Solid performances in the 2009 first-half
Operating margin: 12.4%
Net margin: 9.5%
€millions |
H1 08 |
H1 09 |
09/08 |
Sales |
128.3 |
121.3 |
-5% |
Gross margin
|
76.8 |
71.6 |
-7% |
% of sales
|
59.9% |
59.0% |
|
Operating profit
|
17.7 |
15.0 |
-15 % |
% of sales
|
13.8 % |
12.4 % |
|
Net income
|
11.2 |
11.5 |
+3% |
% of sales
|
8.7% |
9.5% |
|
In line with its development strategy, the Group pursued its expansion through targeted marketing and advertising initiatives by country and brand while maintaining tight control over costs. On this basis, first-half operating profit was €15 million with an operating margin that remained at a satisfactory level of 12.4%.
The Group's financial position at June 30, 2009 remained excellent with:
• net cash of €22 million, followed by a significant increase in recent months (€32 million at August 31, 2009),
• limited net debt of €24.5 million,
• shareholders' equity of almost €160 million.
Efforts undertaken to reduce inventory levels and optimize trade receivables management have also produced results: operating cash flow increased significantly from a net outflow of €19.7 million in the 2008 first-half to a net inflow of €8.5 million for the first
six months of 2009.
Furthermore, on September 1, 2009, in light of its commercial development that has failed to meet expectations, Quiksilver and Inter Parfums decided by mutual agreement to terminate their collaboration on June 30, 2010 before the expiration date of this
agreement. This measure will have no financial impact on either of the parties.
Paris, le 7 septembre 2009
« In a particularly challenging environment, Inter Parfums has successfully demonstrated both the effectiveness of its business model and its resilience. It will pursue its expansion in the luxury segment, driven by its established reputation for creative know-how,
permanent spirit of initiative and highly qualified teams.
With a sustained program of launches for all brands of the portfolio,
2010 should represent a year of significant revenue growth. »
« Our rigorous management approach, developed year after year,
has made it possible to maintain margins at particularly high
levels for the current economic environment. In addition, our
strong balance sheet with no debt represents a significant advantage for pursuing our development and strategy of external growth ».
| Upcoming events | Publication of 2009 third-quarter sales October 22, 2009 (after the close of trading) |
Actionaria trade show November 20 & 21, 2009 |
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| Shareholder information Tel.: +33 1 53 77 00 99 |
Investor relations - Inter Parfums SA |
Media relations - RLPV Conseil Cyril Levy-Pey, tel.: +33 6 08 46 41 41 clevypey@inter-parfums.fr |
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| www.inter-parfums.fr | Codes: Reuters IPAR.PA - Bloomberg ITP - ISIN FR0004024222-ITP Index: CAC Small 90, SBF 250 | ||||