Stockhub

LVMH Moët Hennessy - Louis Vuitton, Société Européenne: Difference between revisions

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(Have amended the order of the tables to be inline with the Stockhub housestyle.)
Line 331: Line 331:
{| class="wikitable"
{| class="wikitable"
!'''Key Consolidated Data ''(EUR Millions)'''''
!'''Key Consolidated Data ''(EUR Millions)'''''
!'''2020'''
!'''2021'''
!'''2022'''
!'''2022'''
!'''2021'''
!'''2020'''
|-
|-
|Revenue
|Revenue
|44,651
|64,215
|79,184
|79,184
|64,215
|44,651
|-
|-
|Profit from recurring operations
|Profit from recurring operations
|8,305
|17,151
|21,055
|21,055
|17,151
|8,305
|-
|-
|Net profit
|Net profit
|4,955
|12,698
|14,751
|14,751
|12,698
|4,955
|-
|-
|Net profit, Group share
|Net profit, Group share
|4,702
|12,036
|14,084
|14,084
|12,036
|4,702
|-
|-
|Cash from operations before changes in working capital
|Cash from operations before changes in working capital
|13,997
|22,621
|26770
|26770
|22,621
|13,997
|-
|-
|Operating investment
|Operating investment
|2.478
|2,664
|4,969
|4,969
|2,664
|2.478
|-
|-
|Operating free cash flow
|Operating free cash flow
|6,117
|13,531
|10,113
|10,113
|13,531
|6,117
|-
|-
|Total equity <sup>(a)</sup>
|Total equity <sup>(a)</sup>
|38,829
|48,909
|56,604
|56,604
|48,909
|38,829
|-
|-
|Net financial debt <sup>(b)</sup>
|Net financial debt <sup>(b)</sup>
|4,241
|9,607
|9201
|9201
|9,607
|4,241
|-
|-
|Adjusted net financial debt/Equity ratio
|Adjusted net financial debt/Equity ratio
|10.9%
|19.60%
|14.30%
|14.30%
|19.60%
|10.9%
|}
|}
<small>''(a) Including minority interests''</small>
<small>''(a) Including minority interests''</small>
Line 392: Line 392:
{| class="wikitable"
{| class="wikitable"
!'''Revenue by business group ''(EUR Millions)'''''
!'''Revenue by business group ''(EUR Millions)'''''
!'''2020'''
!'''2021'''
!'''2022'''
!'''2022'''
!'''2021'''
!'''2020'''
|-
|-
|Wines and Spirits
|Wines and Spirits
|4,755
|5,974
|7099
|7099
|5,974
|4,755
|-
|-
|Fashion and Leather Goods
|Fashion and Leather Goods
|21,207
|30,896
|38,648
|38,648
|30,896
|21,207
|-
|-
|Perfumes and Cosmetics
|Perfumes and Cosmetics
|5,248
|6,608
|7722
|7722
|6,608
|5,248
|-
|-
|Watches and Jewelry
|Watches and Jewelry
|3,356
|8,964
|10,581
|10,581
|8,964
|3,356
|-
|-
|Selective Retailing
|Selective Retailing
|10,155
|11,754
|14,852
|14,852
|11,754
|10,155
|-
|-
|Other activities and eliminations
|Other activities and eliminations
| -70
|19
|281
|281
|19
| -70
|-
|-
|'''Total'''
|'''Total'''
|'''44,651'''
|'''64,215'''
|'''79,184'''
|'''79,184'''
|'''64,215'''
|'''44,651'''
|}
|}
{| class="wikitable"
{| class="wikitable"
!'''Profit from recurring operations by business group''(EUR millions)'''''
!'''Profit from recurring operations by business group''(EUR millions)'''''
!'''2020'''
!'''2021'''
!'''2022'''
!'''2022'''
!'''2021'''
!'''2020'''
|-
|-
|Wines and Spirits
|Wines and Spirits
|1,388
|1,863
|2,155
|2,155
|1,863
|1,388
|-
|-
|Fashion and Leather Goods
|Fashion and Leather Goods
|7,188
|12,842
|15,709
|15,709
|12,842
|7,188
|-
|-
|Perfumes and Cosmetics
|Perfumes and Cosmetics
|80
|684
|660
|660
|684
|80
|-
|-
|Watches and Jewelry
|Watches and Jewelry
|302
|1,679
|2,017
|2,017
|1,679
|302
|-
|-
|Selective Retailing
|Selective Retailing
| -203
|534
|788
|788
|534
| -203
|-
|-
|Other activities and eliminations
|Other activities and eliminations
| -450
| -451
| -274
| -274
| -451
| -450
|-
|-
|'''Total'''
|'''Total'''
|'''8,305'''
|'''17,151'''
|'''21,055'''
|'''21,055'''
|'''17,151'''
|'''8,305'''
|}
|}


