I-SLVMH Moet Hennessy Louis Vuitton SE (MC FP) - As ReportedIn Mil

I-SLVMH Moet Hennessy Louis Vuitton SE (MC FP) - As
ReportedIn Millions of GBP except Per ShareFY 2011FY
2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY
2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Income
Statement
RevenuesRevenues20,535.6022,798.1024,638.1024,701.7025,90
5.1030,802.4037,366.7041,435.6047,085.1039,711.80Total
Revenue—————
30,802.4037,366.7041,435.6047,085.1039,711.80 Operating
ExpensesCost of Goods
Sold7,023.708,045.008,488.708,708.209,118.1010,681.7012,956
.0013,826.3015,899.5014,115.40Sales/Marketing/Advertising
Expenses7,256.308,194.309,142.509,468.5010,045.6011,966.20
14,368.8015,711.1017,727.8014,934.50General and
Administrative
Expenses1,687.401,755.501,878.301,913.201,934.302,401.102,7
71.203,067.003,389.903,238.20Gross
Profit13,511.9014,753.1016,149.4015,993.4016,787.0020,120.7
024,410.7027,609.3031,185.7025,596.40Operating
Income4,473.604,655.705,008.104,378.704,637.105,655.807,11
0.308,740.009,889.907,090.20Equity In Earnings of Joint
Ventures——19.549.4-2.52.6-20.4-24.637.4Other Operating
(Income)/Expense -
Net94.6147.6101229160.599.9157.8111.5202.7296.2Earnings
Before Interest and Taxes—————————7,090.20 Non-
Operating ExpensesInterest Expense -
Net131.1113.685.892.756.7109120.1103.593.931.1Income Tax
Expense
(Benefit)1,261.201,476.401,488.501,832.601,430.201,747.401,9
40.402,211.30-2,572.302,142.50Income Before Income
Taxes4,263.504,644.304,840.006,754.704,336.40—————
Total Financial Losses (Gains)210.111.4168.1-

2,376.00300.7260.551.7343.3490.4540.7Other Financial Losses
(Gains)79-102.282.4-2,468.70—151.6-
68.4239.8142.1259.7Other Financial Losses————244.1——
———AT (Income) Loss Affiliates and Others-5.2-3.2————
———— EarningsMinority/Non Controlling
Interest347.2393.4433.9368.5310.9317416.3562.8536225Divide
nds Per Share—————3.284.385.314.215.34Basic
EPS5.445.575.839.095.166.629.3611.1812.58.3Weighted Avg.
Shares -
Basic488.8499.1500.3501.3502.4502.9502.4502.8503.2503.7Dil
uted EPS5.415.535.89.045.146.69.3311.1612.488.29Weighted
Avg. Shares -
Diluted492.2502.2503.2503.9504.9504.6504503.9503.8504.2We
ighted Avg. Shares - Basic & Diluted—————————
505Final Dividend Per Share————————2.283.56Interim
Dividend Per Share————————1.931.78Profit After
Taxation Before
Minority3,007.603,171.103,351.504,922.102,906.203,648.005,1
18.206,185.306,827.204,406.90Net
Income2,660.402,777.702,917.604,553.702,595.303,330.904,70
2.005,622.606,291.204,181.90 Others Comprehensive
IncomeForeign Currency Translation Adjustments164.9-80.3-
293.8430.5458.363.9-823.8241.6263.2-1,477.30Unrealized Gain
(Loss) On Securities1,385.30-33.3804.1-2,291.30-89.3-21.3-
91.1-246.921.9-109.4Change In Fair Value of Derivatives-
63.4158.233.1-155.6-21.8-76.2104.3-108.826.320.5Pension
Related Adjustments—-81.967.9-129.830.5-72.15024.8-146.5-
17.8Reclassification Adjustments21.769313.3-13.746.524.6-
30.77.136.8-2.7Other Comprehensive Income——451.7455.5—
———00Total Comprehensive
Income4,089.102,762.304,064.703,089.503,013.003,364.504,26
3.705,607.506,489.402,632.60Foreign Currency Translation
Adjustments Tax40.8-14.6-40.883.898.1-7.4-42.913.39.7-
8.9Unrealized Gain (Loss) On Secs Related Tax-100.7-4.9-
29.7148.314.537.7258.572.6-16.7-34.7Tax Related To Chg In
Fair Value of Derivative18.2-40.6-14.4462.219.7-30.727.4-6.1-

