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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LOreal | EU:OR | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.20 | 0.96% | 440.90 | 438.00 | 442.00 | 444.15 | 434.60 | 437.50 | 222,091 | 16:40:00 |
Clichy, July 30, 2015 at 6:00 pm
12.82 billion euros, i.e. +3.8% like-for-like and +5% at constant exchange rates
STRONG OPERATING PROFIT GROWTH: +14.5%2.32 billion euros, at 18.1% of sales
STRONG RISE IN NET EPS*: +18.9% at 3.47 eurosCommenting on the figures, Mr Jean-Paul Agon, Chairman and Chief Executive Officer of L'Oréal, said:
"At the end of June, our reported growth is the strongest recorded for the last twenty years, with a very positive currency effect.
All Divisions are growing. L'Oréal Luxe is significantly outperforming a dynamic worldwide market with a double-digit growth of its brands Giorgio Armani, Yves Saint Laurent and Kiehl's. Professional Products are showing a clear rebound thanks to the performance at L'Oréal Professionnel and the success of Redken. The Active Cosmetics Division is also greatly strengthening its worldwide position, driven in particular by its La Roche-Posay brand, whose success is continuing in all regions. Finally, growth in the Consumer Products Division is improving slightly, due especially to the renewed dynamism of its make-up brand Maybelline.
Among the geographic zones, sales are improving in Western Europe and North America. The New Markets are experiencing solid momentum, excluding Brazil where the economic context is very unfavourable.
The strong increase in sales has been achieved alongside good quality first-half results. As announced, operating profit growth is very strong and our operating profitability is practically stable at a high level. We are continuing to make significant investments in accelerating the digital transformation and in the development of our brands. In all, the EPS increased +18.9%.
Thanks in particular to a rich innovation portfolio, prospects of rapid e-commerce growth and the continuing roll-out of recently acquired brands, we are projecting an acceleration in growth in the second half. We are confident in our ability to outperform the beauty market and achieve a year of significant growth in both sales and profits."
* Diluted earnings per share of continuing operations, after non-controlling interests, excluding non-recurring items.
A - First-half 2015 salesLike-for-like, i.e. based on a comparable structure and identical exchange rates, sales growth
was +3.8%.
The net impact of changes in the scope of consolidation was +1.2%.
Growth at constant exchange rates was +5.0%.
Currency fluctuations had a positive impact of +9.7%. If the exchange rates at June 30, 2015, i.e.
€1 = $1.119, are extrapolated up to December 31, the impact of currency fluctuations on sales would be approximately +7.8% for the whole of 2015.
Based on reported figures, the Group's sales at June 30, 2015 amounted to 12.82 billion euros, up by +14.7%.
2nd quarter 2015 | 1st half 2015 | |||||
Growth | Growth | |||||
€m | Like-for-like | Reported | €m | Like-for-like | Reported | |
By operational Division | ||||||
Professional Products | 887.7 | 3.5% | 15.3% | 1,740.3 | 3.5% | 15.6% |
Consumer Products | 3,083.0 | 2.0% | 13.2% | 6,161.4 | 1.9% | 12.4% |
L'Oréal Luxe | 1,732.9 | 5.8% | 20.1% | 3,486.7 | 6.7% | 20.1% |
Active Cosmetics | 459.4 | 6.5% | 11.1% | 1,018.6 | 7.1% | 10.6% |
Cosmetics Divisions total | 6,163.1 | 3.6% | 15.2% | 12,407.0 | 3.8% | 14.8% |
By geographic Zone | ||||||
Western Europe | 2,060.4 | 2.6% | 5.1% | 4,160.9 | 1.9% | 4.5% |
North America | 1,704.3 | 2.9% | 28.4% | 3,326.3 | 2.7% | 26.8% |
New Markets, of which: | 2,398.4 | 5.1% | 16.4% | 4,919.9 | 6.3% | 16.9% |
- Asia, Pacific | 1,311.8 | 4.1% | 24.3% | 2,787.9 | 5.0% | 25.5% |
- Latin America | 489.9 | 1.5% | 5.1% | 950.1 | 5.3% | 8.3% |
- Eastern Europe | 406.6 | 10.0% | 2.3% | 803.2 | 9.7% | -2.6% |
- Africa, Middle East | 190.1 | 13.2% | 34.5% | 378.8 | 12.3% | 33.1% |
Cosmetics Divisions total | 6,163.1 | 3.6% | 15.2% | 12,407.0 | 3.8% | 14.8% |
The Body Shop | 219.5 | 1.5% | 17.1% | 411.9 | 2.8% | 13.2% |
Group total | 6,382.6 | 3.6% | 15.3% | 12,818.9 | 3.8% | 14.7% |
At the end of June, the Professional Products Division posted growth of +3.5% like-for-like and +15.6% based on reported figures, with improvements particularly in the United States.
