2021 UNIVERSAL REGISTRATION DOCUMENT

Financial ratios

	2019	2020	2021
Operating profit/Sales (as % of sales)	Operating profit/Sales (as % of sales) 2019 18.6%	Operating profit/Sales (as % of sales) 2020 18.6%	Operating profit/Sales (as % of sales) 2021 19.1%
Net profit excluding non-recurring items attributable to the owners of the group/Opening shareholders’ equity (% of shareholders’ equity)	Net profit excluding non-recurring items attributable to the owners of the group/Opening shareholders’ equity (% of shareholders’ equity) 2019 16.2%	Net profit excluding non-recurring items attributable to the owners of the group/Opening shareholders’ equity (% of shareholders’ equity) 2020 13.9%	Net profit excluding non-recurring items attributable to the owners of the group/Opening shareholders’ equity (% of shareholders’ equity) 2021 17.0%
Net gearing⁽¹⁾ (% of shareholders’ equity)	Net gearing ⁽¹⁾ (% of shareholders’ equity) 2019 n/a	Net gearing ⁽¹⁾ (% of shareholders’ equity) 2020 n/a	Net gearing ⁽¹⁾ (% of shareholders’ equity) 2021 15.2%
Gross cash flow/Investments	Gross cash flow/Investments 2019 4,7x	Gross cash flow/Investments 2020 5,9x	Gross cash flow/Investments 2021 6,2x

(1) Net gearing: (Current and non-current debt – Cash and cash equivalents) / Shareholders’ equity attributable to owners of the company.

L'Oréal 2015-2021

€ millions	2015	2016	2017	2018	2019	2020	2021
Results	Results 2015						Results 2016
Consolidated sales	Consolidated sales 2015 25,257	Consolidated sales 2016 25,837	Consolidated sales 2017 26,023	Consolidated sales 2018 26,937	Consolidated sales 2019 29,874	Consolidated sales 2020 27,992	Consolidated sales 2021 32,288
Operating profit	Operating profit 2015 4,388	Operating profit 2016 4,540	Operating profit 2017 4,676	Operating profit 2018 4,922	Operating profit 2019 5,548	Operating profit 2020 5,209	Operating profit 2021 6,160
As a percentage of consolidated sales	As a percentage of consolidated sales 2015 17.4%	As a percentage of consolidated sales 2016 17.6%	As a percentage of consolidated sales 2017 18.0%	As a percentage of consolidated sales 2018 18.3%	As a percentage of consolidated sales 2019 18.6%	As a percentage of consolidated sales 2020 18.6%	As a percentage of consolidated sales 2021 19.l%
Profit before tax excluding non-recurring items	Profit before tax excluding non-recurring items 2015 4,711	Profit before tax excluding non-recurring items 2016 4,867	Profit before tax excluding non-recurring items 2017 5,003	Profit before tax excluding non-recurring items 2018 5,278	Profit before tax excluding non-recurring items 2019 5,848	Profit before tax excluding non-recurring items 2020 5,485	Profit before tax excluding non-recurring items 2021 6.479
Net profit excluding non-recurring items attributable to the owners of the company⁽¹⁾	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾2015 3,490	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾2016 3,647	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾2017 3,748	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾2018 3,988	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾2019 4,357	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾2020 4,099	Net profit excluding non-recurring items attributable to the owners of the company ⁽¹⁾ 2021 4,938
Net profit attributable to owners of the company	Net profit attributable to owners of the company 2015 3,297	Net profit attributable to owners of the company 2016 3,l06	Net profit attributable to owners of the company 2017 3,581	Net profit attributable to owners of the company 2018 3,895	Net profit attributable to owners of the company 2019 3,750	Net profit attributable to owners of the company 2020 3,563	Net profit attributable to owners of the company 2021 4,597
Total dividend	Total dividend 2015 1,742	Total dividend 2016 1,858	Total dividend 2017 2,006	Total dividend 2018 2.177	Total dividend 2019 2.173	Total dividend 2020 2,268	Total dividend 2021 2.601
Balance sheet	Balance sheet 2015						Balance sheet 2016
Non-current assets	Non-current assets 2015 24,458	Non-current assets 2016 25,585	Non-current assets 2017 24,320	Non-current assets 2018 25,991	Non-current assets 2019 29,893	Non-current assets 2020 29,047	Non-current assets 2021 30,938
Current assets excl. cash and cash equivalents	Current assets excl. cash and cash equivalents 2015 7,854	Current assets excl. cash and cash equivalents 2016 8,300	Current assets excl. cash and cash equivalents 2017 7,792	Current assets excl. cash and cash equivalents 2018 8,474	Current assets excl. cash and cash equivalents 2019 8,631	Current assets excl. cash and cash equivalents 2020 8,154	Current assets excl. cash and cash equivalents 2021 9,362
Cash and cash equivalents	Cash and cash equivalents 2015 1,400	Cash and cash equivalents 2016 1,746	Cash and cash equivalents 2017 3,047	Cash and cash equivalents 2018 3,992	Cash and cash equivalents 2019 5,286	Cash and cash equivalents 2020 6,406	Cash and cash equivalents 2021 2,714
Equity⁽²⁾	Equity ⁽²⁾2015 23,6l7	Equity ⁽²⁾2016 24,504	Equity ⁽²⁾2017 24,819	Equity ⁽²⁾2018 26,933	Equity ⁽²⁾2019 29,426	Equity ⁽²⁾2020 28,999	Equity ⁽²⁾ 2021 23,593
Net financial position⁽³⁾	Net financial position ⁽³⁾2015 -618	Net financial position ⁽³⁾2016 -481	Net financial position ⁽³⁾2017 -1,872	Net financial position ⁽³⁾2018 -2,751	Net financial position ⁽³⁾2019 -2,399	Net financial position ⁽³⁾2020 -3,859	Net financial position ⁽³⁾ 2021 3,586
Gross cash flow	Gross cash flow 2015 4,399	Gross cash flow 2016 4,717	Gross cash flow 2017 4,972	Gross cash flow 2018 5,178	Gross cash flow 2019 5,802	Gross cash flow 2020 5,724	Gross cash flow 2021 6,640
Per share data (€)	Per share data (€) 2015						Per share data (€) 2016
Diluted earnings per share attributable to owners of the company excluding non-recurring items⁽¹⁾	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾2015 6.18	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾2016 6.46	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾2017 6.65	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾2018 7.08	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾2019 7.74	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾2020 7.30	Diluted earnings per share attributable to owners of the company excluding non-recurring items ⁽¹⁾ 2021 8.82
Dividend	Dividend 2015 3.10	Dividend 2016 3.30	Dividend 2017 3.55	Dividend 2018 3.85	Dividend 2019 3.85	Dividend 2020 4.00	Dividend 2021 4.80⁽⁴⁾
Share price at 31 December ⁽⁵⁾	Share price at 31 December ⁽⁵⁾2015 155.30	Share price at 31 December ⁽⁵⁾2016 173.40	Share price at 31 December ⁽⁵⁾2017 184.95	Share price at 31 December ⁽⁵⁾2018 201.20	Share price at 31 December ⁽⁵⁾2019 264.00	Share price at 31 December ⁽⁵⁾2020 310.80	Share price at 31 December ⁽⁵⁾ 2021 416.95
Highest share price during the year⁽⁵⁾	Highest share price during the year ⁽⁵⁾2015 181.30	Highest share price during the year ⁽⁵⁾2016 177.90	Highest share price during the year ⁽⁵⁾2017 197.15	Highest share price during the year ⁽⁵⁾2018 214.90	Highest share price during the year ⁽⁵⁾2019 267.60	Highest share price during the year ⁽⁵⁾2020 321.40	Highest share price during the year ⁽⁵⁾ 2021 433.65
Lowest share price during the year⁽⁵⁾	Lowest share price during the year ⁽⁵⁾2015 133.40	Lowest share price during the year ⁽⁵⁾2016 142.65	Lowest share price during the year ⁽⁵⁾2017 167.75	Lowest share price during the year ⁽⁵⁾2018 170.30	Lowest share price during the year ⁽⁵⁾2019 194.55	Lowest share price during the year ⁽⁵⁾2020 196.00	Lowest share price during the year ⁽⁵⁾ 2021 290.10
Diluted weighted average number of shares outstanding⁽⁵⁾	Diluted weighted average number of shares outstanding ⁽⁵⁾2015 564,891,388	Diluted weighted average number of shares outstanding ⁽⁵⁾2016 564,509,135	Diluted weighted average number of shares outstanding ⁽⁵⁾2017 563,528,502	Diluted weighted average number of shares outstanding ⁽⁵⁾2018 563,098,506	Diluted weighted average number of shares outstanding ⁽⁵⁾2019 562,813,129	Diluted weighted average number of shares outstanding ⁽⁵⁾2020 561,635,963	Diluted weighted average number of shares outstanding ⁽⁵⁾ 2021 559,791,545

