We use cookies that are strictly necessary for the operation of this website as well as statistical cookies that allow us to anonymously know how users interact with the website in order to optimize your user experience.
These cookies can be set at any time from the publication.
- Open the table of contents (s)
L'Oréal (logo), go to first page
2022 Universal Registration Document
- Certified e-accessible
- Accessibility options
- Consult the media library
- Search a keyword (f)
TABLE OF CONTENT
- 1
- Prospects:...Prospects: Jean-Paul Agon, Chairman of the Board of Directors of L’OréalProspects: Jean-Paul Agon, Chairman of the Board of Directors of L’Oréal - Page 22
- Prospects: Nicolas...Prospects: Nicolas Hieronimus, Chief Executive Officer of L’OréalProspects: Nicolas Hieronimus, Chief Executive Officer of L’Oréal - Page 33
- Chapter 1...Chapter 1 : Presentation of the Group – Integrated ReportChapter 1 : Presentation of the Group – Integrated Report - Page 5
page 5 TO 52
- 1.1. The...61.1. The L’Oréal Group: the fundamentals1.1. The L’Oréal Group: the fundamentals - page6
- 1.2. L’Oréal,...141.2. L’Oréal, a value-creating model1.2. L’Oréal, a value-creating model - page14
- 1.3. 2022...361.3. 2022 Financial Results and Corporate Social Responsibility commitments1.3. 2022 Financial Results and Corporate Social Responsibility commitments - page36
- 1.4. A...501.4. A tailored, agile and responsive organisation1.4. A tailored, agile and responsive organisation - page50
- 1.5. Internal...511.5. Internal Control and risk management system1.5. Internal Control and risk management system - page51
- Chapter 2...Chapter 2 : Corporate governanceChapter 2 : Corporate governance - Page 53
page 53 TO 116
- 2.1. Framework...542.1. Framework for the implementation of corporate governance principles2.1. Framework for the implementation of corporate governance principles - page54
- 2.2. Composition...572.2. Composition of the Board at 31 December 20222.2. Composition of the Board at 31 December 2022 - page57
- 2.3. Organisation...722.3. Organisation and modus operandi of the Board of Directors2.3. Organisation and modus operandi of the Board of Directors - page72
- 2.4. Remuneration...912.4. Remuneration of directors and corporate officers2.4. Remuneration of directors and corporate officers - page91
- 2.5. Summary table...1142.5. Summary table of the recommendations of the AFEP‑MEDEF Code which have not been applied2.5. Summary table of the recommendations of the AFEP‑MEDEF Code which have not been applied - page114
- 2.6. Summary statement...1152.6. Summary statement of trading by directors and corporate officers in L’Oréal shares in 20222.6. Summary statement of trading by directors and corporate officers in L’Oréal shares in 2022 - page115
- 2.7. Statutory...1152.7. Statutory Auditors’ Special Report on regulated agreements2.7. Statutory Auditors’ Special Report on regulated agreements - page115
- Chapter 3...Chapter 3 : Risk factors and risk managementChapter 3 : Risk factors and risk management - Page 117
page 117 TO 150
- 3.1. Definition...1183.1. Definition and objectives of Internal Control3.1. Definition and objectives of Internal Control - page118
- 3.2. Components...1193.2. Components of the Internal Control and Risk Management system3.2. Components of the Internal Control and Risk Management system - page119
- 3.3. Preparing...1243.3. Preparing and processing accounting and financial information3.3. Preparing and processing accounting and financial information - page124
- 3.4. Vigilance...1263.4. Vigilance Plan3.4. Vigilance Plan - page126
- 3.5. Risk...1413.5. Risk factors and risk management3.5. Risk factors and risk management - page141
- Chapter 4...Chapter 4 : Social, environmental and societal responsibilityChapter 4 : Social, environmental and societal responsibility - Page 151
page 151 TO 252
- 4.2. Main...1604.2. Main non-financial risks4.2. Main non-financial risks - page160
- 4.3. Policies,...1624.3. Policies, performance indicators and results4.3. Policies, performance indicators and results - page162
- 4.4. L’Oréal...2314.4. L’Oréal for the Future: 2022 results4.4. L’Oréal for the Future: 2022 results - page231
