Balance Sheet L'Oréal

Equities

OR

FR0000120321

Personal Products

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Jan. 23	LOREAL : JP Morgan reiterates its Sell rating	ZD
Jan. 20	LOREAL : Jefferies remains Neutral	ZD

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Published financial data: L'ORÉAL

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	29.87B	27.99B	32.29B	38.26B	41.18B
Total Revenues	29.87B	27.99B	32.29B	38.26B	41.18B
Cost of Goods Sold, Total	8.06B	7.53B	8.43B	10.58B	10.77B
Gross Profit	21.81B	20.46B	23.85B	27.68B	30.42B
Selling General & Admin Expenses, Total	15.28B	14.3B	16.68B	19.09B	20.99B
R&D Expenses	985M	964M	1.03B	1.14B	1.29B
Other Operating Expenses, Total	16.26B	15.26B	17.7B	20.23B	22.27B
Operating Income	5.55B	5.2B	6.15B	7.45B	8.14B
Interest Expense, Total	-75.4M	-79.2M	-38M	-70.4M	-227M
Interest And Investment Income	392M	392M	397M	538M	583M
Net Interest Expenses	316M	313M	359M	468M	356M
Income (Loss) On Equity Invest.	1M	900K	600K	1.4M	200K
Other Non Operating Income (Expenses)	-15.9M	-23.2M	-30.1M	-65.8M	-46.6M
EBT, Excl. Unusual Items	5.85B	5.49B	6.48B	7.85B	8.45B
Restructuring Charges	-120M	-382M	-150M	-58M	-88.5M
Merger & Related Restructuring Charges	-6.1M	-24M	-14.3M	-	-46M
Impairment of Goodwill	-59M	-24.6M	-255M	-	-250M
Gain (Loss) On Sale Of Assets	14M	-3.5M	-400K	-122M	-6.7M
Asset Writedown	-83.8M	-65.2M	-82.8M	-39M	-20.6M
Legal Settlements	-55.8M	-	45.6M	-	-
Other Unusual Items	-126M	-210M	24.2M	-22.5M	-38.1M
EBT, Incl. Unusual Items	5.41B	4.78B	6.05B	7.61B	8B
Income Tax Expense	1.66B	1.21B	1.45B	1.9B	1.81B
Earnings From Continuing Operations	3.76B	3.57B	4.6B	5.71B	6.19B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	3.76B	3.57B	4.6B	5.71B	6.19B
Minority Interest	-5.2M	-4.2M	-5.1M	-6M	-6.5M
Net Income - (IS)	3.75B	3.56B	4.6B	5.71B	6.18B
Net Income to Common Incl Extra Items	3.75B	3.56B	4.6B	5.71B	6.18B
Net Income to Common Excl. Extra Items	3.75B	3.56B	4.6B	5.71B	6.18B
Per Share Items
Net EPS - Basic	6.7	6.37	8.24	10.65	11.55
Basic EPS - Continuing Operations	6.7	6.37	8.24	10.65	11.55
Basic Weighted Average Shares Outstanding	560M	559M	558M	536M	535M
Net EPS - Diluted	6.66	6.34	8.21	10.61	11.52
Diluted EPS - Continuing Operations	6.66	6.34	8.21	10.61	11.52
Diluted Weighted Average Shares Outstanding	563M	562M	560M	538M	537M
Normalized Basic EPS	6.52	6.13	7.25	9.15	9.85
Normalized Diluted EPS	6.49	6.1	7.23	9.12	9.82
Dividend Per Share	3.85	4	4.8	6	6.6
Payout Ratio	59.23	61.47	51.16	47.14	55.39
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	6.62B	6.57B	6.93B	8.29B	9.01B
EBITA	5.67B	5.25B	6.22B	7.46B	8.21B
EBIT	5.55B	5.2B	6.15B	7.45B	8.14B
Effective Tax Rate - (Ratio)	30.62	25.32	23.9	24.95	22.63
Total Current Taxes	1.7B	1.22B	1.36B	2B	1.91B
