Clichy, 8 February 2018 at 6.00 p.m.
2017 Annual Results Growth acceleration:
+5.5%[1] in 4th quarter
Sales exceeding €10 bn in the New Markets
Record operating margin: 18%
-
Sales: 26.02 billion
euros
-
Operating profit: 4.68 billion
euros, representing 18.0% of sales
-
Earnings per share[3]: 6.65
euros, an increase of +3.0%
-
Net profit after
non-controlling interests: 3.58 billion euros, an increase of
+15.3%
-
Net cash flow[4]: 3.97 billion euros, an increase of +19.6%
-
Dividend[5]:
+7.6% at 3.55 euros
The Board of Directors of L'Oréal
met on 8 February 2018, under the chairmanship of Jean-Paul Agon
and in the presence of the Statutory Auditors. The Board closed the
consolidated financial statements and the financial statements for
2017.
Commenting on the annual results,
Jean-Paul Agon, Chairman and CEO of L'Oréal, said:
"In a beauty
market that pursued its steady growth in 2017, L'Oréal had a good
year with sustained sales growth momentum, and robust profits. As
announced, the second half accelerated compared with the first,
particularly in the fourth quarter with +5.5% like-for-like
growth.
All the
Divisions recorded sales growth, especially
L'Oréal Luxe which is delivering spectacular growth, particularly
in Asia. The Active Cosmetics Division achieved more than 2 billion
euros of sales for the first time. Growth in the Consumer Products
Division is being slowed by the continuing difficulties of the
American and French markets, while sales in the Professional
Products Division improved at the end of the year.
Today more than ever, L'Oréal can rely on its
unique portfolio of powerful and complementary brands, eight of
which now have sales above one billion euros.
As for the geographic Zones, the New Markets
exceeded more than 10 billion euros of sales for the first time
ever, thanks especially to the dynamism of the Asia Pacific Zone.
Performance in Western Europe remained
solid.
2017 was especially notable for the accentuation
of our digital edge and the strengthening of our positions in two
strategic channels. Firstly in e-commerce [6], where our
sales accelerated to reach 2 billion euros, an increase of +33.6%.
Secondly in Travel Retail, a channel with strong potential, in
which L'Oréal celebrated 40 years of presence by strengthening its
number one position.
In terms of
results, as announced, operating margin has reached the record
level of 18% of sales, while increasing research expenses and
business drivers. There were improvements in all our operating
parameters; the quality of the results is also reflected in the
record cash flow.
And finally, in
2017, L'Oréal was recognised for its leadership in corporate social
responsibility with, for the second year running, the best score
awarded by the CDP [7], three
"A"s, and L'Oréal has been ranked number 1 in all sectors by
Vigeo Eiris. L'Oréal has also obtained first place in the world
ranking by Equileap for gender equality.
As for 2018, in a
market that should remain dynamic and contrasted, L'Oréal more than
ever before has the best advantages in terms of innovation, brand
power, digital prowess, and the quality of its teams all over the
world, to win market share and strengthen its Beauty leadership. We
are therefore confident that, this year once again, we will
outperform the market and achieve significant growth in
like-for-like[1] sales
and an increase in profitability."
The Board of Directors will
propose to the Annual General Meeting of 17 April 2018 the renewal
of the tenure as Director of Mr. Jean-Paul Agon and Mrs. Belén
Garijo for a term of four years.
Mr. Xavier Fontanet did not wish
to renew his tenure as Director, which expires at the end of the
2018 Annual General Meeting. The Board has expressed its deep
gratitude to Mr. Fontanet for his active participation in the work
of the Board and of the Committees over the last 16 years.
The Board will propose to the
Annual General Meeting the candidacy as a new independent director
of Mr. Axel Dumas, Chief Executive Officer of Hermès.
Furthermore, the Board of
Directors at its meeting on 8 February 2018 noted the resignation
of Mr. Charles-Henri Filippi, as a result of his appointment at
Lazard as Managing Director, effective from March 2018, in view of
the nature of the business relationships existing between Lazard
and L'Oréal. Mr. Filippi's tenure as director ended on 8 February
2018.
The Board wished to warmly thank
Mr. Filippi for his contribution to the work of the Board and of
the three Committees of which he has been Member or Chairman (Audit
Committee, Appointments & Governance Committee, and Human
Resources & Remuneration Committee).
The Board will propose to the
Annual General Meeting the candidacy as a new independent director
of Mr. Patrice Caine, Chairman and Chief Executive Officer of
the Thales Group.
As the appointments and renewals
presented have an impact on the composition of the Committees, the
composition is set out in detail in the table hereafter, subject to
the approval of the resolutions relating to the renewals of tenure
and appointments at the Annual General Meeting of Shareholders on
17 April 2018.
Projected
composition of Committees at the end of the Annual General Meeting
of Shareholders of
17 April 2018*
|
Independence |
Expiry Date of Current Tenure |
Board Committees |
Strategy & Sustainable
Development |
Audit |
HR
& Remuneration |
Appointments & Governance |
Mr.
Jean-Paul Agon* |
|
2022 |
Ch |
|
|
|
Mrs. Françoise Bettencourt Meyers |
|
2021 |
° |
|
|
|
Mr. Paul
Bulcke |
|
2021 |
° |
|
° |
° |
Mr.
Jean-Pierre Meyers |
|
2020 |
° |
|
° |
° |
Mrs. Ana Sofia Amaral** |
Employee
Dir. |
2022 |
|
|
° |
|
Mrs. Sophie Bellon |
* |
2019 |
|
° |
Ch |
Ch |
Mr.
Patrice Caine* |
* |
2022 |
|
|
|
° |
Mr. Axel
Dumas* |
* |
2022 |
|
° |
|
|
Mrs. Belén Garijo* |
* |
2022 |
|
|
° |
|
Mrs. Béatrice Guillaume-Grabisch |
2020 |
|
° |
|
|
Mr.
Bernard Kasriel |
* |
2020 |
° |
|
|
|
Mr.
Georges Liarokapis*** |
Employee
Dir. |
2022 |
|
° |
|
|
Mr.
Jean-Victor Meyers |
|
2020 |
|
° |
|
|
Mrs. Virginie Morgon |
* |
2021 |
|
Ch |
|
|
Mrs. Eileen Naughton |
* |
2020 |
|
|
° |
|
* Independence within the meaning of the criteria of the
AFEP-MEDEF Code as assessed by the Board of Directors
Ch Committee
Chairman/Chairwoman
° Committee Member |
* Subject to
approval of the resolutions relating to the renewals of tenure and
appointments of directors at the Annual General Meeting of
Shareholders of 17 April 2018.
