L'Oreal : L'Oréal: News Release: "Annual Results 2012"

            L'Oreal : L'Oréal: News Release: "Annual Results 2012"

Clichy, February 11^th, 2013 at 6:00 p.m.

                             Annual Results 2012


  *Sales: 22.46 billion euros

           *+10.4% based on reported figures

           *+6.2% excluding currency fluctuations

           *+5.5% like-for-like

  *Operating profit: +12.3% at 16.5% of sales

  *Net profit after non-controlling interests: +17.6%

  *Net earnings per share*: +13.6% at 4.91 euros

  *Dividend**: +15% at2.30 euros

  *Net cash flow: +26.4% at 2.58 billion euros 

The Board of Directors of L'Oréal met on February 11^th, 2013 under the
chairmanship of Jean-Paul Agon and in the presence of the Statutory Auditors.
The Board closed the consolidated financial statements and the financial
statements for 2012.

Commenting on  the  annual results,  Mr  Jean-Paul Agon,  Chairman  and  Chief 
Executive Officer of L'Oréal, said:
"2012 was a good year  for L'Oréal on many  fronts. The Group achieved  strong 
sales growth, and once again demonstrated its ability to outperform the beauty
market, and  to gain  market share,  even  in the  more difficult  markets  of 
Western Europe and the  United States. 2012  was also a  very good vintage  in 
terms of innovations - amongst the most  remarkable in the industry - in  each 
of our Divisions and major business segments.
2012  also   marked  a   milestone  in   the  acceleration   of  the   Group's 
internationalisation, as the  "New Markets" became  the number one  geographic 
Lastly, the profits and  cash flow have grown  very strongly, reaching  record 
levels, and confirming the power of our business model.

In view of  these successes and  improvements, we are  facing the future  with 
optimism and confidence. Confidence  in the positive  dynamics of our  market. 
Confidence  in  the  strength  of  our  "Beauty  for  all"  mission,  in   our 
"universalisation" strategy, and in  our ambition to  conquer one billion  new 
consumers. And  finally,  confidence  in  the  fundamentals  of  L'Oréal:  its 
research, its  ability  to innovate  and  create high  quality  products,  its 
outstanding portfolio of brands, its business model, which creates both  value 
and cash flow, and lastly the unique strength of its teams.

The Group is  thus well  prepared to  outperform the  market in  2013, and  to 
achieve another year of sales and profit growth."

The Board of Directors has decided to propose to the Annual General Meeting of
April 26^th,  2013 the  payment of  a  dividend of2.30  euros per  share,  an 
increase of +15% compared with the previous year, and the setting up of a  new 
share buyback plan amounting to 500 millions in the 1^st half of 2013.
The Board will also propose to the  Annual General Meeting the renewal of  the 
terms  of  office   of  Mrs   Françoise  Bettencourt  Meyers,   of  Mr   Peter 
Brabeck-Letmathe and Mr Louis Schweitzer. It will also propose the appointment
as new Board Director of Mrs Virginie Morgon, Executive Board Member and Chief
Investment Officer of Eurazeo, one of the leading investment companies  listed 
in Europe.

*Diluted net earnings per share,  based on net profit excluding  non-recurring 
items after non-controlling interests.
** Proposed at the Annual General Meeting of April 26th, 2013.

A - 2012 sales

Like-for-like, i.e. based on a comparable structure and identical exchange
rates, the sales trend of the L'Oréal Group was +5.5%.
The net impact of changes in consolidation amounted to +0.7%.
Currency fluctuations had a positive impact of +4.2%.
Growth at constant exchange rates was +6.2%.
Based on reported figures, the Group's sales, at December 31^st, 2012,
amounted to 22.463 billion euros, an increase of +10.4%.

  1.Sales by operational division and geographic zone

                        4^th quarter 2012            At December 31^st, 2012
                    €m            Growth            €m            Growth
                          Like-for-like Reported          Like-for-like Reported
By operational
Professional        741.7          2.4%     5.3%  3,002.6          2.1%     6.7%
Consumer Products 2,613.4          5.8%     8.7% 10,713.2          5.0%     8.9%
L'Oréal Luxe      1,516.7          6.2%    12.3%  5,568.1          8.3%    16.0%
Active Cosmetics    331.9          7.1%     8.6%  1,528.0          5.8%     7.5%
Cosmetics total   5,203.6          5.5%     9.2% 20,811.9          5.5%    10.3%
By geographic
Western Europe    1,805.0          1.4%     3.2%  7,399.6          0.6%     2,1%
North America     1,289.0          7.3%    14,8%  5,210.7          7.2%    18.3%
New Markets, of   2,109.6          8.2%    11.3%  8,201.6          9.2%    13.6%
-Asia,   1,089.0          6.5%    11.7%  4,287.0          9.6%    18.4%
-Eastern   381.1          4.0%     7.4%  1,405.0          3.9%     5.1%
-Latin     474.7         13.5%    12.0%  1,826.6         10.4%     8.7%
-Africa,   164.7         14.6%    16.9%    683.0         14.7%    17.6%
Middle East
Cosmetics total   5,203.6          5.5%     9.2% 20,811.9          5.5%    10.3%
The Body Shop       290.3          4.1%     9.8%    855.3          4.9%    11.4%
Dermatology^(1)     236.4          0.9%     4.8%    795.5          5.9%    12.9%
Group total       5,730.2          5.3%     9.0% 22,462.7          5.5%    10.4%