Line 477: Line 477:
=== LVMH's Annual Income Statement ===
=== LVMH's Annual Income Statement ===
{| class="wikitable"
{| class="wikitable"
|'''EUR''' €, Millions, except for earnings per share data
!'''EUR''' €, Millions, except for earnings per share data
|'''2022'''
!'''2020'''
|'''2021'''
!'''2021'''
|'''2020'''
!'''2022'''
|-
|-
|                                     Period Ending:
!                                     Period Ending:
|31-Dec
!31-Dec
|31-Dec
!31-Dec
|31-Dec
!31-Dec
|-
|-
|'''Revenue'''
|'''Revenue'''
|'''44,651'''
|'''64,215'''
|'''79,184'''
|'''79,184'''
|'''64,215'''
|'''44,651'''
|-
|-
|Revenue Growth (year to year)
|Revenue Growth (year to year)
|<nowiki>-16.80%</nowiki>
|43.82%
|23.31%
|23.31%
|43.82%
|<nowiki>-16.80%</nowiki>
|-
|-
|Cost of Goods and Services
|Cost of Goods and Services
|<nowiki>-15,871</nowiki>
|<nowiki>-20,355</nowiki>
|<nowiki>-24,988</nowiki>
|<nowiki>-24,988</nowiki>
|<nowiki>-20,355</nowiki>
|<nowiki>-15,871</nowiki>
|-
|-
|'''Gross Margin'''
|'''Gross Margin'''
|'''28,780'''
|'''43,860'''
|'''54,196'''
|'''54,196'''
|'''43,860'''
|'''28,780'''
|-
|-
|Marketing and selling expenses
|Marketing and selling expenses
|<nowiki>-16,792</nowiki>
|<nowiki>-22,308</nowiki>
|<nowiki>-28,151</nowiki>
|<nowiki>-28,151</nowiki>
|<nowiki>-22,308</nowiki>
|<nowiki>-16,792</nowiki>
|-
|-
|General and administrative expenses
|General and administrative expenses
|<nowiki>-3,641</nowiki>
|<nowiki>-4,414</nowiki>
|<nowiki>-5,027</nowiki>
|<nowiki>-5,027</nowiki>
|<nowiki>-4,414</nowiki>
|<nowiki>-3,641</nowiki>
|-
|-
|Income/(Loss) from joint ventures
|Income/(Loss) from joint ventures
|<nowiki>-42</nowiki>
|13
|37
|37
|13
|<nowiki>-42</nowiki>
|-
|-
|'''Profit from recurring operations'''
|'''Profit from recurring operations'''
|'''8,305'''
|'''17,151'''
|'''21,055'''
|'''21,055'''
|'''17,151'''
|'''8,305'''
|-
|-
|Other operating income and expenses
|Other operating income and expenses
|<nowiki>-333</nowiki>
|4
|<nowiki>-54</nowiki>
|<nowiki>-54</nowiki>
|4
|<nowiki>-333</nowiki>
|-
|-
|'''Operating profit'''
|'''Operating profit'''
|'''7,972'''
|'''17,155'''
|'''21,001'''
|'''21,001'''
|'''17,155'''
|'''7,972'''
|-
|-
|Cost of net financial debt
|Cost of net financial debt
|<nowiki>-35</nowiki>
|41
|<nowiki>-17</nowiki>
|<nowiki>-17</nowiki>
|41
|<nowiki>-35</nowiki>
|-
|-
|Interest of lease liabilities
|Interest of lease liabilities
|<nowiki>-281</nowiki>
|<nowiki>-242</nowiki>
|<nowiki>-254</nowiki>
|<nowiki>-254</nowiki>
|<nowiki>-242</nowiki>
|<nowiki>-281</nowiki>
|-
|-
|Other financial income and expenses
|Other financial income and expenses
|<nowiki>-292</nowiki>
|254
|<nowiki>-617</nowiki>
|<nowiki>-617</nowiki>
|254
|<nowiki>-292</nowiki>
|-
|-
|'''Net financial income/(expense)'''
|'''Net financial income/(expense)'''
|'''-608'''
|'''53'''
|'''-888'''
|'''-888'''
|'''53'''
|'''-608'''
|-
|-
|Income Tax Expense
|Income Tax Expense
|<nowiki>-2,409</nowiki>
|<nowiki>-4,510</nowiki>
|<nowiki>-5,362</nowiki>
|<nowiki>-5,362</nowiki>
|<nowiki>-4,510</nowiki>
|<nowiki>-2,409</nowiki>
|-
|-
|'''Net Income to Company'''
|'''Net Income to Company'''
|'''4,955'''
|'''12,698'''
|'''14,751'''
|'''14,751'''
|'''12,698'''
|'''4,955'''
|-
|-
|Minority Interest in Earnings
|Minority Interest in Earnings
|<nowiki>-253</nowiki>
|<nowiki>-662</nowiki>
|<nowiki>-667</nowiki>
|<nowiki>-667</nowiki>
|<nowiki>-662</nowiki>
|<nowiki>-253</nowiki>
|-
|-
|'''Net Income to Stockholders'''
|'''Net Income to Stockholders'''
|'''4,702'''
|'''12,036'''
|'''14,084'''
|'''14,084'''
|'''12,036'''
|'''4,702'''
|-
|-
|
|
Line 583: Line 583:
|-
|-
|'''Basic EPS, (EUR)'''
|'''Basic EPS, (EUR)'''
|'''9.34'''
|'''23.90'''
|'''28.05'''
|'''28.05'''
|'''23.90'''
|'''9.34'''
|-
|-
|Basic Weighted Average Shares Outstanding
|Basic Weighted Average Shares Outstanding
|503,679,272
|503,627,708
|502,120,694
|502,120,694
|503,627,708
|503,679,272
|-
|-
|'''Diluted EPS (EUR)'''
|'''Diluted EPS (EUR)'''
|'''9.33'''
|'''23.89'''
|'''28.03'''
|'''28.03'''
|'''23.89'''
|'''9.33'''
|-
|-
