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EXERCICE 2018 DOCUMENT DE RÉFÉRENCE 0 VF V4 27/03/2019 17:34 Pageii 0_VF_V4 27/03/2019 17:34 PageI EXERCICE 2018 DOCUMENT DE RÉFÉRENCE 0_VF_V4 27/03/2019 17:34 PageII SOMMAIRE GÉNÉRAL HISTORIQUE 1 CHIFFRES CLÉS 2 ORGANES DE DIRECTION ET DE CONTRÔLE 5 ORGANIGRAMME SIMPLIFIÉ DU GROUPE AU 31 DÉCEMBRE 2018 6 RAPPORT DE GESTION DU CONSEIL D’ADMINISTRATION : LE GROUPE 9 MODÈLE ÉCONOMIQUE DE LVMH 9 PRÉSENTATION DES ACTIVITÉS, FAITS MARQUANTS ET PERSPECTIVES 13 COMMENTAIRES SUR LES RÉSULTATS ET LA SITUATION FINANCIÈRE CONSOLIDÉS 33 ÉTHIQUE ET RESPONSABILITÉ 45 ENVIRONNEMENT ET DURABILITÉ 69 TALENTS ET ATTRACTIVITÉ 85 SOLIDARITÉ ET MÉCÉNAT 97 GESTION DES RISQUES FINANCIERS ET OPÉRATIONNELS, CONTRÔLE INTERNE 103 RAPPORT DE GESTION DU CONSEIL D’ADMINISTRATION : LA SOCIÉTÉ LVMH 117 RAPPORT DU CONSEIL D’ADMINISTRATION SUR LE GOUVERNEMENT D’ENTREPRISE 129 ÉTATS FINANCIERS 169 COMPTES CONSOLIDÉS 169 COMPTES DE LA SOCIÉTÉ LVMH MOËT HENNESSY - LOUIS VUITTON 249 AUTRES INFORMATIONS 281 RENSEIGNEMENTS DE CARACTÈRE GÉNÉRAL CONCERNANT LA SOCIÉTÉ ET SON CAPITAL ; BOURSE 281 RESPONSABLE DU DOCUMENT DE RÉFÉRENCE ET POLITIQUE D’INFORMATION 291 TABLES DE CONCORDANCE 295 0_VF_V4 27/03/2019 17:34 Page1 HISTORIQUE Si l’histoire du groupe LVMH commence en 1987 lors du rapprochement de Moët Hennessy et Louis Vuitton, c’est au dix-huitième siècle, en Champagne, qu’il faut remonter pour retrouver ses racines, à l’époque où un certain Claude Moët décida de poursuivre l’œuvre de Dom Pérignon, contemporain de Louis XIV. Ou encore au dix- neuvième siècle, dans le Paris des fêtes impériales, quand Louis Vuitton, artisan malletier, inventa les bagages modernes. Aujourd’hui leader mondial du luxe, le groupe LVMH est le fruit d’alliances successives entre des entreprises qui, de génération en génération, ont su marier tradition d’excellence, passion créative, ouverture au monde et esprit de conquête. Désormais, ensemble, elles composent un groupe puissant de dimension mondiale, mettent leur expertise au service de marques plus jeunes et continuent à cultiver l’art de grandir et de traverser le temps sans perdre leur âme et leur image d’exception. Du XIVe siècle à nos jours XIVe siècle 1365 Le Clos des Lambrays 1945 Celine 1946 Christian Dior Couture 1947 Parfums Christian Dior XVIe siècle 1593 Château d’Yquem Emilio Pucci 1952 Givenchy XVIIIe siècle 1729 Ruinart Connaissance des Arts 1743 Moët & Chandon 1957 Parfums Givenchy 1765 Hennessy 1958 Starboard Cruise Services 1772 Veuve Clicquot 1959 Chandon 1780 Chaumet 1960 DFS 1969 Sephora 1970 Kenzo XIXe siècle 1815 Ardbeg Cape Mentelle 1817 Cova 1972 Parfums Loewe 1828 Guerlain 1974 Investir- Le Journal des Finances 1832 Château Cheval Blanc 1975 Ole Henriksen 1843 Krug 1976 Benefit Cosmetics Glenmorangie 1977 Newton 1846 Loewe 1980 Hublot 1849 Royal Van Lent 1983 Radio Classique 1852 Le Bon Marché 1984 Pink Shirtmaker 1854 Louis Vuitton Marc Jacobs 1858 Mercier Make Up For Ever 1860 TAG Heuer 1985 Cloudy Bay Jardin d’Acclimatation 1988 Kenzo Parfums 1865 Zenith 1991 Fresh 1870 La Samaritaine 1992 Colgin Cellars 1884 Bvlgari 1993 Belvedere 1895 Berluti 1998 Bodega Numanthia 1898 Rimowa 1999 Terrazas de los Andes Cheval des Andes XXe siècle 1908 Les Echos 1916 Acqua di Parma XXIe siècle 2004 Nicholas Kirkwood 1923 La Grande Épicerie de Paris 2008 Kat Von D 1924 Loro Piana 2009 Maison Francis Kurkdjian 1925 Fendi 2010 Woodinville 1936 