2023 Annual Results
Record results for L’Oréal in
2023
A third consecutive year of double-digit
growth1 and another year of market outperformance
Continued improvement in operating
margin
- Sales: 41.18 billion euros,
+7.6% reported and +11.0% like-for-like 1.
- Continued outperformance of a dynamic global
beauty market.
- Like-for-like growth in all Divisions with
particularly noteworthy performances in Consumer Products and
Dermatological Beauty.
- The L’Oréal Luxe Division has become the global market
leader (in sales) in luxury beauty.
- Double-digit like-for-like growth all regions
except North Asia which continued to be impacted by the market
softness in mainland China and the reset in Travel Retail.
- Continued growth in value and volume.
- Further operating
margin improvement:
19.8% (+30bps); operating profit: 8,143.3 million
euros.
- Earnings per share2: 12.08 euros, up by
+7.3%.
- Dividend3: 6.60 euros, an increase of
+10.0%.
- Net cash flow: 6.1 billion euros, up by
+23.9%.
- Creation of the €15 million L’Oréal Climate Emergency
fund to help vulnerable communities prepare for and
recover from climate disasters.
- Sustainability leader: only company in the
world to have been awarded a triple ‘A’ rating by CDP for eight
years in a row; platinum medal by EcoVadis, which ranked L’Oréal in
the global top 1% of best companies in terms of environmental and
social performance.
Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal,
said: “2023 was a very successful year for the group. I am
immensely grateful to our teams. Their creativity, entrepreneurship
and passion enabled us to report a third consecutive year of
double-digit like-for-like growth, once again outperforming a
dynamic beauty market. We set a new operating margin record and
delivered +7.3% EPS3 growth. In a challenging environment of
geopolitical tensions, inflationary pressures, and a stagnating
beauty market in China, we delivered our best like-for-like growth
in more than 20 years (excluding 2021). This is a clear vindication
of the power of our multi-polar model, and I am particularly
pleased with the strong acceleration in emerging markets. As we
head into 2024, we remain optimistic about the outlook for the
beauty market, and confident in our ability to keep outperforming
it and to achieve another year of growth in sales and profits. More
than ever, L’Oréal is looking to the future – a future that will
have Beauty Tech at its very core. Beauty Tech will shape our
industry and enable us to further strengthen our leadership. It
will allow us to know our consumers ever-better, to bring them
ever-more impactful and sustainable products and services and to
become ever-sharper in our execution.”
Board appointments, renewals and
resignations
Meeting on 8 February 2024, the Board of Directors, on the
advice of the Nominations and Governance Committee, chose to
propose Mr Jacques Ripoll as a new independent director at the
Annual General Meeting. Mr Jacques Ripoll is a partner at Eren
Groupe, which harnesses technological innovation to save natural
resources. Beyond the financial acumen he has honed over the course
of a career with leading banks including Société Générale, Banco
Santander and Crédit Agricole, Mr Jacques Ripoll will bring
strategic vision on innovation, expertise in new climate-related
technologies, and a commitment to sustainable development. He is
set to join the Audit Committee after the Annual General Meeting on
23 April 2024, further enhancing its financial and sustainability
expertise. The Board will recommend that the Annual General Meeting
renew the tenures of Ms Béatrice Guillaume-Grabisch, Ms Ilham
Kadri, Mr Jean-Victor Meyers and Mr Nicolas Meyers. The Board also
acknowledged Ms Belén Garijo's decision to step down as director
due to professional commitments, effective after the Annual General
Meeting on 23 April 2024, two years before the end of her current
term. The Board expressed deepest thanks to Ms Garijo for her
substantial contributions to the work of the Board and the Human
Resources and Remuneration Committee during her ten-year tenure. If
the Annual General Meeting approves the proposed resolutions, the
Board of Directors will continue to comprise 16 directors, i.e. 14
directors appointed by the Annual General Meeting and two directors
representing the employees.
The balance in terms of independence and gender mix will be as
follows:
- Seven independent directors out of 14 directors appointed by
the AGM, i.e. 50%;
- Six women and eight men out of 14 directors appointed by the
AGM, i.e. 43% of female directors.
The Board decided to review the composition of the Committees,
which is set out in detail in the table below. This will take
effect at the end of the Annual General Meeting, subject to the
shareholders’ vote on the appointment and renewal of the
aforementioned tenures.
Projected composition of the Board and
Committees at the end of the
Annual General Meeting to be held on
23 April 2024
COMPOSITION OF THE BOARD OF DIRECTORS (end
of 2024 AGM) |
Age |
F/M |
Nationality |
Expiry date of term of office |
Board Committees |
|
Strategy & Sustainability |
Audit |
Gov. |
HR & Rem. |
Corporate Officers |
Mr Jean-Paul Agon – Chairman |
67 |
M |
French |
2026 |
C |
|
|
|
Mr Nicolas Hieronimus – CEO |
60 |
M |
French |
2025 |
|
|
|
|
F. Bettencourt Meyers & Family |
Ms F. Bettencourt Meyers - Vice-Chairwoman |
70 |
F |
French |
2025 |
● |
|
● |
● |
Mr Jean-Victor Meyers |
37 |
M |
French |
2028 |
● |
|
|
|
Mr Nicolas Meyers |
35 |
M |
French |
2028 |
|
● |
|
|
Nestlé-related Directors |
Mr Paul Bulcke – Vice-President |
69 |
M |
Belgian/Swiss |
2025 |
● |
|
● |
● |
Ms Béatrice Guillaume-Grabisch |
59 |
F |
French |
2028 |
|
● |
|
|
Independent Directors ◼ |
Ms Sophie Bellon |
62 |
F |
French |
2027 |
|
|
● |
C |
Mr Patrice Caine |
54 |
M |
French |
2026 |
● |
|
C |
|
Ms Fabienne Dulac |
56 |
F |
French |
2027 |
|
● |
|
● |
Ms Ilham Kadri |
55 |
F |
French/Moroccan |
2028 |
|
● |
|
|
Ms Virginie Morgon |
54 |
F |
French |
2025 |
|
C |
|
|
Mr Alexandre Ricard |
51 |
M |
French |
2025 |
● |
|
|
● |
Mr Jacques Ripoll |
58 |
M |
French |
2028 |
|
● |
|
|
Director repr. employees |
Mr Benny de Vlieger |
59 |
M |
Belgian |
2026 |
|
● |
|
|
Mr Thierry Hamel |
69 |
M |
French |
2026 |
|
|
|
● |
Percentage Independent |
|
NA |
66% |
50% |
60% |
◼Independence within the meaning of the criteria of the AFEP-MEDEF
Code as assessed by the Board of Directors. C Chairman/Chairwoman.
