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Translation of the French Document De Reference Fiscal Year Ended December 31, 2007

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Translation of the French Document De Reference Fiscal Year Ended December 31, 2007 2007 TRANSLATION OF THE FRENCH DOCUMENT DE REFERENCE LVMH FISCAL YEAR ENDED DECEMBER 31, 2007 LVMH, 22 avenue Montaigne - 75008 Paris Tel. + 33 1 44 13 22 22 - Fax: + 33 1 44 13 21 19 www.lvmh.com WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 CONTENTS LVMH GROUP 1 HISTORY OF THE GROUP 1 FINANCIAL HIGHLIGHTS 2 SIMPLIFIED ORGANIZATIONAL CHART OF THE GROUP AS OF MARCH 31, 2008 4 BUSINESS DESCRIPTION 8 REPORT OF THE BOARD OF DIRECTORS ON GROUP MANAGEMENT 21 REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ON INTERNAL CONTROL PROCEDURES 65 CONSOLIDATED FINANCIAL STATEMENTS 75 LVMH MOËT HENNESSY ◆ LOUIS VUITTON SA 135 EXECUTIVE AND SUPERVISORY BODIES - STATUTORY AUDITORS 135 CORPORATE GOVERNANCE 151 GENERAL INFORMATION REGARDING THE PARENT COMPANY AND ITS CAPITAL; 167 STOCK MARKET INFORMATION REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS’ MEETING 177 STOCK REPURCHASE PROGRAMS 191 PARENT COMPANY FINANCIAL STATEMENTS 195 RESOLUTIONS PRESENTED FOR THE APPROVAL OF THE COMBINED SHAREHOLDERS’ MEETING OF MAY 15, 2008 219 STATEMENT OF RESPONSIBLE COMPANY OFFICER ; 229 FINANCIAL INFORMATION TABLE S OF CONCORDANCE 233 The original French version of this document was submitted to the Autorité des Marchés Financiers on April 14 , 2008 pursuant to Articles 212-13 of its General Rules and Regulations. This document is a free translation into English of the original French “Document de Référence”, hereafter referred to as the “Reference Document”. It is not a binding document. In the event of a The original French version of this document may be used for the purposes of public capital and financial operations conflict in interpretation, reference should be made to the French version, which is the authentic text. if it is supplemented by a transaction note approved by the Autorité des Marchés Financiers. WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP History of the Group HISTORY OF THE GROUP Although the history of the LVMH Group began in 1987 with From the 16th century to the present: the merger of Moët Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further—to eighteenth-century 16th century 1573 Wen Jun Champagne, when a man named Claude Moët decided to build 1593 Château d’Yquem on the work of Dom Pérignon, a contemporary of Louis XIV; and 18th century 1729 Ruinart to nineteenth-century Paris, famous for its imperial celebrations, 1743 Moët & Chandon where Louis Vuitton, a craftsman trunk-maker, invented modern 1765 Hennessy luggage. Today, the LVMH Group is the world’s leading luxury 1772 Veuve Clicquot goods company, the result of successive alliances among companies 1780 Chaumet that, from generation to generation, have successfully combined 19th century 1815 Ardbeg traditions of excellence and creative passion with a cosmopolitan 1828 Guerlain flair and a spirit of conquest. These companies now form a 1843 Krug powerful, global group in which the historic companies share 1846 Loewe 1852 Le Bon Marché their expertise with the newer brands, and continue to cultivate 1854 Louis Vuitton the art of growing while transcending time, without losing their 1858 Mercier soul or their image of distinction. 