Burberry. Jimmy Choo. Lanvin. Montblanc. Nickel

Transcription

Burberry. Jimmy Choo. Lanvin.
Montblanc. Nickel. Paul Smith.
S.T. Dupont. Van Cleef & Arpels.
2010 first-half results
September 2010
Contents
First-half operating highlights
First-half sales by region and brand
First-half financials
Second-half launches
Recent licenses
Distribution
Second-half overview
2
Inter Parfums. 2010 first-half results. Contents.
2010 first-half
operating
highlights
3
Inter Parfums. 2010 first-half results. H1 operating highlights.
Renewed growth in the perfumes and cosmetics market
Strong sales growth: €150.7m (+24%)
 +24% at current exchange rates / H1 2009
 +17% at current exchange rates / H1 2008
 +17% at current exchange rates / H1 2010 budget
 +26% at constant exchange rates / H1 2009
Major launches
 Burberry: a men’s and women’s fragrance line Burberry Sport
 Van Cleef & Arpels: a women’s fragrance line Oriens
4
Strong gains in new markets
 Asia +39%
 Middle East +22%
 Market conditions progressively returning to normal in Eastern Europe (+68%)
and South America (+67%)
Positive momentum in mature markets
 Western Europe +15%
 North America +14%
5
H1 financial highlights
(€ million)
H1 2008
H1 2009
H1 2010
10/09
 Net sales
 Gross margin
128.3
76.8
59.9%
17.7
121.3
71.6
59.0%
15.0
150.7
92.8
61.5%
21.5
+24%
+30%
13.8%
12.4%
14.3%
11.2
11.5
12.9
8.7%
9.5%
8.5%
06/30/08
06/30/09
06/30/10
10/09
141.4
(9.5)
159.9
(2.5)
178.1
50.9
+11%
ns
% of sales
 Operating profit
% of sales
 Net income
% of sales
(€ million)
 Shareholders’ equity
 Cash net of borrowings(*)
+43%
+12%
(*) Cash net of borrowings: cash & other current financial assets + CDs > 3 months - financial debt - short term loans
6
Inter Parfums. 2010 first-half results. H1 financial highlights.
2010
first-half sales
by brand
and region
7
Inter Parfums. 2010 first-half results. H1 sales by brand and region.
First-half sales by brand and region
Burberry
 2010 H1 sales: €98.1m (+26%)
 Launch of the Burberry Sport line (€25m)
 Strong growth by long-established lines
 Steady performances by the Burberry Brit and Burberry The Beat lines
 Presentation of the Burberry Beauty make-up line
8
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Burberry.
9
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Burberry.
Lanvin
 2010 H1 sales: €23m (+21%)
 No major launches in the period
 Robust gains by key lines:
 Eclat d’Arpège (+48%)
 Jeanne Lanvin (+33%)
10
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Lanvin.
11
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Lanvin.
Van Cleef & Arpels
 2010 H1 sales: €12.7m (+36%)
 Continued repositioning in the high-end fragrance segment
 The Oriens line off to good start (€4m)
12
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Van Cleef & Arpels.
13
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Van Cleef & Arpels.
S.T. Dupont
 2010 H1 sales: €8.6m (+65%)
 Steady performance by the Passenger line launched in 2008
 Launch of Intense and Essence Pure Ice lines
14
Inter Parfums. 2010 first-half results. H1 sales by brand and region. S.T. Dupont
15
Inter Parfums. 2010 first-half results. H1 sales by brand and region. S.T. Dupont.
Paul Smith
 2010 H1 sales: €6m (+12%)
 Growth of long-established lines Paul Smith and Paul Smith Extrême
 Stable sales for the Paul Smith Rose line
16
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Paul Smith.
