LOREAL_Registration_Document_2017

4 2017 Consolidated Financial Statements* COMPARED CONSOLIDATED STATEMENTS OF CASH FLOW

COMPARED CONSOLIDATED STATEMENTS OF CASH 4.5. FLOWS

REMINDER* Reported 2016

2017

Notes

2016 (1)

2015 (1)

2016 201 5

€ millions

Cash flows from operating activities Net profit attributable to owners of the company

3,581.4 3,105.8 3,297.4

3,105.8 3,297.4

Non-controlling interests

4.1

2.9

1.1

2.9

1.1

Elimination of expenses and income with no impact on cash flows: depreciation, amortisation and provisions s

1,218.5 1,382.3 908.2

1,424.5 933.8

changes in deferred taxes s

6.1 5.5

-194.8

86.5

71.6

79.8

53.4

share-based payment (including free shares) s capital gains and losses on disposals of assets s

126.7 120.4 117.6

120.4 117.6

-3.9 -16.2

0.2

-16.2

0.2

Net profit from discontinued operations

240.1 -25.3 -46.8

-

-

Share of profit in associates net of dividends received

0.1

0.1

-4.0

0.1

-4.0

Gross cash flow

4,972.2 4,656.4 4,345.4

4,717.3 4,399.5 -12.7 -196.4

Changes in working capital

3.5

261.1 -36.7

4.3 -217.5

Net cash provided by operating activities from discontinued operations

43.9

75.2

-

-

Net cash provided by operating activities (A)

5,196.6 4,704.7 4,203.1

4,704.6 4,203.1

Cash flows from investing activities Purchases of property, plant and equipment and intangible assets Disposals of property, plant and equipment and intangible assets Changes in other financial assets (including investments in non-consolidated companies)

-1,263.5 -1,334.9 -1,132.1

-1,386.5 -1,172.1

8.2

34.2

6.5

34.2

6.5

-70.7 -42.9 -35.2 -166.5 -1,209.0 -375.8 -24.4 -51.8 -99.5 -1,516.9 -2,604.5 -1,636.1

-42.9 -35.2 -1,209.3 -435.3

Effect of changes in the scope of consolidation

2.2

Net cash (used in) from investing activities from discontinued operations

-

-

Net cash (used in) from investing activities (B) Cash flows from financing activities Dividends paid Capital increase of the parent company Disposal (acquisition) of Treasury stock Purchase of non-controlling interests Issuance (repayment) of short-term loans

-2,604.5 -1,636.1

-1,870.7 -1,832.9 -1,534.8 118.3 163.2 338.6

-1,832.9 -1,534.8 163.2 338.6

-499.2 -499.1

9.2

-499.1

9.2

-2.0

-

-

-6.1

-

-86.6 446.0 -1,840.2

449.8 -1,832.4

Issuance of long-term borrowings Repayment of long-term borrowings

-

1.8

1.1

1.8

1.1

-7.0 -16.4

-4.6

-17.5

-5.8

Net cash (used in) from financing activities from discontinued operations

71.5

-3.5

6.5

-

-

Net cash (used in) from financing activities (C) Effect of changes in exchange rates and fair value (D) Change in cash and cash equivalents (A+B+C+D) Cash and cash equivalents at beginning of the year (E)

-2,275.7 -1,740.8 -3,024.1 -65.3 -13.1 -60.1 1,338.7 346.2 -517.2 1,746.0 1,399.8 1,917.0

-1,740.8 -3,024.1 -13.1 -60.1 346.2 -517.2 1,399.8 1,917.0

Net effect of changes in cash and cash equivalents of discontinued operations (F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E+F)

-38.1

-

-

-

-

8.2 3,046.6 1,746.0 1,399.8

1,746.0 1,399.8

The statements of cash flows for 2016 and 2015 are presented to reflect the impacts of IFRS 5 regarding discontinued operations (see note 2.3). (1) For consistency with the financial information provided outside of the financial statements, we believed it useful to show the Group’s financial performance when The Body * Shop was an integral part of its continuing operations.

Income tax paid amount to €989.2 million excluding The Body Shop, €1,041.0 million (€1,029.4 million excluding The Body Shop) and €1,398.9 (€1,385.1 million excluding The Body Shop) respectively for the 2017, 2016 and 2015 financial years. Interest paid amount to €35.8 million excluding The Body Shop, €35.4 million (€31.0 million excluding The Body Shop) and

€23.9 million (€21.5 million excluding The Body Shop) respectively for the 2017, 2016 and 2015 financial years. Dividends received, excluding those from discontinued operations, amount to €350.0 million, €346.5 million and €336.9 million respectively for the years 2017, 2016 and 2015, and are included within gross cash flow.

REGISTRATION DOCUMENT / L'ORÉAL 2017

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