Net financial income amounts include the following items:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Dividends received(1)In 2022, L’Oréal received an exceptional dividend of €6.8 billion from its subsidiary L’Oréal Hong Kong following the transfer of the Travel Retail Asia business to L’Oréal Singapore. Along with the annual dividend paid to its shareholders, L’Oréal also received an additional exceptional dividend of €74.5 million, paid in the form of Euroapi shares, from Sanofi. | Dividends received (1)In 2022, L’Oréal received an exceptional dividend of €6.8 billion from its subsidiary L’Oréal Hong Kong following the transfer of the Travel Retail Asia business to L’Oréal Singapore. Along with the annual dividend paid to its shareholders, L’Oréal also received an additional exceptional dividend of €74.5 million, paid in the form of Euroapi shares, from Sanofi.31.12.20235,179.8 |
Dividends received (1)In 2022, L’Oréal received an exceptional dividend of €6.8 billion from its subsidiary L’Oréal Hong Kong following the transfer of the Travel Retail Asia business to L’Oréal Singapore. Along with the annual dividend paid to its shareholders, L’Oréal also received an additional exceptional dividend of €74.5 million, paid in the form of Euroapi shares, from Sanofi.31.12.202211,726.2 |
Dividends received (1)In 2022, L’Oréal received an exceptional dividend of €6.8 billion from its subsidiary L’Oréal Hong Kong following the transfer of the Travel Retail Asia business to L’Oréal Singapore. Along with the annual dividend paid to its shareholders, L’Oréal also received an additional exceptional dividend of €74.5 million, paid in the form of Euroapi shares, from Sanofi.31.12.20213,549.2 |
| Revenues on other receivables and marketable securities | Revenues on other receivables and marketable securities 31.12.2023105.4 |
Revenues on other receivables and marketable securities 31.12.202227.8 |
Revenues on other receivables and marketable securities 31.12.20210.1 |
| Interest expense on borrowings and financial debt | Interest expense on borrowings and financial debt 31.12.2023-140.6 |
Interest expense on borrowings and financial debt 31.12.2022-4.9 |
Interest expense on borrowings and financial debt 31.12.2021-21.9 |
| Others | Others 31.12.2023-20.5 |
Others 31.12.2022-37.4 |
Others 31.12.2021-10.3 |
| TOTAL | TOTAL 31.12.20235,124.1 |
TOTAL 31.12.202211,711.7 |
TOTAL 31.12.20213,517.1 |
(1) In 2022, L’Oréal received an exceptional dividend of €6.8 billion from its subsidiary L’Oréal Hong Kong following the transfer of the Travel Retail Asia business to L’Oréal Singapore. Along with the annual dividend paid to its shareholders, L’Oréal also received an additional exceptional dividend of €74.5 million, paid in the form of Euroapi shares, from Sanofi.
Charges to provisions net of reversals and expense transfers chiefly concern:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Equity investments(1)In 2023, this mainly related to the impairment of shares in L’Oréal Singapore. This is the inevitable consequence of the overall deterioration in L’Oréal Singapore’s situation, which was itself due to various operational reorganisations of Travel Retail. | Equity investments (1)In 2023, this mainly related to the impairment of shares in L’Oréal Singapore. This is the inevitable consequence of the overall deterioration in L’Oréal Singapore’s situation, which was itself due to various operational reorganisations of Travel Retail.31.12.2023 -2,044.1 |
Equity investments (1)In 2023, this mainly related to the impairment of shares in L’Oréal Singapore. This is the inevitable consequence of the overall deterioration in L’Oréal Singapore’s situation, which was itself due to various operational reorganisations of Travel Retail.31.12.2022 -49.2 |
Equity investments (1)In 2023, this mainly related to the impairment of shares in L’Oréal Singapore. This is the inevitable consequence of the overall deterioration in L’Oréal Singapore’s situation, which was itself due to various operational reorganisations of Travel Retail.31.12.2021 -40.4 |
| Impairment of other financial assets | Impairment of other financial assets 31.12.2023 - |
Impairment of other financial assets 31.12.2022 - |
Impairment of other financial assets 31.12.2021 - |
| Impairment of Treasury shares | Impairment of Treasury shares 31.12.2023 - |
Impairment of Treasury shares 31.12.2022 - |
Impairment of Treasury shares 31.12.2021 - |
| Provisions for liabilities and charges relating to financial items(2)In 2023, this mainly related to the reversal of provisions for risks relating to the subsidiaries’ negative overall situation, amounting to €39.2 million. | Provisions for liabilities and charges relating to financial items (2)In 2023, this mainly related to the reversal of provisions for risks relating to the subsidiaries’ negative overall situation, amounting to €39.2 million.31.12.2023 31.6 |
Provisions for liabilities and charges relating to financial items (2)In 2023, this mainly related to the reversal of provisions for risks relating to the subsidiaries’ negative overall situation, amounting to €39.2 million.31.12.2022 154.8 |
Provisions for liabilities and charges relating to financial items (2)In 2023, this mainly related to the reversal of provisions for risks relating to the subsidiaries’ negative overall situation, amounting to €39.2 million.31.12.2021 -143.0 |
| Others | Others 31.12.2023 2.0 |
Others 31.12.2022 2.5 |
Others 31.12.2021 - |
| TOTAL | TOTAL 31.12.2023 -2,010.5 |
TOTAL 31.12.2022 108.1 |
TOTAL 31.12.2021 -183.4 |
(1) In 2023, this mainly related to the impairment of shares in L’Oréal Singapore. This is the inevitable consequence of the overall deterioration in L’Oréal Singapore’s situation, which was itself due to various operational reorganisations of Travel Retail.
(2) In 2023, this mainly related to the reversal of provisions for risks relating to the subsidiaries’ negative overall situation, amounting to €39.2 million.
In 2022, this mainly related to provisions for currency risk amounting to €165.1 million.
Exceptional items represented €113.8 million in 2023, compared to €246.6 million in 2022 and €2.1 million in 2021.
The income tax breaks down as follows:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Tax on profit before tax and exceptional items | Tax on profit before tax and exceptional items 31.12.2023-175.1 |
Tax on profit before tax and exceptional items 31.12.2022-262.5 |
Tax on profit before tax and exceptional items 31.12.2021-82.3 |
| Tax on exceptional items and employee Profit Sharing | Tax on exceptional items and employee Profit Sharing 31.12.202311.0 |
Tax on exceptional items and employee Profit Sharing 31.12.202212.1 |
Tax on exceptional items and employee Profit Sharing 31.12.202180.6 |
| INCOME TAX | INCOME TAX31.12.2023-164.1 | INCOME TAX31.12.2022-250.4 | INCOME TAX31.12.2021-1.7 |
In 2023, the tax charge recognised by L’Oréal included a tax consolidation loss of €43.9 million.
In 2022, the tax charge recognised by L’Oréal included a tax consolidation loss of €65.0 million.
In 2021, the tax charge recognised by L’Oréal reflected €53.3 million in savings resulting from tax consolidation.
