019 Change
EUR millions and as %publishedorganic (a)organic (a)
Wines & Spirits5,9744,75526%26%9%
Fashion and Leather Goods30,89621,20746%47%42%
Perfumes and Cosmetics6,6085,24826%27%-1%
Watches and Jewelry8,9643,356167%40%7%
Selective Retailing11,75410,15516%18%-18%
Other activities and eliminations19-70nsnsns
TOTAL64,21544,65144%36%14%

(a) with comparable structure and constant exchange rates. The structural impact for the Group compared to 2020 was +10% mainly related to the consolidation of Tiffany & Co. for the first time. The currency effect was -2%.

Profit from recurring operations by business group

EUR millions and as %202120202021/2020 Change2021/2019 Change
Wines and Spirits1,8631,38834%8%
Fashion and Leather Goods12,8427,18879%75%
Perfumes and Cosmetics68480x 8,60%
Watches and Jewelry1,679 (a)302x 5,6128%
Selective Retailing534-203na-62%
Other activities and eliminations-463-455-
TOTAL17,1398,300106%49%

(a) non-comparable structure.

Revenue by business group

Revenue by geographic region of delivery

Revenue by currency