L'Oréal: News release: "2020 Annual Results"
Clichy, 11 February 2021 at 6.00 p.m.
2020 Annual Results
L’Oréal accelerates growth in the fourth
quarter, reinforces its market shares, and preserves its
profitability at 18.6%
- Sales: 27.99 billion euros
- -4.1% like-for-like 1
- -3.6% at constant exchange rates
- -6.3% based on reported figures
- Operating profit: 5.20 billion euros, representing
18.6% of sales
- Earnings per share 2: 7.30 euros
- Net cash flow 3: 5.48 billion euros, an increase of
+8.9%
- Dividend 4: 4.00 euros, an increase of
+3.9%
The Board of Directors of L’Oréal met on 11
February 2021, 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
2020.
Commenting on the annual results, Jean-Paul
Agon, Chairman and CEO of L’Oréal, said:
“In 2020, the Covid-19 pandemic, which spread
across the world, triggered a crisis of supply due to the
widespread closure of points of sale which led to an unprecedented,
if temporary, decline of the beauty market.
Throughout the year, L’Oréal made the protection
of all its employees as well as its customers and suppliers an
absolute priority and mobilised to produce millions of units of
hand sanitiser and hand cream for donation to healthcare and other
frontline workers.
Thanks to the outstanding commitment of its
employees, L’Oréal has traversed this crisis in the best possible
condition and has even grown stronger. As anticipated and
announced, the Group returned to growth in the second half, with a
fourth quarter in acceleration at +4.8% 1, and won significant
market shares.
Thanks to its strength in digital and
e-commerce, which has again increased considerably during the
crisis, L’Oréal has been able to maintain a close relationship with
all its consumers and compensate to a large extent for the closure
of points of sale. As a result, sales achieved in e-commerce 5 rose
sharply by +62% 1, across all Divisions and all regions, reaching
the record level of 26.6% of the total Group’s sales for the
year.
The Active Cosmetics Division had a record year
driven by a dynamic skincare market and the remarkable success of
its brands, recommended by healthcare professionals. The Consumer
Products Division returned to equilibrium in the second half of the
year despite the weight of makeup, and increased its market share
in the other major categories. The Professional Products Division,
significantly impacted by the closure of salons in the first half
of the year, bounced back strongly in the second and significantly
outperformed the market over the year as a whole. Lastly,
L’Oréal Luxe, in an extremely difficult context, also outperformed
the market and even returned to growth in the last quarter.
By geographic Zone, performance was contrasted.
In Western Europe and North America, growth was impacted by the
development of the pandemic and public health measures, but L’Oréal
gained market share in many countries. In the New Markets, the
Group saw a return to growth in all Zones in the second half of the
year. The performance of China is spectacular and its contribution
to the performance of the Group is important.
After demonstrating its resistance over the
first half of the year, the Group engaged the second half with a
determined and virtuous dynamic: launching major innovations,
reinvesting in business drivers leading to a return to growth
like-for-like, with flexibility and rigorous cost control allowing
for an improvement in profitability. Over the year as a whole, and
in spite of the crisis, L’Oréal maintained an operating margin of
18.6%, and generated strong operating cash flow.
The Group’s non-financial performance was
equally remarkable. For the fifth consecutive year, L’Oréal was
recognised by the CDP as a global leader in sustainable development
for its actions to fight climate change, protect forests and manage
water sustainably. In addition, the Group was ranked in the top ten
among 9,000 companies evaluated by the Refinitiv Diversity &
Inclusion Index. L’Oréal was also recognised, for the eleventh
time, as one of the world’s most ethical companies by the
Ethisphere Institute. Finally, in 2020, L’Oréal launched its
L’Oréal for the Future programme with ambitious new sustainability
commitments for 2030.
Driven by the strength of its strategic choices
and a determined dynamic across the year, L’Oréal has adapted to
this unprecedented context and terrible pandemic with speed and
agility, accelerated all of its transformations and will emerge
stronger.
At the beginning of this new year, which remains
marked by uncertainty regarding the evolution of the pandemic, but
also by consumer’s appetite for beauty that remains intact across
the world, we are confident in our capacity to outperform the
market again this year and, subject to the evolution of the
sanitary crisis, achieve a year of growth in sales and
profits.”
***
Annual General Meeting to be held on 20
April 2021
In view of the extension of the state of medical
emergency until 1 June 2021 and the measures that could prevent
shareholders from being physically present, the Annual General
Meeting usually held at the Palais des Congrès in Paris is likely
to be held on a restricted attendance basis under special
rules applicable to “closed doors” (à huis clos) shareholder
meetings, at L’Oréal’s headquarters, 41 rue Martre in Clichy.For
this reason and in accordance with Order No. 2020-321 of 25 March
2020 as amended by Order No. 2020-1497 of 2 December 2020, the
Board of Directors in its meeting of 11 February 2021 gave full
powers to the Chairman and CEO to hold the Annual General Meeting
on such a basis if the circumstances so require, pursuant to the
specific regulations that will be in force at such
time.Shareholders will be informed of the arrangements for the
Annual General Meeting no later than the date of publication in the
BALO (Bulletin des Annonces Légales Obligatoires) of the convening
notice of the Annual General Meeting planned for 31 March. This
information will also be available on the “Annual General Meeting
documents” page in the “Regulated information” section of the
loreal-finance.com website.
Appointments and renewals of
tenure
At its meeting of 11 February 2021, the Board of
Directors decided to propose to the Annual General Meeting the
renewal of the tenure as director of Ms. Françoise Bettencourt
Meyers, Mr. Paul Bulcke and Ms. Virginie Morgon for a four-year
term.The Board of Directors also decided to propose the appointment
of Mr. Nicolas Hieronimus as a director at the Annual General
Meeting of 20 April 2021. As announced in the news release of 14
October 2020, the Board meeting that will take place after the
Annual General Meeting will be called upon to appoint Mr.
Hieronimus as CEO of the company, effective from 1 May 2021. The
functions of Chairman and Chief Executive Officer will be
dissociated from this date, Mr. Jean-Paul Agon being appointed as
Chairman of the Board of Directors.
The Board of Directors will propose to the
Annual General Meeting the candidacy as new independent director of
Mr. Alexandre Ricard, Chairman and CEO of the Pernod Ricard group.
