Boucheron. Burberry. Jimmy Choo. Lanvin. Montblanc. Nickel. Paul Smith. S.T. Dupont. Van Cleef & Arpels.

Transcription

1 Boucheron. Burberry. Jimmy Choo. Lanvin. Montblanc. Nickel. Paul Smith. S.T. Dupont. Van Cleef & Arpels first-half results

2 Contents 2011 operating highlights 2011 launches First-half sales First-half financials Burberry Body 2012 outlook 2

3 2011 operating highlights 3

4 2011 operating highlights 2011 H1 sales 165.3m at constant exchange rates (+9.6%) 163.0m at current exchange rates (+8.2%) An unfavorable comparison base (from Burberry Sport launch in 2010 H1) The portfolio's main brands perform well Performances by Jimmy Choo and Montblanc fragrances (> 25 million in 6 months) 4

5 2011 operating highlights Significant gains in South America (+19%) in Eastern Europe (+16%) in Asia (+14%) Good sales performances in North America (+3% at constant exchange rates) in Western Europe (+8%) in France (+6%) Stability in the Middle East 5

6 H1 financial highlights ( m) H1 09 H1 10 H /10 Net sales Gross margin % of sales Operating profit % of sales Net income % of sales % % % % % % (*) Cash net of borrowings: cash & other current financial assets + CDs > 3 months - financial debt - short term loans +8% +14% +21% +33% ( m) 6/30/9 6/30/10 06/30/11 11/10 Shareholders equity Cash net of borrowings (*) % % % % -58%

7 2011 operating highlights 3 major launches in the same period Jimmy Choo Montblanc Legend Burberry Body 7

8 2011 launches 8

9 Jimmy Choo / Sephora The Jimmy Choo line is No. 9 for the Sephora zone No. 1 in Poland No. 2 in Portugal No. 7 in Italy No. 19 in France 9

10 Jimmy Choo / United States Exclusivity at Sak s Fifth Avenue until end of June 2011 Nordstrom launch with double exclusivity starting in July 2011 (116 doors) Jimmy Choo line No. 23 in July 2011 (NPD) 10

11 Jimmy Choo / United States Launched in all specialty stores beginning in August 2011 (approximately 300 doors) Roll-out in department stores starting in January 2012 Very strong press support Objective: in top 15 in

12 Jimmy Choo / United Kingdom Off to a very good start Jimmy Choo line No. 3 in 6 months Strong support in H2 with TV campaign 12

13 Jimmy Choo An exceptional reception for this first perfume A fragrance with strong international appeal Considerable growth potential 13

14 2011 launches 14

15 MB LEGEND RANKING POLAND MEXICO RUSSIA L ETOILE SWEDEN - ÅHLÉNS CITY THE CARIBBEAN TR SLOVAKIA FAN FRANCE (NPD) QATAR FACES No. 1 at Douglas in June No. 1 in July No. 25 in July (50% doors) No. 4 in August in Stockholm No. 5 in August in Göteborg No. 5 in August Top 10 in May (70% doors) No. 67 in June (vs. Brit Men No. 77 in same period with only 50% of DN BBY) At Sephora: MB sales = 2x BBY No. 1 in April MONTBLANC BRAND RANKING BRAZIL - DUFRY DUTYPAID SINGAPORE 4 SEPHORA No. 11 in June Top 5 since May (men + women)

16 1 week MB LEGEND = MYR For comparison: 1 week POLO RALPH LAUREN: MYR 35,000 1 week LANVIN: MYR 50,000 1 week BBY SUMMER: MYR 100,000 1 week Jimmy Choo: MYR 120,000 (est.) Interparfums. Malaysia 2011 first-half results. Kuala September 2011Lumpur - Pavilion Centre Court

17 Montblanc Initial performance exceeding expectations Strong growth potential 17

18 2011 launches 18

19 Burberry Launch of the Burberry Body line A major line Important marketing and advertising budgets Strong support from the brand 19

20 2011 first-half sales 20

21 Lanvin 2011 H1 sales: 26.2m (+14%) Continuing growth 3 well-established lines: Eclat d Arpège, Jeanne Lanvin and Marry Me! 21

22 Van Cleef & Arpels 2011 H1 sales: 9.9m (-22%) Drop in sales reflecting launch of the Oriens line in 2010 H1 22

23 Boucheron 2011 H1 sales: 1.6m (2 months) Boucheron license agreement entering into effect in early 2011 Takeover of inventories of components, POS materials and finished products 3 existing lines Boucheron pour Femme Boucheron pour Homme Jaïpur pour Homme 23

24 First-half sales Sales by brand ( m) H H H1 2011/H Burberry % Lanvin % Jimmy Choo ns Montblanc ns Van Cleef & Arpels % Paul Smith % S.T. Dupont % Boucheron ns Nickel % Other ns Total % ns: not significant. na: not applicable 24

25 First-half sales Sales by region ( m) H H /2010 Africa % North America % South America % Asia % Eastern Europe % Western Europe % France % Middle East % Total % 25

