Industria
L'Oréal: News Release: "2015 Annual Results"
Clichy, February 11 , 2016 at 6:00 p.m.
The Board of Directors of L'Oréal met on February 11 , 2016 under the chairmanship of Jean-Paul Agon and in the presence of the Statutory Auditors. The Board closed the consolidated financial statements and the financial statements for 2015.
Commenting on the annual results, Mr Jean-Paul Agon, Chairman and CEO of L'Oréal, said:
The Board will also propose to the Annual General Meeting on Wednesday, April 20 , 2016, the renewal of the tenure as Directors of Mr Jean-Pierre Meyers, Mr Jean-Victor Meyers and Mr Bernard Kasriel.
The tenure of Mrs Christiane Kuehne will expire at the end of the Annual General Meeting on April 20 , 2016. The Board of Directors wishes to warmly thank Mrs Christiane Kuehne for the quality of her contribution to discussions during her four-year tenure. The Board of Directors will put to the vote of the AGM the appointment as Director of Mrs Béatrice Guillaume-Grabisch, Managing Director of Nestlé Deutschland.
Mr Louis Schweitzer has tendered his resignation from the Board of Directors, in accordance with the Internal Rules of the Board, as the 2016 Annual General Meeting is the one following his 73 birthday. This decision will be effective at the end of this Annual General Meeting. The Board wishes to express its deep gratitude to Mr Schweitzer for his commitment and his particularly important contribution as Chairman of the Audit Committee and as a member of the Strategy and Sustainable Development Committee.
The Board will propose to the Annual General Meeting on April 20 , 2016 the appointment as Director of Mrs Eileen Naughton, who currently holds the position of Vice-President and Managing Director, UK and Ireland, at Google. This would bring the percentage of women on the Board to 46.6%.
As the appointments and renewals of tenure presented have an impact on the composition of the Committees, this is set out in detail in the table below, subject to approval of the resolutions concerning the tenure renewal and appointment of Directors at the Annual General Meeting of Shareholders on April 20 , 2016.
Moreover, the Board of Directors has decided, under the authorization voted by the Annual General Meeting of April 22 , 2015, to set up a share buyback plan amounting to a maximum of 500 million euros during the first half of 2016. All the shares bought back will be cancelled. **
Like-for-like , i.e. based on a comparable structure and constant exchange rates, the sales trend of the L'Oréal Group was +3.9%.
The net impact of changes in consolidation amounted to +1.0%.
Currency fluctuations had a positive impact of +7.2%.
Growth at constant exchange rates was +4.9%.
Based on reported figures , the Group's sales, at December 31 , 2015, amounted to 25.26 billion euros, an increase of +12.1%.
In Western Europe, sales grew by +2.3% like-for-like and +4.5% based on reported figures. Thanks to L'Oréal Luxe, and the Active Cosmetics and Professional Products Divisions, the Group is outperforming the market, particularly in Southern Europe, and is recording strong growth in the United Kingdom and Germany. In this Zone, the luxury and dermocosmetics markets continue to enjoy good momentum. While the mass channel is still sluggish, the brand is winning market share in haircare and skincare.
With growth of +3.5% like-for-like and +23.5% based on reported figures, North America's pace strengthened through the course of the year. At L'Oréal Luxe, , and all posted double-digit growth. The Professional Products Division is recovering, driven by the impetus of the brand. The Consumer Products Division is fuelled by momentum in make-up, with the breakthrough made by and the acceleration of .
The Body Shop recorded -0.9% like-for-like and +10.7% based on reported figures, with good momentum in Africa, Middle East and in Europe, notably in the United Kingdom, its home market. The strategy of focusing on skincare is paying off in all markets, with a strong contribution from the new range. However, some Asian markets have been subject to a challenging environment, particularly Hong Kong, and sales in the year-end holidays were below expectation in North America.
Audited financial statements, certification in progress.
Consolidated profit and loss account: from sales to operating profit.
, at 17,980 million euros, came out at 71.2% of sales, compared with 71.1% in 2014, that is an increase of 10 basis points.
, at 3.1% of sales, have decreased in relative value due to a favourable monetary effect. More than 2/3 of these expenses were made in the euro zone.
remained stable compared to 2014, at 29.1% of sales.
, at 21.5% of sales, have come out at a slightly higher level, by 10 basis points compared with 2014.
Overall, the , at 4,388 million euros, has grown by 12.8% and amounts to 17.4% of sales.
The profitability of the at 20.0% is down by 10 basis points, due mainly to the consolidation of and , which led to a negative impact of 20 basis points for the Division. If acquisitions are excluded, profitability has increased by 10 basis points.
The profitability of the at 20.1% is down by 20 basis points compared with 2014, due to the first consolidation of in Brazil, as anticipated.
The profitability of grew by 20 basis points in 2015.
At , there was a further increase in profitability to reach 22.8%.
The profitability of weakened in 2015, to 5.7%, in a year of major changes, due to disappointing sales in the 4 quarter and to the dilutive impact of the acquisition of the Australian franchisee.
Profitability in remained stable at 22.7%.
In , profitability improved by 20 basis points, to reach 18.9%.
And in the , profitability increased again this year by 10 basis points, to reach 19.7%.
Consolidated profit and loss accounts: from operating profit to net profit excluding non-recurring items.
amounted to 14 million euros.
amounted to 337 million euros.
amounted to 1,220 million euros. This represents a tax rate of 25.9%, slightly higher than that of 2014 which came out at 25.5%.
amounted to 3,490 million euros, up by 11.7%.
, at 6.18 euros, is up by 15.7% compared to Earnings per Share of 2014.
amounted to 192 million euros in 2015, due mainly to the accounting impact of the deconsolidation of the Venezuelan subsidiary and to the French tax of 3% on the dividends distributed.
came out at 3,297 million euros.
amounted to 4,399 million euros, an increase of +15.5%.
The increased in 2015 to 196 million euros. This increase is mainly due to the fine paid to the French competition authority for an amount of 189 million euros.
amounted to 1,172 million euros, representing 4.6 % of sales, slightly higher than in 2014, when it represented 4.5% of sales.
T he came out, at December 31 , 2015, at 618 million euros, compared with a net debt of 671 million euros at December 31 , 2014.
The remains particularly solid with shareholders' equity amounting to some 24 billion euros.
The Board of Directors has decided to propose that the Shareholders' Annual General Meeting of April 20 , 2016 should approve a dividend of 3.10 euros per share, an increase of 14.8% compared with the dividend paid in 2015. The dividend will be paid on May 3 , 2016 (ex-dividend date May 29 , 2016 at 0:00 a.m., Paris time).
As of December 31 , 2015, the capital of the company is formed by shares, each with one voting right.
www.loreal-finance.com
(switchboard: +33 1 47 56 70 00)
Mr Jean Régis CAROF
Tel: +33 1 47 56 83 02
jean-regis.carof@loreal.com
Mrs Françoise LAUVIN
Tel: +33 1 47 56 86 82
francoise.lauvin@loreal.com
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, the Internet site for shareholders and investors, www.loreal-finance.com or the L'Oréal Finance app, alternatively, call +33 1 40 14 80 50.
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