- 4.5. Methodological...2324.5. Methodological notes4.5. Methodological notes - page232
- 4.6....2394.6. Cross-reference tables, including NFIS and GHG balance4.6. Cross-reference tables, including NFIS and GHG balance - page239
- 4.7. Statutory...2444.7. Statutory Auditor's Reports4.7. Statutory Auditor's Reports - page244
- Chapter 5...Chapter 5 : 2022 Consolidated Financial StatementsChapter 5 : 2022 Consolidated Financial Statements - Page 253
page 253 TO 316
- 5.1. Compared...2545.1. Compared Consolidated Income Statements5.1. Compared Consolidated Income Statements - page254
- 5.2. Consolidated...2555.2. Consolidated Statement of Comprehensive Income5.2. Consolidated Statement of Comprehensive Income - page255
- 5.3. Compared...2565.3. Compared Consolidated Balance Sheets5.3. Compared Consolidated Balance Sheets - page256
- 5.4. Consolidated...2575.4. Consolidated Statements of Changes in Equity5.4. Consolidated Statements of Changes in Equity - page257
- 5.5. Compared...2595.5. Compared Consolidated Statements of Cash Flows5.5. Compared Consolidated Statements of Cash Flows - page259
- 5.6. Notes...2605.6. Notes to the Consolidated Financial Statements5.6. Notes to the Consolidated Financial Statements - page260
- 5.7. Main...3105.7. Main consolidated companies at 31 December 20225.7. Main consolidated companies at 31 December 2022 - page310
- 5.8. Statutory...3135.8. Statutory Auditor's Report on the Consolidated Financial Statements5.8. Statutory Auditor's Report on the Consolidated Financial Statements - page313
- Chapter 6...Chapter 6 : Parent company financial statementsChapter 6 : Parent company financial statements - Page 317
page 317 TO 344
- 6.1. Compared...3186.1. Compared income statements6.1. Compared income statements - page318
- 6.2. Compared...3196.2. Compared balance sheets6.2. Compared balance sheets - page319
- 6.3. Changes...3206.3. Changes in shareholders’ equity6.3. Changes in shareholders’ equity - page320
- 6.4. Statements...3216.4. Statements of cash flows6.4. Statements of cash flows - page321
- 6.5. Notes...3226.5. Notes to the financial statements of L’Oréal S.A.6.5. Notes to the financial statements of L’Oréal S.A. - page322
- 6.6. Other...3376.6. Other information relating to the financial statements of L’Oréal S.A.6.6. Other information relating to the financial statements of L’Oréal S.A. - page337
- 6.7....3386.7. Five-year financial summary6.7. Five-year financial summary - page338
- 6.8. Equity...3396.8. Equity investments (main changes including shareholding threshold changes)6.8. Equity investments (main changes including shareholding threshold changes) - page339
- 6.9. Statutory...3406.9. Statutory Auditor's Report on the Financial Statements6.9. Statutory Auditor's Report on the Financial Statements - page340
- Chapter 7...Chapter 7 : Share capital and stock market informationChapter 7 : Share capital and stock market information - Page 345
page 345 TO 364
- 7.1. Information...3467.1. Information relating to the Company7.1. Information relating to the Company - page346
- 7.2. Information...3487.2. Information concerning the share capital7.2. Information concerning the share capital - page348
- 7.3. Shareholder...3507.3. Shareholder structure7.3. Shareholder structure - page350
- 7.4....3537.4. Long-term incentive plans7.4. Long-term incentive plans - page353
- 7.5. The...3587.5. The L’Oréal share/the share market7.5. The L’Oréal share/the share market - page358
- 7.6. Information...3637.6. Information and shareholder dialogue policy7.6. Information and shareholder dialogue policy - page363
- Chapter 8...Chapter 8 : Annual General MeetingChapter 8 : Annual General Meeting - Page 365
page 365 TO 386
- 8.1. Draft resolutions and Report of the Board of Directors to the Ordinary and Extraordinary...3668.1. Draft resolutions and Report of the Board of Directors to the Ordinary and Extraordinary General Meeting to be held on Friday 21 April 20238.1. Draft resolutions and Report of the Board of Directors to the Ordinary and Extraordinary General Meeting to be held on Friday 21 April 2023 - page366
