Result 2012 first half - Interparfums · Interparfums. 2012 first-half results. September 2012....

Interparfums. 2012 first-half results. September 2012.

BALMAIN. BOUCHERON. BURBERRY. JIMMY CHOO. LANVIN. MONTBLANC. NICKEL. PAUL SMITH. REPETTO. S.T. DUPONT. VAN CLEEF & ARPELS.

RESULTS2012 FIRST HALF


CONTENTS

H1 2012 operating highlightsH1 2012 salesH1 2012 results2012 outlook2013 outlook

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OPERATING HIGHLIGHTS 2012 FIRST-HALF


H1 2012 OPERATING HIGHLIGHTS

Early termination of Burberry license agreement on December 31, 2012

Limited impact on operations� Reorganization of the brand portfolio� Redeployment of staff� Make-up

A buyout payment of €181 million (excluding inventories and tangible assets)

A very strong financial structure in early 2013� Net cash of approximately €200 million� Shareholders' equity of approximately €350 million

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For one or more acquisitions� Proprietary brands (for fragrances among other activities) � As a licensee (long-term licenses)

Many strengths� 20 years experience in an increasingly complex business� A balanced portfolio of brands with high growth potential� A highly effective business model with a track record of success year after year� A flexible management organization� Recognized creative know-how� A worldwide distribution network� A streamlined operating structure and motivated teams

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Sales: €208.9m� +28.1% at current exchange rates� +24.6% at constant exchange rates

Growth momentum of key brands, notably:� Jimmy Choo (+42%)� Montblanc (+75%)� Boucheron

Growth momentum in many regions, notably:� North America (+56%)� South America (+35%)� Eastern Europe (+25%)� Asia (+22%)� France(+17%)

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Europe remains resilient (+7%)

Growth in Middle East back on track

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(*) Cash net of borrowings: cash & other current financial assets + CDs > 3 months - financial debt - short-term loans

€m H1 2010 H1 2011 H1 2012 2012/2010

Sales

Gross margin

% of sales

Operating profit

% of sales

Net income

% of sales

150.7

92.8

61.5%

21.5

14.3%

12.9

8.5%

+39%

+42%

+36%

+47%

€m 06/30/2010 06/30/2011 06/30/2012 2012/2010

Shareholders’ equity

Cash net of borrowings(*)

177.8

52.9

+28%

-83%

163.0

105.5

64.7%

26.0

16.0%

17.1

10.5%

H1 FINANCIALS

202.2

19.2

208.9

132.0

63.2%

29.2

14.0%

18.9

9.0%

227.6

9.0

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H1 2012 REVENUE


BURBERRY

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2012 H1 sales: €103.4m (+21%)

Continued rollout of the Burberry Body line

Gains by the brand's historic lines

Drop in sales by the Burberry Sport line


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2012 H1 sales: €29.5m (+13%)

New revenue growth

Launch of the Jeanne Lanvin Couture line

Further gains by the Eclat d’Arpège (+30%) line

LANVIN


2012 H1 sales: €22m (+74%)

Strong continuing growth

Success confirmed for the Montblanc Legend men’s line

(>50% of the brand's revenue)

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MONTBLANC


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JIMMY CHOO

2012 H1 sales: €18.7m (+42%)

Strong continuing growth

Launch of the Jimmy Choo Eau de Toilette

Expansion of distribution in selected markets

CEO Pierre Denis – Designer Sandra Choo


2012 H1 sales: €9.8m

Gradual repositioning of the brand in points of sale

Jaïpur Bracelet, the first initiative under the brand

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BOUCHERON


2012 H1 sales: €9.5m (-4%)

Resilient sales in a year without a major launch

Good performances by the First and Tsar lines

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VAN CLEEF & ARPELS


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Sales by brand(In €m) H1 2011 H1 2012 2012/2011

�Burberry 85.3 103.4 +21%�Lanvin 26.2 29.5 +13%�Montblanc 12.6 22.0 +74%� Jimmy Choo 13.1 18.7 +42%�Boucheron 1.6 9.9 ns�Van Cleef & Arpels 9.9 9.5 -4%� S.T. Dupont 6.0 8.7 +47%� Paul Smith 7.1 5.2 -27%�Nickel 1.2 1.1 -12%�Other - 1.0 ns

�Total 163.0 208.9 +28%ns: not significant

H1 2012 REVENUE


Sales by region(In €m) H1 2011 H1 2012 2012/2011

� Africa 1.9 2.7 +45%

� North America 31.4 49.1 +56%

� South America 14.3 19.2 +35%

� Asia 30.9 37.8 +22%

� Eastern Europe 12.5 15.6 +25%

� Western Europe 39.4 42.1 +7%

� France 14.6 17.0 +17%

� Middle East 18.0 25.3 +40%

� Total 163.0 208.9 +28%

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H1 2012 REVENUE


North America

24% (16%)

Western Europe

20% (28%)

France

8% (9%)

South America

9% (9%)

Eastern Europe

8% (7%)

Middle East

12% (11%)

Asia

18% (19%)

Africa

1% (1%)

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Regional sales mix (2011)

H1 2012 REVENUE

Interparfums. Board of Directors' Meeting September 6, 2012


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RESULTS2012 FIRST-HALF


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Pound sterling

5% (6%)

