Loreal 2011 Annual Report Download - page 85

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83REGISTRATION DOCUMENT − L’ORÉAL 2011
Comments on the2011 nancialyear
3
Financial highlights
3.2 .4. Simplified consolidated income statements
€ millions
12.31. 2010 12.31. 2011 % of sales
Sales 19,495.8 20,343.1 100.0%
Gross profit 13,799.3 14,491.6 71.2%
Research and Development -664.7 -720.5
Advertising and Promotion -6,029.1 -6,291.6
Selling, general and administrative expenses -4,048.6 -4,186.9
Operating profit 3,056.9 3,292.6 16.2%
Operational profit 2,903.7 3,196.3
Finance costs excluding dividends received -35.6 -25.2
Net profit excluding non-recurring items after minority interests 2,370.9 2,582.9
Non-recurring items -131.2 -144.5
Net profit attributable to owners of the c ompany 2,239.7 2,438.4
Diluted earnings per share attributable to owners of the c ompany (euros) 3.79 4.08
Diluted earnings per share attributable to owners of the c ompany excluding
non-recurring items (euros) 4.01 4.32
3.2 .5. Sources and applications of funds (€ millions)
171
614
2,441
Net profit
Depreciation, amortisation and provisions
Capital gain or losses on disposals
of assets. changes in deferred taxes and other
Investments in tangible and intangible assets
Operating cash flow
Changes in working capital requirement
322
2,038
866
Sources Applications
Gross cash flow: 3,226
3.2 .6. Financial ratios
2010 2011
(% of sales)
Operating profit/Sales 15.7% 16.2%
(% of shareholders’ equity)
Net profit excluding non-recurring items after minority interests/Opening shareholders’ equity 17.4% 17.4%
(% of shareholders’ equity)
Net gearing(1) 0.3% -2.9%
Gross cash flow/Investments 4.7x 3.7x
(1) Net gearing =Current and non-current debt – Cash and cash equivalents
Shareholders’ equity after minority interests