Table of contents 1 2 PRESENTATION OF THE GROUP 1.1. 1.2. 1.3. 1.4. 1.5. 1.6. 1.7. 1.8. MISSION HISTORY BUSINESS ACTIVITIES AND STRATEGIC ORIENTATIONS INTERNATIONALIZATION AND THE COSMETICS MARKET RESEARCH & INNOVATION: EXCELLENCE STEP-BY-STEP OPERATIONS INVESTMENT POLICY RISK FACTORS /5 6 7 7 12 16 19 24 25 OTHER INFORMATION RELATING TO THE FINANCIAL STATEMENTS OF L'ORÉAL PARENT COMPANY 5.8. FIVE-YEAR FINANCIAL SUMMARY 5.9. INVESTMENTS (MAIN CHANGES INCLUDING SHAREHOLDING THRESHOLD CHANGES) 5.10. STATUTORY AUDITORS' REPORT ON THE FINANCIAL STATEMENTS 5.7. 204 205 206 207 CORPORATE GOVERNANCE* 2.1. 2.2. 2.3. 2.4. 2.5. / 35 36 37 73 89 6 CORPORATE SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSABILITY* 6.1. / 209 211 216 233 246 256 258 2.6. 2.7. FRAMEWORK FOR IMPLEMENTATION OF THE CORPORATE GOVERNANCE PRINCIPLES THE BOARD’S COMPOSITION AND THE WAY IN WHICH THE BOARD’S WORK IS PREPARED AND ORGANISED REMUNERATION OF THE DIRECTORS AND THE EXECUTIVE OFFICERS SUMMARY OF TRADING BY DIRECTORS AND EXECUTIVE OFFICERS IN L’ORÉAL SHARES IN 2014 INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES ( REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON INTERNAL CONTROL) STATUTORY AUDITORS’ REPORT, PREPARED IN ACCORDANCE WITH ARTICLE L. 225-235 OF THE FRENCH COMMERCIAL CODE ON THE REPORT PREPARED BY THE CHAIRMAN OF THE BOARD OF DIRECTORS STATUTORY AUDITORS' SPECIAL REPORT ON REGULATED AGREEMENTS AND COMMITMENTS WITH THIRD PARTIES 6.2. 6.3. 6.4. 6.5. 6.6. THE L’ORÉAL GROUP’S COMMITMENTS IN THE AREA OF SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSIBILITY SOCIAL INFORMATION ENVIRONMENTAL INFORMATION SOCIETAL INFORMATION TABLE OF CONCORDANCE IN RESPECT OF SOCIAL, ENVIRONMENTAL AND SOCIETAL MATTERS STATUTORY AUDITORS' REPORT 89 97 98 7 8 9 STOCK MARKET INFORMATION SHARE CAPITAL 7.1. 7.2. 7.3. 7.4. 7.5. 7.6. INFORMATION RELATING TO THE COMPANY INFORMATION CONCERNING THE SHARE CAPITAL* SHAREHOLDER STRUCTURE* LONG-TERM INCENTIVE PLANS* THE L’ORÉAL SHARE/L’ORÉAL SHARE MARKET INFORMATION POLICY / 265 266 268 270 275 283 289 3 4 KEY FIGURES AND COMMENTS ON THE 2014 FINANCIAL YEAR / 101 3.1. 3.2. 3.3. THE GROUP’S BUSINESS ACTIVITIES IN 2014* FINANCIAL HIGHLIGHTS SIGNIFICANT, RECENT EVENTS AND PROSPECTS 102 107 114 ANNUAL GENERAL MEETING 8.1. / 291 2014 CONSOLIDATED FINANCIAL STATEMENTS* 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8 8.2. / 117 119 8.3. 120 121 122 123 124 174 178 COMPARED CONSOLIDATED INCOME STATEMENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME COMPARED CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY COMPARED CONSOLIDATED STATEMENTS OF CASH FLOWS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED COMPANIES AT DECEMBER 31ST, 2014 STATUTORY AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS DRAFT RESOLUTIONS AND REPORT OF THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING TO BE HELD ON APRIL 22 ND, 2015 (AS OF FEBRUARY 12 TH, 2015) 292 STATUTORY AUDITORS’ SPECIAL REPORT ON THE AUTHORIZATION FOR THE FREE GRANTING OF EXISTING SHARES AND/OR SHARES TO BE ISSUED TO EMPLOYEES AND CORPORATE OFFICERS OF THE COMPANY 308 STATUTORY AUDITORS’ SPECIAL REPORT ON THE SHARE CAPITAL INCREASE RESERVED FOR EMPLOYEES OF THE COMPANY 309 APPENDIX 9.1. 9.2. 9.3. 9.4. / 311 312 312 313 5 2014 PARENT COMPANY FINANCIAL STATEMENTS* / 179 5.1. 5.2. 5.3. 5.4. 5.5. 5.6. COMPARED INCOME STATEMENTS COMPARED BALANCE SHEETS CHANGES IN SHAREHOLDERS' EQUITY STATEMENTS OF CASH FLOWS NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS TABLE OF SUBSIDIARIES AND HOLDINGS AT DECEMBER 31ST, 2014 180 181 182 183 184 201 9.5. 9.6. 9.7. 9.8. STATUTORY AUDITORS HISTORICAL FINANCIAL INFORMATION INCLUDED BY REFERENCE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND THE ANNUAL FINANCIAL REPORT DECLARATION BY THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND THE ANNUAL FINANCIAL REPORT REGISTRATION DOCUMENT TABLE OF CONCORDANCE ANNUAL FINANCIAL REPORT TABLE OF CONCORDANCE TABLE OF CONCORDANCE WITH THE AMF TABLES ON THE REMUNERATION OF EXECUTIVE OFFICERS AND DIRECTORS TABLE OF CONCORDANCE OF THE MANAGEMENT REPORT 313 314 316 316 317 Detailed chapter contents can be found at the beginning of each chapter. * This information forms an integral part of the Annual Financial report as provided in the Article L. 451-1-2 of the French Monetary and Financial Code.
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