from INTER PARFUMS (EPA:ITP)
2024 results: Current operating margin: 20.2% - Net margin: 14.8% - Dividend per share: €1.15€ (+10%)
2024 Results
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Current operating margin: 20.2% Net margin: 14.8% Dividend per share: €1.15 (+10%)
Income statement highlights(1) (€m) 2023 2024 24/23
Sales | 798.5 | 880.5 | +10% |
Gross margin % of sales | 525.0 65.8% | 577.8 65.6% | +10% |
Current operating income % of sales | 160.4 20.1% | 178.3 20.2% | +11% |
Operating income % of sales | 165.6 20.7% | 178.0 20.2% | +8% |
Net income % of sales | 118.7 14.9% | 129.9 14.7% | +10% |
Moderate price increases early in 2022 and 2023 softened the impact of higher raw material and packaging costs and kept gross margins high in both 2023 and 2024.
Interparfums continued its strategy of focusing on the sustained development of its brands, by investing €187m, or over 21% of sales, in marketing and advertising. Through controls on fixed costs, current operating income was €178m, up 11% from 2023. Current operating margin exceeded 20% for the second consecutive year.
With a more standard tax rate, net income followed the same trend, reaching €130m, up 10% from 2023, yielding a net margin of nearly 15%, in line with the previous year.
Balance sheet highlights(1) (€m) 12/31/23 12/31/24 24/23
Inventories Cash and cash equivalents | 202.4 177.7 | 229.7 190.6 | +13% +7% |
Shareholders’ equity Borrowings & financial liabilities | 641.0 123.0 | 697.0 133.4 | +9% +8% |
While lower procurement lead times in recent months have brought inventories down from their peak in summer 2024, Interparfums intends to maintain high levels of finished goods so as to respond quickly and efficiently to customer demand, particularly now that it has assumed distribution of Lacoste fragrances.
The Group’s financial position remains very strong, with €57m in cash net of borrowings and financial liabilities, and shareholders’ equity of nearly €700m, or 66% of total assets at December 31, 2024.
Dividend and bonus share issue
On February 25, 2025, the Company’s Board of Directors approved the financial statements for the year ended December 31, 2024 and voted to propose to the Combined General Meeting of April 17, 2025:
a dividend of €1.15 per share(2) representing a 10%(3) increase from the prior year,
i.e. a payout ratio unchanged at 67% of net income;
for the 26th consecutive year, a bonus share issue in June 2025 on the basis of one
new share for every ten shares held.
Board of Directors
The Combined General Meeting of April 17, 2025 will take into account the end of the terms of Chantal Roos and Dominique Cyrot, directors since 2009 and 2012 respectively, as well as that of Frédéric Garcia-Pelayo, a director since 2004
Philippe Benacin, Chairman and CEO commented: “ 2024 was another excellent year, with growth driven primarily by Lacoste fragrances. We focused our first year with Lacoste on taking over the distribution and relaunching the brand. In 2025, we expect to maintain our growth with a sales target now set at between €930m and
€935m, following the recent appreciation of the US dollar. ”
and Executive Vice President until December 31, 2024. The Board of Directors expresses its sincere thanks to Chantal Roos, Dominique Cyrot and Frédéric Garcia-Pelayo for their especially helpful contributions over the past years.
Following the General Meeting, the company’s Board of Directors will consist of eight directors, including four women and four men, four independent members and four non-independent members, thereby maintaining the dual objective of balance in terms of gender and independence begun in 2022. At this point, the Audit Committee, the Corporate Governance, Nominations and Compensation Committee and the CSR Committee will be comprised 100% of independent members and 67% of female members.
2024 highlights
January: Sustainalytics rating upgraded
Interparfums’ rating by Sustainalytics, a leading ESG rating firm, was raised to 24.8, up nearly 10 points in one year, and is now on a par with the leading companies in the Beauty sector. February: MSCI rating upgraded
With a score of BBB, Interparfums advanced two grades, to Average in the Household and Personal Products category.
June: Bonus share issue
For the 25th consecutive year, Interparfums issued bonus shares on the basis of one new share for every ten shares held. June: Ecovadis rating
In its first evaluation, Interparfums was awarded the Ecovadis Silver medal with a rating of 67/100, putting the company in the top 12% of the 150,000 companies worldwide rated by this organization.
