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1、 General Information Q4 H&M Hennes&Mauritz AB Full-year report 2024 Full-year report 2024(1 Dec 2023 30 Nov 2024)2 Full-year report 2024(1 Dec 2023 30 Nov 2024)3 H&M Hennes&Mauritz AB Full-year report 2024 FOURTH QUARTER(1 SEPTEMBER 2024 30 NOVEMBER 2024)The H&M groups net sales in the fourth quarte

2、r amounted to SEK 62,193 m(62,650).In local currencies net sales increased by 3 percent.Gross profit increased to SEK 33,942 m(33,657).This corresponds to a gross margin of 54.6 percent(53.7).Selling and administrative expenses amounted to SEK 29,303 m(29,314).In local currencies these expenses incr

3、eased by 2 percent.Operating profit increased to SEK 4,624 m(4,332),corresponding to an operating margin of 7.4 percent(6.9).Operating profit was charged with wind-down costs of around SEK 200 m relating to stores belonging to Monki as well as provisions to HIP of SEK 236 m(177).The result after tax

4、 nearly doubled to SEK 3,081 m(1,569*),corresponding to SEK 1.92(0.97*)per share.The stock-in-trade amounted to SEK 40,348 m(37,358).Extended transport times associated with the situation in the Red Sea and Black Friday that occurred later than in the previous year had a significant impact on invent

5、ory.The composition of the stock-in-trade is assessed to be good.Cash flow from operating activities before changes in working capital,increased by 16 percent and amounted to SEK 9,870 m(8,418).Cash flow from operating activities amounted to SEK 6,974 m(9,207).FULL-YEAR(1 DECEMBER 2023 30 NOVEMBER 2

6、024)The H&M groups net sales in the financial year 2024 amounted to SEK 234,478 m(236,035).In local currencies,net sales increased by 1 percent.Gross profit increased by 4 percent to SEK 125,299 m(120,896).This corresponds to a gross margin of 53.4 percent(51.2).Selling and administrative expenses a

7、mounted to SEK 107,915 m(107,330).In local currencies the expenses increased by 1 percent.Operating profit increased to SEK 17,306 m(14,537),corresponding to an operating margin of 7.4 percent(6.2).Operating profit increased by 28 percent compared with the previous year excluding the result from inv

8、estments in associated companies and joint ventures.The result after tax increased by 33 percent to SEK 11,584 m(8,716*),corresponding to SEK 7.21(5.37*)per share.Cash flow from operating activities before changes in working capital increased by 26 percent and amounted to SEK 36,745 m(29,106).Cash f

9、low from operating activities amounted to SEK 31,756 m(33,949).Cash and cash equivalents plus undrawn credit facilities were SEK 35,756 m(44,570).The years increase in profit means that SEK 236 m(177)has been allocated to the H&M Incentive program(HIP),which is for all employees.The H&M groups sales

10、 in the period 1 December 2024 28 January 2025 increased by 4 percent in local currencies compared with the same period the previous year.The H&M groups greenhouse gas emissions in scope 3*reduced by at least 23 percent in 2024 compared to the 2019 baseline according to preliminary figures.CapEx in

11、comparable currency is planned to amount to SEK 11-12 billion for 2025.This is in line with CapEx in 2024,which amounted to SEK 11.6 billion.The investments are mainly allocated to the store portfolio and the supply chain.The first H&M store in Brazil will open in So Paulo towards the end of 2025.Th

12、e board of directors is proposing to the 2025 annual general meeting that an ordinary dividend of SEK 6.80 per share(6.50)is paid in two instalments.The board of directors will also ask the annual general meeting for a general authorisation allowing the board to choose to buy back the groups own B s

13、hares.Fourth quarter The profit after tax SEK 3,081 m(SEK 1,569*m)Full-year Operating profit+19%(compared with previous year)Full-year The result per share SEK 7.21(SEK 5.37*)“Sales and operating profit increased in the fourth quarter driven by strong online sales,well-received womens fashion collec

14、tions and effective cost control.By focusing on our core business and delivering on our plan,we are on track towards long-term,profitable growth.”Daniel Ervr,CEO.*See note 5.*Scope 3 excludes the use of sold products.Full-year report 2024(1 Dec 2023 30 Nov 2024)4 Comments by Daniel Ervr,CEO After on

15、e year as CEO,Im confident that we are on the right track.We have set a clear direction focusing fully on our core business:improving what makes the biggest difference for the customer and removing what doesnt.We are proud of the progress we have made to further strengthen our products,shopping expe

16、rience,and brand building.While there is a lot left to do,we have a strong plan to drive the long-term growth we are aiming for.Sales grew by 3 percent in local currencies in the fourth quarter compared to last year.Our Autumn collection launched with a series of events in fashion capitals such as M

17、ilan,London and New York bringing music,culture and fashion together-was very well received.Gross margin and operating profit also grew,despite wind-down costs and increased investments in the customer offering,marketing and store optimisation.Strong online sales together with improved product prese

18、ntation and a more inspiring shopping experience,well received womenswear collections and effective cost control all contributed to a positive development in the quarter.For the full year the operating margin was 7.4 percent,and earnings per share rose by 34 percent to SEK 7.21.During 2024,we made s

19、ignificant improvements.Our priority was the H&M product offering,with an initial focus on womenswear,where we increased our trend responsiveness and overall assortment relevance.In the fourth quarter,full price selling of womenswear increased in all channels.We accelerated the pace of improvements

20、to our supply chain,increasing flexibility and product availability across channels.For example,we continue to deepen partnerships with our suppliers,shorten our product development process starting with womenswear,improve our demand forecasting,further develop our nearshoring capacity,and expand th

21、e use of RFID.We opened 88 new stores and continued to optimise our store portfolio.With more than 4,200 stores,upgrading our store portfolio will remain a priority for us.We are simplifying team structures to build an even more efficient organisation.To streamline and optimize our operations,we als

22、o discontinued Afound during the year.During 2025,we plan to integrate the Monki brand into Weekday,both in stores and online.We want to use our size and scale to push the fashion industry towards a more sustainable future.Our goal is to reduce greenhouse gas emissions by 56 percent by 2030.Prelimin

23、ary results show that our scope 3 emissions decreased by at least 23 percent compared to our 2019 baseline.By integrating sustainability further into our business plans and through continued investments in decarbonising our supply chain,we are well positioned to reach this long-term goal.As we look

24、ahead to 2025,we will continue to strengthen our core business and elevate our customer offering,while continuing the strong work on cost efficiency.We speed up our product creation processes,increase the precision in aligning supply with demand,and improve the product availability for our customers