** The tenure as employee director of Mrs. Ana
Sofia Amaral expires on 17 April 2018. It is the responsibility of
the Instance Européenne de Dialogue Social (European Works Council) to renew the tenure of Mrs. Amaral
or to designate another employee director for a new term of four
years.
***The tenure as employee director of Mr. Georges
Liarokapis expires on 17 April 2018. It is the responsibility of
the CFE-CGC, the most representative trade union organisation at
L'Oréal in France, to renew the tenure of Mr. Liarokapis or to
designate another employee director for a new term of four
years.
2017 Sales
Like-for-like, i.e. based on
a comparable scope of consolidation and constant exchange rates,
the sales trend of the L'Oréal Group was +4.8%.
The net impact of changes in the scope of
consolidation amounted to -2.8%:
Currency fluctuations had a
negative impact of -1.3%.
Growth at constant exchange rates was +2.0%.
Based on reported figures, the Group's sales,
at 31 December 2017, amounted to 26.02 billion euros, an increase
of +0.7%.
Sales by Operational Division and Geographic
Zone
The finalisation,
on 7 September 2017, of the disposal of The Body Shop leads to
account for the businesses sold, for 2017, in accordance with the
IFRS 5 accounting rule on discontinued operations.
|
4th quarter
2017 |
At 31 December 2017 |
|
|
Growth |
|
Growth |
|
€m |
Like-for-like |
Reported |
€m |
Like-for-like |
Reported |
By Operational Division |
|
|
|
|
|
|
Professional Products |
831.8 |
+2.0% |
-4.0% |
3,350.4 |
+0.2% |
-1.4% |
Consumer
Products |
2,910.7 |
+3.0% |
-2.3% |
12,118.7 |
+2.2% |
+1.0% |
L'Oréal
Luxe |
2,298.9 |
+9.8% |
+4.1% |
8,471.7 |
+10.5% |
+10.6% |
Active
Cosmetics |
472.3 |
+8.4% |
+14.2% |
2,082.9 |
+5.8% |
+11.9% |
Cosmetics Divisions total |
6,513.8 |
+5.5% |
+0.7% |
26,023.7 |
+4.8% |
+4.4% |
By Geographic Zone |
|
|
|
|
|
|
Western
Europe[8] |
2,048.8 |
+1.9% |
+1.1% |
8,125.3 |
+2.6% |
+1.5% |
North
America |
1,761.4 |
-0.8% |
-6.5% |
7,350.5 |
+1.7% |
+3.5% |
New
Markets, of which: |
2,703.6 |
+13.2% |
+5.7% |
10,547.8 |
+8.9% |
+7.5% |
- Asia Pacific 8 |
1,595.1 |
+18.8% |
+10.3% |
6,151.8 |
+12.3% |
+9.2% |
- Latin America |
488.5 |
+7.2% |
-1.0% |
1,952.9 |
+5.6% |
+6.2% |
- Eastern Europe |
449.8 |
+8.0% |
+5.0% |
1,750.8 |
+8.6% |
+11.4% |
- Africa, Middle East |
170.2 |
-1.1% |
-10.2% |
692.4 |
-7.1% |
-9.4% |
Cosmetics Divisions total |
6,513.8 |
+5.5% |
+0.7% |
26,023.7 |
+4.8% |
+4.4% |
Group total |
6,513.8 |
+5.5% |
-4.1% |
26,023.7 |
+4.8% |
+0.7% |
In the fourth quarter of 2016 and
in the full-year 2016, reported Group sales included the sales of
The Body Shop in amounts of 321.3 million euros and 920.8 million
euros respectively.
PROFESSIONAL PRODUCTS
The Professional
Products Division ended the year at +0.2% like-for-like and -1.4%
reported.
After declining in the first half, the Division's sales increased
in the second half, reflecting a significant recovery in the United
States and the Asia Pacific Zone. Eastern Europe and Latin America
are maintaining their momentum.
Shades EQ, the core hair colour franchise at
Redken, is growing strongly. In haircare, the
revamping of the Série Expert ranges by
L'Oréal Professionnel is energising the
category, while on the trend of naturalness, Aura
Botanica by Kérastase and Biolage R.A.W. are continuing to prove highly
successful.
CONSUMER PRODUCTS
The Consumer
Products Division recorded fourth quarter growth of +3.0%
like-for-like, and ended the year at +2.2% like-for-like and +1.0%
reported.
Make-up growth is continuing: NYX Professional
Makeup is growing fast and extending its global expansion;
L'Oréal Paris is holding up well, with
Lash Paradise mascara proving particularly
successful, and ended the year at number two in the United States,
just behind the market leader Maybelline New
York. The good momentum in skincare continued, both at
L'Oréal Paris with the global roll-out of clay
masks, and at Garnier with the ongoing
Micellar Cleansing Waters saga. Hair colour is
growing, driven by the impetus of Magic
Retouch and Colorista by L'Oréal Paris.
The Division is growing in Western Europe, where it is winning
market share, and in Eastern Europe and Spanish-speaking America.
Its acceleration in Asia continued in the fourth quarter, thanks to
China. Growth in North America slowed in a difficult
market.
Lastly, e-commerce is continuing to act as a growth catalyst,
driven by China where it already accounts for more than one-third
of sales.
L'ORÉAL LUXE
L'Oréal Luxe
posted growth of +10.5% like-for-like and +10.6% reported. The
Division is outperforming its market and confirming its success in
make-up and facial skincare.
Lancôme had a very good year with double-digit
growth, fuelled by make-up successes with Monsieur
Big mascara, L'Absolu Rouge and Teint Idole Ultra, and by the acceleration of the
Génifique skincare range. La
Vie est Belle has confirmed its European number one position,
despite stiffer competition. Yves Saint
Laurent is breaking more records thanks to its successes in
fragrances, with the good start of new men's fragrance Y, and in make-up with the achievements of its
Tatouage Couture lip products. Giorgio Armani and Kiehl's both
exceeded the one billion euro mark in sales. The rapid growth of
IT Cosmetics is
continuing.
L'Oréal Luxe is posting double-digit growth in Asia Pacific, with
particularly good figures in China and in Travel Retail. Western
Europe is performing well. E-commerce growth is also very
strong.
ACTIVE COSMETICS
With growth of
+5.8% like-for-like and +11.9% reported, 2017 was a historic year
for the Active Cosmetics Division, which saw its sales break the 2
billion euro barrier, while further increasing its leadership of
the dermocosmetics market worldwide.
La Roche-Posay, the world number one
dermocosmetics brand, is maintaining its strong growth momentum,
thanks in particular to its franchises Effaclar, Lipikar and Cicaplast.
