LETTER TO SHAREHOLDERS
|
|
- Janel Butler
- 5 years ago
- Views:
Transcription
1 LETTER TO SHAREHOLDERS April 2009_Number 45 True to its values, L Oréal is maintaining its course Dear Shareholders, In the eye of the storm, which is sparing no sector, L Oréal is staying on course and is further strengthening its worldwide leadership. Resolutely focused on the longterm, it accepts the constraints of the present while concentrating its efforts, in priority, on preparing for the future. The achievement of 2008 reflects both L Oréal s remarkable capacity for resilience and the quality of the management of Jean-Paul Agon and his teams. The proposal at the Annual General Meeting to pay a dividend of 1.44 euro per share is thus an expression of both our confidence in the solidity of L Oréal, and our legitimate concern to maintain the right balance. The confidence and loyalty of our shareholders are essential to implement a long-term strategy. As L Oréal prepares to celebrate i t s c e n t e n a r y, t h e B o a rd o f Directors has also chosen to propose to the Annual General Meeting a resolution enabling the payment of a dividend, increased by 10% for all registered shareholders of at least two years standing 1. This centenary of L Oréal is a symbol of continuity and confidence. Continuity in our business model, and confidence in our future, in our ability to reinvent ourselves every day, as well as in our teams. Sir Lindsay Owen-Jones Chairman 2009: realism, confidence and resolve These brands' annual sales are superior to 50 million euros. Dear Shareholders, In 2008, in a very difficult environment, L'Oréal has demonstrated its resilience and continued to grow in terms of sales, net earnings per share and market share. In a year when the downturn in markets was combined with the adverse impact of currency fluctuations and costs in raw materials, the group's net profit held up well, and we strengthened our business drivers to prepare for the future. Overall, net earnings per share increased by +3.8% based on published figures and by +6.8% at constant exchange rates 2. We are tackling 2009 with realism, confidence and resolve. Realism because the economic environment will certainly still be difficult. We are prepared for this. Confidence because the cosmetics market has always shown resilience at times of crisis, and because L'Oréal's fundamentals are strong and our financial situation is robust. But also resolve, because thanks to our product innovation momentum, the unique quality of our brand portfolio, our possibilities for geographic expansion and our determination to strengthen our business drivers and control our costs, we are confident in L'Oréal's ability to successfully weather this adverse economic climate and to even emerge stronger than before. All our teams, whom I would like to congratulate for their commitment, are determined to make sure that L Oréal will continue to grow and strengthen its leadership of the global cosmetics market. Jean-Paul Agon Chief Executive Officer 1 - With a limit of 0.5% of nominal capital per shareholder. From Based on constant translation rates: 2008 data at 2008 rates / 2007 data at 2008 rates.
2 02 Highlights In a difficult environment, L'Oréal is proving resilient and continues to grow > Increase in sales to 17.5 billion euros +2.8% based on reported figures +3.1% like-for-like +6.6% at constant exchange rates 1 > Rise in net earnings per share 2 to 3.49 euros +3.8% based on reported figures +6.8% at constant exchange rates 1 > Strengthened worldwide market share % (15.2% in 2007) > Growth in dividend 4 to 1.44 euro +4.3% L Oréal strengthens its worldwide positions In 2008, the cosmetics market slowed but remained positive. With annual sales growth of +6.6% at constant exchange rates 1, which was higher than the cosmetics market, the group s worldwide market share continued to progress to 15.8% 3. L Oréal strengthened its worldwide positions in each of its divisions. Consolidated sales (in millions of euros) 17,063 17, % L Oréal market share % 13.6% 13.8% 13.2% 12.4% 11.7% 11.0% like-for-like 15.8% % Operating profit holding up well 2008 net earnings per share 2 In a year with increased raw materials prices, negative monetary effects, a slowdown in markets, major difficulties in North America, and the dilutive consolidation of Yves Saint Laurent Beauté, operating profit held up well and L Oréal has strengthened its growth-drivers. Thanks to the spectacular progress made in purchasing and productivity, gross profit proved resilient. Research & Development expenses, which are today more than ever the priority for L Oréal rose, as did sales. Indeed, in 2008, the group registered an all-time record total of 628 patents. Advertising and promotional investments increased in the second half in order to support the brands despite the deterioration in the economic environment. Finally, on a comparable structure and exchange rate basis, selling, general and administrative expenses were practically stable as a percentage of sales. Overall, net profit after minority interests totalled 1,948 million euros. Net earnings per share amounted to 3.49 euros, an increase of +3.8% based on reported figures, i.e. +6.8% at constant exchange rates 1. The balance sheet structure is very robust, with shareholders equity representing 52% of total assets. The Board of Directors proposed at the Annual General Meeting on April 16 th, 2009 the payment of a dividend of 1.44 euro per share, an increase of +4.3% compared with The distribution rate has increased again reaching 41.3% 4. e3.36 $ % 2007 Dividend per share $ $ based on reported figures +6.8 % at constant exchange rates % 1 - Based on constant translation rates: 2008 data at 2008 rates / 2007 data at 2008 rates. 2 - Diluted net earnings per share, based on net profit excluding non-recurrent items after minority interests. 3 - L'Oréal estimate with YSL Beauté over a full year. Provisional estimates. 4 - Subject to approval by the Annual General Meeting on April 16 th,
3 New products 03 Génifique by Lancôme, the first youth gene activating skincare After ten years of research and seven patents registered, Génifique is the result of major advances in the sciences of genomics and proteomics, research fields in which the L Oréal laboratories have played a pioneering role. The group's scientists have made two conclusive discoveries: they identified firstly the family of proteins characteristic of young skin, and secondly the specific genes to the functioning of these proteins. In addition, a real first for a cosmetic product, they developed a unique in vivo measurement system to analyse the development of these proteins. Génifique's formula is a concentration of exclusive active ingredients which boost the activity of genes whose expression dwindles with age. Lancôme has therefore invented the first skincare product to relaunch youth genes. Colourants Reinvented red by L'Oréal Professionnel Visible Lift Serum Inside, the first foundation with anti-ageing serum L Oréal Paris has launched Visible Lift Serum Inside, the first foundation to contain an anti-wrinkle serum. It combines the most effective anti-ageing active ingredients elastin, collagen and hyaluronic acid for an immediate lifting effect from the first application. In just one month, results show 30% fewer wrinkles thanks to the integrated serum. Its formula ensures smoother and more radiant skin; it looks instantly and durably younger. With Linda Evangelista as its ambassadress, Visible Lift Serum Inside completes the Visible Lift skincare range and comes in 12 radiant shades. The L Oréal laboratories have developed Rubilane hair colourant, the result of 5 years' research and a thousand on-hair tests. This patented colourant makes it possible, for the first time, to achieve deep, longlasting coppery reds. L'Oréal Professionnel offers Rubilane in its two major professional ranges: Majirel, with Majirouge, and Luo Color. From copper through to burgundy red, the products offer deepdown colour and superior coverage that respects the hair fibre. XY Homme, tailor-made skincare In January 2009, the La Roche-Posay Laboratory launched XY, a skincare range adapted to the specific requirements of men's skin. The hydrating gel, shaving gel and shaving foam with soap-free emollients prevent ingrown hairs in sensitive skin from the first month's use. The brand preferred by dermatologists offers a comprehensive range of expert products for men, who are now more and more concerned about preserving their skin and their appearance. In four years, the number of men who frequently consult a dermatologist has doubled.