Dom Pérignon 2013 Ao Yun Fred 2017 Fenty Beauty by Rihanna 1944 Le Parisien-Aujourd’hui en France Document de référence 2018 1 0_VF_V4 27/03/2019 17:34 Page2 CHIFFRES CLÉS Principales données consolidées (en millions d’euros, sauf résultats par action) 2018 2017 2016 Ventes 46 826 42 636 37 600 Résultat opérationnel courant 10 003 8 293 7 026 Résultat net 6 990 5 840 4 453 Résultat net, part du Groupe 6 354 5 365 4 066 Capacité d’autofinancement générée par l’activité (a) 11 965 10 405 8 733 Investissements d’exploitation 3 038 2 276 2 265 Cash flow disponible (b) 5 452 4 696 3 911 Capitaux propres (c) 33 957 30 377 27 898 Dette financière nette ajustée (d) 5 487 (e) 7 153 3 244 Ratio Dette financière nette ajustée/Capitaux propres 16 % (e) 24 % 12 % (a) Avant paiement de l’impôt et des frais financiers. (b) Variation de la trésorerie issue des opérations et investissements d’exploitation. (c) Y compris intérêts minoritaires. (d) Hors engagement d’achat de titres de minoritaires, classés en Autres passifs non courants. (e) Hors acquisition des titres Belmond. Informations par groupe d’activités Ventes par groupe d’activités (en millions d’euros) 2018 2017 2016 Vins et Spiritueux 5 143 5 084 4 835 Mode et Maroquinerie 18 455 15 472 12 775 Parfums et Cosmétiques 6 092 5 560 4 953 Montres et Joaillerie 4 123 3 805 3 468 Distribution sélective 13 646 13 311 11 973 Autres activités et éliminations (633) (596) (404) Total 46 826 42 636 37 600 Variation des ventes par groupe d’activités 2018 2017 Variation 2018/2017 2016 (en millions d’euros et en pourcentage) Publiée Organique (a) Vins et Spiritueux 5 143 5 084 + 1 % + 5 % 4 835 Mode et Maroquinerie 18 455 15 472 + 19 % + 15 % 12 775 Parfums et Cosmétiques 6 092 5 560 + 10 % + 14 % 4 953 Montres et Joaillerie 4 123 3 805 + 8 % + 12 % 3 468 Distribution sélective 13 646 13 311 + 3 % + 6 % 11 973 Autres activités et éliminations (633) (596) - - (404) Total 46 826 42 636 + 10 % + 11 % 37 600 (a) À périmètre et taux de change comparables. L’effet de l’évolution des parités monétaires sur les ventes du Groupe est de - 4 % et l’effet des variations de périmètre de + 3 %. Les principes de détermination des effets de l’évolution des parités monétaires sur les ventes des entités en devises et des variations de périmètre sont décrits en page 37. Résultat opérationnel courant par groupe d’activités (en millions d’euros) 2018 2017 2016 Vins et Spiritueux 1 629 1 558 1 504 Mode et Maroquinerie 5 943 4 905 3 873 Parfums et Cosmétiques 676 600 551 Montres et Joaillerie 703 512 458 Distribution sélective 1 382 1 075 919 Autres activités et éliminations (330) (357) (279) Total 10 003 8 293 7 026 2 Document de référence 2018 0_VF_V4 27/03/2019 17:34 Page3 Informations par zone géographique Ventes par zone géographique de destination (en pourcentage) 2018 2017 2016 France 10 10 10 Europe (hors France) 19 19 18 États- Unis 24 25 27 Japon 7 7 7 Asie (hors Japon) 29 28 26 Autres marchés 11 11 12 Total 100 100 100 Ventes par devise de facturation (en pourcentage) 2018 2017 2016 Euro 22 23 23 Dollar US 29 30 32 Yen Japonais 7 7 7 Hong Kong dollar 6 6 6 Autres devises 36 34 32 Total 100 100 100 Nombre de boutiques (en nombre) 2018 2017 (a) 2016 (b) France 514 508 492 Europe (hors France) 1 153 1 156 1 061 États- Unis 783 754 703 Japon 422 412 387 Asie (hors Japon) 1 289 1 151 991 Autres marchés 431 393 314 Total 4 592 4 374 3 948 (a) Dont 198 boutiques pour Christian Dior