• Hermès International: 2023 Full-Year Results

    Source: Nasdaq GlobeNewswire / 09 Feb 2024 02:00:00   America/New_York

    Outstanding sales and results in 2023

    Revenue amounted to €13.4 billion
    (+21% at constant exchange rates and +16% at current exchange rates)
    Recurring operating income reached €5.7 billion (+20%)
    Net profit amounted to €4.3 billion (+28%)

    Paris, 9 February 2024

    The group’s consolidated revenue amounted to €13,427 million in 2023, up 21% at constant exchange rates and 16% at current exchange rates compared to 2022. Recurring operating income amounted to €5,650 million, i.e. 42.1% of sales. Net profit group share reached €4,311 million, an increase of 28%.

    In the fourth quarter 2023, sales reached €3,364 million, up 18% at constant exchange rates and 13% at current exchange rates, despite the particularly high comparison base in America and in Asia. The group pursued the trend seen over the third quarter, thanks to sustained sales.

    Axel Dumas, Executive Chairman of Hermès, said: “In 2023, Hermès has once again cultivated its singularity and achieved an outstanding performance in all métiers and across all regions against a high base. These solid results reflect the strong desirability of our collections and the commitment and talent of the house’s women and men. I thank them all warmly.”

    Sales by geographical area at the end of December
    (at constant exchange rates unless otherwise indicated)

    At the end of December, all the geographical areas posted a solid performance with homogeneous growth of around 20%. Sales increased both in the group’s stores (+20%), which benefitted from a strong demand and the reinforcement of the exclusive distribution network, and in wholesale activities (+24%), driven by the travel retail business.

    Asia excluding Japan (+19%) pursued its strong growth, with significant increases in sales in all the countries of the region. A second store opened in October in Chengdu, the capital city of the province of Sichuan, becoming the house’s thirty-third address in Mainland China, following the opening of a store in Tianjin in July. In Korea, the store at the Shilla Hotel in Seoul reopened in December after renovation and extension work.

    Japan (+26%) recorded a steady and sustained increase in sales. The Daimaru Sapporo store on Hokkaido island and the Takashimaya store in the centre of Kyoto were inaugurated in October and November, after renovation and expansion.
    America (+21%) confirmed an outstanding performance, in particular in the second half of the year. After being renovated and expanded, the Chicago store was inaugurated at the end of October, and the Bellagio store reopened in Las Vegas in December, following the store openings of Naples on the Gulf of Mexico in February, Aspen in June and Los Angeles Topanga in July. The Hermès in the Making travelling exhibition which showcases the know-how of the House, met with great success in Chicago in October.

    Europe excluding France (+20%) and France (+20%) recorded robust growth, thanks to the loyalty of local clients and to the dynamic of tourists flows. Following renovation, the Crans-Montana store in Switzerland reopened in December, after the store located in the historic centre of Bordeaux in November and the Vienna store in Austria in September. The Silk event Par un beau soir de carrés, staged in Brussels in November, attracted great attention.

    Sales by sector at the end of December
    (at constant exchange rates unless otherwise indicated)

    At the end of December 2023, all the métiers confirmed their solid momentum, with Ready-to-wear and Accessories, Watches and Other Hermès Sectors achieving a remarkable increase.

    The Leather Goods and Saddlery métier (+17%), which demand is very sustained, saw a strong increase. The Maximors bag, with its sterling work, and Della Cavalleria Élan and Arçon bags have been unveiled. Finally, the models displaying exceptional savoir-faire in an Arts & Craft’s spirit around the Haut à Courroies notably have met with great success.
    In 2023, Hermès inaugurated the leather goods workshops in Louviers and la Sormonne, the first two industrial buildings in France to carry the E4C2 label that assesses environmental performance based on energy consumption and carbon emissions. Production capacities continue to grow with four leather goods workshop projects over the next four years: Riom (Puy-de-Dôme) in 2024, L’Isle-d’Espagnac (Charente) in 2025, Loupes (Gironde) in 2026 and Charleville-Mézières (Ardennes) scheduled for 2027, which will reinforce the nine centres of expertise located all over France. Hermès continues to reinforce its local anchoring in France in regions with strong manufacturing know-how, while also developing employment and training.

