FINANCE
FINANCE
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| EUR millions and as % | 2021 | 2020 | 2019 |
| Revenue | 64,215 | 44,651 | 53,67 |
| Gross margin | 43,860 | 28,78 | 35,547 |
| Gross margin as a percentage of revenue | 68.3% | 65.0% | 66.2% |
| Profit from recurring operations | 17,139 | 8,3 | 11,492 |
| Current operating margin as a percentage of revenue | 26.7% | 18.6% | 21.4% |
| Net profit | 12,664 | 4,97 | 7,81 |
| Net profit, minority interests’ share | 7,718 | 3,037 | 4,872 |
| Net profit, Group share | 4,946 | 1,933 | 2,938 |
| Cash from operations before changes in working capital | 22,611 | 13,99 | 16,092 |
| Operating investments | 2,664 | 2,478 | 3,294 |
| Operating free cash flow (a) | 13,518 | 6,093 | 6,237 |
| Equity, Group share | 15,372 | 11,27 | 10,88 |
| Minority interests | 30,995 | 24,974 | 24,837 |
| Total equity | 46,367 | 36,244 | 35,717 |
| Net financial debt (b) | 9,521 | 4,213 | 6,184 |
| 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 ».
| in euros | 2021 | 2020 | 2019 |
| Earnings per share | |||
| Basic Group share of net profit per share | 27.41 | 10.72 | 16.29 |
| Diluted Group share of net profit per share | 27.40 | 10.70 | 16.27 |
| Dividend per share | |||
| Interim dividend | 3.00 | 2.00 | 31.40 (b) |
| Final dividend | 7.00 | 4.00 | 2.60 |
| Gross amount paid for the fiscal year (a) | 10.00 | 6.00 | 34.00 (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.
| 2021 | 2020 | 2021/2020 Change | 2021/2019 Change | ||
| EUR millions and as % | published | organic (a) | organic (a) | ||
| Wines & Spirits | 5,974 | 4,755 | 26% | 26% | 9% |
| Fashion and Leather Goods | 30,896 | 21,207 | 46% | 47% | 42% |
| Perfumes and Cosmetics | 6,608 | 5,248 | 26% | 27% | -1% |
| Watches and Jewelry | 8,964 | 3,356 | 167% | 40% | 7% |
| Selective Retailing | 11,754 | 10,155 | 16% | 18% | -18% |
| Other activities and eliminations | 19 | -70 | ns | ns | ns |
| TOTAL | 64,215 | 44,651 | 44% | 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%.
| EUR millions and as % | 2021 | 2020 | 2021/2020 Change | 2021/2019 Change |
| Wines and Spirits | 1,863 | 1,388 | 34% | 8% |
| Fashion and Leather Goods | 12,842 | 7,188 | 79% | 75% |
| Perfumes and Cosmetics | 684 | 80 | x 8,6 | 0% |
| Watches and Jewelry | 1,679 (a) | 302 | x 5,6 | 128% |
| Selective Retailing | 534 | -203 | na | -62% |
| Other activities and eliminations | -463 | -455 | - | |
| TOTAL | 17,139 | 8,300 | 106% | 49% |
(a) non-comparable structure.
