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2006 a Nnual R Eport 2006 ANNUAL R EPORT This document is a free translation into English of the original French “Rapport Annuel”, hereafter referred to as the “Annual 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. C OMBINED O RDINARY AND E XTRAORDINARY S HAREHOLDERS’MEETING O N M AY 10, 2007 Message from the Chairman 2 Board of Directors and General Management 6 Simplified organizational chart 7 Financial highlights 8 Management report of the Board of Directors 10 Report from the Chairman of the Board of Directors on internal control 66 Consolidated financial statements 73 • Balance sheet 74 • Income statement 75 • Statement of changes in equity 76 • Cash flow statement 77 • Notes to the financial statements 78 • Statutory auditors’ report 154 Parent company financial statements 157 • Balance sheet 158 • Income statement 160 • Cash flow statement 161 • Notes to the annual financial statements 162 • Subsidiaries and investments 172 • Investment portfolio 174 • Company results over the last five fiscal years 175 • Statutory auditors’ reports 176 Resolutions 180 • Text of the resolutions 180 • Statutory auditors’ reports 189 General information 193 • History of the Group 194 • General information regarding the parent company and its share capital 196 • Stock market information 202 • Main locations and properties 206 • Supply sources and subcontracting 209 • Statutory auditors 212 1 MESSAGE FROM THE CHAIRMAN After a year of already strong growth in 2005, 2006 was an excellent year for the Christian Dior Group, with record sales across all its business lines and a significant increase in its net profit. This performance confirms the validity of our Group’s strategy, built around the development of exceptional brands and the implementation of growth drivers, as well as the strengthening of our global leadership in luxury goods. In 2006, Christian Dior clearly reconfirmed its position as a major fashion and luxury brand worldwide. The Group’s values of elegance and innovation, which have guided its development since it was founded in 1947, are becoming increasingly important in a world on the lookout for extreme quality and creativity. In line with Christian Dior’s ambition to export its fashion on all five continents, the Group is now setting out to meet new clients in order to offer them exceptional products within a refined and prestigious setting. Russia is not the only region in which Christian Dior strengthened its network over 2006. The Group has also focused strongly on the Middle East, with openings notably in Kuwait and Abu Dhabi. In India, a first boutique has also been opened in New Delhi. This boutique opening program will continue over 2007. This focus on detail, perfection and elegance for innovation is behind the many successes of products thought up by our designers and produced by design studios with unparalleled expertise. The women’s Ready-to-Wear business has continued to develop, driven by John Galliano, who celebrated 10 years at Dior at the start of 2007. The leather goods activity has seen a number of remarkable successes, with the Gaucho, Cannage or even My Dior lines. Footwear also developed at a very strong rate. The Baby Dior activity, covering one of the brand’s latest licenses, has been brought back under direct control, opening up interesting opportunities in a highly dynamic sector in which Christian Dior has a highly legitimate position. The men’s ready-to-wear has also continued to develop, ramping up both its offerings and its distribution, notably with exclusive boutiques in Beverly Hills and Hong Kong. The Jewelry lines have continued to benefit from a very strong image, thanks to the designs of Victoire de Castellane, notably with the success of the Diorette ring, combined with strong commercial development. 2 LVMH achieved a record level of sales over 2006, while further improving its profitability, strengthening its leadership and increasing its market shares across all of its business lines. Once again, our teams have performed remarkably this year. Our Wines and Spirits houses have well managed the increased product quality and range and strong growth in volumes. Our Fashion and Leather Goods businesses have performed exceptionally in Europe and Asia. The Perfume & Cosmetics brands have once again gained market share from their competitors. The Watches and Jewelry business group has undeniably continued the successful recovery which has mobilized its teams in recent years. The Selective Retailing companies have become more competitive and this business group has further improved its profitability. The international expansion of our activities is particularly notable. We sell products from the best traditional crafts with growing