Sales by brand
(€ million)
 Burberry
 Lanvin
 Van Cleef & Arpels
 S.T. Dupont
 Paul Smith
 Other
 Total
H1 2009
H1 2010
2010/2009
77.8
19.0
9.4
5.2
5.4
4.5
98.1
23.0
12.7
8.6
6.0
2.3
+26%
+21%
+36%
+65%
+12%
ns
121.3
150.7
+24%
17
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Sales by brand.
Sales by region
(€ million)
 Africa
 North America
 South America
 Asia
 Eastern Europe
 Western Europe
 France
 Middle East
 Total
H1 2009
H1 2010
2010/2009
1.1
22.4
7.2
19.7
6.4
36.5
13.3
14.7
1.5
25.5
12.0
27.2
10.7
42.0
13.8
18.0
+32%
+14%
+67%
+38%
+67%
+15%
+4%
+22%
121.3
150.7
+24%
18
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Sales by region.
Growing weight of new markets in revenue mix
45% (€67m)
36% (€36m)
18%
14%
12%
8%
7%
8%
7%
7%
H1 2006
H1 2010
19
Inter Parfums. 2010 first-half results. H1 sales by brand and region. New markets.
■ Asia
■ Middle East
■ South America
 Eastern Europe
H1 2010 sales by region (H1 2009)
Western Europe
North America
17% (19%)
France
9% (11%)
28% (30%)
Eastern Europe
7% (5%)
Middle East
Africa
1% (1%)
South America
8% (6%)
20
Inter Parfums. 2010 first-half results. H1 sales by brand and region. Sales by region.
12% (12%)
Asia
18% (16%)
2010 first-half
financials
21
Inter Parfums. 2010 first-half results. H1 financials.
Sales by currency
Other
Pound sterling
5% (7%)
4% (4%)
Dollar
37%
(37%)
22
Inter Parfums. 2010 first-half results. H1 financials. Sales by currency.
Euro
54% (52%)
Sales by currency
Currency
 USD / EUR
 GBP / EUR
 YEN / EUR
H1 2009
1.2880
0.90
130
Average exchange rate Currency
H1 2010
effect
1.3460
0.87
125
-€2.5m
+€0.2m
+€0.2m
 USD/EUR exchange rate averaged 1.2880 for H1 2009 through currency hedging
 €152.9m in sales at constant exchange rates (+26%)
23
Inter Parfums. 2010 first-half results. H1 financials. Sales by currency.
Income statement highlights
(€ million)
H1 2008
H1 2009
H1 2010
2010/2009
 Net sales
 Cost of sales
 Gross margin
128.3
(51.4)
76.9
121.3
(49.6)
71.6
150.7
(58.0)
92.7
+24%
+17%
+30%
 Logistics & transport
 Marketing & advertising
 Royalties
 Staff costs (excluding production)
 Depr., amortiz. & provisions
 Other
 Operating income
(8.4)
(23.0)
(12.8)
(6.7)
(1.4)
(6.8)
17.7
(8.0)
(20.9)
(12.2)
(6.9)
(1.8)
(6.8)
15.0
(9.1)
(29.0)
(15.2)
(8.3)
(2.3)
(7.5)
21.5
+14%
+39%
+24%
+20%
+24%
+10%
+43%
% of sales
% of sales
59.9%
13.8%
24
Inter Parfums. 2010 first-half results. H1 financials. Income statement highlights.
59.0%
12.4%
61.5%
14.3%
Income statement highlights (continued)
(€ million)
H1 2008
H1 2009
H1 2010
2010/2009
 Operating income
17.7
3.8%
15.0
12.4%
21.5
14.3%
+43%
 Net financial income (expense)
 Income before tax
(0.3)
17.4
2.3
17.3
(2.7)
18.8
ns
+8%
13.6%
12.4%
12.5%
 Income tax
(6.6)
(6.0)
(6.3)
Effective tax rate
38.0%
34.8%
33.8%
10.8
11.3
12.4
8.4%
9.3%
8.3%
0.4
11.2
0.2
11.5
0.4
12.9
% of sales
% of sales
 Income before minority interests
% of sales
 Attributable to minority interests
 Net income
% of sales
25
Inter Parfums. 2010 first-half results. H1 financials. Income statement highlights.
