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Consolidated Financial Statements CONSOLIDATED FINANCIAL STATEMENTS 45 C ONSOLIDATED H IGHLIGHTS EUR millions 1997 1998 1999 2000 2001 Net Sales 7,513 7,130 8,758 11,867 12,567 Income from operations* 1,275 1,181 1,551 1,967 1,548 Income before taxes* 1,179 969 1,415 1,652 597 Net current income before goodwill amortization, Group share 300 184 295 320 75 Net income, Group share 246 47 264 251 (95) * Adjusted retroactively to reflect reclassifications. euros Net current income per share before goodwill amortization * 1.78 1.04 1.63 1.77 0.41 * Adjusted to reflect the 4 for 1 stock split of July 3, 2000. EUR millions Balance sheet total 20,091 21,422 26,330 28,435 29,228 Shareholders’ equity 3,595 3,724 3,887 3,972 3,788 Net cash provided by operating activities* 1,155 517 922 1,140 884 * Adjusted retroactively to reflect reclassifications. 47 C ONSOLIDATED B ALANCE S HEET AT D ECEMBER 31 in EUR millions 2001 2000 1999 ASSETS Notes Euros Euros Euros Current assets Cash and cash equivalents 3 834 730 664 Short-term investments 3 623 1,326 187 Treasury shares 4 1,143 1,370 903 Trade accounts receivable 5 1,577 1,676 1,476 Net deferred taxes 23 503 269 275 Inventories and work in progress 6-29 3,727 3,431 2,988 Other short-term receivables 7 1,534 1,616 1,912 Total current assets 9,941 10,418 8,405 Fixed assets Financial assets Investments in companies accounted for by the equity method 8 81 24 14 Other investments securities 9 1,705 2,051 4,217 Other financial assets 478 413 261 2,264 2,488 4,492 Property, plant and equipment 10 7,120 5,802 4,956 Amortizations (2,489) (2,045) (1,727) 4,631 3,757 3,229 Goodwill 11 4,406 4,099 3,297 Amortizations (1,115) (505) (372) 3,291 3,594 2,925 Brands and other intangible assets 12 9,392 8,364 7,409 Depreciations and amortizations (291) (186) (130) 9,101 8,178 7,279 Total fixed assets 19,287 18,017 17,925 Total assets 29-30 29,228 28,435 26,330 48 2001 2001 2000 1999 after before after after assignment assignment assignment assignment LIABILITIES Notes Euros Euros Euros Euros Short term liabilities Current financial debt 13 340 340 331 436 Short-term financial borrowings 14 4,447 4,447 5,818 5,255 Bank overdrafts 14 603 603 619 396 5,390 5,390 6,768 6,087 Trade accounts payable 1,450 1,450 1,341 1,116 Other short-term liabilities 15 2,763 2,674 2,856 2,849 4,213 4,124 4,197 3,965 Total short-term liabilities 9,603 9,514 10,965 10,052 Long-term deferred taxes 23 171 171 114 171 Medium and long-term liabilities Repackaged notes 16 284 284 346 406 Financial debt, less current portion 13 5,402 5,402 3,499 3,085 Other medium and long-term liabilities and provisions 17 1,322 1,322 1,165 922 Total medium and long-term liabilities 7,008 7,008 5,010 4,413 Minority interests 18 8,658 8,658 8,374 7,807 Shareholders’ equity Capital 363 363 363 359 Consolidated reserves 3,493 3,728 3,673 3,586 Cumulative translation adjustment (68) (68) (64) (58) Income for the period – (95) –– Interim dividend paid – (51) –– Total shareholders’ equity 18 3,788 3,877 3,972 3,887 Total liabilities 29,228 29,228 28,435 26,330 The notes are fully part of the consolidated financial statements. 49 C ONSOLIDATED S TATEMENT OF I NCOME in EUR millions except for earnings per share expressed in euros 2001 2000 1999 Notes Euros Euros Euros Net sales 22-29-30 12,567 11,867 8,758 Cost of sales (4,764) (4,313) (3,200) Gross margin 7,803 7,554 5,558 Design expenses 20 (25) (55) (76) Marketing and selling expenses (4,743) (4,305) (2,999) General and dministrative expenses (1,487) (1,227) (932) Income from operations 29-30 1,548 1,967 1,551 Financial income 22 (499) (467) (254) Dividends from unconsolidated investments 16 45 97 Other income and expenses - net (468) 107 21 Income before income taxes 597 1,652 1,415 Income taxes 23 (194) (635) (555) Income from companies accounted for under the equity method 8 (42) (34) (6) Net income before amortization of goodwill and unusual items 361 983 854 (group share: 2001: 75; 2000: 320; 1999: 295) Amortization of goodwill 24 (159) (131) (93) Net income before unusual items 202 852 761 (group share: 2001: 5; 2000: 262; 1999: 254) Unusual items 25 (199) 35 41 Net income 3 887 802 Minority interests (98) (636) (538) Net income, group share (95) 251 264 Net income per share before amortization of goodwill and unusual items 0.41 1.77 1.63 Number of shares used as basis for calculation* 181,721,048 181,261,048 180,676,580 Fully diluted earnings per share before amortization of goodwill and unusual items 0.41 1.76 1.63 Number of shares used as basis for calculation* 181,723,825 181,665,063 181,465,508 * Number adjusted to reflect the four for one stock split of July 3, 2000. The notes are an integral part of the consolidated financial statements. 