Total Deferred Taxes	-42.5M	-10.1M	83.6M	-96.5M	-95.3M
Normalized Net Income	3.65B	3.42B	4.04B	4.9B	5.28B
Non-Cash Pension Expense	-15.2M	-20.3M	-15.5M	-9.1M	-11.3M
Supplemental Operating Expense Items
Advertising Expense	9.21B	8.65B	10.59B	12.06B	13.36B
Selling and Marketing Expenses	9.21B	8.65B	10.59B	12.06B	13.36B
Research And Development Expense From Footnotes	985M	964M	1.03B	1.14B	1.29B
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	144M	130M	155M	169M	168M
Total Stock-Based Compensation	144M	130M	155M	169M	168M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	5.29B	6.41B	2.71B	2.62B	4.29B
Short Term Investments	23.3M	6.7M	4.8M	23.1M	33.1M
Total Cash And Short Term Investments	5.31B	6.41B	2.72B	2.64B	4.32B
Accounts Receivable, Total	4.09B	3.51B	4.02B	4.76B	5.09B
Other Receivables	764M	873M	844M	1.01B	1.06B
Total Receivables	4.85B	4.38B	4.87B	5.76B	6.15B
Inventory	2.92B	2.68B	3.17B	4.08B	4.48B
Prepaid Expenses	366M	452M	504M	617M	656M
Other Current Assets, Total	470M	635M	822M	951M	717M
Total Current Assets	13.92B	14.56B	12.08B	14.05B	16.33B
Gross Property Plant And Equipment	13.77B	11.44B	11.53B	11.8B	12.7B
Accumulated Depreciation	-8.23B	-6.69B	-6.75B	-6.83B	-7.14B
Net Property Plant And Equipment	5.54B	4.75B	4.77B	4.96B	5.56B
Long-term Investments	10.7B	9.5B	10.79B	11.13B	11.16B
Goodwill	9.59B	10.51B	11.07B	11.72B	13.1B
Other Intangibles, Total	3.16B	3.36B	3.46B	3.64B	4.29B
Loans Receivable Long-Term	129M	115M	135M	139M	171M
Deferred Tax Assets Long-Term	777M	810M	696M	801M	921M
Other Long-Term Assets, Total	-	-	-100K	400M	330M
Total Assets	43.81B	43.61B	43.01B	46.84B	51.86B
Liabilities
Accounts Payable, Total	4.66B	4.76B	6.07B	6.35B	6.35B
Accrued Expenses, Total	1.59B	1.53B	1.63B	1.85B	2.18B
Short-term Borrowings	738M	768M	2.63B	877M	67M
Current Portion of Long-Term Debt	103M	88.3M	1.99B	136M	2.02B
Current Portion of Leases	408M	387M	423M	407M	460M
Current Income Taxes Payable	335M	215M	269M	264M	208M
Other Current Liabilities	3.04B	3.37B	3.58B	3.84B	3.62B
Total Current Liabilities	10.87B	11.13B	16.58B	13.72B	14.9B
Long-Term Debt	9.6M	8.5M	10.7M	3.02B	4.75B
Long-Term Leases	1.63B	1.29B	1.25B	1.21B	1.39B
Pension & Other Post Retirement Benefits	773M	1.01B	361M	458M	562M
Deferred Tax Liability Non Current	738M	707M	810M	906M	847M
Other Non Current Liabilities	367M	455M	408M	344M	324M
Total Liabilities	14.38B	14.61B	19.42B	19.66B	22.77B
Common Stock, Total	112M	112M	112M	107M	107M
Additional Paid In Capital	3.13B	3.26B	3.27B	3.37B	3.37B
Retained Earnings	20.68B	22.21B	23.69B	17.38B	19.98B
Treasury Stock	-	-	-8.94B	-	-
Comprehensive Income and Other	5.5B	3.42B	5.46B	6.32B	5.61B
Total Common Equity	29.42B	28.99B	23.59B	27.18B	29.07B
Minority Interest	6.7M	5.8M	6.9M	8M	7.3M
Total Equity	29.43B	29B	23.59B	27.19B	29.08B
