Earnings Release • Jul 28, 2016
Earnings Release
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Commenting on the figures, Mr Jean-Paul Agon, Chairman and Chief Executive Officer of L'Oréal, said:
"At the end of June, the Group is confirming its growth momentum, with an increase in sales across all Divisions and all geographic Zones.
As announced, the Consumer Products Division is accelerating and outperforming its market, driven by its conquest initiatives in make-up and haircare.
L'Oréal Luxe, in a market that remains solid, is continuing to deliver sustained growth by capitalising on its unique brand portfolio and by maintaining its innovation drive. The Active Cosmetics Division, in a dermocosmetics market that has slowed due to an unfavourable season, is developing its major product ranges and continues to increase its market share. The Professional Products Division is pursuing its initiatives to actively promote all professional beauty segments, in a sector that is gradually improving.
As for the geographic Zones, North America is accelerating as expected and robust growth in the New Markets is enabling us to strengthen our positions. Western Europe is being held back by a very difficult market in France.
In the first half, e-commerce sales(2) rose by +33%, accounting for some 6% of total sales. The Group is at the cutting edge of online beauty, and is accentuating its digital leadership, particularly in make-up, a category that is accelerating strongly, driven worldwide by the "Millennials" generation.
Our results are of good quality, with a significant improvement in gross profit and sustained investments in both Research and Innovation and business drivers, supporting the Universalisation of our brands. The outstanding performances of our recent acquisitions, NYX Professional Makeup, Urban Decay and Niely, are making a very positive contribution to the Group's growth. On the other hand, the results of Magic and Clarisonic were below our expectations, and have led us to record a goodwill impairment of 213 million and 234 million euros respectively on June 30, 2016. The impairment is a non-recurring charge and has no impact on the cash situation. The strategic relevance of these two brands remains unchanged.
In an environment that is still volatile and uncertain, particularly on the monetary front, L'Oréal's strength, today more than ever, lies in its balanced business model. The first half reinforces our confidence in the Group's ability to outperform its market, and to achieve another year of sales and profit growth in 2016."
(1) Diluted earnings per share, after non-controlling interests, excluding non-recurring items.
(2) Sales achieved on our brands' own websites + estimated sales achieved by our brands corresponding to sales through our retailers' websites (non-audited data); like-for-like growth.
Like-for-like, i.e. based on a comparable structure and identical exchange rates, sales growth was +4.2%.
The net impact of changes in the scope of consolidation was +0.3%.
Growth at constant exchange rates was +4.5%.
Currency fluctuations had a negative impact of -3.9%. If the exchange rates at June 30, 2016, i.e. €1 = \$1.1102, are extrapolated until December 31, 2016 the impact of currency fluctuations on sales would be approximately -2.9% for the whole of 2016.
Based on reported figures, the Group's sales at June 30, 2016 amounted to 12.89 billion euros, up by +0.6%.
| 2 | nd quarter 2016 | st half 2016 1 |
||||||
|---|---|---|---|---|---|---|---|---|
| Growth | Growth | |||||||
| €m | Like-for-like | Reported | Like-for-like | Reported | ||||
| By operational Division | ||||||||
| Professional Products | 870.1 | 1.8% | -2.0% 1,724.4 |
2.2% | -0.9% | |||
| Consumer Products | 3,048.9 | 4.7% | -1.1% | 6,154.9 | 4.3% | -0.1% | ||
| L'Oréal Luxe | 1,763.9 | 5.6% | 1.8% | 3,595.3 | 5.6% | 3.1% | ||
| Active Cosmetics | 460.7 | 5.7% | 0.3% | 1,021.4 | 5.0% | 0.3% | ||
| Cosmetics Divisions total | 6,143.6 | 4.6% | -0.3% | 12,496.0 | 4.4% | 0.7% | ||
| By geographic Zone | ||||||||
| Western Europe | 2,056.9 | 1.4% | -0.2% | 4,184.4 | 1.7% | 0.6% | ||
| North America | 1,744.1 | 4.9% | 2.3% | 3,460.0 | 4.6% | 4.0% | ||
| New Markets, of which: | 2,342.6 | 7.4% | -2.3% | 4,851.6 | 6.8% | -1.4% | ||
| - Asia, Pacific - Latin America - Eastern Europe - Africa, Middle East |
1,305.3 454.3 383.0 199.9 |
4.8% 13.3% 8.1% 11.4% |
-0.5% -7.3% -5.8% 5.2% |
2,815.8 863.3 773.7 398.8 |
4.6% 10.8% 8.9% 9.7% |
1.0% -9.1% -3.7% 5.3% |
||
| Cosmetics Divisions total | 6,143.6 | 4.6% | -0.3% | 12,496.0 | 4.4% | 0.7% | ||
| The Body Shop | 198.5 | -3.2% | -9.6% | 398.6 | -0.6% | -3.2% | ||
| Group total | 6,342.2 | 4.3% | -0.6% | 12,894.6 | 4.2% | 0.6% |
The professional products market is continuing to show signs of gradual recovery observed since the end of 2015.