In the first half, the Consumer Products Division recorded growth of +1.9% like-for-like and +12.4% based on reported figures. Excluding Brazil, the Division is accelerating, from +1.7% in the first quarter to +2.9% in the second quarter.
L'Oréal Luxe posted solid growth at +6.7% like-for-like and +20.1% based on reported figures. The Division is continuing to win market share.
At +7.1% like-for-like and +10.6% based on reported figures, the Active Cosmetics Division is continuing to grow very strongly and reinforcing its worldwide position.
Growth amounted to +1.9% like-for-like and +4.5% based on reported figures. L'Oréal Luxe made a major contribution to this performance by outstripping the growth of the dynamic selective channel. In a mass-market channel which remains lacklustre, the Consumer Products Division is making progress in the haircare, and skincare and facial cleansing categories. Both Divisions are making large market share gains in Germany and the United Kingdom.
NORTH AMERICA
L'Oréal recorded +2.7% like-for-like and +26.8% based on reported figures. L'Oréal Luxe and the Active Cosmetics and Professional Products Divisions are driving growth, with several brands - including Kiehl's, Giorgio Armani and La Roche-Posay - posting an increase of more than 10%. The Consumer Products Division is continuing to strengthen its positions in make-up. Meanwhile, its two recent acquisitions NYX and Carol's Daughter are maintaining momentum with market share gains.
NEW MARKETS
The Body Shop recorded growth of +2.8% like-for-like and +13.2% based on reported figures. The strategy based on innovation, service, digital communication and point-of-sale optimisation is reaping rewards. Europe, the Americas and the Middle East are continuing to expand, while growth in some key Asian countries remains difficult. The integration of the Australian franchisee and the reorganisation in the United States are on track.
B - Important events during the period 04/01/15 to 06/30/15
The half-year consolidated accounts have undergone a limited examination by the Statutory Auditors.
Consolidated profit and loss account: from sales to operating profit.
In € million | 06/30/14 | As % of sales | 12/31/14 | As % of sales | 06/30/15 | As % of sales | Change H1-2015 vs. H1-2014 |
Sales | 11,174.6 | 100.0% | 22,532.0 | 100.0% | 12,818.9 | 100.0% | +14.7% |
Cost of sales | -3,151.2 | 28.2% | -6,500.7 | 28.9% | -3,630.3 | 28.3% | |
Gross profit | 8,023.4 | 71.8% | 16,031.3 | 71.1% | 9,188.6 | 71.7% | +14.5% |
R&D expenses | -367.2 | 3.3% | -760.6 | 3.4% | -379.7 | 3.0% | |
Advertising and promotion expenses | - 3,270.9 | 29.3% | -6,558.9 | 29.1% | -3,753.3 | 29.3% | |
Selling, general and administrative expenses | -2,356.2 | 21.1% | -4,821.1 | 21.4% | -2,732.6 | 21.3% | |
Operating profit | 2,029.0 | 18.2% | 3,890.7 | 17.3% | 2,323.0 | 18.1% | +14.5% |
Gross profit, at 9,189 million euros, has come out at 71.7% of sales, compared with 71.8% in the first half of 2014, representing a decrease of 10 basis points. At constant exchange rates, gross profit would have posted a noticeable increase as a percentage of sales.
Research and Development expenses, at 380 million euros, i.e. 3.0% of sales, decreased in relative value due to the impact of currency conversion, as the largest part of Research is carried out in the Euro zone.
Advertising and promotion expenses, at 3,753 million euros, are flat as a percentage of sales, which corresponds to a stronger investment in volume.
Selling, general and administrative expenses have increased in percentage of sales, due in particular to the acceleration of our digital transformation.
Overall, the operating profit, at 2,323 million euros, amounted to 18.1% of sales, representing a very strong increase of +14.5%.
