雅诗兰黛Estee Lauder (EL) 2003年年度报告「NYSE」.pdf

1、THE ESTE L AUDER COMPANIES INC.2003 ANNUAL REPORT02Portfolio of Brands06Chairmans Message10Chief Executives Review34Board of Directors35Officers36Financial Highlights37Selected Financial Data38Consolidated Statements of Earnings39Managements Discussion and Analysis ofFinancial Condition and Results

2、of Operations56Consolidated Balance Sheets57Consolidated Statements of Stockholders Equityand Comprehensive Income58Consolidated Statements of Cash Flows59Notes to Consolidated Financial Statements 82Independent Auditors Report84Stockholder InformationTHE ESTE LAUDER COMPANIES INC.The Este Lauder Co

3、mpanies Inc.is one of the worlds leading manufacturers and marketers of quality skin care,makeup,fragrance and hair care products.The Companys products are sold in over 130 countries and territories under well recognized brand names,including Este Lauder,Aramis,Clinique,Prescriptives,Origins,M.A.C,L

4、a Mer,Bobbi Brown,Tommy Hilfiger,jane,Donna Karan,Aveda,Stila,Jo Malone,Bumble and bumble,kate spade beauty,Michael Kors and Darphin.THE AMERICASThe Company was founded by Este Lauder in 1946 in New York City.In fiscal 2003,the Americas region represented 58%of net sales and 48%of operatingincome,be

5、fore special charges.EUROPE,THE MIDDLE EAST&AFRICAOur first international door opened in 1960 inLondon.In fiscal 2003,Europe,the Middle East&Africa represented 29%of net salesand 44%of operating income,before special charges.This region includes results fromour travel retail business.ASIA/PACIFIC We

6、 established a presence in Hong Kong in 1961.In fiscal 2003,theAsia/Pacific region represented 13%of net sales and 8%of operating income,beforespecial charges.CONTENTS02ESTE LAUDERIntroduced in 1946.Sold in more than 120 countries and territories.Select products:Perfectionist Correcting Serum for Li