Mr. Alexandre Ricard will bring to the Board his knowledge of
consumers and his marketing and digital expertise in the luxury and
mass retail markets, particularly in Asia and America.If the Annual
General Meeting approves the proposed resolutions, the Board of
Directors will be composed of 16 directors, 14 appointed by the
Meeting and two directors representing the employees.The balances
in terms of independence and diversity are as follows:
- Seven independent directors out of 14 directors appointed by
the Annual General Meeting, i.e. 50%,
- Seven women and seven men out of 14 directors appointed by the
Annual General Meeting, i.e. parity at 50%.
Additional details regarding these proposals for
the renewal and appointment of directors will be available for
shareholders in the Universal Registration Document, which will be
published online on 16 March, and in the online convening notice on
the loreal-finance.com website from 30 March.
2020 Sales
Like-for-like, i.e. based on a
comparable structure and identical exchange rates, L’Oréal group
sales came out at -4.1%.The net impact of changes in the
scope of consolidation was +0.5%.Evolution at
constant exchange rates came out at -3.6%.At the end of
2020, currency fluctuations had a negative impact
of -2.7%. Based on reported figures, the
Group’s sales, at 31 December 2020, amounted to 27.99 billion
euros, i.e. -6.3%.
Sales by Division and Geographic
Zone
|
4th quarter 2020 |
At 31 December 2020 |
|
|
Growth |
|
Growth |
|
€m |
Like-for-like |
Reported |
€m |
Like-for-like |
Reported |
By Division |
|
|
|
|
|
|
Professional Products |
893.8 |
+6.5% |
-1.4% |
3,097.3 |
-6.4% |
-10.0% |
Consumer Products |
2,991.3 |
-0.4% |
-6.9% |
11,703.8 |
-4.7% |
-8.2% |
L’Oréal Luxe |
3,222.1 |
+4.4% |
+3.3% |
10,179.9 |
-8.1% |
-7.6% |
Active Cosmetics |
771.5 |
+30.7% |
+20.4% |
3,011.1 |
+18.9% |
+13.0% |
Group total |
7,878.8 |
+4.8% |
0.0% |
27,992.1 |
-4.1% |
-6.3% |
By geographic Zone |
|
|
|
|
|
|
Western Europe |
2,045.0 |
-5.9% |
-4.2% |
7,514.0 |
-10.3% |
-9.2% |
North America |
1,741.4 |
-0.1% |
-6.7% |
6,903.4 |
-7.4% |
-8.8% |
New Markets, of which: |
4,092.3 |
+13.5% |
+5.6% |
13,574.7 |
+1.5% |
-3.2% |
- Asia
Pacific |
3,094.7 |
+16.6% |
+12.5% |
9,799.5 |
+3.5% |
+1.5% |
- Latin
America |
402.1 |
+11.9% |
-10.8% |
1,469.3 |
-1.5% |
-17.1% |
- Eastern
Europe |
431.0 |
-3.2% |
-15.6% |
1,685.3 |
-4.9% |
-11.8% |
- Africa,
Middle East |
164.6 |
+16.1% |
-0.1% |
620.6 |
-3.3% |
-9.9% |
Group total |
7,878.8 |
+4.8% |
0.0% |
27,992.1 |
-4.1% |
-6.3% |
Summary by Division
PROFESSIONAL PRODUCTS
The Professional Products Division ended
the year at -6.4% like-for-like and -10.0% based on reported
figures.The Division achieved historic market share gains
across all Zones with a significant recovery in the second half of
the year, strengthening its leadership in the industry. The health
crisis has shown more than ever how essential the hairdressing
sector is and has boosted the underlying trends that the Division
had anticipated: the digitalisation of salons, the development of
freelance stylists, and the explosion of e-commerce. All geographic
Zones saw a return to growth in the second half, with record
performance in the United States, driven by the power of the
SalonCentric distribution channel. Europe also saw a remarkable
recovery. The Division posted very strong growth in China,
particularly on Tmall. The number one category for growth was
haircare, led by a particularly dynamic Kérastase, which saw
double-digit growth over the year, driven by Genesis and Blond
Absolu, as well as the successful launch of Pro Longer by L’Oréal
Professionnel. In hair colour, Shades EQ by Redken recorded
another year of strong growth. Steampod by L’Oréal Professionnel
confirmed its success.
CONSUMER PRODUCTS
The Consumer Products Division ended the
year at -4.7% like-for-like and -8.2% based on reported
figures. The Division saw a return to equilibrium in the
second half of the year, driven by Garnier and L’Oréal Paris. This
dynamic was the fruit of a strong and successful innovation plan,
“Back to Beauty” initiatives conducted in partnership with
retailers, and powerful media investments. In addition, the
Division has further accelerated in e-commerce, particularly
in the United States.Public health measures heavily impacted the
makeup market. Despite its high exposure to this category, the
Division grew faster than the market in the second half of the year
and gained market share in its other major categories. Hair colour
saw double-digit growth. Haircare was driven by the confirmed
success of Fructis Hair Food and Elseve Dream Long, and the very
strong start of Elseve Full Resist and Ultra Doux shampoo bars.
Skincare accelerated thanks to the success of L’Oréal Paris serums
and the Fast Bright range by Garnier, rolled out in emerging
countries. In makeup, the Division strengthened its position,
thanks in particular to NYX Professional Makeup and 3CE Stylenanda
which benefited from their mastery of digital.The Division saw a
significant improvement in performance in all Zones in the second
half of the year, and notably recorded growth in China, Brazil and
Germany.
L’ORÉAL LUXE
At year-end, L’Oréal Luxe was at -8.1%
like-for-like and -7.6% reported in a global luxury beauty market
down approximately 14%. In an extremely difficult context
with the closure of many points of sale and a drastic reduction in
air travel, the Division outperformed the market with a clear
acceleration in the second half and a return to growth in the last
quarter. This performance was the result of strategic decisions to
accelerate powerfully in e-commerce, particularly in
direct-to-consumer, to maintain a strong programme of major global
launches and to strengthen its leadership in China. The Division
outperformed the market in its three categories, especially in
skincare, driven by the power of its brands, notably Lancôme which
resisted well, and the growth of Kiehl’s and Helena Rubinstein. The
latest fragrance launches - My Way by Giorgio Armani, Voce Viva by
Valentino and Libre by Yves Saint Laurent - also delivered very
strong performances and, with the resilience of established icons,
helped to consolidate our global leadership. Makeup remains the
most affected category.L’Oréal Luxe gained market share in almost
all geographic Zones. It is important to note the strong
performance of the Asia Pacific Zone, especially mainland China, as
well as many Western European countries. Sales in North America
recovered progressively, while positions remain solid in Travel
Retail.
