About DFS Group DFS Group Is the World's Leading Luxury Travel Retailer

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About DFS Group DFS Group is the world’s leading luxury travel retailer. Established in Hong Kong in 1960, DFS Group continues to be a pioneer in global luxury travel retail, offering its customers a carefully curated selection of exceptional products from over 750 of the most desired brands. Its network consists of duty free stores located in 12 major global airports and 23 downtown Galleria locations on four continents, as well as affiliate and resort locations. The Group is privately held and majority owned by the world’s largest luxury conglomerate, Moët Hennessy Louis Vuitton (LVMH), alongside DFS co-founder and shareholder Robert Miller. DFS Group employs more than 5,000 people focused on creating inspiring omnichannel retail experiences for its customers and is headquartered in Hong Kong with offices in Australia, Cambodia, China, France, Indonesia, Italy, Japan, Macau, New Zealand, Singapore, United Arab Emirates, United States of America and Vietnam. For more information, please visit www.dfs.com. About T Galleria by DFS T Galleria by DFS is the ultimate evolution of the original travel retail concept pioneered by DFS Group. The first downtown store opened in 1968 in Hong Kong, followed shortly thereafter by Honolulu and eventually expanding to 23 locations all over the world. Today, T Galleria by DFS has a presence in the United States of America, as well as across Asia, Europe, Oceania and the South Pacific regions. Linked to the notion of travel through the use of T for the Traveler, the brand stands for what customers have come to expect: an expertly curated assortment of the world’s preferred luxury brands, exceptional retail environments, highly personalized services and unique experiences tailored to their specific needs as travelers. T Galleria by DFS enables travelers to realize their individual style, one journey at a time. .

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Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS 27 C ONSOLIDATED HIGHLIGHTS in millions of euros 1996 1997 1998 1999 2000 Net sales 4,932 7,513 7,130 8,758 11,867 Income from operations* 1,092 1,275 1,181 1,551 1,967 Income before taxes* 1,017 1,179 969 1,415 1,652 Net current income before goodwill amortization, Group share 282 300 184 295 320 Net income, Group share 191 246 47 264 251 * Adjusted retroactively to account for restatements. euros Net current income before goodwill amortization, per share* 1.68 1.78 1.04 1.63 1.77 * Adjusted to reflect the nominal split by four carried out on 07/03/2000. in millions of euros Total assets 17,042 20,091 21,422 26,330 28,435 Shareholders’ equity 3,358 3,595 3,724 3,887 3,972 Cash generation* 853 1,155 517 922 1,122 * Adjusted retroactively to account for restatements. 29 C ONSOLIDATED BALANCE SHEET in millions of currency units, at December 31 2000 2000 1999 1998 ASSETS Notes FRF Euros Current assets Cash and equivalents 3 4,787 730 664 672 Short-term investments 3 8,700 1,326 187 218 Treasury shares 4 8,989 1,370 903 244 Trade accounts receivable 5 10,992 1,676 1,476 1,153 Net deferred taxes 1,768 269 275 208 Inventories and work-in-progress 6-27 22,503 3,431 2,988 2,603 Other receivables 10,597 1,616 1,912 726 Total current assets 68,336 10,418 8,405 5,824 Fixed assets Investments in companies accounted for by the equity method 7 155 24 14 10 Other investments securities 8 13,455 2,051 4,217 3,777 Other financial fixed assets 2,710 413 261 199 16,320 2,488 4,492 3,986 Property, plant and equipment 9 38,261
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About DFS Group DFS Group Is the World's Leading Luxury Travel Retailer
About DFS Group DFS Group is the world’s leading luxury travel retailer. Established in Hong Kong in 1960, DFS Group continues to be a pioneer in global luxury travel retail, offering its customers a carefully curated selection of exceptional products from over 700 of the most desired brands through 420 boutiques on four continents. Its network consists of duty free stores located in 11 major global airports and 18 downtown Galleria locations, as well as affiliate and resort locations. The Group is privately held and majority owned by the world’s largest luxury conglomerate Moët Hennessy Louis Vuitton (LVMH), alongside DFS co-founder and shareholder Robert Miller. DFS Group employs over 9,000 people focused on creating inspiring retail experiences for its customers. In 2017, nearly 160 million travelers visited DFS stores. DFS is headquartered in Hong Kong and has offices in Australia, Cambodia, China, France, Indonesia, Italy, Japan, Macau, New Zealand, Singapore, United Arab Emirates, United States of America and Vietnam. For more information, please visit www.dfs.com. About T Galleria by DFS T Galleria by DFS, formerly known as DFS Galleria, is the ultimate evolution of the original travel retail concept pioneered by DFS Group. The first downtown store opened in 1968 in Hong Kong, followed shortly thereafter by Honolulu and eventually expanding to 18 locations all over the world. Today, T Galleria by DFS has a presence in the United States of America, as well as across Asia, Europe, Oceania and the South Pacific regions. Linked to the notion of travel through the use of T for the Traveler, the brand stands for what customers have come to expect: an expertly curated assortment of the world’s preferred luxury brands, exceptional retail environments, highly personalized services and unique experiences tailored to their specific needs as travelers.
