]À] v Z ~ ¦ Z

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Transcript of ]À] v Z ~ ¦ Z

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For the year ended: 31 Mar 31 Mar

(million €) 2011 2012 Change

772.3 913.4 +18.3%

Gross profit 637.0 755.5 +18.6% % of Net sales 82.5% 82.7% +0.2 pp

Operating profit 132.1 152.3 +15.3% % of Net sales 17.1% 16.7% -0.4 pp

Profit for the year 102.7 124.2 +20.9% % of Net sales 13.3% 13.6% +0.3 pp

Earnings per share (€ per share) 0.068 0.082 +20.2%

Dividend per share (€ per share)* 0.0135 0.0247 +83.0%

20% 30%

Net cash 240.1 239.1 -0.4%

Net sales

Dividend payout ratio*

* Dividend declared for the period indicated. The total of dividends declared for the year 2012 assumes the proposed distribution of a gross dividend of €0.0247 per share, which is subject to the approval of the shareholders of the Company at the forthcoming Annual General Meeting

Results highlights

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Japan24%

USA11%

Hong Kong10%

France8%

China6%

UK5%

Brazil5%

Russia5%

Taiwan4%

Other countries

22%

Sell-out75%

Sell-inB-to-B25%

Retail led growth from Sell-out Exposure to growth markets

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Net sales breakdown

(FY2011: 26%)

(FY2011: 74%)

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Net sales up by 18.3%

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(1) Includes Mail-order and other sales (2) Excluding foreign currency translation effects

0

100

200

300

400

500

600

Compstores

Non-compstores

OtherSell-Out

Sell-in FX rates

million €

FY2011

FY2012

23%

overall sales growth: 18.3%local currency growth: 18.0%

currencies: 0.3%

Contributionto growth(2): 23% 56% 1% 20%

+6.7%

+99%

+15%

+14%

(1)

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Sales growth by geography – 1 (local currency)

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0

20

40

60

80

100

120

France UK USA Brazil Russia

FY2011 FY2012

0% 6% 9% 9%

+1%

+13%

7%

+35%+31%

Contributionto growth:

+21%

million €

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Sales growth by geography – 2 (local currency)

0

50

100

150

200

250

Japan Hong Kong China Taiwan Othercountries FX rates

FY2011 FY2012

12% 17% 12% 2% 25%

+9%

+34%

+52% +7%

+21%

Contributionto growth:

million €

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Growth in other fast growing countries (local currency)

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Korea Canada Germany Spain Italy

FY2011 FY2012

+45%

+38%

+28%

+19%+30%

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895

1053

9331029

FY2011 FY2012

own stores non-own stores

1,828

2,082+254

+158

+14%

+18%

Retail stores network

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17 19

2

22

2

Brazil Russia India China Mexico

711 10

39

5 59

Japan Korea Taiwan Canada UK Germany Spain Italy

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Net stores openings profile

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Same Store Sales Growth profile

6.2%

18.4%

8.3%

20.0%

4.9%

13.3% 15.3% 18.2%

29.6%

1.7%

Brazil Russia China Hong Kong Taiwan

1.8% 4.0%8.6%

4.3% 4.0% 5.3%

-3.1%

5.0%15.4% 10.7% 6.6% 6.7%

Japan France UK USA Othercountries

Group

FY2011 FY2012

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% of net sales

For the year ended 31 March 2011 2012 Change

Gross profit margin 82.5 82.7 0.2

Distribution expenses (44.5) (44.9) (0.4)

Marketing expenses (11.0) (10.1) 0.8

Research & development expenses (0.7) (0.7) (0.0)

General & administrative expenses (9.6) (10.2) (0.6)

Other (losses) / gains 0.3 (0.1) (0.4)

Operating profit margin 17.1 16.7 (0.4)

Profitability analysis

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G & A expenses (as % of Net sales)

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9.6%

+0.9+0.3 -0.6

10.2%

FY2011 invest,

SAP

non

recurr.

leverage,

other

FY2012

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17.1%

-1.7-0.3 -0.2 +0.5 +0.5 +0.8

16.7%

FY2011 invest channel

mix

non

recurr.

retail

efficiency

prices

product

mix

leverage,

other

FY2012

Operating profit margin

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Cash flow analysis

as at: 31 Mar 31 Mar

(million €) 2011 2012 % Change

157.7 196.2 24.4%

Changes in working capital (32.6) (17.3) -47.0%

Income tax paid (26.1) (43.5) 66.4%

Net cash flow from operations 98.9 135.4 36.9%

Cash outflow from investing (49.4) (83.4)

Cash flow from financing 213.4 (37.8)

Effect of the exchange rate changes (1.4) (5.8)

261.5 8.4

Profit before tax, adj. for non-cash items

Net change in cash and cash

equivalents

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* Profit before tax, adjusted from non-cash items

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Cash flow from operations

158

-33 -26

99

196

-17 -43

135

Profit* Changeworkingcapital

Incometax paid

Cash flowfrom

operations

million €

FY2011 FY2012

+24%+37%

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(1) Average inventory turnover days: average inventory divided by cost of sales and multiplied by 182.5. Average inventory equals the average of net inventory at the beginning and end of each period.