8Tax Related To Reclassification Adjustments-9.5-22.7-
107.87.3-15.388.571.9-1.8-9.72.7Tax Related To Minimum
Pension Liability Adj—23.5-18.741.9-11.613.9-21-
4.434.25.3Comprehensive Income Attrib to Minority Int-375.8-
381.3451.7455.5405.3354.7298.9602.6550.9144.1Net Income -
Comprehensive
Income3,007.603,171.103,351.504,922.102,906.203,648.005,11
8.206,185.306,827.204,406.90Total Comprehensive Inc
Including Minority
Int4,464.903,143.503,613.002,634.003,418.303,719.204,562.60
6,210.107,040.402,776.70 Reference ItemsARDR COVID-19
Related Charges - Operating—————————169R & D
Expenditures54.75660.363.770.590.9113.9115122.8123.6Sales/
Marketing/Advertising Expenses——————
10,134.8010,828.3012,231.4010,604.10Salaries Wages and
Employee
Benefits3,536.203,896.404,228.604,398.104,539.105,386.306,67
6.507,335.708,263.407,592.70Depreciation
Expense609.3663.6777.8871.5919.61,043.701,246.301,337.901,
451.101,516.40Interest
Expense164133117.2116.180.6130.3149.9142.5137.775.6(Gain)
/Loss On Sale of Assets3.53.2-5.9-0.8-0.7-31.9——019.6Write-
Down/Impairment of Assets-1.7——6.411.60.84.42.7-31.6—
Restructuring Charges34.722.711.92971.2-2.513.10.9505.3Other
One-Time Charges-2.66.52.5-4-10.24.97.94.491.2200.1Interest
Income-35.6-21.1-25.5-24.2-24-21.3-29.8-38.9-43.9-
44.5Interest Expense -
Net131.1113.685.892.756.7109120.1103.593.931.1Income Tax
Expense
(Benefit)1,261.201,476.401,488.501,832.601,430.201,747.401,9
40.402,211.302,572.302,142.50General and Administrative
Expenses————————3,389.90—Other Revenue————
————226.3—Projected Benefit
Obligation805.6927.1934.71,107.401,139.40 ———1,792.30—
Fair Value of Plan Assets475.5516.8567.7625.2693.2 ———
1,134.50—Dividends Per Share2.262.352.632.582.58—————

Basic EPS5.445.575.839.095.166.629.3611.1812.58.3Weighted
Avg. Shares -
Basic488.8499.1500.3501.3502.4502.9502.4502.8503.2503.7Dil
uted EPS5.415.535.89.045.146.69.3311.1612.488.29Weighted
Avg. Shares - Diluted492.2502.2503.2503.9504.9504.6——
503.8504.2Pension Expense
(Income)58.267.374.77569.793.498.2112.4146.558.7Service
Cost48.651.967.161.371.281.996.410098.394.3Overfunded
(Underfunded) Pension—————97.499.6114.1-
657.859.1Expected Return On Plan Assets - Pension %—4.75—
———————Discount Rate Used On Plan Liabs-Pension
%4.372.83.29———————Rate of Compensation
Increase(Pension) - %3.372.963.17———————Actual
Return/Loss On Pension Plan Assets—45.4————————
Current Rental Expense——
2,056.802,129.402,498.602,923.603,362.903,304.60——Stock
Based Compensation
Expense4643.828.931.426.933.654.372.663.256Merger/Acquisit
ion Expense14.82.417.86.41.52.511.48.839.531.1Dividend
Income-46.9-141.2-60.3-59.7-2.9-4.9-11.4-15.9-7-
10.7Impairment of Intangibles0.9——
42.929.546.4843.9209Amortization of Intangible Assets158——
201.6215.7285.1350.6396.4371.1431.4Royalty Revenue———
—————96.5—Impairment of
Goodwill34.719.548.4168.584.379.544.788.519.3—Product
Revenue————————46,762.30—(Gain)/Loss On Sale of
Investments9.5-25.1-19.5-2,630.80-93.7—————Current
Income Tax Expense
(Benefit)1,448.701,637.901,651.501,957.601,607.402,184.002,1
04.302,260.902,826.702,331.10Deferred Income Tax Expense
(Benefit)-187.5-161.4-163-125-177.2-436.6-163.9-49.6-254.4-
188.5Actuarial Gains and Losses - Pension
Exp4.37.31.73.22.2———-1.80Unrecognized Prior Service Cost
- RBO1.70.800-14.5—————Effective Tax Rate -
%29.631.830.827.13332.629.22627.432.7Benefits Paid
(Pension)-39.1-76.3————————Interest Cost

