Financial data

Results

Income statement for FiRST HALF OF 2017 and 2016

2017 vs 2016
€ mn1H 20161H 2017Curr. fxConst. fx(1) 
Net sales 4,719   4,917   4.2% 1.8%
- Wholesale 1,970   1,981   0.5% -1.2%
- Retail 2,749   2,937   6.8% 4.0%
Adjusted gross profit(3)(4) 3,108 65.8% 3,211 65.3% -50bps -60bps
Operating income 788 16.7% 868 17.6% +90bps +80bps
Adjustments (pre tax) (69)   (31)      
Adjusted operating income(3)(4) 857 18.2% 899 18.3% +10bps flat
- Adjusted wholesale operating income(3)(4) 565 28.7% 578 29.2% +50bps +30bps
- Adjusted retail operating income(3)(4) 384 14.0% 425 14.5% +50bps +40bps
Net income 476 10.1% 562 11.4% +130bps +130bps
Adjustments (after tax) (56)   (5)      
Adjusted net income(3)(4) 532 11.3% 567 11.5% +20bps +10bps
EPS 0.99   1.18      
Adjusted EPS(3)(4) 1.11   1.19   7.3% 4.1%


For additional information about adjusted figures and non-IFRS measure please see the press release

Cash flow

 June 30, 2016June 30, 2017YoY change
Adj. EBITDA(3) (4) 1,106 1,176 70
Δ working capital (295) (227) 68
Capex (285) (232) 53
Operating cash flow (3) 525 717 191
Free cash flow(3) 403 535 132

(3), (4) For additional disclosures, please see the presentation

Debt overview

Millions of EuroJune 30, 2016June 30, 2017YoY change
Net debt(3) (1,127) (1,113) 13
Net debt/adj. EBITDA 0.6x 0.6x
Net debt/adj. EBITDA excluding exchange rate effect (1) 0.6x 0.5x

(1) (3) (4) For additional disclosures, please see the presentation

Last updated: Aug 04 2017