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“Rapport Financier Annuel” Fiscal Year Ended December 31, 2017

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“Rapport Financier Annuel” Fiscal Year Ended December 31, 2017 Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2017 2017 Annual Financial Report This document is a free translation into English of the original French “Rapport financier annuel”, hereafter referred to as the “Annual Financial Report”. 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. Executive Body and Statutory Auditors as of December 31, 2017 BOARD STATUTORY OF DIRECTORS AUDITORS Florian OLLIVIER (a) ERNST & YOUNG et Autres Chairman and Chief Executive Officer represented by Jeanne Boillet Nicolas BAZIRE MAZARS Group Managing Director represented by Simon Beillevaire Representative of Groupe Arnault SEDCS Pierre DE ANDREA Representative of Montaigne Finance SAS Pierre DEHEN Representative of GA Placements SA Lord POWELL of BAYSWATER (a) (a) Renewal proposed at the Shareholders’ Meeting of May 30, 2018. 2 2017 Annual Financial Report Contents Management Report of the Board of Directors 5 FINANCIÈRE AGACHE GROUP 1. Business review and comments on the consolidated financial statements of the Financière Agache group 6 2. Financial policy 21 3. Operating investments 22 4. Main locations and properties 23 5. Subsequent events 25 6. Recent developments and prospects 25 MANAGEMENT OF NON- FINANCIAL AND FINANCIAL RISKS 1. Group ethics and Codes of Conduct 28 2. Risk identification 32 3. Assessment and control procedures in place 38 4. Lines of defense 46 FINANCIÈRE AGACHE SA 1. Key event during the fiscal year 52 2. Results of Financière Agache SA 52 3. Information regarding the Company’s share capital 53 4. Membership of the Board of Directors 53 Board of Directors’ report on corporate governance 55 1. List of all corporate offices and positions held by company officers 56 2. Summary of existing delegations and financial authorizations and use made of them 58 3. Information on the related- party agreements covered by Article L. 225- 37- 4 2° of the French Commercial Code 58 Consolidated financial statements 59 1. Consolidated income statement 60 2. Consolidated statement of comprehensive gains and losses 61 3. Consolidated balance sheet 62 4. Consolidated statement of changes in equity 63 5. Consolidated cash flow statement 64 6. Notes to the consolidated financial statements 66 7. Statutory Auditors’ report on the consolidated financial statements 127 Parent company financial statements 131 1. Balance sheet 132 2. Income statement 134 3. Notes to the parent company financial statements 136 4. Company results over the last five fiscal years 144 5. Statutory Auditors’ reports 145 Statement by the company officer responsible for the Annual Financial Report 149 2017 Annual Financial Report 3 4 2017 Annual Financial Report Management Report of the Board of Directors FINANCIÈRE AGACHE GROUP 1. Business review and comments on the consolidated financial statements of the Financière Agache group 6 1.1. Comments on the consolidated income statement 6 1.2. Wines and Spirits 12 1.3. Fashion and Leather Goods 13 1.4. Perfumes and Cosmetics 14 1.5. Watches and Jewelry 15 1.6. Selective Retailing 17 1.7. Comments on the consolidated balance sheet 18 1.8. Comments on the consolidated cash flow statement 20 2. Financial policy 21 3. Operating investments 22 3.1. Communication and promotion expenses 22 3.2. Research and development costs 22 3.3. Investments in production facilities and retail networks 22 4. Main locations and properties 23 4.1. Production 23 4.2. Distribution 24 4.3. Administrative sites and investment property 25 5. Subsequent events 25 6. Recent developments and prospects 25 2017 Annual Financial Report 5 Management Report of the Board of Directors Financière Agache group 1. Business review and comments on the consolidated financial statements of the Financière Agache group Key events during the fiscal year On April 25, 2017, the Arnault Family Group, Christian Dior and Following this public offer, Financière Agache’s ownership LVMH Moët Hennessy - Louis Vuitton announced a strategic interest in the LVMH group rose from 32% in the first half of project involving two key phases: 2017 to 41% in the second half of the year. • Public offer for Christian Dior shares: • Regrouping of the entire Dior brand within LVMH: On May 22, 2017, Semyrhamis, a wholly owned subsidiary of On July 3, 2017, as part of the project aimed at simplifying Financière Agache, filed a draft public offer document with the the structure of the Christian Dior – LVMH group and in Autorité des Marchés Financiers (AMF, the French financial accordance with the terms of the memorandum of understanding markets regulator) relating to its simplified public offer for the signed with LVMH on April 24, 2017, Christian