Financial ratios 2019 2020 2021 Operating profit/Sales (as % of sales) 18.6% 18.6% 19.1% Net profit excluding non-recurring items attributable to the owners of the group/Opening shareholders’ equity (% of shareholders’ equity) 16.2% 13.9% 17.0% Net gearing (1) (% of shareholders’ equity) n/a n/a 15.2% Gross cash flow/Investments 4,7x 5,9x 6,2x (1) Net gearing: (Current and non-current debt – Cash and cash equivalents) / Shareholders’ equity attributable to owners of the company. L'Oréal 2015-2021 € millions 2015 2016 2017 2018 2019 2020 2021 Results Consolidated sales 25,257   25,837 26,023   26,937 29,874 27,992 32, 288 Operating profit 4,388   4,540   4,676   4,922 5,548 5,209 6,160 As a percentage of consolidated sales  17.4%   17.6%   18.0%   18.3%   18.6% 18.6% 19.1% Profit before tax excluding non-recurring items  4,711   4,867 5,003   5,278   5,848 5,485 6,479 Net profit excluding non-recurring items attributable to the owners of the company (1)  3,490   3,647   3,748   3,988 4,357 4,099 4,938 Net profit attributable to owners of the company 3,297   3,106   3,581   3,895   3,750 3,563 4,597 Total dividend  1,742   1,858 2,006   2,177 2,173 2,26 8 2,601 Balance sheet Non-current assets 24,458 25,585 24,320 25,991 29,893 29,047 30, 938 Current assets excl. cash and cash equivalents 7,854 8,300 7,792 8,474   8,631 8,154 9,362 Cash and cash equivalents  1,400   1,746 3,047   3,992 5,286 6,406 2,714 Equity (2) 23,617 24,504   24,819 26,933 29,426 28,999 23, 593 Net financial position (3) -618   -481  -1,872  -2,751  -2,399 -3,859 3,586 Gross cash flow 4,399   4,717   4,972 5,178   5,802 5,724 6,640 Per share data (€) Diluted earnings per share attributable to owners of the company excluding non ‑recurring items (1) 6.18 6.46 6.65 7.08 7.74 7.30 8.82 Dividend 3.10 3.30 3.55 3.85   3.85 4.00 4.80 (4) Share price at 31 December (5) 155.30 173.40 184.95 201.20 264 .00 310.80 416.95 Highest share price during the year (5) 181.30 177.90 197.15 214.90 267.60 321.40 433.65 Lowest share price during the year (5) 133.40 142.65 167.75 170.30 194.55 196 .00 290.10 Diluted weighted average number of shares  outstanding (5) 564,891,388 564,509,135   563,528,502 563,098,506   562,813,129 561,635,963 559,791,545 (1) F or 2015 this is the net profit from continuing operations. (2) Plus non-controlling interests. (3) The net cash surplus was €618 million in 2015, €481 million in 2016, €1,872 million in 2017, €2,751 million in 2018, €2,399 million in 2019 and €3,859 million in 2020. The net debt was €3,586 million in 2021. (4) Dividend proposed to the Annual General Meeting of 21 april 2022. (5) The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €111,974,316 at 31 December 2020; the par value of one share is €0.2. 1.3.1.4. Significant and recent events Significant events in 2021 • On 29 January, for the fourth consecutive year, L’Oréal was recognised by the 2021 Bloomberg Gender-Equality Index   for its commitment to female leadership, talent diversity and gender pay parity. • On 1 February, L’Oréal finalised the acquisition of Takami  Co announced on 23 December 2020. • On 4 March, for the fourth consecutive year, L’Oréal ranked among the top five companies in the   Equileap Global Gender Equality Ranking 2021, which assessed almost 4,000 companies in 23 countries. L’Oréal is ranked fourth overall, first in the consumer goods sector and first in France. • On 5 March, L’Oréal announced two changes within the Group’s Executive Committee. Omar Hajeri has been appointed President of the Professional Products Division and joins the Executive Committee. He succeeds Nathalie Roos, who has chosen to take her career in a new direction. Ersi Pirishi will be appointed President of the Latin America Zone and will join the Executive Committee in autumn 2021. She will take over from Javier San Juan, who has decided to retire. • On 16 March, the 2020 Universal Registration Document was filed with the Autorité des Marchés Financiers. It is made available to the public according to the terms of the regulations in force and may be viewed on the www.loreal- finance.com  website. On 16 March, L’Oréal announced that its Annual General Meeting would take place behind closed doors, without the physical presence of the shareholders and other persons entitled to attend, at 10.00 am on Tuesday 20 April 2021. The convening notice was published in the  Bulletin des Annonces Légales Obligatoires (BALO)   on Monday 15 March 2021 and includes the agenda, draft resolutions and main terms of participation and voting at the Annual General Meeting. • On 23 March, L’Oréal’s venture capital fund Business Opportunities for L’Oréal Development (BOLD) announced that it had taken a minority stake in the Swiss environmental tech startup Gjosa. L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 43 PRESENTATION OF THE GROUP INTEGRATED REPORT 2021 Financial Results and Corporate Social Responsibility commitments 1