October: Ethifinance ESG rating upgraded
For the 2024 campaign, Interparfums received a platinum-level rating of 88/100, taking 7th place in France (out of a total of 355 companies), 1st place within its sector (out of a total of 128 companies) and 3rd place among companies with sales above €500m (out of a total of 1,335 companies). December: Signing of the Off-White® fragrance brand
Interparfums signed the Off-White® brand for class 3 fragrances and cosmetic products. Launch of a first fragrance line is planned for late 2026 or early 2027.
December: Interparfums featured in Time Magazine’s list of World’s Best Companies - Sustainable Growth
Interparfums took 44th place worldwide in the first edition of this list, which featured the 500 most exemplary companies in terms of economic growth and environmental commitment for the 2021-2023 period. Interparfums came in second among the 23 French companies selected.
December: Signature of a new Van Cleef & Arpels license agreement
The contract signed with Van Cleef & Arpels in 2024 resulted in a new license agreement dated December 20, 2024 and running for nine years, until December 31, 2033.
Paris, February 26, 2025
(1) Audit procedures have been completed, and the report is in preparation
(2) Ex-rights date: April 28, 2025 (midnight) - Payment date: April 30, 2025
(3) Based on the bonus share issue of June 2024
Philippe Santi, Executive Vice President and CFO, added: “ Our 2024 current operating margin exceeded 20% for the second consecutive year, reflecting once again the soundness of a business model designed to combine growth with high profitability. In 2025, we will leverage this model and our committed teams to carry out our medium and long-term development strategy, providing each of our brands with the resources needed for growth. Despite persistent geopolitical, economic and monetary uncertainty, we fully intend to maintain high profitability this year, just as we have in the past. ”
Interparfums This press release Investor Relations and Analysts Contact Press Contact ISIN : FR0004024222-ITP
10 rue de Solférino is available in French Reuters : IPAR.PA
75007 Paris and English on the Philippe SantiExecutive Vice President Nicolas PicaudInvestor Relations Manager Cyril Levy-PeyCommunication Director Bloomberg : ITPEuronext Compartment A
+33 (0)1 53 77 00 00 company’s website psanti@interparfums.fr npicaud@interparfums.fr clevypey@interparfums.fr Eligible for Deferred Settlement Service (SRD) interparfums-finance.fr
Eligible for PEA
Index - SBF 120, CAC Mid 60
Consolidated financial statements
Consolidated income statement
In thousands of euros except earnings per share expressed in units | 2023 | 2024 | |
Sales Cost of sales | 798,481 (273,462) | 880,493 (302,706) | |
Gross margin | 525,019 | 577,787 | |
% of sales Commercial expenses Administrative expenses | 65.8% (330,518) (34,054) | 65.6% (364,621) (34,886) | |
Current operating profit (loss) | 160,447 | 178,280 | |
% of sales Other operating expenses Other operating income | 20.1% — 5,113 | 20.2% (3,700) 3,469 | |
Operating profit (loss) | 165,560 | 178,049 | |
% of sales Financial income Gross finance costs | 20.7% 7,437 (7,389) | 20.2% 6,970 (6,757) | |
Net finance income (costs) | 48 | 214 | |
Other financial income Other financial expenses | 11,274 (13,567) | 9,123 (13,133) | |
Financial profit (loss) | (2,245) | (3,796) | |
Profit before tax | 163,315 | 174,253 | |
% of sales Income tax Effective tax rate Share of profit (loss) from equity-accounted companies | 20.5% (43,935) 26.9% 293 | 19.8% (44,391) 25.5% 425 | |
Net profit | 119,673 | 130,287 | |
% of sales Non-controlling interests Net profit attributable to the Group |
| 15.0% 931 118,742 | 14.8% 419 129,868 |
% of sales | 14.9% | 14.7% | |
Basic earnings per share(1) Diluted earnings per share(1) | 1.71 1.71 | 1.79 1.79 |
(1) adjusted for the pro-rata impact of bonus share allotments
Consolidated balance sheet
ASSETS In thousands of euros | 2023 | 2024 | ||||||
Non-current assets Trademarks and other intangible assets, net Property, plant and equipment, net Right-of-use assets Long-term investments Non-current financial assets Equity-accounted investments Deferred tax assets | 235,215 148,599 14,370 2,509 4,726 12,468 19,403 | 240,397 143,763 13,226 2,656 2,654 12,893 20,964 | ||||||
