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TRANSLATION OF THE FRENCH DOCUMENT DE RÉFÉRENCE FISCAL YEAR ENDED DECEMBER 31, 2014 CONTENTS HISTORY 1 FINANCIAL HIGHLIGHTS 2 EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS 5 SIMPLIFIED ORGANIZATIONAL CHART OF THE GROUP AS OF JANUARY 31, 2015 6 BUSINESS DESCRIPTION 9 WINES AND SPIRITS 10 FASHION AND LEATHER GOODS 14 PERFUMES AND COSMETICS 16 WATCHES AND JEWELRY 18 SELECTIVE RETAILING 19 OTHER ACTIVITIES 21 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 23 LVMH GROUP 23 PARENT COMPANY: LVMH MOËT HENNESSY-LOUIS VUITTON 47 HUMAN RESOURCES 69 LVMH AND THE ENVIRONMENT 87 REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS 103 FINANCIAL STATEMENTS 117 CONSOLIDATED FINANCIAL STATEMENTS 117 PARENT COMPANY FINANCIAL STATEMENTS: LVMH MOËT HENNESSY-LOUIS VUITTON 189 OTHER INFORMATION 221 GOVERNANCE 221 GENERAL INFORMATION REGARDING THE PARENT COMPANY; STOCK MARKET INFORMATION 251 RESOLUTIONS FOR THE APPROVAL OF THE COMBINED SHAREHOLDERS’ MEETING OF APRIL 16, 2015 259 RESPONSIBLE COMPANY OFFICER; FINANCIAL INFORMATION 277 TABLES OF CONCORDANCE 281 This document is a free translation into English of the original French “Document de référence”, hereafter referred to as the “Reference Document”. 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. HISTORY Although the history of the LVMH group began in 1987 with the merger of Moët Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further, to eighteenth-century Champagne, when a man named Claude Moët decided to build on the work of Dom Pérignon, a contemporary of Louis XIV; and to nineteenth-century Paris, famous for its imperial celebrations, where Louis Vuitton, a craftsman trunk-maker, invented modern luggage. Today, the LVMH group is the world’s leading luxury goods company, the result of successive alliances among companies that, from generation to generation, have successfully combined traditions of excellence and creative passion with a cosmopolitan flair and a spirit of conquest. These companies now form a powerful, global group in which the historic companies share their expertise with the newer brands, and continue to cultivate the art of growing while transcending time, without losing their soul or their image of distinction. From the 14th century to the present 14th century 1365 Domaine du Clos des Lambrays 1947 Parfums Christian Dior Emilio Pucci 1951 Wen Jun 16th century 1593 Château d’Yquem 1952 Givenchy Connaissance des Arts 18th century 1729 Ruinart 1957 Parfums Givenchy 1743 Moët & Chandon 1958 Starboard Cruise Services 1765 Hennessy 1959 Estates & Wines 1772 Veuve Clicquot 1960 DFS 1780 Chaumet Bodegas Chandon 1969 Sephora 1970 Kenzo 19th century 1815 Ardbeg 1972 Parfums Loewe 1817 Cova 1974 Investir-Le Journal des Finances 1828 Guerlain 1975 Montres Dior 1832 Château Cheval Blanc Ole Henriksen 1843 Krug 1976 Benefit Glenmorangie 1977 Newton 1846 Loewe Cape Mentelle 1849 Royal Van Lent 1980 Hublot 1852 Le Bon Marché 1982 Radio Classique 1854 Louis Vuitton 1984 Thomas Pink 1858 Mercier Marc Jacobs 1860 TAG Heuer Donna Karan Jardin d’acclimatation Make Up For Ever 1865 Zenith 1985 Cloudy Bay 1870 La Samaritaine 1988 Kenzo Parfums 1884 Bvlgari 1991 Fresh 1895 Berluti 1993 Belvedere 1897 Franck et Fils 1998 Numanthia Termes 1999 Terrazas de los Andes 20th century 1908 Les Echos Cheval des Andes 1916 Acqua di Parma 1924 Loro Piana 21st century 2001 De Beers Diamond Jewellers 1925 Fendi 2004 Nicholas Kirkwood 1936 Dom Pérignon 2005 Edun Fred 2007 Nude 1942 Rossimoda 2010 Parfums Fendi 1945 Céline 2014 Reference Document 1 FINANCIAL HIGHLIGHTS Key consolidated data (EUR millions and percentage) 2014 2013 (1) (2) (3) 2012 (1) (2) Revenue 30,638 29,016 27,970 Profit from recurring operations 5,715 6,017 5,924 Net profit 6,105 (a) 3,947 3,909 Net profit, Group share 5,648 (a) 3,436 3,425 Cash from operations before changes in working capital (b) 7,080 7,277 6,957 Operating investments 1,775 1,657 1,694 Free cash flow (c) 2,832 3,057 2,421 Total equity (d) 23,003 27,907 25,508 Net financial debt (e) 4,805 5,309 4,233 Net financial debt / Total equity ratio 21% 19% 17% (a) Of which 2,677 million euros resulting from the distribution of Hermès shares. (b) Before tax and interest paid. (c) Net cash from operating activities and operating investments. (d) Including minority interests. (e) Excluding purchase commitments for minority interests included in Other non-current liabilities. Data per share (EUR) 2014 2013 2012 Earnings per share Basic Group share of earnings per share 11.27 (f) 6.87 6.86 Diluted Group share of earnings per share 11.21 (f) 6.83 6.82 Dividend per share Interim 1.25 1.20 1.10 Final 1.95 1.90 1.80 Gross amount paid for fiscal year (g) (h) 3.20 3.10 2.90 (f) Of which 5.34 euros per share (5.31 euros per share