TRANSLATION OF THE FRENCH

INTERIM FINANCIAL REPORT

SIX-MONTH PERIOD ENDED JUNE 30, 2023

CONTENTS

EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS AS OF JUNE 30, 2023 FINANCIAL HIGHLIGHTS

HIGHLIGHTS

SHARE CAPITAL AND VOTING RIGHTS

BUSINESS REVIEW AND COMMENTS ON THE HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP

COMMENTS ON THE CONSOLIDATED INCOME STATEMENT

WINES AND SPIRITS

FASHION AND LEATHER GOODS

PERFUMES AND COSMETICS

WATCHES AND JEWELRY

SELECTIVE RETAILING

COMMENTS ON THE CONSOLIDATED BALANCE SHEET

COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT

CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES CONSOLIDATED BALANCE SHEET

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS

STATUTORY AUDITORS' REPORT ON THE HALF-YEAR FINANCIAL INFORMATION

STATEMENT BY THE PERSON RESPONSIBLE FOR THE INTERIM FINANCIAL REPORT

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

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

1

2

4

4

5

6

10

11

13

14

15

17

18

21

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25

26

27

57

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This document is a free translation into English of the original French "Rapport financier semestriel - 30 juin 2023", hereafter referred to as the "Interim Financial Report". 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.

EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS AS OF JUNE 30, 2023



Board of Directors

Bernard Arnault

Chairman and Chief Executive Officer

Antonio Belloni

Group Managing Director

Antoine Arnault

Delphine Arnault

Dominique Aumont Director representing employees

Nicolas Bazire

Marie-VéroniqueBelloeil-MelkinDirector representing employees

Sophie Chassat(1)

Charles de Croisset (1) Lead Director

Clara Gaymard (1) Marie-Josée Kravis (1)  Laurent Mignon (1)  Marie-Laure Sauty de Chalon (1)  Yves-Thibault de Silguy (1) Natacha Valla (1) 

Hubert Védrine (1)

Advisory Board members

Yann Arthus-Bertrand

Diego Della Valle

Lord Powell of Bayswater

Executive Committee

Bernard Arnault

Chairman and Chief Executive Officer

Antonio Belloni

Group Managing Director

Delphine Arnault

Christian Dior Couture

Nicolas Bazire

Development & Acquisitions

Pietro Beccari

Louis Vuitton

Stéphane Bianchi

Watches and Jewelry

Michael Burke

Strategic Advisor to the Chairman

Chantal Gaemperle

Human Resources & Synergies

Jean-Jacques Guiony

Finance

Christopher de Lapuente

Selective Retailing

Stéphane Rinderknech

Hospitality Excellence & Beauty

Philippe Schaus

Wines and Spirits

Jérôme Sibille

General Administration & Legal Affairs

Sidney Toledano

Fashion Group

Jean-Baptiste Voisin

Strategy

General Secretary

Marc-Antoine Jamet

Performance Audit Committee

Clara Gaymard (1)

Chairman

Charles de Croisset (1) Marie-Laure Sauty de Chalon (1)  Yves-Thibault de Silguy (1)

Governance & Compensation Committee

Natacha Valla (1)

Chairman

Sophie Chassat (1)

Charles de Croisset (1)

Marie-Josée Kravis (1) 

Ethics & Sustainable Development Committee

Yves-Thibault de Silguy (1) Chairman

Delphine Arnault Marie-Laure Sauty de Chalon (1) Hubert Védrine (1)

Statutory Auditors

Deloitte & Associés

represented by Guillaume Troussicot and Bénédicte Sabadie

Mazars

represented by Isabelle Sapet and Simon Beillevaire

(1) Independent Director.

Interim Financial Report - Six-month period ended June 30, 2023 1



FINANCIAL HIGHLIGHTS

Revenue

(EUR millions)

79,184

64,215

As of June 30

42,240

36,729 28,665

2021 2022 2023

Change in revenue by business group

June 30,

June 30,

Change

(EUR millions and as %)

2023

2022

Published

Organic (a)

Wines and Spirits

3,181

3,327

-4%

-3%

Fashion and Leather Goods

21,162

18,136

17%

20%

Perfumes and Cosmetics

4,028

3,618

11%

13%

Watches and Jewelry

5,427

4,909

11%

13%

Selective Retailing

8,355

6,630

26%

26%

Other activities and eliminations

87

109

-

-

Total

42,240

36,729

15%

17%

  1. On a constant consolidation scope and currency basis. The net impact of exchange rate fluctuations on Group revenue was -2% and the net impact of changes in the scope of consolidation was negligible. The principles used to determine the net impact of exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope of consolidation are described on page 9.

Revenue by geographic region of delivery

Revenue by invoicing currency

Profit from recurring operations

(EUR millions)

Europe(excl. France) 15%

France 8%

Asia(excl. Japan) 34%

Japan 7%

Other markets 12%

United States 24%

Euro 19%

Hong Kong dollar 3%

Japanese yen 7% Other currencies 44%

US dollar 27%

21,055

17,151

As of June 30

11,574

10,235

7,621

2021 2022 2023

Profit from recurring operations by business group

June 30,

Dec. 31,

June 30,

(EUR millions)

2023

2022

2022

Wines and Spirits

1,046

2,155

1,154

Fashion and Leather Goods

8,562

15,709

7,509

Perfumes and Cosmetics

446

660

388

Watches and Jewelry

1,089

2,017

987

Selective Retailing

734

788

367

Other activities and eliminations

(303)

(274)

(170)

Total

11,574

21,055

10,235

Stores

Geographic breakdown of stores

(number)

(number as of June 30, 2023)

1,103

5,720

5,582

5,664

Europe(a)

1,873

Asia(b)

1,074

515

493

France

Japan

United States

06/30/22 12/31/22 06/30/23

(a) Excluding France. (b) Excluding Japan.

662

Other markets

2 Interim Financial Report - Six-month period ended June 30, 2023

Net profit

(EUR millions)

14,751

Net profit, Group share

(EUR millions)

14,084



Basic Group share of net earnings per share

(EUR)

28.05

8,902

6,943

6,532

8,481

16.95

12.99

06/30/22 12/31/22 06/30/23

Net cash from operating activities

(EUR millions)

17,833

7,266 6,750

06/30/22 12/31/22 06/30/23

Dividend per share(a)

(EUR)

06/30/22 12/31/22 06/30/23

Operating investments

(EUR millions)

4,969

3,564

1,882

06/30/22 12/31/22 06/30/23

Net financial debt(a)

(EUR millions)

06/30/22 12/31/22 06/30/23

Operating free cash flow(a)

(EUR millions)

10,113

4,046

1,797

06/30/22 12/31/22 06/30/23

  1. See the consolidated cash flow statement on p. 26 for the definition of "Operating free cash flow".

Equity and Net financial debt/Equity ratio

(EUR millions and as %)

12.00

10.00

11,117

12,465

52,713 56,604 59,449

Interim (b)

5.50

5.00

3.00

2021 2022 2023

  1. Gross amount paid for the fiscal year, excluding the impact of tax regulations applicable to the recipient.
  2. Payable on December 6, 2023.

9,201

06/30/22 12/31/22 06/30/23

  1. Excluding "Lease liabilities" and "Purchase commitments for minority interests".
    See Note 19.1 to the condensed consolidated financial statements for the definition of net financial debt.

21.1%16.3%21.0%

06/30/22 12/31/22 06/30/23

Interim Financial Report - Six-month period ended June 30, 2023 3

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LVMH - Moët Hennessy Louis Vuitton SE published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 12:25:34 UTC.