(1) Group share, i.e. 50%.

1) Cosmetics sales


In a market affected by the  slowdown in southern European countries, and  the 
low weight of the New Markets, the Professional Products Division posted +2.1%
like-for-like and +6.7% reported growth in 2012.

  *In the technical products  category, the new-generation long-lasting  hair 
    colourant ODS2 (Oil Delivery  System) was rolled  out worldwide under  the 
    brands INOA2 by L'Oréal  Professionnel, Chromatics by  Redken and, at  the 
    end of the year, ColorInsider by Matrix.
    Haircare is growing  strongly, boosted  by hair  oils, and  by the  rising 
    momentum of the Division's luxury brands: Kérastase, with Cristalliste and
    with the recent launch of Initialiste,  the first beauty serum with  plant 
    stem cells, along with Pureology and Shu Uemura Art of Hair.

  *The Division is making progress in Germany, France and the United Kingdom,
    but sales have receded  in southern Europe because  of a decline in  salon 
    visits. In the United States, the year was marked by SalonCentric's supply
    chain reorganisation. The Division's positions are rising strongly in  the 
    New Markets in Eastern Europe, Asia and the Middle East.



The Consumer Products Division achieved sales growth of +5% like-for-like  and 
+8.9% based  on reported  figures,  driven by  strategic advances  in  Western 
Europe and North America, along with major product initiatives.

  *Haircare is growing strongly, thanks to the good results of the renewal of
    Elvive by L'Oréal  Paris, its new  Arginine Resist for  fragile hair,  and 
    hair oils.
    In hair  colourants, the  year-end was  marked by  the launch  of Olia  by 
    Garnier, the first home-use hair colourant to feature ODS technology. This
    initiative, which marks a breakthrough in  the market, is making a  strong 
    start in Western Europe, and will then be rolled out worldwide.
    The facial skincare category is  growing, thanks to the worldwide  success 
    of RevitaliftLaser by L'Oréal Paris, a major anti-ageing innovation with a
    high concentration ofProxylane,  and BB Cream  by Garnier, whose  success 
    has effectively created a completely new category.
    Finally, the  make-up  category was  enlivened  by the  innovative  Volume 
    Express Mega  Plush  mascara  by  Maybelline  and  by  the  start  of  the 
    internationalisation of the Essie brand.

  *The Division set a new all-time record for market share in Western  Europe 
    -notably in France -  along with North America.  In the New Markets,  the 
    Division is improving its positions in Mexico, Chile, Indonesia,  Thailand 
    and Turkey.


In 2012,  L'Oréal Luxe  sales grew  by 8.3%  like-for-like and  +16% based  on 
reported figures. In  each of  the four quarters,  the Division  significantly 
outperformed market growth, thanks especially to the dynamism of Lancôme,  and 
the good performances in Asia and North America.

  *The Lancôme  brand  grew  strongly,  driven by  innovations  -  in  facial 
    skincare with  Génifique Yeux  Light  Pearl, and  in fragrances  with  the 
    launch of La Vie  est Belle, the  topworlwide launch of  the year in  its 
    category - and thanks to the brand's new premium luxury positioning,  with 
    Absolue L'Extrait. The year 2012 also brought a change of status for  Yves 
    Saint Laurent, whichreceived the  Prestige Brand of  the Year award  from 
    the American magazine WWD: the  brand is strengthening its  multi-business 
    segment dimension  with  the  launch of  Forever  Youth  Liberator  facial 
    skincare, the success in  make-up of Vernis à  Lèvres, and more  recently, 
    the European launch of the women's perfume, Manifesto.
    The strategic facial skincare category is growing strongly. The  successes 
    of Lancôme are backed up by  the powerful worldwide growth of Kiehl's  and 
    the expansion  of  Clarisonic  in instrumental  cosmetics  in  the  United 
    Women's fragrances  are  also  being  supported by  the  launch  of  Ralph 
    Lauren's Big  Pony Collection  for Women  and by  the rising  momentum  of 
    Flowerbomb by Viktor & Rolf.
    In make-up, the  end of the  year was  notable for the  launch of  Maestro 
    foundation by Giorgio  Armani, with a  remarkably innovative formula,  and 
    finally for the acquisition in  December of the Californian make-up  brand 
    Urban Decay.