8.7%
9.5%
8.1%
+5%
+10%
ns
+12%
Balance sheet highlights
Non-current assets
Shareholders’ equity
69.2 (68.1)
177.7 (170.0)
Long-term debt
16.4 (20.5)
Current assets
144.6 (118.6)
Current liabilities
87.0 (62.4)
Cash
67.3 (66.2)
Assets
Liabilities
26
Inter Parfums. 2010 first-half results. H1 financials. Balance sheet highlights.
Net cash
(€ million)
 Certificates of deposit (< 3 months)
 Money-market mutual funds
 Bank balances
 Cash and cash equivalents
 Current financial assets (CDs >3 months)
 Cash and other current financial assets
 Bank overdrafts and short-term loans
 Cash
 Borrowings > 1 year
 Borrowings < 1 year
 Borrowings
 Cash net of borrowings
27
Inter Parfums. 2010 first-half results. H1 financials. Net cash.
12/31/2009
06/30/2010
44.7
16.8
5.4
66.9
28.9
16.9
3.2
49.0
-
20.3
66.9
(0.7)
66.2
(11.9)
(8.6)
(20.5)
45.7
69.3
(2.0)
67.3
(7.8)
(8.6)
(16.4)
50.9
Cash flow highlights
(€ million)
H1 2009
H1 2010
 Cash flow
 Inventories
 Trade receivables
 Other receivables
 Trade payables
 Other payables
 Change in working capital requirements
 Total cash from operating activities
10.9
4.4
3.8
(0.9)
(12.1)
2.3
(2.4)
8.5
17.1
(18.5)
(12.4)
2.3
20.4
5.0
(3.1)
13.9
28
Inter Parfums. 2010 first-half results. H1 financials. Cash flow highlights.
(€ million)
H1 2009
H1 2010
 Acquisition of intangible fixed assets
 Acquisition of property, plant & equipment
 Acquisition of marketable securities (>3 months)
 Other
 Total cash flows from investing activities
 Issuance of borrowings
 Debt repayments
 Dividends paid
 Other
 Total cash flow from financing activities
(0.3)
(2.0)
(2.3)
(5.6)
(5.1)
0.1
(10.6)
(1.6)
(1.6)
(20.3)
(0.4)
(23.9)
(4.1)
(6.3)
1.2
(9.2)
29
(€ million)
 Net change in cash
 Opening cash and cash equivalents
 Closing cash and cash equivalents
30
H1 2009
H1 2010
(4.3)
26.3
22.0
(19.2)
66.2
47.0
Financial calendar
 Publication of 2010 third-quarter sales
October 26, 2010 (before the opening of trading on the Paris stock exchange)
 Publication of 2010 year-end guidance and 2011 targets
November 17, 2010 (before the opening of trading on the Paris stock exchange)
31
Inter Parfums. 2010 first-half results. H1 financials. Financial calendar.
Summary of results
 Reflecting a combination of several factors:




Strong organic growth (+26% at constant exchange rates)
Sharp rise in operating profit (+43%) year-on-year – above 2008
Strong improvement in the operating margin (+190bp) – above 2008
Tight control of costs along with increased marketing and advertising investments (+39%)
 A very solid balance sheet
 Shareholders’ equity: €178m
 Cash net of borrowings (*): €51m
(*) Cash net of borrowings: cash and other current financial assets + CDs > 3 months - financial debt - short term loans
32
Inter Parfums. 2010 first-half results. H1 financials. Summary of results.
2010
Second-half
launches
33
Inter Parfums. 2010 first-half results. H2 launches.
2010 second-half launches
Launch of the Burberry Beauty make-up line
Fragrance line launches
 Van Cleef & Arpels: Midnight in Paris
 Lanvin: Marry Me !