ACTIVE COSMETICS
For the second year running, the Active
Cosmetics Division achieved record growth of +18.9% like-for-like
and +13.0% based on reported figures, with sales exceeding the
3-billion-euro mark. In a slightly positive market, the
unique relationship that the brands have forged with healthcare
professionals, combined with the growing consumer preoccupation
with health, enabled the Division, particularly present in
skincare, to post record annual growth, with sales accelerating in
the second half. E-commerce remains the main growth driver,
supported by a dynamic digital activation strategy. In-store
initiatives also drove growth. Sales grew faster than the market in
all Zones, with exceptional performance in North America and Asia.
CeraVe, La Roche-Posay and SkinCeuticals, which are aligned with
consumers’ health aspirations and recommended by medical
professionals, recorded very strong growth. CeraVe in particular is
now one of the top five dermocosmetics brands and almost doubled in
size, driven by exceptional growth in North America and a promising
outlook for sales globally. Sales of SkinCeuticals and La
Roche-Posay grew well ahead of the market in all Zones. The fourth
quarter marked an acceleration, with all Zones and all the major
brands posting growth, particularly Vichy which benefited from the
launch of the anti-ageing serum Liftactiv Supreme H.A. Epidermic
Filler.
Summary by geographic Zone
WESTERN EUROPE
The Zone ended the year at -10.3% like-for-like,
and -9.2% based on reported figures. Due to the health crisis, the
market was impacted by government measures in the countries:
lockdowns, and the closure of hair salons, perfumeries and
department stores. The fall in European air travel and a marked
downturn in tourism over the summer also had an impact on
consumption. Makeup and sun protection products were hit
particularly hard, while other categories fared better. The market
declined by around 15% over the year, improving in the second half,
but remaining negative. Against this backdrop, L’Oréal
significantly outperformed the market, thanks to its digital
leadership and very strong growth in online sales, the launch of
major innovations and well supported marketing plans. The Group
strengthened its leadership in most countries, particularly France,
the United Kingdom and Italy. It also gained market share in all
its strategic categories. Performance was especially noteworthy in
skincare, with L’Oréal Paris, La Roche-Posay and CeraVe performing
well, in fragrance with the continued success of Libre by Yves
Saint Laurent, and in haircare with Kérastase and Garnier
strengthening their positions.
NORTH AMERICA
The Zone ended the year at -7.4% like-for-like
and -8.8% based on reported figures. Due to its footprint in
brick-and-mortar and makeup, the Zone was heavily impacted by
lockdown measures in the second quarter. Despite the pandemic and
social and political upheavals, all Divisions managed to accelerate
sales in e-commerce, which have almost doubled, and quickly adapted
to shifts across channels of distribution. The Group was able to
seize the trends in skincare and gain market share, while at the
same time increasing its already significant share of the hair
colour market. After a slowdown in the first half of the year, the
Zone returned to positive territory in the second. The Consumer
Products Division stabilised in the second half, thanks to strong
growth in skincare and market share gains in hair colour. L’Oréal
Luxe accelerated with strong fragrance launches and freed up
resources to re-invest in consumer touchpoints and digital
transformation. The Professional Products Division gained market
share and achieved a solid performance in the second half of the
year, thanks in particular to SalonCentric. The Active Cosmetics
Division performed remarkably well, notably with CeraVe, La
Roche-Posay and SkinCeuticals, significantly outperforming a
dynamic market and winning important market share gains.
NEW MARKETS
Asia Pacific: the Zone grew by
+3.5% like-for-like and +1.5% based on reported figures, with
fourth-quarter growth at +16.6% like-for-like and +12.5% based on
reported figures.
Mainland China grew +27.0%
like-for-like and +24.1% based on reported figures. The market
recovered significantly in the second half, growing around +4% in
the year, boosted by strong omnichannel demand for selective brands
and very dynamic e-commerce. Consumers’ quest for higher
performance and superior product quality continued the
premiumisation trend while various festivals and promotional
campaigns stimulated growth. L’Oréal China significantly
outperformed the market with double-digit growth in all Divisions.
The unique combination of our beauty expertise, superior
innovations, digital leadership and omnichannel distribution
structure enables us to offer iconic brands that engage and win
Chinese consumers. During the 11.11 festival, L’Oréal strengthened
its leadership in skincare, thanks to Kiehl’s, Helena Rubinstein
and SkinCeuticals, in makeup with Giorgio Armani, Yves Saint
Laurent and 3CE Stylenanda, and in haircare with Kérastase and
L’Oréal Paris. Our megabrands Lancôme and L’Oréal Paris ended the
year as the No.1 selective and mass-market beauty brands
respectively on Tmall.
In the rest of the Asia Pacific
Zone, the situation improved in the second half of the
year. Sales increased in the countries least affected by the
pandemic such as Australia, New Zealand and Vietnam. The makeup
market remained depressed, but the marketing shift towards haircare
and skincare led to steady growth quarter on quarter. E-commerce
was a powerful growth driver. In India, after a first half marked
by store closures, both haircare and skincare returned to growth.
Hong Kong suffers from a lack of tourism. The L’Oréal Luxe and
Active Cosmetics Divisions achieved significant market share gains
in all the main markets, particularly in skincare. The growth of
Active Cosmetics was driven by La Roche-Posay and CeraVe. The
Consumer Products Division saw an improvement in skincare, thanks
to the performance of Garnier.
Latin America: the Zone is at
-1.5% like-for-like and -17.1% based on reported figures. The Zone
was severely impacted by the pandemic with the widespread closure
of points of sale. Performance was very contrasted from one
Division and quarter to another, with a strong recovery in the
second half of the year. All Divisions saw a return to growth in
the second half, particularly the Active Cosmetics Division which
posted double-digit growth. The focus on digital strengthened
consumer engagement and boosted e-commerce, which recorded
triple-digit growth, most notably in Brazil and Mexico. Our
innovations as well as our flagship brands and products drove the
growth, most notably in haircare and skincare. Brazil recorded
exceptional performance overall, growing each quarter and winning
market share in Latin America’s largest beauty market, a result of
the far-reaching transformation of the business initiated well
before the crisis. In Mexico, although challenges remain, the
business is stabilising, with the Active Cosmetics Division posting
double-digit growth over the year as a whole, and the Consumer
Products Division seeing a return to growth in the fourth
quarter.
