Highlights

2

For the six months ended 30 September 2017 2018 Change

(million €)

Net sales – reported rates 548.2 595.4 +8.6%

Growth at constant rates +12.4%

Like-for-like growth* +4.9%

Gross profit margin 82.8% 82.4% -0.4 pp

Operating profit margin 2.5% 1.0% -1.5 pp

Net profit margin 2.0% 0.9% -1.1 pp

Earnings per share (€ per share) 0.008 0.005 -37.5%

Net cash 167.2 164.4 -1.7%

* On a like-for-like basis: at constant rates and excluding Le Couvent des Minimes and LimeLife

Seasonality: very low profit contribution from 1H

548

1,319

0

200

400

600

800

1,000

1,200

1,400

1H FY2018 FY2018

Net sales (million €)

42%

14

141

0

20

40

60

80

100

120

140

160

1H FY2018 FY2018

Operating profit (million €)

10%

3

4

Net Sales Breakdown

Sales by segment Exposure to growth markets

USA16.9%

Japan16.2%

China11.4%

Hong Kong9.8%

France7.6%

Brazil4.0%

UK3.9%

Russia3.1%

Taiwan2.4%

Other countries

24.7%

Sell-out73.2%

Sell-in26.8%

(1H FY2018: 72.4%)

(1H FY2018: 27.6%)

-50

0

50

100

150

200

250

300

350

400

Compstores

Non-compstores & others

Sell-in FX rates

million €

1H FY2018

1H FY2019

9%

overall sales growth: 8.6%local currency growth: 12.4%

currencies: -3.8%

Contribution

to growth(2) : 73% 19%

+2%

+49% +8%

overall sales growth: 8.6%

5

(1) Others include LimeLife, marketplaces, mail-orders and other service sales (2) Excluding the impact of foreign currency translation effects

Net sales up 12.4% at constant exchange rates(8.6% at reported rates)

(1)

0

20

40

60

80

100

120

France UK USA Brazil Russia

1H FY2018 1H FY2019

1% 0% 61% 4%

+2%

+66%

3%

+10%+12%

Contributionto growth(1) :

-1%

million €

6

(1) Excluding foreign currency translation effects(2) Excluding LimeLife, growth is 0.9% at constant rates

Sales growth by geography – Americas and Europe(at constant rates)

(2)

-50

0

50

100

150

200

Japan Hong Kong China Taiwan Othercountries FX rates

1H FY2018 1H FY2019

-1% 14% 12% -1% 6%

-0%

+19% +14%

-3%

+3%

Contributionto growth(1) :

million €

7

(1) Excluding foreign currency translation effects

Sales growth by geography – Asia and Other Countries(at constant rates)

1.4%

-5.1%

15.8%

-7.9%-2.0% -0.1%

1.3% 5.4% 7.6%

-3.0% -0.6%

2.0%

Japan Hong Kong China Taiwan Othercountries

Group

1H FY2018 1H FY2019

-4.9% -1.9%-6.1%

3.6%

-4.8%-4.6% -0.8%

3.3%6.4% 4.2%

France UK USA Brazil Russia

8

(1) Including own E-commerce and excluding stores closed for renovation

Same store sales growth profile (1)

1H FY2019 compared to 1H FY2018

Profitability analysis

9

% of net sales

For the six months ended 30 September 2017 2018 Change

Gross profit margin 82.8 82.4 (0.4)

Distribution expenses (54.2) (55.0) (0.8)

Marketing expenses (14.2) (14.6) (0.4)

Research & development expenses (1.4) (1.4) 0.0

General & administrative expenses (10.7) (10.5) 0.2

Other losses & gain from J.V. 0.2 0.1 (0.1)

Operating profit margin 2.5 1.0 (1.5)

82.8%

-0.4 -0.4 -0.2 -0.1 +0.1 +0.2 +0.4

82.4%

1HFY2018

FX Brandmix

othersrounding

reclass price LimeLifeInt'l

pro-ductionfreight

1HFY2019

Gross margin (as % of net sales)

10

(54.2%)