06/30/14 | 12/31/14 | 06/30/15 | ||||
€m | % of sales | €m | % of sales | €m | % of sales | |
By operational Division | ||||||
Professional Products | 294.7 | 19.6% | 608.8 | 20.1% | 332.0 | 19.1% |
Consumer Products | 1,157.2 | 21.1% | 2,186.2 | 20.3% | 1,313.1 | 21.3% |
L'Oréal Luxe | 590.6 | 20.3% | 1,269.2 | 20.5% | 716.0 | 20.5% |
Active Cosmetics | 259.5 | 28.2% | 376.4 | 22.7% | 280.2 | 27.5% |
Total Divisions before non-allocated | 2,302.0 | 21.3% | 4,440.6 | 20.5% | 2,641.3 | 21.3% |
Non-allocated(1) | -275.7 | -2.6% | -615.2 | -2.8% | -311.1 | -2.5% |
Total Divisions after non-allocated | 2,026.3 | 18.7% | 3,825.4 | 17.7% | 2,330.2 | 18.8% |
The Body Shop | 2.7 | 0.8% | 65.3 | 7.5% | -7.2 | -1.8% |
Group | 2,029.0 | 18.2% | 3,890.7 | 17.3% | 2,323.0 | 18.1% |
(1) Non-allocated expenses = Central Group expenses, fundamental research expenses, stock option and free grant of shares expenses and miscellaneous items. As a % of total Divisions sales.
The Professional Products Division's profitability has declined from 19.6% to 19.1% following the consolidation of Decléor and Carita brands.
At 21.3% of sales, the profitability of the Consumer Products Division has further improved by 20 basis points.
L'Oréal Luxe also improved its profitability by 20 basis points.
The Active Cosmetics Division, with a profitability of 27.5%, has re-balanced its profitability which reached a record level of 28.2% in the first half of 2014.
The Body Shop is affected by the technical impact of the first time consolidation of its Australian franchisee.
Consolidated profit and loss account: from operating profit to net profit excluding non-recurring items.
In € million | 06/30/14 | 12/31/14 | 06/30/15 | Change H1-2015 vs. H1-2014 |
Operating profit | 2,029.0 | 3,890.7 | 2,323.0 | +14.5% |
Financial revenues and expenses excluding dividends received | -8.1 | -24.1 | -9.8 | |
Sanofi dividends | 331.0 | 331.0 | 336.9 | |
Profit before tax and associates excluding non-recurring items | 2,352.0 | 4,197.6 | 2,650.1 | +12.7% |
Income tax excluding non-recurring items | -575.4 | -1,069.5 | -692.1 | |
Net profit excluding non-recurring items of equity consolidated companies | -1.5 | -3.0 | - | |
Non-controlling interests | -1.6 | +0.1 | -0.6 | |
Net profit from continuing operations, excluding non-recurring items, after non-controlling interests(1) | 1,773.5 | 3,125.3 | 1,957.3 | +10.4% |
Net EPS(2) (€) | 2.92 | 5.34 | 3.47 | +18.9% |
Net profit after non-controlling interests | 1,734.8 | 4,910.2 | 1,882.6 | |
Diluted earnings per share after non-controlling interests (€) | 2.85 | 8.39 | 3.34 | |
Diluted average number of shares | 607,667,507 | 585,238,674 | 564,094,688 |
(1) Net profit from continuing operations, excluding non-recurring items after non-controlling interests does not include capital gains and losses on disposals of long-term assets, impairment of assets, restructuring costs, as well as competition litigation, tax effects and non-controlling interests. (2) Diluted earnings per share of continuing operations, after non-controlling interests, excluding non-recurring items.
Overall finance costs amounted to 9.8 million euros, compared with 8.1 million euros in the first half of 2014.
Sanofi dividends amounted to 337 million euros.
Income tax excluding non-recurring items amounted to 692 million euros, i.e. a tax rate of 26.1%, slightly above that of the first half of 2014.
Net profit from continuing operations, excluding non-recurring items, after non-controlling interests, amounted to 1,957 million euros, up by 10.4% compared with the first half of 2014.
Net EPS rose 18.9% to 3.47 euros.
Net profit after non-controlling interests rose 8.5% to 1,883 million euros.
Gross cash flow amounted to 2,370 million euros, up by +12.4% compared with the first half of 2014.
