Loreal 2011 Annual Report Download - page 140

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138 REGISTRATION DOCUMENT − L’ORÉAL 2011
42011 Consolidated Financial Statements
Notes to the consolidated  nancial statements
NOTE27 Changes in working capital
This caption amounts to a negative €322.0million in2011, a positive €132.5million in2010 and a positive €466.3million in200 9, and
can be analysed as follows:
€ millions
2011 2010 2009
Inventories -200.9 -217.0 169.6
Trade accounts receivable -275.2 -90.6 312.3
Trade accounts payable 60.9 415.8 -89.3
Other receivables and payables 93.2 24.3 73.7
Total -322.0 132.5 466.3
NOTE28
Impact of changes in the scope of consolidation
inthecash flow statement
In2011, this item mainly related to the acquisitions of Q-Med and Pacific Bioscience Laboratories Inc.
In2010, this item mainly related to the acquisitions of Essie Cosmetics and US distributors.
In2009, this item mainly related to the acquisitions of US distributors and of non-controlling interests in Shu Uemura.
NOTE29 Transactions with related parties
29.1. Joint ventures
Transactions with proportionally consolidated companies were as follows:
€ millions
2011 2010 2009
Sales of goods and services 0.9 0.9 0.8
Financial expenses and income 6.4 0.8 1.4
The following receivables and payables were recorded on the balance sheet for the related parties:
€ millions
12.31.2011 12.31.2010 12.31.2009
Operating receivables 2.8 2.7 1.5
Operating payables 0.1 0.2 0.3
Financial receivables 211.9 80.6 94.8
29.2. Related parties with a significant influence on the Group
No significant transactions have been carried out with a member of senior management or a shareholder with a significant influence
on the Group.
29.3. Associates
The Group had no equity-accounted companies in2011, 2010 or2009.