4 04 Growth relays South Africa L'Oréal number 1 in ethnic beauty SoftSheen Carson is the leading brand in the South African haircare market for products dedicated to African hair 1. In 2008, it further strengthened its position and grew by +28%, confirming its central role in the group s overall success in the country. Launch pad for Sub-Saharan Africa L Oréal has had a South African subsidiary since 1963, and most of the major international brands are marketed there. This powerful presence, notably with SoftSheen Carson, offers the group a portal to the whole of Sub-Saharan Africa. When L Oréal acquired Carson in 2000, the brand was leader in the South African market for products dedicated to African hair. Further to its merger with the American brand SoftSheen, the range now covers all market requirements from haircare products (relaxers, styling and haircare, and hair colourants) to hygiene (deodorants, etc.), the largest segment in this market. Dark and Lovely, the preferred brand for South Africans SoftSheen Carson meets all market expectations in terms of sophistication and price level. The flagship franchise, Dark and Lovely, is leader in relaxers with a 41% 1 share of the market. It has just been voted Preferred Haircare brand by a sample of 1,200 South Africans and enjoys a 96% brand awareness. In addition to Dark and Lovely, the brand also features Restore Plus, a line of highly affordable relaxers and haircare products, as well as Optimum Care, a premium offering of hightech relaxers and haircare products. SoftSheen Carson products are designed through a unique collaboration between the evaluation centre in Johannesburg, the L Oréal laboratories in Paris and the Research Center for Ethnic Hair and Skin in Chicago. A further key to its success is SoftSheen Carson s excellent brand image among professionals, due to locally available training programmes that have been running for several years. Nearly 50,000 hairdressers are trained each year in the brand s Academies or by a travelling team. SoftSheen Carson s position is set to be strengthened in 2009 thanks to local production and a robust launch plan. 1 - Source: Nielsen. Retail panel, market share value total.
5 Growth relays 05 New horizons for L Oréal In 2008, L'Oréal combined all its businesses in the Africa-Orient-Pacific zone under one management in a multidivisional zone, a major strategic step forward which will enable L Oréal to speed up its entry into the new markets of the Orient. We are determined to accelerate our geographical expansion. Firstly, by making faster inroads into new markets in which we already operate, and where positive consumption growth is set to continue. Secondly, by accelerating our moves into markets where we are a small-scale player at most, but which offer a high sales potential for our brands, such as the Middle East, African countries and Pakistan. Jean-Paul Agon Garnier: quick take-up of Even & Matte I n S e p t e m b e r, S o u t h Africa s women consumers discovered Even & Matte - the new Garnier range of facial care products. Specially developed for black skin, it helps to obtain a more even complexion and reduce shine. With its original f o r m u l a a n d h i g h l y affordable price, Even & Matte was an instant success. To communicate about the product, Garnier chose as its ambassadress Connie Ferguson, a very famous actress in South Africa. Backed by high-profile exposure in sales outlets and sampling campaigns, Even & Matte was a strong contributor to sales of Garnier skincare, which enabled the brand to grow nearly twice as fast as the market in L Oréal arrives in Egypt Matrix makes it in India In November 2008, L Oréal made a strategic advance by opening a multidivisional subsidiary in Egypt. In this country with a population of 80 million, the group s brands can build on ancient traditions of beauty, a growing middle class, an increa-sing appetite for international brands, and newly-forming distribution channels. The group aims to introduce L Oréal Professionnel and Kérastase brands in the leading hair salons and launch L Oréal Paris and Garnier for the mass market. As the ambassadress for its Color Naturals colourant line, Garnier has chosen the famous Egyptian actress Hend Sabry to boost the brand s success. At the beginning of 2009, L'Oréal created two new subsidiaries in Pakistan and Kazakhstan. Hair is a crucial aspect of Indian beauty. With its two brands, L'Oréal Professionnel launched in 1997 and Matrix introduced in salons in 2003, the Professional Products Division is helping to make the hairstyling channel a very real and booming branch of the fashion industry. The number 1 brand in North America, Matrix is stepping up its conquest of Indian salons by relying on a wide network of distributors. The brand is now present in 6,700 of India's 58,000 salons. Thanks to some in-depth technical and artistic training of hairdressers and an ingenious distribution system, the brand is growing rapidly (+29% in 2008). One of the driving forces behind this growth is the hair colourant sector, which is showing exceptionally strong growth, in particular with the Wonderbrown line, launched in July 2008.