● Member of the Committee. |
2023 SALES
Sales amounted to 41.18 billion
euros at 31 December 2023, up +7.6% reported.
Like-for-like, i.e. based
on a comparable structure and identical exchange rates, sales grew
by +11.0%. The net impact of changes in
the scope of consolidation was +1.6%.
Growth at constant exchange rates
came out at +12.6%. Currency
fluctuations had a negative impact of -5.0% at the end of
2023.
Sales by Division and Region
|
4th quarter 2023 |
At 31 December 2023 |
|
|
Growth |
|
Growth |
|
€m |
Like-for-like |
Reported |
€m |
Like-for-like |
Reported |
By Division |
|
|
|
|
|
|
Professional Products |
1,230.3 |
+6.4% |
+1.0% |
4,653.9 |
+7.6% |
+4.0% |
Consumer Products |
3,714.3 |
+7.7% |
+1.0% |
15,172.7 |
+12.6% |
+8.2% |
L’Oréal Luxe |
4,139.1 |
+0.4% |
-0.4% |
14,924.0 |
+4.5% |
+2.0% |
Dermatological Beauty4 |
1,521.5 |
+27.3% |
+20.0% |
6,432.0 |
+28.4% |
+25.5% |
Group total |
10,605.3 |
+6.9% |
+2.8% |
41,182.5 |
+11.0% |
+7.6% |
By Region |
|
|
|
|
|
|
Europe |
3,267.3 |
+11.6% |
+9.2% |
13,007.8 |
+16.0% |
+13.7% |
North America |
2,836.2 |
+9.4% |
+5.4% |
11,147.2 |
+11.8% |
+9.7% |
North Asia |
2,965.0 |
-6.2% |
-9.9% |
10,662.9 |
-0.9% |
-5.8% |
SAPMENA – SSA5 |
914.4 |
+22.0% |
+18.6% |
3,447.7 |
+23.2% |
+16.4% |
Latin America |
622.4 |
+23.4% |
+8.2% |
2,916.9 |
+24.4% |
+22.8% |
Group total |
10,605.3 |
+6.9% |
+2.8% |
41,182.5 |
+11.0% |
+7.6% |
Summary by Division
PROFESSIONAL PRODUCTS
The Professional Products Division reported robust
growth of +7.6% like-for-like and +4.0% reported. The
Division significantly outperformed the professional beauty market,
supported by its strategic focus on driving haircare, strengthening
its omni-channel approach and conquering new markets. Its two
biggest brands, L’Oréal Professionnel and Kérastase, grew strongly.
By category, haircare remained particularly dynamic. This was
driven by the ongoing success of Kérastase, especially its key
Genesis and Chronologiste brand franchises, as consumers continued
to premiumise their haircare routines. Growth was underpinned by
L’Oréal Professionnel’s breakthrough innovations, including Metal
Detox and Absolut Repair Molecular. In hair colour, it was driven
by the blockbusters Shades EQ by Redken and the new Inoa by L’Oréal
Professionnel. Momentum was positive across all regions, led by
China, the Division’s second largest market, as well as emerging
markets, notably India, now the fifth largest market. In the
professional beauty industry, the Division further strengthened its
leadership position, supported by its unrivalled Beauty Tech
backbone, which drove strong growth in e-commerce both in B2B and
B2C.
CONSUMER PRODUCTS
The Consumer Products Division had its best growth in
more than 30 years at +12.6% like-for-like and +8.2%
reported. The Division outperformed a dynamic mass market
and delivered strong growth surpassing 15 billion euros. Throughout
the year, growth was driven by volume and value as the Division
continued to pursue its strategy of simultaneously democratising
and premiumising. All four key brands grew in double digits, with
L’Oréal Paris crossing the 7-billion-euro mark. All major
categories posted strong growth, as disruptive innovations met
flawless execution. Makeup was the leading contributor to the
Division’s growth, propelled by the launches of Surreal Mascara by
Maybelline New York, Infallible Matte Resistance lipstick by
L’Oréal Paris, and Fat Oil gloss by NYX Professional Makeup. Hair
was also very dynamic, valorising with premium launches like Elvive
Bond Repair by L’Oréal Paris and Garnier Good haircolor. Skincare
grew significantly, with the very successful global roll out of
Garnier Fast Bright with Vitamin C as well the launches of
Revitalift Clinical and Glycolic Bright by L’Oréal Paris. By
region, the most noteworthy performances were in Europe, where
momentum saw a truly spectacular acceleration, making it a key
growth contributor, and in emerging markets, particularly Mexico,
Brazil, and India. North America delivered robust growth.
LUXE
L'Oréal Luxe grew +4.5% like-for-like, +2.0% reported
and has become the global number one in luxury beauty.
Excluding North Asia, which was impacted by the reset of Travel
Retail and the market softness in mainland China, L’Oréal Luxe grew
in double digits. This was driven by continued investment in its
portfolio of complementary brands, as well as its ambitious
omni-channel strategy, now including Amazon in the US. The Division
has become the global market leader in luxury beauty thanks to its
strong momentum in developed and emerging markets and its
remarkable outperformance in China. There, the early adoption of
Douyin and the ongoing investment in point-of-sale quality paid
off. Fragrances remained the star performer, driven by Yves Saint
Laurent with the worldwide blockbuster Libre and the successful
launch of MYSLF, as well as Born in Roma by Valentino, Paradoxe by
Prada, Wanted by Azzaro and Angel by Mugler. In skincare,
ultra-luxury brand Helena Rubinstein passed the one-billion-euro
mark, and Takami advanced strongly in the medical luxury segment.
Makeup momentum accelerated in the second half of the year, driven
by the Couture brands. More recently added brands like Prada,
Takami and Valentino made strong growth contributions. Aēsop,
integrated since 30 August, is off to a promising start.
DERMATOLOGICAL BEAUTY 4
The Dermatological Beauty Division had spectacular
growth of +28.4% like-for-like and +25.5% reported.