25、 online as well as in stores by integrating both channels more closely with each other.We are maintaining the level of investments compared to last year and will primarily target our stores and supply chain.We will also enhance our digital experience and continue to reinforce our brand presence in m

26、ajor fashion cities.While continued challenging macroeconomic conditions and geopolitical uncertainty may impact the consumer sentiment during 2025,we see some positive signs such as inflation and interest rates going down.Our diversified supply chain gives us the flexibility needed to mitigate nega

27、tive external impact in different markets.This,together with our business idea-fashion and quality at the best price in a sustainable way-creates a strong resilience and positions us well for growth in the global fashion market.Overall,there is great potential in our core business,with a focus on or

28、ganic growth.We have a clear plan for the years ahead,driving profitable and long-term growth while supporting our purpose of liberating fashion for the many.Thanks to the dedication and passion of our entire team,we will take further important steps forward in 2025.Full-year report 2024(1 Dec 2023

29、30 Nov 2024)5 SALES The H&M groups net sales in the fourth quarter amounted to SEK 62,193 m(62,650).In local currencies net sales increased by 3 percent.The quarter started with strong sales in September,when the autumn collection was very well received and the weather was favourable in many Europea

30、n markets.Towards the end of the quarter sales development was affected by Black Friday occurring later than in the previous year,with a larger value of orders received in November this year being reported as sales in December.This timing effect impacted the quarters sales development by just under

31、1 percent.Adjusted for this timing effect,sales during October and November increased by 1 percent compared with the previous year in local currencies.For the financial year net sales amounted to SEK 234,478 m(236,035).In local currencies net sales increased by 1 percent compared with the previous y

32、ear.Around 30 percent of sales were online during the financial year.The H&M groups sales in the period 1 December 2024 28 January 2025 increased by 4 percent in local currencies compared with the corresponding period the previous year.For Portfolio brands,which were up against high comparative figu

33、res from last year,net sales in the fourth quarter increased by 1 percent in SEK and by 2 percent in local currencies.Sales for the full year were on par with the previous year in SEK and increased by 1 percent in local currencies.During the year Afound was wound down and preparations began for inte

34、grating Monki into Weekdays stores and on in 2025.A few of the Monki stores are planned to be converted into Weekday stores,while the intention is to close the remaining stores.Excluding Monki and Afound,sales by Portfolio Brands in local currencies increased by 5 percent for full-year 2024.SALES PE

35、R REGION *Full-year 62,650236,03562,193234,478-1%-1%040,00080,000120,000160,000200,000240,000Q4Full-year20232024SEK mQ4Q4SEK LCY FULL-YEAR FULL-YEAR SEK LCY NEW STORES(NET)20242023202420232024*30 NOV 24 30 NOV 23The Nordics5,1275,353-4-320,62721,307-3-2-9380389Western Europe22,05421,3263479,55079,04

36、910-351,0161,051Eastern Europe5,6225,5401221,18119,633874479475Southern Europe8,8528,46351331,50731,18617-34574608North and South America12,94113,967-7-151,79853,785-4-214759745Asia,Oceania and Africa7,5978,001-5-229,81531,075-4-1-561,0451,101Total62,19362,650-13234,478236,035-11-1164,2534,369NUMBER

37、 OF STORES CHANGE IN%CHANGE IN%Full-year report 2024(1 Dec 2023 30 Nov 2024)6 GROSS PROFIT AND GROSS MARGIN Gross profit and gross margin are a result of many factors,internal as well as external,and are mostly affected by the decisions that the H&M group takes in line with its strategy to always ha

38、ve the best combination of fashion,quality,price and sustainability.Gross profit increased to SEK 33,942 m(33,657)for the fourth quarter,corresponding to a gross margin of 54.6 percent(53.7).The negative overall effect of external factors that influenced purchasing costs in the quarter compared with

39、 the previous year was offset by continued improvement work in the supply chain.In addition to affecting purchasing costs,currency movements also had remeasurement effects.In the fourth quarter these remeasurement effects had a positive impact on the gross margin.Investments in the customer offering

40、 also impacted the gross margin for the quarter.The cost of markdowns in relation to sales in the fourth quarter 2024 decreased somewhat compared with the corresponding quarter the previous year.Markdowns were affected by the fact that sales linked to Black Friday,which have a high proportion of mar

41、kdowns,were reported in December to a greater extent than in the previous year.Towards the end of the fourth quarter there was a lower sales activation rate than planned,with a focus on the full-price offering.For the financial year gross profit increased by 4 percent to SEK 125,299 m(120,896),corre

42、sponding to a gross margin of 53.4 percent(51.2).For the goods that will be sold in the first quarter of 2025,the overall effect of external factors is expected to be more negative than in the fourth quarter 2024.The cost of markdowns as a share of sales in the first quarter is expected to increase

43、compared with the same quarter last year.33,657120,89633,942125,29954.6%53.4%53.7%51.2%020,00040,00060,00080,000100,000120,000Q4Full-year20232024SEK m Full-year report 2024(1 Dec 2023 30 Nov 2024)7 SELLING AND ADMINISTRATIVE EXPENSES Selling and administrative expenses in the fourth quarter amounted

44、 to SEK 29,303 m(29,314).In local currencies,these expenses increased by 2 percent.Selling and administrative expenses for the fourth quarter were impacted by long-term marketing investments of around SEK 600 m as well as costs of around SEK 200 m for winding down Monki stores in 2025.During the fou

45、rth quarter SEK 236 m(177)has been allocated to the H&M Incentive Program(HIP),which is for all employees.As a result of the fully implemented cost and efficiency programme along with good operational cost control,selling and administrative expenses increased at a slower rate than sales in local cur

46、rencies.This despite inflationary pressures in the cost base,increased investments in marketing and winding-down costs.For the full year,selling and administrative expenses amounted to SEK 107,915 m(107,330).In local currencies these expenses increased by 1 percent compared with the same period the

47、previous year.The long-term investments in marketing are continuing in the first quarter of 2025 and are expected to be higher than in the corresponding period the previous year but somewhat lower than in the fourth quarter of 2024.29,314107,33029,303107,915 0%+1%020,00040,00060,00080,000100,000120,

48、000Q4Full-year20232024SEK m Full-year report 2024(1 Dec 2023 30 Nov 2024)8 OPERATING PROFIT AND OPERATING MARGIN Operating profit in the fourth quarter increased by 7 percent to SEK 4,624 m(4,332),corresponding to an operating margin of 7.4 percent(6.9).The increase in profits is due to good online

49、sales,well-received womens collections,a higher gross margin and good cost control.Selling and administrative expenses increased only by 2 percent in local currencies,despite wind-down costs for Monki stores of around SEK 200 m and long-term investments in marketing of around SEK 600 m.Operating pro