6 06 Around the world Fully playing a true leadership role in the Russian market, the Professional Products Division provides the right solution for all salons from the most accessible to the most luxurious end of the market. L Oréal Professionnel was the first brand introduced in Russia in 1996, and is today ranked number 1 for image both by hairdressers and consumers*. To meet the needs of more affordable salons keen to provide the best value for money, the division launched Matrix in Russia: 40,000 hairdressers trained in 2008 The brand, whose sales grew by +53% in 2008, has already won over 5,600 salons, and is aiming to extend its network much further. In the luxury salon segment, Russian women appreciate highly advanced beauty services and rituals by Kérastase. Otherwise, the newly created brand Kéraskin Esthetics made its first appearance in a dozen high-end salons in Moscow and Saint Petersburg. The Professional Products Division is investing hugely in enhancing hairdressers technical skills and artistry, via its academy in Moscow, 17 technical centres in provincial Russia, and a large number of demonstrations and artistic shows, including Colour Trophy, which every year brings together the country s top hair colourant specialists. In all, these events and seminars generated more than 40,000 training contacts in Shu Uemura, a very globalised Japanese brand In 2008, Shu Uemura recorded its highest growth rate in Japan since it was acquired by L Oréal in Initially almost exclusively focused on Japan, Shu Uemura then moved into almost all Asian countries, with strong positions in Korea, Taiwan and Hong Kong. The brand generates over 70% of its sales outside its original market, and is now the Japanese brand with the greatest international reach. Germany: a strategic breakthrough in skincare Already the leader in mass-market make-up, the Consumer Products Division continued its strategic breakthrough in skincare. The combination of the premium L Oréal Paris range with Garnier, the accessible, natural brand, enables the division to reach out to different customer profiles and cover all segments and price levels. These two brands are positioned among the top three of the market. This achievement the result of many years of innovations and of systematically renewing major franchises strengthens the division in its ambition to capture top place in the German skincare market. Innovations are a decisive asset. Caffeine Eye Roll-on care became the leading eye care product on the market in just a few weeks. Ôscillation by Lancôme sets the US make-up world abuzz At the end of July 2008, a limited edition of the revolutionary vibrating powermascara, Ôscillation by Lancôme, featured in a preview launch at 12 carefully selected outlets and Lancôme boutiques, in addition to the Lancôme USA and Sephora websites. The 5,000 units available sold out in just one day. By the time the national launch took place in October, 32,000 women were already on the waiting list. Since its introduction, Ôscillation has been the number 1 mascara launch. Advice is vital in mass-market distribution. L Oréal Paris provides consumers with tools to self-diagnose their skin and choose the most appropriate product. As a result, sales have leapt by +20% in shops where these facilities are available. * Source: Image study, hairdressers and consumers, MASMI, 2008
7 L Oréal commitments 07 The eco-responsible approach at the core of our brands For the second year running, L'Oréal has been selected to appear in the list of the 100 most sustainable companies in the world by an independent panel of judges convened by Innovest, the largest non-financial company rating agency. The group's sustainable development initiative also came out on top of the "Cosmetics and Toiletries" sector in a survey carried out among US stakeholders. This level of performance was made possible thanks to an eco-responsible approach that runs to the core of the group, including within the brands. Here are five of the most representative examples of concrete initiatives conducted by five of our brands. The science of natural ingredients In its new Série Nature range, L Oréal Professionnel is committed to replacing chemical compounds by ingredients of natural origin whenever possible, without comprom i s i n g e f f i c a c y a n d cosmetic performance. Furthermore, all Série Nature products are developed at our factory in Burgos, which is equipped with solar panels and a rainwater and waste recycling system. Garnier reduces packaging The brand has joined forces with Eco- Emballages to lower the environmental impact of its products. The first initiative was to cut down on the packaging for Fructis, Ultra Doux and body lotions. On average, packs now weigh 18.5 grams each, compared with 24 grams in The average reduction of 5.5 grams per bottle represents a saving of 1,300 tonnes of CO 2 equivalent emissions each year. Garnier has also adopted cardboard certified by the FSC (Forest Stewardship Council) for its hair colourant and skincare product boxes. Kiehl s supports ecological initiatives In 2008, Kiehl s joined forces with Brad Pitt to launch a 100%-biodegradable and eco-efficient bodycare product. All profits from this cleansing product with aloe vera, certified Cradle to Cradle CM 1, will be passed on to JPF Eco Systems, a charitable foundation set up with Brad Pitt to support global ecological initiatives. The first project initiated by JPF Eco Systems supports the efforts of Make it Right, a charity which helps finance ecologically sustainable and financially affordable housing for the victims of hurricane Katrina. Strict dermatological and environmental standards The first active ingredient of the personal care products, La Roche- Posay thermal spring water is a rare and fragile natural resource. The brand is committed to closely monitoring activities around the spring on a daily basis, checking the quality of the water and protecting the environment. La Roche-Posay also offers its consumers a broad range of paraben-free products. The Body Shop: Increasingly fair trade 21 years ago, with the launch of its Community Trade programme, The Body Shop was the first company to bring fair trade to the cosmetics industry. Its unique initiative today enables it to work directly with local suppliers in 20 countries, providing some 25,000 people with access to essential resources such as education. 1 - Cradle to Cradle CM is an MBDC LLC (McDonough Braungart Design Chemistry) brand which certifies formulations that minimise environmental impact and optimise recycling, creating an eco-efficient product.