In geographic terms, sales are resilient in Western Europe, Eastern Europe and the Africa, Middle East Zone. India, Russia and the United Kingdom are the top contributors to growth. In North America, SalonCentric is experiencing a temporary slowdown.
Hair colour, the number one contributor to growth, is maintaining its momentum driven, on the one hand, by the solid core franchises Shades Eq at Redken, SoColor Beauty at Matrix, Inoa and Dia at L'Oréal Professionnel and, on the other hand, the success of the Blond Studio and Hair Touch Up launches at L'Oréal Professionnel. Haircare is continuing to benefit from the resilience of Redken and Matrix. In professional skincare, Decléor is growing strongly in Western Europe.
In the second quarter, the Division is continuing to accelerate with sales at +4.7% like-for-like after a first quarter at +3.9%. In the first half, the Consumer Products Division recorded growth of +4.3% like-for-like and -0.1% based on reported figures.
Skincare is boosted by the success of Micellar Cleansing Waters by Garnier and the innovative Age Perfect Golden Age by L'Oréal Paris.
L'Oréal Luxe posted growth of +5.6% like-for-like and +3.1% based on reported figures. The Division is continuing to expand, thanks in particular to dynamic trends in make-up.
Urban Decay is at the forefront of the make-up boom with the launch Vice Lipstick.
Giorgio Armani is posting double-digit growth thanks to the sharp rise in make-up, with products such as Lip Maestro and the men's fragrance Code Profumo.
Lancôme is performing well and benefitting from the excellent start made by Juicy Shaker, the growing success of « La vie est belle » and the launch of Énergie de Vie, which targets "Millennials".
Kiehl's is continuing its international expansion.
L'Oréal Luxe is extending its alternative perfume range through the acquisition of the perfume house Atelier Cologne.
Vichy is benefitting from its Neovadiol franchise and its spa waters.
SkinCeuticals is posting outstanding performances, particularly in Asia and Eastern Europe, and the success of its Triple Lipid Restore launch is continuing.
At the end of June, the Zone posted growth of +1.7% like-for-like and +0.6% based on reported figures. Business showed mixed momentum, both in terms of the markets and sales figures: performance is good in all markets except France, which remains difficult in all distribution channels. In the highly dynamic make-up category, NYX Professional Makeup is making a very promising start. E-commerce sales are continuing to grow very quickly.
L'Oréal recorded growth of +4.6% like-for-like and +4.0% based on reported figures. The Consumer Products Division is outperforming the market with strong increases for NYX Professional Makeup, Maybelline and Garnier, whose Whole Blends (Ultra Doux) launch is making a good start. Despite difficulties at Clarisonic, L'Oréal Luxe is posting good performances, driven by the quality of its brand portfolio: Urban Decay, Yves Saint Laurent and Kiehl's are invigorating their respective categories.
Africa, Middle East: Growth amounted to +9.7% like-for-like and +5.3% based on reported figures. In a slowing market, the Middle East is posting solid growth, driven by Egypt, Pakistan and to a lesser extent the Gulf states. All the Divisions are winning market share. Meanwhile in South Africa, the launch of Ultimate Blends (Ultra Doux) by Garnier has led to promising initial results.
At the end of June 2016, The Body Shop recorded sales growth of -0.6% like-for-like and -3.2% based on reported figures. Expansion is continuing in the main markets, such as the United Kingdom, Australia and Canada, while the economic slowdown in Hong Kong and Saudi Arabia is having an impact on business. At June 30, 2016, the brand is available in 3,047 sales outlets.
The half-year consolidated accounts have undergone a limited examination by the Statutory Auditors.
