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2013 Financial Documents 01_VA_V3 28/01/2014 09:05 PageI TRANSLATION OF THE FRENCH FINANCIAL DOCUMENTS FISCAL YEAR ENDED DECEMBER 31, 2013 01_VA_V3 28/01/2014 09:05 PageII CONTENTS EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS 1 FINANCIAL HIGHLIGHTS 2 CAPITAL AND VOTING RIGHTS 4 BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP 5 COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6 WINES AND SPIRITS 10 FASHION AND LEATHER GOODS 11 PERFUMES AND COSMETICS 13 WATCHES AND JEWELRY 15 SELECTIVE RETAILING 16 COMMENTS ON THE CONSOLIDATED BALANCE SHEET 17 COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 19 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21 CONSOLIDATED INCOME STATEMENT 22 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 23 CONSOLIDATED BALANCE SHEET 24 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 25 CONSOLIDATED CASH FLOW STATEMENT 26 SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27 SIMPLIFIED ACCOUNTING INFORMATION OF LVMH MOËT HENNESSY-LOUIS VUITTON SA 65 INCOME STATEMENT 66 CHANGE IN EQUITY 66 This document is a free translation into English of the original French “Documents financiers - 31 décembre 2013”, hereafter referred to as the “Financial Documents”. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 01_VA_V3 28/01/2014 09:05 Page1 EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS Board of Executive Performance Directors Committee Audit Committee Bernard Arnault Bernard Arnault Yves-Thibault de Silguy (a) Chairman and Chief Executive Officer Chairman and Chief Executive Officer Nicholas Clive Worms (a) Pierre Godé Antonio Belloni Gilles Hennessy Vice-Chairman Group Managing Director Antonio Belloni Pierre Godé Group Managing Director Vice-Chairman Nominations and Antoine Arnault Nicolas Bazire Compensation Committee Development and acquisitions Delphine Arnault Michael Burke Nicolas Bazire Albert Frère (a) Louis Vuitton Bernadette Chirac (a) Charles de Croisset (a) Yves Carcelle Nicholas Clive Worms (a) Fondation Louis Vuitton Yves-Thibault de Silguy (a) Charles de Croisset (a) Chantal Gaemperle (a) Human resources Diego Della Valle Statutory Auditors Jean-Jacques Guiony Albert Frère (a) Finance Gilles Hennessy DELOITTE & ASSOCIÉS Christopher de Lapuente represented by Thierry Benoit Marie-Josée Kravis (a) Sephora Lord Powell of Bayswater Christophe Navarre ERNST & YOUNG et Autres Wines and Spirits represented by Jeanne Boillet Yves-Thibault de Silguy (a) and Gilles Cohen Daniel Piette Francesco Trapani Investment funds Hubert Védrine (a) Pierre-Yves Roussel Fashion Advisory Board members Philippe Schaus Paolo Bulgari DFS Patrick Houël Francesco Trapani Watches and Jewelry Felix G. Rohatyn Jean-Baptiste Voisin Strategy Mark Weber Donna Karan General secretary Marc-Antoine Jamet (a) Independent Director. Financial Documents - December 31, 2013 1 01_VA_V3 28/01/2014 09:05 Page2 FINANCIAL HIGHLIGHTS Revenue Revenue by business group 20 13 20 12 20 11 (EUR millions) (EUR millions) 28,103 29,149 Wines and Spirits 4,187 4,137 3,524 23,659 Fashion and Leather Goods 9,882 9,926 8,712 Perfumes and Cosmetics 3,717 3,613 3,195 Watches and Jewelry 2,784 2,836 1,949 Selective Retailing 8,938 7,879 6,436 Other activities and eliminations (359) (288) (157) Total 29,149 28,103 23,659 Revenue by geographic region of delivery Revenue by invoicing currency 2011 2012 2013 Europe (excluding France) 19% Euro 23% United States 23% US dollar 28% France 11% Asia (excluding Japan) 30% Hong Kong dollar 8% Japan 7% Japanese yen 7% Other markets 10% Other currencies 34% Profit from recurring operations Profit from recurring operations 20 13 20 12 20 11 by business group (EUR millions) (EUR millions) 5,921 6,021 Wines and Spirits 1,370 1,260 1,101 5,263 Fashion and Leather Goods 3,140 3,264 3,075 Perfumes and Cosmetics 414 408 348 Watches and Jewelry 375 334 265 Selective Retailing 901 854 716 Other activities and eliminations (179) (199) (242) Total 6,021 5,921 5,263 2011 2012 2013 Stores Stores by geographic region (a) (number) (number as of December 31, 2013) 3,384 926 3,204 Europe (b) 3,040 749 Asia (c) 443 669 France United States 370 Japan 2011 2012 2013 227 Other markets (a) Excluding Loro Piana, whose network will be integrated in 2014. (b) Excluding France. (c) Excluding Japan. 