(Pension)28.629.212.710.510.910.610.510.610.57.1Expected
Return On Pension Plan Assets-20.8-20.3————————
Pension Plan Asset Category-Equities %393535—————19—
Pension Plan Asset Category-Debt %424744—————43—
Amount Of Final Dividend——————————Amount Of
Interim Dividend——————————Total Financial Losses
(Gains)210.111.4168.1-
2,376.00300.7260.551.7343.3490.4540.7Rental Revenue———
———————Other Auditors Fees (Tax & Consulting)———
—————2.6—Other Financial Gains——-5.9——-22.9-
231.4—-71.9—Other Financial Losses
(Gains)25.224.327.229.823.226.227.218.619.333.8Wages And
Salaries3,432.003,785.204,125.004,291.604,446.805,259.306,52
4.007,150.808,053.707,477.90Social Security
Costs58.267.374.77565.493.498.2112.4146.558.7Total Fees
Paid To Audit Firms————————20.2—Weighted Avg
NumberPotential Dilutive Shr32.52.52.11.81.41.410.50.5Rental
Expense1,356.701,577.002,098.202,210.70—
2,803.303,315.503,254.60——Other Financial Losses2.61.6—
0.80153.2147.2237.1201.8236.6Write-Ups Of Investments—0—
———————Pension Plan Asset Category-Other %19———
————38—Pension Plan Asset Category-Real Estate %—
14.617.83———————Foreign Exchange Losses Non-
Operating91.139.8135191.9317.4—————Statutory Tax Rate
- %34.4334.433.3333.3333.33———34.4—Advertising
Expenses2,353.102,658.402,810.602,809.002,917.803,475.104,2
33.904,882.805,496.304,330.40ARDR Goodwill Impairment
After Tax——48.4168.584.379.544.788.519.3—Audit Service
Fee Paid to Main Auditor2.21.42.71.41.2———8.8—Audit
Service Fee Paid to Other Auditors0.80.910.80.7 ———7—
Number of Units - Stores————————
4,915.005,003.00Turnover - Organic Growth————————
——Adjusted EBIT/Non-GAAP Operating
Income4,568.204,803.305,109.204,607.704,797.605,755.807,26
8.108,851.5010,092.607,386.30Unrecognized Transitional
Obligation - RBO——————————Organic Growth

Percent1494566121110-16Other Expenses or Income - Pension-
4.3-1.6-6.80——————ARDR Currency Effect on Sales
Growth-27-4-210-1-3-43-1ARDR Revenue
Growth1619126165131015-17ARDR Acquisition Divestiture
Growth433300431—ARDR Adjusted Operating Margin————
————21.418.6Source: BloombergRight click to show data
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B-SLVMH Moet Hennessy Louis Vuitton SE (MC FP) - As
2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Balance
Sheet Noncurrent AssetsLong Term Investments——————
————Property Plant & Equipment -
Net6,699.407,125.008,008.208,066.408,228.0010,371.0012,322.
5013,577.8015,690.8016,320.30Other Intangible
Assets9,594.909,352.1010,484.5010,119.7010,009.1011,392.801
5,073.7015,502.3014,572.4015,234.90Investment In
Affiliates/Joint
Ventures142.1132.4399.5403537.6657.9568573.2909.3886.6Go
odwill5,813.606,342.607,539.606,841.707,464.808,886.1012,30
0.2012,333.4013,575.0014,366.20Other Noncurrent
Assets399.4421.7380.4379.8407.1663.8772.5885.91,308.90756.
7Deferred Tax Assets (Long-
Term)598.3775.17601,115.201,434.401,754.001,547.601,735.90
1,925.302,082.10Capitalized Software - Net——195.6215.9——
————Investment Securities Available For
Sale4,998.804,878.405,893.20450.4423.3635.6701.4988.3774.7
661.8Total Non-Current
Assets28,246.4029,027.4033,465.3027,376.2028,504.3034,361.3
043,286.0045,596.9059,262.3061,521.70 Current AssetsCash
and
Equivalents1,924.501,784.302,685.203,177.002,650.503,027.80
3,322.904,142.004,803.0017,877.60Accounts Receivable -
Trade1,569.301,612.901,809.601,766.001,859.202,293.902,432.

