L'Oréal - 2018 Registration Document

2018 Consolidated Financial Statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Operational assets can be reconciled to the 2018, 2017 and 2016 balance sheets as follows:

2018

2017

2016

€ millions

Operational assets

23,373.2

21,636.7

21,315.5

Non-current financial assets Investments in associates

9,100.5

8,766.2

9,306.5

9.0

1.1

1.0

Deferred tax assets Other current assets

572.7

530.3

548.3

1,410.1 3,992.0

1,358.2 3,046.6

1,468.5 1,746.0

Cash and cash equivalent Non-allocated assets The Body Shop assets

15,084.3

13,702.4

13,070.3 1,244.4 35,630.2

-

-

TOTAL ASSETS

38,457.5

35,339.1

Information by geographic zone 3.1.2. All information is presented on the basis of geographic location of the subsidiaries.

3.1.2.1. Consolidated sales by geographic zone 2018

4

Growth (%) Excluding exchange effect

2017

2016 (1)(2)

Published data

€ millions % of total

€ millions % of total

€ millions % of total

Western Europe

8,065.1 2,424.1 7,234.3 11,638.1 7,405.6 1,784.8 1,754.2

29.9% -0.7% -0.3% 8,125.3 31.2% 8,008.0 32.1%

of which France

9.0% -0.8% -0.8% 2,444.6

9.4% 2,467.4

9.9%

North America New markets

26.9% -1.6% 3.1% 7,350.5 28.2% 7,098.8 28.5% 43.2% 10.3% 18.2% 10,547.8 40.5% 9,809.5 39.4% 27.5% 20.4% 25.3% 6,151.8 23.6% 5,635.4 22.6%

Asia Pacific Latin America Eastern Europe

6.6% -8.6% 7.2% 1,952.9 6.5% 0.2% 9.2% 1,750.8 2.6% 0.2% 5.1% 692.4

7.5% 1,838.0 6.7% 1,571.5 2.7% 764.5

7.4% 6.3% 3.1%

Africa, Middle East

693.5

GROUP

26,937.4

100.0% 3.5% 8.0% 26,023.7 100.0% 24,916.3 100.0%

2016 sales are presented in order to reflect the impact of discontinued operations (note 2.3). (1) As of 1 July 2016, the Asian Travel Retail business of the Consumer Products Division, previously recorded under the Western Europe Zone, was transferred to the Asia, (2) Pacific Zone. All figures for earlier periods have been restated to allow for this change.

Sales by geographic zone changed as follows over the three financial years:

2018 SALES: €26,937 M

2017 SALES: €26,024 M

2016 SALES: €24,916 M

43.2 %

29.9 %

40.5 %

31.2 %

39.4 %

32.1 %

New markets

Western Europe

New markets

Western Europe

New markets

Western Europe

North America 26.9 %

North America 28.2 %

North America 28.5 %

REGISTRATION DOCUMENT / L'ORÉAL 2018

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