|at 30 June 1999||at 30 June 2000||Growth|
|in millions of euros|
|Consolidated sales||5 372.5||6 149.9||+14.5%|
|Operating profit||569.2 (1)||690.2||+21.3%|
|Adjusted operating profit (2)||562.4 (1)||661.9||+17.7%|
|Pre-tax profit of fully |
|Net profit of fully |
|Group's share of net |
profit of associated companies
|Net profit before capital |
gains and losses,
after minority interests
(2) Adjusted for exchange rate fluctuations.
The consolidated sales of the group up to 30th June, 2000 amounted to € 6.15 billion (FF 40.33 billion), a 14.5% increase based on published figures or 8.2% excluding currency effects.
The group's two sectors, cosmetics and dermatology, achieved improved operating margins.
|30 June 1999||% of sales||30 June 2000||% of sales||Increase|
|Cosmetics||541.4 m€||10.3%||631.2 m€||10.5%||+16.6%|
|Dermatology||24.7 m€||23.9%||32.9 m€||28.1%||+33.2%|
|562.4 m€||10.5%||662 m€||10.8%||17.7%|
Profit for associated companies improved by 36.5%.
As L'OREAL consolidates 19.57% of SANOFI-SYNTHELABO, the group's share amounted to € 85.2 m. This can be compared to € 62 m, corresponding to 56.64% of SYNTHELABO consolidated by L'OREAL in the first half of 1999, and represents an increase of 37.3%.
On the publication of these figures, Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer of the L'OREAL group, commented: "After the excellent first-half results and in view of the strong growth prospects for the second half, the annual results excluding acquisitions should reflect an increase broadly in line with that achieved in the first half."
The acquisitions of KIEHL'S, MATRIX and CARSON have now been finalised and will be consolidated in the second half of 2000.
For the year as a whole, these acquisitions should contribute an extra two percentage points to sales growth. In profit terms, the impact of the acquisitions is likely to be slightly negative in 2000, before becoming positive from 2001 onwards.
The accounts for the first half of 2000 will be finalised on 28th September, 2000.