Total Liabilities And Equity	43.81B	43.61B	43.01B	46.84B	51.86B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	558M	560M	535M	535M	535M
ECS Total Common Shares Outstanding	558M	560M	535M	535M	535M
Book Value / Share	52.71	51.79	44.05	50.78	54.37
Tangible Book Value	16.67B	15.12B	9.05B	11.82B	11.68B
Tangible Book Value Per Share	29.87	27.01	16.9	22.09	21.85
Total Debt	2.89B	2.55B	6.3B	5.65B	8.69B
Net Debt	-2.42B	-3.87B	3.58B	3.01B	4.37B
Debt Equivalent of Unfunded Proj. Benefit Obligation	773M	1.01B	361M	57.8M	232M
Minority Interest, Total (Incl. Fin. Div)	6.7M	5.8M	6.9M	8M	7.3M
Equity Method Investments, Total	10.9M	11.1M	9.9M	18.4M	27M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	606M	643M	839M	1.18B	1.16B
Inventories - Finished Goods, Total	2.72B	2.49B	2.77B	3.38B	3.83B
Land - (BS)	2.33B	2.33B	2.38B	2.49B	2.66B
Machinery, Total	3.74B	3.64B	3.73B	3.92B	4.1B
Full Time Employees	87.97K	85.39K	85.41K	87.37K	94.6K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	46.8M	54.1M	48.7M	36.8M	32.8M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.75B	3.56B	4.6B	5.71B	6.18B
Depreciation & Amortization - CF	1.39B	1.78B	1.11B	1.25B	1.22B
Amortization of Goodwill and Intangible Assets - (CF)	126M	56.4M	70.3M	14.2M	71.2M
Depreciation & Amortization, Total	1.52B	1.84B	1.18B	1.27B	1.29B
Amortization of Deferred Charges, Total - (CF)	157M	183M	194M	166M	155M
Minority Interest in Earnings - (CF)	5.2M	4.2M	5.1M	6M	6.5M
(Gain) Loss From Sale Of Asset	-14M	3.6M	500K	7.6M	6.9M
Asset Writedown & Restructuring Costs	-	63.6M	83M	39M	-
(Income) Loss On Equity Investments - (CF)	-1M	-600K	1.3M	-500K	-200K
Stock-Based Compensation (CF)	144M	130M	155M	169M	168M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	246M	-59.7M	422M	-73.3M	184M
Change In Accounts Receivable	-59.6M	315M	-407M	-718M	-427M
Change In Inventories	-53.8M	102M	-373M	-865M	-438M
Change In Accounts Payable	111M	345M	1.09B	248M	139M
Change in Other Net Operating Assets	463M	-33.3M	-218M	324M	332M
Cash from Operations	6.26B	6.45B	6.73B	6.28B	7.6B
Capital Expenditure	-1.23B	-972M	-1.08B	-1.34B	-1.49B
Sale of Property, Plant, and Equipment	16.6M	26.6M	14.5M	9.2M	12.8M
Cash Acquisitions	-9.3M	-1.63B	-456M	-747M	-2.5B
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-65.9M	-66.5M	-117M	-143M	-171M
Other Investing Activities, Total	-	-	-	-100K	100K
Cash from Investing	-1.29B	-2.64B	-1.63B	-2.22B	-4.14B
Short Term Debt Issued, Total	-	-	3.94B	-	-
Long-Term Debt Issued, Total	-	-	-	3.02B	3.57B
Total Debt Issued	-	-	3.94B	3.02B	3.57B
Short Term Debt Repaid, Total	-355M	-74.8M	-	-3.56B	-824M
Long-Term Debt Repaid, Total	-426M	-455M	-396M	-447M	-431M
Total Debt Repaid	-781M	-530M	-396M	-4.01B	-1.25B
Issuance of Common Stock	60M	130M	5.8M	103M	1.5M