102,894.902,920.902,468.10Inventories6,275.706,565.207,068.5
07,358.207,445.609,010.009,678.8011,217.5011,613.4011,656.3
0Other Current Assets————
1,736.802,000.902,594.802,576.802,763.403,444.20Total
Assets39,332.9040,624.5046,759.1041,440.2042,479.5050,933.2
062,007.9066,756.9081,706.8097,319.10Current Income Tax
Asset101.1163.3185.6274.9283.2239.2693.4328.8343.7351.1Tot
al Current
Assets11,086.5011,597.1013,293.7014,064.0013,975.2016,571.9
018,721.9021,160.1022,444.5035,797.40 Stockholder
EquityMinority/Non Controlling Int (Stckhldrs
Eqty)886.6880.8855.79631,076.701,290.101,251.601,495.101,5
06.201,269.00Common
Stock127123.5126.5118112.1129.9135.1136.6 ——Additional
Paid In
Capital3,176.303,126.603,203.802,061.801,902.002,222.202,32
3.702,064.70——Treasury Stock (Amount)-405.3-336.4-375.4-
290.4-177-444.3-471.1-378.3——Retained Earnings
(Accumulated
Deficit)10,694.6011,652.4013,318.709,451.8011,939.00———
——Total Shareholders
Equity19,647.7020,725.8023,228.9017,863.8019,026.2023,834.
8027,003.3030,509.6032,481.4034,772.90Shares Issued and
Outstanding507.8508.2507.8507.7507.1507.1507505505.4504.8
Cumulative Translation Adjustment360.2277.9-
6.7382.1838.5995.3314.7514.8——Net Income/Loss
(Stockholders
Equity)2,561.202,782.102,860.004,386.202,635.003,473.804,76
9.205,708.90——Other Reserve—————
15,485.2017,692.5020,181.60——Revaluation
Surplus2,247.002,219.003,246.20791.3699.9682.6987.6786.2—
—Total Shareholders Equity Excluding
Minority18,761.0019,845.1022,373.2016,900.9017,949.5022,54
4.7025,751.7029,014.5030,975.2033,503.90Total Liabilities and
Shareholders
Equity39,332.9040,624.5046,759.1041,440.2042,479.5050,933.

2062,007.9066,756.9081,706.8097,319.10 Non Current
LiabilitiesTotal Noncurrent
Liabilities11,668.1012,194.3013,842.3014,121.5014,088.0016,1
54.1021,680.3021,123.2030,071.8039,873.00Long Term
Debt3,452.903,116.803,453.503,924.903,326.803,359.306,263.5
05,395.404,318.7012,595.80Pension/Postretirement
Liabilities————1,438.10—————Other Noncurrent
Liabilities3,765.404,433.105,330.505,006.705,868.109,260.301
0,981.9011,203.109,088.709,842.90Deferred Tax Liabilities
(Long-
Term)3,279.903,217.603,562.503,410.803,455.103,534.504,434.
904,524.704,654.804,908.40Other Provisions For Liabilities
And Charges1,169.901,426.801,495.801,779.20————
3,227.402,975.00Provisions For Liabilities And Charges &
Other—1,426.80————————Total Liabilities—————
———49,225.4062,546.20 Current LiabilitiesAccounts Payable
-
Trade2,466.802,546.402,744.302,800.402,920.403,574.604,034.
904,774.504,922.404,565.50Short-Term
Borrowings2,618.902,418.103,890.503,253.102,779.602,945.00
4,026.904,516.606,442.909,526.70Other Current
Liabilities2,269.602,108.502,486.302,717.302,882.804,059.004,
584.305,349.505,337.205,998.30Income Taxes
Accrued/Payable370.2359.1297.2426.3472365.7678.3483.4611.
3645.7Short-Term Provisions291.6272.2269.7257.8—————
—Pension & Post Retirement Liab (Current)————310.5——
———Total Current
Liabilities8,017.207,704.309,687.909,454.909,365.2010,944.30
13,324.3015,124.1019,153.6022,673.30 Reference ItemsCash
and
Equivalents532.34811,121.201,595.101,021.401,015.00801.876
0.1868.713,871.00Accounts Receivable -
Trade1,569.301,612.901,809.601,766.001,859.202,293.902,432.
102,894.902,920.902,468.10Inventories6,275.706,565.207,068.5
07,358.207,445.609,010.009,678.8011,217.5011,613.4011,656.3
0Prepaid Expenses

