trying to make the world a more beautiful place one project at a time

4. it’s life or death.
The American Society for the
Prevention of Cruelty to Animals

5. it’s life or death.
The American Society for the
Prevention of Cruelty to Animals

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14. Homegrown surfers
chase the perfect
wave and weather
the wipeouts
along the way.
WORDS BY ALISON TRINIDAD • LAYOUT BY LAUREN ROBERTS
ut bluntly, pro surfers don’t fantasize about the water lapping at
Jacksonville’s beaches. Call ‘em flat, choppy or mushy, waves that get the
adrenaline pumping are few and far between in this corner of the ocean. The
occasional storm or Nor’easter can whip up some head-high sets, but more
often than not, the conditions are better suited for shelling than surfing.
Still, there is a robust surf culture in Northeast Florida. From surf shops
to surf camps, bikinis to flip-flops, there’s no escaping the beach town
mentality once you cross over the Intracoastal—especially during the summer months.
More than an unhealthy preoccupation with baggy shorts and shaggy hair, surfing is
how some First Coast residents make their living year-round. And as unpredictable a
living as it is, an ailing economy isn’t making it any easier to earn a buck.
“It’s tough right now,” says Fernandina Beach surfer Sean Poynter, whose main
sponsor (Volcom) cut him from its team after the new year. “Companies are making
cuts that they don’t want to, but have to, make.”
Poynter, 19, still is traveling to compete in pro events while his agent, Greg
Renfroe, shops his video portfolio and resumé to potential sponsors. Renfroe, head of
Pro Surfing Management in St. Augustine, represents other locals like Asher Nolan
and Gabe Kling, the only Northeast Floridian currently on the Association of Surfing ZANDER MORTON IN HAWAII
Professionals (ASP) World Tour, the top-tier professional circuit in competitive surfing. PHOTO BY RYAN MILLER
Only 45 men and 17 women in the world qualify every year. (Karina Petroni, 21, of
Atlantic Beach qualified in 2008.)
56 JACKSONVILLE MAGAZINE: MAY 2009 JACKSONVILLE MAGAZINE: MAY 2009 57

