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TRANSLATION OF THE FRENCH
DOCUMENT DE RÉFÉRENCE
FISCAL YEAR ENDED DECEMBER 31, 2012
CONTENTS
HISTORY1
FINANCIAL HIGHLIGHTS2
EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS 5 SIMPLIFIED ORGANIZATIONAL CHART OF THE GROUP AS OF JANUARY 31, 2013 6BUSINESS DESCRIPTION9
WINES AND SPIRITS10
FASHION AND LEATHER GOODS15
PERFUMES AND COSMETICS17
WATCHES AND JEWELRY19
SELECTIVE RETAILING21
OTHER ACTIVITIES22
MANAGEMENT REPORT OF THE BOARD OF DIRECTORS23
LVMH GROUP23
PARENT COMPANY: LVMH MOËT HENNESSY...LOUIS VUITTON47HUMAN RESOURCES67
LVMH AND THE ENVIRONMENT85
REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS99FINANCIAL STATEMENTS113
CONSOLIDATED FINANCIAL STATEMENTS113
PARENT COMPANY FINANCIAL STATEMENTS: LVMH MOËT HENNESSY...LOUIS VUITTON181OTHER INFORMATION209
GOVERNANCE209
GENERAL INFORMATION REGARDING THE PARENT COMPANY; STOCK MARKET INFORMATION237 RESOLUTIONS FOR THE APPROVAL OF THE COMBINED SHAREHOLDERS MEETING OF APRIL18,2013245 RESPONSIBLE COMPANY OFFICER; FINANCIAL INFORMATION259TABLES OF CONCORDANCE263
This document is a free translation into English of the original French Document de référence, hereafter referred to as the Reference Document. It is not a binding document. In the event o f a conict in interpretation, reference should be made to the French version, which is the authentic text.16th century 1593 Château dYquem
18th century 1729 Ruinart
1743 Moët & Chandon
1765 Hennessy
1772 Veuve Clicquot
1780 Chaumet
19th century 1815 Ardbeg
1828 Guerlain
1832 Château Cheval Blanc
1843 Krug
Glenmorangie
1846 Loewe
1849 Royal Van Lent
1852 Le Bon Marché
1854 Louis Vuitton
1858 Mercier
1860 TAG Heuer
1865 Zenith
1870 La Samaritaine
1884 Bulgari
1895 Berluti
1897 Franck et Fils
20th century 1908 Les Echos
1916 Acqua di Parma
1925 Fendi
1936 Dom Pérignon
Fred1942 Rossimoda
1945 Céline
1947 Parfums Christian Dior
Emilio Pucci
1951 Wen Jun
1952 Givenchy
Connaissance des Arts
1957 Parfums Givenchy
1960 DFS
Bodegas Chandon
1963 Miami Cruiseline
1969 Sephora
1970 Kenzo
1972 Parfums Loewe
1974 Investir-Le Journal des Finances
1975 Montres Dior
Ole Henriksen
1976 Benet Cosmetics
1977 Newton
Cape Mentelle
1980 Hublot
1982 Radio Classique
1984 Thomas Pink
Marc Jacobs
Donna Karan
Make Up For Ever
1985 Cloudy Bay
1988 Kenzo Parfums
1991 Fresh
1993 Belvedere
1998 Numanthia Termes
1999 Terrazas de los Andes
Cheval des Andes
21st century 2001 De Beers Diamond Jewellers
2005 10 Cane
2010 Parfums Fendi
HISTORY
Although the history of the LVMH group began in 1987 with the merger of Moët Hennessy and Louis Vuitton, the roots of the
Group actually stretch back much further, to eighteenth-century Champagne, when a man named Claude Moët decided to build on
the work of Dom Pérignon, a contemporary of Louis XIV; and to nineteenth-century Paris, famous for its imperial celebrations,
where Louis Vuitton, a craftsman trunk-maker, invented modern luggage. Today, the LVMH group is the worlds leading luxury
goods company, the result of successive alliances among companies that, from generation to generation, have successfully combined
traditions of excellence and creative passion with a cosmopolitan air and a spirit of conquest. These companies now form a
powerful, global group in which the historic companies share their expertise with the newer brands, and continue to cultivate the
art of growing while transcending time, without losing their soul or their image of distinction.From the 16th century to the present
12012 Reference Document
0_VA_V5 26/03/13 20:27 Page1
FINANCIAL HIGHLIGHTS
Key consolidated data
(EUR millions and percentage) 2012 2011 2010
Revenue 28,103 23,659 20,320
Profit from recurring operations 5,921 5,263 4,321
Net profit 3,909 3,465 3,319
Net profit, Group share 3,424 3,065 3,032
Cash from operations before changes in working capital (a)7,113 6,137 4,848
Operating investments 1,702 1,730 976
Free cash flow
(b)2,474 2,177 3,073
Total equity
(c)25,666 23,512 18,204
Net financial debt
(d)4,261 4,660 2,678
Net financial debt/Total equity ratio 17 % 20 % 15 %
(a) Before interest and tax paid. (b) Net cash from/(used in) operating activities and operating investments. (c) Including minority interests.(d) Excluding purchase commitments for minority interests included in Other non-current liabilities. See Note 18.1 of the notes to the consolidated financial statements.
Data per share
(EUR) 2012 2011 2010
Earnings per share
Basic Group share of earnings per share 6.86 6.27 6.36
Diluted Group share of earnings per share 6.82 6.23 6.32
Dividend per share
Interim 1.10 0.80 0.70
Final 1.80 1.80 1.40
Gross amount paid for fiscal year
(e) (f)2.90 2.60 2.10
(e) Excludes the impact of tax regulations applicable to the beneficiary. (f) For fiscal year 2012, amount proposed at the Shareholders" Meeting of April 18, 2013.22012 Reference Document
0_VA_V5 26/03/13 20:27 Page2
Information by business group
(EUR millions) 2012 2011 2010
Revenue by business group
Wines and Spirits 4,137 3,524 3,261
Fashion and Leather Goods 9,926 8,712 7,581
Perfumes and Cosmetics 3,613 3,195 3,076
Watches and Jewelry 2,836 1,949 985
Selective Retailing 7,879 6,436 5,378
Other activities and eliminations (288) (157) 39
Total 28,103 23,659 20,320
Profit from recurring operations by business groupWines and Spirits 1,260 1,101 930
Fashion and Leather Goods 3,264 3,075 2,555
Perfumes and Cosmetics 408 348 332
Watches and Jewelry 334 265 128
Selective Retailing 854 716 536
Other activities and eliminations (199) (242) (160)
Total 5,921 5,263 4,321
Information by geographic region
2012 2011 2010
Revenue by geographic region of delivery
(as %)France 11 12 13
Europe (excluding France) 20 21 21
United States 23 22 23
Japan 8 8 9
Asia (excluding Japan) 28 27 25
Other markets 10 10 9
Total 100 100 100
Revenue by invoicing currency
(as %)Euro 24 26 28
US dollar 28 27 27
Japanese yen 8 8 9
Hong Kong dollar 6 6 6
Other currencies 34 33 30
Total 100 100 100
Number of stores
France 412 390 364
Europe (excluding France) 910 883 646
United States 644 621 570
Japan 370 360 303
Asia (excluding Japan) 670 621 518
Other markets 198 165 144
Total 3,204 3,040 2,545