Eastern Europe: the Zone was at
-4.9% like-for-like and -11.8% based on reported figures. All
countries and markets were affected by the pandemic and lockdown
measures, with the exception of dermocosmetics which continued to
grow. The Czech Republic/Slovakia/Hungary hub resisted well,
Romania and Ukraine recorded growth, while Russia and Turkey were
hit harder due to the depressed economic context. The Active
Cosmetics, Professional Products and L’Oréal Luxe Divisions gained
significant market share, while the Consumer Products Division
maintained its positions. E-commerce growth was very dynamic.
Africa, Middle East: the Zone
was at -3.3% like-for-like and -9.9% based on reported figures,
with good performance in the second half, despite the lockdown
measures implemented in the countries. Growth was driven by Morocco
and Egypt, and by the Active Cosmetics Division. All Divisions
achieved market share gains.
Important events during the
period 1/10/20 to 31/12/20 and post-closing
event
- On 1 October, L’Oréal announced that it took 10th place in the
Universum 2020 global rankings of business students’ and graduates’
favourite companies, moving up two spots from 2019. L’Oréal is the
only French and European company in the top 10 of this prestigious
ranking.
- On 8 October, L’Oréal announced the appointment of Barbara
Lavernos as President, Research, Innovation and Technologies.
Antoine Vanlaeys is appointed Chief Operations Officer. These
nominations will be effective as of 1 February 2021.
- On 14 October, L’Oréal announced the succession of Jean-Paul
Agon as Chief Executive Officer from 1 May 2021. L’Oréal’s Board of
Directors met under the chairmanship of Jean-Paul Agon. Following
the recommendations of the Appointments and Governance Committee,
the Board decided on new governance and a succession plan at the
head of the Group. As the Company’s articles of association do not
provide for any exception to the legal retirement age of 65 years,
Jean-Paul Agon must hand over his duties as Chief Executive Officer
before July 2021. In this context, the Board of Directors announced
its intention to dissociate the functions of Chairman and Chief
Executive Officer. The Board announced its intention to renew
Jean-Paul Agon’s mandate as Chairman, a position he has held since
2011, and to appoint Nicolas Hieronimus as Chief Executive
Officer. Furthermore, in his exchanges
with the Appointments and Governance Committee, Jean-Paul Agon,
with the agreement of the Board of Directors and the full support
of Nicolas Hieronimus, wished to maintain the role of Deputy CEO, a
position held by Nicolas Hieronimus at his side since 2017.
Barbara Lavernos, who will lead Research, Innovation, Technology
from February 2021, will be appointed Deputy CEO on 1 May
2021.
- On 4
November, L’Oréal announced the change in the geographical scope of
some of its Zones.The North Asia Zone, which will include mainland
China, Hong Kong, Taiwan, Japan and South Korea, will be led
by Fabrice Megarbane, who is currently CEO of L’Oréal China
and a member of the Executive Committee. A new Zone - SAPMENA
-, created to encompass South Asia, Pacific, Middle East and North
Africa, will be entrusted to Vismay Sharma, currently Managing
Director UK and Ireland, who will join the Executive
Committee. Similarly, a new Sub-Saharan Africa Zone will
be entrusted to Burkhard Pieroth. The Group also appointed Frédéric
Rozé as Chief Global Growth Officer, to whom all Zone Presidents as
well as the Travel Retail business will report.
- On 8 December, L’Oréal was recognised as a global leader in
sustainable development by CDP, a non-profit organisation which
scores the performance of companies in sustainability and
environmental transparency. Of more than 9,600 companies scored by
CDP in 2020, L’Oréal is the only one to have been awarded an ‘A’
score in all three areas: fighting climate change, protecting
forests and sustainable water management.
- On 23 December, L’Oréal announced the signing of an agreement
to acquire the Japanese company Takami Co., which develops and
markets products licensed by the skincare brand Takami, owned by Dr
Hiroshi Takami, the founder of two eponymous dermatology clinics in
Tokyo. L’Oréal also renewed a very long-term brand licensing
agreement with Dr Takami and signed a collaboration agreement with
the Takami clinics. The brand posted sales of around 50
million euros in 2019. The acquisition was finalised on 1 February
2021.
- On 12 January 2021, L’Oréal announced the appointment of Blanca
Juti to the Group’s Executive Committee in the role of Chief
Communications & Public Affairs Officer. She will take up the
position officially from April 2021.
2020 Results Audited financial statements,
certification in progress.
Operating profitability at 18.6% of
sales Consolidated profit and loss accounts: from sales to
operating profit.
|
2019 |
2020 |
|
€m |
% sales |
€m |
% sales |
Sales |
29,873.6 |
100.0% |
27,992.1 |
100.0% |
Cost of sales |
-8,064.7 |
27.0% |
-7,532.3 |
26.9% |
Gross profit |
21,808.9 |
73.0% |
20,459.8 |
73.1% |
R&I expenses |
-985.3 |
3.3% |
-964.4 |
3.4% |
Advertising and promotion expenses |
-9,207.8 |
30.8% |
-8,647.9 |
30.9% |
Selling, general and administrative expenses |
-6,068.3 |
20.3% |
-5,638.5 |
20.1% |
Operating profit |
5,547.5 |
18.6% |
5,209.0 |
18.6% |
Gross profit, at 20,459 million
euros, came out at 73.1% of sales, compared with 73.0% in 2019, an
improvement of 10 basis points.
Research & Innovation
expenses increased by 10 basis points, at 3.4% of
sales.
Advertising and promotion
expenses increased by 10 basis points, at 30.9% of
sales.
Selling, general and administrative
expenses, at 20.1% of sales, have been reduced by 20 basis
points.
Overall, operating profit
decreased by 6.1% to 5,209 million euros, and amounted to 18.6% of
sales, stable compared to 2019.