|Diluted Weighted Average Shares Outstanding
|Diluted Weighted Average Shares Outstanding
|504,210,133
|503,895,592
|502,480,100
|502,480,100
|503,895,592
|504,210,133
|-
|-
|
|
Line 608: Line 608:
|-
|-
|'''EBITDA'''
|'''EBITDA'''
|'''13,780'''
|'''23,280'''
|'''26,720'''
|'''26,720'''
|'''23,280'''
|'''13,780'''
|}
|}
[[File:LVMH Annual Income Statement.png|left|thumb|465x465px]]
[[File:LVMH Annual Income Statement.png|left|thumb|465x465px]]
Line 631: Line 631:
=== LVMH's Annual Balance Sheet ===
=== LVMH's Annual Balance Sheet ===
{| class="wikitable"
{| class="wikitable"
|'''Year end date (31/12)'''
!'''Year end date (31/12)'''
|'''2022'''
!'''2020'''
|'''2021'''
!'''2021'''
|'''2020'''
!'''2022'''
|-
|-
|'''Assets''' (EUR millions)
|'''Assets''' (EUR millions)
Line 642: Line 642:
|-
|-
|Brands and other intangible assets
|Brands and other intangible assets
|17,012
|24,551
|25,432
|25,432
|24,551
|17,012
|-
|-
|Goodwill
|Goodwill
|16,042
|25,904
|24,782
|24,782
|25,904
|16,042
|-
|-
|Property, plant and equipment
|Property, plant and equipment
|18,224
|20,193
|23,055
|23,055
|20,193
|18,224
|-
|-
|Right-of-use assets
|Right-of-use assets
|12,521
|13,705
|14,615
|14,615
|13,705
|12,521
|-
|-
|Investment in joint ventures and associates
|Investment in joint ventures and associates
|990
|1,084
|1,066
|1,066
|1,084
|990
|-
|-
|Non-current available for sale financial assets
|Non-current available for sale financial assets
|739
|1,363
|1,109
|1,109
|1,363
|739
|-
|-
|Other non-current assets
|Other non-current assets
|845
|1,054
|1,186
|1,186
|1,054
|845
|-
|-
|Deferred tax
|Deferred tax
|2,325
|3,156
|3,661
|3,661
|3,156
|2,325
|-
|-
|'''Non-current Assets'''
|'''Non-current Assets'''
|'''68,698'''
|'''91,010'''
|'''94,906'''
|'''94,906'''
|'''91,010'''
|'''68,698'''
|-
|-
|Inventories and work in progress
|Inventories and work in progress
|13,016
|16,549
|20,319
|20,319
|16,549
|13,016
|-
|-
|Trade accounts receivable
|Trade accounts receivable
|2,756
|3,787
|4,258
|4,258
|3,787
|2,756
|-
|-
|Income taxes
|Income taxes
|392
|338
|375
|375
|338
|392
|-
|-
|Other current assets
|Other current assets
|3,846
|5,606
|7,488
|7,488
|5,606
|3,846
|-
|-
|Cash and cash equivalents
|Cash and cash equivalents
|19,963
|8,021
|7,300
|7,300
|8,021
|19,963
|-
|-
|'''Current Assets'''
|'''Current Assets'''
|'''39,973'''
|'''34,301'''
|'''39,740'''
|'''39,740'''
|'''34,301'''
|'''39,973'''
|-
|-
|'''Total Assets'''
|'''Total Assets'''
|'''108,671'''
|'''125,311'''
|'''134,646'''
|'''134,646'''
|'''125,311'''
|'''108,671'''
|-
|-
|
|
Line 732: Line 732:
|-
|-
|Long-term borrowing
|Long-term borrowing
|14,065
|12,165
|10,380
|10,380
|12,165
|14,065
|-
|-
|Non-current lease liabilities
|Non-current lease liabilities
|10,665
|11,887
|12,776
|12,776
|11,887
|10,665
|-
|-
|Non-current provisions and other liabilities
|Non-current provisions and other liabilities
|3,322
|3,980
|3,902
|3,902
|3,980
|3,322
|-
|-
|Deferred tax
|Deferred tax
|'''5,481'''
|'''6,704'''
|'''6,952'''
|'''6,952'''
|'''6,704'''
|'''5,481'''
|-
|-
|Purchase commitments for minority interests' shares
|Purchase commitments for minority interests' shares
|'''10,991'''
|'''13,677'''
|'''12,489'''
|'''12,489'''
|'''13,677'''
|'''10,991'''
|-
|-
|'''Non-current liabilities'''
|'''Non-current liabilities'''
|'''44,524'''
|'''48,413'''
|'''46,499'''
|'''46,499'''
|'''48,413'''
|'''44,524'''
|-
|-
|Short-term borrowing
|Short-term borrowing
|10,638
|8,075
|9,359
|9,359
|8,075
|10,638
|-
|-
|Current lease liabilities
|Current lease liabilities
|2,163
|2,387
|2,632
|2,632
|2,387
|2,163
|-
|-
|Trade accounts receivable
|Trade accounts receivable
|5,098
|7,086
|8,788
|8,788
|7,086
|5,098
|-
|-
|'''Income taxes'''
|'''Income taxes'''
|'''721'''
|'''1,267'''
|'''1,211'''
|'''1,211'''
|'''1,267'''
|'''721'''
|-
|-
|'''Current Provisions and other liabilities'''
|'''Current Provisions and other liabilities'''
|'''6,698'''
|'''9,174'''
|'''9,553'''
|'''9,553'''
|'''9,174'''
|'''6,698'''
|-
|-
|'''Current Liabilities'''
|'''Current Liabilities'''
|'''25,318'''