50、fit for the full year increased to SEK 17,306 m(14,537),corresponding to an operating margin of 7.4 percent(6.2).Operating profit excluding the result from investments in associated companies and joint ventures increased by 28 percent compared with the previous year.The result from investments in as

51、sociated companies and joint ventures during the full year amounted to SEK-78 m(971).4,33214,5374,62417,306+7%+19%04,0008,00012,00016,000Q4Full-year20232024SEK m Full-year report 2024(1 Dec 2023 30 Nov 2024)9 STOCK-IN-TRADE The stock-in-trade amounted to SEK 40,348 m(37,358)and increased by 8 percen

52、t in both SEK and local currencies compared with the previous year.Extended transport times associated with the situation in the Red Sea and Black Friday that occurred later than in the previous year had a significant impact on inventory.The composition of the stock-in-trade is assessed to be good.T

53、he stock-in-trade in SEK represented 17.2 percent(15.8)of rolling 12 months sales.The investments in the supply chain and the integration of the sales channels continue.With a higher share of nearshoring,a more efficient and more flexible supply chain and more purchasing in season,the group is well

54、placed for improvement of the stock-in-trade situation.The company continues to plan for extended transport times and to manage disruption in the supply chain.37,35840,348+8%020,00040,00030 Nov 202330 Nov 2024SEK m Full-year report 2024(1 Dec 2023 30 Nov 2024)10 EXPANSION THROUGH INTEGRATED CHANNELS

55、 Expansion is taking place with a focus on increased omnichannel sales.Customers want to be able to shop and be inspired where,when and how they choose in the stores,on the brands own websites,on digital marketplaces and on social media.Investment in physical and digital stores continues in 2025 at

56、the same rate as in 2024 to provide an even more inspiring experience while also optimising our store portfolio for continued profitability and growth.In the fourth quarter of 2024 H&M opened its first store in the Dominican Republic via franchise.H&M also expanded its digital presence on Douyin and

57、 Pinduoduo,two of Chinas biggest e-commerce platforms,as well as on A in India and T in Trkiye and in Saudi Arabia during the fourth quarter.Arket opened its first stores in Spain,Poland and Italy during the autumn 2024.Weekday and Monki launched on B,while Arket launched on ASOS.com in the second h

58、alf of 2024.The first H&M store in Brazil will open in So Paulo towards the end of 2025.The store will open in Iguatemi,one of the most iconic and unique shopping centres in Brazil.Arket will open its first store in Norway,Austria,Greece and Ireland during 2025.The H&M group is continuing to renegot

59、iate a large number of leases,which also involves rebuilds as well as adjustment of the number of stores and of store space to ensure it has the right store portfolio in each market.The H&M groups contracts allow around a third of leases to be renegotiated or exited each year.After reviewing priorit

60、ies as regards things that do not strengthen the H&M brand or contribute to each brands long-term sales and profitability,additional stores have been identified for consolidation.For 2025 the plan is to open around 80 new stores.Most of the openings will be in growth markets.Around 190 stores are sc

61、heduled for closure,mainly in established markets.The closures include a large number of Monki stores.At the end of November 2024 Monki had 48 stores.A few of these will be converted into Weekday stores and the remaining stores are planned to be closed.The store portfolio is the area where the large

62、st investments are being made and upgrades will continue at a fast pace in 2025 through openings,rebuilds,layout improvements and tech installations.STORE COUNT AND MARKETS BY BRAND As at 30 November 2024 the H&M group had 4,253(4,369)stores,i.e.the total number of stores has decreased by 116 stores

63、 compared with the same point in time the previous year,which corresponds to a reduction of around 3 percent.During the financial year 88(101)new stores have opened and 204(197)stores have closed.A total of 258(282)of the groups stores are operated by franchise partners.*Concept stores.H&M HOME is a

64、lso available through shop-in-shop in 471 H&M stores.COS,Monki,Weekday,&Other Stories and ARKET offer Global selling which enables customers in around 70 additional markets to shop online.The exact number of markets per brand that have this service varies.STOREONLINEQ4FULL-YEAR30 NOV 202430 NOV 2023

65、H&M-37-953,7773,8727860COS 2-72382454838Monki-8-1648641429Weekday-1-746531429&Other Stories-1-270722532ARKET 11040301731Afound 000007H&M HOME*-1134331545Sellpy 0000024Total-45-1164,2534,369NUMBER OF MARKETS30 NOV 20242024(NET)TOTAL NUMBER OF STORESNEW STORES Full-year report 2024(1 Dec 2023 30 Nov 2

66、024)11 CASH FLOW AND LIQUIDITY Cash flow from operating activities before changes in working capital increased by 26 percent to SEK 36,745 m(29,106).Cash flow for the period amounted to SEK-9,023 m(5,715)and was negatively impacted by increased stock-in-trade,increased investments and repayment of s

67、hort-term debt.The H&M groups liquidity remains very good.As at 30 November 2024 cash and cash equivalents amounted to SEK 17,340 m(26,398).In addition,the group has undrawn credit facilities of SEK 18,416 m(18,172).The total liquidity buffer,i.e.cash and cash equivalents plus undrawn credit facilit

68、ies,amounted to SEK 35,756 m(44,570).WORKING CAPITAL Working capital amounted to SEK 21,562 m(19,632).Black Friday occurred later than in the previous year is the main reason for the year-on-year increase in accounts receivable.Moreover,the stock-in-trade continues to be affected by extended transpo

69、rt times associated with the situation in the Red Sea.The increase in accounts payable was primarily driven by investments in store fittings and marketing.Changes in working capital during the full year amounted to SEK 1,930 m(-4,787).FINANCING Net debt including lease liabilities in relation to EBI

70、TDA amounted to 1.5(1.4)with a net cash position of SEK 3,223 m(9,316).Debt levels are well within the target range of 1.0 2.0 for the capital structure target Net debt/EBITDA.Interest-bearing liabilities in the form of commercial papers,bonds and loans from credit institutions amounted to SEK 14,11

71、7 m(17,082)as at 30 November 2024.The average maturity of interest-bearing liabilities amounted to 5.3(5.1)years.A maturity analysis of outstanding interest-bearing liabilities and undrawn credit facilities as at 30 November 2024 is given in the table below.No significant financing activities were c

72、arried out during the fourth quarter.During the full year,net interest-bearing liabilities of around SEK 3 billion were repaid.SEK m2024-11-302023-11-30Accounts receivable5,6313,301Stock-in-trade40,34837,358Accounts payable-24,417-21,027Operating working capital 21,56219,632Year COMMERCIAL PAPERS BO

