L'OCCITANE(00973) - 2023 - 年度业绩

Full-Year Performance Announcement Performance Highlights The Group achieved record sales of €2.135 billion in FY2023, up 19.8%, driven by Sol de Janeiro and ELEMIS, despite a 23.0% drop in reported operating profit to €239 million due to goodwill impairment FY2023 Performance Highlights | Indicator | Amount/Ratio | | :--- | :--- | | Sales | €2.1347 billion (19.8% YoY growth) | | Reported Operating Profit | €239.1 million (23.0% YoY decrease) | | Management Operating Profit | €336.8 million | | Management Operating Profit Margin | 15.8% | | Proposed Final Dividend Payout Ratio | 40% | Consolidated Financial Statements The Group reported increased net sales of €2.135 billion but a significant 51.1% decline in profit for the year to €118 million, driven by lower gross margin and increased operating expenses including goodwill impairment Consolidated Income Statement FY2023 Consolidated Income Statement Key Data (in thousands of euros) | Indicator | FY2023 (thousands of euros) | FY2022 (thousands of euros) | YoY Change | | :--- | :--- | :--- | :--- | | Net Sales | 2,134,689 | 1,781,358 | +19.8% | | Gross Profit | 1,718,141 | 1,463,415 | +17.4% | | Gross Margin | 80.5% | 82.2% | -1.7pp | | Operating Profit | 239,132 | 310,714 | -23.0% | | Profit for the Year | 118,193 | 241,909 | -51.1% | | Basic Earnings Per Share (EUR) | 0.078 | 0.165 | -52.5% | Consolidated Statement of Financial Position Consolidated Statement of Financial Position Key Data as of March 31, 2023 (in thousands of euros) | Indicator | March 31, 2023 (thousands of euros) | March 31, 2022 (thousands of euros) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,816,428 | 3,009,074 | -6.4% | | Total Liabilities | 1,629,427 | 1,694,468 | -3.8% | | Total Equity | 1,187,001 | 1,314,606 | -9.7% | | Cash and Cash Equivalents | 147,255 | 360,899 | -59.2% | | Net Inventories | 317,197 | 263,162 | +20.5% | Notes to the Financial Statements (Summary) - Other operating expenses surged from €7.1 million to €90.1 million, primarily due to goodwill impairment totaling €75.364 million for the LimeLife and Melvita brands[18] - Net finance costs significantly increased from €14.5 million to €53.5 million, mainly due to a €35.9 million cost from fair value changes in receivables arising from the disposal of Russian operations[20] - The Board recommended a final dividend of €0.03129 per share, totaling approximately €46 million, representing 40.0% of profit attributable to equity holders of the company[25] Management Discussion and Analysis The Group's FY2023 sales grew 13.4% at constant exchange rates, driven by Sol de Janeiro and ELEMIS, but profitability declined with gross margin down 1.7 percentage points and reported operating profit margin falling to 11.2% due to impairments and cost increases Revenue Analysis Net sales grew 13.4% at constant exchange rates, primarily driven by Sol de Janeiro's 135.2% growth and strong performance in the Americas (+62.8%) and wholesale channels (+50.9%) Sales Growth by Brand (at Constant Exchange Rates) | Brand | FY2023 Sales (million euros) | YoY Growth (Constant Exchange Rates) | | :--- | :--- | :--- | | L'OCCITANE en Provence | 1,421.2 | -0.5% | | ELEMIS | 255.9 | +8.9% | | Sol de Janeiro | 267.0 | +135.2% (Non-comparable) | | Other Brands | 190.5 | +7.3% | Sales Growth by Region (at Constant Exchange Rates) | Region | FY2023 Sales (million euros) | YoY Growth (Constant Exchange Rates) | | :--- | :--- | :--- | | Asia-Pacific | 896.2 | +0.5% | | Americas | 695.0 | +62.8% | | Europe, Middle East & Africa | 543.4 | -0.7% | Sales Growth by Channel (at Constant Exchange Rates) | Channel | FY2023 Sales (million euros) | YoY Growth (Constant Exchange Rates) | | :--- | :--- | :--- | | Retail | 761.5 | -2.0% | | Online Channels | 657.6 | +4.8% | | Wholesale & Other | 715.6 | +50.9% | Profitability Analysis Profitability was pressured, with gross