Vichy performed well in the fourth quarter,
especially in Western Europe and Asia, thanks to Minéral 89, and its anti-ageing launch Neovadiol Rose Platinium.
For the eighth year running, SkinCeuticals
posted double-digit growth and confirmed the success of H.A. Intensifier.
The strong acceleration in e-commerce is continuing.
The Division's global expansion continues: thanks to the successful
integration of CeraVe, which is growing
strongly in the American market, and the good momentum of SkinCeuticals and La Roche-Posay,
the United States is the largest contributor to growth and has
become the Division's number one country.
Multi-division summary by
Geographic Zone
WESTERN EUROPE
In 2017, Western Europe posted
growth of +2.6% like-for-like and +1.5% reported.
Growth was particularly robust in Great Britain, Spain and Germany,
fuelled by the make-up and skincare categories. Sales in France
continued to be held back by a slightly contracting
market.
The two main Divisions, Consumer Products and L'Oréal Luxe,
outperformed their respective markets, and the Active Cosmetics
Division's growth accelerated in the second part of the year.
NORTH AMERICA
The Zone posted growth of +1.7%
like-for-like and +3.5% reported.
The American market is continuing to grow, but is facing a slowdown
in some historical distribution channels. Performance in make-up is
being further increased by the brands NYX
Professional Makeup and L'Oréal Paris, but
haircare is proving less dynamic. The L'Oréal Luxe Division has
slowed, against a background of inventory reductions. Yves Saint Laurent and IT
Cosmetics however have continued to record double-digit growth.
In the fourth quarter, the Professional Products Division saw sales
increase, thanks particularly to its partner brands. The Active
Cosmetics Division performed well last year, bolstered by the
recent acquisition of CeraVe and by the
emblematic SkinCeuticals and La Roche-Posay brands.
NEW MARKETS
Asia Pacific:
this Zone recorded growth of +12.3% like-for-like and +9.2%
reported. In Northern Asia, Chinese consumers are driving growth,
particularly for the L'Oréal Luxe Division in China and Hong Kong.
China's strong growth is continuing, fuelled by very good
e-commerce results across all Divisions. In Southern Asia, India is
very dynamic. Thailand and Malaysia are also growing very
strongly.
Latin
America: the Zone posted growth of +5.6% like-for-like and
+6.2% reported. Mexico and Argentina recorded double-digit growth,
while the economic environment remains difficult in Brazil. The
L'Oréal Luxe and Active Cosmetics Divisions have achieved
double-digit growth, thanks respectively to the Lancôme and La Roche-Posay brands.
The Consumer Products Division is growing in the make-up category,
reflecting the expansion of the NYX Professional
Makeup brand and the continuing growth of Maybelline New York.
Eastern
Europe: the Zone posted growth of +8.6% like-for-like and
+11.4% reported. Turkey and Central Europe were the growth drivers,
and sales in Russia were satisfactory.
All the Divisions made market share gains.
In this Zone, e-commerce now accounts for more than 5% of
sales.
Africa, Middle
East: this Zone is at -7.1% like-for-like and -9.4% reported,
with a clear improvement in the second half. Despite substantial
declines in markets, the situation is stabilising in the Gulf
states. Egypt's growth was dynamic.
Important events during the period 1/10/17 to
31/12/17
-
On 9 October 2017, the OECD (Organisation for
Economic Co-operation and Development) announced that it had
accepted two new methods, developed by L'Oréal's Research
laboratories, which can be used in place of animal testing to
assess skin allergy and eye irritation.
-
On 20 October 2017, L'Oréal announced a
strategic partnership with STATION F, the world's largest start-up
campus, to support the development of early stage digital beauty
start-ups.
-
On 20 November 2017, at the 5th
edition of the "Palmarès de la féminisation des
instances dirigeantes" organised by Ethics & Boards,
L'Oréal's commitment to both gender equality and professional
equality was recognised, and L'Oréal received the Award for Gender
Equality at Top Management Level.
-
On 21 November 2017, at the CDP7
Europe Awards in Brussels, L'Oréal obtained for the second year
running the best possible score, an "A" rating, in each of the
three fields of combating climate change, sustainable water
stewardship and protecting forests.
2017 Results
Audited financial statements, certification in
progress.
Operating profitability at 18.0% of
sales
Consolidated profit and loss accounts: from sales to operating
profit.
The finalisation,
on 7 September 2017, of the disposal of The Body Shop leads to
account for the businesses sold, for 2017, in accordance with the
IFRS 5 accounting rule on discontinued operations. See the compared consolidated profit and loss accounts in
the appendix.
|
2016 |
2017 |
|
€m Reported2 |
% sales |
€m |
% sales |
Sales |
25,837.1 |
100.0% |
26,023.7 |
100.0% |
Cost of sales |
-7,341.7 |
28.4% |
-7,359.2 |
28.3% |
Gross profit |
18,495.4 |
71.6% |
18,664.5 |
71.7% |
R&D expenses |
-849.8 |
3.3% |
-877.1 |
3.4% |
Advertising and promotion expenses |
-7,498.7 |
29.0% |
-7,650.6 |
29.4% |
Selling, general and administrative expenses |
-5,607.0 |
21.7% |
-5,460.5 |
21.0% |
Operating profit |
4,539.9 |
17.6% |
4,676.3 |
18.0% |
Gross profit,
at 18,664 million euros, came out at 71.7% of sales, compared with
71.6% in 2016, that is an increase of 10 basis points.
Research and
Development expenses, at 3.4% of sales, have increased slightly
in relative value.
As announced, Advertising and promotion expenses increased to 29.4%
of sales, representing an increase of 40 basis points.
Selling, general
and administrative expenses, at 21.0% of sales, have reduced by
70 basis points, mainly due to the impact of the sale of The Body
Shop.
Overall, operating profit, at 4,676 million euros, has grown by
3.0%, and amounts to 18.0% of sales, representing an increase of 40
basis points. Excluding exchange rates, operating profit grew by
+4.4%.
Operating profit by Operational Division
The finalisation,
on 7 September 2017, of the disposal of The Body Shop leads to
account for the businesses sold, for 2017, in accordance with the
IFRS 5 accounting rule on discontinued operations. See the compared consolidated profit and loss accounts in
the appendix.
|
2016 |
2017 |
|
€m Reported2 |
% sales |
€m |
% sales |
By Operational Division |
|
|
|
|
Professional Products |
688.6 |
20.3% |
669.4 |
20.0% |
Consumer
Products |
2,417.1 |
20.2% |
2,419.0 |
20.0% |
L'Oréal
Luxe |
1,622.8 |
21.2% |
1,855.8 |
21.9% |
Active
Cosmetics |
431.5 |
23.2% |
471.2 |
22.6% |
Cosmetics Divisions total |
5,160.0 |
20.7% |
5,415.4 |
20.8% |
Non-allocated[9] |
-653.9 |
-2.6% |
-739.1 |
- 2.8% |
The Body
Shop |
33.8 |
3.7% |
|
- |
Group |
4,539.9 |
17.6% |
4,676.3 |
18.0% |
After a difficult 2017, the
profitability of the Professional Products
Division came out at 20.0%.