73、NDS(EMTN)LOANS FROM CREDIT INSTITUTIONS UNUSED CREDIT FACILITIES 2024-2025-2026-2,000-2027-3,4532028-245-2029-5,755-14,9632030-2031-6,117-Total SEK m-11,8722,24518,416 Full-year report 2024(1 Dec 2023 30 Nov 2024)12 TAX The groups tax rate for the financial year 2024 was 24.9 percent(35.7*).The fina

74、l tax rate depends on,among other things,the results of the groups various companies,the corporate tax rates in each country,non-deductible costs and tax expense relating to previous years.The groups tax rate for the financial year 2025 is expected to be 25 26 percent based on known circumstances.Fo

75、r the first three quarters of the year a tax rate of 25 percent is planned to be used to calculate tax expense on the earnings in each period excluding result from investments in associated companies and joint ventures.*See note 5.SHARE BUYBACKS During the period 27 September 2023 1 March 2024 the g

76、roup repurchased shares as authorised by the 2023 annual general meeting.A total of 19,144,612 B shares were repurchased for a total sum of SEK 3 billion,of which shares to a value of around SEK 2 billion were repurchased in 2024.The shares repurchased were cancelled through a resolution at the annu

77、al general meeting in May 2024.During the period SeptemberNovember 2024 the group repurchased shares as authorised by the 2024 annual general meeting.A total of 6,050,850 B shares in H&M were repurchased for a total sum of around SEK 1 billion.The board of directors proposes that the 2025 annual gen

78、eral meeting resolve to cancel the repurchased shares.In 2024 shares were repurchased for a total value of around SEK 3 billion.EMPLOYEES To stay successful and competitive,the H&M group creates customer value by having a clear purpose and a clear direction,and by adapting swiftly to a constantly ch

79、anging world.The companys continuous development includes securing the right competences,simplifying the organisational structure,leveraging relevant technology and adopting efficient ways of working.The average number of employees in the group as at 30 November 2024,converted into full-time positio

80、ns,was 96,457(101,103),of which 9,525(10,281)were employed in Sweden.CURRENT QUARTER Sales during the period 1 December 2024 28 January 2025 increased by 4 percent in local currencies compared with the same period the previous year.The cost of markdowns in relation to sales in the first quarter is e

81、xpected to increase compared with the corresponding quarter the previous year.The company is closely monitoring developments in global trade and any imposition of trade restrictions and will act to minimise any impact.With good flexibility in the supply chain and through the pricing of the customer

82、offering there are opportunities to adapt the business to changed conditions.CAPITAL STRUCTURE The H&M group advocates a conservative leverage ratio,aiming for a strong capital structure with strong liquidity and financial flexibility.It is essential that,as in the past,expansion and investments can

83、 proceed with continued freedom of action.The capital structure is defined as Net debt in relation to EBITDA.Including IFRS 16 effects it should be within the range 1.02.0 x EBITDA over time.As at 30 November 2024 Net debt/EBITDA including IFRS 16 effects was 1.5(1.4)with a financial net cash of SEK

84、 3,223 m(9,316).Full-year report 2024(1 Dec 2023 30 Nov 2024)13 DIVIDEND POLICY The board of directors intention is for the H&M group to continue to provide shareholders with a good return while ensuring that growth and investments in the business can proceed with a continued strong financial positi

85、on and freedom of action.Based on this,the board of directors has proposed a dividend policy stating that the ordinary dividend over time is to exceed 50 percent of profit after tax and additionally that identified surplus liquidity taking into consideration the capital structure target and investme

86、nt requirements can be distributed to shareholders through an extra dividend or a buyback programme.Proposed dividend The board of directors is proposing to the 2025 annual general meeting that a dividend of SEK 6.80 per share(6.50)is paid.The dividend will be paid in cash,split into two instalments

87、.The first payment of SEK 3.40 will be made in May and the second payment of SEK 3.40 will be made in November.The boards proposed record dates are 9 May 2025 and 7 November 2025.If the annual general meeting approves the boards proposal,the dividend is expected to be paid out on 14 May 2025 and 12

88、November 2025.Proposed authorisation to allow share buybacks The board of directors will ask the 2025 annual general meeting for a general authorisation allowing the board to buy back the groups own B shares in the period up to the 2026 annual general meeting.This general authorisation is,among othe

89、r things,one of the tools for the board to use if surplus liquidity is identified.ANNUAL GENERAL MEETING 2025 The 2025 annual general meeting will be held on Wednesday 7 May 2025 at 15:00 CEST in the Erling Persson Hall,Aula Medica,Karolinska Institutet in Solna.ANNUAL AND SUSTAINABILITY REPORT 2024

90、 The annual and sustainability report and the corporate governance report are expected to be published on 27 March 2025 on .The documents will also be available at the companys head office.TARGETS Since the 2030 targets were introduced in conjunction with the 2021 full-year report the world around u

91、s has been characterised by an unstable geopolitical situation and high inflation,with a high cost of living for consumers.The development of global consumption has been weak.In addition,the companys fast-growing and profitable operations in Russia have been wound down.The company is now even more f

92、ocused on unlocking the growth potential of the groups brands,with a particular focus on strengthening H&M.This means that non-organic growth and growth through new business models are being given lower priority in the short to medium term.The H&M group has three long-term targets:long-term sales gr

93、owth of at least 10 percent per year,an operating margin that exceeds 10 percent and a 56 percent reduction in greenhouse gas emissions*no later than 2030,with 2019 as a baseline.*Refers to science-based targets for own operations(scope 1 and 2)and for the companys entire value chain(scope 3)and exc

94、ludes the use of sold products.RISKS AND UNCERTAINTIES Risks may be due to events in the outside world and affect a certain sector or market,or they may be associated with the groups own business.The H&M group carries out regular risk analysis for both operational and financial risks.Operational ris

95、ks are mainly associated with the business and the external risks that affect the group.Business decisions determine whether action is to be taken to reduce the likelihood of the risk in question occurring and if so,to what extent.Business decisions also determine the extent to which the consequence

96、s of a risk that has occurred may be mitigated.There are external risks and uncertainties affecting the H&M group that are related to the shift in the industry,fashion,competitors,logistics resources,information security and cyber security,sustainability issues,weather,macroeconomics and geopolitica

97、l events,foreign currencies,taxes,customs duty,and various regulations and ordinances,but also in connection with expansion into new markets,the launch of new concepts and how the brands are managed.More detailed information concerning the financial risks is given in the H&M groups annual and sustai

98、nability report.Full-year report 2024(1 Dec 2023 30 Nov 2024)14 CALENDAR 27 March 2025 Three-month report,1 Dec 2024 28 Feb 2025 27 March 2025 Annual and Sustainability report 2024 7 May 2025 Annual general meeting 15:00(CEST),Erling Persson Hall,Aula Medica,Solna 26 June 2025 Six-month report,1 Dec