15. RYAN BRIGGS know the business. In Florida, amateurs start a position heading Hurley’s East Coast market-
PHOTO BY NATHAN ADAMS surfing in events and competitions put on by ing and promotions. With sponsors other than
the Eastern Surfing Association (ESA), which at Hurley under his belt—like Smith Optics
7,000-plus members is the largest amateur Sunglasses and Sunrise Surf Shop in
surfing club in the world. Prize money typically Jacksonville Beach—the 30-year-old says he
isn’t attached to amateur-level contests, but plans to continue competing in the North
businesses can sponsor participants, paying for American tour and go on a few photo trips
their travel, equipment and entry fees in during the year. “I don’t have a really crazy
exchange for promoting their merchandise. goal, but I want to learn the industry and build
Tweens and teens also might compete in the a relationship with Hurley. I definitely want to
National Scholastic Surfing Association (NSSA) stay in the industry.”
conference, the highest level of competition Morton, who works as a journalist while he
before turning pro in North America. travels and surfs, admits some drawbacks: “It
To earn money from contests, surfers can can be stressful, because it’s all about your THE THOMPSON BROTHERS (EVAN, TRISTAN & CODY)
PHOTO BY LOGAN BOWLES
hang up their amateur status and turn pro. performance. Getting your photo published in
Most join the ASP World Qualifying Series magazines—there’s only so much magazine
(WQS), an open-entry competitive circuit that space, and it’s hard to get yourself in there.
determines which surfers qualify for the World You just have to find ways to keep getting paid
Tour. Anyone who pays the membership fee can and keep doing your job.”
compete. As such, there are thousands of WQS Also on the Billabong team, 24-year-old
surfers in the world. Ryan Briggs of Ponte Vedra Beach competes in
If they’re good, the wins start rolling in and WQS events (like the 6.0 Lowers Pro in April, a
a buzz begins to build. The hype may be competition in San Clemente, California, with a
enough to land endorsement deals, which can $145,000 purse). But, disillusioned by the
lead to a lucrative career as a “photo surfer,” nature of competitive surfing, he is concentrat-
posing for sponsor pictures (usually set in the ing on being a photo surfer.
most far-flung of places) that they hope surf “It’s cut-throat,” Briggs says. “You get hype
It’s kind of a wake-up magazines will pick up.
Travel ranked both as a plus and a minus for
by winning contests, but it’s not the cool thing
anymore. Tours aren’t where the waves are. SEAN POYNTER
call for a lot of guys. Sponsors are cutting guys, events the surfers we talked to. They say they enjoy
going to new places on a whim’s notice but
That’s the whole feeling of being a surfer—to
surf world-class waves. You’re not thinking
PHOTO BY TOM CAREY
“
are being cancelled. There are no big raises. It gets 10 could do without exorbitant airline fees (charged about anything else but catching that next
“
per board, it’s not unheard of for fees to cost wave.
I CAN’T COMPLAIN. I’VE
times harder every year. —EVAN THOMPSON more than the price of the flight). Oftentimes,
competitive surfers are away from home (and
“It’s a rush,” he says. “But, like they say,
only a surfer knows the feeling.” *J MADE A GOOD LIVING, BUT IT’S
their friends and family) for months at a time. DEFINITELY NOT A RETIRING JOB.
On average, there are about 45 WQS events —ASHER NOLAN
per season, and each is rated by the amount of
prize money and points it rewards participants. KARINA PETRONI
PHOTO COURTESY OF KARINAPETRONI.COM
If there are too many entrants, surfers with the
most points receive preference.
“You’re more worried about points than
money,” says Cody Thompson, a 19-year-old
surfer from Jacksonville Beach. In 2008, he
and his 17-year-old brother, Evan, were ranked
ninth and 15th respectively in the ASP’s junior
pro North American tour (for surfers 20 and
younger); they hope to finish in the top 5 this
season to qualify for the world junior champi-
onships in Australia. This is the second season
that both are relying on surfing for income.
Youngest brother Tristan, 12 and also a surfer,
ASHER NOLAN GABE KLING is working his way up the amateur ranks; oldest
PHOTO BY JIMMY WILSON PHOTO BY RYAN MILLER
brother Trey doesn’t compete.
“You get paid what you’re worth, based on
It’s an elite club that boasts a “locals only” For many pro surfers—especially those with- since shifted his focus from winning contests to results,” says Cody, the leader of the tow-
attitude, for sure. But for those who are good out sponsors to foot the bill—working side jobs writing about them. His work has been pub- haired pack, all sponsored by Billabong. “You
enough to get in, it’s a dream come true. is a must in order to afford the lifestyle, which lished in Surfing, Transworld Surf, and Eastern want to prove to your sponsors that you’re
“I’ve had a lucky, fun and enjoyable life,” for the most part consists of a non-stop sched- Surf magazines among other industry pubs. “I worth it.”
says Nolan, a consistently high-performing ule of globe-trotting and training. For example, dabble in a little of everything to make it “With the economy, it’s hard to ask for any-
surfer who has yet to qualify for the World Tour. when he’s in Fernandina, Poynter helps out in work,” says the 24-year-old, who is sponsored thing,” adds Evan. “It’s kind of a wake-up call
“I can’t complain about it. I’ve probably done a the family’s restaurant businesses. Also a pro by Matix Clothing. “[The pay] is not as good as for a lot of guys. Sponsors are cutting guys,
lot and seen a lot of things that most people at surfer, Zander Morton says he works at a surf if you’d qualify for the tour, but you still get to events are being cancelled. There are no big
30 don’t. … [But] it’s not like golf or tennis— shop in St. Augustine and does marketing work travel to exotic countries. And both the spon- raises. … It gets 10 times harder every year.”
the money in it is really hard. The top 10 are here and there when he’s at home. Morton, who sors and magazines pay for the words.” More experienced surfers like Nolan and
making a lot of money. I’ve made a good living, won the Open Men’s title at the 2003 ESA At its core, surfing is about having fun. But, Morton are adapting to the tougher market.
but it’s definitely not a retiring job.” Eastern Championship before turning pro, has in order to make some cash, surfers have to Nolan, from Atlantic Beach, recently accepted
58 JACKSONVILLE MAGAZINE: MAY 2009 JACKSONVILLE MAGAZINE: MAY 2009 59