  *The Division outperformed the market in all the major zones and in  Travel 


2012 was a particularly good year for the Division, with sales growth of  5.8% 
like-for-like, and 7.5% based on reported  figures, which is roughly twice  as 
fast as the trend in the dermocosmetics market.

  *2012 brought a new start for Vichy, driven by its new brand identity,  and 
    strong initiatives such as Idéalia, in skincare, and Dercos Neogenic,  the 
    first hair redensifying treatment with stemoxydine.
    The La Roche-Posay brand, strongly established with 25,000 dermatologists,
    is maintaining its  strong growth  rate, and has  in fact  become the  top 
    dermocosmetics brand  in  Brazil.  Its latest  innovation,  Redermic-R  is 
    extremely promising.
    The Division's  relay  brands are  making  a strong  contribution  to  its 
    success. SkinCeuticals,  the premium  medical and  professional brand,  is 
    continuing its internationalisation.

  *Lastly, 2012 was the first-ever year in which the Division made more  than 
    50% of its sales  outside Western Europe. It  also made a breakthrough  in 
    North America, and is maintaining its strong dynamism in Latin America.

  Multi-division summary by geographic zone


The European context  saw the decline  of markets in  the southern  countries, 
particularly in hair salons and the luxury segment, and the resilience of  the 
rest of Europe. At 12 months, L'Oréal sales increased by +0.6%  like-for-like, 
and  +2.1%  based  on  reported  figures,  thus  raising  its  market   share, 
particularly in the Consumer Products Division, which consolidated its  number 
one position. The  Group performed well,  particularly in France  - where  the 
acquisition of Cadum fully played its part - in the United Kingdom, in Germany
and in Northern Europe.


In North America,  L'Oréal ended 2012  with growth of  7.2% like-for-like  and 
18.3% based on reported figures. The good results seen in 2011 were  surpassed 
in 2012. The Consumer Products Division  became n°1 in its segment, thanks  to 
strong growth at Garnier, Maybelline and Essie. The end of the year was marked
by the strategic  launch of  L'Oréal Paris  Advanced Hair  Care. L'Oréal  Luxe 
outperformed its market, thanks especially to Clarisonic. The Active Cosmetics
Division significantly increased its presence in drugstores.


  *Asia,Pacific: L'Oréal achieved annual  growth of +9.6% like-for-like  and 
    +18.4% based on reportedfigures. The Group is increasing market share  in 
    the region. While the selective channel context slowed in the second half,
    particularly in South Korea and in Travel Retail, L'Oréal strengthened its
    positions thanks  to  initiatives  by  Lancôme,  Kiehl's  and  Yves  Saint 
    In China, the Group grew faster  than the market, especially with  L'Oréal 
    Luxe, Maybelline  and  L'Oréal  Paris Men  Expert.  India,  Indonesia  and 
    Thailand are particularly  dynamic, driven  by local  initiatives such  as 
    Colossal Kajal by Maybelline, and the Garnier Men range.

  *Eastern Europe: With sales growth of +3.9% like-for-like and +5.1%  based 
    on reported figures,  the Group is  continuing its recovery,  and is  once 
    again growing faster than  the market. The turnaround  is being driven  by 
    the Professional Products Division, with its conquest of new hair  salons, 
    particularly in Russia and Poland, and by the Consumer Products  Division, 
    thanks to the  success of  Elvive Arginine  by L'Oréal  Paris and  Garnier 
    ColorSensation hair colourants.

  *Latin America: L'Oréal achieved like-for-like growth of +10.4% and  +8.7% 
    based on reported figures,with  increased growth in  the second half.  In 
    2012, L'Oréal  became  the  market  leader in  Mexico,  and  expanded  its 
    positions in Chile, Argentina and Uruguay.
    L'Oréal accelerated its roll-out in the countries of Central America,  and 
    in Colombia,  with the  acquisition of  the Vogue  brand, the  mass-market 
    make-up leader in Colombia.
    In Brazil, the initiatives of  Elvive Arginine Resist,hair oils and  hair 
    colourants led to an improvement in positions. The dynamism of the  Active 
    Cosmetics Division in this zone is also worth noting.

  *Africa, Middle East: With growth of +14.7% like-for-like and +17.6% based
    on reported  figures,  theAfrica  Middle East  zone  recorded  very  good 
    performances in Turkey, the Gulf States  and the Levant. 2012 was  notable 
    for the rising momentum  of new subsidiaries in  Egypt and Kenya, and  the 
    opening of a new subsidiary in Saudi Arabia.

