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Translation of the French Financial Documents Fiscal 1_VA_V3 28/01/2019 13:34 PageI TRANSLATION OF THE FRENCH FINANCIAL DOCUMENTS FISCAL YEAR ENDED DECEMBER 31, 2018 1_VA_V3 28/01/2019 13:34 PageII CONTENTS EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS AS OF DECEMBER 31, 2018 1 FINANCIAL HIGHLIGHTS 2 HIGHLIGHTS AND OUTLOOK 4 SHARE CAPITAL AND VOTING RIGHTS 4 BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP 5 COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6 WINES AND SPIRITS 10 FASHION AND LEATHER GOODS 11 PERFUMES AND COSMETICS 13 WATCHES AND JEWELRY 14 SELECTIVE RETAILING 15 COMMENTS ON THE CONSOLIDATED BALANCE SHEET 17 COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 18 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21 CONSOLIDATED INCOME STATEMENT 22 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 23 CONSOLIDATED BALANCE SHEET 24 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 25 CONSOLIDATED CASH FLOW STATEMENT 26 SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27 This document is a free translation into English of the original French “Documents financiers – 31 décembre 2018”, hereafter referred to as the “Financial Documents”. 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. 1_VA_V3 28/01/2019 13:34 Page1 EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS AS OF DECEMBER 31, 2018 Board of Executive Performance Directors Committee Audit Committee Bernard Arnault Bernard Arnault Yves-Thibault de Silguy (a) Chairman and Chief Executive Officer Chairman and Chief Executive Officer Chairman Antonio Belloni Antonio Belloni Antoine Arnault Group Managing Director Group Managing Director Charles de Croisset (a) Antoine Arnault Delphine Arnault (c) Louis Vuitton Products Delphine Arnault Nicolas Bazire Nicolas Bazire Nominations and Development and Acquisitions Compensation Committee Bernadette Chirac (a) Pietro Beccari Charles de Croisset (a) Christian Dior Couture Charles de Croisset (a) Chairman Diego Della Valle (a) Michael Burke Louis Vuitton Marie-Josée Kravis (a) Clara Gaymard (a) Chantal Gaemperle Yves-Thibault de Silguy (a) Marie-Josée Kravis (a) Human Resources and Synergies Lord Powell of Bayswater Jean-Jacques Guiony Marie-Laure Sauty de Chalon (a) Finance Ethical and Sustainable Yves-Thibault de Silguy (a) Christopher de Lapuente Development Committee Sephora and Beauty Hubert Védrine (a) Yves-Thibault de Silguy (a) Philippe Schaus Sophie Chassat (b) Chairman Wines and Spirits Delphine Arnault Sidney Toledano Advisory Board member Fashion Group Marie-Laure Sauty de Chalon (a) Paolo Bulgari Jean-Baptiste Voisin Hubert Védrine (a) Strategy General Secretary Statutory Auditors Marc-Antoine Jamet ERNST & YOUNG Audit represented by Jeanne Boillet and Patrick Vincent-Genod MAZARS represented by Simon Beillevaire and Loïc Wallaert (a) Independent Director. (b) Appointment proposed to the Shareholders’ Meeting of April 18, 2019. (c) Appointment as from January 15, 2019. Financial Documents - December 31, 2018 1 1_VA_V3 28/01/2019 13:34 Page2 FINANCIAL HIGHLIGHTS Revenue Change in revenue by business group 2018 2017 2018/2017 Change 2016 (EUR millions) (EUR millions and percentage) Published Organic (a) 46,826 42,636 Wines and Spirits 5,143 5,084 +1% +5% 4,835 37,600 Fashion and Leather Goods 18,455 15,472 +19% +15% 12,775 Perfumes and Cosmetics 6,092 5,560 +10% +14% 4,953 Watches and Jewelry 4,123 3,805 +8% +12% 3,468 Selective Retailing 13,646 13,311 +3% +6% 11,973 Other activities and eliminations (633) (596) - - (404) Total 46,826 42,636 +10% +11% 37,600 (a) On a constant consolidation scope and currency basis. The net impact of exchange rate fluctuations on Group revenue was - 4% and the net impact of changes in the scope of consolidation was +3%. The principles used to determine the net impact of 2016 2017 2018 exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope of consolidation are described on page 9. Revenue by geographic region of delivery Revenue by invoicing currency France 10% Euro 22% Europe (excl. France) 19% US dollar 29% United States 24% Japanese yen 7% Asia (excl. Japan) 29% Hong Kong dollar 6% Japan 7% Other currencies 36% Other markets 11% Profit from recurring operations (EUR millions) 10,003 Profit from recurring operations by business group 2018 2017 20 16 (EUR millions) 8,293 7,026 Wines and Spirits 1,629 1,558 1,504 Fashion and Leather Goods 5,943 4,905 3,873 Perfumes and Cosmetics 676 600 551 Watches and Jewelry 703 512 458 Selective Retailing 1,382 1,075 919 Other activities and eliminations (330) (357) (279) Total 10,003 8,293 7,026 2016 2017 2018 Stores Stores by geographic region (number) (number as of December 31, 2018) 1,153 4,592 Europe (a) 4,374 3,948 1,289 Asia (b) 514 783 France United States 422 Japan 2016 2017 2018 431 Other markets (a) Excluding France. (b) Excluding Japan. 