Consolidated profit and loss account: from sales to operating profit.
| In € million | 06/30/15 | As % of sales |
12/31/15 | As % of sales |
06/30/16 | As % of sales |
Change H1-2016 vs. H1-2015 |
|---|---|---|---|---|---|---|---|
| Sales | 12,818.9 | 100.0% | 25,257.4 | 100.0% | 12,894.6 | 100.0% | +0.6% |
| Cost of sales | -3,630.3 | 28.3% | -7,277.4 | 28.8% | -3,561.2 | 27.6% | |
| Gross profit | 9,188.6 | 71.7% | 17,980.0 | 71.2% | 9,333.4 | 72.4% | +1.6% |
| R&D expenses | -379.7 | 3.0% | -794.1 | 3.1% | -414.2 | 3.2% | |
| Advertising and promotion expenses |
-3,753.3 | 29.3% | -7,359.6 | 29.1% | -3,790.9 | 29.4% | |
| Selling, general and administrative expenses |
-2,732.6 | 21.3% | -5,438.6 | 21.5% | -2,764.7 | 21.4% | |
| Operating profit | 2,323.0 | 18.1% | 4,387.7 | 17.4% | 2,363.6 | 18.3% | +1.7% |
Gross profit, at 9,333 million euros, has come out at 72.4% of sales, representing an improvement of 70 basis points compared with the first half of 2015.
Research and Development expenses, at 414 million euros, have risen by +9.1%, representing 3.2% of sales.
Advertising and promotion expenses have come out at 29.4% of sales, a level slightly above the first half of 2015.
Selling, general and administrative expenses are at a slightly higher level, by 10 basis points, compared with the first half of 2015.
Overall, operating profit, at 2,364 million euros, increased by 20 basis points and amounted to 18.3% of sales.
| 06/30/15 | 12/31/15 | 06/30/16 | |||||
|---|---|---|---|---|---|---|---|
| €m | % of sales | €m | % of sales | €m | % of sales | ||
| By operational Division | |||||||
| Professional Products | 332.0 | 19.1% | 678.5 | 20.0% | 338.2 | 19.6% | |
| Consumer Products | 1,313.1 | 21.3% | 2,385.8 | 20.1% | 1,306.8 | 21.2% | |
| L'Oréal Luxe | 716.0 | 20.5% | 1,497.5 | 20.7% | 767.3 | 21.3% | |
| Active Cosmetics | 280.2 | 27.5% | 414.7 | 22.8% | 283.3 | 27.7% | |
| Total Divisions before non-allocated |
2,641.3 | 21.3% | 4,976.4 | 20.5% | 2,695.5 | 21.6% | |
| Non-allocated(1) | -311.1 | -2.5% | -643.6 | -2.6% | -309.8 | -2.5% | |
| Total Divisions after non-allocated |
2,330.2 | 18.8% | 4,332.8 | 17.8% | 2,385.7 | 19.1% | |
| The Body Shop | -7.2 | -1.8% | +54.8 | 5.7% | -22.2 | -5.6% | |
| Group | 2,323.0 | 18.1% | 4,387.7 | 17.4% | 2,363.6 | 18.3% |
(1) Non-allocated expenses = Central Group expenses, fundamental research expenses, stock options and free grant of shares expenses and miscellaneous items. As a % of total Division sales.
The profitability of the Professional Products Division has improved by 50 basis points, from 19.1% to 19.6%.
The Consumer Products Division's profitability slipped from 21.3% to 21.2%.
L'Oréal Luxe was the Division with the strongest profitability improvement, with an increase of 80 basis points to 21.3%.
The Active Cosmetics Division, with a profitability of 27.7%, achieved an improvement of 20 basis points.
As for The Body Shop, the first half is never significant in profitability terms. The negative figure in the first half reflects difficulties in certain major markets, such as Hong Kong and Saudi Arabia, along with the investment efforts made to reaccelerate the brand.