The profitability of the Consumer Products Division came out at 20.0%,
representing a slight decrease of 20 basis points compared with
2016.
The profitability of L'Oréal Luxe, at 21.9%, strongly increased in 2017,
which is an increase of 70 basis points.
At Active
Cosmetics Division, profitability came out
at 22.6%.
Non-allocated
expenses increased by 2.8% of sales, mainly due to the increase
in digital costs.
Profitability by Geographic Zone
The finalisation,
on 7 September 2017, of the disposal of The Body Shop leads to
account for the businesses sold, for 2017, in accordance with the
IFRS 5 accounting rule on discontinued operations. See the compared consolidated profit and loss accounts in
the appendix.
Operating profit |
2016 |
2017 |
€m |
% sales |
€m |
% sales |
Western
Europe[10] |
1,831.5 |
22.9% |
1,860.4 |
22.9% |
North
America |
1,392.3 |
19.6% |
1,411.3 |
19.2% |
New
Markets10 |
1,936.2 |
19.7% |
2,143.6 |
20.3% |
Geographic Zones total[11] |
5,160.0 |
20.7% |
5,415.4 |
20.8% |
Profitability in Western Europe at 22.9%, is at an
identical level to that of 2016.
In North
America, profitability came out at 19.2%, slightly lower than
2016.
And in the New
Markets, profitability strongly increased and exceeded, for the
first time, 20% of sales.
Net profit
Consolidated profit and loss accounts: from operating profit to net
profit excluding non-recurring items.
The finalisation,
on 7 September 2017, of the disposal of The Body Shop leads to
account for the businesses sold, for 2017, in accordance with the
IFRS 5 accounting rule on discontinued operations. See the compared consolidated profit and loss accounts in
the appendix.
€m |
2016 Reported2 |
2017 |
Growth |
Operating profit |
4,539.9 |
4,676.3 |
+3.0% |
Financial revenues and expenses
excluding dividends received |
-19.3 |
-22.9 |
|
Sanofi dividends |
346.5 |
350.0 |
|
Profit
before tax excluding non-recurring items |
4,867.1 |
5,003.3 |
+2.8% |
Income tax excluding non-recurring items |
-1,216.8 |
-1,250.5 |
|
Net profit excluding non-recurring items of equity
consolidated companies |
-0.1 |
-0.1 |
|
Non-controlling interests |
-3.0 |
-3.9 |
|
Net profit excluding non-recurring items
after non-controlling interests[12] |
3,647.2 |
3,748.7[13] |
+2.8% |
|
|
|
|
EPS[14]
(€) |
6.46 |
6.65 |
+3.0% |
Net profit after non-controlling interests |
3,105.8 |
3,581.4 |
+15.3% |
Diluted
EPS after non-controlling interests (€) |
5.50 |
6.36 |
|
Diluted average number of shares |
564,509,135 |
563,528,502 |
|
Finance
expenses came out at 23 million euros.
Sanofi
dividends amounted to 350 million euros.
Income tax
excluding non-recurring items amounted to 1,250 million euros.
This represents a tax rate of 25.0%.
Net profit
excluding non-recurring items after non-controlling interests from
continuing operations amounted to 3,749 million euros, an
increase of +2.8% and +4.1% at constant exchange rates.
Earnings per
Share, at 6.65 euros, is up by +3.0%, and +4.3% at constant
exchange rates.
Non-recurring
items after non-controlling interests amounted to -167 million
euros net of tax, mainly due to the disposal of The Body Shop, to
the impact of the reimbursement of taxes on dividends, and to the
positive impact of the American tax reform on differed tax
liabilities.
Net profit
came out at 3,581 million euros, strongly increasing by 15.3%.
Cash flow statement, Balance sheet and Cash
position
Gross cash
flow amounted to 4,972 million euros, an increase of 5.4%.
The working
capital requirement decreased by 261 million euros.
Investments
amounted to 1,263 million euros, representing 4.9% of sales.
The net cash
flow4 came out at
3,969 million euros, a strong increase of +19.6%.
The balance
sheet remains particularly solid with shareholders' equity
amounting to 24.8 billion euros, and net cash
at 1,872 million euros at 31 December 2017.
Proposed dividend at the Annual General Meeting of
17 April 2018
The Board of Directors has decided
to propose to the Shareholders' Annual General Meeting of 17 April
2018 a dividend of 3.55 euros per share, an increase of +7.6%
compared with the dividend paid in 2017. The dividend will be paid
on 27 April 2018 (ex-dividend date 25 April 2018 at 0:00 a.m.,
Paris time).
Share capital
As of 31 December 2017, the
capital of the company is formed by 560,519,088 shares, each with one voting right.
"This news
release does not constitute an offer to sell, or a solicitation of
an offer to buy L'Oréal shares. If you wish to obtain more
comprehensive information about L'Oréal, please refer to the public
documents registered in France with the Autorité des Marchés
Financiers, also available in English on our Internet site
www.loreal-finance.com.
This news release may contain some forward-looking
statements. Although the Company considers that these statements
are based on reasonable hypotheses at the date of publication of
this release, they are by their nature subject to risks and
uncertainties which could cause actual results to differ materially
from those indicated or projected in these statements."
This is a free
translation into English of the 2017 Annual
Results news release issued in the French
language and is provided solely for the convenience of English
speaking readers. In case of discrepancy, the French version
prevails.
