Louis Vuitton 2003 Annual Report Download - page 91

Download and view the complete annual report

Please find page 91 of the 2003 Louis Vuitton annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

CONSOLIDATED STATEMENT OF INCOME
(EUR millions except earnings per share, stated in EUR) 2003 2002 2001
NET SALES 11,962 12,693 12,229
Cost of sales (4,171) (4,563) (4,654)
GROSS MARGIN 7,791 8,130 7,575
M arketing and selling expenses (4,401) (4,705) (4,568)
General and administrative expenses (1,208) (1,417) (1,447)
INCOME FROM OPERATIONS 2,182 2,008 1,560
Financial expense - net (233) (294) (459)
Dividends from unconsolidated investments 18 8 21
Other income or expenses - net (349) (405) (455)
INCOME BEFORE INCOME TAXES 1,618 1,317 667
I ncome taxes (488) (350) (192)
I ncome (loss) from investments accounted for using the equity method 1(18) (42)
NET INCOME BEFORE AMORTIZATI ON OF GOODWILL,
MINORITY INTERESTS AND UNUSUAL ITEMS 1,131 949 433
Amortization of goodwill (300) (262) (168)
M inority interests (108) (131) (99)
Unusual items - net –– (156)
NET INCOME 723 556 10
NET INCOME BEFORE MI NORITY INTERESTS 831 687 100
NET INCOME BEFORE AMORTIZATI ON OF GOODWILL AND UNUSUAL ITEMS 1,023 818 334
EARNI NGS PER SHARE BEFORE AND AFTER DILUTION
Earnings per share before amortization of goodwill and unusual items 2.09 1.67 0.68
Earnings per share 1.48 1.14 0.02
Number of common shares and share equivalents 489,844,910 488,852,554 488,072,374
89
PASSIONATE ABOUT
CREATIVITY