Other

2% (2%)

US Dollar

44% (38%)EUR

49% (54%)

Breakdown by currency (2011)H1 2012 RESULTS


Impact on salesCurrency Av. exch. rates Currency

H1 2011 H1 2012 effect

� $ / € 1.3990 1.2970 -€6.7m

� £ / € 0.8690 0.8300 +€0.5m

� Y / € 115.0 102.8 -€0.3m

Total currency effect of €7.5m

Sales up 24.6% at constant exchange rates

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H1 2012 RESULTS


Income statement highlights(€m) H1 2011 H1 2012 2012/2011

� Net sales 163.0 208.9 +28%� Cost of sales (57.5) (76.9) +33%� Gross margin 105.5 132.0 +25%

% of sales 64.7% 63.2%

� Marketing & advertising (29.6) (44.2) +49%� Royalties (15.5) (18.7) +20%� Staff costs (excluding production) (9.7) (11.1) +14%� Service fees /subsidiaries (6.5) (8.4) +29%� Depr., amortiz. & provisions (4.1) (4.6) +12%� Other (14.1) (15.8) +12%

� Operating profit 26.0 29.2 +12%% of sales 16.0% 14.0%

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H1 2012 RESULTS


(€m) H1 2011 H1 2012 2012/2011

�Operating profit

% of sales

� Financial income

� Income before tax

% of sales

� Corporate income tax

�Net income before NCI

�Non-controlling interests

�Net income

% of sales

26.0

16.0%

(0.3)

25.7

15.8%

(8.8)

16.9

0.2

17.1

10.5%

+12%

ns

+9%

+12%

+8%

ns

+11%

Income statement highlights

H1 2012 RESULTS

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29.2

14.0%

(1.0)

28.2

13.5%

(9.9)

18.3

0.6

18.9

9.0%


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Non-current assets

91.3 (89.5)

Current assets

217.3 (238.8)

Cash + other current financial assets

10.2 (17.4)

Shareholders’ equity

227.6 (216.0)

Long-term debt

1.2 (3.5)

Current liabilities

90.0 (126.2)

Assets Liabilities

H1 2012 RESULTS

06/30/2012 (12/31/2011)

Balance sheet highlights (€m)


H1 2012 RESULTS

Cash flow highlights(€m) H1 2011 H1 2012

� Cash flow 18.5 33.9

� Inventories (38.1) (17.0)

� Trade receivables (9.8) 25.9

� Other receivables 0.3 0.8

� Trade payables 17.8 (29.9)

� Other payables (3.9) (6.9)

� Change in working capital requirements (33.7) (27.2)

� Total cash flow from operating activities (15.2) (6.7)

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H1 2012 RESULTS


� Acquisition of intangible assets (1.6) (0.5)

� Acquisition of property, plant and equipment (2.8) (3.6)

� Acquisition of marketable securities (>3months) 26.0 -

� Other - (0.3)

� Total cash flows from investing activities 21.6 (4.4)

� Issuance of borrowings - -

� Debt repayments (4.2) (2.2)

� Dividends (8.6) (9.9)

� Other 1.8 2.7

� Total cash flows from financing activities (11.0) 9.4

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H1 2012 RESULTS


� Net change in cash (4.7) (7.2)

� Opening cash and cash equivalents 21.9 17.4

� Closing cash and cash equivalents 17.2 10.2

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2012 third-quarter sales�October 23, 2012 (before the opening of the NYSE-Euronext Paris stock exchange)

2013 targets�November 21, 2012 (before the opening of the NYSE-Euronext Paris stock exchange)

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FINANCIAL CALENDAR


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2012 OUTLOOK


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SECOND HALF LAUNCHES

MontblancFirst women's fragrance initiative Montblanc Legend for women

BalmainRelaunch of the Ivoire line


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(e)

Burberry fragrances' weight in the total revenue mix

2012 OUTLOOK


2012 OUTLOOK

Annual sales guidance of €420 million

A total media budget exceeding €100 million

An operating margin comparable to the prior year

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2013 OUTLOOK


Jimmy ChooSpring: second women's line

LanvinSpring: new women's line

Van Cleef & ArpelsSpring: new women's line

Paul SmithSpring: new line for women and men

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2013 LAUNCHES


BoucheronFall: First women's line created by Interparfums

BalmainFall: First women's line created by Interparfums

RepettoFall: First women’s fragrance initiative

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2013 LAUNCHES


2013 OUTLOOK

Strong growth potential for the main brands

Annual sales target of €240-€250 million

A total media budget of approximately €50 million

An operating margin above 10%

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2013 OUTLOOKRevenue excluding Burberry fragrances

(e) (e)

€m

€m

€m

€m

€m


BALMAIN. BOUCHERON. BURBERRY. JIMMY CHOO. LANVIN. MONTBLANC. NICKEL. PAUL SMITH. REPETTO. S.T. DUPONT. VAN CLEEF & ARPELS.

RESULTS2012 FIRST HALF

Result 2012 first half - Interparfums · Interparfums. 2012 first-half results. September 2012....

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Transcript of Result 2012 first half - Interparfums · Interparfums. 2012 first-half results. September 2012....