Interparfums. 2012 first-half results. September 2012.
BALMAIN. BOUCHERON. BURBERRY. JIMMY CHOO. LANVIN. MONTBLANC. NICKEL. PAUL SMITH. REPETTO. S.T. DUPONT. VAN CLEEF & ARPELS.
RESULTS2012 FIRST HALF
Interparfums. 2012 first-half results. September 2012.
CONTENTS
H1 2012 operating highlightsH1 2012 salesH1 2012 results2012 outlook2013 outlook
2
Interparfums. 2012 first-half results. September 2012.
3
OPERATING HIGHLIGHTS 2012 FIRST-HALF
Interparfums. 2012 first-half results. September 2012.
H1 2012 OPERATING HIGHLIGHTS
Early termination of Burberry license agreement on December 31, 2012
Limited impact on operations� Reorganization of the brand portfolio� Redeployment of staff� Make-up
A buyout payment of €181 million (excluding inventories and tangible assets)
A very strong financial structure in early 2013� Net cash of approximately €200 million� Shareholders' equity of approximately €350 million
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Interparfums. 2012 first-half results. September 2012.
H1 2012 OPERATING HIGHLIGHTS
For one or more acquisitions� Proprietary brands (for fragrances among other activities) � As a licensee (long-term licenses)
Many strengths� 20 years experience in an increasingly complex business� A balanced portfolio of brands with high growth potential� A highly effective business model with a track record of success year after year� A flexible management organization� Recognized creative know-how� A worldwide distribution network� A streamlined operating structure and motivated teams
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Interparfums. 2012 first-half results. September 2012.
Sales: €208.9m� +28.1% at current exchange rates� +24.6% at constant exchange rates
Growth momentum of key brands, notably:� Jimmy Choo (+42%)� Montblanc (+75%)� Boucheron
Growth momentum in many regions, notably:� North America (+56%)� South America (+35%)� Eastern Europe (+25%)� Asia (+22%)� France(+17%)
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H1 2012 OPERATING HIGHLIGHTS
Interparfums. 2012 first-half results. September 2012.
Europe remains resilient (+7%)
Growth in Middle East back on track
7
H1 2012 OPERATING HIGHLIGHTS
Interparfums. 2012 first-half results. September 2012.
(*) Cash net of borrowings: cash & other current financial assets + CDs > 3 months - financial debt - short-term loans
€m H1 2010 H1 2011 H1 2012 2012/2010
Sales
Gross margin
% of sales
Operating profit
% of sales
Net income
% of sales
150.7
92.8
61.5%
21.5
14.3%
12.9
8.5%
+39%
+42%
+36%
+47%
€m 06/30/2010 06/30/2011 06/30/2012 2012/2010
Shareholders’ equity
Cash net of borrowings(*)
177.8
52.9
+28%
-83%
163.0
105.5
64.7%
26.0
16.0%
17.1
10.5%
H1 FINANCIALS
202.2
19.2
208.9
132.0
63.2%
29.2
14.0%
18.9
9.0%
227.6
9.0
8
Interparfums. 2012 first-half results. September 2012.
9
H1 2012 REVENUE
Interparfums. 2012 first-half results. September 2012.
BURBERRY
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2012 H1 sales: €103.4m (+21%)
Continued rollout of the Burberry Body line
Gains by the brand's historic lines
Drop in sales by the Burberry Sport line
Interparfums. 2012 first-half results. September 2012.
11
2012 H1 sales: €29.5m (+13%)
New revenue growth
Launch of the Jeanne Lanvin Couture line
Further gains by the Eclat d’Arpège (+30%) line
LANVIN
Interparfums. 2012 first-half results. September 2012.
2012 H1 sales: €22m (+74%)
Strong continuing growth
Success confirmed for the Montblanc Legend men’s line
(>50% of the brand's revenue)
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MONTBLANC
Interparfums. 2012 first-half results. September 2012.
13
JIMMY CHOO
2012 H1 sales: €18.7m (+42%)
Strong continuing growth
Launch of the Jimmy Choo Eau de Toilette
Expansion of distribution in selected markets
CEO Pierre Denis – Designer Sandra Choo
Interparfums. 2012 first-half results. September 2012.