2) The Body Shop sales

2012 was a year of acceleration for  The Body Shop, whose sales grew by  +4.9% 
like-for-like and +11.4% based on reported figures.
The brand unveiled its new "Beauty  with Heart" identity in 2012, and  started 
rolling out  the  new  "Pulse"  store concept.  In  addition,  The  Body  Shop 
continued its multi-channel approach with a strong increase in e-commerce.
In 2012, the brand strengthened its offering in skincare categories, with  the 
success of the  Chocomania bodycare range,  and in facial  skincare, with  the 
innovative Drops of Youth.

The Body Shop  achieved dynamic  sales in the  Middle East  and in  south-east 
Asia, while recording solid scores in Europe.

  3) Galderma sales

Galderma sales increased by +5.9%  like-for-like and +12.9% based on  reported 
figures, with a fourth  quarter which, as announced,  reflected the impact  of 
competition from generics in prescription  products, especially in the  United 

Epiduo (acne) and Oracea (rosacea) are continuing to grow in the  prescription 
products category. Epiduo is the  world's leading prescription product in  the 
topical acne treatment market.
Sales  of  over-the-counter  (OTC)  products  increased  strongly,  driven  by 
Cetaphil (a hydrating and cleansing skincare range).
The strong growth of  the Restylane range (dermal  filler) and the success  of 
Azzalure (muscle relaxant) have this year  once again helped to make  Galderma 
one of the world leaders in the aesthetic and corrective dermatology market.

Asia and Latin America are growing strongly.

B - Important events during the period 10/01/12 - 12/31/12

  *On  October  24^th,  2012,  L'Oréal  USA  signed  an  agreement  for   the 
    acquisition of  Emiliani Enterprises  for its  SalonCentric Division.  The 
    acquisition was finalised on December 15^th, 2012.

  *On October  31^st,  2012, L'Oréal  acquired  the Vogue  make-up  brand  in 
    Colombia. The acquisition was finalised on January 31^st, 2013.

  *On November  7^th, 2012,  in Indonesia,  L'Oréal inaugurated  its  largest 
    factory in the world, to meet  the rapidly growing demand from the  beauty 
    market in south-east Asia.

  *On November 14^th,  2012, a new  subsidiary, L'Oréal KSA,  was founded  in 
    Saudi Arabia. L'Oréal holds 75% of the entity.

  *On November  26^th, 2012,  L'Oréal signed  an agreement  to acquire  Urban 
    Decay. The acquisition was finalised on December 17^th, 2012.

  *On December  10^th, 2012,  Galderma  Pharma S.A.  signed an  agreement  to 
    acquire Spirig  Pharma  A.G., a  major  player in  the  Swiss  dermatology 

  *On December 11^th, 2012, in  Mexico, L'Oréal inaugurated the largest  hair 
    colourant productfactory in the world.

C - Results 2012

Audited financial statements, certification in progress.

  1) Operating profitability at 16.5% of sales

  Consolidated profit and loss account: from sales to operating profit.

                                                 2011              2012
                                              €m     % sales    €m     % sales
Sales                                       20,343.1 100.0%  22,462.7 100.0%
Cost of sales                             -5,851.5  28.8%  -6,587.7  29.3 %
Gross profit                                14,491.6  71.2%  15,875.0  70.7 %
Research and development expenses            -720.5   3.5 %   - 790.5   3.5 %
Advertising and promotion expenses         -6,291.6  30.9 % - 6,776.3  30.2 %
Selling, general and administrative        -4,186.9  20.6 % - 4,610.9  20.5 %
Operating profit                             3,292.6  16.2 %   3,697.3  16.5 %

Gross profit increased by 9.5%; it came  out at 70.7% of sales, compared  with 
71.2% in  2011.  As in  the  1^st semester,  the  gross profit  underwent  the 
combined effects of the exchange rate effect due to the weakening of the  euro 
against the  main  currencies, of  the  impact  of the  consolidation  of  the 
American company Clarisonic, and of a slight increase in customer  allowances, 
in the context of arbitrage with advertising and promotion expenses.

Research expenses  increased  strongly at  +9.7%,  and remained  stable  as  a 
percentage of sales at 3.5%.


  Advertising and promotion  expenses increased  by 7.7%; they  came out  at 
  30.2% of sales, slightly below the figure for 2011.


Selling, general and administrative  expenses, at 20.5%  of sales, once  again 
declined by 10 basis points compared with 2011.

Overall, operating  profit at  3,697 million  euros, has  increased by  12.3%, 
reflecting a significant improvement in  profitability compared with 2011,  at 
30 basis points.

