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LVMHPASSIONATE
ABOUT CREATIVITY
ANNUAL REPORT 2004

Table of contents

  • Page 1
    LVMHPASSIONATE ABOUTCREATIVITY ANNUAL REPORT 2004

  • Page 2

  • Page 3
    ...14 16 18 Chairman's Message 2004 Financial Highlights 2004 Highlights Corporate Governance The LVMH Share Shareholder Relations Contents 20 30 40 50 58 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing 20 30 Sustainable development 68 69 72 79 84...

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    2

  • Page 5
    ...luxur y goods. A un ique blend of globa l v ision a nd de dicat ion to serving the needs of every customer. The successful mar riage of cul t u res grou nd e d i n t ra dit ion a nd elegance with the most advanced marketing, industrial organization and management techniques. A singular mix of talent...

  • Page 6
    Chairman's Message DURING 2004, LVMH ONCE AGAIN REINFORCED ITS LEADERSHIP POSITION AND DEMONSTRATED ITS ABILITY TO GENERATE PROFITABLE GROWTH AT A RATE THAT FAR OUTPACED THAT OF THE GLOBAL ECONOMY, DESPITE UNFAVORABLE EXCHANGE RATES. THE GROUP 'S NET INCOME SURPASSED THE ONE BILLION EURO MARK, ...

  • Page 7
    LVMH annual report 2004 Promises kept, ambitions confirmed O ur group had an excellent year during 2004. All of our operations posted organic sales growth, gained market share and contributed to the strong increase in our results. Our leading brands, whose profitability was already very high, ...

  • Page 8
    ... in new product development, by the expansion of our retail network and by considerable investment in marketing. Louis Vuitton will launch two new lines of leather goods whose success is already exceptional: Monogram Cerise, which sees the continued collaboration of Marc Jacobs and Takashi Murakami...

  • Page 9
    ... results of a totally new process, broadcast works commissioned by LVMH from video artists Doug Aitken, Gary Hill, Ugo Rondinone and Michal Rovner. Designed in the spirit of a shared encounter around the creative values that drive the Group, the new spaces are open to the public by appointment. This...

  • Page 10
    ...'S OBJECTIVES. NET SALES (EUR million) INCOME FROM OPERATIONS (EUR million) 12,693 11,962 12,623 2,008 2,182 2,420 2002 2003 2004 2002 2003 2004 NET SALES BY BUSINESS GROUP (EUR million) 2002 2003 2004 Wines and Spirits Fashion and Leather Goods Perfumes and Cosmetics Watches and Jewelry...

  • Page 11
    LVMH annual report 2004 NET INCOME BEFORE AMORTIZATION OF GOODWILL (EUR million) 818 1 023 1,294 NET INCOME (EUR million) EARNINGS PER SHARE BEFORE AMORTIZATION OF GOODWILL (EUR) 1,010 1.67 2.09 2.64 556 723 2002 2003 2004 2002 2003 2004 2002 2003 2004 DIVIDEND PER SHARE (EUR) CASH ...

  • Page 12
    Financial Highlights 1693 stores worldwide On December 31, 2004, LVMH's distribution network included 1693 stores, 101 more than the previous year. A large number of stores opened in Asia, a region where the Group's brands enjoy increasing appeal and strong growth potential. 10

  • Page 13
    LVMH annual report 2004 FRANCE 278 STORES 4 WINES AND SPIRITS 60 FASHION AND LEATHER GOODS 13 PERFUMES AND COSMETICS 8 WATCHES AND JEWELRY 193 SELECTIVE RETAILING REST OF EUROPE 413 STORES 164 FASHION AND LEATHER GOODS 4 PERFUMES AND COSMETICS 7 WATCHES AND JEWELRY 238 SELECTIVE RETAILING NORTH...

  • Page 14
    ..., LVMH has just bought Glenmorangie. What is the purpose of this investment? A.B. : This acquisition is perfectly integrated in the value-creation strategy of the Wines and Spirits business group. In a market where growth clearly works to the benefit of strong brands and premium segments with high...

