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L’OCCITANEEN PROVENCE
Final resultsfor the year ended
31 March 2011
L’OCCITANEEN PROVENCE
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Results Highlights
Strategic Review and Future Prospects
Agenda
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(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
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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
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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
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BRAZIL, Salvadore – Salvadore Norte – Feb ‘11
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INDIA, Kolkata - South City Mall – Jan’11
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CHINA, Yantai – Yantai Zhenhua – Jan’11
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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%)
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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
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