  2) Operating profit by branch and division

                               2011                2012
                            €m    % sales   €m       % sales
By operational division
Professional Products       578.6   20.6%   615.2          20.5%
Consumer Products         1,859.0   18.9% 2,050.8          19.1%
L'Oréal Luxe                926.3   19.3% 1,077.0     19.3%
Active Cosmetics            286.7   20.2%   311.2          20.4%
Cosmetics divisions total 3,650.6   19.3% 4,054.3          19.5%
Non-allocated^*           -546.2  -2.9%  -577.2          -2.8%
Cosmetics branch total    3,104.4   16.5% 3,477.1          16.7%
The Body Shop                68.1    8.9%    77.5           9.1%
Dermatology branch^**       120.1   17.0%   142.6          17.9%
Group                     3,292.6   16.2% 3,697.3          16.5%

* Non-allocated = Central Group expenses, fundamental research expenses, stock
options and free grant of shares expenses and miscellaneous items. As a % of
cosmetics sales.
** Group share, i.e. 50%.

The profitability of the  Professional Products Division at  20.5% is in  line 
with 2011. The profitability of the Consumer Products Division and the  Active 
Cosmetics Division once again improved  in 2012. The profitability of  L'Oréal 
Luxe remained stable in 2012, at 19.3%.

The Body Shop  continued to improve  its profitability by  20 basis points  in 
2012, at 9.1%.
Finally, the profitability of  Galderma, at 17.9% of  sales, grew by 90  basis 
points in 2012.

  3) Profitability by geographic zone

   Operating profit         2011            2012
                         €m    % sales   €m    % sales
Western Europe         1,512.3   20.9% 1,576.2   21.3%
North America            810.1   18.4%   959.7   18.4%
New Markets            1,328.1   18.4% 1,518.4   18.5%
Cosmetics zones total* 3,650.6   19.3% 4,054.3   19.5%

* Before non-allocated.

Profitability in Western Europe improved by 40 basis points at 21.3%.
Profitability in North America remained stable and its operating profit
increased by 18.5%.
Profitability in the New Markets increased by 10 basis points at 18.5%, and
their operating profit grew by more than 14%.

  4) Net earnings per share^**: 4.91 euros

Consolidated profit and loss accounts: from operating profit to net profit
excluding non-recurring items.

                     €m                          2011        2012     % change
Operating profit                                  3,292.6     3,697.3   +12.3%
Financial revenues and expenses excluding          -25.2      - 11.0        
dividends received
Sanofi dividends                                    295.6       313.4
Profit before tax excluding non-recurring         3,563.1     3,999.7   +12,3%
Income tax excluding non-recurring items          -977.6   - 1,025.3        
Non-controlling interests                           -2.5        -2.7        
Net profit excluding non-recurring items          2,582.9     2,971.7   +15.1%
after non-controlling interests^*
Net EPS** (€)                                        4.32        4.91   +13.6%
Net profit after non-controlling interests        2,438.4     2,867.7   +17.6%
Diluted net EPS after non-controlling                4.08        4.74
interests (€)
Diluted average number of shares              597,633,103 605,305,458

* Net  profit excluding  non-recurring items  after non-controlling  interests 
does not include  impairment of  assets, restructuring costs,  tax effects  or 
non-controlling interests.
**  Diluted  net  earnings  per  share  excluding  non-recurring  items  after 
non-controlling interests.

Total finance costs amounted to 11 million euros.

Dividends from Sanofi amounted to 313 million euros.

  Income tax excluding non-recurring items amounted to 1,025 million  euros, 
  representing a  rate of  25.6%, below  the 2011  rate of  27.4%, with  the 
  benefit of a non-recurring fiscal change effect in China.


  Net profit excluding non-recurring  items after non-controlling  interests 
  amounted to 2,972 million euros, up by 15.1%.

Net earnings per share, at 4.91 euros, increased by +13.6%.

After allowing for non-recurring items, representing in 2012 a charge, net  of 
tax, of 104 million euros, net profitafter non-controlling interests  amounted 
to 2,868 million euros, an increase of 17.6%.

  5) Cash flow statement, Balance sheet and Net financial situation

Gross cash flow amounted to 3,661 million euros, an increase of +13.5%.

The working capital requirement  increased modestly, in  2012, by 129  million 

Inventories declined  significantly  as a  percentage  of sales,  at  9.1%  at 
end-2012;  trade  accounts  receivable  also  declined,  at  14.3%  of  sales; 
investments, at 955  million euros, amounted  to 4.3% of  sales, an  identical 
level to 2011. As a result, operating cash flow increased by 26.4%.

After dividend payment and  acquisitions (mainly Cadum  and Urban Decay),  the 
Group recorded, at December 31^st, 2012,  a net cash surplus of 1,575  million 
euros, compared with 504 million euros at end-2011.

