L’Oréal S.A. is a French company, with its head office in France. It acts as a holding company and provides strategic coordination, particularly for brands, as well as reasearch, innovation and technical coordination for the L’Oréal Group throughout the world. At the same time, it performed a sales activity until this activity was subsidiarised on 1 July 2023 to the companies L’Oréal France and L’Oréal International Distribution, as approved by the Annual General Meeting of 21 April 2023 in its 19th and 20th resolutions.
The subsidiaries operate the Group’s business activities in the countries or region(s) in which they are located, on the domestic or the export markets. To do so, they define the development strategy specific to their market(s), make the most suitable choices in terms of consumer targets and distribution channels, and manufacture, directly or indirectly, and market the brands they decide to sell on their market(s).
Almost all of the subsidiaries are owned by L’Oréal S.A. which has a holding or control percentage equal or close to 100%.
The financial statements set out in this chapter present the results of the L’Oréal Group as a whole, including all subsidiaries.
The Statutory Auditors’ Report on the consolidated financial statements has been included at the end of this chapter.
| € millions | Notes | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Net sales | Net salesNotes3.1 | Net sales202341,182.5 | Net sales202238,260.6 | Net sales202132,287.6 |
| Cost of sales | Cost of sales Notes
|
Cost of sales 2023-10,767.0 |
Cost of sales 2022-10,577.4 |
Cost of sales 2021-8,433.3 |
| Gross profit | Gross profitNotes
|
Gross profit202330,415.5 | Gross profit202227,683.3 | Gross profit202123,854.3 |
| Research & Innovation expenses | Research & Innovation expenses Notes
|
Research & Innovation expenses 2023-1,288.9 |
Research & Innovation expenses 2022-1,138.6 |
Research & Innovation expenses 2021-1,028.7 |
| Selling, general and administrative expenses | Selling, general and administrative expenses Notes
|
Selling, general and administrative expenses 2023-13,356.6 |
Selling, general and administrative expenses 2022-12,059.0 |
Selling, general and administrative expenses 2021-10,591.0 |
| Selling, general and administrative expenses | Selling, general and administrative expenses Notes
|
Selling, general and administrative expenses 2023-7,626.7 |
Selling, general and administrative expenses 2022-7,028.8 |
Selling, general and administrative expenses 2021-6,074.2 |
| Operating profit | Operating profitNotes3.1 | Operating profit20238,143.3 | Operating profit20227,456.9 | Operating profit20216,160.3 |
| Other income and expenses | Other income and expenses Notes4 |
Other income and expenses 2023-449.9 |
Other income and expenses 2022-241.5 |
Other income and expenses 2021-432.0 |
| Operational profit | Operational profitNotes
|
Operational profit20237,693.4 | Operational profit20227,215.4 | Operational profit20215,728.3 |
| Finance costs on gross debt | Finance costs on gross debt Notes
|
Finance costs on gross debt 2023-226,7 |
Finance costs on gross debt 2022-241.5 |
Finance costs on gross debt 2021-38,0 |
| Finance income on cash and cash equivalents | Finance income on cash and cash equivalents Notes
|
Finance income on cash and cash equivalents 2023162.1 |
Finance income on cash and cash equivalents 202269.8 |
Finance income on cash and cash equivalents 202118.5 |
| Finance costs, net | Finance costs, netNotes
|
Finance costs, net2023-64.6 | Finance costs, net2022-0.6 | Finance costs, net2021-19.4 |
| Other financial income and expenses | Other financial income and expenses Notes9.4 |
Other financial income and expenses 2023-48.8 |
Other financial income and expenses 2022-72.3 |
Other financial income and expenses 2021-40.2 |
| Sanofi dividends | Sanofi dividends Notes
|
Sanofi dividends 2023420.9 |
Sanofi dividends 2022468.2 |
Sanofi dividends 2021378.3 |
| Profit before tax and associates | Profit before tax and associatesNotes
|
Profit before tax and associates20238,001.0 | Profit before tax and associates20227,610.6 | Profit before tax and associates20216,046.9 |
| Income tax | Income tax Notes6 |
Income tax 2023-1,810.6 |
Income tax 2022-1,899.4 |
Income tax 2021-1,445.4 |
| Share of profit in associates | Share of profit in associates Notes
|
Share of profit in associates 20230.2 |
Share of profit in associates 20221.4 |
Share of profit in associates 20210.6 |
| Net profit | Net profitNotes
|
Net profit20236,190.5 | Net profit20225,712.6 | Net profit20214,602.2 |
| Attributable to: | Attributable to: Notes
|
Attributable to: 2023
|
Attributable to: 2022
|
Attributable to: 2021
|
| • owners of the company | • owners of the company Notes
|
• owners of the company 20236,184.0 |
• owners of the company 20225,706.6 |
• owners of the company 20214,597.1 |
| • non-controlling interests | • non-controlling interests Notes
|
• non-controlling interests 20236.5 |
• non-controlling interests 20226.0 |
• non-controlling interests 20215.1 |
| Earnings per share attributable to owners of the company (euros) | Earnings per share attributable to owners of the company (euros) Notes
|
Earnings per share attributable to owners of the company (euros) 202311.55 |
Earnings per share attributable to owners of the company (euros) 202210.65 |
Earnings per share attributable to owners of the company (euros) 20218.24 |
| Diluted earnings per share attributable to owners of the company (euros) | Diluted earnings per share attributable to owners of the company (euros) Notes
|
Diluted earnings per share attributable to owners of the company (euros) 202311.52 |
Diluted earnings per share attributable to owners of the company (euros) 202210.61 |
Diluted earnings per share attributable to owners of the company (euros) 20218.21 |
| Earnings per share attributable to owners of the company, excluding non-recurring items (euros) | Earnings per share attributable to owners of the company, excluding non-recurring items (euros) Notes11.4 |
Earnings per share attributable to owners of the company, excluding non-recurring items (euros) 202312.11 |
Earnings per share attributable to owners of the company, excluding non-recurring items (euros) 202211.30 |
Earnings per share attributable to owners of the company, excluding non-recurring items (euros) 20218.86 |
| Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) | Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) Notes11.4 |
Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) 202312.08 |
Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) 202211.26 |
Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) 20218.82 |