Consolidated profit and loss account: from operating profit to net profit excluding non-recurring items.
| In € million | 06/30/15 | 12/31/15 | 06/30/16 | Change H1-2016 vs. H1-2015 |
|---|---|---|---|---|
| Operating profit | 2,323.0 | 4,387.7 | 2,363.6 | +1.7% |
| Financial revenues and expenses excluding dividends received |
-9.8 | -13.8 | 1.8 | |
| Sanofi dividends | 336.9 | 336.9 | 346.5 | |
| Profit before tax and associates excluding non-recurring items |
2,650.1 | 4,710.8 | 2,711.9 | +2.3% |
| Income tax excluding non-recurring items | -692.1 | -1,219.7 | -684.1 | |
| Net profit excluding non-recurring items of equity consolidated companies |
- | - | -0.1 | |
| Non-controlling interests | -0.6 | -1.3 | -2.4 | |
| Net profit excluding non-recurring items, after non-controlling interests(1) |
1,957.3 | 3,489.8 | 2,025.4 | +3.5% |
| Net EPS(2) (€) | 3.47 | 6.18 | 3.59 | +3.4% |
| Net profit after non-controlling interests | 1,882.6 | 3,297.4 | 1,479.5 | |
| Diluted earnings per share after non-controlling interests (€) | 3.34 | 5.84 | 2.62 | |
| Diluted average number of shares | 564,094,688 | 564,891,388 | 564,258,226 |
(1) Net profit excluding non-recurring items after non-controlling interests does not include capital gains and losses on disposals of longterm assets, impairment of assets, restructuring costs, as well as competition litigation and tax effects. (2) Diluted earnings per share, after non-controlling interests, excluding non-recurring items.
Sanofi dividends amounted to 346 million euros.
Income tax excluding non-recurring items amounted to 684 million euros, i.e. a tax rate of 25.2%, slightly below that of the first half of 2015, which was 26.1%.
Net profit excluding non-recurring items, after non-controlling interests, amounted to 2,025 million euros, up by +3.5% compared with June 30, 2015. The non-recurring items consist primarily of the goodwill impairment for the Clarisonic and Magic brands, with respective amounts of 234 million and 213 million euros. The recent performances of these two brands have been below expectations, resulting in these accounting entries which have no impact on the cash situation. The strategic relevance of these two brands remains unchanged.
Net EPS, at 3.59 euros, has risen by +3.4% compared with the first half of 2015.
Net profit after non-controlling interests amounted to 1,479 million euros.
Gross cash flow amounted to 2,467 million euros, up by +4.1% compared with the first half of 2015.
The change in working capital amounted to 545 million euros. As is the case in the first half every year, it increased markedly, particularly because of the impact of the seasonality of part of our business on trade receivables.
Investments, at 596 million euros, represented 4.6% of sales.
Operating cash flow, at 1,325 million euros, was up by +27.2%.
After payment of the dividend and share buybacks, the residual cash flow has come out at -923 million euros.
At June 30, 2016, net debt amounted to 344 million euros, compared with a debt of 1,394 million at June 30, 2015 and net cash of 618 million euros at December 31, 2015.
Shareholders' equity amounted to 22 billion euros.
"This news release does not constitute an off er to sell, or a solicitation of an offer to buy L'Oréal shares. If you wish to obtain more comprehensive inf ormation about L'Oréal, please ref er to the public documents registered in France with t he Autorité de s Marchés Financiers, als o available in Englis h on our Int ernet site www.loreal-finance.com.
This news release may contain s ome forward -looking statements. Although t he Company considers that these statements are based on reasonable hypothes es at the date of publication of t his release, t hey are by their nat ure subject to risks and uncertainties which could cause actual res ults to differ mat erially from those indicated or projected in t hese statements."
This a free t ransl ation int o English of the First-half 2016 res ults news releas e issued in the Frenc h language and is provided solely for the convenience of English speaking readers. In case of discrepancy, the French version prevails.
Contacts at L'ORÉAL (Switchboard: +33 1 47 56 70 00)
Individual shareholders Financial analysts and and market authorities Institutional investors Journalists
Tel: +33 1 47 56 83 02 Tel: +33 1 47 56 86 82 Tel: +33 1 47 56 76 71
Mr Jean Régis CAROF Mrs Françoise LAUVIN Mrs Stephanie CARSON-PARKER [email protected] [email protected] [email protected]
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult yo ur usual newspapers, and the Internet site for shareholders and investors, www.loreal-finance.com or the L'Oréal Finance app, alternatively, call +33 1 40 14 80 50.
