Table of Contents Page Page 1 2010 Consolidated Financial Statements* 3 1.1. Consolidated profit and loss accounts 4 1.2. Conso
2010 Financial Statements Management Report of the Board of Directors Annual Financial Report Additional Information for the Re
2 ANNUAL REPORT − L ’ORÉAL 2010
1 2010 Consolidated Financial Statements* Page Page 1.1. Consolidated profit and loss accounts 1.2. Consolidated statements of
1 2010 Consolidated Financial Statements Consolidated profit and loss accounts 1.1. Consolidated profit and loss accounts € mill
2010 Consolidated Financial Statements Consolidated statements of net profit and gains and losses directly recognised in equity
1 2010 Consolidated Financial Statements Consolidated balance sheets 1.3. Consolidated balance sheets Assets € millions Notes 1
2010 Consolidated Financial Statements Consolidated statements of changes in equity 1 1.4. Consolidated statements of changes i
1 2010 Consolidated Financial Statements Consolidated statements of cash flows 1.5. Consolidated statements of cash flows € mill
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 1.6. Notes to the consolidated financial
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements ♦ the cost of the acquisition, which inc
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 The resulting translation difference att
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements 1.9. Foreign exchange gains and losses 1
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 to the Cash-Generating Units expected to
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements The amortization period applicable to pa
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 Units of cash unit trusts are considered
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements The obligations and the fair value of pl
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 2 Changes in the scope of consolida
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements YSL Beauté generated sales of around €65
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 3 Segment information The Dermatolo
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements € millions 2009 Professional Products Co
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 3.2. Information by geographic Zone - Gr
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements 3.2.4. Breakdown of operational assets a
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 5 Depreciation and amortisation exp
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 7 Other operational income and expe
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 9 Income tax 9.1. € millions Detail
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements Deferred tax assets and liabilities reco
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 Earnings attributable to owners of the c
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements 10.4. Calculation of the number of share
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 The accumulated impairment losses relati
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements € millions 2008 L’Oréal Professionnel/Ké
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 12 Other intangible assets Change i
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements € millions 2008 Brands with an indefinit
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 13 Impairment tests on intangible a
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 14 Tangible assets Acquisitions/ Di
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 Tangible assets include capital lease co
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 17 Trade accounts receivable 12.31.
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 20 Equity The share capital consist
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements The change in treasury stock in 2009 is
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 20.3. Share subscription or purchase opt
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements Expected volatility is equal to the impl
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 20.4. Items directly recognised in equit
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements € millions 12.31.2010 998.6 189.5 1,188.
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 They can be broken down by geographic Zo
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements The variations during 2010, 2009 and 200
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 The retirement expense charged to the pr
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 22 Provisions for liabilities and c
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 The change in this caption in 2009 can b
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 23 Borrowings and debt The Group fi
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 23.4. Breakdown of fixed rate and floati
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements All the Group’s future foreign currency
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 The market values by type of hedging are
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements 24.3. Sensitivity to changes in interest
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 The following table provides an analysis
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 25 Other current liabilities 12.31.
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 26.3. Contingent liabilities In the cour
1 2010 Consolidated Financial Statements Notes to the consolidated financial statements NOTE 29 Transactions with related partie
2010 Consolidated Financial Statements Notes to the consolidated financial statements 1 NOTE 30 Fees accruing to auditors and me
1 2010 Consolidated Financial Statements Consolidated companies at December 31st, 2010 1.7. Consolidated companies at December
2010 Consolidated Financial Statements Consolidated companies at December 31st, 2010 1 Companies La Roche-Posay Laboratoire Pha
1 2010 Consolidated Financial Statements Consolidated companies at December 31st, 2010 Companies L’Oréal Nederland B.V. L’Oréal
2010 Consolidated Financial Statements Consolidated companies at December 31st, 2010 1 Companies Roger & Gallet Scental Ltd Sed
1 2010 Consolidated Financial Statements Consolidated companies at December 31st, 2010 1.7.2. Companies consolidated by the pro
2010 Consolidated Financial Statements Consolidated companies at December 31st, 2010 1 Companies Innéov (Shanghai) Trading Co.,
2 2010 Management Report of the Board of Directors* Page Page 2.1. The Group’s Business Activities in 2010 2.1.1. 2.1.2. 2.1.3.