Operating profit by
Division
|
2019 |
2020 |
|
€m |
% sales |
€m |
% sales |
By Division |
|
|
|
|
Professional Products |
691.6 |
20.1% |
581.7 |
18.8% |
Consumer Products |
2,574.6 |
20.2% |
2,388.1 |
20.4% |
L’Oréal Luxe |
2,493.7 |
22.6% |
2,275.9 |
22.4% |
Active Cosmetics |
620.8 |
23.3% |
766.0 |
25.4% |
Divisions total |
6,380.7 |
21.4% |
6,011.6 |
21.5% |
Non-allocated 6 |
-833.2 |
-2.8% |
-802.6 |
-2.9% |
Group |
5,547.5 |
18.6% |
5,209.0 |
18.6% |
The profitability of the Professional
Products Division came out at 18.8% in 2020, compared to
20.1% in 2019.
The profitability of the Consumer
Products Division increased by 20 basis points, at
20.4%.
The profitability of L’Oréal
Luxe, at 22.4%, decreased by 20 basis points.
The profitability of the Active
Cosmetics Division came out at 25.4%, a rise of 210 basis
points.
Non-allocated expenses amounted
to 802 million euros.
Net profit Consolidated profit and loss
accounts: from operating profit to net profit excluding
non-recurring items.
€m |
2019 |
2020 |
Growth |
Operating profit |
5,547.5 |
5,209.0 |
-6.1% |
Financial revenues and expenses excluding Sanofi dividends |
-62.7 |
-95.9 |
|
Sanofi dividends |
363.0 |
372.4 |
|
Profit before tax excluding non-recurring items |
5,847.9 |
5,485.5 |
-6.2% |
Income tax excluding non-recurring items |
-1,486.7 |
-1,383.1 |
|
Net profit excluding non-recurring items of equity consolidated
companies |
+1.0 |
+0.9 |
|
Non-controlling interests |
-5.4 |
-4.2 |
|
Net profit excluding non-recurring items after
non-controlling interests |
4,356.9 |
4,099.0 |
-5.9% |
|
|
|
|
EPS 7 (€) |
7.74 |
7.30 |
-5.7% |
Net profit after non-controlling interests |
3,750.0 |
3,563.4 |
-5.0% |
Diluted EPS after non-controlling interests (€) |
6.66 |
6.34 |
|
Diluted average number of shares |
562,813,129 |
561,635,963 |
|
Net finance costs amounted to
95 million euros.
Sanofi dividends amounted to
372 million euros.
Income tax excluding non-recurrent
items amounted to 1,383 million euros, representing a tax
rate of 25.2%.
Net profit excluding non-recurring items
after non-controlling interests amounted to 4,099 million
euros.
Earnings per share, at 7.30
euros, dropped by 5.7%.
Non-recurring items after
non-controlling interests 8 amounted to 535 million euros
net of tax.
Net profit after non-controlling
interests came out at 3,563 million euros.
Cash flow statement, Balance sheet and Cash
position
Gross cash flow amounted to
5,724 million euros, a decrease of 1.3%.
The working capital requirement
decreased by 729 million euros.
At 972 million euros,
investments represented 3.5% of sales.
Net cash flow 9 at 5,480
million euros, increased by 8.9%.
The balance sheet is
particularly solid, with shareholders’ equity amounting to 29
billion euros. After allowing for finance lease liabilities in an
amount of 1,681 million euros, net cash came out
at 3,859 million euros at 31 December 2020.
Proposed dividend at the Annual General Meeting
of 20 April 2021
The Board of Directors has decided to propose to
the shareholders’ Annual General Meeting of 20 April 2021 a
dividend of 4.00 euros per share, an increase of +3.9% compared
with the dividend paid in 2020. The dividend will be paid on 29
April 2020 (ex-dividend date 27 April at 0:00 a.m., Paris
time).
Share capital
At 31 December 2020, the capital of the company
is formed by 559,871,580 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
2020 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
Financial analysts
and
and market authorities
Institutional investors
Journalists
Mr Christian MUNICH
Ms Françoise
LAUVIN
Ms Domitille FAFINTel: +33 1 47 56 72 06
Tel: +33 1
47 56 86 82
Tel: +33 1 47
56 76 71christian.munich2@loreal.com
francoise.lauvin@loreal.com
domitille.fafin@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.
Appendices
Appendix 1: L’Oréal group sales 2019/2020 (€
million)
|
2019 |
2020 |
|
|
€m |
Like-for-like evolution |
Reported evolution |
First quarter |
7,550.5 |
7,225.2 |
-4.8% |
-4.3% |
Second quarter |
7,261.0 |
5,851.3 |
-18.8% |
-19.4% |
First half total |
14,811.5 |
13,076.5 |
-11.7% |
-11.7% |
Third quarter |
7,182.8 |
7,036.8 |
+1.6% |
-2.0% |
Nine months total |
21,994.3 |
20,113.3 |
-7.4% |
-8.6% |
Fourth quarter |
7,879.3 |
7,878.8 |
+4.8% |
0.0% |
Full year total |
29,873.6 |
27,992.1 |
-4.1% |
-6.3% |
Appendix 2:
Compared consolidated income statements
€ millions |
2020 |
2019 |
2018 |
Net sales |
27,992.1 |
29,873.6 |
26,937.4 |
Cost
of sales |
-7,532.3 |
-8,064.7 |
-7,331.6 |
