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L’OCCITANEEN PROVENCE

Final resultsfor the year ended

31 March 2011



2

Results Highlights

Strategic Review and Future Prospects

Agenda


3

(million €)

1. Results Highlights

Net sales Operating profit Net profit

612,2

772,3

0

100

200

300

400

500

600

700

800

900

Mar 2010 Mar 2011

+26.1%, +€160.0m

110,2

132,1

0

20

40

60

80

100

120

140

160

Mar 2010 Mar 2011

+19.9%, +€21.9m

84,6

102,7

0

20

40

60

80

100

120

140

160

Mar 2010 Mar 2011

+21.5%, +€18.1m


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1. Results Highlights – sales per segment and geography

segments Geography

Sell-out74%

Sell-in23%

B-to-B3% Japan

25%

Hong Kong9%

China4%Taiwan

4%France

10%UK5%

USA12%

Brazil5%

Russia4%

Other countries

22%


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particular focus on facial skin care and fragrances which drive higher margins, loyalty

and image

… but also make-up and men ‘s grooming

1. Results Highlights – new products and new categories


6

0

50

100

150

200

250

300

350

400

450

Compstores

Non-compstores

OtherSell-Out(1)

Sell-in B-to-B FX rates

million €

Mar 2010

Mar 2011

20%

overall sales growth: 26.1%local currency growth: 16.2%

currencies: 9.9%

Contributionto growth(2):

20% 48% 0% 30% 2%

+5.3%

+66%

+5%

+21%

+10%

1. Results Highlights – sales growth by segment

(1) Includes Mail-order and other sales

(2) Excluding foreign currency translation effects


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* Excluding B-to-B to international customers; Melvita and private label sales in France

** Excluding foreign currency translation effects

1. Results Highlights – sales growth by geography (1/2)

France

L'Occitane*France

OtherUK USA

L'OccitaneUSA

O&Co.Brazil Russia

Mar 2010 Mar 2011

4% -4% 7% 3%

+7%

+21%

+4%

+19%

-4% 5%

+40%

9%Contributionto growth**:


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1. Results Highlights – sales growth by geography (2/2)

* Excluding foreign currency translation effects

Japan Hong Kong China Taiwan Othercountries

FX rates

Mar 2010 Mar 2011

17% 17% 10% 2% 35%

+11%

+34%

+46% +8%

+28%

Contributionto growth*:


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1. Results Highlights –

sales growth in other fast growing countries

Korea Mexico Germany Spain Italy

Mar 2010 Mar 2011

+41%

+15%

+27%

+30%+68%


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1. Results Highlights – Stores network

764 895

777

933

Mar 2010 Mar 2011

own stores non-own stores

1,541

1,828+287


11

1. Results Highlights – net stores openings

34

7

36

77

50

23

58

131

Asia-Pacific Americas Europe Total

Mar 2010 Mar 2011


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1. Results Highlights – net stores openings

emerging and fast growing countries

14 14

5

24

1

Brazil Russia India China Mexico

8 7 8 7 6

Korea Canada Spain Germany Italy


13

BRAZIL, Salvadore – Salvadore Norte – Feb ‘11


14

INDIA, Kolkata - South City Mall – Jan’11


15

CHINA, Yantai – Yantai Zhenhua – Jan’11


16

Melvita : JAPAN, Yokohama Lumine – Mar’11

HONG KONG - Time Square – Jan’11


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1. Results Highlights – Same stores ratios

-0,6%

14,5%

2,7%9,0%

-2,4%

4,0%8,6%

4,3% 6,2%

18,4%

France UK USA Brazil Russia

-2,7%

6,8%9,4%

-0,6%

7,5%2,6%1,8%

20,0%

8,3% 4,9% 4,0% 5,3%

Japan Hong Kong China Taiwan Othercountries

Group

Mar 2010 Mar 2011


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1. Results Highlights – profitability analysis

% of net sales

year ended 31 March 2009 2010 2011 Change

Gross profit margin 80.4 81.2 82.5 1.3

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 0.5 0.3 (0.2)

Operating profit margin 15.0 18.0 17.1 (0.9)

(1) includes R&D.


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1. Results Highlights – capital expenditures

7,3

15,4

5,4 7,8

-0,3

35,6

3,4

29,8

8,4 4,7 3,1

49,4

-10

0

10

20

30

40

50

60

acquisitionof subs

stores Info.Tech.

factoriesR&D

other total

million €

Mar 2010 Mar 2011


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1. Results Highlights – working capital ratios

(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 tradereceivables 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.

230

27

176

228

25

179

inventory days days oftrade receivables

days oftrade payables

Mar 2010 Mar 2011on Cost of Sales


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1. Results Highlights –

Balance sheet key items comparison

as at: 31 Mar 31 Mar

(million €) 2010 2011 Change

Non-current assets 248.7 290.2 41.5

Trade receivables, net 47.9 59.6 11.8

Inventories, net 67.5 101.3 33.9

Cash and cash equivalents 41.8 300.1 258.3

Total assets 436.6 785.9 349.3

Trade payables 59.9 72.5 12.5

Total borrowings 61.9 60.0 (1.9)

Other current liabilities 84.5 6.3 (78.2)

Total equity 161.3 565.3 404.0


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31 Mar 31 Mar

year ended 2010 2011

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) 0.90 3.35

Quick ratio (times) (4) 0.58 2.67

Capital adequacy

Gearing ratio(5) 14.2% 7.6%

Debt to equity ratio (6) 12.4% net cash

1. Results Highlights - Balance Sheet Ratios

(1)Net profit / total assets

(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%)


23

1. Results Highlights – Earnings per share, dividend

as at: 31 Mar

2011

Earnings per share (€) 0.068

total dividend (€ million) 19.9

payout ratio 20%

dividend per share (€) 0.0135


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2. Strategic review and prospects

Increased Same Stores sales growth

Strong development of emerging countries

Strong development of travel retail

achievements:

Sales Growth

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

Investments


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2. Strategic review and prospects

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

Prospects for FY2012:

Future Growth

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

Operational Efficiencies


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angelica Hydratation : essential for beautiful Skin

Moisturising and revitalising effect

en provence l’occitane2fgroup%2fdoc... · l’occitane en provence 3 (million €) 1. results...

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