1860 TAG Heuer 1865 Zenith 1870 La Samaritaine 1893 Glenmorangie 1895 Berluti 1897 Glen Moray 20th century 1916 Acqua di Parma 1925 Fendi 1936 Dom Pérignon Fred 1942 Rossimoda 1945 Celine 1947 Parfums Christian Dior Emilio Pucci 1952 Givenchy 1957 Parfums Givenchy 1960 DFS 1963 Miami Cruiseline 1970 Kenzo 1973 Sephora Domaine Chandon 1976 Cape Mentelle 1977 Newton 1984 Thomas Pink Marc Jacobs Donna Karan 1985 Cloudy Bay 1987 Parfums Kenzo 1989 Make Up For Ever 1991 Fresh StefanoBi 1993 Chopin 1995 BeneFit Cosmetics 1996 Belvedere 1999 Terrazas de los Andes 21st century 2000 e.Luxury 2001 De Beers 2003 Cheval des Andes 2005 10 Cane Reference Document 2007 1 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP Financial highlights FINANCIAL HIGHLIGHTS Key consolidated data (EUR millions and percentage) 2007 2006 2005 Revenue 16,481 15,306 13,910 Profit from recurring operations 3,555 3,172 2,743 Net profit 2,331 2,160 1,668 Group share of net profit 2,025 1,879 1,440 Cash from operations before changes in working capital 4,039 3,504 3,089 Operating investments 990 771 707 Total equity 12,528 11,594 10,484 Net financial debt/Total equity ratio 25% 29% 41% Data per share (EUR) 2007 2006 2005 Earnings per share Basic Group share of net profit 4.27 3.98 3.06 Diluted Group share of net profit 4.22 3.94 3.04 Dividend per share Interim 0.35 0.30 0.25 Final 1.25 1.10 0.90 Total gross amount (1) 1.60 1.40 1.15 (1) For fiscal year 2007, amount proposed at the Ordinary Shareholders’ Meeting of May 15, 2008. Information by business group (EUR millions) 2007 2006 2005 Revenue by business group Wines and Spirits 3,226 2,994 2,644 Fashion and Leather Goods 5,628 5,222 4,812 Perfumes and Cosmetics 2,731 2,519 2,285 Watches and Jewelry 833 737 585 Selective Retailing 4,179 3,891 3,648 Other activities and eliminations (116) (57) (64) Total 16,481 15,306 13,910 Profit from recurring operations by business group Wines and Spirits 1,058 962 869 Fashion and Leather Goods 1,829 1,633 1,467 Perfumes and Cosmetics 256 222 173 Watches and Jewelry 141 80 21 Selective Retailing 439 400 347 Other activities and eliminations (168) (125) (134) Total 3,555 3,172 2,743 2 Reference Document 2007 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP Financial highlights Information by geographic region 2007 2006 2005 Revenue by geographic region of delivery (%) France 14 15 15 Europe (excluding France) 23 22 20 United States 25 26 27 Japan 11 13 14 Asia (excluding Japan) 19 17 17 Other markets 8 77 Total 100 100 100 Revenue by invoicing currency (%) Euro 31 30 30 US dollar 30 32 32 Yen 11 13 15 Hong Kong dollar 4 33 Other currencies 24 22 20 Total 100 100 100 Number of stores France 306 288 278 Europe (excluding France) 523 456 422 United States 463 394 365 Japan 253 278 262 Asia (excluding Japan) 409 363 329 Other markets 94 80 67 Total 2,048 1,859 1,723 