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Annual Report CONTENTS 2 Corporate Information 4 Financial Highlights 6 Chairman’s Statement 10 Management Discussion and Analysis 26 Corporate Governance Report 36 Directors and Senior Management 42 Directors’ Report 54 Independent Auditors’ Report 56 Consolidated Statements of Income 57 Consolidated Statements of Comprehensive Income 58 Consolidated Balance Sheets 60 Company-Alone Balance Sheets 62 Consolidated Statements of Changes in Shareholders’ Equity 63 Consolidated Statements of Cash Flows 64 Notes to the Consolidated Financial Statements 186 Financial Summary 1 CORPORATE INFORMATION Executive Directors Joint Company Secretaries Reinold Geiger Kenny Yee Hing Choy (Chairman and Chief Executive Officer) Sylvie Duvieusart-Marquant Emmanuel Laurent Jacques Osti (Managing Director) Authorised Representatives André Joseph Hoffmann André Joseph Hoffmann (Managing Director Asia-Pacific) Kenny Yee Hing Choy Thomas Levilion (Group Deputy General Manager, Finance and Company Legal Name Administration) L’Occitane International S.A. Non-executive Directors Date of Incorporation Karl Guenard 22 December 2000 Martial Thierry Lopez Pierre Maurice Georges Milet Date of Listing in Hong Kong 7 May 2010 Independent Non-executive Directors Charles Mark Broadley Registered Office Susan Saltzbart Kilsby 1, rue du Fort Rheinsheim Jackson Chik Sum Ng L-2419 Luxembourg 2 Company Website www.loccitane.com Audit Committee Charles Mark Broadley (Chairman) Martial Thierry Lopez Jackson Chik Sum Ng Remuneration Committee Emmanuel Laurent Jacques Osti (Chairman) Charles Mark Broadley Susan Saltzbart Kilsby Nomination Committee André Joseph Hoffmann (Chairman) Charles Mark Broadley Susan Saltzbart Kilsby Principal Bankers Crédit Agricole Corporate and Investment Bank BNP Paribas Crédit Industriel et Commercial HSBC France Société Générale Crédit du Nord BRED - Banque Populaire Auditors Headquarter Offices PricewaterhouseCoopers 1, rue du Fort Rheinsheim Certified Public Accountants L-2419 Luxembourg Compliance Adviser Route de la Galaise 2 Kingsway Capital Limited 1228 Plan-Les-Ouates Geneva Principal Share Registrar and Transfer Switzerland Office Banque Privée Edmond de Rothschild Principal Place of Business in Hong Kong 20, Boulevard Emmanuel Servais 14/F, Universal Trade Centre L-2535, Luxembourg 3 Arbuthnot Road Central, Hong Kong Hong Kong Share Registrar Computershare Hong Kong Investor Services Limited Stock Code Shops 1712-1716 973 17th Floor, Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong 3 FINANCIAL HIGHLIGHTS 4 KEY FINANCIAL HIGHLIGHTS Highlights of results for the year ended 31 March 2010 2009 Net Sales (€ million) 612.2 537.3 Operating profit (€ million) 110.2 80.5 Net profit (€ million) 84.6 59.4 Gross Profit margin 81.2% 80.4% Operating profit margin 18.0% 15.0% Net profit margin 13.8% 11.1% Return on total assets (ROA)(1) 19.4% 14.6% Return on equity (ROE)(2 51.9% 31.5% Current ratio (times)(3) 0.90 1.40 Gearing ratio(4) 14.2% 26.8% Inventory turnover days(5) 230 233 Turnover days of trade receivables(6) 27 28 Turnover days of trade payables(7) 65 60 Total number of own stores(8) 764 687 Profit attributable to equity holders (€ million) 81.6 58.4 Basic earnings per share (€) 0.064 0.046 Notes: (1) Net profit / total assets (2) Net profit attributable to equity holders of the Company / shareholders’ equity excluding minority interest (3) Current assets / current liabilities (4) Total debt / total assets (5) Average inventory turnover days equals 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 a given period. (6) Turnover days of trade receivable equals 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 a given period. (7) Calculated using the average of the beginning and ending trade payables balance for the period, divided by total purchases for the period, multiplied by 365. In calculating turnover days of trade payables, we use total purchases rather than cost of sales as our cost of sales do not take into account certain distribution, general and administrative expenses that are included in our trade payables, whereas our total purchases include all payments to suppliers. (8) L’Occitane and Melvita branded boutiques and department stores corners directly managed and operated by us. Net of the discontinuation of 10 Oliviers & Co. stores in the USA in FY2010. 