Financial Performance - Net sales for the fiscal year ending March 31, 2022, were €1,781.4 million, an increase from €1,537.8 million in the previous year[11]. - Operating profit for the same period was €310.7 million, up from €216.8 million year-over-year[11]. - The net profit margin improved to 13.6% from 10.0% in the previous year[11]. - The return on equity increased to 19.1%, compared to 12.7% in the prior year[11]. - The gross margin was reported at 82.2%, down from 83.0% year-over-year[11]. - The current ratio improved to 1.1 from 0.9 in the previous year, indicating better short-term financial health[11]. - The average inventory turnover days decreased to 265 days from 282 days, reflecting improved inventory management[11]. - The company’s cash flow from operations reached €326.0 million, reflecting strong operational performance[26]. - The net profit for fiscal year 2022 was €241.9 million, a 57.5% increase from €153.6 million in fiscal year 2021[55]. - Basic and diluted earnings per share for fiscal year 2022 were €0.165 and €0.164, respectively, up 59.7% and 59.8% from €0.103 in fiscal year 2021[55]. - The overall net sales for fiscal year 2022 totaled €1,809,984,000, marking a 16.7% increase compared to €1,550,883,000 in fiscal year 2021[32]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new product development[11]. - L'Occitane plans to exceed €2 billion in sales for the upcoming fiscal year, continuing its path of sustainable growth and healthy profitability[17]. - The company introduced two new brands, Sol de Janeiro and Grown Alchemist, as part of its strategy to transform into a global multi-brand group[16]. - The digital-first global expansion strategy has successfully extended the footprint of ELEMIS into over ten markets while maintaining significant profitability[16]. - The company suspended investment and expansion plans following the outbreak of the Russia-Ukraine conflict in Q4 of fiscal year 2022[44]. - The company anticipates that its online sales will remain at high levels due to the growth of digital-native brands[73]. Brand Performance - L'Occitane achieved record sales growth of over 10% and an operating margin of 17.4%, the highest since its listing[15]. - L'Occitane en Provence accounted for 76.8% of total sales, with a reported growth of 15.0%[31]. - ELEMIS contributed 12.5% to total sales, showing a strong growth of 42.4%[30]. - Sol de Janeiro, integrated into the accounts from January 2022, contributed €26,100,000, representing 11.0% of overall growth for fiscal year 2022[31]. - LimeLife experienced a decline in sales of 30.8% due to a high base effect from the previous year[31]. - Other brands, including Erborian and L'OCCITANE au Brésil, grew by 19.0% at constant exchange rates[31]. Sustainability Initiatives - L'Occitane is making significant progress towards achieving B Corp certification by 2023, integrating sustainability into its management incentives[16]. - The group is focused on sustainable development, aiming for B Corp certification by 2023, and has received recognition for its sustainability initiatives, including awards for eco-friendly designs[77]. - The group committed to invest €5 million in the Livelihoods Carbon fund, aiming for carbon compensation by 2030 as part of its environmental strategy[199]. Corporate Governance - The company has complied with all applicable corporate governance codes during the fiscal year 2022, except for the separation of the roles of chairman and CEO, which has been rectified with the appointment of André Joseph Hoffmann as CEO[83]. - The board consists of nine directors, including four executive directors, one non-executive director, and four independent non-executive directors[86]. - The company emphasizes the importance of board diversity, aiming to enhance performance and decision-making through a variety of skills, experiences, and backgrounds[87]. - The company has established various committees, including the audit committee, nomination committee, remuneration committee, and sustainability committee, to enhance corporate governance[92]. Shareholder Engagement - The company has adopted a dividend policy that considers financial performance, cash flow, business conditions, and capital requirements, with no guarantee of specific dividend payments in any given period[101]. - The board recommends a final dividend of €0.06585 per share, subject to shareholder approval at the annual general meeting[125]. - The company emphasizes communication with shareholders through various channels, including meetings with analysts and institutional investors, and provides timely updates on its website[102]. Financial Position - Total assets increased to €3,009,074 thousand as of March 31, 2022, compared to €2,489,539 thousand in the previous year, representing a growth of approximately 20.9%[181]. - The group’s goodwill as of March 31, 2022, was €990,500,000, with intangible assets totaling €487,400,000, including trademarks valued at €434,900,000[169]. - The company reported a significant increase in cash equivalents at the beginning of the year, rising to €421,216 thousand from €166,342 thousand, which is an increase of approximately 153.5%[186]. Employee and Operational Insights - The group had 9,042 employees as of March 31, 2022, an increase from 8,733 employees the previous year[161]. - The company ensures competitive compensation for employees at all levels, with potential stock options and training programs[161]. - The management team consists of individuals with diverse backgrounds in finance, technology, and marketing, enhancing the company's strategic capabilities[117].
L'OCCITANE(00973) - 2022 - 年度财报