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Research Tree provides access to ongoing research coverage, media content and regulatory news on ORIFLAME HOLDING AG. We currently have 6 research reports from 1 professional analysts.
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ORIFLAME HOLDING AG
ORIFLAME HOLDING AG
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).
Pretty margin growth
11 Nov 16
Oriflame’s seasonal effect continues, with Q3 sales up 6% yoy and down 10% qoq to €278.9m. Asia, Turkey and Latin America experienced favourable momentum while the market conditions were challenging in the other regions. The positive performance was boosted by the improvement in productivity and increase in prices which offset the slumping number of active consultants (-5% to 2.6m in Q3). Margins have consolidated significantly in the quarter with an EBITDA margin surging 150bp to 11%, generating an EBITDA of €30.8m (+22.7%). The operating profit edged up 32% to reach €25.2m. Net profit has more than doubled to €12.7m. The ytd performance was 3% with consolidated sales of €894.3m. The aggregated operating profit amounted to €77.2m, i.e. a jump of 33%. Net profit was up 64% to €41.5m in the nine months. Cash flow from operating activities slipped to €51.4m compared to €53.5m a year earlier. Capex came to €7.3m. A dividend of €0.4 will be distributed in two equal instalments.
At least the decline has stopped at CER
25 May 16
Q1 16 sales grew by 10% in local currencies, but declined by 1% as reported. Operating profit grew by 23% to €21.1m (vs €23m in Q1 14 and €48m in Q1 12); the operating margin was 6.9% (vs 5.6% in Q1 15 but 12% in Q1 12), impacted by -370bp from currencies. Operating cash flow decreased by 11% to €21.45m (7% of sales).
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Mature market growth still negative, despite beat in Q1
20 Apr 17
Unilever (ULVR LN, HOLD, T/P 3800p) released their Q1 trading statement this morning – Q1 underlying sales grew 2.9%. Turnover increased 6.1% to €13.3bn, in front of Bloomberg consensus of €13.2bn. Despite trading market conditions being described as tough, Unilever grew pricing by 3.0%, but saw volume declining 0.1%.