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2 Results highlights For the year ended: 31 Mar 31 Mar (million ) Change Net sales % Gross profit % % of Net sales 82.5% 82.7% +0.2 pp Operating profit % % of Net sales 17.1% 16.7% -0.4 pp Profit for the year % % of Net sales 13.3% 13.6% +0.3 pp Earnings per share ( per share) % Dividend per share ( per share)* % Dividend payout ratio* 20% 30% Net cash % * Dividend declared for the period indicated. The total of dividends declared for the year 2012 assumes the proposed distribution of a gross dividend of per share, which is subject to the approval of the shareholders of the Company at the forthcoming Annual General Meeting - 2 -

3 Net sales breakdown Retail led growth from Sell-out Exposure to growth markets Sell-in B-to-B 25% (FY2011: 26%) Taiwan 4% Other countries 22% Japan 24% Russia 5% Brazil 5% USA 11% Sell-out 75% (FY2011: 74%) UK 5% China 6% France 8% Hong Kong 10% - 3 -

4 Net sales up by 18.3% million % overall sales growth: 18.3% local currency growth: 18.0% currencies: 0.3% 400 FY % +14% FY % 0 Contribution Comp stores Non-comp stores Other Sell-Out Sell-in to growth (2) : 23% 56% 1% 20% (1) FX rates (1) Includes Mail-order and other sales (2) Excluding foreign currency translation effects - 4 -

5 Sales growth by geography 1 (local currency) million 120 FY2011 FY % % % +35% +31% 20 0 France UK USA Brazil Russia Contribution to growth: 0% 6% 9% 9% 7% - 5 -

6 Sales growth by geography 2 (local currency) million % FY2011 FY % % % +7% 0 Contribution to growth: Japan Hong Kong China Taiwan Other countries 12% 17% 12% 2% 25% FX rates - 6 -

7 Growth in other fast growing countries (local currency) +45% +28% +38% +19% +30% Korea Canada Germany Spain Italy FY2011 FY

8 Retail stores network 1, % 2, % 1053 FY2011 FY2012 own stores non-own stores - 8 -

9 Net stores openings profile Brazil Russia India China Mexico Japan Korea Taiwan Canada UK Germany Spain Italy - 9 -

10 Same Store Sales Growth profile 29.6% 18.4% 13.3% 15.3% 18.2% 8.3% 6.2% 20.0% 4.9% 1.7% Brazil Russia China Hong Kong Taiwan 1.8% 4.0% 5.0% 8.6% 15.4% 10.7% 6.6% 6.7% 4.3% 4.0% 5.3% -3.1% Japan France UK USA Other FY2011 FY2012 countries Group

11 Profitability analysis % of net sales For the year ended 31 March Change Gross profit margin Distribution expenses (44.5) (44.9) (0.4) Marketing expenses (11.0) (10.1) 0.8 Research & development expenses (0.7) (0.7) (0.0) General & administrative expenses (9.6) (10.2) (0.6) Other (losses) / gains 0.3 (0.1) (0.4) Operating profit margin (0.4)

12 G & A expenses (as % of Net sales) % 9.6% FY2011 invest, SAP non recurr. leverage, other FY

13 Operating profit margin % 16.7% FY2011 invest channel mix non recurr. retail efficiency prices product mix leverage, other FY

14 Cash flow analysis as at: 31 Mar 31 Mar (million ) % Change Profit before tax, adj. for non-cash items % Changes in working capital (32.6) (17.3) -47.0% Income tax paid (26.1) (43.5) 66.4% Net cash flow from operations % Cash outflow from investing (49.4) (83.4) Cash flow from financing (37.8) Effect of the exchange rate changes (1.4) (5.8) Net change in cash and cash equivalents

15 Cash flow from operations million % % Profit* Change working capital Income tax paid Cash flow from operations FY2011 FY2012 * Profit before tax, adjusted from non-cash items