Dermatological Beauty maintained its outstanding momentum, growing
twice as fast as the highly dynamic dermocosmetics market, and
delivering its sixth consecutive year of double-digit growth. As a
result, sales have more than doubled in just three years. This was
driven by the Division’s unrivalled portfolio of highly
complementary brands, its online and offline channel coverage, and
its longstanding medical prescription leadership. Momentum was
strong across all regions and well-balanced between developed and
emerging markets. In mainland China, the Division significantly
outperformed a market that proved resilient. La Roche-Posay, the
number one growth contributor,kept its outstanding pace, driven by
the UVmune400, breakthrough innovation in sun care, as well as the
successful Cicaplast microbiome renovation. CeraVe continued to
advance strongly both in the US, where it is now the number one
skincare brand, and in the rest of the world. Vichy reported its
best growth in 18 years, while the portfolio of aesthetics-related
brands grew in double digits. L’Oréal Dermatological Beauty places
three of its key brands in the top-four most prescribed brands by
dermatologists in the world.
Summary by Region
EUROPE
Sales in Europe saw outstanding growth of +16.0 %
like-for-like and +13.7% reported. Throughout the year,
the beauty market was very dynamic, and L'Oréal outperformed across
all of its core Western and Central European countries. Thanks to
its outstanding progress, the region was the single-largest growth
driver at Group level for the second year running. Volume and value
both contributed strongly, the latter fueled by mix and price. All
categories advanced in double-digits, led by skincare and makeup.
Professional Products continued to recruit new consumers and
develop its position in premium haircare thanks to Kérastase and
the strong momentum of Série Expert by L'Oréal Professionnel. In
Consumer Products, each of the four key brands recorded exceptional
growth. L'Oréal Luxe further strengthened its leadership in
fragrances, driven by Libre by Yves Saint Laurent - now the second
largest female women's fragrance in Europe after Lancôme’s La Vie
Est Belle - and by Paradoxe by Prada. Dermatological Beauty
outperformed its market significantly; thanks to the continued
strong growth of CeraVe, the Division now has three of the top-four
dermo-cosmetics brands in Europe. L'Oréal continued to strengthen
its position in the most dynamic channels: drugstores, e-commerce,
and pharmacies.
NORTH AMERICA
Sales in North America advanced strongly, +11.8%
like-for-like and +9.7% reported. L’Oréal outperformed a
dynamic market, driven by valorising innovations and channel
optimisation. Each of the Divisions grew, led by Dermatological
Beauty and L’Oréal Luxe. The Professional Products Division
outperformed the market thanks to its well-rounded brand portfolio
with Kérastase particularly dynamic. This was backed by its strong
innovation pipeline, and its omni-channel focus, where selective
channels and e-commerce outperformed. Consumer Products grew
strongly in haircare, boosted by the continued success of the core
Elvive and Ever haircare franchises. In a vibrant makeup market,
momentum remained strong, supported by a well-filled innovation
pipeline across all brands. L’Oréal Luxe outperformed the market in
fragrances, led by Born in Roma by Valentino and MYSLF by Yves
Saint Laurent. In makeup, Couture brands Yves Saint Laurent and
Armani were bolstered by new launches. E-commerce remained dynamic,
particularly during the holiday season. Dermatological Beauty
continued its exceptional performance, outperforming the market
thanks to the uninterrupted success of CeraVe, now the number one
skin care brand in the US, and La Roche Posay. Skinbetter Science
maintained strong momentum.
NORTH ASIA
Sales in North Asia contracted, -0.9% like-for-like and
-5.8% reported. North Asia continued to be impacted by the
reset in Travel Retail following the change in policy regarding
daigous. In mainland China, where the beauty market remained flat,
L’Oréal grew +5.4%, significantly strengthening its leadership –
boosted by the Group’s continued investment in the quality of its
offline distribution in a truly O+O (offline plus online) market.
In Hong Kong, momentum was buoyant, as tourist activity resumed. In
Japan, L’Oréal significantly outperformed a dynamic market, driven
by Consumer Products and L’Oréal Luxe. In North Asia, growth was
fuelled by L’Oréal Dermatological Beauty, where all three core
brands grew in double-digits led by CeraVe, and Professional
Products, where Kérastase continued to advance strongly. Both
Divisions significantly outperformed their respective markets.
L’Oréal Luxe continued to outperform its market, with particularly
strong momentum in premium skincare thanks to the remarkable
success of Helena Rubinstein and Takami; Couture brands
like Yves Saint Laurent and the recently
launched Prada Beauty also contributed. The Consumer
Products Division was supported by the rebound of its makeup
brands, Maybelline New York and 3CE Stylenanda. Offline and online
channels both contributed to growth in the region.
SAPMENA – SSA 5
Sales in SAPMENA-SSA had outstanding growth of +23.2%
like-for-like and +16.4% reported. In SAPMENA, growth was
broad-based as each category, Division, and country advanced in
double-digits. Mix-driven value and volume both contributed
strongly. Fragrances was the most dynamic category, followed by
skincare and makeup; haircare was boosted by continued
premiumisation. The stand-out performers by Division were
Dermatological Beauty, where CeraVe continued its successful
expansion, and Consumer Products, where all brands grew in
double-digits. By country, the Australia-New Zealand and GCC6
clusters, as well as India were the top-three growth contributors,
all advancing in excess of +20%. Sales progressed faster online
than offline, driven by India and Vietnam. SSA saw record growth
with all countries advancing in double digits. Skincare and makeup
led category growth; Consumer Products and Dermatological Beauty
were the top performers by Division.
LATIN AMERICA
Sales in Latin America achieved outstanding growth of
+24.4% like-for-like and +22.8% reported. L’Oréal
maintained exceptional momentum with strong contributions from both
value and volume. The Group outperformed a dynamic beauty market.
All categories reported double-digit growth. Skincare, makeup, and
the all-important haircare category were particularly dynamic. By
Division, the stand-out performers were Consumer Products, where
all key brands and categories performed strongly, and
Dermatological Beauty, where La Roche-Posay and CeraVe
continued their outstanding growth. Growth was broad-based across
all countries. The top-two contributors were Brazil and Mexico; the
latter reported spectacular growth in excess of 30%. The
successfully implemented omnichannel strategy resulted in
well-balanced online and offline growth.
IMPORTANT EVENTS DURING 01/10/23-31/12/23 AND
POST-CLOSING
STRATEGY
- In January, L’Oréal’s venture capital fund BOLD (“Business
Opportunities for L’Oréal Development”) acquired a minority
stake in Timeline, a Swiss biotech company developing
innovative solutions for longevity in food, beauty, and
health.
