2008 Annual Report - Sustainable Development - L'Oréal

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tAX The mission of the Tax department is to secure and optimise the group’s tax obligations and verify compliance with the laws and regulations of the countries concerned. IntERnAL AuDIt CARRIES Out COntROL The internal audit team carried out 47 missions in 2008. The audits related to 32 commercial businesses representing some 30% of group sales, and 11 plants or supply chains; the plants audited represented some 14% of total worldwide production in unit terms. In addition, four other missions were carried out on more specific or crossfunctional topics. Audit missions result in the drawing up of a report setting out the findings and the associated risks, and making recommendations under an action plan to be implemented by the entity audited. SOLID BALAnCE SHEEt AnD SECuRInG DEBt L’Oréal’s balance sheet is solid. Financial debt is reasonable: net financial debt totals €3,700 million, or 31.3% of equity. The net financial debt consists partly of mediumterm bank loans, most of which mature in 2011-2012; the rest consists of commercial Strategic acquisition of YSL Beauté, Columbia Beauty Supply in the United States, and 50% of Club des Créateurs de Beauté. L’Oréal receives the Annual Report 1 st Prize awarded by “La Vie Financière” in partnership with “Les Echos”. L’Oréal Annual General Meeting of shareholders, Paris, April 22 nd , 2008, Carrousel du Louvre. paper secured by confirmed credit lines. The group has for many years negotiated agreements with its main banks in order to obtain favourable conditions for the financing of its debt. Furthermore, the group has a financial stake of 9% in Sanofi-Aventis. LEGAL AnD InSuRAnCE The legal department provides advice and exerts control within the divisions to ensure the protection of the roll-out of our businesses, in compliance with laws and regulations. Its missions include creating, managing and defending the group’s brand assets, ensuring the legal security of the businesses’ operations, and devising risk prevention, defence and litigation strategies relating to any legal disputes. In the insurance field, the group continued in 2008 to set up global programmes, particularly in third party liability, material damage and operating loss, and transport insurance. édition 2008 Fondamentaux du Contrôle Interne Finalisation in Europe and roll-out in Asia of pooling programmes to strengthen the operational efficiency of support structures—information systems, human resources, finance and purchasing. Fondamentaux du Contrôle Interne édition 2008 Commitments Improving management standards and internal control procedures As part of its ongoing internal control effort, the group has taken an initiative to improve management standards and internal control procedures. the issues covered are those most frequently encountered by the internal audit teams, concerning in particular subsidiaries’ procedures for transactions with customers, supplier relations, and the protection and management of inventory and tangible assets. the initiative is based on “best practices” in the divisions and zones, and on the recommendations made by the internal audit teams. the goal is to set out more formally the instructions necessary for better operational implementation of the key principles stated in the group’s reference document, Les Fondamentaux du Contrôle Interne. édition 2008 Normes Relations Fournisseurs Normes Relations Fournisseurs édition 2008 édition 2008 Fondamentaux du Contrôle Interne édition 2008 Normes Transactions Clients Normes Transactions Clients édition 2008 édition 2008 99 Norm Relatio
100 Your contacts Individual shareholders and financial market authorities Jean Régis Carof jcarof@loreal-finance.com Carolien Renaud-Feitz cfeitz@loreal-finance.com From France: toll-free number for shareholders: 0 800 666 666 From abroad: +33 1 40 14 80 50 Financial analysts and institutional investors Caroline Millot Tel.: +33 1 47 56 86 82 cmillot@dgaf.loreal.com Journalists International press Mike Rumsby Tel.: +33 1 47 56 76 71 mrumsby@dgc.loreal.com French press Guylaine Mercier Tel.: +33 1 47 56 40 24 gmercier@dgc.loreal.com Key dates for 2009 Shareholder meetings Rennes June 8 th Lille December 15 th Paris April 16 th General meeting Lyon September 17 th Register for shareholder meetings on www.loreal-finance.com Brussels may 28 th nancy October 19 th Annecy October 12 th Aix-en-Provence may 19 th KEEP InFORmED On www.loreal-finance.com Services Actionnaires L’Oréal BNP Paribas – Securities Services Service aux émetteurs Immeuble Tolbiac 75450 Paris cedex 09 France Investor Relations Department L’Oréal Headquarters 41, rue Martre 92117 Clichy France Press Relations Department L’Oréal Headquarters 41, rue Martre 92117 Clichy France Financial news releases • February 16 th , 2009 2008 annual sales and results • April 24 th , 2009 Payable date of the dividend (1) • May 6 th , 2009 First quarter 2009 sales • August 28 th , 2009 Half-year results (1) Subject to approval by the Annual General Meeting of April 16 th , 2009. subscribe to e-mail alerts and be informed of the publication of news releases, Letters to Shareholders, the Shareholder Digest and all other group brochures.
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2008 Annual Report
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The L’Oréal adventure Inventing
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Deepening our values In 2008, L’O
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Operating profit proves resilient I
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Board of Directors COMPOSITION AT D
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8 Jean-Philippe Blanpain Managing D
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of inspiration and creativity, of b
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1982 Patented by L’Oréal Researc
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To be sustainable, L’Oréal’s g
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Product meeting: developing and sha
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The Strategy and Implementation Com
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Sustainable Development — Philant
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Water L’Oréal is striving to ach
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2008 Consolidated sales of the cosm
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2008 Balance sheet and cash flows b
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2003 2004 14,029 14,534 1,870 2,063
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The L’Oréal share key figures (a
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Skincare: number 1 category in the
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In 2020… … 1 billion young seni
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The vocation of the group’s brand
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Luxury Products The Luxury Products
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42 Businesses — Professional Prod
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44 Businesses — Professional Prod
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Consumer PRODUCTS L’ORÉAL PARIS
Page 52 and 53: Skincare records the highest growth
Page 54 and 55: —GARNIER England. L’ORÉAL PARI
Page 56 and 57: SOFtSHEEn·CARSOn So f TSheen·ca r
Page 59 and 60: 56 Businesses — Luxury Products 2
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Page 65: 62 Cosmetics ACTIVE VICHY LA ROCHE-
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Page 70 and 71: —LA ROcHE-POSAy China. —SKINcEU
Page 72 and 73: Opening of the first The Body Shop
Page 74 and 75: GALDERMA Science in the service of
Page 76 and 77: Western Europe €7,382 million of
Page 78 and 79: Advice is vital in mass-market dist
Page 80 and 81: L’Or é a L Pr O f e s s i O n n
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Page 84 and 85: In Brazil, its second largest marke
Page 86 and 87: With its full brand portfolio, L’
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Page 90 and 91: L’Oréal’s success is based on
Page 92 and 93: esearchers, and thousands of head t
Page 94 and 95: InVEntInG A CEntuRY OF BEAutY From
Page 96 and 97: COmBInInG PACKAGInG InnOVAtIOn WItH
Page 98 and 99: BuSInESS GAmES—A unIquE EXPERIEnC
Page 100 and 101: Taking actions for diversity and eq
Page 104 and 105: Published by the Administration and
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