The balance sheet structure is very solid. The reinforcement of  shareholders' 
equity compared with  end-2011 is  mainly the  result of  profit allocated  to 
reserves and the net increase in value of the Sanofi shares, valued at  market 

  6) Proposed dividend at the Annual General Meeting of April 26^th, 2013

The Board of Directors  has decided to propose  that the Shareholders'  Annual 
General Meeting of April 26^th, 2013  should approve a dividend of2.30  euros 
per share, an increase of +15% compared  with the dividend paid in 2012.  This 
dividend will be  paid onMay  10th,2013 (ex-dividend  dateMay 7th,at  0:00 
a.m., Paris time).

  7) Share capital

The Board  of Directors  has set  the amount  of the  share capital  at  31^st 
December,  2012  to  608,810,827  shares  with  a  par  value  of  0.20  euro, 
representing a total of 121,762,165.40 euros.

"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 Internet site www.loreal-finance.com.
This news release  may contain some  forward-looking statements. Although  the 
Company considers that these statements are based on reasonable hypotheses  at 
the date of publication of this release,  they are by their nature subject  to 
risks and uncertainties which could cause actual results to differ  materially 
from those indicated or projected in these statements.

"This a free translation into English of the 2012 Annual Results press release
issued in the French  language and is provided  solely for the convenience  of 
English  speaking  readers.  In  case  of  discrepancy,  the  French   version 

Contacts at L'Oréal (switchboard: +33147567000)

Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel: +33 1 47 56 83 02

Financial analysts and Institutional investors
Mrs Françoise LAUVIN
Tel: +33 1 47 56 86 82

Tel: +33 1 47 56 76 71

For more information, please contact your bank, broker or financial
institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers,
and the Internet site for shareholders and investors,
http://www.loreal-finance.com, or its mobile version on your cell phone,
http://loreal-finance.mobi; alternatively, call +33140148050.

D - Appendices

Appendix 1: L'Oréal Group sales 2011/2012 (€ millions)

                    2011   2012
First quarter:
Cosmetics             4,861 5,309
The Body Shop           170    180
Dermatology             130    154
First quarter total   5,160  5,643
Second quarter:
Cosmetics             4,644  5,162
The Body Shop           168    194
Dermatology             177    215
Second quarter total  4989  5 570
First half:
Cosmetics             9,505 10,471
The Body Shop           337    374
Dermatology             307    368
First half total     10,150 11,213
Third quarter:
Cosmetics             4,600  5,137
The Body Shop           166    191
Dermatology             172    191
Third quarter total   4,938  5,519
Nine months:
Cosmetics            14,105 15,608
The Body Shop           503    565
Dermatology             479    559
Nine months total    15,087 16,732
Fourth quarter:
Cosmetics             4,766  5,204
The Body Shop           264    290
Dermatology             226    236
Fourth quarter total  5,256  5,730
Full year
Cosmetics            18,871 20,812
The Body Shop           768    855
Dermatology             705    796
Full year total      20,343 22,463

Appendix 2: Compared consolidatedincomestatements

€ millions                                              2012     2011     2010
Net sales                                           22,462.7 20,343.1 19,495.8
Cost of sales                                       -6,587.7 -5,851.5 -5,696.5
Gross profit                                        15,875.0 14,491.6 13,799.3
Research and development                              -790.5   -720.5   -664.7
Advertising and promotion                           -6,776.3 -6,291.6 -6,029.1
Selling, general and administrative expenses        -4,610.9 -4,186.9 -4,048.6
Operating profit                                     3,697.3  3,292.6  3,056.9
Other income and expenses                             -123.8    -96.3   -153.2
Operational profit                                   3,573.5  3,196.3  2,903.7
Finance costs on gross debt                            -34.5    -48.1    -43.8
Finance income on cash and cash equivalents             31.3     28.5     17.2
Finance costs, net                                      -3.2    -19.6    -26.6
Other financial income (expenses)                       -7.8     -5.6     -9.0
Sanofi dividends                                       313.4    295.6    283.8
Profit before tax and non-controlling interests      3,875.9  3,466.7  3,151.9
Income tax                                          -1,005.5 -1,025.8   -909.9
Net profit                                           2,870.4  2,440.9  2,242.0
attributable to:
- owners of the company                              2,867.7  2,438.4  2,239.7
- non-controlling interests                              2.7      2.5      2.3
Earnings per share attributable to owners of the
company (euros)                                         4.79     4.11     3.82
Diluted earnings per share attributable to owners
of the company (euros)                                  4.74     4.08     3.79
Earnings per share attributable to owners of the
company excluding non-recurring items (euros)           4.97     4.36     4.04
Diluted earnings per share attributable to owners
of the company excluding non-recurring items
(euros)                                                 4.91     4.32     4.01