99、 2024 31 May 2025 25 September 2025 Nine-month report,1 Dec 2024 31 August 2025 This full-year report has not been audited by the companys auditors.Stockholm,29 January 2025 Board of Directors COMMUNICATION IN CONJUNCTION WITH THE FULL-YEAR REPORT The full-year report for the financial year 2024,i.e

100、.,1 December 2023 30 November 2024,will be published at 08:00 CET on 30 January 2025,followed by a combined press and telephone conference at 09:30 CET for the financial market and media,hosted by CEO Daniel Ervr,CFO Adam Karlsson and Head of IR Joseph Ahlberg.A presentation of the report followed b

101、y a Q&A session will be held in English.Location:H&Ms head office in Stockholm,Mster Samuelsgatan 49,3rd floor,Ljusgrden.The event will be broadcasted online and questions can also be asked by telephone.For log in details please register:https:/ To book interviews for media in conjunction with the f

102、ull-year report on 30 January 2025,please contact:Anna Frosch Nordin,Head of Media Relations,telephone+46 73 432 93 14,.Please note that there will not be a separate telephone conference in the afternoon CET.CONTACT Joseph Ahlberg,Head of IR +46 73 465 93 92 Daniel Ervr,CEO+46 8 796 55 00(switchboar

103、d)Adam Karlsson,CFO+46 8 796 55 00(switchboard)H&M Hennes&Mauritz AB(publ)SE-106 38 Stockholm Phone:+46 8 796 55 00,e-mail: Registered office:Stockholm,Reg.No.556042-7220 For more information about the H&M group visit .Information in this full-year report is that which H&M Hennes&Mauritz AB(publ)is

104、required to disclose under the EU Market Abuse Regulation(EU)No 596/2014.The information was submitted for publication by the abovementioned persons at 08:00(CET)on 30 January 2025.This interim report and other information about the H&M group are available at .H&M Hennes&Mauritz AB(publ)was founded

105、in Sweden in 1947 and is quoted on Nasdaq Stockholm.H&Ms business idea is to offer fashion and quality at the best price in a sustainable way.In addition to H&M,the group includes the brands COS,Monki,Weekday,&Other Stories,H&M HOME and ARKET as well as Sellpy.For further information,visit .Full-yea

106、r report 2024(1 Dec 2023 30 Nov 2024)15 GROUP INCOME STATEMENT(SEK M)For information about depreciation,amortisation and write-downs,see note 4.*Income from investments in associated companies and joint ventures for financial year 2023 include a one-time item of SEK 999 m for revaluation of associat

107、ed companies of which mainly the former associated company Sellpy.*Regarding restated figures for financial year 2023 see Note 5 Restated figures attributable to amendments to IAS 12.*Before and after dilution,excluding own shares.Q4 2024 Q4 2023 FULL-YEAR 2024 FULL-YEAR 2023 Net sales,note 3 62,193

108、62,650234,478236,035Cost of goods sold,note 4-28,251-28,993-109,179-115,139GROSS PROFIT 33,94233,657125,299120,896Gross margin,%54.653.753.451.2 Selling expenses,note 4-26,449-26,304-97,153-96,435Administrative expenses,note 4-2,854-3,010-10,762-10,895Result from investments in associated companies

109、and joint ventures*-15-11-78971OPERATING PROFIT 4,6244,33217,30614,537Operating margin,%7.46.97.46.2 Interest income 200230890616Interest expense and similar items-740-646-2,753-2,143PROFIT AFTER FINANCIAL ITEMS 4,0843,91615,44313,010 Tax*-1,003-2,347-3,859-4,294PROFIT FOR THE PERIOD*3,0811,56911,58

110、48,716 Attributable to:The shareholders of H&M Hennes&Mauritz AB*3,0851,58011,6218,745Non-controlling interest-4-11-37-29 Earnings per share,SEK*,*1.920.977.215.37Average number of shares outstanding,thousands*1,608,2281,627,0431,611,6951,629,097 Full-year report 2024(1 Dec 2023 30 Nov 2024)16 CONSO

111、LIDATED STATEMENT OF COMPREHENSIVE INCOME(SEK M)*Regarding restated figures for financial year 2023 see Note 5 Restated figures attributable to amendments to IAS 12.Q4 2024 Q4 2023 FULL-YEAR 2024 FULL-YEAR 2023 PROFIT FOR THE PERIOD*3,0811,56911,5848,716 Other comprehensive income Items that are or

112、may be reclassified to profit or loss Translation differences 1,291-1,42071712Change in hedging reserves-7941,292-589413Tax attributable to change in hedging reserves 163-266121-85Share of OCI related to associated companies and joint ventures 0-0-Items that will not be reclassified to profit or los

113、s Remeasurement of defined benefit pension plans 112-3-73-41Tax related to the above remeasurement-2811810Remeasurement of financial assets,note 2 275-350299-599OTHER COMPREHENSIVE INCOME 1,019-746493-290TOTAL COMPREHENSIVE INCOME FOR THE PERIOD *4,10082312,0778,426 Attributable to:The shareholders

114、of H&M Hennes&Mauritz AB*4,10483412,1148,455Non-controlling interest-4-11-37-29 Full-year report 2024(1 Dec 2023 30 Nov 2024)17 GROUP BALANCE SHEET(SEK M)ASSETS2024-11-302023-11-30NON-CURRENT ASSETSIntangible non-current assetsBrands400450Leasehold and similar rights223296Capitalised expenditure7,09

115、47,966Goodwill1,0131,0138,7309,725Property,plant and equipmentBuildings and land665689Equipment,tools,fixture and fittings28,49324,553Right-of-use assets57,06256,29486,22081,536Non-current financial assetsInterests in associates259209Other shares and interests,note 23,0292,3633,2882,572Other non-cur

116、rent assetsLong-term receivables8591,204Deferred tax assets5,3905,7076,2496,911TOTAL NON-CURRENT ASSETS104,487100,744CURRENT ASSETSStock-in-trade40,34837,358Current receivablesAccounts receivable5,6313,301Tax assets2,8313,830Other receivables5,6545,111Prepaid expenses3,9234,53118,03916,773Cash and c

117、ash equivalents17,34026,398TOTAL ASSETS75,72780,529TOTAL ASSETS 180,214181,273 Full-year report 2024(1 Dec 2023 30 Nov 2024)18 *Regarding restated figures for financial year 2023 see Note 5 Restated figures attributable to amendments to IAS 12.*Interest-bearing long-term liabilities amounts to SEK 6