8 08 Shareholder information Loyalty bonus for registered shareholders Shareholder loyalty is an essential requirement for the implementation of a long-term strategy. The L Oréal Board of Directors has decided to offer shareholders a loyalty bonus by proposing to the Annual General Meeting held on April 16 th, 2009 an amendment to the Articles of Association enabling the payment of a preferential dividend of +10% for all shareholders having held registered shares (whether directly or managed 1 ) for at least two years. This preferential dividend applies to a limit of 0.5% of nominal capital per shareholder. The first preferential dividend will be paid in 2012, corresponding to the dividend for 2011, for holders whose shares have been held continuously in registered form (directly or managed 1 ) from December 31 st, 2009, until the payment of the dividend following the Annual General Meeting of Share price Six good reasons for choosing registered shares 1l Preferential dividend of +10% for shareholders holding registered shares for at least of two years 2. 2 l Full and personalised information (Shareholder Digest and Letters to Shareholders) sent directly to the shareholder. 3 l Easier access to the Annual General Meeting: notice to attend sent directly to the shareholder, with the possibility of online voting. 4 l No custody fees (directly registered shares). 5 l Dividend sent by cheque or credited to the shareholder s account, with no delay and no charge. 6 l Transfer fees met by L Oréal 3 (directly registered shares). 1 - A registered account managed by a financial intermediary. 2 - With a limit of 0.5% of nominal capital per shareholder. From 2012, subject to approval by the Annual General Meeting of April 16 th, With a limit of 50 and on presentation of proof of payment. To find out more about the different ways of holding shares, please consult: For any further information, please call from France from abroad Your diary dates Annual General Meeting on April 16 th 2009 at 10 a.m. at the Carrousel du Louvre, 99 rue de Rivoli Paris, France Shareholder meetings Rennes June 8 th Brussels Lille May 28 th December 15 th Paris Actionaria Fair November 20 th and 21 st Financial calendar April 21 st, 2009 Ex-date of the dividend* Annecy Lyon October 12 th September 17 th April 24 th, 2009 Payable date of the dividend* May 6 th, 2009 First quarter 2009 sales August 28 th, half-year results * Subject to approval by the Annual General Meeting of April 16 th, French solidarity tax on wealth (ISF) Nancy October 19 th Aix-en-Provence May 19 th For 2008 French ISF declarations, the value of your L Oréal shares can be estimated in either of the following ways: closing price on December 31 st, 2008: 62.30, average of last 30 days closing prices for 2008: /28/06 04/28/06 L'Oréal CAC 40 reindexed on L Oréal 06/28/06 08/28/06 10/28/06 12/28/06 02/28/07 04/28/07 06/28/07 08/28/07 10/28/07 12/28/07 02/28/08 04/28/08 06/28/08 08/28/08 10/28/08 12/28/088 2, pts 02/28/099 Photographs: Carole Bellaïche, Stéphane de Bourgies, Christian Vigier for Lancôme 2008, Ruven Afanador for L Oréal Paris, Dusan Reljin, Lothar Schmid, Konarzewski Wojtek, David Stanton, Hany Ramzy ATA/Eyedea Illustration, Marc Bonneville/Eyedea Illustration, Bhp Studios, Cyril Coussat/Eyedea Illustration, Gerardo Somoza/ Eyedea Illustration, The Body Shop, X. Registered in France as a "Société Anonyme" with registered capital of 119,689,042 euros RCS Paris NAF Code: 2042 Z ISIN Code: FR Registered office: 14, rue Royale, Paris Headquarters: 41, rue Martre, Clichy - France Tel.: Please contact: L Oréal, Financial Communications Department, 41, rue Martre, Clichy or consult the Shareholders' Corner on the Internet site or the mobile website mobile.loreal-finance.com from your mobile phone. SEITOSEI
L'OREAL SHOWS CONTINUING STRONG GROWTH
Clichy, October 21 st, 2010 at 6:00 p.m. Sales at September 30 th, 2010 L'OREAL SHOWS CONTINUING STRONG GROWTH 9-month sales: +11.6% based on reported figures +6.2% like-for-like Solid growth in the 4
More informationLuxury. Products. Lancôme. Biotherm. Helena Rubinstein. Giorgio Armani. Ralph Lauren. Cacharel. Guy Laroche. Paloma Picasso. Kiehl s.
38 Luxury Products Lancôme Biotherm Helena Rubinstein Giorgio Armani Ralph Lauren Cacharel Guy Laroche Paloma Picasso Kiehl s Shu Uemura L ORÉAL Annual Report 2003 39 RALPH LAUREN s new fragrance Polo
More informationFirst-half 2010 sales STRONG SALES GROWTH
Clichy, July 12 th, 2010 at 6:00 p.m. First-half 2010 sales STRONG SALES GROWTH +10.2% based on reported figures +6.3% like-for-like Dynamism in all four divisions Good performance in North America Breakthroughs
More informationProfessional. Products. L Oréal Professionnel. Kérastase. Redken. Matrix L ORÉAL
24 Professional Products L Oréal Professionnel Kérastase Redken Matrix L ORÉAL Annual Report 2003 25 The new KÉRASTASE Institute in France, symbolising the brand s professional luxury positioning. Consolidated
More informationFirst quarter 2011 sales GOOD START TO THE YEAR
Clichy, April 19 th, 2011 at 6:00 p.m. First quarter 2011 sales GOOD START TO THE YEAR Sales: 5.16 billion euros +9.3% based on reported figures +5.8% like-for-like Strong growth in Consumer Products and
More informationKérastase and Coiff1rst hair salon team up to offer the best in luxury haircare.
N 57 spring 2013 Kérastase and Coiff1rst hair salon team up to offer the best in luxury haircare. Dear shareholders, 2012 was a good year for L Oréal which once again demonstrated its ability to outperform
More informationGlobal momentum drives growth NEW YORK LONDON MUMBAY STOCKHOLM MONTREAL OSLO MOSCOW BUENOS AIRES KUALA LUMPUR SAÕ PAULO CARACAS
NEW YORK LONDON MUMBAY STOCKHOLM MONTREAL OSLO MOSCOW BUENOS AIRES KUALA LUMPUR SAÕ PAULO CARACAS Global momentum drives growth 16. L ORÉAL 2004 ANNUAL REPORT UNITED STATES Garnier scores points with Fructis
More informationSLIGHT INCREASE IN SALES IN A DIFFICULT ECONOMIC ENVIRONMENT
Clichy, May 6 th 2009, 5.50 pm 1 st quarter 2009 sales SLIGHT INCREASE IN SALES IN A DIFFICULT ECONOMIC ENVIRONMENT Sales growth of +0.3% at 4.37 billion euros At constant exchange rates*: -0.4% Like-for-like:
More informationL Oréal Annual Report 2002 L ORÉAL PROFESSIONNEL KÉRASTASE MATRIX REDKEN PROFESSIONAL PRODUCTS
26 L Oréal Annual Report 2002 L ORÉAL PROFESSIONNEL KÉRASTASE MATRIX REDKEN PROFESSIONAL PRODUCTS 27 PARTNERSHIP WITH HAIRDRESSERS ALL OVER THE WORLD The Professional Products Division boasts a portfolio
More informationSALES AT SEPTEMBER 30 th 2008: billion euros
Clichy, October 30 th 2008 5:45pm SALES AT SEPTEMBER 30 th 2008: 12.912 billion euros +7.4% at constant exchange rates*, +4.4% like-for like, +2.2% based on reported figures At 9 months, L'Oréal continues
More informationLETTER TO SHAREHOLDERS
LETTER TO SHAREHOLDERS Autumn 2006 No. 38 The adventure continues Dear Shareholders, At the last Annual General Meeting, you approved the appointment of Jean-Paul Agon as director. At the Board Meeting
More information% growth over pro forma 2004 Sales 13,641 13,641 14, % Operating profit before foreign
Clichy, Thursday February 16th 2006 8.55 a.m 2005 Annual Results SALES: +6.5% FURTHER IMPROVEMENT IN OPERATING PROFITABILITY NET PROFIT*: +37% NET PROFIT EXCLUDING NON-RECURRENT ITEMS: +10.3% NET EARNINGS
More informationFIRST HALF 2007 SALES STRONG GROWTH IN LINE WITH TARGETS
Clichy, Thursday July 12th 2007 6.00 pm FIRST HALF 2007 SALES STRONG GROWTH IN LINE WITH TARGETS 8.514 BILLION EUROS + 9.4% based on reported figures + 7.7% like-for-like VERY RAPID GROWTH CONTINUES IN
More information2008 in figures Year in brief
Dear shareholders, The year 2008 has been an exciting, eventful but also challenging year. The global economic situation changed drastically, which also affected H&M. Despite this, our strong expansion
More information2006 ANNUAL SALES : TARGET REACHED
Clichy, Thursday January 25th, 2007-6.00 pm 2006 ANNUAL SALES : TARGET REACHED STRONG GROWTH IN ANNUAL SALES: 15.8 BILLION EUROS, UP BY + 8.7% SUBSTANTIAL INCREASE IN 4TH QUARTER SALES: + 9.5% BASED ON
More informationLetter to shareholders
Letter to shareholders No 48 _ March 2010 L Oréal has shown its ability to renew itself and to bounce back Dear Shareholders, Confronted with one of the most sudden and severe economic crises the world
More informationLETTER TO SHAREHOLDERS
MARCH 2008 _ No. 42 LETTER TO SHAREHOLDERS The dividend has doubled in 5 years Dear Shareholders, 2007 marks a further very strong increase in the group's results, reflecting the quality of the management
More informationClichy, February 10, Annual Results STRONG GROWTH IN SALES AND PROFITS
Clichy, February 10, 2011 2010 Annual Results STRONG GROWTH IN SALES AND PROFITS 2010 sales: 19.5 billion euros o +11.6% based on reported figures o +5.6% like-for-like Operating profit: +18.6% Net earnings
More informationFIRST QUARTER 2007 SALES A GOOD START TO THE YEAR
Clichy, Tuesday 17 April 2007 6.00 pm FIRST QUARTER 2007 SALES A GOOD START TO THE YEAR 4. 268 BILLION EUROS, UP BY + 7.9% like-for-like DYNAMIC GROWTH FROM ALL DIVISIONS CONTINUED SOLID GROWTH IN WESTERN
More informationSALES AT SEPTEMBER 30 th 2007:
Clichy, October 24th 2007 6 pm SALES AT SEPTEMBER 30 th 2007: HIGH GROWTH RATE CONTINUES 12.639 billion Euros + 8.6% based on reported figures + 7.7% like-for-like SOLID GROWTH CONFIRMED IN WESTERN EUROPE
More informationPERFORMANCE / p. 3. NEWS / p. 4. CHINA: BEAUTY IN THE MIDDLE KINGDOM / p. 6. Find out more about the share price and your shareholder meetings / p.
N. 69 - SPRING 2018 PERFORMANCE / p. 3 NEWS / p. 4 CHINA: BEAUTY IN THE MIDDLE KINGDOM / p. 6 Find out more about the share price and your shareholder meetings / p. 8 Message from the Chairman JEAN-PAUL
More informationManaging Director Rolf Eriksen s address at the AGM 8th May 2008
x Managing Director Rolf Eriksen s address at the AGM 8th May 2008 Dear shareholders, 2007 was the year of H&M s 60th birthday and another record year with a high level of activity. We increased sales
More informationLETTER TO SHAREHOLDERS
OCTOBER 2007 _ No. 41 LETTER TO SHAREHOLDERS Growth moves up a gear. We are preparing for the future. Although the negative impact of the exchange rate has increased throughout the year, we are also well
More informationCHRISTIAN DIOR 2017 RECORD RESULTS
30 AVENUE MONTAIGNE PARIS 75008 Paris, February 2, 2018 CHRISTIAN DIOR RECORD RESULTS The Christian Dior group recorded revenue of 43.7 billion euros in, an increase of 11% over the previous year. Organic
More informationWe have every. business model.
The Shareholders Corner the letter N 53 OCTOBer 2011 dear shareholders, Organic growth in the first half of 2011 has confirmed the good dynamics of the group. L Oréal is further strengthening its worldwide
More informationHERMES. Strong sales growth in 2013: +13% at constant exchange rates
HERMES Strong sales growth in 2013: +13% at constant 13 February 2014 In 2013, the group's consolidated revenue totalled 3,754.8 million, a 13.0% rise at constant. After adjusting for the negative impact
More informationHERMĒS EXCEPTIONAL SALES GROWTH IN 2010 (+25.4%)
HERMĒS EXCEPTIONAL SALES GROWTH IN 2010 (+25.4%) In 2010, the Hermès Group's sales came to 2,400.8m, a rise of 25.4% on the previous year., they advanced by 18.9%. The Group exceeded its sales growth target
More informationHERMES. Quarterly information report as at the end of December 2016
HERMES Quarterly information report as at the end of December 2016 2016 Hermès revenue growth is once again overperforming the sector with sales up 7.5% Paris, 8 February 2017 In 2016, in a difficult context,
More informationHERMES. Quarterly information report as at the end of September 2016
HERMES Quarterly information report as at the end of September 2016 Acceleration of sales growth in the third quarter (+9% at constant exchange rates) At the end of September, revenues were up 8% at constant
More informationAddress by CEO Karl-Johan Persson at H&M s AGM 2017
Address by CEO Karl-Johan Persson at H&M s AGM 2017 Good afternoon, and a very warm welcome to you. I am delighted that so many of you have come here today to our annual general meeting which I see as
More informationFIRST QUARTER 2008 SALES: billion euros
Clichy, Tuesday April 15 th, 2008-5:45pm FIRST QUARTER 2008 SALES: 4.359 billion euros * * * GLOBALLY SATISFACTORY START TO THE YEAR +5.1% like-for-like +7.5% excluding North America CONFIDENCE IN GROWTH
More informationHERMĒS. In Japan, sales remained virtually stable over the year (-1%), despite the disaster at the beginning of the year.