Contacts at L'Oréal
(switchboard: +33 1 47 56 70 00)
Individual shareholders and
market authorities
Mr Jean Régis CAROF
Tel: +33 1 47 56 83 02
jean-regis.carof@loreal.com
Financial analysts and
Institutional investors
Mrs Françoise LAUVIN
Tel: +33 1 47 56 86 82
francoise.lauvin@loreal.com
Journalists
Mrs Stephanie CARSON-PARKER
Tel: +33 1 47 56 76 71
stephanie.carsonparker@loreal.com
For more information, please
contact your bank, broker or financial institution (I.S.I.N. code:
FR0000120321), and consult your usual newspapers, the Internet site
for shareholders and investors, www.loreal-finance.com or the
L'Oréal Finance app, alternatively, call +33 1 40 14 80 50.
www.loreal-finance.com -
Follow us on Twitter @loreal
Appendices
Appendix 1: L'Oréal Group
sales 2016/2017 (€ millions)
|
2016[15] |
2017[16] |
First
quarter: |
|
|
Operational Divisions |
6,352.4 |
6,847.8 |
The Body
Shop |
200.1 |
197.2 |
First quarter total |
6,552.4 |
7,045.0 |
Second
quarter: |
|
|
Operational Divisions |
6,143.6 |
6,564.2 |
The Body
Shop |
198.5 |
|
Second quarter total |
6,342.2 |
6,564.2 |
First
half: |
|
|
Operational Divisions |
12,496.0 |
13,411.9 |
The Body
Shop |
398.6 |
|
First half total |
12,894.6 |
13,411.9 |
Third
quarter: |
|
|
Operational Divisions |
5,952.2 |
6,097.9 |
The Body
Shop |
200.9 |
|
Third quarter total |
6,153.2 |
6,097.9 |
Nine
months: |
|
|
Operational Divisions |
18,448.2 |
19,509.9 |
The Body
Shop |
599.5 |
|
Nine months total |
19,047.8 |
19,509.9 |
Fourth
quarter: |
|
|
Operational Divisions |
6,468.1 |
6,513.8 |
The Body
Shop |
321.3 |
|
Fourth quarter total |
6,789.3 |
6,513.8 |
Full
year: |
|
|
Operational Divisions |
24,916.3 |
26,023.7 |
The Body
Shop |
920.8 |
|
Full year total |
25,837.1 |
26,023.7 |
Appendix 2: Compared consolidated income statements
|
|
|
|
|
REMINDER *
2016 Published data |
€ millions |
2017 |
2016
(1) |
2015
(1) |
|
2016 |
2015 |
Net sales |
26,023.7 |
24,916.3 |
24,290.2 |
|
25,837.1 |
25,257.4 |
Cost of
sales |
-7,359.2 |
-7,068.6 |
-6,994.2 |
|
-7,341.7 |
-7,277.4 |
Gross profit |
18,664.5 |
17,847.7 |
17,295.9 |
|
18,495.4 |
17,980.0 |
Research
and development |
-877.1 |
-841.2 |
-787.4 |
|
-849.8 |
-794.1 |
Advertising
and promotion |
-7,650.6 |
-7,264.4 |
-7,132.8 |
|
-7,498.7 |
-7,359.6 |
Selling,
general and administrative expenses |
-5,460.5 |
-5,236.0 |
-5,042.9 |
|
-5,607.0 |
-5,438.6 |
Operating profit |
4,676.3 |
4,506.1 |
4,332.9 |
|
4,539.9 |
4,387.7 |
Other
income and expenses |
-276.3 |
-541.3 |
-188.5 |
|
-543.8 |
-193.4 |
Operational profit |
4,400.0 |
3,964.8 |
4,144.4 |
|
3,996.1 |
4,194.3 |
Finance
costs on gross debt |
-35.5 |
-27.4 |
-20.3 |
|
-32.6 |
-23.7 |
Finance
income on cash and cash equivalents |
38.5 |
39.0 |
59.4 |
|
39.1 |
55.6 |
Finance costs, net |
3.1 |
11.6 |
39.1 |
|
6.5 |
31.9 |
Other
financial income (expenses) |
-26.0 |
-25.8 |
-43.3 |
|
-25.8 |
-45.7 |
Sanofi
dividends |
350.0 |
346.5 |
336.9 |
|
346.5 |
336.9 |
Profit before tax and associates |
4,727.0 |
4,297.1 |
4,477.2 |
|
4,323.4 |
4,517.4 |
Income
tax |
-901.3 |
-1,213.7 |
-1,229.4 |
|
-1,214.6 |
-1,222.9 |
Share of
profit in associates |
-0.1 |
-0.1 |
4.0 |
|
-0.1 |
4.0 |
Net profit from continuing operations |
3,825.6 |
3,083.4 |
3,251.8 |
|
3,108.7 |
3,298.5 |
Net profit from discontinued operations |
-240.1 |
25.3 |
46.8 |
|
- |
- |
Net profit |
3,585.5 |
3,108.7 |
3,298.5 |
|
3,108.7 |
3,298.5 |
Attributable to: |
|
|
|
|
|
|
- owners of
the company |
3,581.4 |
3,105.8 |
3,297.4 |
|
3,105.8 |
3,297.4 |
-
non-controlling interests |
4.1 |
2.9 |
1.1 |
|
2.9 |
1.1 |
Earnings
per share attributable to owners of the company (euros) |
6.40 |
5.55 |
5.92 |
|
5.55 |
5.92 |
Diluted
earnings per share attributable to owners of the company (euros) |
6.36 |
5.50 |
5.84 |
|
5.50 |
5.84 |
Earnings
per share of continuing operations
attributable to owners of the company (euros) |
6.83 |
5.51 |
5.83 |
|
5.55 |
5.92 |
Diluted
earnings per share of continuing operations
attributable to owners of the company (euros) |
6.78 |
5.46 |
5.75 |
|
5.50 |
5.84 |
Earnings
per share of continuing operations attributable
to owners of the company, excluding non-recurring items (euros) |
6.70 |
6.47 |
6.17 |
|
6.52 |
6.26 |
Diluted
earnings per share of continuing operations attributable
to owners of the company, excluding non-recurring items (euros) |
6.65 |
6.41 |
6.08 |
|
6.46 |
6.18 |
(1) The consolidated income statements
for 2016 and 2015 are presented to reflect the impacts of IFRS 5
regarding discontinued operations, restating The Body Shop activity
on a single line "Net profit from discontinued
operations".
* For consistency
with the financial information provided outside of the financial
statements, we believed it useful to show the Group's financial
performance when The Body Shop was an integral part of its
continuing operations.
Appendix 3: Consolidated
statements of comprehensive income
€ millions |
2017** |
2016* |
2015* |
Consolidated net profit for the period |
3,585.5 |
3,108.7 |
3,298.5 |
Financial assets available-for-sale |
-597.1 |
-201.0 |
347.6 |
Cash flow hedges |
88.9 |
-124.0 |
60.1 |
Cumulative translation adjustments |
-824.8 |
19.6 |
373.7 |
Income tax on items that may be reclassified to profit or
loss (1)
(2) |
4.5 |
86.3 |
-28.9 |
Items that may be reclassified to profit or loss |
-1,328.5 |
-219.1 |
752.5 |
Actuarial gains and losses |
280.0 |
-1.3 |
598.1 |
Income tax on items that may not be reclassified to profit
or loss (1)
(2) |
-107.9 |
-39.3 |
-205.3 |
Items that may not be reclassified to profit or
loss |
172.1 |
-40.6 |
392.8 |
Other comprehensive income |
-1,156.5 |
-259.7 |
1,145.3 |
Consolidated comprehensive income |
2,428.9 |
2,849.0 |
4,443.8 |
Attributable to: |
|
|
|
- owners of the company |
2,424.8 |
2,845.6 |
4,443.1 |
-
non-controlling interests |
4.1 |
3.4 |
0.7 |
* 2016 and
2015 as published including The Body Shop.