  • Page 15
    ... inspiration for exceptional pieces. LVMH DEVELOPS ITS STORE NETWORK LVMH increased the number of its stores worldwide to 1693. Louis Vuitton had 340 stores at the end of 2004. The year was marked by the opening of global stores in New York and Shanghai, a second store in India, in Mumbai, and the...

  • Page 16
    ... on the Board and in the Committees. COMPENSATION POLICY Part of the compensation paid to members of the Executive Committee and key operations personnel is based on the generation of cash, income from operations, and the return on capital employed for the business groups and companies headed by...

  • Page 17
    LVMH annual report 2004 and General Management BOARD OF DIRECTORS Bernard Arnault Chairman & Chief Executive Officer Antoine Bernheim (1) Vice Chairman Antonio Belloni Group Managing Director Delphine Arnault Jean Arnault Nicolas Bazire Nicholas Clive Worms (1) Diego Della Valle (1) Albert Frère ...

  • Page 18
    ... MH shares are t rade d on t he Paris Monep opt ions exchange. TOTAL SHAREHOLDER RETURN An LVMH shareholder who invested ¤1,000 on January 1, 2003 would have capital of ¤1, 451 at December 31, 2004, based on reinvested dividends. In two years, the initial investment would have returned an annual...

  • Page 19
    ... (EUR) Growth for the year Payout rate * Proposed resolution to be submitted at the AGM of May 12, 2005. 0.80 6.7% 48% 0.85 6.3% 41% 0.95* 11.8% 36% CAPITAL STRUCTURE (Euroclear France survey on bearer shares at year-end 2004) STOCK BUY-BACK PROGRAM LVMH has implemented a stock buy-back progra...

  • Page 20
    ... FULL AND REGULAR REPORTING In order to provide transparent and regular information, the Group uses a variety of communications means every year: • The LVMH annual report which includes information about its policies and accomplishments in the area of sustainable development, is available to...

  • Page 21
    LVMH annual report 2004 AGENDA Publication of 2004 annual earnings Wednesday March 9, 2005 Thursday, March 31, 2005 IFRS information subscription offers to the French journals La Tribune, Investir, Connaissance des Arts and Le Monde de la Musique. The Club also provides sp ecial access to ...

  • Page 22
    ... AND SPIRITS COMPANIES. SERVED BY A POWERFUL INTERNATIONAL DISTRIBUTION NETWORK, THESE EMBLEMATIC BRANDS, TRUE SYMBOLS OF LUXURY, SELL EXCEPTIONAL PRODUCTS WORLDWIDE, MAKING MOËT HENNESSY THE WORLD LEADER IN PRESTIGIOUS WINES AND SPIRITS. MOËT HENNESSY IS ALSO DEVELOPING HIGH-END SPARKLING AND...

  • Page 23
    & LVMH annual report 2004 The Wines and Spirits brands posted steady sales growth in volumes, particularly remarkable with a policy of high prices, and gained market share in the up-market segments. Moët Hennessy continued to expand its distribution network, particularly in the United States. Mo...

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    Wines & Spirits 22

  • Page 25
    ....7 43.9 46.5 NET SALES BY GEOGRAPHIC REGION EUR million 2002 2003 2004 Net sales Income from operations 2,266 750 2,116 796 2,280 806 2002 2003 2004 2002 2003 2004 2002 2003 Cognac 2004 Champagne France 11% Rest of Europe 27% United States 32% Japan 9% Rest of Asia 12% Other markets 9% 23

  • Page 26
    ... value in line with the structural changes in its market and is consolidat ing it s leader ship in the high-end segments The growth strategy of the Wines and Spirits business group is based primarily on the development of its major brands and key markets, and on improving its product mix. This value...

  • Page 27
    ...hitting new records in the French market. It also strengthened its position in it's the principal international markets, recording double-digit growth in many of them. Focusing on its premium qualities, the brand continued to develop its prestige line, which now contributes nearly half of its income...