|'''27,989'''
|'''31,543'''
|'''31,543'''
|'''27,989'''
|'''25,318'''
|-
|-
|'''Total Liabilities'''  
|'''Total Liabilities'''  
|'''69,842'''
|'''76,402'''
|'''78,042'''
|'''78,042'''
|'''76,402'''
|'''69,842'''
|-
|-
|Equity, Group Share
|Equity, Group Share
|37,412
|47,119
|55,111
|55,111
|47,119
|37,412
|-
|-
|Minority Interests
|Minority Interests
|1,417
|1,790
|1,493
|1,493
|1,790
|1,417
|-
|-
|'''Total Equity'''
|'''Total Equity'''
|'''38,829'''
|'''48,909'''
|'''56,604'''
|'''56,604'''
|'''48,909'''
|'''38,829'''
|-
|-
|'''Total liabilities and Equity'''
|'''Total liabilities and Equity'''
|'''108,671'''
|'''125,311'''
|'''134,646'''
|'''134,646'''
|'''125,311'''
|'''108,671'''
|-
|-
|'''Total Debt'''
|'''Total Debt'''
|'''37,531'''
|'''34,514'''
|'''35,147'''
|'''35,147'''
|'''34,514'''
|'''37,531'''
|}
|}
[[File:LVMH Balance Sheet.png|left|thumb|443x443px]]
[[File:LVMH Balance Sheet.png|left|thumb|443x443px]]
Line 841: Line 841:
=== LVMH's Cash Flow Statement ===
=== LVMH's Cash Flow Statement ===
{| class="wikitable"
{| class="wikitable"
|'''EUR''' €,  Millions
!'''EUR''' €,  Millions
|'''2022'''
!'''2020'''
|'''2021'''
!'''2021'''
|'''2020'''
!'''2022'''
|-
|-
|Cash  flow operating activities
|Cash  flow operating activities
Line 852: Line 852:
|-
|-
|Operating  profits
|Operating  profits
|7,972
|17,155
|21,001
|21,001
|17,155
|7,972
|-
|-
|Income/loss  and dividends received from joint ventures and associates
|Income/loss  and dividends received from joint ventures and associates
|64
|41
|26
|26
|41
|64
|-
|-
|Net  increase in depreciation, amortisation and provisions
|Net  increase in depreciation, amortisation and provisions
|3,478
|3,139
|3,219
|3,219
|3,139
|3,478
|-
|-
|Depreciation  of right-of-use assets
|Depreciation  of right-of-use assets
|2,572
|2,691
|3,007
|3,007
|2,691
|2,572
|-
|-
|Other  adjustments and computed expemses
|Other  adjustments and computed expemses
|<nowiki>-89</nowiki>
|<nowiki>-405</nowiki>
|<nowiki>-483</nowiki>
|<nowiki>-483</nowiki>
|<nowiki>-405</nowiki>
|<nowiki>-89</nowiki>
|-
|-
|'''Cash  from operations before changes in working capital'''
|'''Cash  from operations before changes in working capital'''
|'''13,997'''
|'''22,621'''
|'''26,770'''
|'''26,770'''
|'''22,621'''
|'''13,997'''
|-
|-
|Cost of  net financial debt: interest paid
|Cost of  net financial debt: interest paid
|<nowiki>-58</nowiki>
|71
|<nowiki>-74</nowiki>
|<nowiki>-74</nowiki>
|71
|<nowiki>-58</nowiki>
|-
|-
|Lease  liabilites: interest paid
|Lease  liabilites: interest paid
|<nowiki>-290</nowiki>
|<nowiki>-231</nowiki>
|<nowiki>-240</nowiki>
|<nowiki>-240</nowiki>
|<nowiki>-231</nowiki>
|<nowiki>-290</nowiki>
|-
|-
|Tax  paid
|Tax  paid
|<nowiki>-2,385</nowiki>
|<nowiki>-4,239</nowiki>
|<nowiki>-5,604</nowiki>
|<nowiki>-5,604</nowiki>
|<nowiki>-4,239</nowiki>
|<nowiki>-2,385</nowiki>
|-
|-
|Change  in working capital
|Change  in working capital
|<nowiki>-367</nowiki>
|426
|<nowiki>-3,019</nowiki>
|<nowiki>-3,019</nowiki>
|426
|<nowiki>-367</nowiki>
|-
|-
|'''Net  cash from/ (used in) operating activities'''
|'''Net  cash from/ (used in) operating activities'''
|'''10,897'''
|'''18,648'''
|'''17,833'''
|'''17,833'''
|'''18,648'''
|'''10,897'''
|-
|-
|Cash  flow investing activities
|Cash  flow investing activities
Line 912: Line 912:
|-
|-
|Operating  investments
|Operating  investments
|<nowiki>-2,478</nowiki>
|<nowiki>-2,664</nowiki>
|<nowiki>-4,969</nowiki>
|<nowiki>-4,969</nowiki>
|<nowiki>-2,664</nowiki>
|<nowiki>-2,478</nowiki>
|-
|-
|Purchase  and proceeds from sale of consolidated investments
|Purchase  and proceeds from sale of consolidated investments
|<nowiki>-536</nowiki>
|<nowiki>-13,226</nowiki>
|<nowiki>-809</nowiki>
|<nowiki>-809</nowiki>
|<nowiki>-13,226</nowiki>
|<nowiki>-536</nowiki>
|-
|-
|Dividends  received
|Dividends  received
|12
|10
|7
|7
|10
|12
|-
|-
|Tax  paid relates to non-current available for sale financial assets
|Tax  paid relates to non-current available for sale financial assets
Line 932: Line 932:
|-
|-