success on every continent. Our brands are the leading ambassadors of this excellence with customers from very diverse origins and cultures. In the United States, the leading luxury goods market where demand is very strong, LVMH has almost quintupled its sales over ten years. In Asia, our progress year on year demonstrates our success with the increasing numbers of consumers in the region who are accessing the luxury goods market and recognizing quality. Today in China, for example, we lead in several areas thanks to the investments the Group had the foresight to make in a market with rapidly increasing influence. Our progress in Europe is also notable, proving the solidity of our heritage and the loyalty of our clients in the regions where our crafts and the culture of luxury first originated. LVMH’s home continent has also, of course, its own new markets in the Central European countries, and in particular Russia, where there is strong potential. Europe also profits from an increasing influx of tourists, fuelled in particular by China and Russia. LVMH will be 20 years old in 2007. Throughout the last two decades, the Group has developed and deployed a consistently successful and unique long-term growth strategy. It has remained close to this strategy while at the same time continuing to respond to and anticipate an ever-evolving world. From its inherited values, the Group has created an even more vibrant cultural heritage on which to base its future. The strength of the LVMH’s leading brands: Louis Vuitton, Christian Dior, Hennessy, TAG Heuer, Fendi, Sephora…, give the Group a competitive advantage which it intends to strengthen as time goes on. In each of its activities, rising stars are confirming their potential as growth drivers. The future of our Group is full of exciting challenges and new opportunities in a market that has strong potential and a positive outlook. The rigorous pursuit of the Group’s growth strategy, the creativity and quality of its products, the talent of its craftsmen and designers, the efficiency of its marketing teams will enable LVMH to increase the lead over its competitors in the luxury marketplace. The Group’s sustainable development strategy is imbedded in our long-term value and future. The Group adheres to the United Nations’ Global Compact whose objectives form an integral part of its development strategy. The Group is dedicated to being a business of the community, one that respects the well-being of its contemporaries and that of future generations. We will continue to take the social and environmental implications of our activities very seriously. 3 We are looking ahead to 2007, which began in a still difficult monetary context, with greater energy and confidence. Our business will be driven by a highly dynamic approach to innovation across all of our business lines, by the development of new product categories and by our continued investments in distribution and communication on high-growth markets. These developments expected in the following months enable us to fix a new Group objective of a significant increase in its 2007 results. 4 5 B OARD OF D IRECTORS AND G ENERAL M ANAGEMENT BOARD OF DIRECTORS PERFORMANCE AUDIT COMMITTEE Bernard ARNAULT Eric GUERLAIN Chairman of the Board of Directors Chairman Eric GUERLAIN (1) Pierre GODE Vice Chairman Christian de LABRIFFE Sidney TOLEDANO Chief Executive Officer Antoine BERNHEIM (1) NOMINATING AND COMPENSATION Denis DALIBOT COMMITTEE Pierre GODE Antoine BERNHEIM Christian de LABRIFFE Chairman Jaime de MARICHALAR y SÁENZ de TEJADA Pierre GODE Alessandro VALLARINO GANCIA Eric GUERLAIN (1) (2) Raymond WIBAUX Raymond WIBAUX Directors EXECUTIVE MANAGEMENT STATUTORY AUDITORS ERNST & YOUNG AUDIT Sidney TOLEDANO represented by Christian Mouillon Chief Executive Officer MAZARS & GUERARD represented by Denis Grison (1) Independent director. (2) Renewal proposed at the Shareholders’ Meeting of May 10, 2007. 6 S IMPLIFIED O RGANIZATIONAL C HART OF T HE G ROUP AS OF D ECEMBER 31, 2006 Christian Dior* 100% Christian Dior Couture 100% Financière Jean Goujon 42,5% LVMH* * Listed company 7 F INANCIAL H IGHLIGHTS Consolidated revenue by business group (EUR million) 5% 5% Christian Dior Couture 731 Wines and Spirits 18% 18% 2,994 Fashion and Leather Goods 5,222 33% 33% Consolidated revenue by geographic region of delivery Perfumes and Cosmetics (EUR million) 2,519 15% 16% France 2,295 Watches and Jewelry 16% 15% 737 4% 4% Selective Retailing Europe (excluding France) 3,891 3,531 25% 24% 20% 22% Other activities United States and eliminations 4,141 2005 2006 (78) 26% 26% Consolidated revenue by currency Japan (EUR million) 2,086 14% 13% Euro 4,927 Asia (excluding Japan) 2,798 17% 17% 30% 31% Other markets
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