Appendix 3: Consolidated statements of net profit and gains and losses
recognised directly in equity

€ millions                                                2012    2011    2010
Consolidated net profit for the period                 2,870.4 2,440.9 2,242.0
Financial assets available for sale                    1,730.9 1,051.6  -852.3
Cash flow hedges                                         103.0    -6.0    -8.0
Cumulative translation adjustments                      -134.3   114.5   463.3
Income tax on items that may be reclassified to profit  -116.9   -62.8    15.7
or loss ^ (1)
Items that may be reclassified to profit or loss       1,582.7 1,097.3  -381.3
Actuarial gains and losses                              -271.9  -172.4  -213.5
Income tax on items that may not be reclassified to       86.7    56.2    76.3
profit or loss ^(1)
Items that may not be reclassified to profit or loss    -185.2  -116.2  -137.2
Changes in gains and losses recognised directly in
equity                                                 1,397.5   981.1  -518.5
Total net profit and gains and losses recognised
directly in equity                                     4,267.9 3,422.0 1,723.5
Attributable to:
- owners of the company                                4,265.1 3,419.5 1,721.2
- non-controlling interests                                2.8     2.5     2.3

^(1)    The tax effect is as follows:

€ millions                                             2012  2011 2010
Financial assets available for sale                   -90.0 -63.9 14.6
Cash flow hedges                                      -26.9   1.1  1.1
Items that may be reclassified to profit or loss     -116.9 -62.8 15.7
Actuarial gains and losses                             86.7  56.2 76.3
Items that may not be reclassified to profit or loss   86.7  56.2 76.3
Total                                                 -30.2  -6.6 92.0

Appendix 4: Compared consolidated balance sheets

€ millions                                    12.31.2012 12.31.2011 12.31.2010
Non-current assets                              21,315.5   19,135.0   17,048.2
Goodwill                                         6,478.2    6,204.6    5,729.6
Other intangible assets                          2,625.4    2,477.3    2,177.5
Property, plant and equipment                    2,962.8    2,880.8    2,677.5
Non-current financial assets                     8,531.3    6,900.9    5,837.5
Deferred tax assets                                717.8      671.4      626.1
Current assets                                   8,209.6    7,722.6    6,996.3
Inventories                                      2,033.8    2,052.1    1,810.1
Trade accounts receivable                        3,208.8    2,996.2    2,685.3
Other current assets                             1,006.6      904.1      846.0
Current tax assets                                 137.2      118.0      104.5
Cash and cash equivalents                        1,823.2    1,652.2    1,550.4
Total                                           29,525.1   26,857.6   24,044.5
Equity & Liabilities
€ millions                                    12.31.2012 12.31.2011 12.31.2010
Equity                                          20,936.4   17,637.5   14,865.8
Share capital                                      121.8      120.6      120.2
Additional paid-in capital                       1,679.0    1,271.4    1,148.3
Other reserves                                  13,690.6   12,368.8   11,107.1
Items recognised directly in equity              3,586.4    2,054.7    1,188.1
Cumulative translation adjustments                -109.4       24.9      -89.6
Treasury stock                                    -904.5     -644.4     -850.9
Net profit attributable to owners of the         2,867.7    2,438.4    2,239.7
Equity attributable to owners of the company    20,931.6   17,634.4   14,862.9
Non-controlling interests                            4.8        3.1        2.9
Non-current liabilities                          2,219.2    2,090.2    2,596.6
Provisions for employee retirement               1,226.2    1,128.9    1,129.0
obligations and related benefits
Provisions for liabilities and charges             181.7      226.1      181.3
Deferred tax liabilities                           764.4      677.7      462.0
Non-current borrowings and debt                     46.9       57.5      824.3
Current liabilities                              6,369.5    7,129.9    6,582.1
Trade accounts payable                           3,318.0    3,247.7    3,153.5
Provisions for liabilities and charges             552.3      500.7      536.9
Other current liabilities                        2,141.1    2,066.7    1,958.1
Income tax                                         157.0      224.0      166.6
Current borrowings and debt                        201.1    1,090.8      767.0
Total                                           29,525.1   26,857.6   24,044.5