Couture et 57 pour Rimowa. (b) Hors Rimowa dont le réseau a été intégré en 2017. Données par action (en euros) 2018 2017 2016 Résultats consolidés par action Résultat net, part du Groupe 12,64 10,68 8,08 Résultat net, part du Groupe après dilution 12,61 10,64 8,06 Dividende par action Acompte 2,00 1,60 1,40 Solde 4,00 3,40 2,60 Montant brut global versé au titre de l’exercice (a) (b) 6,00 5,00 4,00 (a) Pour l’exercice 2018, montant proposé à l’Assemblée générale du 18 avril 2019. (b) Montant global versé au titre de l’exercice, avant effets de la réglementation fiscale applicable au bénéficiaire. Document de référence 2018 3 0_VF_V4 27/03/2019 17:34 Page4 4 Document de référence 2018 0_VF_V4 27/03/2019 17:34 Page5 ORGANES DE DIRECTION ET DE CONTRÔLE Conseil Comité Comité d’audit d’administration (1) exécutif de la performance (1) Bernard Arnault Bernard Arnault Yves-Thibault de Silguy (2) Président-directeur général Président-directeur général Président Antonio Belloni Antonio Belloni Antoine Arnault Directeur général délégué Directeur général délégué Charles de Croisset (2) Antoine Arnault Delphine Arnault Produits Louis Vuitton Delphine Arnault Nicolas Bazire Nicolas Bazire Comité de sélection Développement et acquisitions des Administrateurs Sophie Chassat (2) (3) (1) Pietro Beccari et des rémunérations Bernadette Chirac (2) Christian Dior Couture Charles de Croisset (2) Charles de Croisset (2) Michael Burke Président Louis Vuitton Diego Della Valle (2) Marie-Josée Kravis (2) Chantal Gaemperle Clara Gaymard (2) Ressources Humaines et Synergies Yves-Thibault de Silguy (2) Marie-Josée Kravis (2) Jean-Jacques Guiony Lord Powell of Bayswater Finances (2) Comité d’éthique et Marie-Laure Sauty de Chalon Christopher de Lapuente (1) Sephora and beauty du développement durable Yves-Thibault de Silguy (2) Philippe Schaus Hubert Védrine (2) Yves-Thibault de Silguy (2) Vins et Spiritueux Président Sidney Toledano Delphine Arnault Censeur Fashion Group Marie-Laure Sauty de Chalon (2) Paolo Bulgari Jean-Baptiste Voisin Stratégie Hubert Védrine (2) Secrétariat général Commissaires aux comptes (1) Marc-Antoine Jamet ERNST & YOUNG Audit Représenté par Jeanne Boillet et Patrick Vincent-Genod MAZARS Représenté par Simon Beillevaire et Loïc Wallaert (1) Au 31 décembre 2018. (2) Personnalité indépendante. (3) Cooptée par le Conseil d’administration du 25 octobre 2018. La liste des mandats des Administrateurs figure au point 1.4.1 du Rapport du Conseil d’administration sur le gouvernement d’entreprise pages 137 à 147 du Document de référence. Document de référence 2018 5 0_VF_V4 27/03/2019 17:34 Page6 ORGANIGRAMME SIMPLIFIÉ DU GROUPE AU 31 DÉCEMBRE 2018 LVMH Diageo 34% 66% 99,9% MOËT HENNESSY LV GROUP Moët & 99% Louis 100% 100% 100% Christian Dior 100% Chandon Hennessy Guerlain Chaumet Dom Pérignon Vuitton Couture Mercier 100% 100% Kenzo 100% Parfums 100% Ruinart Belvedere Berluti Fred Parfums Christian Dior 100% 100% Glenmorangie 99% Parfums 100% 100% Krug Celine Sephora Bvlgari 100% Ardbeg Givenchy Veuve 100% Numanthia 100% Make Up 100% La 99% Le Bon 100% Kenzo Clicquot Termes For Ever Samaritaine Marché Domaine Cloudy 100% 100% 100% 100% Chandon Givenchy Bay Terrazas de los Andes La Grande Épicerie de Paris Newton 90% 50% Cheval Vineyards des Andes (*) Cape 100% 50% Volcán De Mentelle Mi Tierra (*) 100% Woodinville (*) Consolidation par mise en équivalence.
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