 S.T. Dupont: Miss Dupont
 Nickel: Nickel Bio
34
Inter Parfums. 2010 first-half results. H2 launches
8 BEAUTY COUNTERS ... 29 BETWEEN NOW AND DECEMBER
2010
July openings
September openings
October/November openings
OSLO
SEATTLE
SAN FRANCISCO
LOS ANGELES
VANCOUVER
LONDON
TORONTO
CHICAGO
NEW YORK
MOSCOW
BERLIN
ZURICH
THESSALONIKI
PARIS
MILAN
LISBON
PALERMO
ATHENS
ISTANBUL
BEIRUT
RIYADH
AL DHAHRAN
DUBAI
JEDDAH
HONG-KONG
SEOUL
OSAKA
KUALA LUMPUR
SINGAPORE
•
NEW MEN’S FRAGRANCE
• SEPTEMBER 2010
Press format: double page spread
NICKEL BIO
An organic energy boost
for your skin
September 2010
Recent licenses
44
Inter Parfums. 2010 first-half results. Recent licenses.
Jimmy Choo
Jimmy Choo license agreement effective as of January 1, 2010
Finalization of launch expected in January 2011
Target markets:
 United States
 United Kingdom
 Western Europe
Strong interest by distributors
45
Inter Parfums. 2010 first-half results. Recent licenses. Jimmy Choo.
Montblanc
Effective date of Montblanc license agreement on July 1, 2010
Transfer from P&G of components, POS materials and finished goods
in July
Existing portfolio of 6 lines:
 Présence
 Présence d’une femme
 Individuel
 Femme individuelle
 Starwalker
 Femme de Montblanc
46
Inter Parfums. 2010 first-half results. Recent licenses. Montblanc.
Montblanc
Sign-off for production by Inter Parfums planned for mid-September
The launch expected to be finalized in spring 2011
47
Inter Parfums. 2010 first-half results. Recent licenses. Montblanc.
Distribution
48
Inter Parfums. 2010 first-half results. Distribution.
United States
Expiration of P&G distribution agreement on December 31, 2010
Creation of Inter Parfums Luxury Brands (IPLB)
 A wholly-owned subsidiary of Inter Parfums SA
 Distribution of Burberry, Lanvin, Montblanc and Jimmy Choo Brands starting January 1,
2011
 A team of seven (Stanislas Archambault, General Manager)
Inter Parfums / Clarins Alliance January 1, 2011
 Sharing of management and costs of an expanded sales force
 Clarins Fragrance Group: Mugler, Azzaro, Porsche Design, David Yurman, Swarovski
 4-year renewable agreement
 New York Park Avenue offices - Warehouse in Orangeburg (near NYC)
49
Inter Parfums. 2010 first-half results. Distribution. United States.
Singapore
A sales office has already existed for several years
Creation of Inter Parfums Singapore (IPS)
 A wholly-owned subsidiary of Inter Parfums SA
 Invoicing will continue to originate from Paris
 A team of 6 (Renaud Boisson, General Manager)
50
Inter Parfums. 2010 first-half results. Distribution. Singapore.
2010
second-half
overview
51
Inter Parfums. 2010 first-half results. H2 overview.
2010 second half
 Launch of the Burberry make-up line
 Launches of Lanvin and Van Cleef & Arpels fragrance lines
 Integration of the Montblanc fragrance portfolio
 Finalization of fragrance line developments for
Jimmy Choo and Montblanc
 Setting up the subsidiaries in the US and Singapore
 Raised guidance confirmed for full-year 2010 sales: > €280m
52
Inter Parfums. 2010 first-half results. H2 overview.
Burberry. Jimmy Choo. Lanvin.
Montblanc. Nickel. Paul Smith.
S.T. Dupont. Van Cleef & Arpels.
2010 first-half results
September 2010

Burberry. Jimmy Choo. Lanvin. Montblanc. Nickel

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