2 Financial Documents - December 31, 2018 1_VA_V3 28/01/2019 13:34 Page3 Basic Group share of net Net profit Net profit, Group share earnings per share (EUR millions) (EUR millions) (EUR) 6,990 6,354 12.64 5,840 5,365 10.68 4,453 4,066 8.08 2016 (1) 2017 (1) (2) 2018 2016 (1) 2017 (1) (2) 2018 2016 (1) 2017 (1) (2) 2018 Cash from operations before changes in working capital (a) Operating investments Free cash flow (a) (EUR millions) (EUR millions) (EUR millions) 11,965 3,038 5,452 10,405 4,696 8,733 2,265 2,276 3,911 2016 2017 2018 2016 (1) 2017 (1) (2) 2018 2016 (1) 2017 (1) (2) 2018 (a) Before interest and tax paid. (a) Net cash from operating activities and operating investments. Equity and Adjusted Adjusted net net financial debt/ Dividend per share (a) financial debt (a) Equity ratio (a) (EUR) (EUR millions) (EUR millions and percentage) 6.00 (b) 7,153 33,957 30,377 5.00 5,487 (b) 27,898 4.00 3,244 23.5% 16.2% 11.6% 2016 2017 2018 2016 (1) 2017 (1) (2) 2018 2016 (1) 2017 (1) (2) 2018 (a) Gross amount paid for fiscal year, (a) Excluding purchase commitments for minority interests (a) In 2018, excluding the acquisition of excluding the impact of regulations included in Other non-current liabilities. See Note 18.1 Belmond shares. See Note 18.1 of notes applicable to the recipient. to the condensed consolidated financial statements to the condensed financial statements. (b) Amount proposed at the Shareholders’ for definition of net financial debt. Meeting of April 18, 2019. (b) Excluding the acquisition of Belmond shares. See Note 18.1 of notes to the condensed financial statements. (1) The financial statements as of December 31, 2017 and 2016 have been restated to reflect the retrospective application with effect from January 1, 2016 of IFRS 9 Financial instruments. See Note 1.2 of notes to the condensed consolidated financial statements. (2) The financial statements as of December 31, 2017 have been restated to reflect the definitive purchase price allocation of Christian Dior Couture. See Note 2 of notes to the condensed consolidated financial statements. Financial Documents - December 31, 2018 3 1_VA_V3 28/01/2019 13:34 Page4 HIGHLIGHTS AND OUTLOOK Key highlights from 2018 include: • strong growth at the flagship brands of Perfumes and Cosmetics, • further double-digit increase in revenue and profit from • excellent year for Bvlgari and good development of Hublot recurring operations, which reached record levels, and TAG Heuer • continued growth in Europe, the United States, Asia and Japan, • growth at Sephora, which strengthened its positions in all its markets and in digital, • excellent performance in Wines and Spirits and exceptional grape harvests, • agreement with the Belmond group, • success of both iconic and new products at Louis Vuitton, • free cash flow of 5.5 billion euros, up 16%, whose profitability remains at an exceptional level, • gearing of 16.2% at the end of December 2018. • very good first year for Christian Dior Couture within LVMH, • creative renewal at several Maisons, SHARE CAPITAL AND VOTING RIGHTS Number Number of % of capital % of voting of shares voting rights (a) rights Arnault Family Group 238,155,505 464,890,015 47.16% 63.27% Other 266,873,990 269,838,087 52.84% 36.73% Total as of December 31, 2018 505,029,495 734,728,102 100.00% 100.00% (a) Total number of voting rights that may be exercised at Shareholders’ Meetings. 4 Financial Documents - December 31, 2018 1_VA_V3 28/01/2019 13:34 Page5 BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP 1 COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6 2. WINES AND SPIRITS 10 3. FASHION AND LEATHER GOODS 11 4. PERFUMES AND COSMETICS 13 5. WATCHES AND JEWELRY 14 6. SELECTIVE RETAILING 15 7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET 17 8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 18 Financial Documents - December 31, 2018 5 1_VA_V3 28/01/2019 13:34 Page6 BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP Comments on the consolidated income statement 1 COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 1.1 Analysis of revenue Change in revenue per half-year period Revenue by geographic region of delivery (EUR millions and percentage) 21,750 (as %) 2018 2017 2016 10% 46,826 France 10 10 10 Europe (excluding France) 19 19 18 10% 25,076 United States 24 25 27 12% 9% Japan 7 7 7 Asia (excluding Japan) 29 28 26 11% Other markets 11 11 12 10% 6% Total 100 100 100 3% -1% -4% By geographic region of delivery, the relative contribution of -8% Asia (excluding Japan) to Group revenue rose by 1 point to 29% while that of the United States fell by 1 point to 24%.
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