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93REGISTRATION DOCUMENT − L’ORÉAL 2011

2011 Consolidated Financial Statements

4

Notes to the consolidated  nancial statements

Note1 Accounting principles 93

Note2 Changes in the scope of consolidation 100

Note3 Segment information 102

Note4 Personnel costs and number of employees 105

Note5 Depreciation and amortis ation expense 105

Note6 Foreign exchange gains and losses 105

Note7 Other operational income and expenses 106

Note8 Other financial income and expenses 107

Note9 Income tax 107

Note10 Net profit attributable to owners

ofthec ompany excluding non-recurring

items – Earnings per share 109

Note11 Goodwill 111

Note12 Other intangible assets 114

Note13 Impairment tests on intangible assets 116

Note14 Property plant and equipment 117

Note15 Non-current financial assets 118

Note16 Inventories 118

Note17 Trade accounts receivable 119

Note18 Other current assets 119

Note19 Cash and cash equivalents 119

Note20 Equity 120

Note21 Post-employment benefits, termination

benefits andotherlong-term employee

benefits 125

Note22 Provisions for liabilities and charges 129

Note23 Borrowings and debt 131

Note24 Derivatives and exposure to market risks 132

Note25 Other current liabilities 136

Note26 Off-balance sheet commitments 137

Note27 Changes in working capital 138

Note28 Impact of changes in the scope of

consolidation inthecash flow statement 138

Note29 Transactions with related parties 138

Note30 Fees accruing to auditors and members

oftheir networks payable by the Group 139

Note31 Subsequent events 139

4.6. Notes to the consolidated financial statements

NOTE1 Accounting principles

The consolidated financial statements of L’Oréal and its

subsidiaries (“the Group”) published for2011 have been

prepared in accordance with

International Financial Reporting

Standards (IFRS)

, as adopted in the European Union as of

December31st, 2011.

On February13th, 2012, the Board of Directors closed the

consolidated financial statements at December31st, 2011. The

financial statements will not become final until they have been

approved by the Annual General Meeting of shareholders to

be held on April17th, 2012.

The Group has not applied any standards or interpretations

whose application is not yet compulsory in2011.

The Group may be concerned by the following amendments

or new standards, applicable as from January1st, 2013 but not

yet adopted by the European Union:

♦IFRS9 “Financial instruments” - Phase1: “classification and

measurement”;

♦IFRS11 “Joint arrangements”;

♦IAS19 revised “Employee benefits”.

Standards or amendments to published standards effective

January1st, 2011 do not have any impact for the Group.

The revised IFRS3 and IAS27 applicable to business combinations

taking place on or after January1st, 2011 do not have a material

impact on the financial statements since acquisitions carried

out in2010 and 2011 involved 100% of the share capital of the

companies acquired.

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