L’Oréal: Annual General Meeting Of Shareholders Group

The Annual General Meeting of Shareholders of L'OREAL was held on Tuesday 1st June 1999 under the chairmanship of Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer.

The Meeting approved the parent-company accounts and examined the consolidated accounts for 1998. Consolidated sales amounted to FF 75.42bn (EUR 11.5bn). Net profit before capital gains and losses, after minority interests, was FF 4.7bn (EUR 0.7bn), representing net earnings per share and investment certificate of FF 69.72 (approximately EUR 10.63), that is an increase of 12.1%.

The Meeting decided on the payment of a net dividend of FF 18.50 per share and investment certificate, which by decision of the Board of Directors will be paid on Tuesday 15 June 1999 by any financial intermediary. The dividend has grown by 15.6% compared with 1997.

The Meeting renewed the appointment of Mrs Liliane BETTENCOURT and of Mr Edouard de ROYERE as directors for a period of four years which will expire at the Annual General Meeting held to examine the accounts of 2002. The Meeting also appointed Mr Etienne BORIS as the alternate to Mr Pierre COLL, Statutory Auditor.

Furthermore, it authorised L'OREAL to buy back, if it so wishes, a number of its own shares corresponding to no more than 6% of equity.

In its extraordinary capacity, the Meeting also:

  • approved the reconstitution of the investment certificates and of the voting right certificates as ordinary shares;
  • decided to convert the equity of L'OREAL into euros, resulting in an amount of EUR 135,212,432, with the par value of the share becoming EUR 2;
  • authorised the Board of Directors to grant share purchase options in L'OREAL up to an overall limit of 4% of equity;
  • authorised the Board of Directors to cancel shares acquired by the company through any buy-backs of its own shares;
  • adopted modifications to the articles of bye-laws with the aims of enlarging the object of the company to include cash transactions, allowing usufructuaries to vote at the Ordinary and Extraordinary General Meetings, and bringing the articles of bye-laws into conformity with the new legal rules.