2024 universal registration document

6. 2024 parent company financial statements

6.3 Statement of changes in shareholders’ equity

The share capital comprises 534,312,021 shares with a par value of €0.2 each following transactions carried out in financial year 2024:

issue of 230,423 shares under the employee shareholding plan;
issue of 664,680 free shares;
cancellation of 1,308,557 shares.

Changes in shareholders’ equity are as follows:

€ millions	Share capital	Additional paid-in capital	1976 revaluation reserve	Reserves and retained earnings⁽¹⁾	Net profit for the year	Regulated provisions and investment grants⁽²⁾	Total
Balance at 31 December 2021 before appropriation of net profit	Balance at 31 December 2021 before appropriation of net profit Share capital 111.5	Balance at 31 December 2021 before appropriation of net profit Additional paid-in capital 3,265.6	Balance at 31 December 2021 before appropriation of net profit 1976 revaluation reserve 42.5	Balance at 31 December 2021 before appropriation of net profit Reserves and retained earnings ⁽¹⁾ 10,770.6	Balance at 31 December 2021 before appropriation of net profit Net profit for the year 3,860.5	Balance at 31 December 2021 before appropriation of net profit Regulated provisions and investment grants⁽²⁾ 29.9	Balance at 31 December 2021 before appropriation of net profit Total 18,080.6
Capital increase	Capital increase Share capital 0.3	Capital increase Additional paid-in capital 103.1	Capital increase 1976 revaluation reserve	Capital increase Reserves and retained earnings ⁽¹⁾	Capital increase Net profit for the year	Capital increase Regulated provisions and investment grants⁽²⁾	Capital increase Total 103.4
Cancellation of shares	Cancellation of shares Share capital (4.8)	Cancellation of shares Additional paid-in capital	Cancellation of shares 1976 revaluation reserve	Cancellation of shares Reserves and retained earnings ⁽¹⁾ (9,399.4)	Cancellation of shares Net profit for the year	Cancellation of shares Regulated provisions and investment grants⁽²⁾	Cancellation of shares Total (9,404.2)
Appropriation of 2021 net profit	Appropriation of 2021 net profit Share capital	Appropriation of 2021 net profit Additional paid-in capital	Appropriation of 2021 net profit 1976 revaluation reserve	Appropriation of 2021 net profit Reserves and retained earnings ⁽¹⁾ 1,259.3	Appropriation of 2021 net profit Net profit for the year (1,259.3)	Appropriation of 2021 net profit Regulated provisions and investment grants⁽²⁾	Appropriation of 2021 net profit Total —
Dividends paid for 2021	Dividends paid for 2021 Share capital	Dividends paid for 2021 Additional paid-in capital	Dividends paid for 2021 1976 revaluation reserve	Dividends paid for 2021 Reserves and retained earnings ⁽¹⁾	Dividends paid for 2021 Net profit for the year (2,601.2)	Dividends paid for 2021 Regulated provisions and investment grants⁽²⁾	Dividends paid for 2021 Total (2,601.2)
2022 net profit	2022 net profit Share capital	2022 net profit Additional paid-in capital	2022 net profit 1976 revaluation reserve	2022 net profit Reserves and retained earnings ⁽¹⁾	2022 net profit Net profit for the year 12,343.1	2022 net profit Regulated provisions and investment grants⁽²⁾	2022 net profit Total 12,343.1
Other movements during the period	Other movements during the period Share capital	Other movements during the period Additional paid-in capital	Other movements during the period 1976 revaluation reserve	Other movements during the period Reserves and retained earnings ⁽¹⁾	Other movements during the period Net profit for the year	Other movements during the period Regulated provisions and investment grants⁽²⁾ (7.9)	Other movements during the period Total (7.9)
Balance at 31 December 2022 before appropriation of net profit	Balance at 31 December 2022 before appropriation of net profit Share capital 107.0	Balance at 31 December 2022 before appropriation of net profit Additional paid-in capital 3,368.7	Balance at 31 December 2022 before appropriation of net profit 1976 revaluation reserve 42.5	Balance at 31 December 2022 before appropriation of net profit Reserves and retained earnings ⁽¹⁾ 2,630.5	Balance at 31 December 2022 before appropriation of net profit Net profit for the year 12,343.1	Balance at 31 December 2022 before appropriation of net profit Regulated provisions and investment grants⁽²⁾ 22.0	Balance at 31 December 2022 before appropriation of net profit Total 18,513.8
Capital increase	Capital increase Share capital 0.2	Capital increase Additional paid-in capital 1.5	Capital increase 1976 revaluation reserve	Capital increase Reserves and retained earnings ⁽¹⁾	Capital increase Net profit for the year	Capital increase Regulated provisions and investment grants⁽²⁾	Capital increase Total 1.7
Cancellation of shares	Cancellation of shares Share capital (0.3)	Cancellation of shares Additional paid-in capital	Cancellation of shares 1976 revaluation reserve	Cancellation of shares Reserves and retained earnings ⁽¹⁾ (499.7)	Cancellation of shares Net profit for the year	Cancellation of shares Regulated provisions and investment grants⁽²⁾	Cancellation of shares Total (500.0)
Appropriation of 2022 net profit	Appropriation of 2022 net profit Share capital	Appropriation of 2022 net profit Additional paid-in capital	Appropriation of 2022 net profit 1976 revaluation reserve	Appropriation of 2022 net profit Reserves and retained earnings ⁽¹⁾ 9,094.7	Appropriation of 2022 net profit Net profit for the year (9,094.7)	Appropriation of 2022 net profit Regulated provisions and investment grants⁽²⁾	Appropriation of 2022 net profit Total —