    The Ready-to-wear and Accessories sector (+28%) pursued its strong growth, thanks to the success of the ready-to-wear and footwear collections. The men’s and women’s spring-summer 2024 collections were very well received when they were presented at fashion shows in June and September respectively.

    The Silk and Textiles sector (+16%) recorded a solid performance, supported by the success of the collections which feature exceptional materials and unique craftsmanship. Production capacities continue to expand, notably with the set-up of a new printing line at the Pierre-Bénite site in Lyon.

    The Perfume and Beauty sector (+12%) benefitted from the success of both the latest creations and the House’s classics such as Terre d'Hermès, the Jardins collection and Twilly d’Hermès. The Hermès Beauty range was enhanced with a fifth chapter at the end of September, Regard Hermès, inspired by the House’s emblematic shades, as well as with limited editions of Rouge Hermès.

    The Watches métier (+23%) confirmed its splendid performance, displaying singular creativity and remarkable watchmaking know-how, in both the complication models and the House’s iconic models. The Hermès H08 line is a great success and welcomed several new models this year.

    The Other Hermès sectors (+26%), which include Jewellery and Homeware, recorded strong growth. Jewellery showcased the Chaîne d’ancre design, reinterpreted in a multitude of shapes and materials unveiled at an exhibition at the Faubourg store in Paris in July.
    Outstanding results

    Recurring operating income increased by 20% to €5,650 million compared to €4,697 million in 2022. Thanks to the strong sales growth and the favourable impact of currency hedging, annual recurring operating profitability reached its highest level ever at 42.1%, up from 40.5% in 2022.

    Consolidated net profit group share amounted to €4,311 million (32.1% of sales) compared to €3,367 million in 2022, an increase of 28% resulting from the outstanding operating performance as well as an improved return on cash management.

    Operating cash flow was €5,123 million, up 25%. This enabled us to finance €859 million of operating investments and a €794 million increase in working capital requirements, consistent with the strong rise in activity. Adjusted free cash flow reached €3,192 million.

    After distribution of the ordinary dividend (€1,359 million) and inclusion of financial investments (€316 million) and treasury share buybacks (€132 million for 74,954 shares outside the liquidity contract), the restated net cash position increased by €1,422 million to €11,164 million compared to €9,742 million as at 31 December 2022.

    A sustainable and responsible model

    The Hermès group continued to recruit and increased its workforce by around 2,400 people. At the end of 2023, the group had 22,040 employees, including 13,700 in France. Over the past three years, Hermès has created more than 5,400 jobs, including 3,300 in France.

    True to its commitment as a responsible employer, and its policy of sharing the fruits of growth with all those who contribute to it on a daily basis, Hermès will pay at the beginning of the year a bonus of €4,000 to all its employees worldwide in respect of 2023, after announcing last July a new plan for the allocation of free shares to all the employees. Hermès is strengthening its commitments in the fields of education and knowledge transmission particularly through the deployment of the École Hermès des savoir-faire, which has extended its leatherwork, cutting and stitching diploma courses in 8 regional training schools in France this year.

    In line with the House’s commitments to the fight against climate change, Hermès pursued its actions in line with its emissions reduction targets validated by the Science Based Target initiative (SBTi). Hermès aims to reduce emissions by 50.4% on scope 1 and 2 in absolute value and by 58.1% in intensity on scope 3, over the 2018-2030 period. Pursuing its commitment to quality and the development of sustainable materials for its 16 business lines, the House is continuing its drive to achieve certification for its 44 supply chains by 2024. Thus, at the end of December, more than 80% of the leather goods division’s suppliers were LWG (Leather Working Group) certified.