  • Page 28
    ... in 2004 again confirmed the logic of its strategy to create value and the investments made to boost the reputation of the brand with a continually expanding customer base: new, more elegant and refined packaging, service and presentation accessories, and a new brilliant and luxurious international...

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  • Page 30
    ... stimulated an increase in V.S consumers and recruited new V.S.O.P consumers. The power of its distribution network and its effective media presence were the key growth vectors for Hennessy. In Japan, where the market is generally down for brown spirits, Hennessy continued its value strategy, based...

  • Page 31
    LVMH annual report 2004 BELVEDERE AND CHOPIN Backed by six centuries of Polish tradition and expertise, the Belvedere and Chopin ultra premium vodkas are at the high-end of a growth American market, and complete the Moët Hennessy line of spirits. With the launch of flavored vodkas prepared using a...

  • Page 32
    Fashion & Leather Goods FASHION & LEATHER GOODS 30 NEW GAINS IN MARKET SHARE THE FASHION AND LEATHER GOODS BUSINESS GROUP INCLUDES LOUIS VUITTON, THE WORLD'S LEADING LUXURY BRAND, DONNA KARAN, FENDI, LOEWE, CELINE, KENZO, MARC JACOBS, THE GIVENCHY COUTURE HOUSE, THOMAS PINK, PUCCI, BERLUTI, ...

  • Page 33
    LVMH annual report 2004 The Fashion and Leather Goods business group recorded an organic sales growth of 10%, again improved its operating income and strengthened its market share. Louis Vuitton continued its strong growth in the U.S. market and confirmed its vitality in Asia and Europe. Once again...

  • Page 34
    Fashion & Leather Goods 32

  • Page 35
    LVMH annual report 2004 An icon fabric decorated with cherries. The beautiful story between Louis Vuitton, Marc Jacobs and Japanese artist Takashi Murakami continues with the Monogram Cerises line, created for the 2005 springsummer fashion shows. Freshness and a celebration of life: the pink ...

  • Page 36
    ... leather goods, shoes, and watchmaking, which testify to its ever-expanding know-how. LOUIS VUITTON Louis Vuitton posted once again in 2004 double-digit organic sales growth. The flagship brand of the luxury global industry continued to achieve exceptional performances particularly in North America...

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  • Page 38
    ...its strategy to focus on key values and selective distribution. The brand is now moving towards controlled and profitable development. The deployment of its accessory collection, in particular, represents a significant growth vector for Donna Karan. 150 years and a new "global store" LOUIS VUITTON...

  • Page 39
    ... the products lines recorded growth and the breakdown of net sales between leather goods and ready-to-wear is now well balanced. As of December 31, 2004, Celine had 112 controlled stores, after twelve new stores that were opened during the year, which drove the brand's expansion in the United States...

  • Page 40
    ...commercial development in Asia. The year 2005 will be devoted to European development. A first boutique will be opened in Palais-Royal in Paris. Driven by the growth of its accessory lines and the development of its ready-to-wear collections, Pucci's activity surged again in 2004. The brand expanded...

  • Page 41
    LVMH annual report 2004

  • Page 42
    ... PERFUME AND COSMETICS SECTOR WITH THE LARGE FRENCH H O U S E S C H R I S T I A N D I O R, G U E R L A I N , G I V E N C H Y A N D K E N Z O. I N A D D I T I O N TO THESE WORLD-RENOWNED BRANDS, THIS BUSINESS GROUP ALSO I N C LU D E S B E N E F I T A N D F R E S H, T W O YOUNG, HIGH- GROWTH AMERICAN...

  • Page 43
    ... and Cosmetics business group posted organic sales growth of 4% and again improved its operating margin. The vitality of the LVMH brands was driven by the success of new perfume products and the strong performances of the make-up lines. Parfums Christian Dior improved its positions in Europe and...