The change in working capital amounted to 816 million euros. As it is the case every year, it includes the impact of the seasonality of part of the business on the trade receivables. In the first half of 2015, it takes also into account the payment of the fine linked with the decision of the French Competition Authority.
Investments, at 512 million euros, represented 4% of sales.
Operating cash flow has come out at 1,042 million euros.
After payment of the dividend and acquisitions, the residual cash flow amounted to -701 million euros.
At June 30, 2015, net debt amounted to 1,394 million euros, higher than the level of December 31, 2014, mainly due, as is the case every year, to the payment of the annual dividend in the first half.
The balance sheet structure is particularly solid: shareholders' equity of 22.9 billion euros is stronger than the level at December 31, 2014.
"This news release does not constitute an offer to sell, or a solicitation of an offer to buy L'Oréal shares. If you wish to obtain more comprehensive information about L'Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our Internet site www.loreal-finance.com.
This news release may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements."
This a free translation into English of the First-half 2015 results news release issued in the French language and is provided solely for the convenience of English speaking readers. In case of discrepancy, the French version prevails.
Contacts at L'Oréal (switchboard: +33 1 47 56 70 00)
Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel: +33 1 47 56 83 02
jean-regis.carof@loreal.com
Financial analysts and Institutional investors
Mrs Françoise LAUVIN
Tel: +33 1 47 56 86 82
francoise.lauvin@loreal.com
Journalists
Mrs Stephanie CARSON-PARKER
Tel: +33 1 47 56 76 71
stephanie.carsonparker@loreal.com
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, and the Internet site for shareholders and investors, http://www.loreal-finance.com, alternatively,call +33 1 40 14 80 50.
Appendix 1: L'Oréal Group sales 2014/2015 (€ millions)
2014 | 2015 | |
First quarter: | ||
Cosmetics Divisions | 5,462.2 | 6,243.9 |
The Body Shop | 176.4 | 192.4 |
First quarter total | 5,638.6 | 6,436.3 |
Second quarter: | ||
Cosmetics Divisions | 5,348.5 | 6,163.1 |
The Body Shop | 187.4 | 219.5 |
Second quarter total | 5,536.0 | 6,382.6 |
First half: | ||
Cosmetics Divisions | 10,810.8 | 12,407.0 |
The Body Shop | 363.8 | 411.9 |
First half total | 11,174.6 | 12,818.9 |
Third quarter: | ||
Cosmetics Divisions | 5,200.7 | |
The Body Shop | 190.4 | |
Third quarter total | 5,391.1 | |
Nine months: | ||
Cosmetics Divisions | 16,011.4 | |
The Body Shop | 554.2 | |
Nine months total | 16,565.7 | |
Fourth quarter: | ||
Cosmetics Divisions | 5,646.7 | |
The Body Shop | 319.6 | |
Fourth quarter total | 5,966.4 | |
Full year | ||
Cosmetics Divisions | 21,658.2 | |
The Body Shop | 873.8 | |
Full year total | 22,532.0 |
€ millions | 1st half 2015 | 1st half 2014 | 2014 |
Net sales | 12,818.9 | 11,174.6 | 22,532.0 |
Cost of sales | -3,630.3 | -3,151.2 | -6,500.7 |
Gross profit | 9,188.6 | 8,023.4 | 16,031.3 |
Research and development | -379.7 | -367.2 | -760.6 |
Advertising and promotion | -3,753.3 | -3,270.9 | -6,558.9 |
Selling, general and administrative expenses | -2,732.6 | -2,356.2 | -4,821.1 |
Operating profit | 2,323.0 | 2,029.0 | 3,890.7 |
Other income and expenses | -47.9 | -48.0 | -307.2 |
Operational profit | 2,275.1 | 1,981.1 | 3,583.5 |
Finance costs on gross debt | -13.6 | -13.0 | -31.4 |
Finance income on cash and cash equivalents | 27.6 | 23.1 | 42.3 |
Finance costs, net | 14.0 | 10.1 | 11.0 |
Other financial income (expenses) | -23.8 | -18.2 | -35.1 |
Sanofi dividends | 336.9 | 331.0 | 331.0 |