18. Tommie Bergman
Letter to
Dear Shareholders,
2008 marks a further very strong increase in the group’s results, reflecting the quality of the management All divisions and all zones contributed to this achievement, particularly the “Rest of the World” whose
of Jean-Paul Agon and his teams. The level of results achieved enables us to propose another substantial profitability, in absolute value, has reached the same level as North America. As for 2008, we are optimistic
increase in dividend of +16.9% to the Annual General Meeting on April 22nd 2009. The pay-out ratio also despite the uncertainties of the economic environment. Firstly because our business has always proven
has once again increased and now amounts to 41.1%. In the space of five years, the dividend has thus more extremely resilient during periods of economic uncertainty. Secondly because we intend to continue
than doubled. This is further proof of the group’s confidence for the coming year. strengthening our positions and growing faster than the market. Finally, because the large proportion of our
Furthermore, your Board of Directors, which is constantly striving to adapt its organization to changes sales now made in new and very fast growing markets is providing a powerful relay for our global growth.
in the group, has split the Management and Remuneration Committee into two separate Committees, one For all these reasons, we are confident about our ability to once again achieve in 2008 high sales growth and
responsible for selecting new Board members and corporate officers for nomination by the Board, and the other a significant increase in our results. Mr André Bettencourt passed away on November 19th 2007. He was a
for determining the remuneration of senior executives. The creation of those two committees strengthens the Board member of L’Oréal and Vice-Chairman of the Board of Directors from 1980 to 1994, and Chairman
already vigilant and balanced organization which helps guarantee that the group’s harmonious development and Chief Executive Officer of Gesparal from 1983 to 2004. In a tribute to him, Sir Lindsay Owen-Jones
and Jean-Paul Agon said: “Mr Bettencourt always
demonstrated a strong and sincere attachment to the fact
that I need some more words right here so that this hanging
paragraph looks alright. But then I realized my font size was
off so I fixed it.
will continue over the coming years. I’m putting this here so there isn’t a widow. The results of your group Sincerely,
have once again advanced substantially and are of a very high quality. Sales growth accelerated significantly
to reach +8% like-for-like, right at the top of our target range, and clearly faster than the growth of the
worldwide cosmetics market. All divisions gained market share and your group improved its positions on
all continents. Operating profitability has also grown strongly thanks to the improvement in gross profit and
cost management. All divisions and all zones contributed to this achievement, particularly the “Rest of the Tommie Bergman
World” whose profitability, in absolute value, has reached the same level as North America. As for 2008, we
are optimistic despite the uncertainties of the economic environment. Firstly because our business has always
1 The Body Shop AnnuAl RepoRT 2008 2008 The Body Shop AnnuAl RepoRT 2

19. EssEntiaL
essential
brand positioning
Creating a strong brand by delivering percieved value in overall equity
es·sen·tial
our exceptionally strong and enduring growth and performance was evident again this year. We
have a strong brand that consumers are loyal too. We strive to be aware of new innovations in the
cosmetic industry and use them to increase profits.
essential
pronunciation: i-‘sen(t)-shəl CorporatE CULtUrE
function: adjective Empowering employees increases productivity
employees and their happiness are at the heart of The Body Shop experience. We emcourage
and empower all of our employees to be and do the best they can. Tightly managing people
1: something necessary, decreases productivity.
indispensable, or essential
unavoidable EXpanding MarKEts
Expanding The Body Shop into Eastern European Markets
2: of the utmost importance extending our reach into the eastern european markets is a critical move. There is an up and
coming middle-class that has extra money to spend on luxury items. Increasing our reach globally
will be sure to increase equity and some all business lingo that should be here.
3 The Body Shop AnnuAl RepoRT 2008 2008 The Body Shop AnnuAl RepoRT 4

20. 2003 2004 2005 2006 2007 2008
MarKEt for thE body shop’s CoMMon stoCK
The Body Shop’s Common Stock is listed on the New York Stock Exchange and trades under the BSC
ticker symbol. At December 31, 2008, there were approximately 18,399 record holders of The Body
Shop’s Common Stock. We believe that there are many additional shareholders who are not “shareholders
of record” but who beneficially own and vote shares through nominee holders such as brokers and benefit
plan trustees. High and low market prices and dividends per share of The Body Shop’s Common Stock, in
dollars, for 2008 and 2007 were as follows:
19 The Body Shop AnnuAl RepoRT 2008 2008 The Body Shop AnnuAl RepoRT 20