2012 H1 sales: €9.8m
Gradual repositioning of the brand in points of sale
Jaïpur Bracelet, the first initiative under the brand
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BOUCHERON
Interparfums. 2012 first-half results. September 2012.
2012 H1 sales: €9.5m (-4%)
Resilient sales in a year without a major launch
Good performances by the First and Tsar lines
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VAN CLEEF & ARPELS
Interparfums. 2012 first-half results. September 2012.
16
Sales by brand(In €m) H1 2011 H1 2012 2012/2011
�Burberry 85.3 103.4 +21%�Lanvin 26.2 29.5 +13%�Montblanc 12.6 22.0 +74%� Jimmy Choo 13.1 18.7 +42%�Boucheron 1.6 9.9 ns�Van Cleef & Arpels 9.9 9.5 -4%� S.T. Dupont 6.0 8.7 +47%� Paul Smith 7.1 5.2 -27%�Nickel 1.2 1.1 -12%�Other - 1.0 ns
�Total 163.0 208.9 +28%ns: not significant
H1 2012 REVENUE
Interparfums. 2012 first-half results. September 2012.
Sales by region(In €m) H1 2011 H1 2012 2012/2011
� Africa 1.9 2.7 +45%
� North America 31.4 49.1 +56%
� South America 14.3 19.2 +35%
� Asia 30.9 37.8 +22%
� Eastern Europe 12.5 15.6 +25%
� Western Europe 39.4 42.1 +7%
� France 14.6 17.0 +17%
� Middle East 18.0 25.3 +40%
� Total 163.0 208.9 +28%
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H1 2012 REVENUE
Interparfums. 2012 first-half results. September 2012.
North America
24% (16%)
Western Europe
20% (28%)
France
8% (9%)
South America
9% (9%)
Eastern Europe
8% (7%)
Middle East
12% (11%)
Asia
18% (19%)
Africa
1% (1%)
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Regional sales mix (2011)
H1 2012 REVENUE
Interparfums. Board of Directors' Meeting September 6, 2012
Interparfums. 2012 first-half results. September 2012.
19
RESULTS2012 FIRST-HALF
Interparfums. 2012 first-half results. September 2012.
20
Pound sterling
5% (6%)
Other
2% (2%)
US Dollar
44% (38%)EUR
49% (54%)
Breakdown by currency (2011)H1 2012 RESULTS
Interparfums. 2012 first-half results. September 2012.
Impact on salesCurrency Av. exch. rates Currency
H1 2011 H1 2012 effect
� $ / € 1.3990 1.2970 -€6.7m
� £ / € 0.8690 0.8300 +€0.5m
� Y / € 115.0 102.8 -€0.3m
Total currency effect of €7.5m
Sales up 24.6% at constant exchange rates
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H1 2012 RESULTS
Interparfums. 2012 first-half results. September 2012.
Income statement highlights(€m) H1 2011 H1 2012 2012/2011
� Net sales 163.0 208.9 +28%� Cost of sales (57.5) (76.9) +33%� Gross margin 105.5 132.0 +25%
% of sales 64.7% 63.2%
� Marketing & advertising (29.6) (44.2) +49%� Royalties (15.5) (18.7) +20%� Staff costs (excluding production) (9.7) (11.1) +14%� Service fees /subsidiaries (6.5) (8.4) +29%� Depr., amortiz. & provisions (4.1) (4.6) +12%� Other (14.1) (15.8) +12%
� Operating profit 26.0 29.2 +12%% of sales 16.0% 14.0%
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H1 2012 RESULTS
Interparfums. 2012 first-half results. September 2012.
(€m) H1 2011 H1 2012 2012/2011
�Operating profit
% of sales
� Financial income
� Income before tax
% of sales
� Corporate income tax
�Net income before NCI
�Non-controlling interests
�Net income
% of sales
26.0
16.0%
(0.3)
25.7
15.8%
(8.8)
16.9
0.2
17.1
10.5%
+12%
ns
+9%
+12%
+8%
ns
+11%
Income statement highlights
H1 2012 RESULTS
23
29.2
14.0%
(1.0)
28.2
13.5%
(9.9)
18.3
0.6
18.9
9.0%
Interparfums. 2012 first-half results. September 2012.
