By Cristina Roca 
 

L'Oreal SA (OR.FR) said Friday that it will book a 320 million euro ($353.5 million) tax charge for 2019 after reaching a settlement with the French authorities regarding the tax base of three of its subsidiaries over the fiscal years 2014 to 2018.

The beauty giant said the financial impact for the five-year period amounts to EUR47 million for its Lancome Parfums et Beaute subsidiary, EUR115 million for its Cosmetique Active International subsidiary, and EUR158 million for its Prestige & Collections International subsidiary.

No tax penalties were incurred, and the amount will be recorded as an exceptional charge for 2019 with no significant recurrent impact in the future, L'Oreal said.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

September 20, 2019 13:07 ET (17:07 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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