HERMĒS STRONG SALES GROWTH IN 2011 (+18.3%) The Hermès Group reported 2011 sales revenue of 2,841.2 million, an increase of 18.3% on the previous year both at current and constant. The target for the year
More informationHighlights for the 1 st Half of FY2007
Highlights for the 1 st Half of FY2007 October 23, 2007 Kao Corporation Motoki Ozaki President and CEO These presentation materials are available on our website in PDF format: http://www.kao.co.jp/en/ir/analystmtg/index.html
More informationIndirect competitors influence hair styling sales
Analysis of the Brazilian hair styling products and sprays market Written by Ana Claudia Freitas and Danilo de Paula Factor de Solução/The Kline Group Latin America Brazil is one of the fastest-growing
More informationHERMES. 2012: another year of exceptional sales growth (+22.6%)
HERMES 2012: another year of exceptional sales growth (+22.6%) Paris, 12 February 2013 In 2012, the Hermès group reported revenue of 3,484.1m, a rise of 22.6% at current and of 16.4% at constant. Sales
More informationODLO International AG has nearly all its products certified according to OEKO-TEX Standard 100
Press information Pure passion for sport ODLO International AG has nearly all its products certified according to OEKO-TEX Standard 100 14-Jan-2013 2098-EN As a leading manufacturer of all types of functional
More informationCONsCIOUs ACTIONs Highlights 2012
CONSCIOUS ACTIONS Highlights 2012 Welcome to H&M s CONSCIOUS ACTIONS Highlights 2012 At H&M, we think of sustainability as a word of action. It s an ongoing journey full of heart, drive and passion with
More informationHERMES. Quarterly information report as at the end of June 2018
HERMES Quarterly information report as at the end of June 2018 Strong sales growth in the first half of 2018: +11% at constant All business lines and all geographical areas posted growth Paris, 20 July
More informationResults for 1Q-3Q of Fiscal 2012: Supplementary Materials. Naoki Kume DIRECTOR OF FINANCE/MANAGEMENT PLANNING DIV. POLA ORBIS HOLDINGS INC.
Results for 1Q-3Q of Fiscal 2012: Supplementary Materials Naoki Kume DIRECTOR OF FINANCE/MANAGEMENT PLANNING DIV. POLA ORBIS HOLDINGS INC. This report contains projections of performance and other projections
More informationConscious Actions Highlights 2015
WELCOME Conscious Actions Highlights 2015 We think H&M s approach, which seeks to improve the lives of workers and their children across a comprehensive range of issues involving the supply chain and beyond,
More informationzones. At the forefront of the brands contributing to growth is L Oréal Paris, which is showcased in this letter.
No.59 AutUmn 2013 Dear shareholders, zones. At the forefront of the brands contributing to growth is L Oréal Paris, which is showcased in this letter. The group achieved a record operating profit with
More informationManaging Director Rolf Eriksen s address at H&M s AGM 2007
x 2 May, 2007 Managing Director Rolf Eriksen s address at H&M s AGM 2007 Dear shareholders, It is with great pleasure I am standing here in front of you today. 2006 was the best year ever in H&M s history.
More informationHERMES. Quarterly information report as at the end of June 2016
HERMES Quarterly information report as at the end of June 2016 Sales growth of +7% at constant over the first six months Solid growth in retail sales Paris, 21 July 2016 The Group's consolidated revenues
More informationConsumer and Market Insights: Skincare Market in France. CT0027IS Sample Pages November 2014
Consumer and Market Insights: Skincare Market in France CT0027IS Sample Pages November 2014 Example table of contents Introduction Category classifications Demographic definitions Summary methodology Market
More informationAbout the Report. Booming Women Apparel Market in India
About the Report "Booming Women Apparel Market in India" is the new report by that give a rational analysis on the Indian women apparel industry. This report has been made to help the client in analyzing
More informationFINANCIAL ANALYSTS MEETING
FINANCIAL ANALYSTS MEETING September 17 th, 2013 Mr. Jochen Zaumseil Executive Vice-President Western Europe Zone 1. COSMETICS MARKET IN WESTERN EUROPE 2 Cosmetics Market in 2012* Size by region Western
More informationExane BNP Paribas 14 th European Seminar
Exane BNP Paribas 14 th European Seminar Paris - June 14 th, 2012 Christian MULLIEZ Executive Vice-President Administration & Finance Agenda 1. Highlights on the cosmetics market 2. In tune with the world's
More informationIt is a great pleasure to see so many of you here today. I will talk about last year, but also tell you a little bit about our plans ahead.
Dear Shareholders, It is a great pleasure to see so many of you here today. I will talk about last year, but also tell you a little bit about our plans ahead. At H&M we always focus on the customer and
More informationTempe Inditex Group. Constantly evolving model
/1 Tempe Inditex Group Constantly evolving model Tempe is the specialist footwear and accessories company of the Inditex Group. Its role is to design, market and distribute all of the collections for the
More informationKadgee Clothing. Scenario and requirement
Kadgee Clothing Scenario and requirement Overview of clothing manufacturing in Europe Since the 1960 s there has been a decline in the number of UK and European clothing manufacturers due to competition
More informationGlobal Handbags Market Report
Global Handbags Market Report ---------------------------------------------------- 2013 Executive Summary Premium handbags and accessories is one of the fastest growing segments in the overall luxury market.
More informationPorts Design Limited Bank of America Merrill Lynch China Investment Summit November 4-5, 2009
Ports Design Limited Bank of America Merrill Lynch China Investment Summit November 4-5, 2009 Ports Design Today Leading luxury brand manager in PRC. Brands include PORTS, BMW Lifestyle, Armani, Vivienne
More informationCosmoprof India 2019 p JUNE 2019 COSMOPROF BOMBAY CONVENTION & EXHIBITION CENTRE (BCEC) INDIA MUMBAI
Cosmoprof India 2019 p. 1 2019 COSMOPROF INDIA MUMBAI 12 14 JUNE BOMBAY CONVENTION & EXHIBITION CENTRE (BCEC) Cosmoprof India 2019 p. 2 Cosmoprof India 2019 p. 3 COSMOPROF INDIA: THE B2B SHOW FOR THE BEAUTY
More informationJust look at those numbers. These significant results are sure to impress your customers looking for effective age-fighting products.