118、4,949 m(63,192),excluding leasing SEK 14,588 m(14,463).*Interest-bearing current liabilities amounts to SEK 12,476 m(15,157),excluding leasing SEK 0 m(2,998).EQUITY AND LIABILITIES2024-11-302023-11-30EQUITYShare capital207207Reserves6,4456,196Retained earnings*39,55941,107TOTAL EQUITY*46,21147,510LI

119、ABILITIESLong-term liabilitiesProvisions for pensions*471379Other provisions-5Deferred tax liabilities*2,2422,507Liabilities to credit institutions*14,11714,084Other non-current liabilities162132Long-term leasing liabilities*50,36148,72967,35365,836Short-term liabilitiesAccounts payable24,41721,027T

120、ax liabilities2,2571,377Liabilities to credit institutions*-2,998Other provisions540304Other liabilities6,8097,329Accrued expenses and prepaid income20,15122,733Current leasing liabilities*12,47612,15966,65067,927TOTAL LIABILITIES*134,003133,763TOTAL EQUITY AND LIABILITIES180,214181,273 Full-year re

121、port 2024(1 Dec 2023 30 Nov 2024)19 GROUP CHANGES IN EQUITY(SEK M)*Regarding restated figures for financial year 2023 see Note 5 Restated figures attributable to amendments to IAS 12.SharecapitalTranslationeffectsHedging reservesRetainedearningsTotalNon-controllinginterestTotalshareholdersequityShar

122、eholders equity,1 December 20232076,06912741,02547,4288247,510Profit for the year-11,62111,621-3711,584Other comprehensive incomeTranslation differences-717-7170717Change in hedging reserves-589-589-589Tax attributable to hedging reserves-121-121-121Share of other comprehensive income related to joi

123、nt ventures and associated companies-0-0-0Remeasurement of defined benefit pension plans-73-73-73Tax related to the above remeasurement-1818-18Revaluation of financial assets-299299-299Other comprehensive income-717-4682444930493Total comprehensive income-717-46811,86512,114-3712,077Dividend-10,456-

124、10,456-10,456Repurchase of shares-2,880-2,880-2,880Redemption of shares-2-2-Bonus issue2-2-Transactions with non-controlling interests-64-6424-40Shareholders equity,30 November 20242076,786-34139,49046,1426946,211Attributable to the shareholders of the parent company,H&M Hennes&Mauritz ABSharecapita

125、lTranslationeffectsHedging reservesRetainedearningsTotalNon-controllinginterestTotalshareholdersequityShareholders equity,1 December 20222076,057-20144,69450,757-50,757Adjustment of opening balance*-84-84-84Adjusted shareholders equity,1 Dec 20222076,057-20144,61050,673-50,673Profit for the year*-8,

126、7458,745-298,716Other comprehensive incomeTranslation differences-12-12-12Change in hedging reserves-413-413-413Tax attributable to hedging reserves-85-85-85Remeasurement of defined benefit pension plans-41-41-41Tax related to the above remeasurement-1010-10Revaluation of financial assets-599-599-59

127、9Other comprehensive income-12328-630-290-290Total comprehensive income*-123288,1158,455-298,426Dividend-10,577-10,577-10,577Repurchase of shares-1,123-1,123-1,123Redemption of shares-3-3-Bonus issue3-3-Non-controlling interest that has arisen from acquisitions-111111Shareholders equity,30 November

128、2023*2076,06912741,02547,4288247,510Attributable to the shareholders of the parent company,H&M Hennes&Mauritz AB Full-year report 2024(1 Dec 2023 30 Nov 2024)20 GROUP CASH FLOW STATEMENT(SEK M)*Interest paid for the group amounts to SEK 760 m(399).Interest expense related to leases amounts to SEK 1,

129、993 m(1,744)for the group.Received interest for the group amounts to SEK 890 m(616).FULL-YEAR 2024 FULL-YEAR 2023 Operating activities Profit after financial items*15,44313,010Adjustment for non-cash itemsProvisions for pensions135Other provisions676-328Depreciation,amortisation and write-downs22,25

130、222,955Other non-cash items78-971Taxes paid-1,717-5,565Cash flow from operating activites before changes in working capital 36,74529,106Cash flow from changes in working capitalOperating receivables-2,299-594Stock-in-trade-3,0365,248Operating liabilities346189CASH FLOW FROM OPERATING ACTIVITIES 31,7

131、5633,949Investing activitiesInvestments in leasehold and similar rights-19-11Investments in other intangible assets-1,369-967Investments in buildings and land-Investments in equipment-10,060-7,986Other-126-655CASH FLOW FROM INVESTING ACTIVITIES-11,574-9,619Financing activitiesShort-term loans-2,966-

132、408New long-term loans-6,312Amortisation of long-term loans-2480Amortisation lease-12,631-12,867Capital contributions non-controlling interests24-Dividend-10,456-10,577Repurchase of shares-2,928-1,075CASH FLOW FROM FINANCING ACTIVITIES-29,205-18,615CASH FLOW FOR THE PERIOD-9,0235,715Cash and cash eq

133、uivalents at beginning of the financial year26,39821,707Cash flow for the period-9,0235,715Exchange rate effect-35-1,024Cash and cash equivalents at end of the financial year17,34026,398 Full-year report 2024(1 Dec 2023 30 Nov 2024)21 FIVE YEAR SUMMARY FULL-YEAR,1 DECEMBER 30 NOVEMBER *Regarding res

134、tated figures for financial year 2023 see Note 5 Restated figures attributable to amendments to IAS 12.*Before and after dilution,excluding own shares.*Dividend decided and paid out during the year.For definitions and explanations of the alternative performance measures in this report,see page 138-1

135、40 in the annual and sustainability report for the 2023 financial year.20202021202220232024Net sales,SEK m187,031198,967223,553236,035234,478Change net sales from previous year in SEK,%-206126-1Change net sales previous year in local currencies,%-18126-11Operating profit,SEK m3,09915,2557,16914,5371

136、7,306Operating margin,%1.77.73.26.27.4Depreciation,amortisation and write-downs for the year,SEK m 25,95322,32022,57922,95522,252Profit after financial items,SEK m2,05214,3006,21613,01015,443Profit after tax,SEK m*1,24311,0103,5668,71611,584Cash and cash equivalents,SEK m16,54027,47121,70726,39817,3

137、40Stock-in-trade,SEK m38,20937,30642,49537,35840,348Equity,SEK m*54,62360,01850,75747,51046,211Average number of shares outstanding,thousands*1,655,0721,655,0721,649,8471,629,0971,611,695Earnings per share,SEK*,*0.756.652.165.377.21Cash flow from operating activities per share,SEK*15.6526.9615.0020.