Dividends paid for 2022	Dividends paid for 2022 Share capital	Dividends paid for 2022 Additional paid-in capital	Dividends paid for 2022 1976 revaluation reserve	Dividends paid for 2022 Reserves and retained earnings ⁽¹⁾	Dividends paid for 2022 Net profit for the year (3,248.4)	Dividends paid for 2022 Regulated provisions and investment grants⁽²⁾	Dividends paid for 2022 Total (3,248.4)
2023 net profit	2023 net profit Share capital	2023 net profit Additional paid-in capital	2023 net profit 1976 revaluation reserve	2023 net profit Reserves and retained earnings ⁽¹⁾	2023 net profit Net profit for the year 3,826.3	2023 net profit Regulated provisions and investment grants⁽²⁾	2023 net profit Total 3,826.3
Other movements during the period	Other movements during the period Share capital	Other movements during the period Additional paid-in capital	Other movements during the period 1976 revaluation reserve	Other movements during the period Reserves and retained earnings ⁽¹⁾ (0.2)	Other movements during the period Net profit for the year	Other movements during the period Regulated provisions and investment grants⁽²⁾ (5.1)	Other movements during the period Total (5.3)
Balance at 31 December 2023 before appropriation of net profit	Balance at 31 December 2023 before appropriation of net profit Share capital 106.9	Balance at 31 December 2023 before appropriation of net profit Additional paid-in capital 3,370.2	Balance at 31 December 2023 before appropriation of net profit 1976 revaluation reserve 42.5	Balance at 31 December 2023 before appropriation of net profit Reserves and retained earnings ⁽¹⁾ 11,225.3	Balance at 31 December 2023 before appropriation of net profit Net profit for the year 3,826.3	Balance at 31 December 2023 before appropriation of net profit Regulated provisions and investment grants⁽²⁾ 16.9	Balance at 31 December 2023 before appropriation of net profit Total 18,588.1
Capital increase	Capital increase Share capital 0.2	Capital increase Additional paid-in capital 69.8	Capital increase 1976 revaluation reserve	Capital increase Reserves and retained earnings ⁽¹⁾	Capital increase Net profit for the year	Capital increase Regulated provisions and investment grants⁽²⁾	Capital increase Total 70.0
Cancellation of shares	Cancellation of shares Share capital (0.2)	Cancellation of shares Additional paid-in capital	Cancellation of shares 1976 revaluation reserve	Cancellation of shares Reserves and retained earnings ⁽¹⁾ (499.7)	Cancellation of shares Net profit for the year	Cancellation of shares Regulated provisions and investment grants⁽²⁾	Cancellation of shares Total (499.9)
Appropriation of 2023 net profit	Appropriation of 2023 net profit Share capital	Appropriation of 2023 net profit Additional paid-in capital	Appropriation of 2023 net profit 1976 revaluation reserve	Appropriation of 2023 net profit Reserves and retained earnings ⁽¹⁾ 261.2	Appropriation of 2023 net profit Net profit for the year (261.2)	Appropriation of 2023 net profit Regulated provisions and investment grants⁽²⁾	Appropriation of 2023 net profit Total —
Dividends paid for 2023	Dividends paid for 2023 Share capital	Dividends paid for 2023 Additional paid-in capital	Dividends paid for 2023 1976 revaluation reserve	Dividends paid for 2023 Reserves and retained earnings ⁽¹⁾	Dividends paid for 2023 Net profit for the year (3,565.1)	Dividends paid for 2023 Regulated provisions and investment grants⁽²⁾	Dividends paid for 2023 Total (3,565.1)
2024 net profit	2024 net profit Share capital	2024 net profit Additional paid-in capital	2024 net profit 1976 revaluation reserve	2024 net profit Reserves and retained earnings ⁽¹⁾	2024 net profit Net profit for the year 5,678.0	2024 net profit Regulated provisions and investment grants⁽²⁾	2024 net profit Total 5,678.0
Other movements during the period	Other movements during the period Share capital	Other movements during the period Additional paid-in capital 4.3	Other movements during the period 1976 revaluation reserve	Other movements during the period Reserves and retained earnings ⁽¹⁾ (0.1)	Other movements during the period Net profit for the year	Other movements during the period Regulated provisions and investment grants⁽²⁾ (2.3)	Other movements during the period Total 1.9
BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT Share capital 106.9	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT Additional paid-in capital 3,444.3	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT 1976 revaluation reserve 42.5	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT Reserves and retained earnings ⁽¹⁾10,986.7	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT Net profit for the year 5,678.0	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT Regulated provisions and investment grants⁽²⁾14.6	BALANCE AT 31 DECEMBER 2024 BEFORE APPROPRIATION OF NET PROFIT Total 20,273.0

The amount added to reserves for (i) unpaid dividends on treasury shares held by L’Oréal, (ii) movements between 1 January and the dividend payment date, on maturing free share plans, (iii) and the final number of shares carrying preferential dividend rights, stood at a negative €1.1 million in 2024, compared with a negative €2.9 million in 2023 and a negative €4.5 million in 2022.
The item "Regulated provisions and investment grants" amounted to €14.6 million at 31 December 2024, compared with €16.9 million at 31 December 2023 and €22 million at 31 December 2022. This item mainly consisted of accelerated tax-driven depreciation.

Details of share subscription option and free share plans are provided in note 16.