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Non-current assets
91.3 (89.5)
Current assets
217.3 (238.8)
Cash + other current financial assets
10.2 (17.4)
Shareholders’ equity
227.6 (216.0)
Long-term debt
1.2 (3.5)
Current liabilities
90.0 (126.2)
Assets Liabilities
H1 2012 RESULTS
06/30/2012 (12/31/2011)
Balance sheet highlights (€m)
Interparfums. 2012 first-half results. September 2012.
H1 2012 RESULTS
Cash flow highlights(€m) H1 2011 H1 2012
� Cash flow 18.5 33.9
� Inventories (38.1) (17.0)
� Trade receivables (9.8) 25.9
� Other receivables 0.3 0.8
� Trade payables 17.8 (29.9)
� Other payables (3.9) (6.9)
� Change in working capital requirements (33.7) (27.2)
� Total cash flow from operating activities (15.2) (6.7)
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Interparfums. 2012 first-half results. September 2012.
H1 2012 RESULTS
Cash flow highlights(€m) H1 2011 H1 2012
� Acquisition of intangible assets (1.6) (0.5)
� Acquisition of property, plant and equipment (2.8) (3.6)
� Acquisition of marketable securities (>3months) 26.0 -
� Other - (0.3)
� Total cash flows from investing activities 21.6 (4.4)
� Issuance of borrowings - -
� Debt repayments (4.2) (2.2)
� Dividends (8.6) (9.9)
� Other 1.8 2.7
� Total cash flows from financing activities (11.0) 9.4
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Interparfums. 2012 first-half results. September 2012.
H1 2012 RESULTS
Cash flow highlights(€m) H1 2011 H1 2012
� Net change in cash (4.7) (7.2)
� Opening cash and cash equivalents 21.9 17.4
� Closing cash and cash equivalents 17.2 10.2
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Interparfums. 2012 first-half results. September 2012.
2012 third-quarter sales�October 23, 2012 (before the opening of the NYSE-Euronext Paris stock exchange)
2013 targets�November 21, 2012 (before the opening of the NYSE-Euronext Paris stock exchange)
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FINANCIAL CALENDAR
Interparfums. 2012 first-half results. September 2012.
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2012 OUTLOOK
Interparfums. 2012 first-half results. September 2012.
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SECOND HALF LAUNCHES
MontblancFirst women's fragrance initiative Montblanc Legend for women
BalmainRelaunch of the Ivoire line
Interparfums. 2012 first-half results. September 2012.
31
(e)
Burberry fragrances' weight in the total revenue mix
2012 OUTLOOK
Interparfums. 2012 first-half results. September 2012.
2012 OUTLOOK
Annual sales guidance of €420 million
A total media budget exceeding €100 million
An operating margin comparable to the prior year
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Interparfums. 2012 first-half results. September 2012.
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2013 OUTLOOK
Interparfums. 2012 first-half results. September 2012.
Jimmy ChooSpring: second women's line
LanvinSpring: new women's line
Van Cleef & ArpelsSpring: new women's line
Paul SmithSpring: new line for women and men
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2013 LAUNCHES
Interparfums. 2012 first-half results. September 2012.
BoucheronFall: First women's line created by Interparfums
BalmainFall: First women's line created by Interparfums
RepettoFall: First women’s fragrance initiative
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2013 LAUNCHES
Interparfums. 2012 first-half results. September 2012.
2013 OUTLOOK
Strong growth potential for the main brands
Annual sales target of €240-€250 million
A total media budget of approximately €50 million
An operating margin above 10%
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Interparfums. 2012 first-half results. September 2012.
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2013 OUTLOOKRevenue excluding Burberry fragrances
(e) (e)
€m
€m
€m
€m
€m
Interparfums. 2012 first-half results. September 2012.
BALMAIN. BOUCHERON. BURBERRY. JIMMY CHOO. LANVIN. MONTBLANC. NICKEL. PAUL SMITH. REPETTO. S.T. DUPONT. VAN CLEEF & ARPELS.
RESULTS2012 FIRST HALF