** Including The Body Shop for
eight months in 2017.
(1) The tax effect is as follows:
€ millions |
2017 |
2016 |
2015 |
Financial assets available-for-sale |
37.3 |
41.7 |
-14.4 |
Cash flow hedges |
-32.8 |
44.6 |
-14.4 |
Items that may be reclassified to profit or loss |
4.5 |
86.3 |
-28.9 |
Actuarial gains and losses |
-107.9 |
-39.3 |
-205.3 |
Items that may not be reclassified to profit or
loss |
-107.9 |
-39.3 |
-205.3 |
TOTAL |
-103.4 |
47.0 |
-234.1 |
(2)
Including in 2017, respectively €20.4 million and
-€21.5 million arising on the remeasurement of deferred tax in
France further to the planned change in the tax rate by 2022 and
the deferred tax in the United States further to the change in the
tax rate at 1 January 2018.
Appendix 4: Compared consolidated balance sheets
| ASSETS
€ millions |
31.12.2017 |
31.12.2016
(1) |
31.12.2015
(1) |
Non-current assets |
24,320.1 |
25,584.6 |
24,457.6 |
Goodwill |
8,872.3 |
8,792.5 |
8,151.5 |
Other
intangible assets |
2,579.1 |
3,179.4 |
2,942.9 |
Property,
plant and equipment |
3,571.1 |
3,756.9 |
3,403.5 |
Non-current
financial assets |
8,766.2 |
9,306.5 |
9,410.9 |
Investments
in associates |
1.1 |
1.0 |
1.0 |
Deferred
tax assets |
530.3 |
548.3 |
547.9 |
Current assets |
11,019.0 |
10,045.6 |
9,253.7 |
Inventories |
2,494.6 |
2,698.6 |
2,440.7 |
Trade
accounts receivable |
3,923.4 |
3,941.8 |
3,627.7 |
Other
current assets |
1,393.8 |
1,420.4 |
1,486.9 |
Current tax
assets |
160.6 |
238.8 |
298.6 |
Cash and
cash equivalents |
3,046.6 |
1,746.0 |
1,399.8 |
TOTAL |
35,339.1 |
35,630.2 |
33,711.3 |
(1)
2016 and 2015 balance sheets as published including The Body
Shop.
| EQUITY &
LIABILITIES
€ millions |
31.12.2017 |
31.12.2016
(1) |
31.12.2015
(1) |
Equity |
24,818.5 |
24,504.0 |
23,617.0 |
Share
capital |
112.1 |
112.4 |
112.6 |
Additional
paid-in capital |
2,935.3 |
2,817.3 |
2,654.4 |
Other
reserves |
14,752.2 |
13,951.6 |
12,873.4 |
Other
comprehensive income |
3,904.7 |
4,237.6 |
4,517.5 |
Cumulative
translation adjustments |
-413.5 |
410.9 |
391.9 |
Treasury
stock |
-56.5 |
-133.6 |
-233.3 |
Net profit
attributable to owners of the company |
3,581.4 |
3,105.8 |
3,297.4 |
Equity attributable to owners of the company |
24,815.7 |
24,501.9 |
23,613.9 |
Non-controlling interests |
2.8 |
2.1 |
3.1 |
Non-current liabilities |
1,347.2 |
1,918.9 |
1,920.6 |
Provisions
for employee retirement obligations and related benefits |
301.9 |
711.8 |
807.2 |
Provisions
for liabilities and charges |
434.9 |
333.3 |
195.9 |
Deferred
tax liabilities |
597.0 |
842.9 |
876.8 |
Non-current
borrowings and debt |
13.4 |
30.9 |
40.8 |
Current liabilities |
9,173.4 |
9,207.3 |
8,173.7 |
Trade
accounts payable |
4,140.8 |
4,135.3 |
3,929.0 |
Provisions
for liabilities and charges |
889.2 |
810.7 |
754.6 |
Other
current liabilities |
2,823.9 |
2,854.4 |
2,597.3 |
Income
tax |
158.5 |
173.2 |
151.9 |
Current
borrowings and debt |
1,161.0 |
1,233.7 |
741.0 |
TOTAL |
35,339.1 |
35,630.2 |
33,711.3 |
(1)
2016 and 2015 balance sheets as published including The Body
Shop.