- In January, L’Oréal announced that it has signed an agreement
to acquire the remaining shares in
Gjosa, a Swiss startup pioneering water fractioning.
L’Oréal had previously partnered with Gjosa to launch the
award-winning Water Saver showerhead.
- In December, L’Oréal announced the acquisition of
Lactobio, a leading probiotic and microbiome research
company based in Denmark.
- In January, L’Oréal’s Venture Capital fund BOLD, closed a
minority investment in the luxury Chinese fragrance brand,
To Summer, to expand into global markets and offer global
consumers curated olfactory experiences inspired by eastern art,
culture, philosophy and landscapes.
MANAGEMENT
- In February, L'Oréal announced the appointment of Ezgi
Barcenas as Chief Corporate Responsibility Officer to
continue the Group’s environmental and societal transformation. She
succeeds Alexandra Palt who will be leaving her
responsibilities on April 1, 2024, having established, and anchored
the foundations of this transformation during her 12 years with the
Group. Alexandra Palt remains CEO and administrator of the L’Oreal
Foundation.
RESEARCH, BEAUTY TECH AND
DIGITAL
- In January, Nicolas Hieronimus and Barbara Lavernos gave the
Opening Keynote speech at CES in Las Vegas, making L’Oréal the
first beauty company to be invited to do so. The Group won a record
seven CES Innovation Awards.
- In November, L’Oréal presented its latest tech-enabled
offerings and partnerships at the sixth annual China
International Import Expo (CIIE) in Shanghai, one of the
world’s largest trade shows, with a record 18 beauty tech
innovations spanning inclusive, sustainable and personalised Beauty
Tech solutions.
- In November, L’Oréal announced an industry-first
partnership with Cosmo International Fragrances to develop
a Green Sciences-based extraction process to revolutionise the art
of fine fragrance creation.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
PERFORMANCE
- L’Oréal is the only company in the world to have received for
the eighth consecutive year a triple ‘A’ score
from the global environmental nonprofit CDP. L’Oréal is recognized
as part of companies leading the way in environmental transparency
and demonstrating outstanding performance in addressing climate
change, protecting forests and ensuring water security.
- L’Oréal received a rating of 20 – Low Risk as part of the
assessment carried out by Sustainalytics. This
score ranks the Group in fourth position
within the “Personal Products” sub-industry and in the top
10 companies in the “Household Products” industry.
- L'Oréal and renowned companies from the beauty, scent and
personal care sector gathered for the first time in the
Value of Beauty Alliance to highlight the positive
impact of the industry. The Alliance members presented in Brussels
to key stakeholders from the European Union Institutions a new
report titled ‘What is the Value of Beauty?’.
- In January, a consortium of 15 cosmetics industry companies,
including L'Oréal Groupe, announced that they have joined forces to
create the TRaceability Alliance for Sustainable CosmEtics
(TRASCE) to enhance traceability in key ingredient and
packaging supply chains across the industry.
2023 RESULTS
Audited financial statements, certification in progress.
Operating profitability at 19.8% of sales
Consolidated profit and loss accounts: from sales to operating
profit.
|
2022 |
2023 |
|
€m |
% sales |
€m |
% sales |
Sales |
38,260.6 |
100.0% |
41,182.5 |
100.0% |
Cost of sales |
-10,577.4 |
27.6% |
-10,767.0 |
26.1% |
Gross profit |
27,683.3 |
72.4% |
30,415.5 |
73.9% |
R&I expenses |
-1,138.6 |
3.0% |
-1,288.9 |
3.1% |
Advertising and promotion |
-12,059.0 |
31.5% |
-13,356.6 |
32.4% |
Selling, general and administrative expenses |
-7,028.8 |
18.4% |
-7,626.7 |
18.5% |
Operating profit |
7,456.9 |
19.5% |
8,143.3 |
19.8% |
Gross profit, at 73.9% of sales, improved by
150 basis points. Research & Innovation
expenses increased by 10 basis points to 3.1% of sales.
Advertising and promotional expenses increased by
90 basis points to 32.4% of sales, equivalent to an increase of
more than 10% year-on-year.
Selling, general and administrative expenses
increased by 10 basis points to 18.5% of sales. Overall,
operating profit increased by +9.2% to 8,143.3
million euros, and amounted to 19.8% of sales, an improvement of 30
basis points.
Operating profit by Division
|
2022 |
2023 |
|
€m |
% sales |
€m |
% sales |
By Division |
|
|
|
|
Professional Products |
953.6 |
21.3% |
1,005.3 |
21.6% |
Consumer Products |
2,774.9 |
19.8% |
3,114.7 |
20.5% |
L’Oréal Luxe |
3,350.4 |
22.9% |
3,331.8 |
22.3% |
Dermatological Beauty 4 |
1,303.0 |
25.4% |
1,670.9 |
26.0% |
Divisions total |
8,381.9 |
21.9% |
9,122.7 |
22.2% |
Non-allocated7 |
-925.1 |
-2.4% |
-979.4 |
-2.4% |
Group |
7,456.9 |
19.5% |
8,143.3 |
19.8% |
The profitability of the Professional Products
Division came out at 21.6% of sales, up 30 basis points.
The profitability of the Consumer Products
Division came out at 20.5% of sales, up 70 basis points.
The profitability of the Luxe Division came out at
22.3% compared to 22.9% in 2022. The profitability of the
Dermatological Beauty Division
came out at 26.0%, up 60 basis points. Non-allocated
expenses amounted to 979.4 million euros.
Net profit
Consolidated profit and loss accounts: from operating profit to
net profit excluding non-recurring items.
