| € millions | 31.12.2021 | 31.12.2022 | Charges | Reversals (used) | Reversals (not used) | Partial asset contributions(3)Provisions for liabilities and charges transferred in connection with partial asset contributions | Other movements | 31.12.2023 |
|---|---|---|---|---|---|---|---|---|
| Provisions for litigation(1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. | Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. 31.12.2021193.4 |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. 31.12.2022192.5 |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. Charges0.1 |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. Reversals (used)190.0 |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. Reversals (not used)0.8 |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. Partial asset contributions(3)Provisions for liabilities and charges transferred in connection with partial asset contributions-1.4 |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. Other movements- |
Provisions for litigation (1) First instance decision of 18 December 2014 issued by the French Competition Authority (Autorité de la Concurrence) imposing a fine of €189.5 million against L’Oréal in the hygiene and body care products sector in respect of matters going back to the beginning of the 2000s. On 27 October 2016, the Paris Court of Appeal upheld the first instance decision. After nearly ten years of legal proceedings, L’Oréal lodged a further appeal to the French supreme court, the Court of Cassation, which was rejected on 18 October 2023. It should be noted that since the appeal and further appeal had no suspensive effect, the fine, provision for which had been made at the end of 2014, was paid on 28 April 2015. This latest definitive ruling has no impact on L’Oréal S.A.’s income statement or cash position, as the settlement had already taken place in 2015. 31.12.20230.4 |
| Provisions for foreign exchange losses | Provisions for foreign exchange losses 31.12.2021176.4 |
Provisions for foreign exchange losses 31.12.202216.0 |
Provisions for foreign exchange losses Charges35.0 |
Provisions for foreign exchange losses Reversals (used)16.0 |
Provisions for foreign exchange losses Reversals (not used)- |
Provisions for foreign exchange losses Partial asset contributions(3)Provisions for liabilities and charges transferred in connection with partial asset contributions- |
Provisions for foreign exchange losses Other movements- |
Provisions for foreign exchange losses 31.12.202335.0 |
| Provisions for expenses | Provisions for expenses 31.12.2021171.8 |
Provisions for expenses 31.12.2022158.5 |
Provisions for expenses Charges115.6 |
Provisions for expenses Reversals (used)69.7 |
Provisions for expenses Reversals (not used)14.0 |
Provisions for expenses Partial asset contributions(3)Provisions for liabilities and charges transferred in connection with partial asset contributions-55.5 |
Provisions for expenses Other movements0.8 |
Provisions for expenses 31.12.2023135.7 |
| Other provisions for liabilities(2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. | Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. 31.12.2021336.7 |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. 31.12.2022229.6 |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. Charges61.3 |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. Reversals (used)17.4 |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. Reversals (not used)101.5 |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. Partial asset contributions(3)Provisions for liabilities and charges transferred in connection with partial asset contributions-22.8 |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. Other movements- |
Other provisions for liabilities (2) This section mainly includes provisions set aside to cover risks related to government bodies, commercial and financial risks. 31.12.2023149.2 |
| TOTAL | TOTAL31.12.2021878.3 | TOTAL31.12.2022596.6 | TOTALCharges212.0 | TOTALReversals (used)293.1 | TOTALReversals (not used)116.3 | TOTALPartial asset contributions(3)Provisions for liabilities and charges transferred in connection with partial asset contributions -79.7 | TOTALOther movements0.8 | TOTAL31.12.2023320.3 |
The changes in provisions for liabilities and charges impact the 2023 income statement as follows:
| € millions | Charges | Reversals (used) | Reversals (not used) |
|---|---|---|---|
| Operating profit | Operating profit Charges143.5 |
Operating profit Reversals (used)76.6 |
Operating profit Reversals (not used)20.2 |
| Net financial income | Net financial income Charges17.3 |
Net financial income Reversals (used)9.5 |
Net financial income Reversals (not used)39.3 |
| Exceptional items | Exceptional items Charges51.2 |
Exceptional items Reversals (used)207.0 |
Exceptional items Reversals (not used)56.8 |
| TOTAL | TOTALCharges212.0 | TOTALReversals (used)293.1 | TOTALReversals (not used)116.3 |
L’Oréal obtains financing through medium-term bond loans and issues short-term marketable instruments in France and the United States. The amounts of the programmes are €5,000 million and $5,000 million respectively. None of the Group’s borrowings or debt contains an early repayment clause linked to financial ratios (covenants).
Liquidity on the short-term marketable instruments issues is provided by confirmed undrawn short-term credit facilities with banks, which amounted to €5,000 million at 31 December 2023, compared to €5,000 million at 31 December 2022 and €5,000 million at 31 December 2021.
All borrowings and debt are denominated in euros and can be broken down as follows:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Bonds | Bonds 31.12.20236,551.1 |
Bonds 31.12.20223,014.5 |
Bonds 31.12.2021- |
| Short-term marketable instruments | Short-term marketable instruments 31.12.2023- |
Short-term marketable instruments 31.12.2022795.2 |
Short-term marketable instruments 31.12.20212,507.0 |
| Bank overdrafts and financing with the Group’s cash pool | Bank overdrafts and financing with the Group’s cash pool 31.12.2023- |
Bank overdrafts and financing with the Group’s cash pool 31.12.2022- |
Bank overdrafts and financing with the Group’s cash pool 31.12.2021- |
| Other borrowings and debt | Other borrowings and debt 31.12.20234.2 |
Other borrowings and debt 31.12.202262.4 |
Other borrowings and debt 31.12.20212,439.5 |
| TOTAL | TOTAL31.12.20236,555.3 | TOTAL31.12.20223,872.1 | TOTAL31.12.20214,946.5 0 |
