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.
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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% |
- 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
- 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
- Gross amount paid for the fiscal year, excluding the impact of tax regulations applicable to the recipient.
- Payable on December 6, 2023.
9,201
06/30/22 12/31/22 06/30/23
-
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.