Loreal 2011 Annual Report Download - page 120

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118 REGISTRATION DOCUMENT − L’ORÉAL 2011
42011 Consolidated Financial Statements
Notes to the consolidated  nancial statements
Property, plant and equipment include capital lease contracts for the following amounts:
€ millions
12.31.2011 12.31.2010 12.31.2009
Land and buildings 113.4 112.8 112.6
Machinery and equipment 2.4 3.0 5.5
Other property, plant and equipment and fixed assets in progress 18.8 16.7 20.9
Gross value 134.6 132.5 139.0
Depreciation 63.1 58.1 62.3
Net value 71.5 74.4 76.7
NOTE15 Non-current financial assets
€ millions
12.31.2011 12.31.2010 12.31.2009
Carrying
amount
Acquisition
cost
Carrying
amount
Acquisition
cost
Carrying
amount
Acquisition
cost
Financial assets available for sale
♦Sanofi(1) 6,709.4 4,033.5 5,657.2 4,033.5 6,509.6 4,033.5
♦Unlisted securities(2) 6.0 7.1 3.5 4.3 4.1 4.9
Financial assets at amortised cost
♦Non-current loans and receivables 185.6 190.6 176.8 182.8 158.5 168.9
Total 6,900.9 4,231.2 5,837.5 4,220.6 6,672.2 4,207.3
(1) L’Oréal’s stake in Sanofi was 8.82% at December31st, 2011. The carrying amount at December31st, 2009, December31st, 2010 and December31st, 2011
(€6,509.6million, €5,657.2million and €6,709.4million respectively) corresponds to the market value of the shares based on the closing price at each of
these dates (€55.06, €47.85 and €56.75, respectively). The acquisition cost of €4,033.5million corresponds to an entry cost of €34.12.
(2) As the fair value of unlisted securities cannot be reliably determined, they are stated at cost less any impairment losses.
NOTE16 Inventories
€ millions
12.31.2011 12.31.2010 12.31.2009
Finished products and consumables 1,839.8 1,606.0 1,326.4
Raw materials, packaging and semi-finished products 438.9 416.3 357.1
Gross value 2,278.7 2,022.3 1,683.5
Valuation allowance 226.7 212.2 206.8
Inventories – net 2,052.1 1,810.1 1,476.7