Loreal 2011 Annual Report Download - page 139

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137REGISTRATION DOCUMENT − L’ORÉAL 2011
2011 Consolidated Financial Statements
4
Notes to the consolidated  nancial statements
NOTE26 Off-balance sheet commitments
26.1. Operating lease commitments
These amount to €1,784.2million at December31st, 2011
compared with €1,764.3million at December31st, 2010 and
€1,776.2million at December31st, 2009, of which:
♦€416.8million was due in within 1year at December31st,
2011 compared with €376.6million at December31st, 2010
and €351.3million at December31st, 2009;
♦€1,070.5million was due in 1 to 5years at December31st,
2011 compared with €975.9million at December31st, 2010
and €933.4million at December31st, 2009;
♦€296.9million was due in over 5years at December31st, 2011
compared with €411.8million at December31st, 2010 and
€491.5million at December31st, 2009.
26.2. Other off-balance sheet commitments
Confirmed credit lines are discussed in note23.
Other significant off-balance sheet commitments have been identified and measured. They chiefly fall due within 1year and are
as follows:
€ millions
12.31.2011 12.31.2010 12.31.2009
Guarantees given(1) 121.5 109.5 117.7
Commitments under Dermatology contracts 28.2 48.5 31.3
Guarantees received 54.8 45.8 33.7
Capital expenditure orders 229.8 220.8 168.0
Firm purchase commitments under logistics supply contracts 448.9 461.8 400.9
(1) These consist mainly of guarantees given to governmental bodies or concerning loans granted to third parties who are partners of the Group.
26.3. Contingent liabilities
In the course of its normal operations, the Group is involved in
legal actions and is subject to tax assessments, customs controls
and administrative audits. The Group sets aside a provision
wherever a risk is found to exist, and the related cost can be
reliably estimated. On this basis, a provision has been set aside
for risks relating to investigations carried out by competition
authorities described in note22.1.
At the present time, no exceptional event or dispute is highly
likely to have a material impact on the earnings, financial
position, assets or operations of the L’Oréal Company or Group.
26.4. Environmental risks
The Group strictly complies with regulations and laws relating
to environmental protection, and does not expect that they will
have any significant impact on the future operations, financial
position, earnings or assets.
The risks identified at December31st, 2011 are not material.