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Open
354
Volume
0.1m
Range
351/359
Market Cap
19,118,970,367m
52 Week
151/384
Date Source Announcement
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Considerable profitability improvement in Q4

  • 16 Feb 17

Oriflame maintained its pace of growth within a challenging context. Sales were up 5% to €355.1m in Q4, underpinned by positive market dynamics in Latin America and Asia mitigating the depressed momentum in other regions. Sales in Latin America surged by 12% and by 23% in Asia & Turkey, although, other regions reported sales declines. Margins have gained further ground thanks to a significant improvement in Asia & Turkey where operating profit was up by 39% to €27.6m. Group EBITDA soared by 23.4% to €49m in Q4. The operating margin increased by 30bp to 11.8% bringing the operating profit to €42m. Net profit amounted to €25.2m. Full-year sales were up 3% to €1,249m, boosted by the favourable momentum experienced in skin care and wellness products. By geography, sales in Latin America rose 9% to €148.6m. The activity boomed in Asia & Turkey where sales ramped up by 25% to €434.3m. Sales in Europe and Africa were flat at €329.4m, although CIS posted a 16% drop in sales. Profitability was consolidated considerably. The EBITDA margin was up to 11.9% vs. 9.7% a year earlier and EBITDA came to €148.2m. The operating profit jumped 19% to €119.2m. Net profit soared to €66.7m. The financial position remains strong with an operating cash flow of €113.1m. Investments amounted to €13.2m. The company decided to raise the ordinary dividend to €1 vs. €0.4 in 2015 and to add an exceptional dividend of €0.5. The first quarter has shown promising signs of growth with sales to date growing by c.11% at local currency. The company maintains auspicious long-term guidance with targeted yearly sales growth of 11% (at local currency) and an operating margin of 15% (9.5% currently).