|Purchase  and proceeds from sale of non-current available for sale financial assets
|Purchase  and proceeds from sale of non-current available for sale financial assets
|63
|<nowiki>-99</nowiki>
|<nowiki>-149</nowiki>
|<nowiki>-149</nowiki>
|<nowiki>-99</nowiki>
|63
|-
|-
|'''Net  cash from/ (used in) investing activities'''
|'''Net  cash from/ (used in) investing activities'''
|'''-2,939'''
|'''-15,979'''
|'''-5,920'''
|'''-5,920'''
|'''-15,979'''
|'''-2,939'''
|-
|-
|Cash  flow financing activities
|Cash  flow financing activities
Line 947: Line 947:
|-
|-
|Interim  and final dividends paid
|Interim  and final dividends paid
|<nowiki>-2,799</nowiki>
|<nowiki>-4,161</nowiki>
|<nowiki>-6,774</nowiki>
|<nowiki>-6,774</nowiki>
|<nowiki>-4,161</nowiki>
|<nowiki>-2,799</nowiki>
|-
|-
|Purchase  and proceeds from sale of minority interests
|Purchase  and proceeds from sale of minority interests
|<nowiki>-67</nowiki>
|<nowiki>-435</nowiki>
|<nowiki>-351</nowiki>
|<nowiki>-351</nowiki>
|<nowiki>-435</nowiki>
|<nowiki>-67</nowiki>
|-
|-
|Other  equity-related transaction
|Other  equity-related transaction
|27
|<nowiki>-552</nowiki>
|<nowiki>-1,604</nowiki>
|<nowiki>-1,604</nowiki>
|<nowiki>-552</nowiki>
|27
|-
|-
|Proceeds  from borrowings
|Proceeds  from borrowings
|17,499
|251
|3,774
|3,774
|251
|17,499
|-
|-
|Repayment  of borrowing
|Repayment  of borrowing
|<nowiki>-5,024</nowiki>
|<nowiki>-6,413</nowiki>
|<nowiki>-3,891</nowiki>
|<nowiki>-3,891</nowiki>
|<nowiki>-6,413</nowiki>
|<nowiki>-5,024</nowiki>
|-
|-
|Repayment  of lease liabilities
|Repayment  of lease liabilities
|<nowiki>-2,302</nowiki>
|<nowiki>-2,453</nowiki>
|<nowiki>-2,751</nowiki>
|<nowiki>-2,751</nowiki>
|<nowiki>-2,453</nowiki>
|<nowiki>-2,302</nowiki>
|-
|-
|Purchase  and proceeds from sale of current available for sale financial assets
|Purchase  and proceeds from sale of current available for sale financial assets
|69
|<nowiki>-1,393</nowiki>
|<nowiki>-1,088</nowiki>
|<nowiki>-1,088</nowiki>
|<nowiki>-1,393</nowiki>
|69
|-
|-
|'''Net  cash from/ (used in) financing activities'''
|'''Net  cash from/ (used in) financing activities'''
|'''7,403'''
|'''-15,156'''
|'''-12,685'''
|'''-12,685'''
|'''-15,156'''
|'''7,403'''
|-
|-
|'''Effect  of exchange rate changes'''
|'''Effect  of exchange rate changes'''
|<nowiki>-1,052</nowiki>
|498
|55
|55
|498
|<nowiki>-1,052</nowiki>
|-
|-
|'''Net increase/  decrease in cash and cash equivalents'''
|'''Net increase/  decrease in cash and cash equivalents'''
|18,773
|<nowiki>-43,124</nowiki>
|<nowiki>-717</nowiki>
|<nowiki>-717</nowiki>
|<nowiki>-43,124</nowiki>
|18,773
|-
|-
|Cash  and cash equivalents at the beginning of period
|Cash  and cash equivalents at the beginning of period
|5,497
|19,806
|7,817
|7,817
|19,806
|5,497
|-
|-
|Cash  and cash equivalents at end of period
|Cash  and cash equivalents at end of period
|19,806
|7,817
|7,100
|7,100
|7,817
|19,806
|-
|-
|Total  tax paid
|Total  tax paid
|<nowiki>-2,501</nowiki>
|<nowiki>-4,464</nowiki>
|<nowiki>-5,933</nowiki>
|<nowiki>-5,933</nowiki>
|<nowiki>-4,464</nowiki>
|<nowiki>-2,501</nowiki>
|-
|-
|
|
Line 1,022: Line 1,022:
|-
|-
|'''EUR''' €,  Millions
|'''EUR''' €,  Millions
|'''2020'''
|'''2021'''
|'''2022'''
|'''2022'''
|'''2021'''
|'''2020'''
|-
|-
|Net  cash from operating activities
|Net  cash from operating activities
|10,897
|18,648
|17,833
|17,833
|18,648
|10,897
|-
|-
|Operating  investments
|Operating  investments
|<nowiki>-2,478</nowiki>
|<nowiki>-2,664</nowiki>
|<nowiki>-4,969</nowiki>
|<nowiki>-4,969</nowiki>
|<nowiki>-2,664</nowiki>
|<nowiki>-2,478</nowiki>
|-
|-
|Repayment  of lease liabilities
|Repayment  of lease liabilities
|<nowiki>-2,302</nowiki>
|<nowiki>-2,453</nowiki>
|<nowiki>-2,751</nowiki>
|<nowiki>-2,751</nowiki>
|<nowiki>-2,453</nowiki>
|<nowiki>-2,302</nowiki>
|-
|-
|'''Operating  free cash flow'''
|'''Operating  free cash flow'''
|'''6,117'''
|'''13,531'''
|'''10,113'''
|'''10,113'''
|'''13,531'''
|'''6,117'''
|}
|}
[[File:Cash Flow Statement.png|left|thumb|475x475px]]
[[File:Cash Flow Statement.png|left|thumb|475x475px]]