  • Page 44
    Perfumes & Cosmetics Make-up powders are created at Parfums Christian Dior's site at Saint-Jean-de Braye, near Orléans, Central France. 42

  • Page 45
    ...OF NET SALES BY PRODUCT CATEGORY NET SALES BY GEOGRAPHIC REGION EUR million 2002 2003 2004 Net sales Income from operation 2,336 161 2,181 178 2,153 181 2002 2003 2004 Fragances 56% Cosmetics 27% Skincare products 17% France 19% Rest of Europe 41% United States 9% Japan 8% Rest of Asia 10...

  • Page 46
    ... business group posted organic sales growth of 4% and its operating margin increased for the third consecutive year. The best performances were recorded in Europe and Asia. In the United States, the French brands have made significant efforts to reposition their distribution to more high-end points...

  • Page 47
    LVMH annual report 2004 45

  • Page 48
    ... Cosmetics new and existing make-up lines were exceptionally successful, especially the Dior Addict Ultra Shine and Dior Kiss Gloss lipsticks and the Diorskin foundation line. With the success of Capture R60/80, launched in 2003 and recognized in 2004 with the Award for Excellence in Beauty Products...

  • Page 49
    LVMH annual report 2004 Ambitious objectives for 2005 The brand has ambitious growth objectives for 2005, which are supported by the very positive consumer sales trends recorded in all markets in the final months of 2004. Its dynamic momentum will intensify with a major program of innovations in ...

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    Perfumes & Cosmetics 48

  • Page 51
    ... sales with excellent profitability. The brand increased its positions in the United Kingdom and the United States, its country of origin, where it achieved the greatest growth in the market, and successfully entered the Korean market. In 2005, the young company will accelerate its expansion in Asia...

  • Page 52
    Watches and Jewelry STEADY GROWTH AND RETURN TO PROFITABILITY T H E M O S T R E C E N T LV M H B U S I N E S S G R O U P HOLDS A PORTFOLIO OF HIGH-QUALITY ...POSITIONING A S A D I A M O N D J E W E L E R. Watches & Jewelry 50 * De Beers LV activities are consolidated in Other activities of LVMH...

  • Page 53
    ...annual report 2004 The Watches and Jewelry business group posted organic growth of 18%, substantially higher than market growth, and successfully completed its financial recovery despite an unfavorable economic context. All brands recorded double-digit sales growth on a constant currency basis. TAG...

  • Page 54
    Watches & Jewelry Chaumet's new Class One rings 52

  • Page 55
    LVMH annual report 2004 INVESTMENTS EUR million 31 NET SALES BY GEOGRAPHIC REGION 21 18 EUR million 2002 2003 2004 Net sales Income from operations 552 (13) 502 (48) 496 13 2002 2003 2004 France 8% Rest of Europe 25% United States 22% Japan 16% Rest of Asia 14% Other markets 15% 53

  • Page 56
    ... of the brand. TAG HEUER In 2004, TAG Heuer increased its market share and consolidated its leadership in luxury sports watches and chronographs. The brand posted a particularly strong performance in the United States and Asia. The strong growth in net sales and improved operating margins generated...

  • Page 57
    .... They did not take into account a team of TAG Heuer designers, watchmakers and engineers who worked for two years, in the greatest secrecy, delving into the fundamentals concepts of mechanical watch movements. pinions and sprockets, but notched belts, the smallest ever made, and microscopic ball...

  • Page 58
    ... a new women's line that incarnates the timeless values of the fashion house, and an increase in the resources dedicated to the United States and Asia. CHAUMET By rigorously pursuing its strategic plan, Chaumet recorded steady growth in Japan, Korea and France in 2005. The stores opened three years...

  • Page 59
    LVMH annual report 2004 DE BEERS * The De Beers brand reached its 2004 targets in its London and Tokyo stores. Backed by expanded teams, De Beers accelerated the design and creation of its diamond jewelry collections, and its plan to expand to the United States will become a reality in 2005, when ...

