On 26 February 1998, L'ORÉAL's Board of Directors, chaired by Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer, met to consider the Group's estimated consolidated accounts for 1997.
Sales for the year ended 31 December 1997 amounted to FF 69.12 billion, up by 14.5 % on 1996 published figures and by 8.4 % on a comparable basis. The 6.1 % difference between growth on published figures and the increase on a comparable basis stems from exchange rate fluctuations for 4.9 % and changes in the scope of consolidation in Pharmaceuticals, Dermatology and Cosmetics for 1.2 %.Sales for the Group's three main sectors break down as follows:
|Cosmetics||56,163||+ 14,6 %|
|Dermatology (1)||793||+ 52,6 %|
|Pharmaceuticals||11,729||+ 12,5 %|
Group operating profit rose by 18.2 % to FF 8.69 billion. The contribution of the three main sectors is as follows:
|Operating profit |
|Cosmetics||6,691||+ 14,5 %|
|Dermatology (1)||135||+ 143,0 %|
|Pharmaceuticals||1,944||+ 27,6 %|
Despite a rise in interest expense, profit before taxation, employee profit-sharing and capital gains and losses rose by 17 % to FF 7.76 billion francs.
Corporate taxation increased by 28.9 %.
Estimated net profit before capital gains and losses, after minority interests, which is used to calculate earnings per share, reached FF 4.21 billion, up 12.8 %, compared with a 10.3 % increase in 1996.
The estimated accounts will now be reviewed by the Board of Directors and the Statutory Auditors and will be given final approval on 7 April 1998.
1) share attributable to the L'ORÉAL Group, i.e. 50 %