€m |
2022 |
2023 |
Growth |
Operating profit |
7,456.9 |
8,143.3 |
+9.2% |
Financial revenues and expenses excluding Sanofi dividends |
-73.0 |
-113.4 |
|
Sanofi dividends |
468.2 |
420.9 |
|
Profit before tax excluding non-recurring items |
7,852.1 |
8,450.8 |
+7.6% |
Income tax excluding non-recurring items |
-1,793.4 |
-1,957.8 |
|
Net profit excluding non-recurring items of equity consolidated
companies |
+1.5 |
+0.2 |
|
Non-controlling interests |
-6.1 |
-6.7 |
|
Net profit after non-controlling interests excluding
non-recurring items |
6,054.1 |
6,486.6 |
+7.1% |
EPS2 (€) |
11.26 |
12.08 |
+7.3% |
|
|
|
|
Net profit after non-controlling interests |
5,706.6 |
6,184.0 |
+8.4% |
Diluted EPS after non-controlling interests (€) |
10.61 |
11.52 |
|
Diluted average number of shares |
537,657,548 |
537,021,039 |
|
Net finance costs amounted to 113 million
euros. Sanofi dividends totalled 420.9 million
euros. Income tax excluding non-recurrent items
amounted to 1,958 million euros, representing a tax rate of
23.2%. Net profit excluding non-recurring items after
non-controlling interests stood at 6,487 million euros.
Earnings per share2, at 12.08
euros, increased by +7.3%. Non-recurring items after
non-controlling interests8 amounted to 302 million euros
net of tax. Net profit after non-controlling
interests came out at 6,184 million euros, increasing by
+8.4%.
Cash flow statement, Balance sheet and Cash
position
Gross cash flow amounted to 7,999 million
euros, an increase of +9.7%. The working capital
requirement increased by 395 million euros. At 1,488.7
million euros, investments represented 3.6% of
sales. Net cash flow9, at 6,116 million euros,
increased by 23.9%. The balance sheet remains
strong, with shareholders’ equity amounting to 29.1 billion
euros.
Proposed dividend at the Annual General Meeting of 23
April 2024
The Board of Directors has decided to propose a dividend of 6.60
euros per share at the shareholders’ Annual General Meeting of 23
April 2024, an increase of +10.0% compared with the dividend paid
in 2023. The dividend will be paid on 26 April 2024
(ex-dividend date 30 April at 0:00am, Paris time).
Share capital
At 31 December 2023, the capital of the company is formed by
534,725,475 shares.
The L’Oréal Board of Directors met on 8 February 2024, under the
chairmanship of Jean-Paul Agon and in the presence of the Statutory
Auditors. The Board approved the consolidated financial statements
and the financial statements for 2023.
1 Like-for-like sales growth: based on a comparable structure
and identical exchange rates.
2 Diluted earnings per share (EPS), based on net profit,
excluding non-recurring items, after non-controlling interests.
3 To be proposed at the Annual General Meeting of 23 April
2024.
4Formerly known as the Active Cosmetics Division.
5SAPMENA – SSA: South Asia Pacific, Middle East, North Africa,
Sub-Saharan Africa.
6 GCC: Gulf Cooperation Council
7 Non-allocated = Central Group expenses,
fundamental research expenses, free grant of shares expenses and
miscellaneous items.
8 Non-recurring items include impairment of assets, capital
gains and losses on disposals of long-term assets, restructuring
costs and tax effects of non-recurring items.
9 Net cash flow = Gross cash flow + changes in working capital -
capital expenditure.
“This news release does not constitute an offer to sell, or a
solicitation of an offer to buy L’Oréal shares. If you wish to
obtain more comprehensive information about L’Oréal, please refer
to the public documents registered in France with the Autorité des
Marchés Financiers, also available in English on our website
www.loreal-finance.com.
This news release may contain some forward-looking statements.
While the Company believes that these statements are based on
reasonable assumptions as of the date of publication of this press
release, they are by nature subject to risks and uncertainties
which may lead to a discrepancy between the actual figures and
those indicated or suggested in these statements.”
About L’Oréal
For 115 years, L’Oréal, the world’s leading beauty player, has
devoted itself to one thing only: fulfilling the beauty aspirations
of consumers around the world. Our purpose, to create the beauty
that moves the world, defines our approach to beauty as essential,
inclusive, ethical, generous and committed to social and
environmental sustainability. With our broad portfolio of 37
international brands and ambitious sustainability commitments in
our L’Oréal for the Future programme, we offer each and every
person around the world the best in terms of quality, efficacy,
safety, sincerity and responsibility, while celebrating beauty in
its infinite plurality.
With more than 90,000 committed employees, a balanced
geographical footprint and sales across all distribution networks
(e-commerce, mass market, department stores, pharmacies,
perfumeries, hair salons, branded and travel retail), in 2023 the
Group generated sales amounting to 41.18 billion
euros. With 20 research centers across 11
countries around the world and a dedicated Research and Innovation
team of over 4,000 scientists and 6,400 Digital talents, L’Oréal is
focused on inventing the future of beauty and becoming a Beauty
Tech powerhouse.
More information on https://www.loreal.com/en/mediaroom
L’ORÉAL CONTACTS
Switchboard +33 (0) 1 47 56 70 00
Individual shareholders and market authorities
Pascale Guerin +33 (0)1 49 64 18 89 pascale.guerin@loreal.com
Investor relations Eva Quiroga +33 (0)7
88 14 22 65 eva.quiroga@loreal.com
Journalists Brune Diricq +33 (0)6 63 85 29 87
brune.diricq@loreal.com
Christine BURKE +33 (0)6 75 54 38 15
Christine.burke@loreal.com
For more information, please contact your bank, broker or
financial institution (I.S.I.N. code: FR0000120321), and consult
your usual newspapers, the website for shareholders and investors,
www.loreal-finance.com or the L’Oréal Finance app; alternatively,
call +33 (0)1 40 14 80 50.