Revision as of 16:37, 5 July 2023

Business Description

LVMH Moët Hennessy - Louis Vuitton, Société Européenne operates as a luxury goods company worldwide. The company offers champagnes, wines, and spirits under the Clos des Lambrays, Château d'Yquem, Dom Pérignon, Ruinart, Moët & Chandon, Hennessy, Veuve Clicquot, Ardbeg, Château Cheval Blanc, Glenmorangie, Krug, Mercier, Chandon, Cape Mentelle, Newton Vineyard, Cloudy Bay, Belvedere, Terrazas de los Andes, Bodega Numanthia, Cheval des Andes, Woodinville, Ao Yun, Clos19, and Volcan de mi Tierra brands. It also provides fashion and leather products under the Berluti, Celine, Christian Dior, Emilio Pucci, FENDI, Givenchy, Kenzo, Loewe, Loro Piana, Louis Vuitton, Marc Jacobs, Moynat, Patou, and RIMOWA brands. In addition, the company offers perfumes and cosmetics under the Acqua di Parma, Benefit Cosmetics, Cha Ling, Fenty Beauty by Rihanna, Fresh, Givenchy Parfums, Guerlain, KVD Beauty, Kenzo Parfums, Maison Francis Kurkdjian, Make Up For Ever, Marc Jacobs Beauty, Officine Universelle Buly, Parfums Christian Dior, and Perfumes Loewe brands; watches and jewelry under the Bulgari, Chaumet, Fred, Hublot, Repossi, TAG Heuer, Tiffany & Co., and Zenith brands; and custom-designed yachts under the Feadship brand name, as well as designs and builds luxury yachts under the Royal Van Lent brand. Further, it provides daily newspapers under the Les Échos brand; Belmond, a luxury tourism service; home other activities under the Belmond, Cheval Blanc, Connaissance des Arts, Cova, Investir, Jardin d'Acclimatation, La Samaritaine, Le Parisien, and Radio Classique brands; and selective retailing products under the DFS, La Grande Epicerie de Paris, Le Bon Marché Rive Gauche, Sephora, and Starboard Cruise Services brands, as well as operates Jardin d'Acclimatation, a leisure and amusement park. The company operates 5,556 stores. LVMH Moët Hennessy - Louis Vuitton, Société Européenne was incorporated in 1923 and is headquartered in Paris, France.

Macro Analysis

Key Professionals

Name Title
Arnault, Bernard Chairman & CEO
Guiony, Jean-Jacques Chief Financial Officer
Kuhn, Bernard General Counsel
Bouillonnec, Yann Vice President of Sales
Gaemperle, Chantal Group Executive Vice President of Human Resources & Synergies
Arnault, Antoine Group Chief Image & Environment Officer and Director
Arnault, Frederic Chief Executive Officer of TAG Heuer
Bazire, Nicolas Senior VP of Development & Acquisitions and Director
Beaufils, Benjamin President of North American Operations
Belloni, Antonio Group MD & Director
Bianchi, Stephane Head of LVHM's Watch & Jewelry Unit
Das, Ipsita Managing Director of India
de Lapuente, Christopher Chairman & CEO of Selective Retailing Division
Guerra, Andrea Head of Hospitality & Restaurant Business
Mukherji, Shantanu Managing Director od L Catterton
Rogers, Ian Chief Digital Officer
Voisin, Jean-Baptiste Chief Strategy Officer
Beccari, Pietro Chairman & CEO of Louis Vuitton
Boillot, Laurent CEO & President of Guerlain
Brocart, Sophie Chief Executive Officer of Jean Patou
Jamet, Marc-Antoine General Secretary
Schaus, Philippe Paul Auguste Chief Executive Officer of Moët Hennessy - Wines & Spirits Division
Toledano, Sidney Chairman and CEO of the Fashion Group
Hollis, Christopher Director of Financial Communications
Stalla-Bourdillon, Bertrand Group Vice President of Retail Development

Board Members

Name Title Type Tenure
Arnault, Bernard Chairman & CEO Internal 1988-Present
Arnault, Antoine Group Chief Image & Environment Officer and Director Internal 2006-Present
Bazire, Nicolas Senior VP of Development & Acquisitions and Director Internal 1999-Present
Belloni, Antonio Group MD & Director Internal 2002-Present
Beccari, Pietro Chairman & CEO of Louis Vuitton Internal 2018-Present
Toledano, Sidney Chairman and CEO of the Fashion Group Internal 2018-Present
de Silguy, Yves-Thibault Independent Director External 2009-Present
Gaymard, Clara Independent Director External 2016-Present
Valla, Natacha Independent Director External 2020-Present
de Croisset, Charles Lead Independent Director External 2008-Present
Arthus-Bertrand, Yann Member of Advisory Board External 2019-Present
Aumont, Dominique Employees Representing Director External 2020-Present
Belloeil-Melkin, Marie-Véronique Employees Representative Director External 2020-Present
Chassat, Sophie Independent Director External 2018-Present
de Chalon, Marie-Laure Sauty Independent Director External 2014-Present
Della Valle, Diego Member of Advisory Board External 2002-Present
Gancia, Delphine Arnault Director External 2020-Present
Kravis L.L.D., Marie- Josée Independent Director External 2011-Present
Mignon, Laurent Independent Director External 2023-Present
Powell KCMG, Charles David Member of Advisory Board External 2020-Present
Védrine, M. Hubert Independent Director External 2004-Present

