Year-end report 1 January – 31 December 2015

3 months ended 31 December 2015

  · Local currency sales increased by 3% and Euro sales decreased by 4% to
€339.5m (€353.7m).
  · Number of active consultants decreased by 7% to 3.2m.
  · EBITDA amounted to €39.7m (€34.4m).
  · Adjusted* operating margin was 11.5% (8.4%), negatively impacted by 240 bps
from currency movements, resulting in an adjusted operating profit of €38.9m
(€29.8m). Operating margin was 9.6% (8.0%) and operating profit €32.6m (€28.4m).
  · Adjusted** net profit amounted to €15.2m (€11.1m) and adjusted** EPS
amounted to €0.27 (€0.20). Net profit was €8.9m (€3.3m) and EPS €0.16 (€0.06).
The tax expense was impacted by a new provision related to the Russian tax case
as well as other one-off impacts totalling approximately €8.0m.
  · Cash flow from operating activities amounted to €68.8m (€66.0m).
  · Update: The first quarter to date sales development is approximately 9% in
local currency.
  · In December a new organisational structure was presented aiming to leverage
on digital opportunities in global functions combined with a decentralised
regional delivery organisation.
    · New split of Global Business Areas; Latin America, Europe & Africa, CIS
and Asia & Turkey to be reflected in the Group’s financial reporting as from the
first quarter 2016.

*Adjusted for non-recurring items €6.3m in the fourth quarter 2015 and adjusted
for non-recurring items of €1.3m in the fourth quarter 2014
** Adjusted for additional non-recurring tax items of €6.4m in the fourth
quarter 2014

12 months ended 31 December 2015

  · Local currency sales increased by 1% and Euro sales decreased by 4% to
€1,211.6m (€1,265.8m).
  · EBITDA amounted to €117.4m (€122.9m).
  · Adjusted* operating margin was 8.3% (7.7%), negatively impacted by 210 bps
from currency movements, resulting in an adjusted* operating profit of €100.2m
(€97.8m). Operating margin was 7.5% (7.5%) and operating profit €90.6m (€94.7m).
  · Adjusted** net profit amounted to €43.2m (€47.0m) and adjusted** EPS
amounted to €0.79 (€0.84). Net profit was €34.2m (€37.5m) and EPS €0.62 (€0.67).
The tax expense was impacted by a new provision related to the Russian tax case
as well as other one-off impacts totalling approximately €8.0m.
  · Cash flow from operating activities amounted to €122.2m (€90.0m).
  · The Board of Directors will continue to prioritize reducing the debt, with
$80.0m of the long-term debt to be repaid in the first quarter 2016 and with a
Net Debt/EBITDA target range of 0.5 to 1.5. Furthermore, the Board intends, in
line with the Dividend Policy of distributing at least 50% of the Net Profit, to
propose to the 2016 AGM a total dividend of €0.40 per share, to be paid in equal
instalments of €0.20 respectively during the fourth quarter 2016 and the first
quarter 2017.

* Adjusted for non-recurring items of €9.6m during the period 2015 and of €3.1m
during the period 2014
**Adjusted for additional non-recurring tax items of (€0.5m) during the period
2015 and of €6.4m during the period 2014

CEO Magnus Brännström comments
“Oriflame leaves 2015 as a stronger company thanks to our transition to meet the
demands of tomorrow – with a more balanced geographical footprint and proven
success from our strategic product categories and active online leaders. We
continued to experience strong growth in Latin America and Turkey, Africa &
Asia, now accounting for almost half of the Group sales. 2015 was also a year
with continued strong cash flow development, which helped us reduce the net
debt. At the same time – it was yet another year of challenging market
conditions especially in the CIS, where price initiatives were taken to offset
the devaluation leading to adverse effect on volumes. During the end of the
fourth quarter we took another step towards becoming an even more agile company
when we presented a new organisational set-up to further strengthen our position
in a more digital world. 2016 has started in an encouraging way and we will
continue to deliver on our strategy to improve our offer and effectiveness."

Conference call for the financial community
The company will host a conference call on Thursday, 18 February 2016 at 9.30
CET.

Participant access numbers:
UK: +44 2075721187
SE: +46 (0) 850639548
CH: +41 (0) 445831883
LU: +352 27300151
US: +1 6467224972

Confirmation code: 23913005#
The conference call will also be audio web cast in “listen-only” mode through
Oriflame’s website: www.oriflame.com or through
http://edge.media-server.com/m/p/mz73mvs7

18 February 2016

Magnus Brännström
Chief Executive Officer

For further information, please contact:
Magnus Brännström, Chief Executive Officer,     Tel: +41 798 263 754
Gabriel Bennet, Chief Financial Officer,              Tel: +41 798 263 769
Nathalie Redmo, Investor Relations Manager      Tel: +41 799 220 173

Oriflame Holding AG
Bleicheplatz 3, CH-8200 Schaffhausen, Switzerland
www.oriflame.com
Company registration no CHE-134.446.883