This press release has been secured and authenticated with
blockchain technology. You can verify its authenticity on the
website www.wiztrust.com
Appendices
Appendix 1: L’Oréal group sales 2022/2023
(€ million)
|
2022 |
2023 |
|
€m |
€m |
Like-for-like evolution |
Reported evolution |
First quarter |
9,060.5 |
10,380.4 |
+13.0% |
+14.6% |
Second quarter |
9,305.8 |
10,193.7 |
+13.7% |
+9.5% |
First half total |
18,366.3 |
20,574.1 |
+13.3% |
+12.0% |
Third quarter |
9,575.2 |
10,003.1 |
+11.1% |
+4.5% |
Nine months total |
27,941.5 |
30,577.2 |
+12.6% |
+9.4% |
Fourth quarter |
10,319.1 |
10,605.3 |
+6.9% |
+2.8% |
Full year total |
38,260.6 |
41,182.5 |
+11.0% |
+7.6% |
Appendix 2: Compared consolidated income
statements
€
millions |
2023 |
2022 |
2021 |
Net sales |
41,182.5 |
38,260.6 |
32,287.6 |
Cost of
sales |
-10,767.0 |
-10,577.4 |
-8,433.3 |
Gross profit |
30,415.5 |
27,683.3 |
23,854.3 |
Research
& Innovation expenses |
-1,288.9 |
-1,138.6 |
-1,028.7 |
Advertising and promotion expenses |
-13,356.6 |
-12,059.0 |
-10,591.0 |
Selling,
general and administrative expenses |
-7,626.7 |
-7,028.8 |
-6,074.2 |
Operating profit |
8,143.3 |
7,456.9 |
6,160.3 |
Other
income and expenses |
-449.9 |
-241.5 |
-432.0 |
Operational profit |
7,693.4 |
7,215.4 |
5,728.3 |
Finance
costs on gross debt |
-226.7 |
-70.4 |
-38.0 |
Finance
income on cash and cash equivalents |
162.1 |
69.8 |
18.5 |
Finance costs, net |
-64.6 |
-0.6 |
-19.4 |
Other
financial income and expenses |
-48.8 |
-72.3 |
-40.2 |
Sanofi
dividends |
420.9 |
468.2 |
378.3 |
Profit before tax and associates |
8,001.0 |
7,610.6 |
6,046.9 |
Income
tax |
-1,810.6 |
-1,899.4 |
-1,445.4 |
Share of
profit in associates |
0.2 |
1.4 |
0.6 |
Net profit |
6,190.5 |
5,712.6 |
4,602.2 |
Attributable to: |
|
|
|
owners of
the company |
6,184.0 |
5,706.6 |
4,597.1 |
non-controlling interests |
6.5 |
6.0 |
5.1 |
Earnings
per share attributable to owners of the company (euros) |
11.55 |
10.65 |
8.24 |
Diluted
earnings per share attributable to owners of the company
(euros) |
11.52 |
10.61 |
8.21 |
Earnings
per share attributable to owners of the company, excluding
non-recurring items (euros) |
12.11 |
11.30 |
8.86 |
Diluted
earnings per share attributable to owners of the company, excluding
non-recurring items (euros) |
12.08 |
11.26 |
8.82 |
Appendix 3: Consolidated statement of
comprehensive income
€ millions |
2023 |
2022 |
2021 |
Consolidated net profit for the period |
6,190.5 |
5,712.6 |
4,602.2 |
Cash flow hedges |
-137.3 |
288.5 |
-203.7 |
Cumulative translation adjustments |
-425.8 |
195.1 |
610.5 |
Income tax on items that may be reclassified to profit or loss
(1) |
22.7 |
-58.0 |
41.5 |
Items that may be reclassified to profit or
loss |
-540.3 |
425.6 |
448.3 |
Financial assets at fair value through other comprehensive
income |
-76.3 |
152.1 |
1,192.2 |
Actuarial gains and losses |
-119.3 |
395.6 |
585.5 |
Income tax on items that may not be reclassified to profit or loss
(1) |
28.9 |
-111.5 |
-181.7 |
Items that may not be reclassified to profit or
loss |
-166.7 |
436.2 |
1,596.0 |
Other comprehensive income |
-707.0 |
861.8 |
2,044.3 |
CONSOLIDATED COMPREHENSIVE INCOME |
5,483.6 |
6,574.4 |
6,646.5 |
Attributable to: |
|
|
|
|
5,477.7 |
6,567.6 |
6,641.4 |
- non-controlling interests
|
5.9 |
6.8 |
5.1 |
(1) The tax effect is as follows:
|
€ millions |
2023 |
2022 |
2021 |
|
Cash flow hedges |
22.7 |
-58.0 |
41.5 |
|
Items that may be reclassified to profit or
loss |
22.7 |
-58.0 |
41.5 |
|
Financial assets at fair value through other comprehensive
income |
-1.3 |
-6.1 |
-37.3 |
|
Actuarial gains and losses |
30.2 |
-105.5 |
-144.4 |
|
Items that may not be reclassified to profit or
loss |
28.9 |
-111.5 |
-181.7 |
|
TOTAL |
51.6 |
-169.5 |
-140.2 |
Appendix 4: Compared consolidated balance
sheets
Assets
€ millions |
31.12.2023 |
31.12.2022 |
31.12.2021 |
Non-current assets |
35,529.7 |
32,794.5 |
30,937.6 |
Goodwill |
13,102.6 |
11,717.7 |
11,074.5 |
Other intangible assets |
4,287.1 |
3,640.1 |
3,462.8 |
Right-of-use assets |
1,692.4 |
1,482.7 |
1,507.6 |
Property, plant and equipment |
3,867.7 |
3,481.7 |
3,266.2 |
Non-current financial assets |
11,631.6 |
11,652.8 |
10,920.2 |
Investments accounted for under the equity method |
27.0 |
18.4 |
9.9 |
Deferred tax assets |
921.2 |
801.1 |
696.5 |
Current assets |
16,325.4 |
14,049.6 |
12,075.8 |
Inventories |
4,482.4 |
4,079.4 |
3,166.9 |
Trade accounts receivable |
5,092.7 |
4,755.5 |
4,021.0 |
Other current assets |
2,270.6 |
2,423.2 |
2,037.9 |
Current tax assets |
191.6 |
173.9 |
136.2 |
Cash and cash equivalents |
4,288.1 |
2,617.7 |
2,713.8 |
TOTAL |
51,855.1 |
46,844.2 |
43,013.4 |
Equity & Liabilities
€ millions |
31.12.2023 |
31.12.2022 |
31.12.2021 |
Equity |
29,081.6 |
27,186.5 |
23,592.6 |
Share capital |
106.9 |
107.0 |
111.5 |
Additional paid-in capital |
3,370.2 |
3,368.7 |
3,265.6 |
Other reserves |
13,799.1 |
11,675.6 |
