Oriflame USA
July 21, 2022
Oriflame Holding said second-quarter 2022 Euro sales were 211.1 million euros, down 14 percent from a year earlier, while local-currency sales fell 18 percent. Adjusted EBITDA was 21.8 million euros with a 10.3 percent margin, and adjusted net profit was 16.1 million euros. Cash and cash equivalents were 106.3 million euros and the net secured debt ratio was 5.2.
The company said Russia's war in Ukraine continued to weigh on operations, with Ukraine sales restarting in May after a shutdown, Russian color-cosmetics production being redistributed to India, and Europe and CIS reorganized into a single region. An impairment of about 55.3 million euros on property, plant, and equipment was recorded. The board kept the proposed 30.5 million euro dividend for 2021 postponed. Chief executive Magnus Brannstrom said cost-reduction programs and pricing actions were underway.