Financial Performance - For the fiscal year 2023, the net sales amounted to €2,134.7 million, an increase from €1,781.4 million in the previous year, representing a growth of approximately 19.8%[6] - The operating profit for FY2023 was €239.1 million, down from €310.7 million in FY2022, indicating a decrease of about 23.0%[6] - The net profit for the year was €118.2 million, a significant decline from €241.9 million in the prior year, reflecting a decrease of approximately 51.0%[6] - The gross margin for FY2023 was 80.5%, compared to 82.2% in FY2022, showing a reduction of 1.7 percentage points[6] - The return on equity for FY2023 was 10.1%, down from 19.1% in FY2022, indicating a decline of 9.0 percentage points[6] - The group's overall sales growth for FY2023 was 17.9% at reported exchange rates and 13.4% at constant exchange rates[22] - Total sales for FY2023 reached €2,134.7 million, representing a 17.9% increase compared to FY2022[31] - The total comprehensive income for the year was €127.3 million, down from €292.3 million, indicating a decrease of approximately 56.5%[190] Store and Market Dynamics - The total number of self-operated stores decreased to 1,362 from 1,490 in the previous year, a reduction of about 8.6%[6] - The retail locations decreased from 3,068 on March 31, 2022, to 2,774 on March 31, 2023, a reduction of 294 locations or 9.6%[20] - The company is set to enter the Asian market as part of its exciting plans for the next fiscal year[10] - The Asia-Pacific region accounted for 42.0% of total sales, while the Americas contributed 32.6% and Europe, the Middle East, and Africa accounted for 25.5%[28] Brand Performance - ELEMIS brand grew by 9%, while Sol de Janeiro's sales more than doubled, becoming the group's second-largest brand[10] - ELEMIS experienced a full-year growth of 8.9%, with a significant recovery in Q4 FY2023, achieving a growth rate of 18.1% driven by strong performance in the US[24] - Sol de Janeiro's sales grew over 135.2% in local currency, reaching €267,000,000, making it the group's second-largest brand[26] - The core brand L'OCCITANE en Provence recorded a sales growth of 6.8% for FY2023, with an operating margin of 14.6%[63] Financial Health and Ratios - The company reported a current ratio of 1.2, an improvement from 1.1 in the previous year, indicating better short-term financial health[6] - The asset-to-liability ratio improved to 28.2% from 34.0% in FY2022, reflecting a stronger balance sheet[6] - The company's debt-to-equity ratio improved from 34.0% in FY2022 to 28.2% in FY2023, indicating a stronger capital structure[58] Marketing and Investment Strategies - The company plans to significantly increase marketing investment in China, anticipating positive signs in the market[10] - The company expects double-digit sales growth and robust profitability in FY2024, driven by marketing investments and global expansion of new brands[10] - The group plans to significantly increase marketing investments in key markets such as China, the US, and Japan[73] Sustainability Initiatives - Aiming for a 46% reduction in Scope 1 carbon emissions by FY2031, with a current reduction of 42% achieved[10] - The EcoVadis gold award recognition places the company in the top 5% of rated companies for sustainability efforts[10] - The group is committed to positive human impact and environmental restoration through a series of mid-term goals aligned with three main priorities[118] Governance and Management - The board proposed a total dividend of €0.06585 per share for FY2022, amounting to €96.8 million, which represents 40% of the company's net profit attributable to equity holders[60] - The board's responsibilities include reviewing and approving the group's strategic direction and monitoring the performance of the CEO and senior management[89] - The company has established a policy for the disclosure of inside information to ensure compliance and confidentiality[110] Employee and Diversity Metrics - The overall gender ratio of employees as of March 31, 2023, is 14% male and 86% female, showing a slight increase in female representation from 87% in the previous year[84] - The senior management gender ratio has shifted from 62% male and 38% female to 45% male and 55% female, indicating a significant increase in female leadership[84] Cash Flow and Investments - Cash and cash equivalents as of March 31, 2023, were €147.3 million, down from €360.9 million a year earlier, primarily due to debt repayments of €151 million[48] - Free cash flow for FY2023 was €253.9 million, a decrease from €288 million in FY2022, attributed to increased working capital needs[49] - The company incurred a loss of €82,060 thousand from investing activities, a significant improvement from a loss of €365,799 thousand in the previous year[195] Risk Management and Compliance - The company has not identified any significant uncertainties that may cast doubt on its ability to continue as a going concern[109] - The board has reviewed the effectiveness of the group's risk management and internal control systems, finding them effective and appropriate[111] - The company emphasizes communication with shareholders through various channels, including meetings with institutional investors and analysts[111]
L'OCCITANE(00973) - 2023 - 年度财报