The Board of Directors of L’Oréal met on February 10th, 2011 under the chairmanship of Sir Lindsay Owen-Jones and in the presence of the Statutory Auditors. The Board closed the consolidated financial statements and the financial statements for 2010.
Commenting on the figures, Mr Jean-Paul Agon, Chief Executive Officer of L’Oréal, said: “In the context of an upturn in the cosmetics market, L’Oréal achieved strong sales growth. The group advanced in all zones, all channels and all business segments; more dynamic than the market, it bolstered its position as the world number one in beauty.
2010 was a year of conquests for the group, with several of our brands achieving spectacular breakthroughs: L’Oréal Professionnel with its hair colourant Inoa, Maybelline in mass-market make-up, Yves Saint Laurent which is experiencing a true renaissance, and La Roche-Posay which is continuing its expansion.
The group is growing in Western Europe, clearly improving its positions in North America, and continuing its conquest of the new strategic markets, particularly in Asia and Latin America. In 2010, L’Oréal China became the group’s number three cosmetics subsidiary, with sales of more than one billion euros. These performances confirm the relevance of the strategic thrusts adopted at the end of 2008: accessible innovation, new product categories, accelerated globalisation of our brands, and strengthening of our R&D and advertising & promotional investments.
2010 was also a year of strong profit growth; the actions taken over the last two years to improve operating efficiency are continuing to pay off. Well prepared to seize all strategic opportunities, and driven by the ambition of winning a further one billion new consumers, L’Oréal is turning a new page in its history: the page of universalisation and beauty for everyone.
Supported by an encouraging start to the year, we are confident in the group’s ability to achieve a new year of sales and profit growth in 2011.” Furthermore, the Board of Directors has decided to propose to the Annual General Meeting on April 22nd, 2011 the payment of a dividend of 1.80 euro per share, an increase of +20% compared with 2009. The Board will also propose to the Annual General Meeting on April 22nd 2011 the renewal of the terms of office of Mrs Liliane BETTENCOURT, Mrs Annette ROUX and Mr Charles-Henri FILIPPI. At the end of the board meeting, Sir Lindsay Owen-Jones said: “With this level of growth and results, the group produced a good performance in 2010. Thanks to their drive and imagination, Jean-Paul Agon andhis teams have succeeded in opening up new areas for growth and profitability, which are also paving the way for the future.
The proposal by the Board of Directors to pay a dividend of 1.80 euro is an expression of our confidence in the group’s solidity and dynamism.