Profit before tax and associates | 2,602.2 | 2,304.0 | 3,890.4 |
Income tax | -721.7 | -607.1 | -1,111.0 |
Share of profit in associates | 2.7 | -1.5 | -13.5 |
Net profit from continuing operations | 1,883.2 | 1,695.4 | 2,765.9 |
Net profit from discontinued operations | - | 41.0 | 2,142.7 |
Net profit | 1,883.2 | 1,736.4 | 4,908.6 |
Attributable to: | |||
· owners of the company | 1,882.6 | 1,734.8 | 4,910.2 |
· non-controlling interests | 0.6 | 1.6 | -1.6 |
Earnings per share attributable to owners of the company (euros) | 3.39 | 2.89 | 8.51 |
Diluted earnings per share attributable to owners of the company (euros) | 3.34 | 2.85 | 8.39 |
Earnings per share of continuing operations attributable to owners of the company (euros) | 3.39 | 2.82 | 4.79 |
Diluted earnings per share of continuing operations attributable to owners of the company (euros) | 3.34 | 2.79 | 4.73 |
Earnings per share of continuing operations attributable to owners of the company, excluding non-recurring items (euros) | 3.52 | 2.96 | 5.41 |
Diluted earnings per share of continuing operations attributable to owners of the company, excluding non-recurring items (euros) | 3.47 | 2.92 | 5.34 |
Appendix 3: Consolidated statement of comprehensive income
€ millions | 1st half 2015 | 1st half 2014 | 2014 |
Consolidated net profit for the period | 1,883.2 | 1,736.4 | 4,908.6 |
Financial assets available-for-sale | 1,487.3 | 54.4 | -172.7 |
Cash flow hedges | -80.0 | -73.8 | -17.2 |
Cumulative translation adjustments | 507.8 | 69.3 | 584.0 |
Income tax on items that may be reclassified to profit or loss (1) | -35.7 | 18.3 | 7.3 |
Items that may be reclassified to profit or loss | 1,879.4 | 68.2 | 401.4 |
Actuarial gains and losses | 345.7 | -139.8 | -672.7 |
Income tax on items that may not be reclassified to profit or loss (1) | -119.4 | 49.3 | 225.1 |
Items that may not be reclassified to profit or loss | 226.3 | -90.5 | -447.6 |
Other comprehensive income | 2,105.7 | -22.3 | -46.2 |
Consolidated comprehensive income | 3,988.9 | 1,714.1 | 4,862.4 |
Attributable to: | |||
· owners of the company | 3,988.7 | 1,712.2 | 4,864.3 |
· non-controlling interests | 0.2 | 1.9 | -1.9 |
(1) The tax effect is as follows:
€ millions | 1st half 2015 | 1st half 2014 | 2014 |
Financial assets available-for-sale | -61.5 | -2.3 | 7.2 |
Cash flow hedges | 25.8 | 20.6 | 0.1 |
Items that may be reclassified to profit or loss | -35.7 | 18.3 | 7.3 |
Actuarial gains and losses | -119.4 | 49.3 | 225.1 |
Items that may not be reclassified to profit or loss | -119.4 | 49.3 | 225.1 |
Total | -155.1 | 67.6 | 232.4 |
Appendix 4: Compared consolidated balance sheets
Assets
€ millions | 06.30.2015 | 06.30.2014 (1) | 12.31.2014 (1) |
Non-current assets | 25,642.9 | 22,047.0 | 23,284.2 |
Goodwill | 8,180.6 | 6,941.6 | 7,525.5 |
Other intangible assets | 2,901.9 | 2,157.5 | 2,714.6 |
Property, plant and equipment | 3,283.8 | 2,982.6 | 3,141.1 |
Non-current financial assets | 10,535.1 | 9,262.1 | 9,069.0 |
Investments in associates | - | 0.8 | - |
Deferred tax assets | 741.5 | 702.4 | 834.0 |
Current assets | 9,725.5 | 12,026.7 | 8,774.6 |
Current assets excluding assets held for sale | 9,725.5 | 11,593.7 | 8,774.6 |
Inventories | 2,446.9 | 2,217.4 | 2,262.9 |
Trade accounts receivable | 3,980.4 | 3,576.7 | 3,297.8 |
Other current assets | 1,410.8 | 1,615.1 | 1,199.3 |
Current tax assets | 122.3 | 41.7 | 97.6 |
Cash and cash equivalents | 1,765.1 | 4,142.8 | 1,917.0 |
Assets held for sale | - | 433.0 | - |
Total | 35,368.4 | 34,073.7 | 32,058.8 |
(1) The balance sheets at June 30th, 2014 and December 31st, 2014 have been restated to reflect the change in accounting policies on recognition of levies resulting from the application of IFRIC 21.