| 2015 | 2016 | |
|---|---|---|
| First quarter: | ||
| Cosmetics Divisions | 6,243.9 | 6,352.4 |
| The Body Shop | 192.4 | 200.1 |
| First quarter total | 6,436.3 | 6,552.4 |
| Second quarter: | ||
| Cosmetics Divisions | 6,163.1 | 6,143.6 |
| The Body Shop | 219.5 | 198.5 |
| Second quarter total | 6,382.6 | 6,342.2 |
| First half: | ||
| Cosmetics Divisions | 12,407.0 | 12,496.0 |
| The Body Shop | 411.9 | 398.6 |
| First half total | 12,818.9 | 12,894.6 |
| Third quarter: | ||
| Cosmetics Divisions | 5,725.1 | |
| The Body Shop | 212.5 | |
| Third quarter total | 5,937.5 | |
| Nine months: | ||
| Cosmetics Divisions | 18,132.1 | |
| The Body Shop | 624.3 | |
| Nine months total | 18,756.4 | |
| Fourth quarter: | ||
| Cosmetics Divisions | 6,158.1 | |
| The Body Shop | 342.9 | |
| Fourth quarter total | 6,501.0 | |
| Full year | ||
| Cosmetics Divisions | 24,290.2 | |
| The Body Shop | 967.2 | |
| Full year total | 25,257.4 |
| € millions | st half 2016 1 |
st half 2015 1 |
2015 |
|---|---|---|---|
| Net sales | 12,894.6 | 12,818.9 | 25,257.4 |
| Cost of sales | -3,561.2 | -3,630.3 | -7,277.4 |
| Gross profit | 9,333.4 | 9,188.6 | 17,980.0 |
| Research and development | -414.2 | -379.7 | -794.1 |
| Advertising and promotion | -3,790.9 | -3,753.3 | -7,359.6 |
| Selling, general and administrative expenses | -2,764.7 | -2,732.6 | -5,438.6 |
| Operating profit | 2,363.6 | 2,323.0 | 4,387.7 |
| Other income and expenses | -522.5 | -47.9 | -193.4 |
| Operational profit | 1,841.1 | 2,275.1 | 4,194.3 |
| Finance costs on gross debt | -6.5 | -13.6 | -23.7 |
| Finance income on cash and cash equivalents | 22.0 | 27.6 | 55.6 |
| Finance costs, net | 15.5 | 14.0 | 31.9 |
| Other financial income (expenses) | -13.7 | -23.8 | -45.7 |
| Sanofi dividends | 346.5 | 336.9 | 336.9 |
| Profit before tax and associates | 2,189.4 | 2,602.2 | 4,517.4 |
| Income tax | -707.6 | -721.7 | -1,222.9 |
| Share of profit in associates | - | 2.7 | 4.0 |
| Net profit | 1,481.8 | 1,883.2 | 3,298.5 |
| Attributable to: | |||
| • owners of the company | 1,479.5 | 1,882.6 | 3,297.4 |
| • non-controlling interests | 2.3 | 0.6 | 1.1 |
| Earnings per share attributable to owners of the company (euros) | 2.65 | 3.39 | 5.92 |
| Diluted earnings per share attributable to owners of the company (euros) | 2.62 | 3.34 | 5.84 |
| Earnings per share attributable to owners of the company, excluding non-recurring items (euros) |
3.62 | 3.52 | 6.26 |
| Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) |
3.59 | 3.47 | 6.18 |
| € millions | st half 2016 1 |
st half 2015 1 |
2015 |
|---|---|---|---|
| Consolidated net profit for the period | 1,481.8 | 1,883.2 | 3,298.5 |
| Financial assets available-for-sale | -435.1 | 1,487.3 | 347.6 |
| Cash flow hedges | -96.8 | -80.0 | 60.1 |
| Cumulative translation adjustments | -188.7 | 507.8 | 373.7 |
| Income tax on items that may be reclassified to profit or loss (1) | 50.3 | -35.7 | -28.9 |
| Items that may be reclassified to profit or loss | -670.3 | 1,879.4 | 752.5 |
| Actuarial gains and losses | -514.1 | 345.7 | 598.1 |
| Income tax on items that may not be reclassified to profit or loss (1) | 164.1 | -119.4 | -205.3 |
| Items that may not be reclassified to profit or loss | -350.0 | 226.3 | 392.8 |
| Other comprehensive income | -1,020.3 | 2,105.7 | 1,145.3 |
| Consolidated comprehensive income | 461.5 | 3,988.9 | 4,443.8 |