Gross profit |
20,459.8 |
21,808.9 |
19,605.8 |
Research and innovation |
-964.4 |
-985.3 |
-914.4 |
Advertising and promotion |
-8,647.9 |
-9,207.8 |
-8,144.7 |
Selling, general and administrative expenses |
-5,638.5 |
-6,068.3 |
-5,624.7 |
Operating profit |
5,209.0 |
5,547.5 |
4,922.0 |
Other
income and expenses |
-709.0 |
-436.5 |
-94.7 |
Operational profit |
4,500.0 |
5,111.0 |
4,827.3 |
Finance costs on gross debt |
-79.2 |
-75.4 |
-34.8 |
Finance income on cash and cash equivalents |
19.8 |
28.7 |
47.9 |
Finance costs, net |
-59.4 |
-46.7 |
13.1 |
Other
financial income (expenses) |
-36.5 |
-16.0 |
-15.0 |
Sanofi
dividends |
372.4 |
363.0 |
358.3 |
Profit before tax and associates |
4,776.5 |
5,411.4 |
5,183.7 |
Income
tax |
-1,209.8 |
-1,657.2 |
-1,284.3 |
Share
of profit in associates |
0.9 |
1.0 |
0.1 |
Net profit |
3,567.6 |
3,755.2 |
3,899.5 |
Attributable to: |
|
|
|
•
owners of the company |
3,563.4 |
3,750.0 |
3,895.4 |
•
non-controlling interests |
4.2 |
5.2 |
4.1 |
Earnings per share attributable to owners of the company
(euros) |
6.37 |
6.70 |
6.96 |
Diluted earnings per share attributable to owners of the company
(euros) |
6.34 |
6.66 |
6.92 |
Earnings per share attributable to owners of the company, excluding
non-recurring items (euros) |
7.33 |
7.78 |
7.13 |
Diluted earnings per share attributable to owners of the company,
excluding non-recurring items (euros) |
7.30 |
7.74 |
7.08 |
Appendix 3: Consolidated statements of
comprehensive income
€ millions |
2020 |
2019 |
2018 |
Consolidated net profit for the period |
3,567.6 |
3,755.2 |
3,899.5 |
Cash flow hedges |
129.1 |
2.9 |
-60.3 |
Cumulative translation adjustments |
-790.2 |
188.2 |
126.4 |
Income tax on items that may be reclassified to profit or loss
(1) |
-23.3 |
-1.9 |
14.8 |
Items that may be reclassified to profit or
loss |
-684.4 |
189.2 |
80.9 |
Financial assets at fair value through profit or loss |
-1,269.1 |
1,650.6 |
450.5 |
Actuarial gains and losses |
-225.6 |
-327.7 |
-58.5 |
Income tax on items that may not be reclassified to profit or loss
(1) |
97.8 |
29.7 |
0.5 |
Items that may not be reclassified to profit or
loss |
-1,396.9 |
1,352.6 |
392.5 |
Other comprehensive income |
-2,081.3 |
1,541.8 |
473.4 |
Consolidated comprehensive income |
1,486.3 |
5,297.0 |
4,372.9 |
Attributable to: |
|
|
|
• owners of the company |
1,482.1 |
5,291.9 |
4,368.7 |
•
non-controlling interests |
4.2 |
5.1 |
4.2 |
(1) The tax effect is as follows:
€ millions |
|
2020 |
2019 |
2018 |
Cash flow hedges |
|
-23.3 |
-1.9 |
14.8 |
Items that may be reclassified to profit or
loss |
|
-23.3 |
-1.9 |
14.8 |
Financial assets at fair value through profit or loss |
|
40.4 |
-51.7 |
-14.0 |
Actuarial gains and losses |
|
57.4 |
81.4 |
14.5 |
Items that may not be reclassified to profit or
loss |
|
97.8 |
29.7 |
0.5 |
TOTAL |
|
74.5 |
27.8 |
15.4 |
Appendix 4: Compared consolidated
balance sheets
▌ ASSETS
€ millions |
31.12.2020 |
31.12.2019 |
31.12.2018 |
Non-current assets |
29,046.8 |
29,893.3 |
25,991.2 |
Goodwill |
10,514.2 |
9,585.6 |
9,597.1 |
Other
intangible assets |
3,356.3 |
3,163.8 |
3,087.3 |
Right-of-use assets |
1,525.3 |
1,892.3 |
- |
Property, plant and equipment |
3,225.2 |
3,644.3 |
3,624.6 |
Non-current financial assets |
9,604.8 |
10,819.1 |
9,100.5 |
Investments in associates |
11.1 |
10.9 |
9.0 |
Deferred tax assets |
809.9 |
777.3 |
572.7 |
Current assets |
14,560.1 |
13,916.5 |
12,466.3 |
Inventories |
2,675.8 |
2,920.8 |
2,821.9 |
Trade
accounts receivable |
3,511.3 |
4,086.7 |
3,983.2 |
Other
current assets |
1,732.7 |
1,474.9 |
1,509.1 |
Current tax assets |
234.4 |
148.1 |
160.1 |
Cash
and cash equivalents |
6,405.9 |
5,286.0 |
3,992.0 |
TOTAL |
43,606.9 |
43,809.8 |
38,457.5 |
▌ EQUITY &
LIABILITIES
€ millions |
31.12.2020 |
31.12.2019 |
31.12.2018 |
Equity |
28,998.8 |
29,426.0 |
26,933.6 |
Share
capital |
112.0 |
111.6 |
112.1 |
Additional paid-in capital |
3,259.8 |
3,130.2 |
3,070.3 |
Other
reserves |
18,642.5 |
16,930.9 |
15,952.5 |
Other
comprehensive income |
4,304.5 |
5,595.8 |
4,242.1 |
Cumulative translation adjustments |
-889.2 |
-99.2 |
-287.4 |
Treasury shares |
- |
- |
-56.5 |
Net
profit attributable to owners of the company |
3,563.4 |
3,750.0 |
3,895.4 |
Equity attributable to owners of the company |
28,993.0 |
29,419.3 |
26,928.4 |
Non-controlling interests |
5.8 |
6.7 |
5.2 |
Non-current liabilities |
3,478.0 |
3,515.3 |
1,412.2 |
Provisions for employee retirement obligations and related
benefits |
1,013.5 |
772.9 |
388.9 |