26 First-half sales Regional sales mix H1 (H1 2010) Western Europe North America 28% (28%) Eastern Europe 7% (7%) 16% (17%) France 9% (9%) Middle East Asia 19% (18%) 11% (12%) Africa South America 1% (1%) 9% (8%) 26

27 2011 first-half financials 27

28 First-half financials Sales by currency Pound sterling 6% (5%) Other 2% (4%) Dollar Euro 38% (37%) 54% (54%) 28

29 First-half results Sales by currency Currency Average exchange rate Currency H H effect $ / m / m Y / m million in sales at constant exchange rates (+9.6%) 29

30 First-half financials Income statement highlights ( m) H H /2010 Net sales Gross margin % of sales Logistics & transport Marketing & advertising Royalties Staff costs (excluding production) Subcontracting /subsidiaries Depreciation, amortization & provisions Other Operating profit % of sales % (4.8) (29.0) (15.2) (8.3) (4.2) (2.3) (7.4) % % (5.3) (29.6) (15.5) (9.7) (6.5) (4.1) (8.8) % +8% +14% +10% +2% +2% +17% +55% +78% +19% +21% 30

31 First-half results Income statement highlights ( m) H H /2010 Operating profit % of sales Net financial income (expense) Income before tax % of sales Corporate income tax Net income before non-controlling interests Attributable to non-controlling interests Net income % of sales % (2.7) % (6.3) % % (0.3) % (8.8) % +21% ns +37% +40% +36% ns +33% 31

32 First-half financials Balance sheet highlights Non-current assets 88.1 (87.3) Current assets (148.1) Cash & other current financial assets 27.0 (57.7) Shareholders equity (191.5) Long-term debt 7.8 (12.1) Current liabilities 98.4 (89.2) 32 Assets Liabilities 06/30/2011 (12/31/2010)

33 2011 first-half financials Net cash at 06/30/11(12/31/10) ( m) 12/31/ /30/2011 Certificates of deposit (< 3 months) Money market mutual funds Bank balances Cash and cash equivalents Current financial assets (CDs > 3 months) Cash and current financial assets Bank overdrafts & short term loans (3.9) (5.2) Cash net of short-term debt Long term debt > 1 year (3.4) (2.3) Long term debt < 1 year (8.6) (5.5) Long term debt (12.0) (7.8) Net cash

34 2011 first-half financials Cash flow highlights ( m) H H Cash flow Inventories (18.5) (38.1) Trade receivables (12.4) (9.8) Other receivables Trade payables Other payables 3.9 (3.9) Change in working capital requirements (4.3) (33.7) Total cash flow from operating activities 13.9 (15.2) 34

35 2011 first-half financials Cash flow highlights ( m) H H Acquisition of intangible fixed assets (1.6) (1.6) Acquisition of property, plant and equipment (1.6) (2.8) Acquisition of marketable securities (>3 months) (20.3) 26.0 Other (0.4) - Total cash flow from investing activities (23.9) 21.6 Issuance of debt - - Repayment of debt (4.1) (4.2) Dividends (6.3) (8.6) Other Total cash flow from financing activities (9.2) (11.0) 35

36 2011 first-half financials Cash flow highlights ( m) H H Net change in cash (19.2) (4.7) Opening cash and cash equivalents Closing cash and cash equivalents 47,0 17,2 36

37 Special topics Subsidiaries (United States Singapore) New logistics warehouse (Criquebeuf) New information system (SAP) 37

38 Financial calendar 2011 third-quarter sales October 25, 2011 (before opening of NYSE-Euronext Paris) 2012 targets November 16, 2011 (before opening of NYSE-Euronext Paris) 38

39 Burberry Body 39

40 GLOBAL TOP 20 SOLID, DIVERSIFIED PORTFOLIO FOR MEN AND WOMEN need a STAR FRAGRANCE

41 A BRAND LAUNCH NOT JUST A FRAGRANCE LAUNCH

42 ESTABLISH A PILLAR LINE ELEVATe BURBERRY FRAGRANCES embody the attitude of the burberry girl

43 the scent eclectic british COMBINATION luxurious ingredients feminine floral NOTES sensual warm TONES

44 floral boise ambre

45 EAU DE PARFUM EAU DE PARFUM INTENSE LAIT PARFUMÉ HUILE PARFUMÉE

46

47 2012 outlook 47

48 2012 outlook Burberry An ambitious development plan focusing on the Burberry Body line Lanvin An important fragrance launch in July in harmony with Alber Elbaz s fashion and design style Jimmy Choo Consolidation of the Jimmy Choo line s development 48

49 2012 outlook Montblanc A first women s fragrance Boucheron A first initiative focusing on the Jaïpur line Balmain Start of activity in January Launch plans for two new lines in 2012 and

50 Boucheron. Burberry. Jimmy Choo. Lanvin. Montblanc. Nickel. Paul Smith. S.T. Dupont. Van Cleef & Arpels first-half results