(2) Turnover days of trade receivables: average trade receivables divided by net sales and multiplied by 182.5 . Average trade receivables equals the average of net trade receivables at the beginning and end of each period.

(3)Turnover days of trade payables: average trade payables divided by cost of sales and multiplied by 182.5 . Average trade payables equals the average of trade payables at the beginning and end of each period.

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Working capital ratios

228

25

179

250*

27

181

inventory days days oftrade receivables

days oftrade payables

FY2011 FY2012on Cost of Sales* net of MPPs

for 13 days

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228

+7 +5 +6 +4

250

FY2011 FX rates safety

stocks incr.

inventory

coverage

SAP &

other FY2012

Inventory turnover days (excluding effect of mini products and pouches “MPPs”)

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2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.00

4

06

08

10

12

02

04

06

08

10

12

02

04

06

08

10

12

02

04

06

08

10

12

02

FY2009 FY2010 FY2011 FY2012

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Inventory coverage (months) (constant rates, excluding effect of MPPs)

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* Malaysia

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3.4

29.8

8.44.7 3.1

49.4

12.6

32.6

11.8

21.4

5.1

83.4

acquisitionof subs*

stores Info.Tech.

factoriesR&D

other total

million €

FY2011 FY2012

Capital expenditures

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(1) Net Operating Profit After Tax / Capital Employed (2) Net profit attributable to equity owners / shareholders' equity excluding minority interest (3) Current assets / current liabilities (4) Current assets - stocks / current liabilities (5) Total debt / total assets (6) Net debt / total assets - total liabilities * 100%)

NOPAT = (Operating Profit + foreign currency net gains or losses) x (1 - effective tax rate) Capital Employed = Non-current assets - (deferred tax liabilities + other non-current liabilities) + working capital

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Balance sheet ratios 31 Mar 31 Mar

For the year ended 2011 2012

Profitability

Return on Capital Employed (ROCE) (1) 30.4% 29.1%

Return on equity (ROE)(2) 17.8% 18.6%

Liquidity

Current ratio (times)(3) 3.35 3.39

Quick ratio (times)(4) 2.67 2.63

Capital adequacy

Gearing ratio(5) 7.6% 7.6%

Debt to equity ratio(6)net cash net cash

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SOLID PROGRESS IN FY2012 AMID CHALLENGING MARKET CONDITIONS

Strategic review and achievements

SOLID BUSINESS FOUNDATION

INVESTING IN GROWTH OPPORTUNITIES

STRONG FINANCIAL RESULTS

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• Accelerated top-line growth and own store network development

• Posted strong growth for China, Russia, Brazil, Hong Kong

• Achieved a turnaround in the USA

• Maintained growth in challenged markets such as Japan, Europe including Spain and Italy

Strategic review and achievements

SOLID BUSINESS FOUNDATION

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Strategic review and achievements

• Net sales up 18.3% and Profit for the year up 20.9% • Increased cash inflow from operating activities by 37% • Financed major capital expenditure program : record retail

network expansion, store renovations, central warehouse, revamping of factories, information systems

• Proposed dividend per share up 83.7%, payout ratio raised

STRONG FINANCIAL RESULTS

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Strategic review and achievements

• Continued investments in Research & development, product marketing and development resources

• Increased marketing spending in % of net sales • Upgraded our systems and processes to sustain future growth:

• Went live successfully with SAP and initiated roll-out

• Established global planning function

• Merged and integrated both factories to achieve synergies and efficiency

INVESTING IN GROWTH OPPORTUNITIES

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STRATEGY

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• Invest in under-penetrated markets through stores expansion (China, other Asian countries, Russia, Brazil) • Take advantage of momentum to open new stores in the USA, Germany and the UK

• Further develop larger format stores • Invest and continue our store renovation program

• Focus on internet and e-commerce initiatives

• Push travel retail business

Strategy and outlook

1. Develop our brands in strategic channels:

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Strategy and outlook

• Drive productivity and efficiency through the optimisation of our platform, upgraded in FY2012:

warehouses, revamping of the Lagorce factory, merger, SAP • Continuing the progress:

• Full renovation of the Manosque factory, capacity expansion and new

R&D facility • Further roll-out of SAP in major markets

• Execute efficiency and productivity program

2. Pursue operational excellence:

3. Build strong foundation for sustainable profitable growth by launching new products and brands initiatives

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• Troubled economy, as currently in Europe • We would benefit from a softening of the Euro

• Expect the demand for natural cosmetics to remain resilient,

particularly in the emerging countries

Strategy and outlook

OUTLOOK

In this context, FY2013 should continue to see further progress and developments

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This document is for information purposes only without any binding effect; in case of any inaccuracies, incompleteness or inconsistency with other documents, only the Company’s latest issued annual or interim report for detailed financials shall prevail and shall be deemed to be the only official document.

Disclaimer

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