16 Working capital ratios * inventory days * net of MPPs for 13 days days of trade receivables FY2011 FY2012 days of trade payables on Cost of Sales (1) Average inventory turnover days: average inventory divided by cost of sales and multiplied by Average inventory equals the average of net inventory at the beginning and end of each period. (2) Turnover days of trade receivables: average trade receivables divided by net sales and multiplied by Average trade receivables equals the average of net trade receivables at the beginning and end of each period. (3) Turnover days of trade payables: average trade payables divided by cost of sales and multiplied by Average trade payables equals the average of trade payables at the beginning and end of each period

17 Inventory turnover days (excluding effect of mini products and pouches MPPs ) FY2011 FX rates safety stocks incr. inventory coverage SAP & other FY

18 Inventory coverage (months) (constant rates, excluding effect of MPPs) FY2009 FY2010 FY2011 FY

19 Capital expenditures million acquisition of subs* stores Info. Tech. factories R&D other total FY2011 FY2012 * Malaysia

20 Balance sheet ratios 31 Mar 31 Mar For the year ended Profitability Return on Capital Employed (ROCE) (1) 30.4% 29.1% Return on equity (ROE) (2) 17.8% 18.6% Liquidity Current ratio (times) (3) Quick ratio (times) (4) Capital adequacy Gearing ratio (5) 7.6% 7.6% Debt to equity ratio (6) net cash net cash (1) Net Operating Profit After Tax / Capital Employed (2) Net profit attributable to equity owners / shareholders' equity excluding minority interest (3) Current assets / current liabilities (4) Current assets - stocks / current liabilities (5) Total debt / total assets (6) Net debt / total assets - total liabilities * 100%) NOPAT = (Operating Profit + foreign currency net gains or losses) x (1 - effective tax rate) Capital Employed = Non-current assets - (deferred tax liabilities + other non-current liabilities) + working capital

21 Strategic review and achievements SOLID PROGRESS IN FY2012 AMID CHALLENGING MARKET CONDITIONS SOLID BUSINESS FOUNDATION STRONG FINANCIAL RESULTS INVESTING IN GROWTH OPPORTUNITIES

22 Strategic review and achievements SOLID BUSINESS FOUNDATION Accelerated top-line growth and own store network development Posted strong growth for China, Russia, Brazil, Hong Kong Achieved a turnaround in the USA Maintained growth in challenged markets such as Japan, Europe including Spain and Italy

23 Strategic review and achievements STRONG FINANCIAL RESULTS Net sales up 18.3% and Profit for the year up 20.9% Increased cash inflow from operating activities by 37% Financed major capital expenditure program : record retail network expansion, store renovations, central warehouse, revamping of factories, information systems Proposed dividend per share up 83.7%, payout ratio raised

24 Strategic review and achievements INVESTING IN GROWTH OPPORTUNITIES Continued investments in Research & development, product marketing and development resources Increased marketing spending in % of net sales Upgraded our systems and processes to sustain future growth: Went live successfully with SAP and initiated roll-out Established global planning function Merged and integrated both factories to achieve synergies and efficiency

25 Strategy and outlook STRATEGY 1. Develop our brands in strategic channels: Invest in under-penetrated markets through stores expansion (China, other Asian countries, Russia, Brazil) Take advantage of momentum to open new stores in the USA, Germany and the UK Further develop larger format stores Invest and continue our store renovation program Focus on internet and e-commerce initiatives Push travel retail business

26 Strategy and outlook 2. Pursue operational excellence: Drive productivity and efficiency through the optimisation of our platform, upgraded in FY2012: warehouses, revamping of the Lagorce factory, merger, SAP Continuing the progress: Full renovation of the Manosque factory, capacity expansion and new R&D facility Further roll-out of SAP in major markets Execute efficiency and productivity program 3. Build strong foundation for sustainable profitable growth by launching new products and brands initiatives

27 Strategy and outlook OUTLOOK Troubled economy, as currently in Europe We would benefit from a softening of the Euro Expect the demand for natural cosmetics to remain resilient, particularly in the emerging countries In this context, FY2013 should continue to see further progress and developments

28 Disclaimer This document is for information purposes only without any binding effect; in case of any inaccuracies, incompleteness or inconsistency with other documents, only the Company s latest issued annual or interim report for detailed financials shall prevail and shall be deemed to be the only official document

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