Equity & liabilities
€ millions | 06.30.2015 | 06.30.2014 (1) | 12.31.2014 (1) |
Equity | 22,916.1 | 22,921.4 | 20,196.9 |
Share capital | 112.2 | 121.7 | 112.3 |
Additional paid-in capital | 2,496.5 | 2,222.3 | 2,316.8 |
Other reserves | 12,789.9 | 15,739.2 | 9,773.3 |
Other comprehensive income | 5,343.9 | 4,278.5 | 3,745.9 |
Cumulative translation adjustments | 525.9 | -497.4 | 17.8 |
Treasury stock | -237.1 | -685.3 | -683.0 |
Net profit attributable to owners of the company | 1,882.6 | 1,734.8 | 4,910.2 |
Equity attributable to owners of the company | 22,913.9 | 22,913.8 | 20,193.3 |
Non-controlling interests | 2.2 | 7.6 | 3.6 |
Non-current liabilities | 2,366.0 | 2,014.4 | 2,595.6 |
Provisions for employee retirement obligations and related benefits | 1,106.8 | 1,019.4 | 1,479.7 |
Provisions for liabilities and charges | 233.5 | 175.8 | 193.6 |
Deferred tax liabilities | 954.5 | 733.9 | 855.2 |
Non-current borrowings and debt | 71.2 | 85.3 | 67.1 |
Current liabilities | 10,086.3 | 9,137.9 | 9,266.3 |
Trade accounts payable | 3,688.1 | 3,253.1 | 3,452.8 |
Provisions for liabilities and charges | 737.1 | 514.7 | 722.0 |
Other current liabilities | 2,413.1 | 2,049.0 | 2,403.2 |
Income tax | 159.8 | 185.4 | 167.1 |
Current borrowings and debt | 3,088.2 | 3,135.7 | 2,521.2 |
Total | 35,368.4 | 34,073.7 | 32,058.8 |
(1) The balance sheets at June 30th, 2014 and December 31st, 2014 have been restated to reflect the change in accounting policies on recognition of levies resulting from the application of IFRIC 21.
Appendix 5: Consolidated statements of changes in equity
€ millions | Com- mon shares out- standing | Share capital | Addi- tional paid- in capi- tal | Re- tained earn- ings and net profit | Other compre- hensive income | Treas- ury stock | Cumu- lative trans- lation adjust-ments | Equity attribute- able to owners of the com- pany | Non- control- ling interests | Total equity |
At 12.31.2013 | 599,794,030 | 121.2 | 2,101.2 | 17,179.0 | 4,370.1 | -568.1 | -566.4 | 22,637.0 | 5.8 | 22,642.8 |
Changes in accounting policies at 01.01.2014 (1) | 8.2 | 8.2 | 8.2 | |||||||
At 01.01.2014 | 599,794,030 | 121.2 | 2,101.2 | 17,187.2 | 4,370.1 | -568.1 | -566.4 | 22,645.2 | 5.8 | 22,651.0 |
Consolidated net profit for the period | 4,910.2 | 4,910.2 | -1.6 | 4,908.6 | ||||||
Financial assets available-for-sale | -165.5 | -165.5 | -165.5 | |||||||
Cash flow hedges | -17.0 | -17.0 | -0.1 | -17.1 | ||||||
Cumulative translation adjustments | 584.2 | 584.2 | -0.2 | 584.0 | ||||||
Other comprehensive income that may be reclassified to profit and loss | -182.5 | 584.2 | 401.7 | -0.3 | 401.4 | |||||
Actuarial gains and losses | -447.6 | -447.6 | -447.6 | |||||||
Other comprehensive income that may not be reclassified to profit and loss | -447.6 | -447.6 | - | -447.6 | ||||||
Consolidated comprehensive income | 4,910.2 | -630.1 | 584.2 | 4,864.3 | -1.9 | 4,862.4 | ||||
Capital increase | 3,828,502 | 0.8 | 215.6 | -0.1 | 216.3 | 2.3 | 218.6 | |||
Cancellation of Treasury stock | -9.7 | -6,035.9 | 6,045.6 | - | - | - | ||||
Dividends paid (not paid on Treasury stock) | -1,507.3 | -1,507.3 | -2.8 | -1,510.1 | ||||||
Share-based payment | 113.5 | 113.5 | 113.5 | |||||||
