23-04-07 Copyright ©2010 by Oriflame Cosmetics SA

Oriflame Cosmetics First Quarter 2010Investor Presentation

Magnus Brännström, CEOGabriel Bennet, CFOPatrik Linzenbold, IR Dir.

Financial Highlights

Sales +6% to €361.9m (€341.3m)

• +4% in local currency

• Favourable currency development.

Operating profit: €42.2m (€37.9m)

• Operating margin: 11.7% (11.1%).

Net profit at €37.2m (€24.2m).

Operating cash flow: €20.7m (€12.6m).

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Operational Highlights

Challenging start of the year • Sales force development below

expectations– Average sales force: +12%

– Closing sales force: +6% to 3.5m

• Tough comparables and negative timing effect

• Low service levels

• Weak productivity– -8% in local currency.

Product marketing• Units: -4%, prices: +3%, product mix:

+6%• Strong launches of higher priced products:

– Fragrances: +14%

– Accessories: +18%.

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Sales LTM Op Margin LTM€m

2008 2009 ´10

CIS & BalticsQ1 ’10 Q1 ’09 Change

Sales, € 205.1 196.9 4%

Lc sales - - 3%

Operating profit, € 31.3 33.6 (7%)

Operating margin 15.3% 17.1% -

Sales force, avg. 2,081 1,831 14%

Sales force and productivity• Closing sales force +6%• Lc productivity -11%• € productivity -8%• Negative catalogue timing

effect.

Sales growth was particularly strong in Ukraine and Moldova. Sales in Russia was constant.

Lower gross margins• Negative timing effects on

purchases of inventory• Negative product mix effect• Partly offset by price increases.

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20092008 ´10

EMEAQ1 ’10 Q1 ’09 Change

Sales, € 98.3 97.1 1%

Lc sales - - (3%)

Operating profit, €

10.7 13.3 (20%)

Operating margin 10.9% 13.7% -

Sales force, avg. 813 751 8%

Sales force and productivity• Closing sales force +3%• Lc productivity –11%• € productivity -6%.

Strong sales growth in Turkey, Morocco and Egypt while weak in most Central European markets

• Negative catalogue timing effects

• Very tough macro economic environment in many countries.

Operating margin decrease• Negative product mix effect• Sales enhancing initiatives.

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20092008 ´10

Latin AmericaQ1 ’10 Q1 ’09 Change

Sales, € 17.4 14.6 19%

Lc sales - - 10%

Operating profit, €

0.4 (0.6) Nm

Operating margin 2.4% (3.9%) -

Avg. sales force 137 124 10%

Sales force and productivity

• Closing sales force +14%• Lc productivity +0%• € productivity +8%.

Strong sales growth particularly in Mexico and Colombia.

Margin improvement mainly due to positive currency effects.

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Sales LTM Op Margin LTM€m

20092008 ´10

AsiaQ1 ’10 Q1 ’09 Change

Sales, € 36.3 26.3 38%

Lc sales - - 35%

Operating profit, € 1.2 1.2 -

Operating margin 3.4% 4.4% -

Avg. sales force 466 418 12%

Strong sales• Closing sales force +7%• Lc productivity +23%• € productivity +24%.

Strong sales development in most markets.

Operating profit constant at €1.2m.

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Q1 - Income Statement Highlights Q1 ’10 Q1 ’09 Change

Sales, € 361.9 341.3 6%

Gross margin 67.0% 66.3% -

EBITDA, € 49.3 43.3 14%

Operating profit, € 42.2 37.9 11%

Operating margin 11.7% 11.1% -

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Sales LTM Op Margin LTM€m

2008 2009 2010

Local currency sales +4%.

Unit sales -4%.

Gross margin 67.0% (66.3%).

Operating margin 11.7% (11.1%).

Net profit €37.2m (€24.2m).

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Consolidated Statement of Financial Position Highlights

Net debt: €155.8m (€193.0m).

Net debt / EBITDA: 0.87 (0.91).

Interest cover: 7.2 (7.9).

Oriflame completed a $165m issue of private placement notes after the close of the period.

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Net debt Net debt/EBITDA€m

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Total inventory€m

2008 2009 '10

Cash Flow Statement Highlights

Q1 operating cash flow €20.7m (€12.6m), a result of:

• EBITDA €49.3m (€43.3m)• Increase of working capital:

€-21.9m (€-19.4) • Interest and taxes €-9.5m

(€-11.9m).

Cash flow used in investing activities: €-19.1m (€-8.6m).

Cash flow Q1 ’10 Q1 ’09

EBITDA 49.3 43.3

∆ Working Capital

-21.9 -19.4

Operating CF 20.7 12.6

CF Investing Activities

-19.1 -8.6

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Op cash flow (LTM) Capex (LTM)€m

20092008 '10

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Quarterly Variations

-6%

-2%

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34%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Sales growth, Y/Y in Euro Sales growth, Y/Y in local currency

2006 20092007 2008 ´10

A number of factors impact sales and margins in-between quarters:

Effectiveness of individual catalogues and product introductions Effectiveness and timing of recruitment programmes Timing of sales and marketing activities The number of effective sales days per quarter Currency effect on sales and results.

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Group Currency Impact 2008-Group Currency Impact 2008-20102010

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Conclusion

Challenging start of the year• Lower sales force growth• Tough comparables and negative timing

effects at the start of this year• Service levels• Negative productivity.

Focus areas• Attractiveness of Oriflame opportunity

drives recruitment • Leadership development• Improved service levels• Price and product communication• Confident to reach our full year outlook.

1323-04-07 Copyright ©2010 by Oriflame Cosmetics SA

Long Term Targets and Outlook

Outlook 2010:• Sales growth of around 10% in local

currency.• Operating margin of above 12% at

current exchange rates.

Long term targets:• Local currency sales growth of around

10% per annum.• Operating margin of 15%.

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