Committees

Committee Name Title
Audit Committee Gaymard, Clara Independent Director
de Chalon, Marie-Laure S. Independent Director
de Croisset, Charles Lead Independent Director
de Silguy, Yves-Thibault Independent Director
Compensation Committee Valla, Natacha Independent Director
Chassat, Sophie Independent Director
de Croisset, Charles Lead Independent Director
Kravis, Marie- J. Independent Director
Corporate Governance Committee Valla, Natacha Independent Director
Chassat, Sophie Independent Director
de Croisset, Charles Lead Independent Director
Kravis, Marie- J. Independent Director
Other Committee de Silguy, Yves-Thibault Independent Director
de Chalon, Marie-Laure S. Independent Director
Gancia, Delphine A. Director
Védrine, M. H. Independent Director

ESG - Materiality Matrix

Particulars Wines and Spirits Fashion andLeather Goods Perfumes and Cosmetics Watches and Jewelry SelectiveRetailing
State of energy resources and climate change -Grape growing and yield

-Packaging production -Distillation -Transportation of products -Soil erosion

-Store lighting, air conditioning and location

-Transportation of products and carbon taxes -Production of resources needed to manufacture products: -Plant fibers used for textiles (cotton, etc.) Leather, including exotic leather, Fur, Wool -Customer expectations in relation to more sustainable products -Renewable energy costs

-Packaging production

-Store lighting, air conditioning and location -Transportation of products and carbon taxes -Customer expectations in relation to more sustainable products -Renewable energy costs

-Store lighting, air conditioning and location

-Renewable energy costs

-Store lighting, air conditioning and location

-Transportation of products -Renewable energy costs

Impact on water resources -Water consumption (vineyard irrigation in Australia, New Zealand, Argentina and California)

-Production of effluents containing organic matter during winemaking and distillation

-Water consumption (crocodilian farms and tanneries)

-Production Ofeffluents containing organic matter

- Water consumption (production and transformation of raw materials) -Water consumption during the extraction of mineral resources needed to manufacture products

-Production of effluents containing mineral matter

Impact on ecosystems (including deforestation and desertification) and depletion of natural resources -Production of plant resources needed for other production processes (grape vines, barley, rye, etc.)'

- Protecting biodiversity

-Production of resources needed to manufacture products:

- Plantfibers used for textiles (cotton, etc.) Leather, including exotic leather Fur, Wool, Eider down -Farming and trapping practices concerning raw materials of animal origin Protecting biodiversity

-Production of plant resources needed to manufacture products (rose, jasmine, etc.)

-Protecting biodiversity

-Extraction of resources needed to manufacture products:

- Gems and precious metals -Exotic leather -Farming and trapping practices concerning raw materials of animal origin -Protecting biodiversity

Waste production -Production of residues from winemaking or distillation processes and packaging waste

-Circular economy

-Unused raw materials, obsolete and unsold products, window displays and events

-Customer expectations in relation to more sustainable products -Circular economy

-Point-of-sale advertising, packaging waste, and obsolete and unsold products Circular economy -Scrap metal

- Circular economy

-Point-of-sale advertising, packaging waste, and obsolete and unsold products

-Circular economy

Financial Highlights

Key Consolidated Data (EUR Millions) 2020 2021 2022
Revenue 44,651 64,215 79,184
Profit from recurring operations 8,305 17,151 21,055
Net profit 4,955 12,698 14,751
Net profit, Group share 4,702 12,036 14,084
Cash from operations before changes in working capital 13,997 22,621 26770
Operating investment 2.478 2,664 4,969
Operating free cash flow 6,117 13,531 10,113
Total equity (a) 38,829 48,909 56,604
Net financial debt (b) 4,241 9,607 9201
Adjusted net financial debt/Equity ratio 10.9% 19.60% 14.30%

(a) Including minority interests

(b) Excluding “Lease liabilities” and “Purchase commitments for minority interests’ shares” included in “Other non-current liabilities”

Business Group - Highlights

Revenue by business group (EUR Millions) 2020 2021 2022
Wines and Spirits 4,755 5,974 7099
Fashion and Leather Goods 21,207 30,896 38,648
Perfumes and Cosmetics 5,248 6,608 7722
Watches and Jewelry 3,356 8,964 10,581
Selective Retailing 10,155 11,754 14,852
Other activities and eliminations -70 19 281
Total 44,651 64,215 79,184
Profit from recurring operations by business group(EUR millions) 2020 2021 2022
Wines and Spirits 1,388 1,863 2,155
Fashion and Leather Goods 7,188 12,842 15,709
Perfumes and Cosmetics 80 684 660
Watches and Jewelry 302 1,679 2,017
Selective Retailing -203 534 788
Other activities and eliminations -450 -451 -274
Total 8,305 17,151 21,055