(1) For 2015 this is the net profit from continuing operations.

(2) Plus non-controlling interests.

(3) The net cash surplus was €618 million in 2015, €481 million in 2016, €1,872 million in 2017, €2,751 million in 2018, €2,399 million in 2019 and €3,859 million in 2020. The net debt was €3,586 million in 2021.

(4) Dividend proposed to the Annual General Meeting of 21 april 2022.

(5) The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €111,974,316 at 31 December 2020; the par value of one share is €0.2.

1.3.1.4. Significant and recent events

Significant events in 2021

On 29 January, for the fourth consecutive year, L’Oréal was recognised by the 2021 Bloomberg Gender-Equality Index for its commitment to female leadership, talent diversity and gender pay parity.
On 1 February, L’Oréal finalised the acquisition of Takami Co announced on 23 December 2020.
On 4 March, for the fourth consecutive year, L’Oréal ranked among the top five companies in the Equileap Global Gender Equality Ranking 2021, which assessed almost
4,000 companies in 23 countries. L’Oréal is ranked fourth overall, first in the consumer goods sector and first in France.
On 5 March, L’Oréal announced two changes within the Group’s Executive Committee. Omar Hajeri has been appointed President of the Professional Products Division and joins the Executive Committee. He succeeds Nathalie Roos, who has chosen to take her career in a new direction. Ersi Pirishi will be appointed President of the Latin America Zone and will join the Executive Committee in autumn 2021. She will take over from Javier San Juan, who has decided to retire.
On 16 March, the 2020 Universal Registration Document was filed with the Autorité des Marchés Financiers. It is made available to the public according to the terms of the regulations in force and may be viewed on the www.lorealfinance.com website. On 16 March, L’Oréal announced that its Annual General Meeting would take place behind closed doors, without the physical presence of the shareholders and other persons entitled to attend, at 10.00 am on Tuesday 20 April 2021. The convening notice was published in the Bulletin des Annonces Légales Obligatoires (BALO) on Monday 15 March 2021 and includes the agenda, draft resolutions and main terms of participation and voting at the Annual General Meeting.
On 23 March, L’Oréal’s venture capital fund Business Opportunities for L’Oréal Development (BOLD) announced that it had taken a minority stake in the Swiss environmental tech startup Gjosa.

2021 UNIVERSAL REGISTRATION DOCUMENT

1. Presentation of the Group integrated report

Financial ratios

L'Oréal 2015-2021

1.3.1.4. Significant and recent events

Significant events in 2021