Repurchase of Common Stock	-747M	-	-10.06B	-502M	-503M
Common Dividends Paid	-2.22B	-2.19B	-2.35B	-2.69B	-3.43B
Common & Preferred Stock Dividends Paid	-2.22B	-2.19B	-2.35B	-2.69B	-3.43B
Other Financing Activities, Total	100K	-	-	-100K	-
Cash from Financing	-3.69B	-2.59B	-8.86B	-4.08B	-1.61B
Foreign Exchange Rate Adjustments	10.5M	-103M	77.4M	-70.7M	-176M
Miscellaneous Cash Flow Adjustments	-100K	-	-	-	-
Net Change in Cash	1.29B	1.12B	-3.69B	-96.1M	1.67B
Supplemental Items
Cash Interest Paid	21.6M	32.4M	1.7M	28.4M	185M
Cash Income Tax Paid (Refund)	1.53B	1.32B	1.26B	2.1B	2B
Levered Free Cash Flow	4.59B	5.1B	4.72B	3.58B	4.53B
Unlevered Free Cash Flow	4.63B	5.15B	4.74B	3.62B	4.67B
Change In Net Working Capital	-580M	-727M	-444M	1.29B	547M
Net Debt Issued / Repaid	-781M	-530M	3.54B	-991M	2.31B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	8.43	7.43	8.88	10.36	10.31
Return on Total Capital	11.46	10.17	12.51	14.85	14.41
Return On Equity %	13.33	12.21	17.5	22.5	22
Return on Common Equity	13.31	12.2	17.49	22.48	21.99
Margin Analysis
Gross Profit Margin %	73	73.09	73.88	72.35	73.86
SG&A Margin	51.14	51.08	51.65	49.91	50.96
EBITDA Margin %	22.15	23.46	21.45	21.67	21.88
EBITA Margin %	18.99	18.76	19.27	19.51	19.94
EBIT Margin %	18.57	18.56	19.05	19.47	19.77
Income From Continuing Operations Margin %	12.57	12.74	14.25	14.93	15.03
Net Income Margin %	12.55	12.73	14.24	14.92	15.02
Net Avail. For Common Margin %	12.55	12.73	14.24	14.92	15.02
Normalized Net Income Margin	12.22	12.23	12.53	12.81	12.81
Levered Free Cash Flow Margin	15.35	18.23	14.62	9.36	11
Unlevered Free Cash Flow Margin	15.51	18.4	14.69	9.47	11.34
Asset Turnover
Asset Turnover	0.73	0.64	0.75	0.85	0.83
Fixed Assets Turnover	6.52	5.44	6.78	7.86	7.83
Receivables Turnover (Average Receivables)	7.4	7.37	8.57	8.72	8.36
Inventory Turnover (Average Inventory)	2.81	2.69	2.89	2.92	2.52
Short Term Liquidity
Current Ratio	1.28	1.31	0.73	1.02	1.1
Quick Ratio	0.93	0.97	0.46	0.61	0.7
Operating Cash Flow to Current Liabilities	0.58	0.58	0.41	0.46	0.51
Days Sales Outstanding (Average Receivables)	49.3	49.67	42.57	41.86	43.64
Days Outstanding Inventory (Average Inventory)	129.95	135.97	126.44	125.03	145.12
Average Days Payable Outstanding	205.86	236.63	221.52	197.17	207.38
Cash Conversion Cycle (Average Days)	-26.6	-50.99	-52.51	-30.28	-18.61
Long Term Solvency
Total Debt/Equity	9.81	8.78	26.7	20.79	29.89
Total Debt / Total Capital	8.93	8.07	21.08	17.21	23.01
LT Debt/Equity	5.57	4.49	5.33	15.56	21.12
Long-Term Debt / Total Capital	5.07	4.13	4.21	12.88	16.26
Total Liabilities / Total Assets	32.83	33.5	45.15	41.96	43.92
EBIT / Interest Expense	73.57	65.6	161.85	105.83	35.91
EBITDA / Interest Expense	93.67	88.79	192.97	123.85	41.62
(EBITDA - Capex) / Interest Expense