  • Page 60
    ... E R AT E IN TWO SEGMENTS- DISTRIBUTION TO I N T E R N AT I O N A L T R AV E L E R S , T H E B U S I N E S S OF DFS AND MIAMI CRUISELINE, AND S E L E C T I V E R E TA I L I N G C O N C E P T S R E P R E S E N T E D B Y S E P H O R A A N D T H E D E PA R T M E N T STORE DIVISION, CONSISTING OF LE BON...

  • Page 61
    ...boost profits initiated over the past few years. DFS expanded its presence in Japan, opening a Galleria in the center of Okinawa. With the strong growth in the Asian customer bases, sales increased in Hong Kong. Sephora opened its new American flagship store on 5th Avenue in New York and inaugurated...

  • Page 62

  • Page 63
    LVMH annual report 2004 INVESTMENTS EUR million 182 NUMBER OF STORES 690 NET SALES BY GEOGRAPHIC REGION 648 668 114 75 EUR million 2002 2003 2004 Net sales Income from operations 3,337 20 3,039 106 3,379 244 2002 2003 2004 2002 2003 2 00 4 France 27% Rest of Europe 10% United States ...

  • Page 64
    ... Japan and mainland China, who represent a major growth opportunity, DFS continues to optimize its approach and is working to develop specific products and services to these new customers. As a result of these initiatives, the Hong Kong stores are enjoying growth. The outlook for DFS in 2005 is good...

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    63

  • Page 66
    ... performance achieved in 2004 demonstrated once again the solid foundations of Le Bon Marché's positioning and management. The most exclusive department store in Paris continued to be a benchmark for demanding French and international customers. The development of a new sales management system...

  • Page 67
    LVMH annual report 2004 A FASHION PRO JUST FOR YOU! Innovative services for demanding customers: Le Bon Marché offers a new professional, private and personalized approach to fashion consulting. A personal fashion appointment? This dream is usually reserved for movie stars, fashion or media ...

  • Page 68
    Sustainable development Sustainable Developpmen development LO U I S V U I T T O N ' S W O R K S H O P AT T H E ...WORK ARE THE GUIDING P R I N C I P L E S . G E S T U R E S A R E R E P E AT E D AT T H E S A M E PA C E A N D T H E T O O L S U S E D T O D AY A R E A L M O S T IDENTICAL TO THE ORIGINALS...

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    For the comfort of employees, an interior glass patio crosses every floor and allows natural light to penetrate the entire building. One of the walls is covered in a metallic mesh arranged in a checkerboard pattern. This process evokes a woven tapestry, an allusion to Louis Vuitton's famous Damier ...

  • Page 71
    LVMH annual report 2004 A year of renovation work has restored its original brilliance to the historic workshop. On January 4, 2005, leather craftsmen and luggage makers returned to a larger, more modern space, that is faithful to the initial architecture inspired by Eiffel. The extensions take ...

  • Page 72
    ... all the countries where we operate, and encourage initiatives in these areas. Outside our own company, to contribute to the knowledge and preservation of our businesses and our know-how as artisans and designers. The Values of LVMH Innovation and creativity. Because our trades, so akin to art, are...

  • Page 73
    ... France, LVMH also proves, through concrete actions, that it is aware of its responsibilities as a global company. For example, thirteen Chinese schools are participating in the competition for the eleventh Young Artists' Award - Tribute to China, organized for students in the French and Chinese art...

  • Page 74
    ... the France-China Exchange Years program, LVMH expressed its commitment to Chinese culture. Supporting two major cultural exhibits to mark the Year of China in France in the first half of 2004, our Group also sponsored the exhibit "Impressionist Treasures from French National Collection", presented...

  • Page 75
    ...world (mainland China, Taiwan and Hong Kong), including purchases made by travelers, now represents the forth largest customer base for Louis Vuitton. Our Perfumes and Cosmetics companies have also worked patiently to establish their names and build their commercial presence. The investments made by...