| Attributable to: | |||
| • owners of the company | 458.7 | 3,988.7 | 4,443.1 |
| • non-controlling interests | 2.8 | 0.2 | 0.7 |
(1) The tax effect is as follows:
| € millions | st half 2016 1 |
st half 2015 1 |
2015 |
|---|---|---|---|
| Financial assets available-for-sale | 18.0 | -61.5 | -14.4 |
| Cash flow hedges | 32.3 | 25.8 | -14.4 |
| Items that may be reclassified to profit or loss | 50.3 | -35.7 | -28.9 |
| Actuarial gains and losses | 164.1 | -119.4 | -205.3 |
| Items that may not be reclassified to profit or loss | 164.1 | -119.4 | -205.3 |
| TOTAL | 214.4 | -155.1 | -234.1 |
| € millions | 06.30.2016 | 06.30.2015 | 12.31.2015 |
|---|---|---|---|
| Non-current assets | 23,788.6 | 25,642.9 | 24,457.6 |
| Goodwill | 7,721.8 | 8,180.6 | 8,151.5 |
| Other intangible assets | 2,819.9 | 2,901.9 | 2,942.9 |
| Property, plant and equipment | 3,484.4 | 3,283.8 | 3,403.5 |
| Non-current financial assets | 9,024.5 | 10,535.1 | 9,410.9 |
| Investments in associates | 0.9 | - | 1.0 |
| Deferred tax assets | 737.1 | 741.5 | 547.9 |
| Current assets | 9,609.6 | 9,725.5 | 9,253.7 |
| Inventories | 2,640.1 | 2,446.9 | 2,440.7 |
| Trade accounts receivable | 4,091.0 | 3,980.4 | 3,627.7 |
| Other current assets | 1,447.9 | 1,410.8 | 1,486.9 |
| Current tax assets | 89.5 | 122.3 | 298.6 |
| Cash and cash equivalents | 1,341.1 | 1,765.1 | 1,399.8 |
| TOTAL | 33,398.2 | 35,368.4 | 33,711.3 |
| € millions | 06.30.2016 | 06.30.2015 | 12.31.2015 |
|---|---|---|---|
| Equity | 21,983.0 | 22,916.1 | 23,617.0 |
| Share capital | 112.2 | 112.2 | 112.6 |
| Additional paid-in capital | 2,743.6 | 2,496.5 | 2,654.4 |
| Other reserves | 13,891.1 | 12,789.9 | 12,873.4 |
| Other comprehensive income | 3,685.8 | 5,343.9 | 4,517.5 |
| Cumulative translation adjustments | 202.7 | 525.9 | 391.9 |
| Treasury stock | -133.7 | -237.1 | -233.3 |
| Net profit attributable to owners of the company | 1,479.5 | 1,882.6 | 3,297.4 |
| Equity attributable to owners of the company | 21,981.2 | 22,913.9 | 23,613.9 |
| Non-controlling interests | 1.8 | 2.2 | 3.1 |
| Non-current liabilities | 2,356.1 | 2,366.0 | 1,920.6 |
| Provisions for employee retirement obligations and related benefits | 1,254.9 | 1,106.8 | 807.2 |
| Provisions for liabilities and charges | 233.8 | 233.5 | 195.9 |
| Deferred tax liabilities | 835.1 | 954.5 | 876.8 |
| Non-current borrowings and debt | 32.3 | 71.2 | 40.8 |
| Current liabilities | 9,059.1 | 10,086.3 | 8,173.7 |
| Trade accounts payable | 3,961.9 | 3,688.1 | 3,929.0 |
| Provisions for liabilities and charges | 774.1 | 737.1 | 754.6 |
| Other current liabilities | 2,500.2 | 2,413.1 | 2,597.3 |
| Income tax | 170.2 | 159.8 | 151.9 |
| Current borrowings and debt | 1,652.7 | 3,088.2 | 741.0 |
| TOTAL | 33,398.2 | 35,368.4 | 33,711.3 |
| Common | Additional | Retained earnings |
Other compre |
Cumulative | Equity attributable to owners |
Non control |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| shares | Share | paid-in | and net | hensive | Treasury | translation | of the | ling | Total | |
| € millions At 12.31.2014 |
outstanding 554,241,878 |
capital 112.3 |
capital 2,316.8 |
profit 14,683.5 |
income 3,745.9 |
stock -683.0 |
adjustments 17.8 |
company 20,193.3 |
interests 3.6 |
equity 20,196.9 |
| Consolidated net profit for the period | 3,297.4 | 3,297.4 | 1.1 | 3,298.5 | ||||||
| Financial assets available-for-sale | 333.2 | 333.2 | 333.2 | |||||||
