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Inter Parfums Sa positive underlying growthtrends contents letter to our shareholders 03 operating highlights and key figures 07 the stockmarket and investor relations 09 2007 milestones and 2008 outlook 13 activity and philosophy 15 the products 17 the distribution network 39 sustainable development 41 corporate governance 49 consolidated financials 61 shareholder information 81 auditors and certificates 91 2007 In 2007, the Group achieved In response to stronger than Van Cleef & Arpels fragrances, another year of sustained expected year-end growth, in the initial phase of being growth with consolidated consolidated sales for 2007 integrated in the Group's portfolio, sales of €242.1 million, up 12% marginally exceeded guidance achieved encouraging sales at current exchange rates and issued in the fall. of close to €12 million. 15% at constant exchange rates. Despite the absence of major The first fragrance line launched launches, market shares achieved under the Roxy brand contributed by Burberry fragrances over the sales of €6.6 million in the period years were reinforced by gains and met with a mixed response from its historic lines: on this from the market. basis, sales exceeded the €150 Western Europe (excluding France) million benchmark for the first time. remained the Group's largest Lanvin fragrances met internal market (more than 30% of total targets through sustained growth sales), by the Eclat d’Arpège line (+16% Continued success of Burberry in 2007, +17% in 2006), the Group’s fragrances in the United States top-selling fragrance, that offset fueled strong growth in volume the mixed performance of the in North America, Rumeur line launched in 2006. France (+33%) benefited from Paul Smith fragrance sales the first contributions from Van Cleef were also in line with internal & Arpels fragrances. expectations following solid performances by the Paul Smith Extrême line and the promising launch of the women's fragrance Paul Smith Rose in the United Kingdom. 2007 annual report inter parfums letter to our shareholders letter toour shareholders This performance was nevertheless The negative currency impact Finally with shareholders’ equity impacted by three adverse market was considerably limited by the of €134 million and net cash trends: successful containment of costs. approaching €16 million at As a result, Group operating profit December 31, 2007, the company ■ the unfavorable euro/dollar for 2007 increased 9% over the has maintained a very solid exchange rate resulting equivalent prior-year period balance sheet with significant in a negative currency effect of for an operating margin of 13.1%, borrowing capacity, enabling €6.5 million despite a proactive outperforming the latest guidance. it to take advantage of major hedging strategy; Net income for the period new acquisition opportunities. ■ unintentionally low inventories exceeded €20 million with Despite the challenging economic of Van Cleef & Arpels fragrances a net margin of 8.3%, a particular environment, the Group remains until the fall following the acquisition high-level in the perfumes enthusiastic about the prospects of this activity early in the year; and cosmetics industry. for 2008 that will benefit from These results once again illustrate ■ a slower than expected start high quality launch plans for the effectiveness of the Group’s up of our European distribution notably for the Burberry, Lanvin, business model that combines subsidiaries. Van Cleef & Arpels and Quiksilver a strategy of achieving a balance brands. between growth in volume and profitability with respect for brands The Group expects margins to and consistent application of the remain at current levels in 2008, brand communications strategies despite an ambitious program and human values. of marketing and advertising investments. philippe benacin jean madar 03 € 242.1 m € 31.8 m € 20.2 m € 56.1 m 216.2 29.2 18.7 44.1 194.4 25.9 16.3 24.2 15.5 157.4 34.4 15.9 2007 2007 2007 2007 2006 2006 2006 2006 2005 2005 2005 2005 2004 2004 2004 2004 CONSOLIDATED CONSOLIDATED INCOME CONSOLIDATED CONSOLIDATED SALES FROM OPERATIONS NET INCOME NET CASH Fiscal 2004, 2005, 2006 and 2007 Fiscal 2004, 2005, 2006 and 2007 are presented under IFRS are presented under IFRS KEY CONSOLIDATED FIGURES In € thousands 2004 2005 2006 2007 Sales 157,426 194,442 216,235 242,123 % international 91% 92% 92% 91% Income from operations 24,207 25,913 29,182 31,812 Operating margin 15.4% 13.3% 13.5% 13.1% Net Income 15,518 16,295 18,694 20,193 Net margin 9.9% 8.4% 8.6% 8.3% Shareholders’ equity 82,665 98,049 115,795 134,233 Net cash 15,857 34,390 44,072 56,113 Total assets 143,398 172,078 223,401 271,544 Workforce (at 31 December) 90 112 128 145 2007 annual report inter parfums operating highlights and key figures The negative currency impact was considerably limited by last quarter growth that slightly exceeded expectations combined with success in containing costs. As a result, Group operating profit for 2007 increased 9% over the equivalent prior-year period for an operating margin of 13.1% (13.5% excluding the impairment of Nickel goodwill), outperforming 72.7 the latest guidance. non- current assets 133.9 Net income of the period shareholders' € equity exceeded 20 million with a net margin of 8.3%, a particularly high level in the perfumes and cosmetics industry. € 4.6 m These results once again illustrate 4.1 138.4 40.5 the effectiveness of the Group’s current long business model focused on assets term 3.6 debt achieving a balance between growth in volume and profitability. 