    In 2023, the group has initiated the Science Based Targets for Nature (SBTN) process to set scientific targets for nature, in particular in biodiversity, fresh water, forests and soils. Hermès is one of 120 companies worldwide to have launched this process. Regarding the protection of natural resources, the House also implemented its particularly demanding responsible real estate standard that integrates sustainability issues across the life cycle of real estate projects.

    Proposed dividend

    At the General meeting to be held on 30 April 2024, a dividend proposal of €15.00 per share will be made. The €3.50 interim dividend that will be paid on 15 February 2024, will be deducted from the dividend approved by the General Meeting. In addition, an exceptional dividend of €10.00 per share will be proposed to the General meeting.

    Post-closing event

    No significant event has occurred since the closing on 31 December 2023. In line with its distribution network vertical integration strategy, the house has reinforced its relationship with its historical partner in the Middle East. Thus, Hermès became in early 2024 a majority shareholder alongside its partner in the retail activities located in the United Arab Emirates. The latter remains the majority shareholder in the other countries of the region (Qatar, Kuwait, Bahrain). The impact of the change in consolidation method resulting from this acquisition of a majority stake and the amount paid will not be significant on the 2024 consolidated financial statements.

    Outlook

    In the medium-term, despite the economic, geopolitical, and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.

    The group has moved into 2024 with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients.

    Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.

    For 2024, the theme will be In the Spirit of the Faubourg. This place, the fruit of Émile Hermès’ dream, is the beating heart of the house. It accompanies Hermès everywhere and inspires the effervescence and joyful spirit so dear to the house.

    The press release and the presentation of the 2023 results are available on the group’s website: https://finance.hermes.com

    At the Supervisory Board meeting on 8 February 2024, Executive Management presented the audited financial statements for 2023.
    The audit procedures have been completed and the audit report is under preparation.
    The complete consolidated financial statements will be available by 31 March 2024 at the following address https://finance.hermes.com and on the AMF website: www.amf-france.org

    Upcoming events:

    • 25 April 2024: Q1 2024 revenue publication
    • 30 April 2024: General meeting of shareholders
    • 25 July 2024: publication of H1 2024 results (after market)


    2023 KEY FIGURES

    In millions of euros20232022
       
    Revenue13,42711,602
    Growth at current exchange rates vs. n-115.7 %29.2%
    Growth at constant exchange rates vs. n-1 (1)20.6 %23.4%
       
    Recurring operating income (2)5,6504,697
    As a % of revenue42.1%40.5%
       
    Operating income5,6504,697
    As a % of revenue42.1%40.5%
       
    Net profit – Group share4,3113,367
    As a % of revenue32.1%29.0%
       
    Operating cash flows5,1234,111
       
    Operating investments 859518
       
    Adjusted free cash flow (3)3,1923,405
       
    Equity – Group share15,20112,440
       
    Net cash position (4)10,6259,223
       
    Restated net cash position (5)11,1649,742
       
    Workforce (number of employees) (6)22,03719,686

    (1)   Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period’s revenue, for each currency.

    (2)   Recurring operating income is one of the main performance indicators monitored by the group’s General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group’s economic performance.

    (3)   Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.

    (4)           The net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.

    (5)           The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.

    (6)   The headcount relates to employees on permanent contracts and those on fixed-term contracts lasting more than 9 months.