From the beginning, we wanted TimeWise Repair to undergo the most comprehensive studies ever conducted on any new Mary Kay product to date so that there would be no doubt about the benefits and performance
More informationHERMES. Quarterly information report to the end of September Solid improvement of sales in the third quarter (+12.9% at constant exchange rates)
HERMES Quarterly information report to the end of September 2013 Solid improvement of sales in the third quarter (+12.9% at constant ) Paris, 7 November 2013 As at end of September, the group s consolidated
More informationLVMH Q Revenue. 9 months 2014 revenue highlights
LVMH Q3 Revenue October 15, 9 months revenue highlights Q3 performance in line with H1 trend Reduced negative currency impact versus previous quarters Solid momentum in the US and Middle East, good resilience
More informationHERMES. Quarterly information report as at the end of September 2015
HERMES Quarterly information as at the end of September 2015 Growth in sales over the first nine months of 2015 +19% at current exchanges rates and +9% at constant Paris, 12 November 2015 At the end of
More informationHERMES. Solid sales growth in the 1 st semester +21% at current rates and +9% at constant rates
HERMES Solid sales growth in the 1 st semester +21% at current and +9% at constant Paris, 21 July 2015 The group s consolidated turnover for the first semester is equal to 2 299 million, an increase of
More informationCOMMUNICATION ON ENGAGEMENT DANISH FASHION INSTITUTE
COMMUNICATION ON ENGAGEMENT DANISH FASHION INSTITUTE PERIOD: 31 OCTOBER 2015 31 OCTOBER 2017 STATEMENT OF CONTINUED SUPPORT BY CHIEF EXECUTIVE 31 October 2017 To our stakeholders, It is a pleasure to confirm
More informationMilbon Co., Ltd. Financial Results Presentation Materials
Milbon Co., Ltd. FY 2014 First Half (December 21, 2013 June 20, 2014) Financial Results Presentation Materials June 26, 2014 Table of Contents P2 Consolidated Operating Results P3 6 Consolidated Sales
More informationBUSINESS STRATEGY AND POLICY - MGMT3031
0 CASE STUDY - ESTEE LAUDER COMPANIES INC DEPARTMENT OF MANAGEMENT STUDIES BUSINESS STRATEGY AND POLICY - MGMT3031 SEMESTER II 2012-2013 ESTEE LAUDER COMPANIES INC 1 CASE STUDY - ESTEE LAUDER COMPANIES
More information«The entrepreneur is enterprising he is not just a financier.» Philippe Gaydoul
«The entrepreneur is enterprising he is not just a financier.» Philippe Gaydoul About Us The Swiss GAYDOUL GROUP is the holding company for the Gaydoul-Schweri family. The GAYDOUL GROUP is rooted in the
More informationCompany Profile 2017
Company Profile 2017 Ideas, research and expertly working with ingredients. Technique combined with sensitivity. We work so that professionals can see all this in our products and put them at the service
More informationOverview of Taiwan Textile Industry 2013
Overview of Taiwan Textile Industry 2013 2014.04 A. Status of Taiwan Textile Industry At the beginning stage, Taiwan textile industry imported raw materials for processing and exported most of the finished
More informationSUGI INTERNATIONAL. Headquartered in Hong Kong, Sugi International Ltd is a leading player in the footwear industry. CONTENTS
COMPANY PROFILE COMPANY PROFILE SUGI INTERNATIONAL Headquartered in Hong Kong, Sugi International Ltd is a leading player in the footwear industry. The Italian brothers Matteo and Massimo Sinigaglia founded
More informationThe new luxury in beauty
The new luxury in beauty Market overview Giovanni Battista Vacchi, Partner EY - Parthenon March 2018 The better the question. The better the answer. The better the world works. Agenda Luxury beauty industry
More informationFirst quarter 2014 sales AN ENCOURAGING AND CONTRASTED FIRST QUARTER
Clichy, April 14 th, 2014 at 6 p.m. First quarter 2014 sales AN ENCOURAGING AND CONTRASTED FIRST QUARTER Sales: 5.64 billion euros +3.5% like-for-like +2.8% at constant exchange rates -2.2% based on reported
More informationDutch Circular Textiles Platform
Dutch Circular Textiles Platform Contents Dutch Circular Textiles Platform Supply chain in transition 4 What are circular textiles exactly? And what else? Vision 5 Ambition 5 Strategy 6 Innovation capacity
More informationItaly. Key Figures 2011
Italy Key Figures 2011 1 General information 2011 Population: 61,016,804 (growth rate 0.42%) GDP per capita: 24,400 Population over-40: 55% of population Population with visual defects: 61,4% Number of
More informationGlobal Handbags Market
Global Handbags Market ----------------------------------------------------- 2014 Executive Summary Handbags and accessories are among the fastest growing segments in the overall luxury goods industry.
More informationARDAGH WINS TWO CANS OF THE YEAR CAN & AEROSOL NEWS. Issue brought to you by CANVIRONMENT WEEK STARTS IN SOUTH AFRICA
25.10.12 ARDAGH WINS TWO CAN TROPHIES AT 2012 CANS OF THE YEAR Continued over page... brought to you by Environment CANVIRONMENT WEEK STARTS IN SOUTH AFRICA World News ARDAGH INVESTS IN NEW DWI FOOD CAN
More informationINTERIM RESULTS Shandong Ruyi as controlling shareholder of Trinity Group. Ruyi Group
23 August 2 Shandong Ruyi as controlling shareholder of Trinity Group Ruyi Group Overview of Ruyi Group 4 Company Overview Founded in 1972, employees over 50,000 globally Ranks 1 st among 500 textile and
More informationCase Background and Question High Fashion International Company Limited
Case Background and Question High Fashion International Company Limited Overview High Fashion International Company Limited ( HFIC )* is a Hong Kong-based company specializing in fashion clothing. HFIC
More informationHERMÈS. Quarterly information report at the end of September % growth in sales at constant exchange rates over the first nine months of 2014
HERMÈS Quarterly information report at the end of September 2014 12% growth in sales at constant over the first nine months of 2014 Paris, 6 November 2014 At the end of September, the group's consolidated
More informationHand Hygiene & Washroom Essentials. For a healthier, hygienic workplace
Hand Hygiene & Washroom Essentials For a healthier, hygienic workplace Advancing Hygiene Focusing on your business needs, we deliver leading edge health and hygiene solutions for people in their workplace
More informationINDUSTRY OVERVIEW. No. of establishments 117 (manufacturing) March ,257 (import and export) December 2000
The information provided in this section is derived from various public and private publications. This information has not been prepared or independently verified by the Company, the Vendors, the Directors,
More informationInterCHARM Moscow Global Beauty Event One of the world s leading professional beauty event
