2023 universal registration document

1. Presentation of the Group – Integrated Report

Financial ratios
non-inclus 2021 2022 2023
Operating profit/Sales (as % of sales) 19.1% 19.5% 19.8%
Net profit excluding non-recurring items attributable to the owners of the group/Opening shareholders’ equity (% of shareholders’ equity) 17.0% 25.8% 23.9%
Net gearingNet gearing: (Current and non-current debt – Cash and cash equivalents) / Shareholders’ equity attributable to owners of the company. (% of shareholders’ equity) 15.2% 11.2 % 15.1 %
Gross cash flow/Investments 6.2x 5.4x 5.4x
L’Oréal 2018-2023
€ millions 2018 2019 2020 2021 2022 2023
Results Results2018

 

Results2019

 

Results2020

 

Results2021

 

Results2022

 

Results2023

 

Consolidated sales

Consolidated sales

2018

26,937

Consolidated sales

2019

29,874

Consolidated sales

2020

27,992

Consolidated sales

2021

32,288

Consolidated sales

2022

38,260

Consolidated sales

2023

41,183

Operating profit

Operating profit

2018

4,922

Operating profit

2019

5,548

Operating profit

2020

5,209

Operating profit

2021

6,160

Operating profit

2022

7,457

Operating profit

2023

8,143

As a percentage of consolidated sales

As a percentage of consolidated sales

2018

18.3%

As a percentage of consolidated sales

2019

18.6%

As a percentage of consolidated sales

2020

18.6%

As a percentage of consolidated sales

2021

19.1%

As a percentage of consolidated sales

2022

19.5%

As a percentage of consolidated sales

2023

19.8%

Profit before tax excluding non-recurring items

Profit before tax excluding

non-recurring

items

2018

5,278

Profit before tax excluding

non-recurring

items

2019

5,848

Profit before tax excluding

non-recurring

items

2020

5,485

Profit before tax excluding

non-recurring

items

2021

6,479

Profit before tax excluding

non-recurring

items

2022

7,852

Profit before tax excluding

non-recurring

items

2023

8,451

Net profit excluding non-recurring items attributable to the owners of the company

Net profit excluding non-recurring items attributable to the owners of the company

2018

3,988

Net profit excluding non-recurring items attributable to the owners of the company

2019

4,357

Net profit excluding non-recurring items attributable to the owners of the company

2020

4,099

Net profit excluding non-recurring items attributable to the owners of the company

2021

4,938

Net profit excluding non-recurring items attributable to the owners of the company

2022

6,054

Net profit excluding non-recurring items attributable to the owners of the company

2023

6,487

Net profit attributable to owners of the company

Net profit attributable to owners of the company

2018

3,895

Net profit attributable to owners of the company

2019

3,750

Net profit attributable to owners of the company

2020

3,563

Net profit attributable to owners of the company

2021

4,597

Net profit attributable to owners of the company

2022

5,707

Net profit attributable to owners of the company

2023

6,184

Total dividend

Total dividend

2018

2,177

Total dividend

2019

2,173

Total dividend

2020

2,268

Total dividend

2021

2,601

Total dividend

2022

3,248

Total dividend

20233,564Dividend proposed to the Annual General Meeting of 23 april 2024.
Balance sheet Balance sheet2018

 

Balance sheet2019

 

Balance sheet2020

 

Balance sheet2021

 

Balance sheet2022

 

Balance sheet2023

 

Non-current assets

Non-current assets

2018

25,991

Non-current assets

2019

29,893

Non-current assets

2020

29,047

Non-current assets

2021

30,938

Non-current assets

2022

32,794

Non-current assets

2023

35,530

Current assets excl. cash and cash equivalents

Current assets excl. cash and cash equivalents

2018

8,474

Current assets excl. cash and cash equivalents

2019

8,631

Current assets excl. cash and cash equivalents

2020

8,154

Current assets excl. cash and cash equivalents

2021

9,362

Current assets excl. cash and cash equivalents

2022

11,432

Current assets excl. cash and cash equivalents

2023

12,037

Cash and cash equivalents

Cash and cash equivalents

2018

3,992

Cash and cash equivalents

2019

5,286

Cash and cash equivalents

2020

6,406

Cash and cash equivalents

2021

2,714

Cash and cash equivalents

2022

2,618

Cash and cash equivalents

2023

4,288

EquityPlus non-controlling interests.

Equity

Plus non-controlling interests.
2018

26,933

Equity

Plus non-controlling interests.
2019

29,426

Equity

Plus non-controlling interests.
2020

28,999

Equity

Plus non-controlling interests.
2021

23,593

Equity

Plus non-controlling interests.
2022

27,187

Equity

Plus non-controlling interests.
2023

29,082

Net financial position(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.

Net financial position

(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.
2018

-2,751

Net financial position

(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.
2019

-2,399

Net financial position

(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.
2020

-3,859

Net financial position

(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.
2021

3,586

Net financial position

(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.
2022

3,033

Net financial position

(2) The net cash surplus was €2,751 million in 2018, €2,399 million in 2019, €3,859 million in 2020, -€3,586 million in 2021 and -€3,022 in 2022. The net debt was -€4,404 million in 2023.
2023

4,404

Gross cash flow

Gross cash flow

2018

5,178

Gross cash flow

2019

5,802

Gross cash flow

2020

5,724

Gross cash flow

2021

6,640

Gross cash flow

2022

7,289

Gross cash flow

2023

8,000

Per share data (€) Per share data (€)2018

 

Per share data (€)2019

 

Per share data (€)2020

 

Per share data (€)2021

 

Per share data (€)2022

 

Per share data (€)2023

 

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

2018

7.08

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

2019

7.74

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

2020

7.30

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

2021

8.82

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

2022

11.26

Diluted earnings per share attributable to owners of the company excluding non‑recurring items

2023

12.08

Dividend

Dividend

2018

3.85

Dividend

2019

3.85

Dividend

2020

4.00

Dividend

2021

4.80

Dividend

2022

6.00

Dividend

20236.60 Dividend proposed to the Annual General Meeting of 23 april 2024.
Share price at 31 DecemberThe L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.

Share price at 31 December

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2018

201.20

Share price at 31 December

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2019

264.00

Share price at 31 December

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2020

310.80

Share price at 31 December

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2021

416.95

Share price at 31 December

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2022

333.60

Share price at 31 December

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2023

450.65

Highest share price during the yearThe L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.

Highest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2018

214.90

Highest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2019

267.60

Highest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2020

321.40

Highest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2021

433.65

Highest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2022

431.95

Highest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2023

460.00

Lowest share price during the yearThe L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.

Lowest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2018

170.30

Lowest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2019

194.55

Lowest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2020

196.00

Lowest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2021

290.10

Lowest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2022

300.45

Lowest share price during the year

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2023

334.30

Diluted weighted average number of shares outstandingThe L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.

Diluted weighted average number of shares outstanding

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2018

563,098,506

Diluted weighted average number of shares outstanding

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2019

562,813,129

Diluted weighted average number of shares outstanding

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2020

561,635,963

Diluted weighted average number of shares outstanding

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2021

559,791,545

Diluted weighted average number of shares outstanding

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2022

537,657,548

Diluted weighted average number of shares outstanding

The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,945,095.00 at 31 December 2023; the par value of one share is €0.2.
2023

537,021,039