2 Financial Documents - December 31, 2013 01_VA_V3 28/01/2014 09:05 Page3 Net profit Net profit, Basic Group share of net (EUR millions) Group share earnings per share (EUR millions) (EUR) 3,909 3,947 3,424 3,436 6.86 6.87 3,065 3,465 6.27 2011 2012 2013 2011 2012 2013 2011 2012 2013 Cash from operations before Operating Free cash flow (a) changes in working capital (a) investments (EUR millions) (EUR millions) (EUR millions) 7,329 1,730 2,958 7,113 1,702 1,663 2,474 6,137 2,177 2011 2012 2013 2011 2012 2013 2011 2012 2013 (a) Before interest and tax paid. (a) Net cash from (used in) operating activities and operating investments. Total equity (a) and Financial debt/ Dividend per share (a) Net financial debt (a) Total equity ratio (EUR) (EUR millions) (EUR millions and percentage) 3.10 (b) 5,338 27,723 2.90 4,660 25,508 2.60 4,261 23,426 20% 17% 19% 2011 2012 2013 2011 2012 2013 2011(b) 2012 (b) 2013 (a) Gross amount paid for fiscal year, (a) Excluding purchase commitments (a) Including minority interests. excluding the impact of the tax for minority interests included (b) The balance sheets as of December 31, 2012 regulations applicable to the beneficiary. in Other non-current liabilities. and 2011 have been restated to reflect the (b) Amount proposed at the Shareholders’ See Note 18.1 of notes to the condensed retrospective application as of January 1, 2011 Meeting of April 10, 2014. consolidated financial statements for of IAS 19 Employee Benefits as amended. definition of net financial debt. See Note 1.2 of the condensed consolidated financial statements. Financial Documents - December 31, 2013 3 01_VA_V3 28/01/2014 09:05 Page4 CAPITAL AND VOTING RIGHTS Number Number of % of capital % of voting of shares voting rights (a) rights Arnault family group 235,886,503 453,988,936 46.45% 62.59% Other 271,907,158 271,320,729 53.55% 37.41% Total 507,793,661 725,309,665 100.00% 100.00% (a) Total number of voting rights that may be exercised at Shareholders’ Meetings. 4 Financial Documents - December 31, 2013 01_VA_V3 28/01/2014 09:05 Page5 BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP 1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6 2. WINES AND SPIRITS 10 3. FASHION AND LEATHER GOODS 11 4. PERFUMES AND COSMETICS 13 5. WATCHES AND JEWELRY 15 6. SELECTIVE RETAILING 16 7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET 17 8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 19 Financial Documents - December 31, 2013 5 01_VA_V3 28/01/2014 09:05 Page6 BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP Comments on the consolidated income statement 1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 1.1. Analysis of revenue Change in revenue per half-year period The breakdown of revenue by invoicing currency changed as (EUR millions and percentage) follows: the contributions of the euro and Japanese yen both fell by 1 point to 23% and 7%, respectively; the proportion 13,695 15,454 29,149 of revenue denominated in US dollars and Other currencies 6% 2% 4% remained stable at 28% and 34%, respectively, while the relative weight of the Hong Kong dollar rose by 2 points to 8%. 8% 8% 8% Revenue by geographic region of delivery (as %) 2013 2012 2011 -2% France 11 11 12 -4% Europe (excluding France) 19 20 21 -6% United States 23 23 22 Japan 7 8 8 Asia (excluding Japan) 30 28 27 First half-year Second half-year Fiscal year 2013 Other markets 10 10 10 Total 100 100 100 Organic growth Changes in the scope of consolidation (a) By geographic region of delivery, there was a 1 point decline Exchange rate fluctuations (a) in the relative contributions to Group revenue by Europe (excluding France) and Japan, at 19% and 7% respectively, (a) The principles used to determine the net impact of exchange rate fluctuations on revenue of entities reporting in foreign currencies and the net impact of changes in while Asia (excluding Japan) increased its contribution by the scope of consolidation are described on page 9. 2 points to 30%. France, the United States and Other markets remained stable at 11%, 23% and 10% respectively. Consolidated revenue for the fiscal year 2013 was 29,149 million euros, up 4% over the preceding fiscal year. Revenue was Revenue by business group impacted by the depreciation of the Group’s main invoicing currencies against the euro, in particular the Japanese yen, which depreciated by 27%. (EUR millions) 2013 2012 2011 The following changes have been made in the Group’s scope of Wines and Spirits 4,187 4,137 3,524 consolidation since January 1, 2012: in Fashion and Leather Fashion and Leather Goods 9,882 9,926 8,712 Goods, the acquisition of 80% of Loro Piana on December 5, Perfumes and Cosmetics 3,717 3,613 3,195 2013 and 52% of British luxury footwear company Nicholas Watches and Jewelry 2,784 2,836 1,949 Kirkwood on October 1, 2013; in Other activities, the acquisition Selective Retailing 8,938 7,879 6,436 of 80% of the Milan based patisserie business Cova in June 2013 Other activities and eliminations (359) (288) (157) and Hotel Saint Barth Isle de France in September 2013.
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