Provisions for liabilities and charges |
56.8 |
56.9 |
47.6 |
Non-current tax liabilities |
397.9 |
310.2 |
288.5 |
Deferred tax liabilities |
706.6 |
737.7 |
673.7 |
Non-current borrowings and debt |
8.5 |
9.6 |
13.5 |
Non-current lease debt |
1,294.7 |
1,628.0 |
- |
Current liabilities |
11,130.1 |
10,868.5 |
10,111.6 |
Trade
accounts payable |
4,764.5 |
4,658.4 |
4,550.0 |
Provisions for liabilities and charges |
1,224.7 |
1,117.8 |
979.8 |
Other
current liabilities |
3,682.5 |
3,508.5 |
3,138.9 |
Income
tax |
215.1 |
334.8 |
215.1 |
Current borrowings and debt |
856.4 |
841.2 |
1,227.8 |
Current lease debt |
386.9 |
407.9 |
- |
TOTAL |
43,606.9 |
43,809.8 |
38,457.5 |
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 shares |
Cumulative translation adjustments |
Equity attributable to owners of the company |
Non-control- ling interests |
Total equity |
|
At 31.12.2017 |
559,747,963 |
112.1 |
2,935.3 |
18,343.3 |
3,895.0 |
-56.5 |
-413.5 |
24,815.7 |
2.8 |
24,818.5 |
|
Changes in accounting policy at 01.01.2018 |
|
|
|
-12.0 |
|
|
|
-12.0 |
-0.9 |
-12.9 |
|
At 31.12.2018 (1) |
559,747,963 |
112.1 |
2,935.3 |
18,331.3 |
3,895.0 |
-56.5 |
-413.5 |
24,803.7 |
1.9 |
24,805.6 |
|
Consolidated net profit for the period |
|
|
|
3,895.4 |
|
|
|
3,895.4 |
4.1 |
3,899.5 |
|
Cash flow hedges |
|
|
|
|
-45.3 |
|
|
-45.3 |
-0.2 |
-45.5 |
|
Cumulative translation adjustments |
|
|
|
|
|
|
114.5 |
114.5 |
0.3 |
114.8 |
|
Hyperinflation |
|
|
|
|
|
|
11.6 |
11.6 |
|
11.6 |
|
Other comprehensive income that may be reclassified to
profit and loss |
|
|
|
|
-45.3 |
|
126.1 |
80.8 |
0.1 |
80.9 |
|
Financial assets at fair value through profit or loss |
|
|
|
|
436.5 |
|
|
436.5 |
|
436.5 |
|
Actuarial gains and losses |
|
|
|
|
-44.0 |
|
|
-44.0 |
|
-44.0 |
|
Other comprehensive income that may not be reclassified to
profit and loss |
|
|
|
|
392.5 |
|
|
392.5 |
- |
392.5 |
|
Consolidated comprehensive
income |
|
|
|
3,895.4 |
347.2 |
|
126.1 |
4,368.7 |
4.2 |
4,372.9 |
|
Capital increase |
2,375,378 |
0.5 |
135.0 |
-0.2 |
|
|
|
135.3 |
|
135.3 |
|
Cancellation of Treasury shares |
|
-0.5 |
|
-498.9 |
|
499.4 |
|
- |
|
- |
|
Dividends paid (not paid on Treasury shares) |
|
|
|
-2,006.6 |
|
|
|
-2,006.6 |
-3.8 |
-2,010.4 |
|
Share-based payment |
|
|
|
126.4 |
|
|
|
126.4 |
|
126.4 |
|
Net
changes in Treasury shares |
-2,497,814 |
|
|
|
|
-499.4 |
|
-499.4 |
|
-499.4 |
|
Changes in scope of consolidation |
|
|
|
-2.9 |
|
|
|
-2.9 |
2.9 |
|
|
Other
movements |
|
|
|
3.4 |
-0.1 |
|
|
3.3 |
|
3.3 |
|
At 31.12.2018 |
559,625,527 |
112.1 |
3,070.3 |
19,847.8 |
4,242.1 |
-56.5 |
-287.4 |
26,928.4 |
5.2 |
26,933.6 |
|
Changes in accounting policies at 01.01.2019 |
|
|
|
-81.5 |
|
|
|
-81.5 |
|
-81.5 |
At 01.01.2019 (2) |
559,625,527 |
112.1 |
3,070.3 |
19,766.3 |
4,242.1 |
-56.5 |
-287.4 |
26,847.0 |
5.2 |
26,852.2 |
Consolidated net profit for the period |
|
|
|
3,750.0 |
|
|
|
3,750.0 |
5.2 |
3,755.2 |
Cash flow hedges |
|
|
|
|
1.1 |
|
|
1.1 |
-0.1 |
1.0 |
Cumulative translation adjustments |
|
|
|
|
|
|
174.1 |
174.1 |
0,0 |
174.1 |
Hyperinflation |
|
|
|
|
|
|
14.1 |
14.1 |
0.018 |
14.1 |
Other comprehensive income that may be reclassified to
profit and loss |
|
|
|
|
1.1 |
|
188.2 |
189.3 |
-0.1 |
189.2 |
Financial assets at fair value through profit or loss |
|
|
|
|
1,598.9 |
|
|
1,598.9 |
|
1,598.9 |
Actuarial gains and losses |
|
|
|
|
-246.3 |
|
|
-246.3 |
|
-246.3 |
Other comprehensive income that may not be reclassified to
profit and loss |
|
|
|
|
1,352.6 |
|
|
1,352.6 |
- |
1,352.6 |
Consolidated comprehensive income |
|
|
|
3,750.0 |
1,353.7 |
|
188.2 |
5,291.9 |
5.1 |
5,297.0 |
Capital increase |
1,491,678 |
0.3 |
59.9 |
-0.1 |
|
|
|
60.0 |
|
60.0 |
Cancellation of Treasury shares |
|
-0.8 |
|
-803.0 |
|
803.8 |
|
- |
|
- |
Dividends paid (not paid on Treasury shares) |
|
|
|
-2,176.7 |
|
|
|
-2,176.7 |
-3.6 |
-2,180.3 |
Share-based payment |
|
|
|
144.4 |
|
|
|
144.4 |
|
144.4 |
Net
changes in Treasury shares |
-3,000,000 |
|
|
|
|
-747.3 |
|
-747.3 |
|
-747.3 |
Purchase commitments for non-controlling interests |
|
|
|
|
|
|
|
- |
|
- |
Changes in scope of consolidation |
|
|
|
|
|
|
|
- |
|
- |
Other
movements |
|
|
|
-0.1 |
|
|
|
-0.1 |
|
-0.1 |
At 31.12.2019 |
558,117,205 |
111.6 |
3,130.2 |
20,680.9 |
5,595.8 |
0.0 |
-99.2 |
29,419.3 |
6.7 |
29,426.0 |
(1) After taking account of the
change in accounting policy pertaining to IFRS 15 Revenue from
Contracts with Customers.(2) After taking account of
the change in accounting policy pertaining to IFRS
16.