138、8419.70Number of shares outstanding as of the closing day,thousands*1,655,0721,655,0721,629,6871,622,5481,604,491Equity per share,SEK*,*33.0036.2631.1529.2828.80Dividend per share excluding own shares,SEK*-6.506.506.506.50Return on equity,%*2.219.26.417.824.7Return on capital employed,%*3.211.85.812

139、.114.6Share of risk-bearing capital,%*33.635.429.727.626.9Equity/assets ratio,%*31.333.427.926.225.6Total number of stores5,0184,8014,4654,3694,253Average number of employees126,376107,375106,522101,10396,457 Full-year report 2024(1 Dec 2023 30 Nov 2024)22 PARENT COMPANY INCOME STATEMENT(SEK M)*Inte

140、rest income and similar items for the quarter consist of interest income of SEK 321 m(272)and translation effects from group companies amounting to SEK 4 m(0),and for the full year interest income of SEK 479 m(280)and translation effects from group companies amounting to SEK 12 m(0).*Interest expens

141、e and similar items for the quarter consist of interest expense of SEK 136 m(86)and translation effects from group companies amounting to SEK 0 m(1),and for the full year interest expense of SEK 484 m(267)and translation effects from group companies amounting to SEK 0 m(1).PARENT COMPANY STATEMENT O

142、F COMPREHENSIVE INCOME(SEK M)Q4 2024 Q4 2023 FULL-YEAR 2024 FULL-YEAR 2023 Net sales 6436152,3642,264GROSS PROFIT 6436152,3642,264 Administrative expenses-37-26-170-108OPERATING PROFIT 6065892,1942,156 Income from participation in group companies 8,43610,51910,05311,212Interest income and similar it

143、ems*325272491280Interest expense and similar items*-136-87-484-268PROFIT AFTER FINANCIAL ITEMS 9,23111,29312,25413,380 Year-end appropriations-1,287-1,496-1,287-1,496Tax 95169-217-117PROFIT FOR THE PERIOD 8,0399,96610,75011,767 Q4 2024 Q4 2023 FULL-YEAR 2024 FULL-YEAR 2023 PROFIT FOR THE PERIOD 8,03

144、99,96610,75011,767 Other comprehensive income Items that have not been and will not be reclassified to profit or loss Remeasurement of defined benefit pension plans-7-14-14-14Tax related to the above remeasurement 2333OTHER COMPREHENSIVE INCOME-5-11-11-11TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 8,0

145、349,95510,73911,756 Full-year report 2024(1 Dec 2023 30 Nov 2024)23 PARENT COMPANY BALANCE SHEET(SEK M)2024-11-302023-11-30ASSETS NON-CURRENT ASSETS Property,plant and equipment Buildings and land 111116Equipment,tools,fixture and fittings 1924 130140Other non-current assets Shares and interests 1,2

146、441,119Receivables from subsidiaries 7878Long-term receivables 76328Deferred tax assets 6570 1,4631,595 TOTAL NON-CURRENT ASSETS 1,5931,735 CURRENT ASSETS Current receivables Accounts receivable-17Receivables from subsidiaries 26,75729,694Tax assets 12899Other receivables 6263Prepaid expenses 111139

147、 26,94230,812 Cash and cash equivalents-2 TOTAL ASSETS 26,94230,814 TOTAL ASSETS 28,53532,549 Full-year report 2024(1 Dec 2023 30 Nov 2024)24 *Only provisions for pensions and liabilities to credit institutions are interest-bearing.2024-11-302023-11-30EQUITY AND LIABILITIES EQUITY Restricted equity

148、Share capital 207207Restricted reserves 8888 295295Non-restricted equity Retained earnings 2,7294,309Profit for the year 10,73911,756 13,46816,065 TOTAL EQUITY 13,76316,360 UNTAXED RESERVES 1717 LIABILITIES Long-term liabilities Provisions for pensions*128123Liabilities to credit institutions*13,048

149、13,072 13,17613,195 Short-term liabilities Accounts payable 68Liabilities to subsidiaries 1,288-Tax liabilities-Liabilities to credit institutions*-2,693Other liabilities 95141Accrued expenses and prepaid income 190135 1,5792,977 TOTAL LIABILITIES 14,77216,189 TOTAL EQUITY AND LIABILITIES 28,53532,5

150、49 Full-year report 2024(1 Dec 2023 30 Nov 2024)25 NOTE 1.ACCOUNTING PRINCIPLES The group applies International Financial Reporting Standards(IFRS)and interpretations by the IFRS Interpretations Committee as adopted by the EU.This report has been prepared according to IAS 34 Interim Financial Report

151、ing,the Swedish Financial Reporting Boards Recommendation RFR 1 Supplementary Rules for Consolidated Financial Statements and the Swedish Annual Accounts Act.The parent company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Boards recommendation RFR 2 Accounting for Lega

152、l Entities,which essentially involves applying IFRS.The amendment to standard IAS 12 Income Taxes concerning Deferred Tax related to Assets and Liabilities arising from a Single Transaction entered into force on 1 January 2023 and affects the consolidated financial statements from the 2024 financial

153、 year onwards.The amendment means that deferred tax is reported on right-of-use assets and liabilities attributable to leases.Other than this,no new or revised IFRS standards or interpretations applied from 1 December 2023 have had any significant impact on the consolidated financial statements.For

154、a more detailed description of the accounting principles applied to the group and the parent company in this interim report,see the notes of the annual and sustainability report for the 2023 financial year.NOTE 2.FINANCIAL INSTRUMENTS The H&M groups financial instruments consist mainly of shares and

155、 interests,accounts receivable,other receivables,cash and cash equivalents,accounts payable,interest-bearing securities and liabilities,and currency derivatives.Measurement principles and classification of financial instruments are unchanged from the information disclosed in note 24 in the annual an

156、d sustainability report for 2023.Shares are measured at fair value,either through profit or loss or through other comprehensive income.Where holdings of shares are assessed to be strategic,the H&M group has chosen to recognise changes in value in other comprehensive income.The value of the holding i

157、n Renewcell is based on the share price,which is a level 1 input according to IFRS 13.Renewcell declared bankruptcy in February 2024 and has thus been delisted,and the holding was subsequently written down in the first quarter of the financial year.Fair value amounts to SEK 0 m(34)as at 30 November

158、2024.The fair value of the remaining shares and interests based on level 3 inputs according to IFRS 13 amounts in total to SEK 3,029 m(2,329)as at 30 November 2024,the largest investments being Klarna at SEK 964 m(548),Sheertex at SEK 573 m(619),and Instabee at SEK 188 m(168).The effect of measureme