50 C ONSOLIDATED S TATEMENT OF C ASH F LOW EUR millions 2001 2000 1999 Euros Euros Euros I - OPERATING ACTIVITIES Net income, group share (95) 251 264 Minority interests in net income 98 636 538 Elimination of income from companies accounted for by the equity method 42 34 7 Dividends received from equity companies 4 21 Amortization and net long-term and short-term provisions 1,672 292 439 Net gain (loss) on sale of fixed assets or treasury shares (837) (75) (338) Net cash provided by operating activities before changes in current assets and liabilities 884 1,140 911 Change in current assets (403) (697) (654) Change in short-term debts 47 384 379 Change in working capital requirements (356) (313) (275) Net cash provided by operating activities ➀ 528 827 636 II - INVESTMENT ACTIVITIES Purchases of brands and other intangible assets (135) (75) (76) Purchases of plant, property and equipment (949) (822) (524) Acquisition of equity investments (417) (447) (1 709) Changes in debt on purchases of fixed asset 244 56 (6) Sale of non-financial fixed assets 149 85 142 Change in receivables on disposals of fixed assets 0 1 16 Impact of reclassification of equity interests and investment securities (677) 817 0 Disposal of unconsolidated investments 2,122 1,195 1,560 Changes in other financial assets (181) (192) (47) Impact in changes in consolidation (895) (547) (1,215) Net cash provided by (used in) investing activities ➁ (739) 71 (1,859) III - FINANCING ACTIVITIES Proceeds from issuance of common stock 42 11 60 Issuance of bonds and other financial debt 2,300 3,077 4,798 Principal repayments on short-term borrowings and long-term debt (2,477) (2,616) (1,197) Change in current accounts 304 370 (975) Changes in listed securities 880 (1,071) 112 Net cash provided by (used in) financing activities ➂ 1,049 (229) 2,798 IV - ACQUISITION AND DISPOSAL OF LVMH /DIOR SHARES ➃ (33) (370) (730) V - DIVIDENDS PAID IN THE PERIOD ➄ (508) (384) (454) VI - IMPACT OF EXCHANGE RATE DIFFERENCES ➅ (12) (9) (97) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ➀ + ➁ + ➂ + ➃ + ➄ + ➅ 285 (94) 294 Cash and cash equivalents at beginning of year (net of bank overdrafts) 326 420 126 Cash and cash equivalents at year end (net of bank overdrafts) 611 326 420 NET INCREASE (DECREASE ) IN CASH AND CASH EQUIVALENTS 285 (94) 294 The statement of cash flows shows the change in cash (net of bank overdrafts) and cash equivalents consisting of short-term investments that can be readily converted into cash, excluding, since January 1, 2001, listed securities. Figures from previous periods have been adjusted to allow comparisons with the data presented. 51 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - SIGNIFICANT EVENTS AND CHANGES IN THE GROUP CONSOLIDATION In 2001 Wines and Spirits • In 2000, the Group acquired 60 and 90% respectively of the Newton (Nappa Valley, California) and MountAdam (Eden Valley, southern Australia) winegrowing estates for EUR 34.5 million. These interests were fully consolidated over the full year in 2001. Fashion and Leather Goods • In January 2001, pursuant to an agreement signed in December 2000, LVMH acquired all of the stock of American company Gabrielle Studio, owner of the Donna Karan New York brand, for USD 405 million. Moreover, in March 2001, LVMH drafted a merger project with Donna Karan International Inc (DKI), a company listed on the New York stock exchange and owner of the exclusive license for the Donna Karan brand, proposing the transfer of LVMH’s interest in Gabrielle Studio to DKI and a takeover bid by LVMH for practically all of DKI’s stock at the price of USD 10.75 per share, a total of USD 185 million. This project was approved by DKI’s Shareholders’ Meeting of November 27, 2001. Following this operation, LVMH holds 100 % of the preferred stock and 89.40 % of the common stock of the new Donna Karan group. Gabrielle Studio was fully consolidated for the entire fiscal year while the stake in Donna Karan International will be consolidated as of 2002. The USD 405 million investment in Gabrielle Studio was fully allocated to the value of the Donna Karan New York brand.
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