after dilution) resulting from the distribution of Hermès shares. (g) Gross amount paid for fiscal year, excluding the impact of the tax regulations applicable to the beneficiary. (h) For fiscal year 2014, amount proposed at the Shareholders’ Meeting of April 16, 2015. Information by business group (EUR millions) 2014 2013 (1) 2012 (1) Revenue by business group Wines and Spirits 3,973 4,173 4,122 Fashion and Leather Goods 10,828 9,883 9,926 Perfumes and Cosmetics 3,916 3,717 3,613 Watches and Jewelry 2,782 2,697 2,750 Selective Retailing 9,534 8,903 7,843 Other activities and eliminations (395) (357) (284) Total 30,638 29,016 27,970 Profit from recurring operations by business group Wines and Spirits 1,147 1,367 1,256 Fashion and Leather Goods 3,189 3,135 3,257 Perfumes and Cosmetics 415 414 408 Watches and Jewelry 283 367 336 Selective Retailing 882 908 860 Other activities and eliminations (201) (174) (193) Total 5,715 6,017 5,924 2 2014 Reference Document Information by geographic region (as percentage) 2014 2013 (1) 2012 (1) Revenue by geographic region of delivery France 10 11 11 Europe (excluding France) 19 19 19 United States 24 23 23 Japan 7 7 9 Asia (excluding Japan) 29 30 28 Other markets 11 10 10 Total 100 100 100 Revenue by invoicing currency Euro 23 23 24 US dollar 29 28 28 Japanese yen 7 7 8 Hong Kong dollar 8 8 6 Other currencies 33 34 34 Total 100 100 100 Number of stores 2014 (i) 2013 2012 France 467 443 412 Europe (excluding France) 995 926 910 United States 708 669 644 Japan 412 370 370 Asia (excluding Japan) 870 749 670 Other markets 256 227 198 Total 3,708 3,384 3,204 (i) Of which 122 additional stores as a result of the integration of Loro Piana. (1) The financial statements as of December 2013 and 2012 have been restated to reflect the retrospective application as of January 1, 2012 of IFRS 11 Joint Arrangements. See Note 1.2 of the consolidated financial statements. (2) Taking into account the amended presentation of dividends received and income tax paid starting in 2014. See Note 1.4 of the consolidated financial statements. (3) The consolidated balance sheet as of December 31, 2013 has been restated to reflect the finalized purchase price allocation for Loro Piana. See Note 2 of the consolidated financial statements. 2014 Reference Document 3 4 2014 Reference Document EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS Board of Executive Performance Directors (a) Committee Audit Committee Bernard Arnault Bernard Arnault Yves-Thibault de Silguy (b) Chairman and Chief Executive Officer Chairman and Chief Executive Officer Chairman Pierre Godé Antonio Belloni Nicholas Clive Worms (b) Vice-Chairman Group Managing Director Gilles Hennessy (b) Antonio Belloni Pierre Godé Group Managing Director Vice-Chairman Antoine Arnault Nicolas Bazire Nominations and Development and acquisitions Delphine Arnault Compensation Committee Michael Burke Nicolas Bazire Louis Vuitton Albert Frère (b) Bernadette Chirac (b) Chantal Gaemperle Chairman Nicholas Clive Worms (b) Human resources Charles de Croisset (b) Charles de Croisset (b) Jean-Jacques Guiony Yves-Thibault de Silguy (b) Finance Diego Della Valle (b) Christopher de Lapuente Albert Frère (b) Sephora Statutory Auditors Marie-Josée Kravis (b) Christophe Navarre Lord Powell of Bayswater Wines and Spirits DELOITTE & ASSOCIÉS Marie-Laure Sauty de Chalon (b) Daniel Piette represented by Thierry Benoit Investment funds Yves-Thibault de Silguy (b) ERNST & YOUNG et Autres Pierre-Yves Roussel Francesco Trapani represented by Jeanne Boillet Fashion and Gilles Cohen Hubert Védrine (b) Philippe Schaus DFS Advisory Board members Jean-Baptiste Voisin Strategy Paolo Bulgari Patrick Houël General secretary Felix G. Rohatyn Marc-Antoine Jamet (a) The list of Directors’ appointments can be found on pages 222 to 234 of “Other Information – Governance”. (b) Independent Director. 2014 Reference Document 5 SIMPLIFIED ORGANIZATIONAL CHART OF THE GROUP AS OF JANUARY 31, 2015 LVMH SE Diageo 34% 66% 99.9% MOËT HENNESSY LV GROUP SA Moët & Chandon 99% Louis 100% 100% 100% Parfums 100% Hennessy Guerlain Chaumet Dom Pérignon Vuitton Christian Dior Mercier 100% 100% Kenzo 100% 100% Ruinart Belvedere Berluti Fred Bulgari Parfums 100% 100% Glenmorangie 100% Parfums 100% Le Bon 100% Krug 100% Céline Sephora Ardbeg Givenchy Marché Veuve 55% Wen Jun 100% Make Up 100% La 99% 100% Kenzo Clicquot Spirits For Ever Samaritaine Franck & Fils Cloudy 100% 100% Numanthia 100% Givenchy Bay Termes Domaine Newton 90% 100% Chandon Vineyards Terrazas de los Andes Cape 100% 50% Cheval Mentelle des Andes (*) 6 2014 Reference Document The objective of this chart is to present the direct and/or indirect control structure of brands and trade names by the Group’s main holding companies.
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