Appendix 5: Consolidated statements of changes in equity
€ millions |
Common
shares
outstanding |
Share capital |
Additional paid-in capital |
Retained
earnings
and net
profit |
Other
compre-
hensive
income |
Treasury stock |
Cumulative translation adjustments |
Equity
attributable
to owners
of the
company |
Non-control-
ling interests |
Total
equity |
At 31.12.14 |
554,241,878 |
112.3 |
2,316.8 |
14,683.5 |
3,745.9 |
-683.0 |
17.8 |
20,193.3 |
3.6 |
20,196.9 |
Consolidated net profit for the period |
|
|
|
3,297.4 |
|
|
|
3,297.4 |
1.1 |
3,298.5 |
Financial assets available-for-sale |
|
|
|
|
333.2 |
|
|
333.2 |
|
333.2 |
Cash flow hedges |
|
|
|
|
45.6 |
|
|
45.6 |
|
45.6 |
Cumulative translation adjustments |
|
|
|
|
|
|
374.1 |
374.1 |
-0.4 |
373.7 |
Other comprehensive income that may be
reclassified to profit and loss |
|
|
|
|
378.8 |
|
374.1 |
752.9 |
-0.4 |
752.5 |
Actuarial gains and losses |
|
|
|
|
392.8 |
|
|
392.8 |
|
392.8 |
Other comprehensive income that may not
be reclassified to profit and loss |
|
|
|
|
392.8 |
|
|
392.8 |
- |
392.8 |
Consolidated comprehensive income |
|
|
|
3,297.4 |
771.6 |
|
374.1 |
4,443.1 |
0.7 |
4,443.8 |
Capital
increase |
4,657,959 |
0.9 |
337.6 |
|
|
|
|
338.5 |
|
338.5 |
Cancellation of Treasury stock |
|
-0.6 |
|
-362.8 |
|
363.4 |
|
- |
|
- |
Dividends
paid (not paid on Treasury stock) |
|
|
|
-1,511.4 |
|
|
|
-1,511.4 |
-2.6 |
-1,514.0 |
Share-based
payment |
|
|
|
117.6 |
|
|
|
117.6 |
|
117.6 |
Net changes
in Treasury stock |
1,088,341 |
|
|
-77.1 |
|
86.3 |
|
9.2 |
|
9.2 |
Purchase
commitments for non-controlling interests |
|
|
|
23.5 |
|
|
|
23.5 |
1.5 |
25.0 |
Changes in
scope of consolidation |
|
|
|
|
|
|
|
- |
|
- |
Other
movements |
|
|
|
0.1 |
|
|
|
0.1 |
-0.1 |
- |
At 31.12.2015 |
559,988,178 |
112.6 |
2,654.4 |
16,170.8 |
4,517.5 |
-233.3 |
391.9 |
23,613.9 |
3.1 |
23,617.0 |
Consolidated net profit for the period |
|
|
|
3,105.8 |
|
|
|
3,105.8 |
2.9 |
3,108.7 |
Financial assets available-for-sale |
|
|
|
|
-159.3 |
|
|
-159.3 |
|
-159.3 |
Cash flow hedges |
|
|
|
|
-79.3 |
|
|
-79.3 |
-0.1 |
-79.4 |
Cumulative translation adjustments |
|
|
|
|
|
|
19.0 |
19.0 |
0.6 |
19.6 |
Other comprehensive income that may be
reclassified to profit and loss |
|
|
|
|
-238.6 |
|
19.0 |
-219.6 |
0.5 |
-219.1 |
Actuarial gains and losses |
|
|
|
|
-40.6 |
|
|
-40.6 |
|
-40.6 |
Other comprehensive income that may not
be reclassified to profit and loss |
|
|
|
|
-40.6 |
|
|
-40.6 |
- |
-40.6 |
Consolidated comprehensive income |
|
|
|
3,105.8 |
-279.2 |
|
19.0 |
2,845.6 |
3.4 |
2,849.0 |
Capital
increase |
2,074,893 |
0.4 |
162.8 |
|
|
|
|
163.2 |
|
163.2 |
Cancellation of Treasury stock |
|
-0.6 |
|
-498.9 |
|
499.5 |
|
- |
|
- |
Dividends
paid (not paid on Treasury stock) |
|
|
|
-1,741.9 |
|
|
|
-1,741.9 |
-3.4 |
-1,745.2 |
Share-based
payment |
|
|
|
120.4 |
|
|
|
120.4 |
|
120.4 |
Net changes
in Treasury stock |
-1,964,675 |
|
|
-99.3 |
|
-399.8 |
|
-499.1 |
|
-499.1 |
Purchase
commitments for non-controlling interests |
|
|
|
|
|
|
|
- |
-0.1 |
-0.1 |
Changes in
scope of consolidation |
|
|
|
-0.8 |
|
|
|
-0.8 |
-0.9 |
-1.7 |
Other
movements |
|
|
|
1.2 |
-0.7 |
|
|
0.6 |
-0.1 |
0.5 |
At 31.12.2016 |
560,098,396 |
112.4 |
2,817.3 |
17,057.3 |
4,237.6 |
-133.6 |
410.9 |
24,501.9 |
2.1 |
24,504.0 |
€ millions |
Common
shares
outstanding |
Share capital |
Additional paid-in capital |
Retained
earnings
and net
profit |
Other
compre-
hensive
income |
Treasury stock |
Cumulative translation adjustments |
Equity
attributable
to owners
of the
company |
Non-control-
ling interests |
Total
equity |
At 31.12.2016 |
560,098,396 |
112.4 |
2,817.3 |
17,057.3 |
4,237.6 |
-133.6 |
410.9 |
24,501.9 |
2.1 |
24,504.0 |
Consolidated net profit for the period |
|
|
|
3,581.4 |
|
|
|
3,581.4 |
4.1 |
3,585.5 |
Financial assets available-for-sale |
|
|
|
|
-559.7 |
|
|
-559.7 |
|
-559.7 |
Cash flow hedges |
|
|
|
|
55.5 |
|
|
55.5 |
0.4 |
55.9 |
Cumulative translation adjustments |
|
|
|
|
|
|
-824.5 |
-824.5 |
-0.3 |
-824.8 |
Other comprehensive income that may
be reclassified to profit and loss |
|
|
|
|
-504.2 |
|
-824.5 |
-1,328.7 |
0.1 |
-1,328.6 |
Actuarial gains and losses |
|
|
|
|
172.1 |
|
|
172.1 |
|
172.1 |
Other comprehensive income that may
not be reclassified to profit and loss |
|
|
|
|
172.1 |
|
|
172.1 |
- |
172.1 |
Consolidated comprehensive income |
|
|
|
3,581.4 |
-332.2 |
|
-824.5 |
2,424.8 |
4.1 |
2,428.9 |
Capital
increase |
1,509,951 |
0.3 |
118.0 |
|
|
|
|
118.3 |
|
118.3 |
Cancellation of Treasury stock |
|
-0.6 |
|
-498.6 |
|
499.2 |
|
- |
|
- |
Dividends
paid (not paid on Treasury stock) |
|
|
|
-1,857.7 |
|
|
|
-1,857.7 |
-3.5 |
-1,861.2 |
Share-based
payment |
|
|
|
128.8 |
|
|
|
128.8 |
|
128.8 |
Net changes
in Treasury stock |
-1,860,384 |
|
|
-77.2 |
|
-422.0 |
|
-499.2 |
|
-499.2 |
Changes in
scope of consolidation |
|
|
|
-1.3 |
|
|
|
-1.3 |
|
-1.3 |
Other
movements |
|
|
|
1.0 |
-0.7 |
|
|
0.3 |
|
0.3 |
AT 31.12.2017 |
559,747,963 |
112.1 |
2,935.3 |
18,333.7 |
3,904.7 |
-56.5 |
-413.5 |
24,815.7 |
2.8 |
24,818.5 |
Appendix 6: Compared consolidated statements of cash flows
|
|
|
|
|
REMINDER *
2016 Published data |
€ millions |
2017 |
2016
(1) |
2015
(1) |
|
2016 |
2015 |
Cash flows from operating activities |
|
|
|
|
|
|
Net profit
attributable to owners of the company |
3,581.4 |
3,105.8 |
3,297.4 |
|
3,105.8 |
3,297.4 |
Non-controlling interests |
4.1 |
2.9 |
1.1 |
|
2.9 |
1.1 |
Elimination
of expenses and income with no impact on cash flows: |
|
|
|
|
|
|
-
depreciation, amortisation and provisions |
1,218.5 |
1,382.3 |
908.2 |
|
1,424.5 |
933.8 |
- changes
in deferred taxes |
