Christian Dior : Consolidated Financial Statements as of December 31, 2020

Consolidated financial statements

December 31, 2020

Consolidated financial statements

1.	Consolidated income statement	2
2.	Consolidated statement of comprehensive gains and losses	3
3.	Consolidated balance sheet	4
4.	Consolidated statement of changes in equity	5
5.	Consolidated cash flow statement	6
6.	Notes to the consolidated financial statements	7
7.	Consolidated companies	70
8.	Companies not included in the scope of consolidation	78
9.	Statutory Auditors' report on the consolidated financial statements	79

As table totals are based on unrounded figures, there may be discrepancies

between these totals and the sum of their rounded component figures.

This document is a free translation into English of the original French "Comptes consolidés - 31 décembre 2020", hereafter referred to as the "Consolidated financial statements". It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

Christian Dior
1

Consolidated financial statements

Consolidated income statement

1. Consolidated income statement

(EUR millions, except for earnings per share)	Notes	2020	2019	2018 (a)
Revenue	24 -25	44,651	53,670	46,826
Cost of sales		(15,871)	(18,123)	(15,625)
Gross margin		28,780	35,547	31,201
Marketing and selling expenses		(16,790)	(20,206)	(17,752)
General and administrative expenses		(3,648)	(3,877)	(3,471)
Income/(loss) from joint ventures and associates	8	(42)	28	23
Profit from recurring operations	24	8,300	11,492	10,001
Other operating income and expenses	26	(333)	(231)	(126)
Operating profit		7,967	11,261	9,875
Cost of net financial debt		(38)	(116)	(136)
Interest on lease liabilities		(281)	(290)	-
Other financial income and expenses		(292)	(170)	(279)
Net financial income/(expense)	27	(611)	(577)	(415)
Income taxes	28	(2,385)	(2,874)	(2,518)
Net profit before minority interests		4,970	7,810	6,942
Minority interests	18	3,037	4,872	4,368
Net profit, Group share		1,933	2,938	2,574
Basic Group share of net earnings per share (EUR)	29	10.72	16.29	14.30
Number of shares on which the calculation is based		180,410,580	180,318,638	180,001,480
Diluted Group share of net earnings per share (EUR)	29	10.70	16.27	14.25
Number of shares on which the calculation is based		180,410,580	180,318,638	180,172,099

1. The financial statements as of December 31, 2018 have not been restated to reflect the application of IFRS 16 Leases. See Note 1.2 to the 2019 consolidated financial statements regarding the impact of the application of IFRS 16.

2 Christian Dior

Consolidated financial statements

Consolidated statement of comprehensive gains and losses

2. Consolidated statement of comprehensive gains and losses

(EUR millions)	Notes	2020	2019	2018
Net profit before minority interests		4,970	7,810	6,942
Translation adjustments		(1,645)	298	270
Amounts transferred to income statement		(11)	1	(1)
Tax impact		(10)	11	15
	16.5, 18	(1,666)	309	284
Change in value of hedges of future foreign currency cash flows		73	(16)	3
Amounts transferred to income statement		(123)	25	(279)
Tax impact		(112)	(3)	79
		(162)	6	(197)
Change in value of the ineffective portion of hedging instruments		(209)	(211)	(271)
Amounts transferred to income statement		232	241	148
Tax impact		(9)	(7)	31
		14	23	(92)
Gains and losses recognized in equity,
transferable to income statement		(1,814)	338	(5)
Change in value of vineyard land	6	(3)	42	8
Amounts transferred to consolidated reserves		-	-	-
Tax impact		3	(11)	(2)
		-	31	6
Employee benefit obligations: change in value
resulting from actuarial gains and losses		(20)	(167)	28
Tax impact		6	39	(5)
		(14)	(128)	23
Gains and losses recognized in equity, not
transferable to income statement		(14)	(97)	29
Gains and losses recognized in equity		(1,829)	240	24
Comprehensive income		3,141	8,050	6,966
Minority interests		1,926	5,019	4,400
Comprehensive income, Group share		1,215	3,031	2,566

Christian Dior
3