| Cash flow hedges | 45.6 | 45.6 | 45.6 | |||||||
| Cumulative translation adjustments | 374.1 | 374.1 | -0.4 | 373.7 | ||||||
| Other comprehensive income that may be reclassified to profit and loss |
378.8 | 374.1 | 752.9 | -0.4 | 752.5 | |||||
| Actuarial gains and losses | 392.8 | 392.8 | 392.8 | |||||||
| Other comprehensive income that may not be reclassified to profit and loss |
392.8 | 392.8 | - | 392.8 | ||||||
| Consolidated comprehensive income | 3,297.4 | 771.6 | 374.1 | 4,443.1 | 0.7 | 4,443.8 | ||||
| Capital increase | 4,657,959 | 0.9 | 337.6 | 338.5 | 338.5 | |||||
| Cancellation of Treasury stock | -0.6 | -362.8 | 363.4 | - | - | |||||
| Dividends paid (not paid on Treasury stock) |
-1,511.4 | -1,511.4 | -2.6 | -1,514.0 | ||||||
| Share-based payment | 117.6 | 117.6 | 117.6 | |||||||
| Net changes in Treasury stock | 1,088,341 | -77.1 | 86.3 | 9.2 | 9.2 | |||||
| Purchase commitments for non controlling interests |
23.5 | 23.5 | 1.5 | 25.0 | ||||||
| Changes in scope of consolidation | - | - | ||||||||
| Other movements | 0.1 | 0.1 | -0.1 | - | ||||||
| At 12.31.2015 | 559,988,178 | 112.6 | 2,654.4 | 16,170.8 | 4,517.5 | -233.3 | 391.9 | 23,613.9 | 3.1 | 23,617.0 |
| Consolidated net profit for the period | 1,479.5 | 1,479.5 | 2.3 | 1,481.8 | ||||||
| Financial assets available-for-sale | -417.1 | -417.1 | -417.1 | |||||||
| Cash flow hedges | -64.5 | -64.5 | -64.5 | |||||||
| Cumulative translation adjustments | -189.2 | -189.2 | 0.5 | -188.7 | ||||||
| Other comprehensive income that may | ||||||||||
| be reclassified to profit and loss | -481.6 | -189.2 | -670.8 | 0.5 | -670.3 | |||||
| Actuarial gains and losses Other comprehensive income that may |
-350.0 | -350.0 | -350.0 | |||||||
| not be reclassified to profit and loss | -350.0 | -350.0 | - | -350.0 | ||||||
| Consolidated comprehensive income | 1,479.5 | -831.6 | -189.2 | 458.7 | 2.8 | 461.5 | ||||
| Capital increase | 1,132,692 | 0.2 | 89.2 | 89.3 | 89.3 | |||||
| Cancellation of Treasury stock | -3,202,500 | -0.6 | -498.9 | 499.5 | - | - | ||||
| Dividends paid | ||||||||||
| (not paid on Treasury stock) | -1,741.9 | -1,741.9 | -3.3 | -1,745.2 | ||||||
| Share-based payment | 61.2 | 61.2 | 61.2 | |||||||
| Net changes in Treasury stock Purchase commitments for non |
1,237,285 | -99.2 | -399.9 | -499.1 | -499.1 | |||||
| controlling interests | - | 0.1 | 0.1 | |||||||
| Changes in scope of consolidation | -1.1 | -1.1 | -0.9 | -2.0 | ||||||
| Other movements | 0.2 | 0.2 | 0.2 | |||||||
| AT 06.30.2016 | 559,155,655 | 112.2 | 2,743.6 | 15,370.6 | 3,685.8 | -133.7 | 202.7 | 21,981.2 | 1.8 | 21,983.0 |
| Retained | Other | Equity attributable |
Non | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common | Additional | earnings | compre | Cumulative | to owners | control | ||||
| € millions | shares outstanding |
Share capital |
paid-in capital |
and net profit |
hensive income |
Treasury stock |
translation adjustments |
of the company |
ling interests |
Total equity |
| At 01.01.2015 | 554,241,878 | 112.3 | 2,316.8 | 14,683.5 | 3,745.9 | -683.0 | 17.8 | 20,193.3 | 3.6 | 20,196.9 |
| Consolidated net profit for the period | 1,882.6 | 1,882.6 | 0.6 | 1,883.2 | ||||||
| Financial assets available-for-sale | 1,425.8 | 1,425.8 | 1,425.8 | |||||||
| Cash flow hedges | -54.1 | -54.1 | -0.1 | -54.2 | ||||||
| Cumulative translation adjustments | 508.1 | 508.1 | -0.3 | 507.8 | ||||||