    INFORMATION BY GEOGRAPHICAL ZONE (a)

      As of Dec. 31stEvolution /2022
    In millions of Euros 20232022PublishedAt constant exchange rates
    France 1,2741,06419.8%19.8%
    Europe (excl. France) 1,8181,53618.4%20.2%
    Total Europe 3,0932,60019.0%20.0%
    Japan 1,2601,10114.5%25.7%
    Asia-Pacific (excl. Japan) 6,2735,55612.9%19.1%
    Total Asia 7,5336,65713.2%20.2%
    Americas 2,5022,13817.1%20.5%
    Other 29920744.4%44.0%
    TOTAL 13,42711,60215.7%20.6%


      4th quarterEvolution /2022
    In millions of Euros 20232022PublishedAt constant exchange rates
    France 35931115.5%15.5%
    Europe (excl. France) 49141318.9%21.0%
    Total Europe 85072417.4%18.6%
    Japan 32127915.0%26.2%
    Asia-Pacific (excl. Japan) 1,4011,3146.6%12.3%
    Total Asia 1,7221,5938.1%14.8%
    Americas 71762015.7%21.6%
    Other 765439.4%39.2%
    TOTAL 3,3642,99112.5%17.5%

    (a) Sales by destination.

    INFORMATION BY SECTOR

      As of Dec. 31stEvolution /2022
    In millions of Euros 20232022PublishedAt constant exchange rates
    Leather Goods and Saddlery (1) 5,5474,96311.8%16.7%
    Ready-to-wear and Accessories (2) 3,8793,15223.1%28.2%
    Silk and Textiles 93284210.7%15.6%
    Other Hermès sectors (3) 1,6531,37120.5%25.8%
    Perfume and Beauty 4924489.8%11.7%
    Watches 61151917.7%23.2%
    Other products (4) 3133062.2%5.2%
    TOTAL 13,42711,60215.7%20.6%


      4th quarterEvolution /2022
    In millions of Euros 20232022PublishedAt constant exchange rates
    Leather Goods and Saddlery (1) 1,3711,3005.4%10.4%
    Ready-to-wear and Accessories (2) 94577521.9%27.5%
    Silk and Textiles 2852638.3%13.3%
    Other Hermès sectors (3) 41334818.9%24.4%
    Perfume and Beauty 12610519.9%22.2%
    Watches 13811816.7%22.0%
    Other products (4) 87825.6%8.8%
    TOTAL 3,3642,99112.5%17.5%

    (1) The “Leather Goods and Saddlery” business line includes bags, riding, memory holders and small leather goods.
    (2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
    (3) The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
    (4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.

    2023 quarterly revenue

      Q1Q2Q3Q42023
    Revenue (in €m) 3,3803,3173,3653,36413,427
    Growth at current exchange rates 22.3%22.4%7.3 %12.5 %15.7 %
    Growth at constant exchange rates 23.0%27.5%15.6 %17.5 %20.6%

    --------------------------------------------------------------------------------

    Extra-financial performances

    RESPONSIBLE EMPLOYER
    2,400
    Jobs created

         		DIVERSITY AND INCLUSION
    6.85%
    Direct disability employment rate

         		GENDER EQUALITY
    60%
    Women managers in the group

     
     

    VERTICAL
    INTEGRATION
    55%
    Manufactured in its in-house and exclusive workshops

         		 

    LONG-TERM RELATIONSHIPS
    19 years
    Average age of supplier relationships (Top 50)

         		 

    LOCAL
    ANCHORING
    74%
    Objects
    made in France

     
     

    CLIMATE
    Scopes 1 & 2 (SBTi)
    -30%
    Emissions reduction in absolute value between in 2023 vs 2022

         		 


    BIODIVERSITY
    SBTN
    Scientific approach for
    nature initiated

         		 

    WATER
    CONSUMPTION
    -62%
    Industrial water intensity
    over 10 years
     

    TRANSPARENCY
    AWARDS
    #1
    CAC
    LARGE 60

         		 

    COMMITTED TO COMMUNITIES
    400
    Local actions and
    partnerships in 2023

         		 


    DURABILITY
    > 200,000
    Repairs
    in workshops

     

    APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS

    Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2024 on the website https://finance.hermes.com, together with the other chapters of the Annual Financial Report.

