2024 universal registration document

5.1 Compared Consolidated Income Statements

5. 2024 Consolidated Financial Statements

5.1 Compared Consolidated Income Statements

L’Oréal S.A. is a French company, with its head office in France. It acts as a holding company and provides strategic coordination, particularly for brands, as well as R&I and Tech coordination for the L’Oréal Groupe throughout the world. At the same time, it performed a sales activity until this activity was subsidiarised on 1 July 2023 to the companies L’Oréal France and L’Oréal International Distribution, as approved by the Annual General Meeting of 21 April 2023 in its 19th and 20th resolutions.

The subsidiaries operate the Group’s business activities in the countries or region(s) in which they are located, on the domestic or the export markets. To do so, they define the development strategy specific to their market(s), make the most suitable choices in terms of consumer targets and distribution channels, and manufacture, directly or indirectly, and market the brands they decide to sell on their market(s).

Almost all of the subsidiaries are owned by L’Oréal S.A. 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 Groupe as a whole, including all subsidiaries.

The Statutory Auditors' report on the consolidated financial statements can be found at the end of this chapter.

5.1 Compared Consolidated Income Statements

€ millions Notes 2024 2023 2022
Net sales Net salesNotes3.1 Net sales202443,486.8 Net sales202341,182.5 Net sales202238,260.6
Cost of sales

Cost of sales

Notes

 

Cost of sales

2024

(11,227.0)

Cost of sales

2023

(10,767.0)

Cost of sales

2022

(10,577.4)

Gross profit Gross profitNotes

 

Gross profit202432,259.8 Gross profit202330,415.5 Gross profit202227,683.3
Research & Innovation expenses

Research & Innovation expenses

Notes

 

Research & Innovation expenses

2024

(1,354.7)

Research & Innovation expenses

2023

(1,288.9)

Research & Innovation expenses

2022

(1,138.6)

Advertising and promotion expenses

Advertising and promotion expenses

Notes

 

Advertising and promotion expenses

2024

(14,008.9)

Advertising and promotion expenses

2023

(13,356.6)

Advertising and promotion expenses

2022

(12,059.0)

Selling, general and administrative expenses

Selling, general and administrative expenses

Notes

 

Selling, general and administrative expenses

2024

(8,208.7)

Selling, general and administrative expenses

2023

(7,626.7)

Selling, general and administrative expenses

2022

(7,028.8)

Operating profit Operating profitNotes3.1 Operating profit20248,687.5 Operating profit20238,143.3 Operating profit20227,456.9
Other income and expenses

Other income and expenses

Notes

4

Other income and expenses

2024

(437.7)

Other income and expenses

2023

(449.9)

Other income and expenses

2022

(241.5)

Operational profit Operational profitNotes

 

Operational profit20248,249.8 Operational profit20237,693.4 Operational profit20227,215.4
Finance costs on gross debt

Finance costs on gross debt

Notes

 

Finance costs on gross debt

2024

(373.4)

Finance costs on gross debt

2023

(226.7)

Finance costs on gross debt

2022

(70.4)

Finance income on cash and cash equivalents

Finance income on cash and cash equivalents

Notes

 

Finance income on cash and cash equivalents

2024

148.7

Finance income on cash and cash equivalents

2023

162.1

Finance income on cash and cash equivalents

2022

69.8

Finance costs, net Finance costs, netNotes

 

Finance costs, net2024(224.7) Finance costs, net2023(64.6) Finance costs, net2022(0.6)
Other financial income and expenses

Other financial income and expenses

Notes

9.4

Other financial income and expenses

2024

(36.7)

Other financial income and expenses

2023

(48.8)

Other financial income and expenses

2022

(72.3)

Sanofi dividends

Sanofi dividends

Notes

 

Sanofi dividends

2024

444.5

Sanofi dividends

2023

420.9

Sanofi dividends

2022

468.2

Profit before tax and associates Profit before tax and associatesNotes

 

Profit before tax and associates20248,432.9 Profit before tax and associates20238,001.0 Profit before tax and associates20227,610.6
Income tax

Income tax

Notes

6

Income tax

2024

(2,015.1)

Income tax

2023

(1,810.6)

Income tax

2022

(1,899.4)

Share of profit in associates

Share of profit in associates

Notes

 

Share of profit in associates

2024

(1.3)

Share of profit in associates

2023

0.2

Share of profit in associates

2022

1.4

Net profit Net profitNotes

 

Net profit20246,416.5 Net profit20236,190.5 Net profit20225,712.6
Attributable to:

owners of the Company

owners of the Company

Notes

 

owners of the Company

2024

6,408.7

owners of the Company

2023

6,184.0

owners of the Company

2022

5,706.6

non-controlling interests

non-controlling interests

Notes

 

non-controlling interests

2024

7.8

non-controlling interests

2023

6.5

non-controlling interests

2022

6.0

Earnings per share attributable to owners of the Company(euros)

Earnings per share attributable to owners of the Company

(euros)
Notes

11.4

Earnings per share attributable to owners of the Company

(euros)
2024

11.99

Earnings per share attributable to owners of the Company

(euros)
2023

11.55

Earnings per share attributable to owners of the Company

(euros)
2022

10.65

Diluted earnings per share attributable to owners of the Company(euros)

Diluted earnings per share attributable to owners of the Company

(euros)
Notes

11.4

Diluted earnings per share attributable to owners of the Company

(euros)
2024

11.95

Diluted earnings per share attributable to owners of the Company

(euros)
2023

11.52

Diluted earnings per share attributable to owners of the Company

(euros)
2022

10.61

Earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

Earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

Notes

11.4

Earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

2024

12.70

Earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

2023

12.11

Earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

2022

11.30

Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

Notes

11.4

Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

2024

12.66

Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

2023

12.08

Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros)

2022

11.26