(ST)344.3389.2379.6368.9380.5487532.5580.4599.4533.7Other
Current Assets————
0441.7499.6483.4497.8514Land2,428.40——
2,816.702,838.603,386.707,740.004,946.105,997.606,418.30Bui
ldings2,532.80——
2,686.202,805.403,616.507,740.904,283.004,828.405,451.10Co
nstruction In Progress———
534.3559.7818.5698.71,112.301,398.701,057.60Furniture/Machi
nery/Equipment4,657.90——
6,523.307,022.308,825.501,143.2011,445.7012,058.7012,923.50
Property Plant & Equipment -
Gross11,253.6011,930.3013,347.8013,796.8014,499.6018,228.5
021,326.5023,650.6026,150.2027,905.90Accumulated
Depreciation4,554.304,805.305,339.605,730.406,271.507,857.5
09,004.1010,072.8010,458.6011,585.60Property Plant &
Equipment -
Net6,699.407,125.008,008.208,066.408,228.0010,371.0012,322.
5013,577.8015,691.6016,320.30Total Intangible Assets - Net—
————20,278.9027,374.0027,835.7028,148.3029,601.10Other
Intangible
Assets177.2172.3184.8215.9241.2346.9351.1353.1404.7380.6In
vestment In Affiliates/Joint
Ventures142.1132.4399.5403537.6657.9568573.2909.3886.6Go
odwill5,813.606,342.607,539.606,841.707,464.808,886.1012,30
0.2012,333.4013,575.0014,366.20Patents/Trademarks/Copyright
s9,255.608,999.509,821.109,406.009,273.0010,434.2013,948.30
14,250.8013,579.3014,209.50Other Noncurrent
Assets279.9278.7323.8321.5362.8268.3269.3314.5283.6291.9A
ccounts Payable - Trade—————
3,574.604,034.904,774.504,922.404,565.50Current Portion of
Long-Term
Debt634.3565.5843.2718.3523.61,176.401,558.30894.91,569.70
1,289.60Short-Term Capital Lease Obligations————4.4——
0——Bank
Overdrafts185.5169258239.2151.2176.9106.7177149139.7Shor t
-Term

Borrowings2,618.902,418.103,890.503,253.102,779.602,945.00
4,026.904,516.606,442.9011,463.80Accrued
Compensation/Postretirement
Oblig71.977.269.957.572.38889.894.3104.1103.9Deferred/Unea
rned Revenue
(ST)92.894.3129.8147.6153.4214.4226.7245.3231.1316.1Other
Current
Liabilities461.3465.6580.2602.6660.8946.61,143.201,477.10923
.7927.8Notes Payable
(LT)2,832.802,711.403,217.903,723.003,098.902,969.705,828.8
05,025.20——Long Term Capital Lease Obligations————
96.6——370.2——Long Term
Debt3,452.903,116.803,453.503,924.903,326.803,359.306,263.5
05,395.404,318.7012,595.80Pension/Postretirement
Liabilities236.5421.7376.2497466.1596.3555.6543.6687.5702.1
Other Noncurrent
Liabilities3,688.504,324.205,217.304,925.905,798.107,067.208,
486.708,685.60—9,842.90Min/Non Cntrlling Int(Stckhldrs
Eqty)886.6880.8855.79631,076.701,290.101,251.601,495.101,5
06.201,269.00Common
Stock127123.5126.5118112.1129.9135.1136.6128.7136.1Additi
onal Paid In
Capital3,176.303,126.603,203.802,061.801,902.002,222.202,32
3.702,064.701,963.401,992.60Treasury Stock (Amount)-405.3-
336.4-375.4-290.4-177-444.3-471.1-378.3-341.2-232.8Retained
Earnings (Accumulated
Deficit)10,694.6011,652.4013,318.709,451.8011,939.0015,484.
3017,692.5020,181.6027,807.1031,668.90Other Equity————
—921990.31,003.6000Par
Value0.250.240.250.230.220.260.270.270.250.27Treasury
Shares (Number)9.68.27.45.94.35.14.32.11.80.9Raw
Materials2,843.702,847.103,093.903,120.303,115.103,657.504,0
15.304,298.304,247.606,309.10Work In
Progress1,079.701,109.909631,250.301,084.801,046.601,217.80
1,527.401,608.60—Finished
Goods2,288.002,348.202,043.502,798.801,298.002,751.902,874.