- 8.2. Statutory...3858.2. Statutory Auditor's Report8.2. Statutory Auditor's Report - page385
- 9.1. Statutory...3889.1. Statutory Auditors9.1. Statutory Auditors - page388
- 9.2. Historical...3889.2. Historical financial information included by reference9.2. Historical financial information included by reference - page388
- 9.3. Declaration by the person...3889.3. Declaration by the person responsible for the Universal Registration Document and the Annual Financial Report9.3. Declaration by the person responsible for the Universal Registration Document and the Annual Financial Report - page388
- 9.4....3899.4. Cross-reference table with the Universal Registration Document9.4. Cross-reference table with the Universal Registration Document - page389
- 9.5. Annual...3919.5. Annual Financial Report cross-reference table9.5. Annual Financial Report cross-reference table - page391
- 9.6. Cross-reference table with...3919.6. Cross-reference table with the AMF tables on the remuneration of directors and corporate officers9.6. Cross-reference table with the AMF tables on the remuneration of directors and corporate officers - page391
- 9.7. Management...3929.7. Management Report cross-reference table9.7. Management Report cross-reference table - page392
NOTE 15. Marketable securities
This item breaks down as follows:
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Financial instruments/Premiums paid on options | 76.8 | 33.4 | 63.9 |
| Gross value | 76.8 | 33.4 | 63.9 |
| Financial instruments/Premiums paid on options | - | - | - |
| Impairment | - | - | - |
| NET VALUE | 76.8 | 33.4 | 63.9 |
NOTE 16. Maturity of receivables
| € millions | 1 year or less | More than 1 year | Gross | Impairment | Net |
|---|---|---|---|---|---|
| Loans and other receivables | 219.8 | 3.4 | 223.2 | -0.4 | 222.8 |
| Other financial assets | 4.7 | - | 4.7 | -0.1 | 4.6 |
| Trade accounts receivable | 1,032.4 | - | 1,032.4 | -1.5 | 1,030.9 |
| Other current assets, of which | 513.6 | - | 513.6 | - | 513.6 |
| Tax and employee-related receivables(1) | 431.3 | - | 431.3 | - | 431.3 |
| Other receivables | 82.3 | - | 82.3 | - | 82.3 |
| Prepaid expenses | 90.8 | - | 90.8 | - | 90.8 |
(1) Including a corporate income tax receivable in the amount of €86.2 million and a fine of €189.5 million paid to the French competition authority on 28 April 2015.
Accrual accounts included in receivables amounts are as follows:
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Trade accounts receivable | 3.0 | 2.0 | 1.2 |
| Other receivables | 20.5 | 23.1 | 19.1 |
| TOTAL | 23.5 | 25.1 | 20.3 |
NOTE 17. Stock purchase or subscription options – Free shares
17.1. Share subscription or purchase options
As at 31 December 2022, there were no more stock options plans in force.
17.2. Free shares
The table below summarises data relating to the free share plan.
| Grant date | Vesting date | Number of shares granted | Number of shares issued/allotted | Number of shares not finally vested | |
|---|---|---|---|---|---|
| Stock subscription plans | Stock purchase plans | ||||
| 20.04.2016 | 21.04.2020 | 906,100 | 835,725 | - | |
| 20.04.2017 | 21.04.2021 | 906,000 | 742,276 | - | |
| 17.04.2018 | 18.04.2022 | 931,000 | 868,575 | - | |
| 18.04.2019 | 19.04.2023 | 843,075 | 450 | 801,400 | |
| 14.10.2020 | 15.10.2024 | 713,660 | 385 | 691,150 | |
| 07.10.2021 | 08.10.2025 | 588,750 | 105 | 578,325 | |
| 13.10.2022 | 14.10.2026 | 700,000 | - | 700,000 | |
For the conditional grant of shares, the plan provides for a four-year vesting period after which vesting is effective and final, subject to meeting the conditions of the plan.
The performance conditions concern:
- For the 7 October 2021, 14 October 2020 and 18 April 2019plans:
- for 50% of shares granted, the comparable cosmetics net sales for the 2022, 2023 and 2024 financial years under the 2021 plan; for the 2021, 2022 and 2023 financial years under the 2020 plan; and the 2020, 2021 and 2022 financial years under the 2019 plan in relation to the growth in net sales for a panel of competitors;
- for 50% of shares granted, the increase over the same period in the Group’s consolidated operating profit.
