L'Oréal - 2018 Registration Document

4 2018 Consolidated Financial Statements

L’Oréal parent company is a French company with its registered office in France, which performs a sales activity specific to that country. At the same time, L’Oréal parent company has firstly a role of holding company and strategic coordination and secondly that of scientific, industrial and marketing coordination of the L’Oréal Group on a worldwide basis. The subsidiaries have a role of marketing of the products manufactured by the Group’s factories in the countries or zones in which it is established. To do so, they define the strategy specific to their market, make the most suitable choices, and manufacture, directly or indirectly, and market the products they decide to sell on their market. Almost all of the subsidiaries are owned by L’Oréal parent company 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.

REGISTRATION DOCUMENT / L'ORÉAL 2018

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