Louis Vuitton 2011 Annual Report Download - page 149
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LVMH 2011
Finance
11 / 20
Total equity amounted to 23.5 billion euros at year-end
2011, representing an increase of 29%. This significant rise is
mainly attributable to the following factors: the reserved capital
increase by LVMH SA, in the amount of 2.2 billion euros,
intended as consideration for the contribution of Bulgari
shares by the company’s family shareholders; the sharp
increase in the value of some assets held by the Group, in
particular its investment in Hermès, whose market value rose
during the year by 1.7 billion euros; and finally, the strong
earnings achieved by companies across the Group, only a por-
tion of which have been distributed. As of December 31, 2011,
total equity represented 50% of the balance sheet total, thus
remaining stable compared to 2010.
Gross borrowings after derivatives totaled 7.1 billion euros
at year-end 2011. Bond issues and new borrowings generated
2.7 billion euros. In particular, LVMH carried out a euro-
denominated public bond issue consisting of two tranches
maturing in 4 and 7 years, with a par value of 500 million
euros each. The Group also issued 0.2 billion euros of debt by
way of private placements. The amount of commercial paper
outstanding also increased by 1.3 billion euros in 2011.
Conversely, borrowings of 1 billion euros were repaid in
the year, in particular via the redemption of several bonds
for a total of 0.8 billion euros. Cash and cash equivalents and
current available for sale financial assets totaled 2.3 billion
euros at the close of 2011, virtually stable compared to the
position as of December 31, 2010.
At year-end 2011, the Group’s undrawn confirmed credit
lines amounted to 3.4 billion euros, substantially exceeding
the outstanding portion of its commercial paper program,
which came to 1.6 billion euros as of December 31, 2011.