3.2 With net cash of €16 million and 92.8 shareholders’ equity of €134 current million as of December 31, 2007 liabilities the company has a strong balance 56.1 net sheet and debt capacity enabling cash it to pursue potential acquisition 2007 2006 opportunities. LIABILITIES 2005 ASSETS 2004 CONSOLIDATED BALANCE TOTAL DIVIDENDS SHEET HIGHLIGHTS operating highlightsand keyfigures 07 72% inter parfums inc Despite relatively favorable market trends, the Inter Parfums share price was subject to significant volatility until late summer 2007. Following the publication of strong first-half sales, the share rebounded to a high for the year of €35.89. 28% public The publication of 2007 third-quarter sales in September and 2008 guidance in November received as disappointing or overly cautious by the financial community triggered a reversal of this uptrend. 100% After registering a low for the year of €24.98 in early December, by year-end the share had SECURITIES MARKET INFORMATION OWNERSHIP recovered to €31.32. Over the full year the AS OF DECEMBER 31, 2007 Market: Euronext Paris share price declined 3% in relation to the end Market segment: Euronext compartment B Inter Parfums has almost of 2006. Trading volume in 2007 averaged IPO date: November 1995 5,900 individual shareholders 11,200 shares per day, confirming the strong ISIN code: FR0004024222 ITP and nearly 170 institutional interest in the stock, especially among investors Indexes: MidCac, CAC Small90, shareholders (1/3 of which specialized in MidCaps. NextPrime, SBF250 are not French). Market maker: Oddo Midcap SHARE PRICE AND TRADING VOLUME DATA Share in euros and SBF250 (relative) Trading volume data in thousands 40 600 35 500 30 400 25 300 20 200 15 100 0 0 19981999 2000 2001 2002 2003 2004 2005 2006 2007 2008 DIVIDENDS 2003 2004 2005 2006 2007 Dividend per share €0.60 €0.37 €0.37 €0.38 €0.38 Annual increase (1) +61% +26% +10% +15% +11% Average number of shares outstanding (2) 4,022,210 5,174,465 8,974,298 10,421,965 11,480,164 (1) In light of bonus shares. (2) Excluding treasury shares. 2007 annual report inter parfums the stock market and investors relations Since it was listed on the EuroNext Paris Second Market in November 1995, Inter Parfums regularly provides investors and the financial community with information on its situation in compliance with the principles of transparency and the best practices in financial communications. This information is provided through a variety documents and media as an annual report, upcoming a semi-annual report, a letter to shareholders, press releases and financial notices, publications a web side www.interparfums.fr, individual and events and group meetings with financial analysts, fund managers, journalists, individual 2008 second-quarter sales, July 31, 2008 shareholders and other. 2008 first-half sales and earnings, September 8, 2008 2008 third-quarter sales, Mid-October 2008 Institutions providing financial research on 2008 letter to shareholders, Mid-November 2008 Inter Parfums : Arkéon, Aurel Leven, Berenberg, 2008 annual sales, Mid-January 2009 CM-CIC Securities, CAI Indosuez Cheuvreux, 2008 sales and earnings, Mid-March 2009 Exane Bnp Paribas, Fortis Bank, Gilbert Dupont, HSBC, Ing, International Capital Bourse, Jefferies, Presentation of 2008 first-half earnings, September 9, 2008 Natexis Bleichroeder, Natixis Securities, Oddo MidCaps Events trade show, Paris, September 29 & 30, 2008 Midcap, Portzamparc, Societe Generale. Actionaria trade show, Paris, November 21 & 22, 2008 At the third edition of the Financial Communications Forum held in Paris, the company was awarded the “Investor Relations” prize for 2007 for the Mid and Small Caps category. the stockmarket andinvestor relations 09 2007 MILESTONES positiveunderlying growthtrends January March June Van Cleef & Arpels license agreement. The license Launch of the Christian Lacroix Acquisition of la Nickel minority agreement for the creation and development of exclusive C’est la fête line. interests. In the second quarter fragrance lines under the Van Cleef & Arpels brand entered « C’est la fête ! », the latest of 2007, Inter Parfums acquired into effect in January 2007. Christian Lacroix fragrance the remaining minority interests was unveiled in the spring. (32.43%) of Nickel that is Operations of four European distribution subsidiaries henceforth a wholly-owned launched.
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