Net changes in Treasury stock | -49,380,654 | 0.2 | -6,160.5 | -6,160.3 | -6,160.3 | |||||
Purchase commitments for minority interests | 21.0 | 21.0 | -2.3 | 18.7 | ||||||
Changes in scope of consolidation | - | 2.5 | 2.5 | |||||||
Other movements | -5.3 | 5.9 | 0.6 | 0.6 | ||||||
At 12.31.2014 | 554,241,878 | 112.3 | 2,316.8 | 14,683.5 | 3,745.9 | -683.0 | 17.8 | 20,193.3 | 3.6 | 20,196.9 |
Consolidated net profit for the period | 1,882.6 | 1,882.6 | 0.6 | 1,883.2 | ||||||
Financial assets available-for-sale | 1,425.8 | 1,425.8 | 1,425.8 | |||||||
Cash flow hedges | -54.1 | -54.1 | -0.1 | -54.2 | ||||||
Cumulative translation adjustments | 508.1 | 508.1 | -0.3 | 507.8 | ||||||
Other comprehensive income that may be reclassified to profit and loss | 1,371.7 | 508.1 | 1,879.8 | -0.4 | 1,879.4 | |||||
Actuarial gains and losses | 226.3 | 226.3 | 226.3 | |||||||
Other comprehensive income that may not be reclassified to profit and loss | 226.3 | 226.3 | - | 226.3 | ||||||
Consolidated comprehensive income | 1,882.6 | 1,598.0 | 508.1 | 3,988.8 | 0.2 | 3,988.9 | ||||
Capital increase | 2,533,663 | 0.5 | 179.7 | 180.2 | 180.2 | |||||
Cancellation of Treasury stock | -0.6 | -362.8 | 363.4 | - | - | |||||
Dividends paid (not paid on Treasury stock) | -1,511.4 | -1,511.4 | -2.7 | -1,514.1 | ||||||
Share-based payment | 58.5 | 58.5 | 58.5 | |||||||
Net changes in Treasury stock | 1,021,865 | -77.3 | 82.5 | 5.2 | 5.2 | |||||
Purchase commitments for minority interests | -0.9 | -0.9 | 1.1 | 0.2 | ||||||
Changes in scope of consolidation | - | - | ||||||||
Other movements | 0.3 | 0.3 | 0.3 | |||||||
At 06.30.2015 | 557,797,406 | 112.2 | 2,496.5 | 14,672.5 | 5,343.9 | -237.1 | 525.9 | 22,913.9 | 2.2 | 22,916.1 |
(1) Taking into account the change in accounting policies on recognition of levies resulting from the application of IFRIC 21.
Changes in first-half 2014
€ millions | Com- mon shares out- standing | Share capital | Addi- tional paid- in capi- tal | Re- tained earn- ings and net profit | Other compre- hensive income | Treas- ury stock | Cumu- lative trans- lation adjust-ments | Equity attribute- able to owners of the com- pany | Non- control- ling interests | Total equity |
At 12.31.2013 | 599,794,030 | 121.2 | 2,101.2 | 17,179.0 | 4,370.1 | -568.1 | -566.4 | 22,637.0 | 5.8 | 22,642.8 |
Changes in accounting policies at 01.01.2014 (1) | 8.2 | 8.2 | 8.2 | |||||||
At 01.01.2014 | 599,794,030 | 121.2 | 2,101.2 | 17,187.2 | 4,370.1 | -568.1 | -566.4 | 22,645.2 | 5.8 | 22,651.0 |
Consolidated net profit for the period | 1,734.8 | 1,734.8 | 1.6 | 1,736.4 | ||||||
Financial assets available-for-sale | 52.1 | 52.1 | 52.1 | |||||||
Cash flow hedges | -53.2 | -53.2 | -53.2 | |||||||
Cumulative translation adjustments | 69.0 | 69.0 | 0.3 | 69.3 | ||||||
Other comprehensive income that may be reclassified to profit and loss | -1.1 | 69.0 | 67.9 | 0.3 | 68.2 | |||||
Actuarial gains and losses | -90.5 | -90.5 | -90.5 | |||||||
Other comprehensive income that may not be reclassified to profit and loss | -90.5 | -90.5 | -90.5 | |||||||
Consolidated comprehensive income | 1,734.8 | -91.6 | 69.0 | 1,712.2 | 1.9 | 1,714.1 | ||||
Capital increase | 2,397,512 | 0.5 | 121.1 | 121.6 | 2.3 | 123.9 | ||||