margin declining 1.7 percentage points to 80.5% and reported operating profit margin falling to 11.2% due to brand mix, cost increases, goodwill impairment, and marketing investments - Gross margin decreased by 1.7 percentage points, primarily attributed to an unfavorable brand mix (-1.3pp), increased production costs (-0.8pp), and an unfavorable channel mix (-0.7pp)[43] - Reported operating profit margin decreased by 6.2 percentage points, mainly due to impairment losses for LimeLife and Melvita (-2.6pp), various cost increases (-2.5pp), divestment from Russian operations (-1.2pp), and increased marketing investments (-1.2pp)[52] Reconciliation of Management Operating Profit to Reported Operating Profit (million euros) | Item | FY2023 (million euros) | FY2022 (million euros) | | :--- | :--- | :--- | | Management Operating Profit | 336.8 | 308.2 | | Impact of Russia divestment | (14.4) | – | | LimeLife and Melvita brand impairment | (75.4) | – | | Other adjustments | (7.9) | (2.5) | | Reported Operating Profit | 239.1 | 310.7 | Financial Position and Cash Flow Review While the financial position is sound, cash and equivalents significantly decreased to €147 million, and free cash flow declined to €254 million due to increased working capital needs and debt repayments, though the debt-to-asset ratio improved Cash Flow Statement Overview (in thousands of euros) | Item | FY2023 (thousands of euros) | FY2022 (thousands of euros) | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 300,208 | 326,023 | | Free Cash Flow | 253,873 | 288,025 | | Net Cash (Outflow) from Financing Activities | (436,795) | (17,339) | | Net (Decrease) in Cash and Equivalents | (213,644) | (60,317) | - Net cash outflow from financing activities was €437 million, primarily comprising €152 million in bank loan repayments, €114 million in lease payments, and €97 million in dividend payments[64][65] Key Financial Ratios | Ratio | FY2023 | FY2022 | | :--- | :--- | :--- | | Return on Capital Employed | 8.4% | 12.8% | | Return on Equity | 10.1% | 19.1% | | Current Ratio (times) | 1.2 | 1.1 | | Debt-to-Asset Ratio | 28.2% | 34.0% | Strategic Review and Outlook The Group successfully implemented a multi-brand strategy, with new brands ELEMIS and Sol de Janeiro contributing significantly to sales, and anticipates double-digit sales growth and healthy profitability in FY2024 driven by market recovery and increased marketing investments - The multi-brand model has been highly effective, with ELEMIS and Sol de Janeiro now accounting for nearly one-quarter of the Group's total sales, and Sol de Janeiro becoming the second-largest brand less than two years after acquisition[77][81] - The Group received EcoVadis Gold recognition for sustainability, placing it in the top 5% of assessed companies, and is on track to achieve B Corp certification in 2023[83] - For FY2024, the Group expects to achieve double-digit sales growth and healthy profitability, primarily driven by the recovery of international travel, a rebound in the Chinese market, and the continued expansion of new brands[84] Corporate Governance and Other Information The company established an audit committee, complied with corporate governance codes, and recommended a final dividend of €0.03129 per share, maintaining a 40% payout ratio, with key dates for shareholder eligibility also provided - Despite a significant decrease in net profit, the Board recommended maintaining a 40% payout ratio and proposed a final dividend of €0.03129 per share[72] - The company has established an audit committee, which, along with external auditors, reviewed the consolidated results and financial statements for the current fiscal year[85] - The report announced the Annual General Meeting date (September 27, 2023) and the final dividend payment date (October 20, 2023), along with details on the associated share transfer registration suspension arrangements[89][91]