InterCHARM Moscow Global Beauty Event One of the world s leading professional beauty event Post-show report www.intercharm.ru 26-29 October 2016 Crocus Expo, Moscow, Russia InterCHARM is #1 InterCHARM
More informationS H A R I N G F L I P C H A R T
SHARING FLIPCHART PREPARE TO BE WOWED Set up Demo Station with WOW products Pass out Skin-Care Analysis Form Customize your Flipchart with helpful tips and information from the WOW Party Booklet located
More informationTextes et photos mis librement à disposition des médias pour diffusion journalistique
Textes et photos mis librement à disposition des médias pour diffusion journalistique L ORÉAL TAKES THE NATURALNESS ROUTE These developments form part of a fundamental shift to a more natural approach
More informationItaly. Eyewear Key Figures 2015
Italy Eyewear Key Figures 2015 1 General information 2015 Population: 60.656.125 (-0,2% vs 2014) GDP per capita: 26.840 (+2% vs 2014) Population over-40: 55% of population Population over-65: 22% of population
More informationPuig Revenues reached 1,790 Million with 9% Growth in 2016
Puig Revenues reached 1,790 Million with 9% Growth in 2016 Net Income was 155 Million, an increase of 23% versus 2015 The company is still on track to reach its objective of 2 Billion in revenues in 2017
More informationUNIQLO UNIQLO, FUELING CLOTHING INNOVATION
UNIQLO UNIQLO, FUELING CLOTHING INNOVATION 36 Seamless down has no stitches for the wind to get through so it is super warm. The durable water-repellent fabric and stylish silhouette are key to this product
More informationDEBS TEXTILE CORPORATION COMPANY PROFILE
DEBS TEXTILE CORPORATION COMPANY PROFILE Creating Inspirational Fabrics Silky, Supple, Elegant. A Rich Variety. Timeless Quality. Who We Are Debs Textile Corporation is a manufacturer and seller of textile
More informationLVMH Q Revenue. 9 months 2012 revenue highlights
LVMH Q3 Revenue October 16, 9 months revenue highlights Double-digit revenue growth for all business groups Positive currency impact Good performance in Q3 despite challenging economic environment Sustained
More informationContact Presse Produits / Press Product Contact: Sylvie Finessi Tel. :
In-Cosmetics 2006 Barcelona from April 4 th to 6 th, 2006 Stand W 75 PRESS KIT Orgasol Soft Focus: more light and fewer noticeable wrinkles Orgasol Touch: for ever lighter and comfortable formulations
More informationNCV ANNUAL REPORT The Dutch cosmetics market in 2016
NCV ANNUAL REPORT 2016 The Dutch cosmetics market in 2016 The diversity of cosmetics sales channels has increased significantly in recent years. The consumer has more and more opportunities to buy cosmetics.
More informationSTEADILY PICKING UP THE PACE OVER THE LAST HALF-DECADE
Textes et photos mis librement à disposition des journalistes STEADILY PICKING UP THE PACE OVER THE LAST HALF-DECADE Since the 2012 launch of Lancôme s hugely popular La Vie est Belle, L Oréal has been
More informationGlobal Cosmetics Market Insights, Forecast to 2025
Report Information More information from: https://www.wiseguyreports.com/reports/3340157-global-cosmetics-market-insights-forecast-to-2025 Global Cosmetics Market Insights, Forecast to 2025 Report / Search
More informationFirst-half 2012 sales STRONG SALES GROWTH
Clichy, July 26 th, 2012 at 6:00 p.m. First-half 2012 sales STRONG SALES GROWTH 11.2 billion euros: +10.5% based on reported figures +6.7% excluding currency fluctuations +6.0% like-for-like Strong growth
More informationEMERGENTSKY RUSSIA AESTHETIC MEDICINE MARKET REPORT JUNE 2014
EMERGENTSKY RUSSIA AESTHETIC MEDICINE MARKET REPORT JUNE 2014 2013 Russia Aesthetic Medicine Market Report Overview and Objectives Emergentsky s 2013 Russia Aesthetics Medicine Market Report examines the
More informationThe UNIQLO Evolution all about global quality
October 14, 2004 The UNIQLO Evolution all about global quality Genichi Tamatsuka Fast Retailing Co., Ltd President & COO My name is Genichi Tamatsuka and I am the President and COO of FAST RETAILING Co.,
More informationOffice for Official Publications of the European Communities L-2985 Luxembourg
EN Only the English text is available and authentic. Article 6(1)(b) NON-OPPOSITION Date: 21/06/1999 Office for Official Publications of the European Communities L-2985 Luxembourg COMMISSION OF THE EUROPEAN
More informationImagining the future of beauty
RESEARCH AND DEVELOPMENT Imagining the future of beauty Some 3,000 people work in L Oréal s twelve research centres in the four corners of the world. Their mission: to understand the skin and hair of men
More informationFirst quarter 2012 sales A PROMISING START TO THE YEAR
Clichy, April 12 th, 2012 at 6:00 p.m. First quarter 2012 sales A PROMISING START TO THE YEAR Sales: 5.64 billion euros +9.4% based on reported figures +7.1% at constant exchange rates +6.4% like-for-like
More informationLinking aesthetics and sensuality
Linking aesthetics and sensuality All collections from Triumph International Spiesshofer & Braun KG are OEKO-TEX Standard 100 certified What began 125 years ago as a modest corset creation business in
More informationOUR BOLD MANI- FESTO. OUR MISSION pioneering innovative products that reveal your inner radiance
OUR BOLD MANI- FESTO OUR PRODUCTS tools for unveiling the best version of yourself OUR INGREDIENTS safe, conscious, and incredibly effective OUR RESULTS superior visible changes for truly unique brilliance
More informationItalian Eyewear JANUARY 2017 SHOP AT NAU.IT. Full or partial reproduction of this material is prohibited unless authorized by NAU S.p.A..
Italian Eyewear SHOP AT NAU.IT Full or partial reproduction of this material is prohibited unless authorized by NAU S.p.A.. JANUARY 2017 2 Index 1. NAU! in pills 2. Products 3. Stores 4. International
More informationResults for the First Quarter of Fiscal 2012: Supplementary Materials. Naoki Kume
Results for the First Quarter of Fiscal 2012: Supplementary Materials Naoki Kume DIRECTOR OF FINANCE/MANAGEMENT PLANNING DIV. POLA ORBIS HOLDINGS INC. This report contains projections of performance and
More informationPartners in advancing the commitment to healthy, beautiful skin. Skin Care Catalog
Partners in advancing the commitment to healthy, beautiful skin Skin Care Catalog WHY TOPIX? Partners in advancing the commitment to healthy, beautiful skin For over 30 years, Topix Pharmaceuticals Inc.
More informationJUST GROUP ANNUAL GENERAL MEETING 2005 WEDNESDAY 23 NOVEMBER, 2005 JONATHAN PINSHAW, CHAIRMAN ADDRESS TO SHAREHOLDERS
JUST GROUP ANNUAL GENERAL MEETING 2005 WEDNESDAY 23 NOVEMBER, 2005 JONATHAN PINSHAW, CHAIRMAN ADDRESS TO SHAREHOLDERS Good afternoon Ladies and Gentlemen, Welcome to the Just Group s Annual General Meeting
More information