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Consolidated Statements
CONSOLIDATED STATEMENTS 63 C ONSOLIDATED H IGHLIGHTS millions of euros 2000 2001 2002 2003 2004 Net sales 11,867 12,567 13,168 12,466 13,201 Operating income* 1,967 1,548 2,034 2,213 2,461 Income before taxation* 1,652 597 1,264 1,622 2,098 Income from continuing operations Group share before amortization of goodwill 320 75 287 428 582 Net income – Group share 251 (95) 178 303 464 * Adjusted retroactively to reflect reclassifications. euros Income from continuing operations per share before amortization of goodwill 1.77 0.41 1.58 2.36 3.20 * Adjusted following the 1 for 4 split on July 3, 2000. millions of euros Total balance sheet 28,435 29,228 26,802 25,802 25,873 Shareholders’ equity 3,972 3,788 3,793 3,774 4,003 Cash flow 1,140 884 1,528 1,961 2,162 * Adjusted retroactively to reflect reclassifications. 65 C ONSOLIDATED B ALANCE S HEET AT D ECEMBER 31, 2004 (millions of euros) ASSETS Notes 2004 2003 2002 Fixed assets Brands and other intangible assets 3 9,030 9,223 9,368 Depreciation and amortization (406) (518) (362) 8,624 8,705 9,006 Goodwill 4 4,766 4,691 4,628 Amortization (1,751) (1,496) (1,224) 3,015 3,195 3,404 Tangible assets 5 6,978 6,653 6,855 Amortization (2,875) (2,678) (2,614) 4,103 3,975 4,241 Long-term financial assets Equity interests 6 117 52 71 Other long-term securities 7 878 1,252 1,233 Other financial fixed assets 416 357 522 1,411 1,661 1,826 Total fixed assets 17,153 17,536 18,477 Current assets Inventories and work in progress 8-26 3,630 3,517 3,522 Trade receivables and related accounts 9 1,367 1,423 1,373
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Case No COMP/M.6212 - LVMH/ BULGARI
EN Case No COMP/M.6212 - LVMH/ BULGARI Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 29/06/2011 In electronic form on the EUR-Lex website under document number 32011M6212 Office for Publications of the European Union L-2985 Luxembourg EUROPEAN COMMISSION Brussels, 29.6.2011 In the published version of this decision, some information has been omitted pursuant to Article C(2011) 4823 final 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are PUBLIC VERSION shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. MERGER PROCEDURE ARTICLE 6(1)(b) DECISION To the notifying party: Dear Sir/Madam, Subject: Case No COMP/M.6212 - LVMH/ BULGARI Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 1. On 24 May 2011, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which LVMH Moët Hennessy – Louis Vuitton Group ("LVMH", France), controlled by Groupe Arnault SAS (France), acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of the undertaking Bulgari S.p.A ("Bulgari", Italy) by way of purchase of shares.2 LVMH and Bulgari will be hereinafter referred to as "the parties". I. THE PARTIES 2. LVMH is active in the production and sales of luxury goods (wines and spirits; fashion and leather goods, including accessories; perfumes and cosmetics; watches and jewellery; selective retailing as well as the luxury yachts industry).
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The Duty Free & Travel Retail Asia Pacific Summit
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Wvb Dossier Report Lvmh Moet Hennessy - Louis Vuitton Se
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DFS Group Launches Ninth Annual Masters of Time Exhibition
DFS Group launches ninth annual Masters of Time exhibition By Hibah Noor on December, 15 2017 | Retailers The Masters of Time set up at T Galleria by DFS, Shoppes at Four Seasons 1 Copyright DutyFree Magazine. All rights reserved. DFS Group's Johan Pretorius, Andrew Webster, Tim DeLessio, Ariel Gentzbourger, Ed Brennan, Sibylle Scherer and Christophe Chaix DFS Group launched its ninth annual Masters of Time exhibition on Saturday, December 9. The exhibition, which is held at T Galleria by DFS, Macau, in partnership with Shoppes at Four Seasons, will run until February 28, 2018 for customers to view and shop the curated collection. The DFS Masters of Time exhibition is well known for being the world’s largest and most prestigious retail event for luxury watches and jewelry, showcasing the best in design, innovation and heritage for men and women. This year, DFS’ expert teams brought together an unparalleled collection of more than 450 ﬁne watches and exquisite jewelry from 30 brands in a theme that focused on the concept of memories. 2 Copyright DutyFree Magazine. All rights reserved. From left: Johan Pretorius, Managing Director, DFS Cotai Limitada, Macau; Ed Brennan, Chairman & CEO, DFS Group; Sibylle Scherer, President Merchandising & Consumer Marketing, DFS Group “This year’s Masters of Time exhibition explores how watch collectors and creators commemorate life’s most signiﬁcant moments, so that certain pieces become imbued with our memories,” said Christophe Chaix, Senior Vice President, Fashion, Watches, Jewelry and Accessories. “As always, the customer is at the heart of everything we do at DFS, and each year we travel the world to curate a Masters of Time exhibition to delight returning and new customers alike.
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