L'Oreal to Book EUR320 Million Charge After French Tax Settlement
September 20 2019 - 1:22PM
Dow Jones News
By Cristina Roca
L'Oreal SA (OR.FR) said Friday that it will book a 320 million
euro ($353.5 million) tax charge for 2019 after reaching a
settlement with the French authorities regarding the tax base of
three of its subsidiaries over the fiscal years 2014 to 2018.
The beauty giant said the financial impact for the five-year
period amounts to EUR47 million for its Lancome Parfums et Beaute
subsidiary, EUR115 million for its Cosmetique Active International
subsidiary, and EUR158 million for its Prestige & Collections
International subsidiary.
No tax penalties were incurred, and the amount will be recorded
as an exceptional charge for 2019 with no significant recurrent
impact in the future, L'Oreal said.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
September 20, 2019 13:07 ET (17:07 GMT)
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