Page Page 2.6.6. 2.6.7. 2.6.8. 2.6.9. Employee share ownership Disclosures to the Company of legal thresholds crossed Sharehold
2 2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 This Management Report reviews the a
2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 2 2010 cosmetics sales by operational
2 2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 ♦ In Asia, the tinted skincare line
2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 2 Multi-Division summary by geographic
2 2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 2.1.3. Results Operating profitabili
2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 2 Operating profit by branch and Divis
2 2010 Management Report of the Board of Directors The Group’s Business Activities in 2010 Finance costs amounted to 35.6 milli
2010 Management Report of the Board of Directors Report on the Parent Company financial statements 2 2.1.6. Production and Techn
2 2010 Management Report of the Board of Directors Report on the Parent Company financial statements 2.2.2. L’Oréal Parent Compa
2010 Management Report of the Board of Directors Risk factors 2 2.3. Risk factors The Group’s Internal Control system is aimed
2 2010 Management Report of the Board of Directors Risk factors Distribution network To sell its products, L’Oréal uses indepen
2010 Management Report of the Board of Directors Risk factors 2 Before any trademark and model registration, prior rights searc
2 2010 Management Report of the Board of Directors Risk factors Environment, Health and Safety (EHS) The cosmetic industry has
2010 Management Report of the Board of Directors Risk factors 2 These credit lines are not subject to any conditionality clause
2 2010 Management Report of the Board of Directors Risk factors Risk relating to the impairment of intangible assets As stated
2010 Management Report of the Board of Directors Remuneration of the members of the Board of Directors and the corporate officer
2 2010 Management Report of the Board of Directors Remuneration of the members of the Board of Directors and the corporate offic
2010 Management Report of the Board of Directors Remuneration of the members of the Board of Directors and the corporate officer
2 2010 Management Report of the Board of Directors Remuneration of the members of the Board of Directors and the corporate offic
2010 Management Report of the Board of Directors Remuneration of the members of the Board of Directors and the corporate officer
2 2010 Management Report of the Board of Directors Remuneration of the members of the Board of Directors and the corporate offic
2010 Management Report of the Board of Directors Information concerning the share capital 2 2.6. Information concerning the sha
2 2010 Management Report of the Board of Directors Information concerning the share capital Nature of the authorisation Share c
2010 Management Report of the Board of Directors Information concerning the share capital 2 2.6.3. Changes in the share capital
2 2010 Management Report of the Board of Directors Information concerning the share capital 2.6.5. Changes in allocation of the
2010 Management Report of the Board of Directors Information concerning the share capital 2 2.6.8.1. Clauses relating to the ma
2 2010 Management Report of the Board of Directors Information concerning the share capital 2.6.9. Buyback by the Company of it
2010 Management Report of the Board of Directors Employee and Environmental Information 2 This authorisation would be given for
2 2010 Management Report of the Board of Directors Employee and Environmental Information total of 184 temporary workers and an
2010 Management Report of the Board of Directors Employee and Environmental Information 2 For an annual gross salary of: €25,00
2 2010 Management Report of the Board of Directors Employee and Environmental Information Within the scope of the WPS 2009, L’O
2010 Management Report of the Board of Directors Employee and Environmental Information 2 ♦ financing a “time capital” as from
2 2010 Management Report of the Board of Directors Employee and Environmental Information 2.7.2.9. Amount of subcontracting € t
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2010 FINANCIAL STATEMENTS Management Report of the Board of Dir
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Table of Contents Page Page 1 2010 Consolidated Financial State
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2010 Financial Statements Management Report of the Board of Dir
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2 ANNUAL REPORT
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1 2010 Consolidated Financial Statements* Page Page 1.1. Consol
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2010 Consolidated Financial Statements Consolidated statements
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1 2010 Consolidated Financial Statements Consolidated statement
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2010 Consolidated Financial Statements Notes to the consolidate
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1 2010 Consolidated Financial Statements Consolidated companies
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2010 Consolidated Financial Statements Consolidated companies a
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1 2010 Consolidated Financial Statements Consolidated companies
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2010 Consolidated Financial Statements Consolidated companies a
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2010 Consolidated Financial Statements Consolidated companies a
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Page Page 2.6.6. 2.6.7. 2.6.8. 2.6.9. Employee share ownership
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2 2010 Management Report of the Board of Directors The Group’s
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2010 Management Report of the Board of Directors The Group’s Bu
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2010 Management Report of the Board of Directors The Group’s Bu
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2010 Management Report of the Board of Directors Report on the
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2010 Management Report of the Board of Directors Risk factors 2
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2010 Management Report of the Board of Directors Remuneration o
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2010 Management Report of the Board of Directors Remuneration o
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2010 Management Report of the Board of Directors Employee and E
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L'Oréal 2010 Financial Statements
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