19,092.2 |
Other comprehensive income |
6,123.8 |
6,404.4 |
5,738.6 |
Cumulative translation adjustments |
-509.6 |
-83.8 |
-279.1 |
Treasury shares |
— |
— |
-8,940.2 |
Net profit attributable to owners of the company |
6,184.0 |
5,706.6 |
4,597.1 |
Equity attributable to owners of the company |
29,074.3 |
27,178.5 |
23,585.7 |
Non-controlling interests |
7.3 |
8.0 |
6.9 |
Non-current liabilities |
7,873.9 |
5,937.9 |
2,837.6 |
Provisions for employee retirement obligations and related
benefits |
562.0 |
457.9 |
360.6 |
Provisions for liabilities and charges |
68.8 |
67.7 |
63.8 |
Non-current tax liabilities |
255.7 |
275.6 |
344.8 |
Deferred tax liabilities |
846.6 |
905.6 |
810.3 |
Non-current borrowings and debt |
4,746.7 |
3,017.6 |
10.7 |
Non-current lease debt |
1,394.2 |
1,213.5 |
1,247.5 |
Current liabilities |
14,899.7 |
13,719.6 |
16,583.2 |
Trade accounts payable |
6,347.0 |
6,345.6 |
6,068.1 |
Provisions for liabilities and charges |
977.2 |
1,205.6 |
1,223.3 |
Other current liabilities |
4,816.1 |
4,484.6 |
3,980.8 |
Income tax |
208.1 |
264.2 |
268.9 |
Current borrowings and debt |
2,091.5 |
1,012.8 |
4,619.4 |
Current lease debt |
459.8 |
407.0 |
422.8 |
TOTAL |
51,855.1 |
46,844.2 |
43,013.4 |
Appendix 5: Consolidated statements of
changes in equity
€ millions |
Common shares outstanding |
Capital |
Additional paid-in capital |
Retained earnings and net profit (1) |
Other comprehensive income |
Treasury shares |
Cumulative translation adjustments |
Equity attributable to owners of the
company |
Non-controlling interests |
Total equity |
At
31.12.2020 |
559,871,580 |
112.0 |
3,259.8 |
22,206.0 |
4,304.5 |
— |
-889.1 |
28,993.0 |
5.8 |
28,998.8 |
Consolidated net profit for the period |
|
|
|
4,597.1 |
— |
|
|
4,597.1 |
5.1 |
4,602.2 |
Cash flow hedges |
|
|
|
|
-161.9 |
|
|
-161.9 |
-0.3 |
-162.2 |
Cumulative translation adjustments |
|
|
|
|
|
|
610.2 |
610.2 |
0.3 |
610.5 |
Other comprehensive income that may be
reclassified to profit and loss |
|
|
|
|
-161.9 |
|
610.2 |
448.3 |
— |
448.3 |
Financial assets at fair value through other comprehensive
income |
|
|
|
|
1,154.9 |
|
|
1,154.9 |
|
1,154.9 |
Actuarial gains and losses |
|
|
|
|
441.1 |
|
|
441.1 |
|
441.1 |
Other comprehensive income that may not be
reclassified to profit and loss |
|
|
|
|
1,596.0 |
|
|
1,596.0 |
|
1,596.0 |
Consolidated comprehensive income |
|
|
|
4,597.1 |
1,434.1 |
|
610.2 |
6,641.4 |
5.1 |
6,646.5 |
Capital increase |
800,780 |
— |
5.8 |
— |
|
|
|
5.8 |
|
5.8 |
Cancellation of Treasury shares |
— |
-0.5 |
|
-1,104.3 |
|
1,104.8 |
|
— |
|
— |
Dividends paid (not paid on Treasury shares) |
— |
— |
|
-2,264.4 |
|
|
|
-2,264.4 |
-4.7 |
-2,269.1 |
Share-based payment |
— |
— |
|
155.2 |
|
|
|
155.2 |
|
155.2 |
Net changes in Treasury shares |
-25,260,000 |
— |
|
|
|
-10,045.0 |
|
-10,045.0 |
|
-10,045.0 |
Changes in the scope of consolidation |
|
— |
|
— |
|
— |
— |
— |
— |
— |
Other movements (1) |
|
— |
|
99.8 |
— |
— |
|
99.8 |
0.6 |
100.4 |
At 31.12.2021 |
535,412,360 |
111.5 |
3,265.6 |
23,689.3 |
5,738.6 |
-8,940.2 |
-279.1 |
23,585.7 |
6.9 |
23,592.6 |
Impact of the application of the IFRIC decision on SaaS
contracts |
|
|
|
-151.2 |
|
|
|
-151.2 |
|
-151.2 |
At 01.01.2022 (2) |
535,412,360 |
111.5 |
3,265.6 |
23,538.1 |
5,738.6 |
-8,940.2 |
-279.1 |
23,434.5 |
6.9 |
23,441.4 |
Consolidated net profit for the period |
|
|
|
5,706.6 |
— |
|
— |
5,706.6 |
6.0 |
5,712.6 |
Cash flow hedges |
|
|
|
|
229.7 |
|
— |
229.7 |
0.8 |
230.5 |
Cumulative translation adjustments |
|
|
|
|
— |
|
195.3 |
195.3 |
-0.2 |
195.1 |
Other comprehensive income that may be reclassified to
profit and loss |
|
|
|
|
229.7 |
|
195.3 |
425.0 |
0.6 |
425.6 |
Financial assets at fair value through other comprehensive
income |
|
|
|
|
146.1 |
|
— |
146.1 |
|
146.1 |
Actuarial gains and losses |
|
|
|
|
290.0 |
|
— |
290.0 |
0.1 |
290.1 |
Other comprehensive income that may not be reclassified to
profit and loss |
|
|
|
|
436.1 |
|
|
436.1 |
0.1 |
436.2 |
Consolidated comprehensive income |
|
|
|
5,706.6 |
665.8 |
|
195.3 |
6,567.6 |
6.8 |
6,574.4 |
Capital increase |
1,317,073 |
0.3 |
103.1 |
-0.2 |
— |
|
— |
103.2 |
|
103.2 |
Cancellation of Treasury shares |
— |
-4.8 |
|
-9,437.7 |
— |
9,442.5 |
— |
— |
|
— |
Dividends paid (not paid on Treasury shares) |
— |
— |
|
-2,601.2 |
— |
|
— |
-2,601.2 |
-4.4 |
-2,605.6 |
Share-based payment |
— |
— |
|
169.0 |
— |
|
— |
169.0 |
|
169.0 |
Net changes in Treasury shares |
-1,542,871 |
— |
|
— |
— |
-502.3 |
— |
-502.3 |
|
-502.3 |
Changes in the scope of consolidation |
— |
— |
|
|
— |
— |
|
— |
|
— |
Other movements |
— |
— |
|
7.6 |
— |
|
|
7.6 |
-1.2 |
6.4 |
At 31.12.2022 |
535,186,562 |
107.0 |
3,368.7 |
17,382.2 |
6,404.4 |
— |
-83.8 |
27,178.5 |
8.0 |
27,186.5 |
(1) Of which €102.2 million pertaining to
the IFRIC 2021 interpretation on IAS19 "Employee Benefits" on
Attributing Benefit to Periods of Service.