21. COMpaRED COnsOLiDatED
profit aCCoUnts
$ millions notes 2008 2007 2006
net sales 1 8,514.3 7,785.5 15,790.1
Cost of sales 2,428.4 -2,218.9 -4,569.1
Gross profit 6,085.9 5,566.6 11,221.0
Research and development -272.4 -253.9 -532.5
Advertising and promotion -2,599.1 -2,360.9 -4,783.0
Selling, general and administrative expenses -1,777.3 -1,575.1 -3,309.4
Operating profit before foreign exchange gains and losses 1,437.1 1,376.7 2,596.1
Foreign exchange gains and losses 3.8 -43.3 -55.2
EssEntiaL
Operating profit 1 1,440.9 1,333.4 2,540.9
finanCiaL highLights
other income and expenses 2 -6.3 1.2 -60.8
Operational profit 1,434.6 1,334.6 2,480.1
Finance costs 3 -75.4 -45.9 -115.9
Other financial income (expense) -2.7 -0.8 -3.6
Sanofi-Aventis dividends 250.4 217.4 217.4
Share in net profit (loss) of equity affiliates 0.2 - -1.2
oVErViEW Profit before tax and minority interests 1,607.1 1,505.3 2,576.8
Income tax -428.4 -417.6 -514.7
We are a global manufacturer and marketer of beauty and related products. Our business is conducted
worldwide, primarily in the direct-selling channel. We presently have sales operations in approximately Net profit 1,178.7 1,087.7 2,062.1
66 countries and territories, including the U.S., and distribute products in approximately 48 more. Our
reportable segments are based on geographic operations in six regions: North America; Latin America;
Western Europe, Middle East & Africa; Central & Eastern Europe; Asia Pacific; and China. We centrally notEs
1.1 sEgMEnt inforMation
manage global Brand Marketing and Supply Chain organizations. Product categories consist of: Beauty,
the Cosmetics branch is organised into four sectors, the “non-allocated” item contains the expenses of the and notes. in particular, see note 1 to the consolidated
which consists of cosmetics, fragrances, skin care and toiletries; Beauty Plus, which consists of fashion each one operating with specifi c distribution channels: functional divisions, fundamental research and the costs financial statements included in Item 8 of this report for a
jewelry, watches, apparel and accessories; and Beyond Beauty, which consists of home products and gift • professional products division: products used of stock options not allocated to the cosmetics divisions. description of accounting changes that materially affect
and sold in hair salons; it also includes activities that are auxiliary to the group’s the comparability of the data presented.
and decorative products. Sales from Health and Wellness products and mark., a global cosmetics brand • Consumer products division: products sold in core businesses, such as insurance, reinsurance and
mass-market retail channels; banking. 3.3 stoCKhoLdEr inforMation
that focuses on the market for young women, are included among these categories based on product type. • Luxury products division: products sold in
selective retail outlets, i.e. department stores, 2.4 QUaLifying inforMation For all financial reporting purposes, we record
Sales are made to the ultimate consumer principally through approximately 5.4 million independent perfumeries, travel retail and the group’s the depreciation and amortization of property and
own boutiques; The following selected financial data is derived from equipment on a straight-line basis over the asset’s
Representatives, who are independent contractors and not employees of The Body Shop. The success • active Cosmetics division: dermocosmetic the consolidated financial statements of the company. service life or related lease term.
skincare products sold in pharmacies and the data above should be read in conjuction with
of our business is highly dependent on recruiting, motivating and retaining Representatives. We view the specialist sections of drugstores. “Management’s Discussion and analysis of Financial
the “Other Cosmetics” heading consists mainly of Condition and Results of Operations”, “Risk Factors”,
geographic diversity of our businesses as a strategic advantage. In developed markets, such as the U.S., we remote sales of cosmetics products. and The Body Shop’s consolidated financial statements
seek to achieve growth in line with that of the overall beauty market, while in developing and emerging
markets we seek to achieve higher growth targets.
21 The Body Shop AnnuAl RepoRT 2008 2008 The Body Shop AnnuAl RepoRT 22