Financial Performance - Net sales for FY 2024 reached €2,541.9 million, an increase from €2,134.7 million in FY 2023, representing a growth of approximately 19.0%[12] - Operating profit for FY 2024 was €233.1 million, slightly down from €239.1 million in FY 2023, indicating a decrease of about 2.5%[12] - Gross margin decreased to 79.3% in FY 2024 from 80.5% in FY 2023, reflecting a decline of 1.2 percentage points[12] - The company reported a net profit margin of 4.0% for FY 2024, down from 5.5% in FY 2023, a decrease of 1.5 percentage points[12] - The operating profit margin for FY 2024 was 9.2%, down from 11.2% in FY 2023, reflecting a decline of 2.0 percentage points[12] - The liquidity ratio decreased to 0.9 in FY 2024 from 1.2 in FY 2023, indicating a tighter liquidity position[12] - The net profit for FY 2024 was €101.8 million, a decrease of 13.9% from €118.2 million in FY 2023[49] - Basic and diluted earnings per share for FY 2024 were €0.064, down 18.6% from €0.078 in FY 2023[49] - EBITDA for FY 2024 was €446.0 million, down from €466.0 million in FY 2023[60] Sales and Market Growth - ELEMIS brand achieved double-digit growth in the Chinese market, while overall sales growth remained flat due to strategic investments in marketing and product launches[17] - Sol de Janeiro, the company's second-largest brand, experienced triple-digit sales growth, contributing significantly to profitability in FY 2024[17] - The Americas region saw a significant growth of 63.0% at constant exchange rates, becoming the largest region with 43.0% of total sales revenue[29][30] - Online channel sales increased by 25.2% at constant exchange rates, primarily driven by strong performances from Sol de Janeiro and ELEMIS[33] - The overall same-store sales growth for the group was 7.6% in FY 2024[29] - Other brands collectively recorded a 14.7% growth at constant exchange rates, with Erborian and L'OCCITANE au Brésil showing particularly strong performances[28] Investments and Acquisitions - The company successfully expanded its geographical footprint through acquisitions, including the purchase of luxury home fragrance brand Dr. Vranjes Firenze in March 2024[17] - The company acquired Dr. Vranjes Japan KK for €6.8 million on April 2, 2024, expanding its brand presence in Japan[64] Expenses and Cost Management - Reported sales cost increased by 26.2% or €109,100,000 to €525,600,000 for FY 2024, resulting in a gross margin decrease of 1.2 percentage points to 79.3%[35] - Reported distribution expenses rose by 9.3% or €73,000,000 to €857,700,000 for FY 2024, with distribution expenses as a percentage of net sales decreasing by 3.1 percentage points to 33.7%[36] - Reported marketing expenses increased by 57.3% or €210,600,000 to €578,300,000 for FY 2024, with marketing expenses as a percentage of net sales rising by 5.6 percentage points to 22.8%[37] - Reported general and administrative expenses increased by 28.8% or €58,000,000 to €259,500,000 for FY 2024, with these expenses as a percentage of net sales rising by 0.8 percentage points to 10.2%[39] Sustainability and Corporate Responsibility - The company achieved a significant milestone by obtaining B Corp certification in the first half of FY 2024, highlighting its commitment to sustainability[17] - New targets have been set for the company, including living wages for all team members and reducing carbon emissions across the value chain[17] - The company aims to pay a living wage to every global team member by FY 2026 and is committed to reducing its carbon footprint and plastic pollution[79] - The company has made significant progress in the traceability of plant materials, with 81% of ingredients from L'OCCITANE en Provence and Melvita traceable to their country of origin, aiming for 90% by FY 2026[79] Management and Governance - The board consists of ten directors, including five executive directors, one non-executive director, and four independent non-executive directors[91] - The company emphasizes gender diversity, with a goal of achieving a balanced representation across all levels, particularly at the board level[94] - The Nomination Committee is responsible for recommending candidates for the board, considering various factors including diversity and qualifications[109] - The company encourages ongoing training for board members on corporate governance and regulatory developments[105] Shareholder Communication and Policies - The company emphasizes communication with shareholders through various channels, including group meetings with analysts and institutional investors[129] - Shareholders can request the convening of a general meeting if they collectively hold at least 5% of the paid-up share capital[129] - The company has established a policy for the disclosure of inside information to ensure compliance with legal requirements[130] Stock Options and Compensation - The total compensation for the top five highest-paid individuals, including one director, was approximately €13,152,000 in FY 2024[118] - The company granted stock options to executives as part of the long-term incentive plan based on performance criteria[119] - The maximum number of shares that can be granted under the 2021 Share Award Scheme is capped at 7,343,852 shares, representing 0.5% of the issued share capital as of September 29, 2021[196]
L'OCCITANE(00973) - 2024 - 年度财报