Financial Statements

LVMH's Annual Income Statement

EUR €, Millions, except for earnings per share data 2020 2021 2022
                                     Period Ending: 31-Dec 31-Dec 31-Dec
Revenue 44,651 64,215 79,184
Revenue Growth (year to year) -16.80% 43.82% 23.31%
Cost of Goods and Services -15,871 -20,355 -24,988
Gross Margin 28,780 43,860 54,196
Marketing and selling expenses -16,792 -22,308 -28,151
General and administrative expenses -3,641 -4,414 -5,027
Income/(Loss) from joint ventures -42 13 37
Profit from recurring operations 8,305 17,151 21,055
Other operating income and expenses -333 4 -54
Operating profit 7,972 17,155 21,001
Cost of net financial debt -35 41 -17
Interest of lease liabilities -281 -242 -254
Other financial income and expenses -292 254 -617
Net financial income/(expense) -608 53 -888
Income Tax Expense -2,409 -4,510 -5,362
Net Income to Company 4,955 12,698 14,751
Minority Interest in Earnings -253 -662 -667
Net Income to Stockholders 4,702 12,036 14,084
Basic EPS, (EUR) 9.34 23.90 28.05
Basic Weighted Average Shares Outstanding 503,679,272 503,627,708 502,120,694
Diluted EPS (EUR) 9.33 23.89 28.03
Diluted Weighted Average Shares Outstanding 504,210,133 503,895,592 502,480,100
EBITDA 13,780 23,280 26,720
LVMH Annual Income Statement.png









LVMH's Annual Balance Sheet

Year end date (31/12) 2020 2021 2022
Assets (EUR millions)
Brands and other intangible assets 17,012 24,551 25,432
Goodwill 16,042 25,904 24,782
Property, plant and equipment 18,224 20,193 23,055
Right-of-use assets 12,521 13,705 14,615
Investment in joint ventures and associates 990 1,084 1,066
Non-current available for sale financial assets 739 1,363 1,109
Other non-current assets 845 1,054 1,186
Deferred tax 2,325 3,156 3,661
Non-current Assets 68,698 91,010 94,906
Inventories and work in progress 13,016 16,549 20,319
Trade accounts receivable 2,756 3,787 4,258
Income taxes 392 338 375
Other current assets 3,846 5,606 7,488
Cash and cash equivalents 19,963 8,021 7,300
Current Assets 39,973 34,301 39,740
Total Assets 108,671 125,311 134,646
Liabilities and Equities (EUR millions)
Long-term borrowing 14,065 12,165 10,380
Non-current lease liabilities 10,665 11,887 12,776
Non-current provisions and other liabilities 3,322 3,980 3,902
Deferred tax 5,481 6,704 6,952
Purchase commitments for minority interests' shares 10,991 13,677 12,489
Non-current liabilities 44,524 48,413 46,499
Short-term borrowing 10,638 8,075 9,359
Current lease liabilities 2,163 2,387 2,632
Trade accounts receivable 5,098 7,086 8,788
Income taxes 721 1,267 1,211
Current Provisions and other liabilities 6,698 9,174 9,553
Current Liabilities 25,318 27,989 31,543
Total Liabilities 69,842 76,402 78,042
Equity, Group Share 37,412 47,119 55,111
Minority Interests 1,417 1,790 1,493
Total Equity 38,829 48,909 56,604
Total liabilities and Equity 108,671 125,311 134,646
Total Debt 37,531 34,514 35,147
LVMH Balance Sheet.png









LVMH's Cash Flow Statement

EUR €, Millions 2020 2021 2022
Cash flow operating activities
Operating profits 7,972 17,155 21,001
Income/loss and dividends received from joint ventures and associates 64 41 26
Net increase in depreciation, amortisation and provisions 3,478 3,139 3,219
Depreciation of right-of-use assets 2,572 2,691 3,007
Other adjustments and computed expemses -89 -405 -483
Cash from operations before changes in working capital 13,997 22,621 26,770
Cost of net financial debt: interest paid -58 71 -74
Lease liabilites: interest paid -290 -231 -240
Tax paid -2,385 -4,239 -5,604
Change in working capital -367 426 -3,019
Net cash from/ (used in) operating activities 10,897 18,648 17,833
Cash flow investing activities
Operating investments -2,478 -2,664 -4,969
Purchase and proceeds from sale of consolidated investments -536 -13,226 -809
Dividends received 12 10 7
Tax paid relates to non-current available for sale financial assets - - -
Purchase and proceeds from sale of non-current available for sale financial assets 63 -99 -149
Net cash from/ (used in) investing activities -2,939 -15,979 -5,920
Cash flow financing activities
Interim and final dividends paid -2,799 -4,161 -6,774
Purchase and proceeds from sale of minority interests -67 -435 -351
Other equity-related transaction 27 -552 -1,604
Proceeds from borrowings 17,499 251 3,774
Repayment of borrowing -5,024 -6,413 -3,891
Repayment of lease liabilities -2,302 -2,453 -2,751
Purchase and proceeds from sale of current available for sale financial assets 69 -1,393 -1,088
Net cash from/ (used in) financing activities 7,403 -15,156 -12,685
Effect of exchange rate changes -1,052 498 55
Net increase/ decrease in cash and cash equivalents 18,773 -43,124 -717
Cash and cash equivalents at the beginning of period 5,497 19,806 7,817
Cash and cash equivalents at end of period 19,806 7,817 7,100
Total tax paid -2,501 -4,464 -5,933
Alternative performance measure
EUR €, Millions 2020 2021 2022
Net cash from operating activities 10,897 18,648 17,833
Operating investments -2,478 -2,664 -4,969
Repayment of lease liabilities -2,302 -2,453 -2,751
Operating free cash flow 6,117 13,531 10,113
Cash Flow Statement.png





Growth Drivers and Catalysts

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