  • Page 76
    ... in educational programs, hosting interns, sponsorship of young artists and designers are all opportunities for the companies in LVMH Group to identify and develop talent and to publicize the richness of each business line. In 2004, LVMH also published the third edition of the "Guide to Creativity...

  • Page 77
    ... business line expertise through training, mobility and cross-fertilization of know-how (crossbrand project groups and inter-company operating networks). The objective is to make LVMH a true "learning organization" in which every employee can develop individually and professionally. CUSTOM TRAINING...

  • Page 78
    ... formulas that are best suited to involving employees in the growth strategy. For example, in France, profit-sharing plans have been set up in all companies of the Group. The number of beneficiaries of LVMH stock options has notably increased since 2000. The originality of this program lies in the...

  • Page 79
    ... years of learning in most of our businesses, especially those related to leather work, fashion, wine growing, wine-making and watch-making. Our companies have also developed international training centers for sales staffs and product demonstrators. SOCIAL AND CULTURAL ACTIVITIES In France, in 2004...

  • Page 80
    ... Dior, etc. Most Group subsidiaries are located in France and Italy making it easier for LVMH to ensure compliance with the fundamental conventions of International Labor Organization. Several companies of the Group (eg Moët & Chandon, Louis Vuitton, Parfums Christian Dior, Sephora, TAG Heuer) have...

  • Page 81
    ... in 2004 included: â- the launch of new e-recruitment sites for Louis Vuitton, Kenzo and Sephora, which have been enhanced with new services and a secure job applicant space; â- the creation of an electronic LVMH newsletter that presents the latest designs and events of the Group's brands. A real...

  • Page 82
    ... 31, 2004 includes 50,340 regular employees and 7,369 temporary employees. It represents 55,600 full-time equivalent employees. BREAKDOWN BETWEEN WOMEN AND MEN AND CLASSIFICATION (regular employees only) Women Men France Europe North America Hawaii South America Asia Pacific Japan Total Managers...

  • Page 83
    LVMH annual report 2004 Preserving the environment 79

  • Page 84
    ... this group for 11 years. OREE is composed of businesses, local authorities and associations to develop a joint position and create tools to improve environmental awareness. LVMH was heavily involved in 2004 in the creation of the guide for integrating the environment in customer-supplier relations...

  • Page 85
    ... several of these groups throughout the year. CUSTOMERS AND SUPPLIERS For its "Environmental Trendbook", which was distributed in 2004 to the Marketing Directors of the companies, LVMH relied on a work group that included the Fédération des Industries de la Communication Graphique and Printers...

  • Page 86
    ... "LVMH - a good Corporate Citizen", which systematically reports on information about the environment in the Group; â- following the example of Hennessy, Moët & Chandon and Veuve Clicquot, Louis Vuitton has distributed a "green guide" to all employees at its corporate offices in Paris; â- Parfums...

  • Page 87
    ... company sites. Thirty Group sites were evaluated in 2004, bringing the total number of sites visited in France since the implementation of the program to 60. In early 2005, an international version of this program was adapted for application at sites in the United States. More detailed information...

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    Consolidated financial statements CONSOLIDATED STATEMENTS 84

  • Page 89
    LVMH annual report 2004 FINANCIAL THE CONSOLIDATED FINANCIAL STATEMENTS PRESENTED IN THE FOLLOWING PAGES ARE ABBREVIATED. 85

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    86

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    LVMH annual report 2004 CONSOLIDATED KEY FIGURES (EUR millions) 2004 2003 2002 2001 2000 KEY CONSOLIDATED DATA Net sales Income from operations Income before income taxes Net income before amortization of goodwill, and unusual items Net income Common stock Stockholders' equity(1) Net ...

  • Page 92
    ... (EUR millions) December, 31 2004 December, 31 2003 December, 31 2002 CURRENT ASSETS Cash and cash equivalents Short-term investments Treasury shares Trade accounts receivable Deferred income taxes - net Inventories and work-in-progress Prepaid expenses and other current assets 1,017 211 769...