Total non-current assets | 437,289 | 436,553 | ||||||
Current assets Inventories and work-in-progress Trade receivables and related accounts Other receivables Corporate income tax Current financial assets Cash and cash equivalents | 202,387 139,452 11,018 326 39,987 137,734 | 229,722 164,198 11,515 294 7,561 183,077 | ||||||
Total current assets | 530,904 | 596,367 | ||||||
Total assets | 968,193 | 1,032,919 | ||||||
LIABILITIES In thousands of euros | 2023 | 2024 | ||||||
Equity Share capital Share premiums Reserves Net profit for the year | 207,590 — 314,670 118,742 | 228,349 — 338,805 129,868 | ||||||
Total equity attributable to the Group | 641,002 | 697,022 | ||||||
Non-controlling interests | 2,672 | 1,536 | ||||||
Total equity | 643,674 | 698,558 | ||||||
Non-current liabilities Provisions for risks and liabilities (more than one year) Borrowings and financial debt (more than one year) Lease liabilities (more than one year) Deferred tax liabilities | 8,781 98,689 12,100 7,956 | 4,791 95,912 10,821 6,507 | ||||||
Total non-current liabilities | 127,526 | 118,031 | ||||||
Current liabilities Trade payables Borrowings and financial debt (less than one year) Lease liabilities (less than one year) Provisions for risks and liabilities (less than one year) Corporate income tax Other liabilities | 110,659 24,306 3,014 — 9,070 49,944 | 105,249 37,518 3,219 — 8,034 62,311 | ||||||
Total current liabilities | 196,993 | 216,331 | ||||||
Total equity and liabilities | 968,193 | 1,032,920 | ||||||
Cash flow statement
In thousands of euros | 2023 | 2024 | |
Operating activities Net profit Depreciation, amortisation, impairment and other non-cash items Share of (profit) loss from equity-accounted companies Net finance (income) costs Income tax expense for the period | 119,673 22,409 (293) (48) 43,935 | 130,287 22,460 (425) 2,971 44,391 | |
Operating cash flow before interest and tax | 185,676 | 199,683 | |
Interest paid and received Taxes paid | (3,777) (39,201) | (430) (47,854) | |
Operating cash flow after interest and tax | 142,698 | 151,399 | |
Changes in inventories and work-in-progress Change in trade receivables and related accounts Change in other receivables Change in trade payables and related accounts Change in other liabilities | (63,251) (146) 21,566 (2,576) (13,783) | (19,301) (20,734) (1,059) (10,094) 7,498 | |
Change in working capital requirements | (58,190) | (43,690) | |
Net cash flow from operating activities | 84,508 | 107,709 | |
Investing activities Net acquisitions of intangible assets Net acquisitions of property, plant and equipment Net acquisitions of right-of-use assets Acquisition of equity investments Net acquisitions of financial assets Change in long-term investments | (41,562) (7,540) (4,899) — 87,218 807 | (16,173) (2,683) (1,672) — 2,998 (633) | |
Net cash flow from investing activities | 34,024 | (18,162) | |
Financing activities Issuance of borrowings and new financial debt Repayment of borrowings (Issuance)/Repayment of loans granted to related parties Net change in lease liabilities Dividends paid Treasury shares Interest (paid) / received | 113 (24,500) (27,550) 2,182 (65,944) (1,845) — | 40,000 (29,635) 27,972 (1,424) (80,333) 213 (2,004) | |
Net cash flow from financing activities | (117,544) | (45,211) | |
Impact of exchange rate changes |
| — | 1,008 |
Net change in cash and cash equivalents | 988 | 45,344 | |
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Cash and cash equivalents at the beginning of the year Cash and cash equivalents at year-end | 136,747 137,734 | 137,734 183,077 |
The reconciliation of net debt is as follows:
In thousands of euros Cash and cash equivalents Current financial assets | 2023 137,734 39,987 | 2024 183,077 7,561 | |
Total cash and current financial assets Borrowings and financial debt (less than one year) Borrowings and financial debt (more than one year) | 177,721 (24,306) (98,689) | 190,638 (37,518) (95,912) | |
Total gross debt | (122,995) | (133,430) | |
Net debt | 54,726 | 57,208 |