2006 - Interparfums

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The estimated fair value of each stock option based on using the Black & Scholes model was calculated on the grant date on the basis of the following assumptions: Plans Risk-free Dividend Volatility Vesting interest rate yield rate period Plan 2003 3.00% 1.00% 41% 4 ans Plan 2004 4.20% 1.00% 23% 4 ans Plan 2005 4.50% 1.00% 22% 4 ans Plan 2006 4.60% 0.94% 25% 4 ans 3.9.3 Treasury shares Within the framework of the share repurchase program authorized by the shareholders meeting on April 28, 2006, 8,500 Inter Parfums shares were held by the company as of December 31, 2006. 3.9.4 Dividends In 1998, Inter Parfums adopted a policy with an objective of distributing an equivalent to 10% of its consolidated earnings. After sustained rises over the last three years, the dividend per share should be increased to €0.38 (+14.5%) representing a payout ratio of 22%. 3.10 Commitments and contingencies In € thousands 2005 Increases Utilizations Reversals 2006 Reserves for severance benefits 343 131 - - 474 Non-current provisions 343 131 - - 474 Other commitments and contingencies 2,812 475 1,654 82 1,551 Total 3,155 606 1,654 82 2,025 Contingencies concern primarily provisions for sales-related litigation with a supplier. 3.11 Borrowings and other financial debt The signature of the license agreement with Jeanne Lanvin S.A. for €16 million was financed by a €16 million five-year loan at 3-month Euribor +0.60%. This loan maturing on June 30, 2009 is repaid on the basis of fixed installments of €0.8 million per quarter or €3.2 million per year. At the end of December 2006, the amount of principal outstanding on this loan was €8 million. This loan is not subject to any special provisions. At the same time, the company implemented a swap to cover its exposure to floating-rate risk in connection with this loan. This swap, at 12-month Euribor at year-end with a lower limit of 2.10% and an upper limit of 3.85% is accompanied in consequence by a cap and a floor. 2006 annual report inter parfums notes to the consolidated financial statements
3.12 Deferred tax Deferred taxes arise from timing differences between financial accounting and tax accounting. Deferred taxes from consolidation adjustments and loss carryforwards are recovered as follows: In € thousands 12/31/05 Changes Changes 12/31/06 through through reserves income Deferred tax liabilities Timing differences between financial and tax accounting 680 - (313) 367 Acquisition cost 145 - 172 317 Market value on securities 32 35 - 67 Discounting of Nickel debt 39 (39) - Stocks options - 199 (199) - Gains (losses) on treasury shares - 3 (3) - Loan swap - - 8 8 Remeasurement gains (losses) 734 - - 734 Total deferred tax liabilities 1,630 237 (374) 1,493 Deferred tax assets Timing differences between financial and tax accounting 530 - 103 633 Loan swap 19 - (19) - Recognition of loss carryforwards 1,491 - (218) 1,273 Other - - 14 14 Total deferred tax assets before depreciation 2,040 - (120) 1,920 Depreciation of deferred tax - - (633) (633) Net deferred tax 2,040 - (753) 1,287 3.13 Other short-term liabilities In € thousands 12/31/05 12/31/06 Accrued credit notes 2,266 6,827 Current account liabilities 6,362 8,965 Minimum annual tax charge and corporate income tax advances 1,051 947 Tax and employee-related liabilities 4,451 5,171 Van Cleef & Arpels debt (1) - 18,000 Other liabilities 2,555 5,169 Total 16,685 45,079 (1) cf. note 3.1 75
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another major step forward contents
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these included the signature of two
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51.7 non- current assets 127.5 curr
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Since it was listed on the EuroNext
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Fiscal 2006 represented another maj
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P H Y A portfolio of prestigious in
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The creation and marketing of each
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2006 annual report inter parfums bu
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2006 annual report inter parfums la
Page 26 and 27: Éclat d’Arpège 2002 2006 annual
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Page 36 and 37: 2006 was a banner year for Burberry
Page 38 and 39: international markets accounting fo
Page 40 and 41: T H E M A R K E T new growthin thes
Page 42 and 43: sustainable development social resp
Page 44 and 45: OPERATING ORGANIZATION AT MARCH 1,
Page 47 and 48: team spirit, motivation and commitm
Page 49 and 50: to hedge its exposure from operatio
Page 51 and 52: 1. corporate governance Inter Parfu
Page 53 and 54: 2. management committee Mission The
Page 55 and 56: The system of monthly reporting imp
Page 57 and 58: control to obtain a description of
Page 59 and 60: Directors’ fees Directors fees ar
Page 61 and 62: 2. Information on options granted t
Page 63 and 64: CONSOLIDATED INCOME STATEMENT In
Page 65 and 66: Shareholders’ equity and liabilit
Page 67 and 68: STATEMENT OF CASH FLOWS In € thou
Page 69 and 70: 1. accounting principles 1.1 Genera
Page 71 and 72: At the end of every year, these sta
Page 73 and 74: 3. notes to the balance sheet 3.1 T
Page 75: 3.7 Marketable securities and fixed
Page 79 and 80: 4.4 Administrative expenses In €
Page 82 and 83: shareholder information statutory I
Page 84 and 85: 2. capital stock 1. Three-year hist
Page 86 and 87: 3. resolutions submitted to the com
Page 88 and 89: The purpose of this authorization i
Page 90 and 91: - charge all costs to paid-in capit
Page 92: completion of the capital reduction
Page 95 and 96: 1. Auditors The statutory auditors
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2006 - Interparfums

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