-1.1 -0.5 -0.3 -0.1 +0.1 +0.4 +0.7

(55.0%)

1HFY2018 leverage

brandmix

LimeLifeInt'l reclass FX

pre-opening

LYchannel

mix1H

FY2019

Distribution expenses (as % of net sales)

11

(14.2%)

-0.9 -0.1 -0.1 -0.1 +0.8

(14.6%)

1H FY2018

advertising,mktgevent

LimeLifeInt'l FX reclass

brandmix 1H FY2019

Marketing expenses (as % of net sales)

12

(10.7%)

-0.7 -0.2 -0.1 +0.3 +0.4 +0.5

(10.5%)

1H FY2018LimeLife

Int'l IT FXBrand

mix reclass leverage 1H FY2019

General & admin expenses (as % of net sales)

13

2.5%

-0.9

-0.9

-0.7

-0.2-0.2

+0.1

+0.2

+0.4

+0.7

1.0%

1HFY2018

ads,mktgevent

LimeLifeInt'l

FXothers

leverage IT price brandmix

pre-opening

LY

channelmix

1HFY2019

Operating profit margin (as % of net sales)

14

Working capital ratios

15

Inventory turnover days

285

+21 +6 +3 -6 -7

302

1H FY2018 LimeLife lowerallowance

FX lowerraw mat

MPPboxes

lowerfinishedgoods

1H FY2019

as at: 30 Sep 2017 30 Sep 2018 Change

Inventory turnover days (based on cost of sales) 285 302 17

Trade receivables turnover days (based on net sales) 34 33 -1

Trade payables turnover days (based on cost of sales) 200 204 4

Cash Cycle (days of net sales) 49 51 2

40.5

5.510.4

1.2

57.6

22.4

8.013.0

1.7

45.0

stores Info.Tech.

factoriesR&D

others Total

million €

1H FY2018 1H FY2019

Capital expenditures (excl. acquisitions of subsidiaries and financial investments)

16

Strategic Review

17

Strategic Review

Hero Face Care Product Launch

- Immortelle Reset serum became global bestseller

- Strengthened brand’s association with face care, and boosted face care mix

Content Marketing & Engagement

- Prominent brand exposure and relevance with use of aspirational celebrities

- Local PR campaigns to showcase brand’s true stories drove awareness, traffic and user-generated content

Omni-channel Experiences

- Unveiled unique retail concepts in key cities

- Expanded presence on Chinese online platforms

Multi-brand Strategy

- Continued growth for all emerging brands

- Pressed on with LimeLife’s international expansion

Organisational Efficiency & Agility

- Rolled out new incentive plan to foster entrepreneurial culture

- Other operational improvements on track: European distribution centre and factory in Brazil

Emphasis on Brand Commitments

- New CSR platform set ambitious goals for each of the Group’s commitments

18

Outlook

With a renewed sense of focus, the Group is confident to pursue its mission to be a leader in the affordable premium natural beauty space and

deliver long-term value to its shareholders

- Explore possible extensions to the hero product, Immortelle Reset

- Multi-functional team is set up to leverage on collective expertise, in devising 360°-plan and sustaining success

“Pulse” Strategy

- Holiday season is key to full-year performance

- Holiday campaign will carry meaningful messages to further strengthen brand identity

Communicate Brand Values

- Continue to execute the three-pronged “Pulse” strategy to build trust, achieve sustainable growth and enhance profitability

Capitalise on Success of Hero Product

19

20

This document is for information purposes only without any binding effect; in caseof any inaccuracies, incompleteness or inconsistency with other documents, onlythe Company’s latest issued annual or interim report for detailed financials shallprevail and shall be deemed to be the only official document.

The financial information and certain other information presented in a number oftables have been rounded to the nearest whole number or the nearest decimal.Therefore, the sum of the numbers in a column may not conform exactly to thetotal figure given for that column. In addition, certain percentages presented in thetables reflect calculations based upon the underlying information prior to roundingand, accordingly, may not conform exactly to the percentages that would bederived if the relevant calculations were based upon the rounded numbers.

Disclaimer