Cancellation of Treasury stock | - | - | ||||||||
Dividends paid (not paid on Treasury stock) | -1,507.3 | -1,507.3 | -2.9 | -1,510.2 | ||||||
Share-based payment | 54.5 | 54.5 | 54.5 | |||||||
Net changes in Treasury stock | -921,177 | -117.2 | -117.2 | -117.2 | ||||||
Purchase commitments for minority interests | 4.7 | 4.7 | 0.8 | 5.5 | ||||||
Changes in scope of consolidation | - | -0.3 | -0.3 | |||||||
Other movements | 0.1 | 0.1 | 0.1 | |||||||
At 06.30.2014 | 601,270,365 | 121.7 | 2,222.3 | 17,474.0 | 4,278.5 | -685.3 | -497.4 | 22,913.8 | 7.6 | 22,921.4 |
(1) Taking into account the change in accounting policies on recognition of levies resulting from the application of IFRIC 21.
Appendix 6: Compared consolidated statements of cash flows
€ millions | 1st half 2015 | 1st half 2014 | 2014 |
Cash flows from operating activities | |||
Net profit attributable to owners of the company | 1,882.6 | 1,734.8 | 4,910.2 |
Non-controlling interests | 0.6 | 1.6 | -1.6 |
Elimination of expenses and income with no impact on cash flows: | |||
· depreciation, amortisation and provisions | 410.2 | 334.4 | 856.2 |
· changes in deferred taxes | 20.6 | 22.6 | 60.0 |
· share-based payment (including free shares) | 58.5 | 54.5 | 113.5 |
· capital gains and losses on disposals of assets | 0.2 | -0.2 | -0.9 |
Net profit from discontinued operations | - | -41.0 | -2,142.7 |
Share of profit in associates net of dividends received | -2.7 | 1.5 | 13.5 |
Gross cash flow | 2,370.0 | 2,108.2 | 3,808.2 |
Changes in working capital | -815.9 | -598.0 | 55.9 |
Net cash provided by operating activities (A) | 1,554.1 | 1,510.2 | 3,864.1 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment and intangible assets | -512.0 | -484.8 | -1,008.2 |
Disposals of property, plant and equipment and intangible assets | 5.7 | 13.1 | 18.7 |
Changes in other financial assets (including investments in non-consolidated companies) | 13.2 | -143.2 | 403.4 |
Dividends received from discontinued operations | - | 41.7 | 41.7 |
Effect of changes in the scope of consolidation | -412.8 | -750.4 | 1,194.0 |
Net cash (used in) from investing activities (B) | -905.9 | -1,323.6 | 649.6 |
Cash flows from financing activities | |||
Dividends paid | -1,535.0 | -1,539.8 | -1,589.3 |
Capital increase of the parent company | 180.2 | 121.5 | 216.4 |
Capital increase of subsidiaries | - | 2.3 | 2.3 |
Disposal (acquisition) of Treasury stock | 5.2 | -117.2 | -6,160.3 |
Issuance (repayment) of short-term loans | 553.7 | 2,856.0 | 2,225.0 |
Issuance of long-term borrowings | - | 0.2 | 0.2 |
Repayment of long-term borrowings | -5.9 | -10.0 | -13.0 |
Net cash (used in) from financing activities (C) | -801.8 | 1,313.0 | -5,318.7 |
Net cash (used in) from discontinued operations (D) | - | - | - |
Net effect of changes in exchange rates and fair value (E) | 1.7 | -16.1 | 62.7 |
Change in cash and cash equivalents (A+B+C+D+E) | -151.9 | 1,483.5 | -742.3 |
Cash and cash equivalents at beginning of the year (F) | 1,917.0 | 2,659.3 | 2,659.3 |
Change in cash and cash equivalents of discontinued operations (G) | - | - | - |
Cash and cash equivalents at the end of the period (A+B+C+D+E+F+G) | 1,765.1 | 4,142.8 | 1,917.0 |
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