  • Page 93
    LVMH annual report 2004 LIABILITIES AND STOCKHOLDERS' EQUITY (EUR millions) December, 31 2004 December, 31 2003 December, 31 2002 CURRENT LIABILITIES Short-term borrowings Accounts payable Accrued expenses and other current liabilities Income taxes Current portion of long-term debt 1,440) 1,...

  • Page 94
    â-† In 2004, LVMH continued to improve its financial position and reached the objective set three years ago of around 50% net debt to equity ratio. This objective was achieved thanks to strong net income and cash flow generated from operations. â-† At December 31, 2004, LVMH's consolidated balance ...

  • Page 95
    LVMH annual report 2004 CONSOLIDATED STATEMENT OF INCOME (EUR millions except earnings per share, stated in EUR) 2004 2003 2002 NET SALES 12,623) (4,493) 8,130) (4,513) (1,197) 2,420) (197) 16) (126) 2,113) (603) (14) 1,496) (284) (202) 1,010) 11,962) (4,171) 7,791) (4,401) (1,208) 2,182) (...

  • Page 96
    ..., Watches and Jewelry was 18%. Asia (excluding Japan) rose by 2 The brands in this business group points from 13% to 15%. all reported strong growth. By market, the most significant organic â-† The relative contribution of each growth was achieved on the business group to total net sales American...

  • Page 97
    ... in volumes, sale prices and product-mix. â-† The Fashion and Leather Goods business group posted income from operations of EUR 1,329 million, up 1% over 2003. Louis Vuitton income from operations continued its progression while maintaining a very high margin. Other brands in this business group are...

  • Page 98
    ... changes in current assets and liabilities Inventories and work-in-progress Trade accounts receivable Accounts payable Other current assets and liabilities Net change in current assets and liabilities Net cash provided by operating activities II. INVESTING ACTIVITIES Purchases of brands and other...

  • Page 99
    ... Moët Hennessy. illustrates the Group's selective growth â-† After all operating and investment prospects and the focus on the expanactivities and after payment of division of the store networks, notably at dends, cash surpluses amounted to Louis Vuitton and the opening of the 354 million euros...

  • Page 100
    ... stock Treasury shares Common Additional stock paid-in capital EUR millions Retained earnings Cumulative translation adjustment Stockholders' equity AS OF DECEMBER 31, 2003 489,937,410 - 147 1,736 5,774) (623) 7,034) Final dividend paid on 2003 income Interim dividend paid on 2004 income...

  • Page 101
    LVMH WORLDWIDE HOLDINGS BUSINESS GROUPS WINES AND SPIRITS FASHION AND LEATHER GOODS PERFUMES AND COSMETICS WATCHES AND JEWELRY SELECTIVE RETAILING 98 98 99 102 105 106

  • Page 102
    ... Street - New York, NY 10022 - United States Tel.: + 1 212 931 27 00 - Fax: + 1 212 931 27 37 LVMH MOËT-HENNESSY LOUIS VUITTON JAPAN KK Sumitomo Hanzomon Building 3rd Floor - 3-16 Hayabusa-cho Chiyoda-Ku - Tokyo 102-0092 - Japan Tel.: + 81 3 32 63 10 31 - Fax: + 81 3 32 34 85 61 LVMH ASIA PACIFIC...

  • Page 103
    ...Malaysia Tel.: + 603 2053 8688 - Fax: + 603 2148 9001 FASHION AND LEATHER GOODS BUSINESS GROUP LVMH FASHION GROUP 2, rue du Pont Neuf - 75034 Paris Cedex 01 - France Tel.: + 33 1 55 80 32 00 - Fax: + 33 1 55 80 33 99 LVMH FASHION GROUP UK LTD 12 Clifford Street - London W1X 1RB - United Kingdom Tel...