159、nt of the groups other shares and interests is reported in other comprehensive income and amounts to SEK 275 m(-350)for the fourth quarter.Currency derivatives are measured at fair value based on level 2 inputs in the IFRS 13 hierarchy.As at 30 November 2024 forward contracts with a positive market

160、value amount to SEK 1,224 m(1,089),reported under other current receivables.Forward contracts with a negative market value amount to SEK 665 m(1,205),which is recognised in other current liabilities.In hedge accounting,derivatives are classified as cash flow hedges or as fair value hedges.As at 30 N

161、ovember 2024 the nominal amount of outstanding interest rate swaps was SEK 0 m(5,679).Other financial assets and liabilities are measured at amortised cost.Measurement at fair value would decrease the groups liabilities to credit institutions by around SEK 200 m.The decrease is due to general intere

162、st rate increases since debt was issued.The fair values of other financial instruments are assessed to be approximately equal to their book values.Full-year report 2024(1 Dec 2023 30 Nov 2024)26 NOTE 3.SEGMENT REPORTING(SEK M)*South Africa FULL-YEAR 2024FULL-YEAR 2023Asia and OceaniaExternal net sal

163、es28,61929,941Operating profit697890Operating margin,%2.43.0Assets excluding tax receivables11,00610,973Liabilities excluding tax liabilities3,6203,488Investments in intangible and tangible fixed assets677486Depreciation,amortisation and write-downs8501,092Europe and Africa*External net sales154,060

164、152,308Operating profit5,8974,283Operating margin,%3.82.8Assets excluding tax receivables28,95924,863Liabilities excluding tax liabilities20,00518,654Investments in intangible and tangible fixed assets4,1342,708Skulder,exklusive skatteskulder2,9493,332North and South AmericaExternal net sales51,7995

165、3,786Operating profit2,0452,224Operating margin,%3.94.1Assets excluding tax receivables18,75019,255Liabilities excluding tax liabilities8,0568,574Investments in intangible and tangible fixed assets2,1861,740Depreciation,amortisation and write-downs2,0482,429Group FunctionsNet sales to other segments

166、79,07179,667Operating profit8,6677,140Operating margin,%11.09.0Assets excluding tax receivables113,279116,645Liabilities excluding tax liabilities97,82199,163Investments in intangible and tangible fixed assets4,5404,030Depreciation,amortisation and write-downs16,40516,102EliminationsNet sales to oth

167、er segments-79,071-79,667TotalExternal net sales234,478236,035Operating profit17,30614,537Operating margin,%7.46.2Net financial items-1,863-1,527Profit after financial items15,44313,010Assets excluding tax receivables171,994171,736Liabilities excluding tax liabilities129,503129,879Investments in int

168、angible and tangible fixed assets11,5378,964Depreciation,amortisation and write-downs22,25222,955 Full-year report 2024(1 Dec 2023 30 Nov 2024)27 NOTE 4.DEPRECIATIONS,AMORTISATIONS AND WRITE-DOWNS *Reclassification between administrative expenses,cost of goods sold and selling expenses.Q4 2024 Q4 20

169、23 FULL-YEAR 2024 FULL-YEAR 2023 DEPRECIATIONS AND AMORTISATIONS Intangible non-current assets and property,plant and equipment excluding right-of-use assets Cost of goods sold 244246965935Selling expenses 1,7661,8817,2367,742Administrative expenses 95107383438Total 2,1052,2348,5849,115 Right-of-use

170、 assets Cost of goods sold 2943001,2621,107Selling expenses 2,8682,88511,32211,552Administrative expenses 126104430411Total 3,2883,28913,01413,070TOTAL DEPRECIATIONS AND AMORTISATIONS 5,3935,52321,59822,185 WRITE-DOWNS AND LOSSES AT DISPOSALS Intangible non-current assets and property,plant and equi

171、pment excluding right-of-use assets Cost of goods sold 5461*8069Selling expenses 246399*266605Administrative expenses 6-55*2021Total 306405366695 Right-of-use assets Cost of goods sold-Selling expenses 27530328874Administrative expenses-Total 27530328874TOTAL WRITE-DOWNS AND LOSSES AT DISPOSALS 5817

172、08654770TOTAL DEPRECIATIONS,AMORTISATIONS,WRITE-DOWNS AND LOSSES AT DISPOSALS 5,9746,23122,25222,955 Full-year report 2024(1 Dec 2023 30 Nov 2024)28 NOTE 5.RESTATED FIGURES ATTRIBUTABLE TO AMENDMENTS TO IAS 12 Equity as at 1 December 2022 and profit for the year 2023 have been adjusted as a conseque

173、nce of the retrospective restatement of deferred tax relating to right-of-use assets and lease liabilities arising from the entry into force of the amendment to IAS 12 Income Taxes concerning Deferred Tax related to Assets and Liabilities arising from a Single Transaction.The change in Q4 2023 corre

174、sponds to the change in full-year 2023.In the Five year summary the years 20202022 have not been restated.For the financial year 2023 the following values have been adjusted accordingly:NOTE 6.EVENTS AFTER THE CLOSING DATE There have been no significant events after the closing date that effects the

175、 financial reporting.GROUP INCOME STATEMENTNEW RESTATEDREPORTEDCHANGEAND BALANCE SHEETVALUE 2023 SEK mVALUE 2023 SEK mSEK mTax-4,294-4,287-7Profit after tax/profit for the period8,7168,723-7Total comprehensive income8,4268,433-7Profit for the period attributable to theshareholders of H&M Hennes&Maur

176、itz AB8,7458,752-7Retained earnings41,10741,198-91Deferred tax liabilities2,5072,41691Total equity47,51047,601-91Earnings per share,SEK5.375.350.02NEW RESTATEDREPORTEDKEY FINANCIAL RATIOSVALUE 2023 SEK mVALUE 2023 SEK mEquity per share,SEK29.2829.34Return on equity,%17.817.7Return on capital employe

177、d,%12.112.1Share of risk-bearing capital,%27.627.6Equity-asset ratio,%26.226.3The groups tax rate,%35.735.6 Full-year report 2024(1 Dec 2023 30 Nov 2024)29 Full-year report 2024(1 Dec 2023 30 Nov 2024)30 Full-year report 2024(1 Dec 2023 30 Nov 2024)31 Full-year report 2024(1 Dec 2023 30 Nov 2024)32 Full-year report 2024(1 Dec 2023 30 Nov 2024)33 Full-year report 2024(1 Dec 2023 30 Nov 2024)34 Full-year report 2024(1 Dec 2023 30 Nov 2024)35 Full-year report 2024(1 Dec 2023 30 Nov 2024)36