| Other comprehensive income that may be reclassified to profit and loss |
1,371.7 | 508.1 | 1,879.8 | -0.4 | 1,879.4 | |||||
| Actuarial gains and losses | 226.3 | 226.3 | 226.3 | |||||||
| Other comprehensive income that may | ||||||||||
| not be reclassified to profit and loss | 226.3 | 226.3 | 226.3 | |||||||
| Consolidated comprehensive income | 1,882.6 | 1,598.0 | 508.1 | 3,988.8 | 0.2 | 3,988.9 | ||||
| Capital increase | 2,533,663 | 0.5 | 179.7 | 180.2 | 180.2 | |||||
| Cancellation of Treasury stock | -0.6 | -362.8 | 363.4 | - | - | - | ||||
| Dividends paid (not paid on Treasury stock) |
-1,511.4 | -1,511.4 | -2.7 | -1,514.1 | ||||||
| Share-based payment | 58.5 | 58.5 | 58.5 | |||||||
| Net changes in Treasury stock | 1,021,865 | -77.3 | 82.5 | 5.2 | 5.2 | |||||
| Purchase commitments for non-controlling interests |
-0.9 | -0.9 | 1.1 | 0.2 | ||||||
| Changes in scope of consolidation | - | - | ||||||||
| Other movements | 0.3 | 0.3 | 0.3 | |||||||
| AT 06.30.2015 | 557,797,406 | 112.2 | 2,496.5 | 14,672.5 | 5,343.9 | -237.1 | 525.9 | 22,913.9 | 2.2 | 22,916.1 |
| € millions | st half 2016 1 |
st half 2015 1 |
2015 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit attributable to owners of the company | 1,479.5 | 1,882.6 | 3,297.4 |
| Non-controlling interests | 2.3 | 0.6 | 1.1 |
| Elimination of expenses and income with no impact on cash flows: | |||
| • depreciation, amortisation and provisions | 888.2 | 410.2 | 933.8 |
| • changes in deferred taxes | 35.2 | 20.6 | 53.4 |
| • share-based payment (including free shares) | 61.2 | 58.5 | 117.6 |
| • capital gains and losses on disposals of assets | 1.3 | 0.2 | 0.2 |
| Share of profit in associates net of dividends received | - | -2.7 | -4.0 |
| Gross cash flow | 2,467.7 | 2,370.0 | 4,399.5 |
| Changes in working capital | -545.6 | -815.9 | -196.4 |
| Net cash provided by operating activities (A) | 1,922.1 | 1,554.1 | 4,203.1 |
| Cash flows from investing activities | |||
| Purchases of property, plant and equipment and intangible assets | -596.7 | -512.0 | -1,172.1 |
| Disposals of property, plant and equipment and intangible assets | 6.3 | 5.7 | 6.5 |
| Changes in other financial assets (including investments in non-consolidated companies) | -21.8 | 13.2 | -35.2 |
| Effect of changes in the scope of consolidation | -20.7 | -412.8 | -435.3 |
| Net cash (used in) from investing activities (B) | -632.9 | -905.9 | -1,636.1 |
| Cash flows from financing activities | |||
| Dividends paid | -1,796.6 | -1,535.0 | -1,534.8 |
| Capital increase of the parent company | 89.4 | 180.2 | 338.6 |
| Disposal (acquisition) of Treasury stock | -499.1 | 5.2 | 9.2 |
| Purchase of non-controlling interests | -6.4 | - | - |
| Issuance (repayment) of short-term loans | 897.5 | 553.7 | -1,832.4 |
| Issuance of long-term borrowings | 0.6 | - | 1.1 |
| Repayment of long-term borrowings | -4.2 | -5.9 | -5.8 |
| Net cash (used in) from financing activities (C) | -1,318.8 | -801.8 | -3,024.1 |
| Net effect of changes in exchange rates and fair value (D) | -29.1 | 1.7 | -60.1 |
| Change in cash and cash equivalents (A+B+C+D) | -58.7 | -151.9 | -517.2 |
| Cash and cash equivalents at beginning of the year (E) | 1,399.8 | 1,917.0 | 1,917.0 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E) | 1,341.1 | 1,765.1 | 1,399.8 |
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