  • Page 104
    ... Tel.: + 61 2 92 23 4311 - Fax: + 61 2 92 21 5371 LOUIS VUITTON NEW ZEALAND 99, Queen Street - Auckland - New Zealand Tel.: + 64 9 358 50 80 - Fax: + 64 9 358 50 83 SOCIÉTÉ DES ATELIERS LOUIS VUITTON 2, rue du Pont-Neuf - 75034 Paris Cedex 01 - France Tel.: + 33 1 55 80 32 00 - Fax: + 33 1 55 80...

  • Page 105
    ... KARAN INTERNATIONAL 550 7th Avenue, - New York, NY 10018 - United States Tel.: + 1 212 789 15 00 - Fax: + 1 212 789 16 53 DONNA KARAN (ITALY) SRL Via Senata 14/16 - 20121 Milan - Italy Tel.: + 39 02 76 21 61 - Fax: + 39 02 76 21 65 00 EMILIO PUCCI GROUP EMILIO PUCCI SRL General Management: Palazzo...

  • Page 106
    ...0130 - Fax: + 662 262 0135 OTHER FASHION & LEATHER COMPANIES MARC JACOBS INTERNATIONAL 72 Spring Street - 9th Floor - New York - NY 0012 - United States Tel.: + 1 212 965 5500 - Fax: + 1 212 965 5510 CALZATURIFICO ROSSI MODA SPA Via Venezia 22 - Vigonza - Italy Tel.: + 39 049 82 84 211 - Fax: + 39...

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    LVMH annual report 2004 PARFUMS CHRISTIAN DIOR (ARGENTINA) c/o France Argentine Cosmetic SA Edificio Colombus - Av. Paseo Colon 746 2do Piso Capital Federal - 1063 Buenos Aires - Argentina Tel.: + 541 14 121 81 00 - Fax: + 541 14 121 81 98 PARFUMS CHRISTIAN DIOR JAPON KK Sumitomo Hanzomon Building ...

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    ... 02 55 22 88 20 PERFUMES LOEWE S.A. C/Isla de Java, 33 - 28034 - Madrid - Spain Tel.: + 34 91 728 69 01 - Fax: + 34 91 358 04 61 BENEFIT COSMETICS LLC The Monadnock Building - 685 Market Street - 7th floor San Francisco, CA 94105 - United States Tel.: + 1 415 781 8153 - Fax: + 1 415 781 3930 BENEFIT...

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    LVMH annual report 2004 WATCHES AND JEWELRY BUSINESS GROUP LVMH MONTRES ET JOAILLERIE 22, avenue Montaigne - 75008 Paris - France Tel.: + 33 1 56 69 88 50 - Fax: + 33 1 56 69 88 51 TAG HEUER GROUP TAG HEUER HONG KONG c/o LVMH Watch & Jewellery Hong Kong Ltd Room 4003, Manulife Plaza The Lee ...

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    ... 377 97 70 63 00 SELECTIVE RETAILING BUSINESS GROUP LVMH SELECTIVE DISTRIBUTION 22, avenue Montaigne - 75008 Paris - France Tel.: + 33 1 44 13 22 22 - Fax: + 33 1 44 13 22 23 "TRAVEL RETAIL" GROUP DFS GROUP LP First Market Tower - 525 Market Street, 33rd Floor San Francisco, CA 94105 2708 - United...

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    ...ZEALAND LTD P.O. Box 73018 - Auckland International Airport Auckland - New Zealand Tel.: + 64 9 275 04 29 - Fax: + 64 9 275 09 86 DFS NEW CALEDONIA SARL La Tontouta Airport 25 rue Duquesnes Quartier latin - New Caledonia Tel.: + 687 352 554 - Fax: + 687 352 541 MIAMI CRUISE STARBOARD CRUISE SERVICES...

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    .../Gamma, Marjolijn de Groot, Archives Louis Vuitton, Jean-Philippe Caulliez, Patrice Schmidt, musée d'Orsay, Paris 2004, Christophe Audebert, RMN- Paris, Etienne Tordoir. Design and production communication 41, rue Camille Pelletan - 92300 Levallois-Perret - France - Telephone 33 1 49 64 64...

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