In the fourth quarter of 2012, consolidated revenue came in at €2.6 billion, up 17.5% on the same year-ago period as reported and 11.7% on a comparable Group structure and exchange rate basis.
For the year as a whole, the main financial indicators reflect the Group's excellent performance in 2012. Consolidated revenue from continuing operations amounted to €9,736 million, up 20.8% on 2011 as reported and 10.6% based on comparable Group structure and exchange rates.
The Group’s balance in terms of geographic presence and sales formats makes it more resilient to changes in the economic environment and reduces reliance on the European economy. Revenue generated outside the euro zone rose 11.6% in 2012 based on comparable data and accounted for 78.6% of sales for the year, versus 77.9% in 2011. Sales contribution from France remained unchanged from 2011, representing 5.5% of total revenue on a comparable basis.
In 2012, PPR continued its expansion in rapid-growth markets where revenue advanced 13.7% on a comparable basis and accounted for 37.6% of sales, representing a 100 basis-point increase on 2011 on a comparable basis. Sales in the Asia-Pacific region (excluding Japan) accounted for 25% of the total sales of the Group's brands versus 24.5% in 2011 on a comparable basis.
PPR’s recurring operating income for 2012 totalled €1,792 million, up 19.3% on 2011, and recurring operating margin stood at 18.4%. EBITDA posted by the Group climbed 18.8% year on year to €2,067 million.Gross margin for 2012 amounted to €5,960 million, up €984 million or 19.8% on the previous year as reported and 14.3% based on comparable exchange rates.
Operating expenses increased by 20% as reported, and by 15% based on comparable exchange rates. In particular, personnel expenses rose by 21.5% on a reported basis and marketing and advertising expenditure by 19.3%.
François-Henri Pinault, Chairman and Chief Executive Officer, commented: “PPR's results for 2012 are excellent, thanks to the exceptional performances of all brands in our Luxury Division. The significant growth potential of our brands is driven by their strength, the outstanding quality of their products and the rigorous development of their distribution channels. This potential was once again demonstrated in our Luxury Division in 2012 and we are striving to achieve the same dynamic in the Sport & Lifestyle Division.
"Our strong performance also highlights the good geographic balance of our activities and the consistency of the Group's strategy. In 2012, we completed further important steps in our transformation into a more international, dynamic and profitable group. We are confident that the strengthening of our assets and the determination of our teams will allow us to continue significantly improving our operating and financial performances in 2013.”