(2) After
taking account of the IFRIC final decision in April 2021 on set-up
and customization costs for SaaS-type contracts software.
€ millions |
Common shares outstanding |
Capital |
Additional paid-in capital |
Retained earnings and net profit |
Other comprehensive income |
Treasury shares |
Cumulative translation adjustments |
Equity attributable to owners of the company |
Non-controlling interests |
Total equity |
At
31.12.2022 |
535,186,562 |
107.0 |
3,368.7 |
17,382.2 |
6,404.4 |
— |
-83.8 |
27,178.5 |
8.0 |
27,186.5 |
Consolidated net profit for the period |
|
|
|
6,184.0 |
|
|
|
6,184.0 |
6.5 |
6,190.5 |
Cash flow hedges |
|
|
|
|
-113.9 |
|
|
-113.9 |
-0.6 |
-114.5 |
Cumulative translation adjustments |
|
|
|
|
|
|
-425.9 |
-425.9 |
0.1 |
-425.8 |
Other comprehensive income that may be reclassified to
profit and loss |
|
|
|
|
-113.9 |
|
-425.9 |
-539.8 |
-0.6 |
-540.3 |
Financial assets at fair value through other comprehensive
income |
|
|
|
|
-77.5 |
|
— |
-77.5 |
|
-77.5 |
Actuarial gains and losses |
|
|
|
|
-89.2 |
|
— |
-89.2 |
— |
-89.2 |
Other comprehensive income that may not be reclassified to
profit and loss |
|
|
|
|
-166.7 |
|
|
-166.7 |
— |
-166.7 |
Consolidated comprehensive income |
|
|
|
6,184.0 |
-280.6 |
|
-425.9 |
5,477.6 |
5.9 |
5,483.6 |
Capital increase |
810,545 |
0.2 |
1.5 |
|
|
|
|
1.7 |
|
1.7 |
Cancellation of Treasury shares |
|
-0.3 |
|
-503.2 |
|
503.3 |
|
-0.2 |
|
-0.2 |
Dividends paid (not paid on Treasury shares) |
|
|
|
-3,248.4 |
|
|
|
-3,248.4 |
-6.2 |
-3,254.6 |
Share-based payment |
|
|
|
168.5 |
|
|
|
168.5 |
|
168.5 |
Net changes in Treasury shares |
-1,271,632 |
|
|
|
|
-503.3 |
|
-503.3 |
|
-503.3 |
Changes in the scope of consolidation |
|
|
|
|
|
|
|
— |
|
— |
Other movements |
|
|
|
-0.1 |
— |
|
|
-0.1 |
-0.4 |
-0.6 |
AT
31.12.2023 |
534,725,475 |
106.9 |
3,370.2 |
19,983.1 |
6,123.8 |
— |
-509.6 |
29,074.3 |
7.3 |
29,081.6 |
Appendix 6: Compared consolidated
statements of cash flows
€
millions |
2023 |
2022 |
2021 |
Cash flows from operating activities |
|
|
|
Net
profit attributable to owners of the company |
6,184.0 |
5,706.6 |
4,597.1 |
Non-controlling interests |
6.5 |
6.0 |
5.1 |
Elimination of expenses and income with no impact on cash
flows: |
|
|
|
- depreciation, amortisation, provisions and non-current tax
liabilities (1)
|
1,715.0 |
1,536.1 |
1,781.0 |
- changes in deferred taxes
|
-95.3 |
-96.5 |
83.6 |
- share-based payment (including free shares)
|
168.5 |
169.0 |
155.2 |
- capital gains and losses on disposals of assets
|
6.9 |
7.6 |
0.5 |
Other
non-cash transactions |
14.1 |
-38.7 |
16.5 |
Share of
profit in associates net of dividends received |
-0.2 |
-0.5 |
1.3 |
Gross cash flow |
7,999.5 |
7,289.6 |
6,640.4 |
Changes
in working capital (1) |
-394.9 |
-1,011.3 |
88.0 |
Net cash provided by operating activities (A) |
7,604.6 |
6,278.3 |
6,728.4 |
Cash flows from investing activities |
|
|
|
Purchases
of property, plant and equipment and intangible assets |
-1,488.7 |
-1,343.2 |
-1,075.2 |
Disposals
of property, plant and equipment and intangible assets |
12.8 |
9.2 |
14.5 |
Changes
in other financial assets (including investments in
non-consolidated companies) |
-170.7 |
-142.8 |
-117.3 |
Effect of
changes in the scope of consolidation |
-2,497.2 |
-746.9 |
-455.7 |
Net cash from investing activities (B) |
-4,143.7 |
-2,223.8 |
-1,633.7 |
Cash flows from financing activities |
|
|
|
Dividends
paid |
-3,425.6 |
-2,689.9 |
-2,352.1 |
Capital
increase of the parent company |
1.5 |
103.2 |
5.8 |
Disposal
(acquisition) of Treasury shares |
-503.3 |
-502.3 |
-10,060.9 |
Purchase
of non-controlling interests |
— |
— |
— |
Issuance
(repayment) of short-term loans |
-823.7 |
-3,563.8 |
3,939.4 |
Issuance
of long-term borrowings |
3,567.1 |
3,019.9 |
— |
Repayment
of long-term borrowings |
— |
— |
— |
Repayment
of lease debt |
-430.6 |
-446.9 |
-396.4 |
Net cash from financing activities (C) |
-1,614.6 |
-4,079.9 |
-8,864.2 |
Net
effect of changes in exchange rates and fair value (D) |
-175.9 |
-70.7 |
77.4 |
Change in cash and cash equivalents (A+B+C+D) |
1,670.4 |
-96.1 |
-3,692.1 |
Cash and cash equivalents at beginning of the year
(E) |
2,617.7 |
2,713.8 |
6,405.9 |
CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD (A+B+C+D+E) |
4,288.1 |
2,617.7 |
2,713.8 |
1 Following the outcome of the dispute with the
French Competition Authority, the reversal of the provision and the
reversal of the debt for the same amount of €189.5 million
were presented in operations without impact on cash flow.
- CP_FY_2023_AnnualResults_EN
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