-194.8 |
86.5 |
71.6 |
|
79.8 |
53.4 |
-
share-based payment (including free shares) |
126.7 |
120.4 |
117.6 |
|
120.4 |
117.6 |
- capital
gains and losses on disposals of assets |
-3.9 |
-16.2 |
0.2 |
|
-16.2 |
0.2 |
Net profit
from discontinued operations |
240.1 |
-25.3 |
-46.8 |
|
- |
- |
Share of
profit in associates net of dividends received |
0.1 |
0.1 |
-4.0 |
|
0.1 |
-4.0 |
Gross cash flow |
4,972.2 |
4,656.4 |
4,345.4 |
|
4,717.3 |
4,399.5 |
Changes in
working capital |
261.1 |
4.3 |
-217.5 |
|
-12.7 |
-196.4 |
Net cash
provided by discontinued operations activities |
-36.7 |
43.9 |
75.2 |
|
- |
- |
Net cash provided by operating activities (A) |
5,196.6 |
4,704.7 |
4,203.1 |
|
4,704.6 |
4,203.1 |
Cash flows from investing activities |
|
|
|
|
|
|
Purchases
of property, plant and equipment and intangible assets |
-1,263.5 |
-1,334.9 |
-1,132.1 |
|
-1,386.5 |
-1,172.1 |
Disposals
of property, plant and equipment and intangible assets |
8.2 |
34.2 |
6.5 |
|
34.2 |
6.5 |
Changes in
other financial assets
(including investments in non-consolidated companies) |
-70.7 |
-42.9 |
-35.2 |
|
-42.9 |
-35.2 |
Effect of
changes in the scope of consolidation |
-166.5 |
-1,209.0 |
-375.8 |
|
-1,209.3 |
-435.3 |
Net cash
(used in) from investing activities
from discontinued operations |
-24.4 |
-51.8 |
-99.5 |
|
- |
- |
Net cash (used in) from investing activities (B) |
-1,516.9 |
-2,604.5 |
-1,636.1 |
|
-2,604.5 |
-1,636.1 |
Cash flows from financing activities |
|
|
|
|
|
|
Dividends
paid |
-1,870.7 |
-1,832.9 |
-1,534.8 |
|
-1,832.9 |
-1,534.8 |
Capital
increase of the parent company |
118.3 |
163.2 |
338.6 |
|
163.2 |
338.6 |
Disposal
(acquisition) of Treasury stock |
-499.2 |
-499.1 |
9.2 |
|
-499.1 |
9.2 |
Purchase of
non-controlling interests |
-2.0 |
- |
- |
|
-6.1 |
- |
Issuance
(repayment) of short-term loans |
-86.6 |
446.0 |
-1,840.2 |
|
449.8 |
-1,832.4 |
Issuance of
long-term borrowings |
- |
1.8 |
1.1 |
|
1.8 |
1.1 |
Repayment
of long-term borrowings |
-7.0 |
-16.4 |
-4.6 |
|
-17.5 |
-5.8 |
Net cash (used in)
from financing activities
from discontinued operations |
71.5 |
-3.5 |
6.5 |
|
- |
- |
Net cash (used in) from financing activities (C) |
-2,275.7 |
-1,740.8 |
-3,024.1 |
|
-1,740.8 |
-3,024.1 |
Net effect
of changes in exchange rates and fair value (D) |
-65.3 |
-13.1 |
-60.1 |
|
-13.1 |
-60.1 |
Change in cash and cash equivalents (A+B+C+D) |
1,338.7 |
346.2 |
-517.2 |
|
346.2 |
-517.2 |
Cash and cash equivalents at beginning of the year
(E) |
1,746.0 |
1,399.8 |
1,917.0 |
|
1,399.8 |
1,917.0 |
Net effect
of changes in cash and cash equivalents
of discontinued operations (F) |
-38.1 |
- |
- |
|
- |
- |
CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR (A+B+C+D+E+F) |
3,046.6 |
1,746.0 |
1,399.8 |
|
1,746.0 |
1,399.8 |
(1)
The consolidated statements of cash flows for 2016 and 2015 are
presented to reflect the impacts of IFRS 5 regarding discontinued
operations.
* For consistency with the
financial information provided outside of the financial statements,
we believed it useful to show the Group's financial performance
when The Body Shop was an integral part of its continuing
operations.
[1] Like-for-like sales growth:
based on a comparable scope of consolidation and identical exchange
rates. See details above.
[2] In the fourth quarter of 2016 and in the full-year 2016,
reported Group sales included the sales of The Body Shop in amounts
of 321.3 million euros and 920.8 million
euros respectively.
[3] Diluted earnings per share, based on net profit, excluding
non-recurring items, after non-controlling interests, from
continuing operations.
[4] Net cash flow = Gross cash flow + changes in working
capital - capital expenditure.
[5] Proposed at the Annual General Meeting of 17 April
2018.
[6] Sales achieved on our brands' own websites + estimated
sales achieved by our brands corresponding to sales through our
retailers' websites (non-audited data); like-for-like
growth.
[7] CDP is an independent international organisation which
assesses companies' environmental performance.
[8] As of 1 July 2016, the Asian Travel Retail business of the
Consumer Products Division, previously recorded under the Western
Europe Zone, was transferred to the Asia Pacific Zone. All figures
for earlier periods have been restated to allow for this
change.
[9] Non-allocated = Central Group expenses, fundamental
research expenses, stock options and free grant of shares expenses
and miscellaneous items. As a % of cosmetics sales.
[10] As of 1 July 2016, the Asian Travel Retail business of the
Consumer Products Division, previously recorded under the Western
Europe Zone, was transferred to the Asia Pacific Zone. All figures
for earlier periods have been restated to allow for this
change.
[11] Before non-allocated.
[12] Non-recurring items include impairment of
assets, net profit of discontinued operations,
restructuring costs and tax effects of non-recurring items.
[13] Net profit, excluding non-recurring items after
non-controlling interests, from continuing operations.
[14] Diluted earnings per share, based on net profit, excluding
non-recurring items, after non-controlling
interests.
[15] In the third quarter of 2016 and at 30 September 2016,
reported Group sales included The Body Shop sales in respective
amounts of 200.9 million euros and 599.5 million euros.
[16] In the first quarter 2017, reported Group sales included
The Body Shop sales, which amounted to 197.2 million euros.
Read the news release of 8
February
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: L'ORÉAL via Globenewswire
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