Appendix 5:    Consolidated statements of changes in equity

                                            Retained      Items                            Equity
                  Common         Additional earnings recognised           Cumulative attributable
                  shares   Share    paid-in  and net   directly Treasury translation to owners of Non-controlling    Total
€ millions   outstanding capital    capital   profit  in equity    stock adjustments  the company       interests   equity
At           589,655,903   120.2    1,148.3 13,346.8    1,188.1   -850.9       -89.6     14,862.9             2.9 14,865.8
net profit                                   2,438.4                                    2,438.4              2.5  2,440.9
for the
assets                                                987.7                         987.7                    987.7
for sale
Cash flow                                              -4.9                            -4.9                    -4.9
translation                                                              114.5      114.5                    114.5
Change in
gains and
directly in
equity and
items that
may be
to profit or
loss                                                      982.8                114.5    1,097.3                   1,097.3
gains and                                            -116.2                          -116.2                  -116.2
Change in
gains and
directly in
equity and
items that
may not be
to profit or
loss                                                     -116.2                            -116.2                   -116.2
Total net
profit and
gains and
directly in
equity                                       2,438.4      866.6                114.5   3,419.5              2.5  3,422.0
Capital        1,991,497     0.4      123.1                                               123.5                     123.5
of Treasury                                                                                   -                       - 
(not paid on
stock)                                      -1,065.3                                     -1,065.3            -2.2 -1,067.5
Share-based                                     86.8                                       86.8                      86.8
Net changes
in Treasury    2,739,023                         1.7               206.5                  208.2                     208.2
Other                                           -1.2                                         -1.2            -0.1     -1.3
At           594,386,423   120.6    1,271.4 14,807.2    2,054.7   -644.4        24.9     17,634.4             3.1 17,637.5
net profit                                   2,867.7                                    2,867.7              2.7  2,870.4
for the
assets                                              1,640.9                       1,640.9                  1,640.9
for sale
Cash flow                                              76.0                            76.0             0.1     76.1
translation                                                             -134.3     -134.3                   -134.3
Change in
gains and
directly in
equity and
items that
may be
to profit or
loss                                                    1,716.9               -134.3    1,582.6              0.1  1,582.7
gains and                                            -185.2                          -185.2                  -185.2
Change in
gains and
directly in
equity and
items that
may not be
to profit or
loss                                                     -185.2                            -185.2                   -185.2
Total net
profit and
gains and
directly in
equity                                       2,867.7    1,531.7               -134.3   4,265.1              2.8  4,267.9
Capital        5,826,745     1.2      407.6                                               408.8              1.4    410.2
of Treasury                                                                                   -                       - 
(not paid on
stock)                                      -1,204.3                                     -1,204.3            -2.5 -1,206.8
Share-based                                     86.4                                       86.4                      86.4
Net changes
in Treasury   -1,856,506                         2.4              -260.1                 -257.7                    -257.7
Other                                           -1.1                                         -1.1                     -1.1
At           598,356,662   121.8    1,679.0 16,558.3    3,586.4   -904.5      -109.4     20,931.6             4.8 20,936.4

Appendix 6: Compared consolidated statements of cash flows

€ millions                                              2012     2011     2010
Cash flows from operating activities
Net profit attributable to owners of the company     2,867.7  2,438.4  2,239.7
Non-controlling interests                                2.7      2.5      2.3
Elimination of expenses and income with no impact
on cash flows:
· depreciation, amortisation and provisions            691.6    614.3    734.2
· changes in deferred taxes                             17.3     85.9    110.0
· share-based payment (including free shares)           86.4     86.8     84.8
· capital gains and losses on disposals of assets       -4.3     -1.7      0.1
Gross cash flow                                      3,661.4  3,226.2  3,171.1
Changes in working capital                            -129.1   -322.0    132.5
Net cash provided by operating activities (A)       3,532.3  2,904.2  3,303.6
Cash flows from investing activities
Purchases of property, plant and equipment and        -955.0   -865.7   -677.9
intangible assets
Disposals of property, plant and equipment and           7.3     15.2     18.3
intangible assets
Changes in other financial assets
(including investments in non-consolidated
companies)                                             105.8     -1.2      2.3
Effect of changes in the scope of consolidation       -466.2   -717.4   -160.7
Net cash (used in) from investing activities (B)    -1,308.1 -1,569.1   -818.0
Cash flows from financing activities
Dividends paid                                      -1,268.2 -1,107.6   -921.6
Capital increase of the parent company                 408.8    123.5    152.3
Capital increase of subsidiaries                         1.4      -       - 
Disposal (acquisition) of Treasury stock              -257.7    208.2    184.0
Purchase of non-controlling interests                    -         -     -8.7
Issuance (repayment) of short-term loans              -906.7    852.8   -132.6
Issuance of long-term borrowings                                    -      4.0
Repayment of long-term borrowings                      -13.4 -1,333.6 -1,462.5
Net cash (used in) from financing activities (C)    -2,035.8 -1,256.7 -2,185.1
Net effect of changes in exchange rates and fair
value (D)                                              -17.4     23.4     76.9
Change in cash and cash equivalents (A+B+C+D)         171.0    101.8    377.4
Cash and cash equivalents at beginning of the year   1,652.2  1,550.4  1,173.1
Cash and cash equivalents at end of the year         1,823.2  1,652.2  1,550.4

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