    CONSOLIDATED INCOME STATEMENT

    In millions of euros20232022
    Revenue13,427 11,602
    Cost of sales(3,720)(3,389)
    Gross margin9,708 8,213
    Sales and administrative expenses(3,169)(2,680)
    Other income and expenses(889)(836)
    Recurring operating income5,650 4,697
    Other non-recurring income and expenses--
    Operating income5,650 4,697
    Net financial income190 (62)
    Net income before tax5,840 4,635
    Income tax(1,623)(1,305)
    Net income from associates105 50
    CONSOLIDATED NET INCOME4,322 3,380
    Non-controlling interests(12)(13)
    NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT4,311 3,367
    Basic earnings per share (in euros)41.19 32.20
    Diluted earnings per share (in euros)41.12 32.09

    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

    In millions of euros20232022 
    Consolidated net income4,322 3,380  
    Changes in foreign currency adjustments 1(114)126  
    Hedges of future cash flows in foreign currencies 1 27 129  
    • change in fair value
    		69 23  
    • recycling through profit or loss
    		(63)106  
    Assets at fair value 2-333  
    Employee benefit obligations: change in value linked to actuarial gains and losses 210 41  
    Net comprehensive income4,225 4,009  
    • attributable to owners of the parent
    		4,213 3,996  
    • attributable to non-controlling interests
    		13 14  
    (1) Transferable through profit or loss.
    (2) Net of tax.

    CONSOLIDATED BALANCE SHEET

    ASSETS

    In millions of euros31/12/202331/12/2022
    Goodwill72 -
    Intangible assets225 213
    Right-of-use assets1,716 1,582
    Property, plant and equipment2,340 2,007
    Investment property7 8
    Financial assets1,141 1,109
    Investments in associates200 54
    Loans and deposits70 65
    Deferred tax assets631 555
    Other non-current assets37 39
    Non-current assets6,438 5,630
    Inventories and work-in-progress2,414 1,779
    Trade and other receivables431 383
    Current tax receivables51 19
    Other current assets300 263
    Financial derivatives188 160
    Cash and cash equivalents10,625 9,225
    Current assets14,008 11,828
    TOTAL ASSETS20,447 17,459

    LIABILITIES

    In millions of euros31/12/202331/12/2022
    Share capital54 54
    Share premium50 50
    Treasury shares(698)(674)
    Reserves10,744 8,795
    Foreign currency adjustments189 303
    Revaluation adjustments553 546
    Net income attributable to owners of the parent4,311 3,367
    Equity attributable to owners of the parent15,201 12,440
    Non-controlling interests2 16
    Equity15,203 12,457
    Borrowings and financial liabilities due in more than one year50 35
    Lease liabilities due in more than one year1,720 1,629
    Non-current provisions31 30
    Post-employment and other employee benefit obligations due in more than one year151 181
    Deferred tax liabilities2 20
    Other non-current liabilities106 103
    Non-current liabilities2,060 1,998
    Borrowings and financial liabilities due in less than one year1 2
    Lease liabilities due in less than one year289 268
    Current provisions134 133
    Post-employment and other employee benefit obligations due in less than one year16 15
    Trade and other payables880 777
    Financial derivatives45 74
    Current tax liabilities586 496
    Other current liabilities1,233 1,239
    Current liabilities3,183 3,004
    TOTAL EQUITY AND LIABILITIES20,447 17,459

