L OCCITANE EN PROVENCE EN PROVENCE. Final results. for the year ended 31 March 2011

Transcription

1 Final results for the year ended 31 March 2011

2 Agenda Results Highlights Strategic Review and Future Prospects 2

3 1. Results Highlights (million ) Net sales Operating profit Net profit %, m 772, %, m 132, %, m , , ,6 102, Mar 2010 Mar 2011 Mar 2010 Mar 2011 Mar 2010 Mar

4 1. Results Highlights sales per segment and geography segments Geography Sell-in 23% B-to-B Other 3% Japan countries 25% 22% Russia 4% Brazil 5% Hong Kong 9% Sell-out 74% USA 12% UK 5% France 10% China 4% Taiwan 4% 4

5 1. Results Highlights new products and new categories particular focus on facial skin care and fragrances which drive higher margins, loyalty and image but also make-up and men s grooming 5

6 1. Results Highlights sales growth by segment million Contribution +5.3% Comp stores +66% Non-comp stores +5% Other Sell-Out(1) Mar 2010 Mar 2011 Sell-in B-to-B FX rates 20% 48% 0% 30% 2% to growth (2) : (1) Includes Mail-order and other sales (2) Excluding foreign currency translation effects overall sales growth: 26.1% local currency growth: 16.2% currencies: 9.9% +21% +10% 6

7 1. Results Highlights sales growth by geography (1/2) Mar 2010 Mar % +7% +21% +19% +40% Contribution to growth ** : France L'Occitane* France Other UK USA L'Occitane 4% -4% 7% 3% USA O&Co. Brazil -4% 5% Russia 9% * Excluding B-to-B to international customers; Melvita and private label sales in France ** Excluding foreign currency translation effects 7

8 1. Results Highlights sales growth by geography (2/2) +11% Mar 2010 Mar % +34% +46% +8% Contribution to growth * : Japan Hong Kong China Taiwan Other countries 17% 17% 10% 2% 35% FX rates * Excluding foreign currency translation effects 8

9 1. Results Highlights sales growth in other fast growing countries +41% +27% +30% +68% +15% Korea Mexico Germany Spain Italy Mar 2010 Mar

10 1. Results Highlights Stores network 1, , Mar 2010 Mar 2011 own stores non-own stores 10

11 1. Results Highlights net stores openings Asia-Pacific Americas Europe Total Mar 2010 Mar

12 1. Results Highlights net stores openings emerging and fast growing countries Brazil Russia India China Mexico Korea Canada Spain Germany Italy 12

13 BRAZIL, Salvadore Salvadore Norte Feb 11 13

14 INDIA, Kolkata - South City Mall Jan 11 14

15 CHINA, Yantai Yantai Zhenhua Jan 11 15

16 Melvita : JAPAN, Yokohama Lumine Mar 11 HONG KONG - Time Square Jan 11 16

17 1. Results Highlights Same stores ratios 4,0% 14,5% 8,6% 2,7% 4,3% 9,0% 6,2% 18,4% -0,6% -2,4% France UK USA Brazil Russia 1,8% 6,8% 20,0% 9,4% 8,3% 7,5% 4,9% 4,0% 5,3% 2,6% -2,7% -0,6% Japan Hong Kong China Taiwan Other Mar 2010 Mar 2011 countries Group 17

18 1. Results Highlights profitability analysis % of net sales year ended 31 March Change Gross profit margin Distribution expenses (44.6) (44.2) (44.5) (0.2) Marketing expenses (11.1) (1) (9.1) (11.0) (1.9) R&D expenses (0.7) (0.7) (0.0) G & A expenses (9.8) (9.7) (9.6) 0.1 Other (losses) / gains (0.2) Operating profit margin (0.9) (1) includes R&D. 18

19 1. Results Highlights capital expenditures million ,8 35,6 49, ,3 3,4 15,4 5,4 7,8 8,4 4,7 3, ,3 acquisition of subs stores Info. Tech. factories R&D other total Mar 2010 Mar

20 1. Results Highlights working capital ratios inventory days days of trade receivables Mar 2010 Mar 2011 days of trade payables on Cost of Sales (1) Average inventory turnover days: average inventory divided by cost of sales and multiplied by 365. 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 365. 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 365. Average trade payables equals the average of trade payables at the beginning and end of each period. 20

21 1. Results Highlights Balance sheet key items comparison as at: 31 Mar 31 Mar (million ) Change Non-current assets Trade receivables, net Inventories, net Cash and cash equivalents Total assets Trade payables Total borrowings (1.9) Other current liabilities (78.2) Total equity

22 1. Results Highlights - Balance Sheet Ratios 31 Mar 31 Mar year ended Profitability Return on Capital Employed (ROCE) (1) 31.3% 30.4% Return on equity (ROE) (2) 51.9% 17.8% Liquidity Current ratio (times) (3) Quick ratio (times) (4) Capital adequacy Gearing ratio (5) 14.2% 7.6% Debt to equity ratio (6) 12.4% net cash (1)Net profit / total assets (4) Current assets - stocks / current liabilities (2) Net profit attributable to equity owners/ shareholders' equity excluding minority interest (3) Current assets / current liabilities (5) Total debt / total assets) (6) Net debt / total assets - total liabilities * 100%) 22

23 1. Results Highlights Earnings per share, dividend as at: 31 Mar 2011 Earnings per share ( ) total dividend ( million) 19.9 payout ratio 20% dividend per share ( )

24 2. Strategic review and prospects achievements: Sales Growth Increased Same Stores sales growth Strong development of emerging countries Strong development of travel retail Investments 131 net store openings (vs. 77), renovations Marketing: promo tools, advertising Launched Melvita in major countries: Japan, Taiwan, Korea, USA, UK, Russia Increased infrastructure in R&D, Marketing and international management Re-built inventories 24

25 2. Strategic review and prospects Prospects for FY2012: Future Growth Continue fast pace investment in new stores in emerging and fast growing countries, and in R&D Further develop the awareness of our brands, notably leveraging the digital media Focus on growth opportunities in the USA Continue to develop Melvita in key markets Explore strategic development opportunities in emerging countries Operational Efficiencies Implement our SAP core model in other countries and prepare SAP for manufacturing improve supply chain management (S&OP process, forecasting) Implement factories and central warehouse projects Merge back-office functions at our factories 25

26 angelica Hydratation : essential for beautiful Skin Moisturising and revitalising effect 26