L'Oréal - 2018 Registration Document

4 2018 Consolidated Financial Statements COMPARED CONSOLIDATED STATEMENTS OF CASH FLOWS

COMPARED CONSOLIDATED STATEMENTS 4.5. OF CASH FLOWS

2018

Notes

2017 (1)

2016 (1)

€ millions

Cash flows from operating activities Net profit attributable to owners of the company

3,895.4

3,581.4

3,105.8

Non-controlling interests

4.1

4.1

2.9

Elimination of expenses and income with no impact on cash flows: depreciation, amortisation and provisions s

1,109.3

1,218.5 -194.8

1,382.3

changes in deferred taxes s

6.1 5.5

43.0

86.5

share-based payment (including free shares) s capital gains and losses on disposals of assets s

126.4

126.7

120.4 -16.2

-2.7

-3.9

Other non-cash transactions

2.7

-

-

Net profit from discontinued operations

-

240.1

-25.3

Share of profit in associates net of dividends received

-0.1

0.1

0.1

Gross cash flow

5,178.1

4,972.2

4,656.4

Changes in working capital

3.5

113.8

261.1 -36.7

4.3

Net cash provided by operating activities from discontinued operations

-

43.9

Net cash provided by operating activities (A)

5,291.9

5,196.6

4,704.7

Cash flows from investing activities Purchases of property, plant and equipment and intangible assets Disposals of property, plant and equipment and intangible assets

-1,416.1

-1,263.5

-1,334.9

5.6

8.2

34.2 -42.9

Changes in other financial assets (including investments in non-consolidated companies)

61.0

-70.7

Effect of changes in the scope of consolidation

2.2

-666.5

-166.5

-1,209.0

Net cash (used in) from investing activities from discontinued operations

-

-24.4

-51.8

Net cash (used in) from investing activities (B) Cash flows from financing activities Dividends paid Capital increase of the parent company Disposal (acquisition) of Treasury shares Purchase of non-controlling interests Issuance (repayment) of short-term loans

-2,016.0

-1,516.9 -2,604.5

-2,061.4

-1,870.7

-1,832.9

135.3 -499.4

118.3 -499.2

163.2 -499.1

-

-2.0

-

62.3

-86.6

446.0

Issuance of long-term borrowings Repayment of long-term borrowings

-

-

1.8

-4.3

-7.0 71.5

-16.4

Net cash (used in) from financing activities from discontinued operations

-

-3.5

Net cash (used in) from financing activities (C) Net effect of changes in exchange rates and fair value (D) Change in cash and cash equivalents (A+B+C+D) Cash and cash equivalents at beginning of the year (E)

-2,367.5

-2,275.7 -1,740.8

36.9

-65.3

-13.1 346.2

945.4

1,338.7 1,746.0

3,046.6

1,399.8

Net effect of changes in cash and cash equivalents of discontinued operations (F) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E+F)

-

-38.1

-

9.2

3,992.0

3,046.6

1,746.0

The statements of cash flows for 2017 and 2016 are presented to reflect the impacts of IFRS 5 regarding discontinued operations (see note 2.3). (1)

Income tax paid amount to €1,098.4 million, €989.2 million excluding The Body Shop and €1,041.0 million (€1,029.4 million excluding The Body Shop) respectively for the 2018, 2017 and 2016 financial years. Interest paid amount to €35.3 million, €35.8 million excluding The Body Shop and €35.4 million (€31.0 million excluding The

Body Shop) respectively for the 2018, 2017 and 2016 financial years. Dividends received, excluding those from discontinued operations, amount to €358.3 million, €350.0 million and €346.5 million respectively for the 2018, 2017 and 2016, and are included within gross cash flow.

REGISTRATION DOCUMENT / L'ORÉAL 2018

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