5 CHAIRMAN’S STATEMENT Over the past ten years we have succeeded in developing a strong STRIVE FOR global company. This success has been built on the demand for natural ingredient-based cosmetics which PROFITABLE has been and is growing constantly. Furthermore, we put in place a strong management team and performed a GROWTH good deal of hard work. On 7 May 2010 our company was Message from listed on the Hong Kong Stock Exchange. This marks for us the REINOLD GEIGER beginning of a new era. We view the IPO as a catalyst for growth, allowing us to expand even more quickly than in the past. 2009 has been a year of both ups and downs for the world economy. Despite this we achieved good results; revenue grew by 13.9% to €612.2 million and profit attributable to equity holders by 39.8% to €81.6 million. Because of these good results during this difficult period, we decided that there was no need for us to delay our IPO project any further. The fact that we were very heavily oversubscribed demonstrates the extent to which investors have confidence in our company. Continuing to focus on our retail expertise, we opened a net 270 stores and personalized corners this year, reaching a total of 1,541 stores of which 764 are operated by us. Through the contribution of our sales staff around the world, most regions experienced positive growth with Asia continuing to lead the path. Thanks to our R&D, marketing and supply chain efforts we launched a very successful global high-end anti- aging product, the new L’Occitane Divine Immortelle Cream. This new product was very recently awarded the Innovation award by the French Avantages women’s magazine, which 6 DURING THE YEAR WE ALSO CONTINUED STRENGTHENING OUR MELVITA AND COUVENT DES MINIMES PROPOSITIONS AND BOTH BRANDS EXPERIENCED POSITIVE GROWTH. is the number two monthly women’s magazine in France. ours. No competitor commands the same presence as us throughout the developed countries as well as in all During the year we also continued strengthening our the emerging countries. Therefore, we have secured a Melvita and Couvent des Minimes propositions and both strategic advantage and we will do everything possible brands experienced positive growth. not only to maintain it but also to increase it. We are now entering the implementation phases of two In summary, we have great potential to continuously key organization projects; namely, the enhancement of grow our company worldwide. our supply chain capabilities and the implementation of SAP as our new enterprise resource planning solution. DEVELOPED COUNTRIES These projects will enable us to maximize our ability to grow profitably in the long term. We are far from having reached maturity in these markets, where we will significantly increase the number We have all the tools in our hands to be even more of stores and further develop other distribution channels; successful in the future. Today there is no other natural in particular travel retail and e-commerce. cosmetic company with a worldwide distribution like 7 CHAIRMAN’S STATEMENT (CONTINUED) 8 BRIC COUNTRIES Today we have a strong presence in Brazil, Russia and China and we opened our first store in India last December. It was hard work to get organized and to commence operations in all those markets but today we have effective management teams in place which can and will accelerate our business development. We are also a socially responsible company. This is not because today it has become a trendy fashion, but rather because with regard to working with natural ingredients, having respect for nature, people and traditions, most of our staff were involved from the beginning in actions to preserve nature and to help disadvantaged people. With all the employees we form a big team, living an adventure and participating in building what will hopefully become a world leader in our special area. You shareholders have now become a part of this team. We are very proud that you have supported us and we will continue working very hard in order not to disappoint you. Reinold Geiger Chairman 24 June 2010 9 MANAGEMENT DISCUSSION AND ANALYSIS Summary: • Overall sales reached €612.2 million (FY2009: €537.3 million) • Operating profit was €110.2 million, or 18.0% of total sales (FY2009: €80.5 million, or 15.0% of total sales) • Profit before tax was €112.1 million (FY2009: €76.3 million) • Effective tax rate was 24.6% (FY2009: 19.6%) • Profit for the year was €84.6 million, or 13.8% of total sales (FY2009: €59.4 million, or 11.1% of total sales) 10 For the Year Ended 31 March 2010 2009 € million € million Net Sales 612.2 537.3 Operating profit 110.2 80.5 Net profit 84.6 59.4 Gross Profit margin 81.2% 80.4% Operating profit margin 18.0% 15.0% Net profit margin 13.8% 11.1% Definitions: REVENUE ANALYSIS Comparable Stores means existing retail stores which Net sales were €612.2 million in FY2010, a 13.9%, or have been opened at least 24 months prior to the end of €74.9 million, increase compared to FY2009, reflecting the financial period under discussion. net sales growth in all of our business segments and geographic areas, except for the United States. In Non-comparable Stores means new retail stores FY2010, net sales in our Sell-out and Sell-in business opened within the 24 months prior to the end of the segments (representing 73.5% and 23.1%, respectively, financial period under discussion and stores closed of our total net sales) increased by 17.0% and 6.9%, within this period.
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