€
millions |
Common shares outstanding |
Share capital |
Additional paid-in capital |
Retained earnings and net profit |
Other compre- hensive income |
Treasury shares |
Cumulative translation adjustments |
Equity attributable to owners of the company |
Non-control- ling interests |
Total equity |
|
At 31.12.2019 |
558,117,205 |
111.6 |
3,130.2 |
20,681.0 |
5,595.8 |
0.0 |
-99.2 |
29,419.3 |
6.7 |
29,426.0 |
Consolidated net profit for the period |
|
|
|
3,563.4 |
|
|
|
3,563.4 |
4.2 |
3,567.6 |
Cash flow hedges |
|
|
|
|
105.6 |
|
|
105.6 |
0.2 |
105.8 |
Cumulative translation adjustments |
|
|
|
|
|
|
-801.8 |
-801.8 |
-0.3 |
-802.1 |
Hyperinflation |
|
|
|
|
|
|
11.9 |
11.9 |
|
11.9 |
Other comprehensive income that may be reclassified to
profit and loss |
|
|
|
|
105.6 |
|
-789.9 |
-684.3 |
-0.1 |
-684.4 |
Financial assets at fair value through profit or loss |
|
|
|
|
-1,228.8 |
|
|
-1,228.8 |
|
-1,228.8 |
Actuarial gains and losses |
|
|
|
|
-168.1 |
|
|
-168.1 |
|
-168.1 |
Other comprehensive income that may not be reclassified to
profit and loss |
|
|
|
|
-1,396.9 |
|
|
-1,396.9 |
|
-1,396.9 |
Consolidated comprehensive income |
|
|
|
3,563.4 |
-1,291.3 |
|
-789.9 |
1,482.1 |
4.2 |
1,486,3 |
Capital increase |
1,754,375 |
0.4 |
129.6 |
-0.2 |
|
|
|
129.8 |
|
129.8 |
Cancellation of Treasury shares |
|
|
|
|
|
|
|
|
|
|
Dividends paid (not paid on Treasury shares) |
|
|
|
-2,172.6 |
|
|
|
-2,172.6 |
-4.9 |
-2,177.5 |
Share-based payment |
|
|
|
129.7 |
|
|
|
129.7 |
|
129.7 |
Net
changes in Treasury shares |
|
|
|
|
|
|
|
|
|
|
Purchase commitments for non-controlling interests |
|
|
|
|
|
|
|
|
|
|
Changes in scope of consolidation |
|
|
|
|
|
|
|
|
|
|
Other
movements |
|
|
|
4.8 |
|
|
|
4.8 |
-0.1 |
4.7 |
At 31.12.2020 |
559,871,580 |
112.0 |
3,259.8 |
22,206.0 |
4,304.5 |
|
-889.1 |
28,993.0 |
5.8 |
28,998.8 |
Appendix 6: Compared
consolidated statements of cash flows
€ millions |
2020 |
2019 |
2018 |
Cash flows from operating activities |
|
|
|
Net
profit attributable to owners of the company |
3,563.4 |
3,750.0 |
3,895.4 |
Non-controlling interests |
4.2 |
5.2 |
4.1 |
Elimination of expenses and income with no impact on cash
flows: |
|
|
|
•
depreciation, amortisation, provisions and non-current tax
liabilities |
2,028.1 |
1,958.3 |
1,109.3 |
•
changes in deferred taxes |
-10.1 |
-42.5 |
43.0 |
•
share-based payment (including free shares) |
129.7 |
144.4 |
126.4 |
•
capital gains and losses on disposals of assets |
3.6 |
-14.0 |
-2.7 |
Other
non-cash transactions |
5.8 |
1.9 |
2.7 |
Share
of profit in associates net of dividends received |
-0.6 |
-1.0 |
-0.1 |
Gross cash flow |
5,724.1 |
5,802.3 |
5,178.1 |
Changes in working capital |
729.2 |
460.5 |
113.8 |
Net cash provided by operating activities (A) |
6,453.3 |
6,262.8 |
5,291.9 |
Cash flows from investing activities |
|
|
|
Purchases of property, plant and equipment and intangible
assets |
-972.4 |
-1,231.0 |
-1,416.1 |
Disposals of property, plant and equipment and intangible
assets |
26.6 |
16.6 |
5.6 |
Changes in other financial assets (including investments in
non-consolidated companies) |
-66.5 |
-65.9 |
61.0 |
Effect
of changes in the scope of consolidation |
-1,626.8 |
-9.3 |
-666.5 |
Net cash (used in) from investing activities
(B) |
-2,639.1 |
-1,289.6 |
-2,016.0 |
Cash flows from financing activities |
|
|
|
Dividends paid |
-2,190.6 |
-2,221.1 |
-2,061.4 |
Capital increase of the parent company |
129.7 |
60.0 |
135.3 |
Disposal (acquisition) of Treasury shares |
- |
-747.3 |
-499.4 |
Purchase of non-controlling interests |
- |
- |
- |
Issuance (repayment) of short-term loans |
-74.8 |
-354.9 |
62.3 |
Issuance of long-term borrowings |
- |
- |
- |
Repayment of long-term borrowings |
-3.6 |
-0.6 |
-4.3 |
Repayment of lease debt |
-451.8 |
-425.8 |
- |
Net cash (used in) from financing activities
(C) |
-2,591.1 |
-3,689.6 |
-2,367.5 |
Net
effect of changes in exchange rates and fair value (D) |
-103.2 |
10.5 |
36.9 |
Change in cash and cash equivalents (A+B+C+D) |
1,119.9 |
1,294.0 |
945.4 |
Cash and cash equivalents at beginning of the year
(E) |
5,286.0 |
3,992.0 |
3,046.6 |
CASH AND CASH EQUIVALENTS AT
THE END OF THE YEAR (A+B+C+D+E+F) |
6,405.9 |
5,286.0 |
3,992.0 |
1 Like-for-like: based on a comparable
structure and identical exchange rates.2 Diluted earnings per
share, based on net profit, excluding non-recurring items, after
non-controlling interests.3 Net cash flow = Gross cash flow +
changes in working capital - capital expenditure. 4
Proposed at the Annual General Meeting of 20 April 2021.5 Sales
achieved on our brands’ own websites + estimated sales achieved by
our brands corresponding to sales through our retailers’ websites
(non-audited data).6 Non-allocated = Central Group expenses,
fundamental research expenses, free grant of shares expenses and
miscellaneous items. As a % of sales.7 Diluted earnings
per share, based on net profit, excluding non-recurring items,
after non-controlling interests.8 Non-recurring items include
impairment of assets, net profit of discontinued operations,
restructuring costs and tax effects of non-recurring items.9 Net
cash flow = Gross cash flow + changes in working capital - capital
expenditure.
- LOREAL_AnnualResults_2020_EN
LOreal (EU:OR)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
LOreal (EU:OR)
Graphique Historique de l'Action
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