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    In millions of euros

         		Number of shares

         		Share capital

         		Share premium

         		Treasury shares

         		Consolidated reserves and net income attributable to owners of the parent

         		Actuarial gains and losses

         		Foreign currency adjustments

         		Revaluation adjustments   
    Financial investmentsHedges of future cash flows in foreign currenciesEquity attributable to owners of the parentNon-controlling interestsEquity
    As at 1 January 2022105,569,412 54 50 (551)9,712 (125)178 188 (105)9,400 12 9,412
    Net income ---3,367----3,367133,380
    Other comprehensive income ----411253331296281630
    Comprehensive income ---3,367 41 125 333 129 3,996 14 4,009
    Change in share capital and share premiums -- --------
    Purchase or sale of treasury shares --(123)2----(121)-(121)
    Share-based payments ---55----55-55
    Dividends paid ---(845)----(845)(8)(852)
    Other ---(44)----(44)(2)(46)
    As at 31 December 2022105,569,412 54 50 (674)12,247 (85)303 521 25 12,440 16 12,457
    Net income  ---4,311----4,311124,322
    Other comprehensive income ----10(115)-7(98)1(97)
    Comprehensive income ---4,311 10 (115)-7 4,213134,225
    Change in share capital and share premiums -----------
    Purchase or sale of treasury shares --(24)(105)----(129)-(129)
    Share-based payments ---104----104 -104
    Dividends paid ---(1,376)----(1,376)(10)(1,386)
    Other ---(51)----(51)(17)(68)
    AS AT 31 DECEMBER 2023105,569,412 54 50 (698)15,130 (75)189 521 32 15,201 2 15,203

    CONSOLIDATED STATEMENT OF CASH FLOWS

    In millions of euros20232022
    Net income attributable to owners of the parent4,3113,367
    Depreciation and amortisation of fixed assets, rights of use and impairment losses772730
    Foreign exchange gains/(losses) on fair value adjustments5612
    Change in provisions1512
    Net income from associates(105)(50)
    Net income attributable to non-controlling interests1213
    Capital gains or losses on disposals and impact of changes in scope of consolidation(14)(1)
    Deferred tax expense(14)(16)
    Accrued expenses and income related to share-based payments10455
    Dividend income(12)(11)
    Other(0)(0)
    Operating cash flows5,1234,111
    Change in working capital requirements(794)73
    CASH FLOWS RELATED TO OPERATING ACTIVITIES (A)4,3284,184
    Operating investments(859)(518)
    Acquisitions of consolidated shares(288)(1)
    Acquisitions of other financial assets(52)(165)
    Disposals of operating assets01
    Disposals of consolidated shares and impact of losses of control-0
    Disposals of other financial assets-5
    Change in payables and receivables related to investing activities9332
    Dividends received11267
    CASH FLOWS RELATED TO INVESTING ACTIVITIES (B)(995)(579)
    Dividends paid(1,386)(852)
    Repayment of lease liabilities(277)(261)
    Treasury share buybacks net of disposals(130)(123)
    Borrowing subscriptions00
    Repayment of borrowings(1)(0)
    CASH FLOWS RELATED TO FINANCING ACTIVITIES (C)(1,794)(1,237)
    Foreign currency translation adjustment (D)(138)159
    CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D)1,4022,528
    Net cash position at the beginning of the period9,2236,695
    Net cash position at the end of the period10,6259,223

    REMINDER

    2023 HALF YEAR KEY FIGURES

    In millions of eurosH1 2023H1 2022
       
    Revenue6,6985,475
    Growth at current exchange rates vs. n-122.3%29.3%
    Growth at constant exchange rates vs. n-1 (1)25.2%23.2%
       
    Recurring operating income (2)2,9472,304
    As a % of revenue44.0%42.1%
       
    Operating income2,9472,304
    As a % of revenue44.0%42.1%
       
    Net profit – Group share2,2261,641
    As a % of revenue33.2%30.0%
       
    Operating cash flows2,6152,001
       
    Investments (excluding financial investments)249190
       
    Adjusted free cash flow (3)1,7201,421
       
    Equity – Group share13,24910,259
       
    Net cash position (4)9,3267,280
       
    Restated net cash position (5)9,8487,685
       
    Workforce (number of employees) (6)20,60718,428

    (1)   Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period’s revenue, for each currency.

    (2)   Recurring operating income is one of the main performance indicators monitored by the group’s General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group’s economic performance.

    (3)   Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.

    (4)           The net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.

    (5)           The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.

    (6)   The headcount relates to employees on permanent contracts and those on fixed-term contracts lasting more than 9 months.

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