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2018 Annual Financial Report 1 01 VA V2 24/06/2019 15:19 Page2 01_VA_V2 24/06/2019 15:19 PageI Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2018 01_VA_V2 24/06/2019 15:19 PageII 01_VA_V2 24/06/2019 15:19 Page1 Contents Management Report of the Board of Directors – Financière Agache group 3 1. The Financière Agache business model 3 2. Business overview, highlights and outlook 7 3. Business and financial review 27 4. Ethics and responsibility 43 5. Environment and sustainability 69 6. Attracting and retaining talent 85 7. Corporate philanthropy 101 8. Financial and operational risk management and internal control 107 Management Report of the Board of Directors – Financière Agache SA 121 1. Results of Financière Agache SA 122 2. Information regarding the Company’s share capital 123 3. Membership of the Board of Directors 123 Board of Directors’ report on corporate governance 125 1. List of all corporate offices and positions held by company officers 126 2. Summary of existing delegations and financial authorizations and use made of them 128 3. Authorizations proposed at the Shareholders’ Meeting 129 4. Information on the related- party agreements covered by Article L. 225- 37- 4 2° of the French Commercial Code 129 Consolidated financial statements 131 1. Consolidated income statement 132 2. Consolidated statement of comprehensive gains and losses 133 3. Consolidated balance sheet 134 4. Consolidated statement of changes in equity 135 5. Consolidated cash flow statement 136 6. Notes to the consolidated financial statements 138 7. Statutory Auditors’ report on the consolidated financial statements 202 Parent company financial statements: Financière Agache 207 1. Balance sheet 208 2. Income statement 210 3. Notes to the parent company financial statements 212 4. Company results over the last five fiscal years 220 5. Statutory Auditors’ reports 221 Statement by the company officer responsible for the Annual Financial Report 225 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. 2018 Annual Financial Report 1 01_VA_V2 24/06/2019 15:19 Page2 Executive and Supervisory Bodies, Statutory Auditors as of December 31, 2018 BOARD STATUTORY OF DIRECTORS AUDITORS Florian OLLIVIER 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 Invry SAS (a)(b) Pierre DEHEN Representative of GA Placements SA Lord POWELL of BAYSWATER (a) Co-opted by the Board of Directors at its meeting held on September 26, 2018. (b) Renewal proposed at the Shareholders’ Meeting of May 22, 2019. 2 2018 Annual Financial Report 01_VA_V2 24/06/2019 15:19 Page3 Management Report of the Board of Directors – Financière Agache group 1. THE FINANCIÈRE AGACHE BUSINESS MODEL 1. Business overview 4 2. Group values 5 3. Operating model 5 2018 Annual Financial Report 3 01_VA_V2 24/06/2019 15:19 Page4 Management Report of the Board of Directors – Financière Agache group The Financière Agache business model The Financière Agache group helps its Maisons grow over the long term, based on respect for their specific strengths and individuality, underpinned by common values and a shared business model. 1. Business overview The Financière Agache group operates simultaneously, through as boldly developing new products. The Maisons cultivate their its Maisons, in the following luxury sectors: individuality, a differentiating factor for their followers in a highly competitive global market. At the same time, they are all Wines and Spirits: Based in Champagne, Bordeaux and other driven by the same values: the pursuit of excellence, creativity, renowned wine- growing regions, the Group’s Maisons – some innovation and complete control of their brand image. of which are hundreds of years old – all have their own unique character, backed by a shared culture of excellence. The Group’s Watches and Jewelry: The Maisons in Watches and Jewelry Wines and Spirits businesses are divided between the Champagne – the Financière Agache group’s youngest business group – and Wines segment and the Cognac and Spirits segment. This operate in the high- quality watchmaking, jewelry and high business group focuses on growth in high- end market segments jewelry sectors. It features some of the most dynamic brands on through a powerful, agile international distribution network. the market, positioned to complement each other’s strengths. The Financière Agache group is the world leader in cognac, These Maisons rely on their outstanding expertise, creativity with Hennessy, and in champagne, with an outstanding portfolio and innovation to surprise their customers all over the world of brands and complementary product ranges. It also produces and respond to their aspirations. high- quality still and sparkling wines from around the world. Selective Retailing: The Group’s Selective Retailing brands all Fashion and Leather Goods: The Group includes established pursue a single objective: transforming shopping into a unique Maisons with their own unique heritage and more recent brands experience. From elegant interior design to a specialist selection with strong potential. Whether they are part of haute couture or of high- end products and services, combined with personalized luxury fashion, the Financière Agache group’s Maisons have relationships, customers are the focus of their attention on a based their success on the quality, authenticity and originality daily basis. Operating all over the world, the Maisons are active of their designs, created by talented, renowned designers. in two spheres: selective retail and travel retail (selling luxury All the Group’s Maisons are focused on the creativity of their goods to international travelers). collections, building on their iconic, timeless lines, achieving Other activities: The Maisons in this business group are all excellence in their retail networks and strengthening their online ambassadors for culture and a certain art de vivre that is presence, while maintaining their identity. emblematic of the Financière Agache group. This approach Perfumes and Cosmetics: The Financière Agache group is a is taken by Maisons including the Les Echos group, which key player in the perfume, makeup and skincare sector, with a – in addition to Les Echos, the leading daily financial newspaper portfolio of world- famous established names as well as younger in France – owns several business and arts titles; the Royal Van brands with a promising future. Its Perfumes and Cosmetics Lent shipyard, which builds and markets custom- designed business group boasts exceptional momentum, driven by growing yachts under the prestigious Feadship name; and the and securing the long- term future of its flagship lines as well exceptional Cheval Blanc hotels, which operate worldwide. 4 2018 Annual Financial Report 01_VA_V2 24/06/2019 15:19 Page5 Management Report of the Board of Directors – Financière Agache group The Financière Agache business model 2. Group values In its quest for excellence, there are three fundamental values Delivering excellence: Within the Group, quality can never be that drive the Financière Agache group’s performance and ensure compromised. Because the Maisons embody everything that is its long- term future. These are shared by everyone involved most noble and accomplished in the world of fine craftsmanship, at the Group, and inspire and guide their actions. They are one they pay extremely close attention to detail and strive for of its Maisons’ keys to success, anchoring them in the modern perfection: from products to services, it is in this quest for world and the society in which they operate. excellence that the Group differentiates itself. Being creative and innovative: Creativity and innovation are Cultivating an entrepreneurial spirit: The Group’s agile, part of the Group’s DNA; throughout the years, they have decentralized structure fosters efficiency and responsiveness. been the keys to the Maisons’ success and the basis of their It encourages individuals to take initiative by giving everyone a solid reputations. These fundamental values of creativity and significant level of responsibility. The entrepreneurial spirit innovation are pursued in tandem by the Maisons as they focus promoted by the Group makes risk- taking easier and encourages on achieving the ideal balance between continually renewing their perseverance. It requires a pragmatic approach and the ability offer while resolutely looking to the future, always respecting to mobilize staff towards achieving ambitious goals. their unique heritage. 3. Operating model The Financière Agache group’s operating model is based on the Creating synergies: Resources are pooled at Group level to following six pillars: create intelligent synergies while respecting each Maison’s independence and autonomy. Financière Agache’s shared Decentralized organization: The structure and operating strength as a Group is used to benefit each Maison individually. principles adopted ensure that Maisons are both autonomous and responsive. As a result, they are able to build close relationships Securing expertise for the long term: The Maisons that make with their customers, make fast, effective and appropriate up the Financière
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