Dior SE entirety of the Christian Dior shares not owned by the Arnault – which is indirectly controlled by Financière Agache – sold Family Group. This filing followed the signing of a syndicated 100% of the Christian Dior Couture segment (including loan agreement to finance the offer. The AMF issued its Grandville and its subsidiary Christian Dior Couture) to LVMH clearance notice (avis de conformité) for the offer on June 6, 2017, for a net amount of 6 billion euros. and the public offer ran from June 8 to 28, 2017 inclusive. Consequently, Financière Agache’s ownership interest in the At the close of the public offer, whose results were announced Christian Dior Couture segment fell from 72% in the first half on July 4, 2017 by the AMF, a total of 36,363,863 Christian of 2017 to 41% in the second half of 2017. Dior shares had been acquired by Semyrhamis. Since LVMH is fully consolidated within Financière Agache’s Between the close of the public offer and December 31, 2017, consolidated financial statements, this sale had no impact on Semyrhamis acquired 4,097,750 Christian Dior shares, net profit. representing 2.27% of Christian Dior SE’s share capital. 1.1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 1.1.1. Analysis of revenue First- half Second- half (EUR millions and as %) 2017 2017 2017 2016 Revenue 20,745 22,922 43,667 39,503 Growth at actual exchange rates 15% 7% 11% 5% Organic growth 12% 12% 12% 6% Changes in scope 1% - 1% - Exchange rate fluctuations (a) 2% - 5% - 2% - 1% (a) The principles used to determine the net impact of exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope of consolidation are described on page 11. Revenue for fiscal year 2017 totaled 43,667 million euros, up On a constant consolidation scope and currency basis, revenue 11% at current exchange rates relative to 2016. A number of the increased by 12%. Group’s invoicing currencies weakened against the euro, notably The sale of the Christian Dior Couture segment by Christian the US dollar, thus lowering consolidated revenue by 2 points. Dior SE to LVMH SE on July 3, 2017 has changed the The following changes to the Group’s consolidation scope have presentation of the various business groups: until the first half occurred since January 1, 2016: in Fashion and Leather Goods, of 2017, Christian Dior Couture was reported as a separate the Donna Karan brand was sold in December 2016 and the business group within the financial statements of Financière Group acquired 80% of high- end luggage manufacturer Rimowa Agache. For comparison purposes, information for Christian Dior in January 2017. These changes in the scope of consolidation Couture is included in figures for the Fashion and Leather Goods made a positive contribution of 1 point to revenue growth. business group for fiscal year 2017 and all periods presented. 6 2017 Annual Financial Report Management Report of the Board of Directors Financière Agache group Revenue by invoicing currency (as %) 2017 2016 2015 Euro 23 23 23 US dollar 30 31 31 Japanese yen 7 7 7 Hong Kong dollar 6 6 7 Other currencies 34 33 32 TOTAL 100 100 100 The breakdown of revenue by invoicing currency changed slightly: the contribution of the US dollar fell by 1 point to 30%; and that the contributions of the euro, the Japanese yen and the Hong of other currencies rose by 1 point to 34%. Kong dollar remained stable at 23%, 7% and 6%, respectively; Revenue by geographic region of delivery (as %) 2017 2016 2015 France 10 10 10 Europe (excluding France) 19 18 18 United States 25 26 25 Japan 7 7 7 Asia (excluding Japan) 28 27 27 Other markets 11 12 13 TOTAL 100 100 100 By geographic region and compared with 2016, Asia (excluding States and Other markets each fell 1 percentage point, Japan) accounted for 28% of Group revenue, up 1 point. to 25% and 11% of Group revenue, respectively. The relative The contribution made by Europe (excluding France) also rose contributions of France and Japan remained stable at 10% and 1 percentage point to 19% of Group revenue, while the United 7%, respectively. Revenue by business group 2017 2016 2015 (EUR millions) % % % Wines and Spirits 5,084 12 4,835 12 4,603 12 Fashion and Leather Goods (a) 16,519 38 14,711 37 14,241 38 Perfumes and Cosmetics 5,560 13 4,953 13 4,671 12 Watches and Jewelry 3,805 9 3,468 9 3,308 9 Selective Retailing 13,311 30 11,973 30 11,193 30 Other activities and eliminations (612) - (437) - (494) - TOTAL 43,667 100 39,503 100 37,522 100 (a) Following the sale within the consolidated group of the Christian Dior Couture segment by Christian Dior SE – which is indirectly controlled by Financière Agache – to LVMH SE on July 3, 2017, information for Christian Dior Couture is included in figures for the Fashion and Leather Goods business group for fiscal year 2017 as well as prior fiscal years.
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