Reference Document 2007 3 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP Simplified organizational chart of the Group as of March 31, 2008 SIMPLIFIED ORGANIZATIONAL CHART OF THE GROUP AS OF MARCH 31, 2008 BLC>I7 9^V\Zd 34% 66% 99.9% BLC><7I>?ED Cej>[dd[iio>ebZ_d]i =HEKFI7 100% 100% Bd i8]VcYdc 100% 99% 100% 100% 100% EVg[jbh =ZccZhhn Adj^hKj^iidc <jZgaV^c ;gZY AZ7dcBVgX] BZgX^Zg 8]g^hi^Vc9^dg 100% 100% 100% 100% EVg[jbh 100% 100% Gj^cVgi B^aaZc^jb 7Zgaji^ 8]VjbZi ;gVcX`;^ah @Zcod 99% 100% 100% EVg[jbh 100% @gj\ <aZcbdgVc\^Z 8Za^cZ <^kZcX]n 100% 55% LZc?jc 100% BV`ZJe 100% 100% KZjkZ8a^Xfjdi @Zcod HZe]dgV:jgdeZ He^g^ih ;dg:kZg 100% 100% EVg[jbh 100% 55% 8adjYn7Vn <^kZcX]n AVHVbVg^iV^cZ ;ZcY^ 90% CZlidc EVg[jbh 100% K^cZnVgYh EjXX^ 100% 8VeZBZciZaaZ 4 Reference Document 2007 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP Simplified organizational chart of the Group as of March 31, 2008 100% IE<?:?LI7I 100% 100% 100% 100% Ej^[h^ebZ_d] BLC>8L BLC>?D9 :?=HEKFI7 YecfWd_[i 100% 100% 7ZcZ;^i 80% 100% B^Vb^ 100% 8]}iZVj 65% OZc^i] AdZlZ AZhwX]dh 8dhbZi^Xh 8gj^hZa^cZ YÉNfjZb 99% 100% 80% 61% 100% AV7gdhhZ 99% IV\=ZjZg ;ZcY^ ;gZh] 9;HJH >ckZhi^g 9jedci 50% 100% 100% 100% 9Z7ZZgh HZe]dgVJH GVY^d8aVhh^fjZ I]dbVhE^c` 96% 100% 100% 100% EjXX^ 9dccV@VgVc Z#Ajmjgn H>9:Y^i^dch 61% 96% 8dccV^hhVcXZ 100% 9;H6h^V BVgX?VXdWh YZh6gih 100% 6XfjV9^EVgbV The objective of this chart is to present the direct and/or indirect control structure of brands and trade names by the Group’s main holding companies. It does not provide a complete presentation of all Group shareholdings. 7jh^cZhh >ebZ_d] jc^ih YecfWd_[i Reference Document 2007 5 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 6 Reference Document 2007 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP BUSINESS DESCRIPTION Page 1. WINES AND SPIRITS 8 1.1 CHAMPAGNE AND WINES 8 1.2 COGNAC AND SPIRITS 10 1.3 WINES AND SPIRITS DISTRIBUTION 12 2. FASHION AND LEATHER GOODS 12 2.1 THE BRANDS OF THE FASHION AND LEATHER GOODS BUSINESS GROUP 13 2.2 DESIGN 13 2.3 DISTRIBUTION 14 2.4 SUPPLY SOURCES AND SUBCONTRACTING 14 3. PERFUMES AND COSMETICS 14 3.1 THE BRANDS OF THE PERFUMES AND COSMETICS BUSINESS GROUP 14 3.2 RESEARCH IN PERFUMES AND COSMETICS 15 3.3 SUPPLY SOURCES AND SUBCONTRACTING 16 4. WATCHES AND JEWELRY 17 4.1 THE BRANDS OF THE WATCHES AND JEWELRY BUSINESS GROUP 17 4.2 SUPPLY SOURCES AND SUBCONTRACTING 18 5. SELECTIVE RETAILING 18 5.1 TRAVEL RETAIL 18 5.2 SELECTIVE RETAIL 19 6. OTHER ACTIVITIES 19 Reference Document 2007 7 WorldReginfo - 61a092e4-dd9c-4ef4-ad1b-f7cce310ea56 LVMH GROUP Business description BUSINESS DESCRIPTION 1. WINES AND SPIRITS exporter of Champagne, and Veuve Clicquot Ponsardin (founded in 1772), which ranks second in the industry, are two quality internationally-known brands. Mercier (founded in 1858) is a The activities of LVMH in the w ines and s pirits sector are divided brand designed for the French market. Ruinart (the oldest of the between two branches: the Champagne and Wines branch and the Champagne Houses, founded in 1729) has a development strategy Cognac and Spirits branch.
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