2021 UNIVERSAL REGISTRATION DOCUMENT

1. Presentation of the Group integrated report

NET DEBT
  31.12.2019 31.12.2020 31.12.2021

Net cash position = Net cash or net debt (in € million) (1)

Net cash position = Net cash or net debt (in € million) (1)

31.12.2019

2,399.3(2)

Net cash position = Net cash or net debt (in € million) (1)

31.12.2020

+3,859.4(2)

Net cash position = Net cash or net debt (in € million) (1)

31.12.2021

-3,586.4(2)
Net debt ratio (Net financial position/Equity)

Net debt ratio (Net financial position/Equity)

31.12.2019

n/a

Net debt ratio (Net financial position/Equity)

31.12.2020

n/a

Net debt ratio (Net financial position/Equity)

31.12.2021

15.2%

(1) Net cash or net debt = cash and cash equivalents – current and non–current financial debt.

(2) Including IFRS 16 lease debt for €2,035.9 million in 2019, €1,681.6 million in 2020 and €1,670.3 million in 2021.

SHORT-TERM RATINGS
A1 + Standard & Poor’s DECEMBER 2021
PRIME – 1 Moody’s DECEMBER 2021
A SOLID BALANCE SHEET (€ MILLION)

2019:

Total assets and liabilities: 43,809.8.
Non-current assets: 29,893.3.
Current assets: 13,916.5, including cash and cash equivalent: 5,286.0.

2020:

Total assets and liabilities: 43,606.9.
Non-current assets: 29,046.8.
Current assets: 14,560.1, including cash and cash equivalent: 6,405.9.

2021:

Total assets and liabilities: 43,013.4.
Non-current assets: 30,937.6.
Current assets: 12,075.8, including cash and cash equivalent: 2,713.8.

2019:

Total assets and liabilities: 43,809.8.
Shareholders' equity: 29,426.0.
Non-current liabilities: 1,877.7.
Debts: 2,886.7.
Current liabilities: 9,619.4.

2020:

Total assets and liabilities: 43,606.9.
Shareholders' equity: 28,998.8.
Non-current liabilities: 2,174.7.
Debts: 2,546.5.
Current liabilities : 9,886.9.

2021:

Total assets and liabilities: 43,013.4.
Shareholders' equity: 23,592.6.
Non-current liabilities: 1,579.5.
Debts: 6,300.3.
Current liabilities: 11,541.0.

1.2.3. The beauty market, a strong recovery in 2021

Warning: the competitive positions and market share held by the Group’s Divisions and brands mentioned in this Document are based on studies, panels and polls obtained from specialised organisations and companies, or, in the absence of comprehensive studies, are the result of estimates made by L’Oréal on the basis of available statistical data.

WORLDWIDE COSMETICS MARKET FROM 2000 TO 2021(1)
This diagram shows the worldwide cosmetics market from 2000 to 2021 2000: 4.9% 2001: 4.3% 2002: 4.6% 2003: 4.0% 2004: 3.4% 2005: 3,8% 2006: 4.9% 2007: 5.0% 2008: 1.0% 2009: 1.0% 2010: 4.2% 2011: 4.6% 2012: 4.6% 2013: 3.8% 2014: 3.6% 2015: 3.9% 2016: 4.0% 2017: 4.9% 2018: 5.5% 2019: 5.0% to 5.5% 2020: -8.0% 2021: 8.0%

(1) Source: L’Oréal estimates of the global cosmetics market based on net manufacturer prices excluding soap, toothpaste, razors and blades, evolution excluding currency fluctuations.