803,513.003,903.903,818.60Other Gross Fixed
Assets1,634.50——
1,236.301,273.601,581.404,003.801,863.401,866.802,055.30Oth
er Inventory-622.6-793.8—-951.3-980.8—————Total Line
of
Credit4,178.202,681.303,662.402,640.402,507.402,904.803,378.
002,875.1017,864.1014,149.50Total Available Line of
Credit4,178.202,681.303,662.402,640.402,507.402,904.803,378.
002,875.1017,864.1014,149.50Future Minimum Operating Lease
Obligations4,358.704,870.305,676.705,745.206,991.308,625.60
10,173.0011,296.60——Current Rental Expense——
2,056.802,129.402,498.602,923.603,362.903,304.60——Rental
Expense - Year
1914.21,003.501,160.301,287.601,371.701,729.201,930.802,097
.00——Rental Expense - Beyond Year
51,068.801,260.201,543.201,515.902,227.902,654.503,268.603,
720.60——Allowance For Doubtful
Accounts191.4196.6201.4211.2220.5251.2304.971.975.4111Cap
italized Software -
Net141.2162.5195.6215.9235.3309.3408488.8550.3595.5Total
Shareholders
Equity19,647.7020,725.8023,228.9017,86 3.8019,026.2023,834.
8027,003.3030,509.6032,481.4034,772.90Total Capital
Leases127112.9———300.7281.8370.2——Total Sub-Lease
Income-41.8-33.3-20-22.5-25.1-31.6-56-62——Investment
Securities Available For Sale—————
635.6701.4988.3774.7—Derivative Assets Short-
Term122.8345.3411.2236.1219223440.9110.5152.4866.9Custom
er Deposits/Advances
(ST)150.4112.9131.5142.9151.2202.5314.7357.6473.3647.5Tax
es
Receivable391.1319.3295.5348.7444529.7664804.1893.2856.1O
ther Receivables (ST)236.5273.8316.3337.8409.3—————
Deferred Expenses
(ST)235.7298.2336.3336.3371.7504.1487.1580.4651.1481.8Liti
gation Reserve Long Term————

956.51,389.201,644.501,637.90546.9616.1Equity
Securities109.5133.3132.3196.5172.6319.5457.8598.4620.6673.
4Derivative Assets (Long-
Term)119.514356.658.244.2143.5218.7230.9662.198.5Debt
Maturing - Year 2912.51,050.60—601.91,112.10—————
Debt Maturing - Year 31,064.60876.7—1,077.10439.5————
—Debt Maturing - Year 4808.98.10401.5747.8—————Debt
Maturing - Year 57.5679.30786.7447.6—————Debt
Maturing - Beyond Year 5659.3502.1—1,057.701,980.10———
——Derivative Liabilities (Short-
Term)221.416.363.3212.8136.4176.940149.1116.8540.9Derivati
ve Liabilities (Long-
Term)3.333.342.512.41.5114.5203.6254.3602.8130.7Borrowing
s6,071.805,534.907,344.007,178.006,106.306,304.3010,290.309
,912.0010,761.7022,122.50Licenses20.917.9283281.9259.6302.
4366.2409.738.149.3Number of Employees at Period End
Date97,559.00106,348.00114,635.00121,289.00 ————
147,715.00163,000.00Debt Maturing - Year
12,618.902,418.103,890.503,253.102,779.60—————
Cumulative Translation Adjustment360.2277.9-
6.7382.1838.5995.3314.7514.8729.8-619.7Accumulated
Amortization Of Goodwill981.9962—
1,172.601,269.201,437.001,430.301,558.901,501.101,624.50Acc
umulated Amortization Intangible Assets————————
5,440.505,765.50Bank Loans - Noncurrent————131.3———
——Goodwill -
Gross6,795.507,304.609,297.508,014.408,734.0010,323.2013,73
0.5013,892.3015,076.1015,990.70Intangible Assets - Gross——
———
25,364.1032,739.6033,667.8033,587.9035,366.60Inventory -
Merchandise686.91,053.809681,140.002,928.501,554.101,570.8
01,878.701,853.301,528.70Inventory - Gross6,898.207,359.00—
8,309.508,426.4010,224.1011,045.9012,640.7013,154.30—
Investment In Mutual Funds11.710.6100111.4 —————
Litigation Liabilities1,161.501,219.601,350.901,500.40 —
1,661.701,961.001,944.30884.71,030.80Options Granted During

Period0—00——————Options Outstanding End
Period6.65.24.23.42.81.91.20.400Other Provisions For
Liabilities & Charges915.9990.51,108.701,256.50————
1,308.901,449.00Other Tangible Assets -
Net1,152.40774.3801.6900.1960.21,198.701,320.101,430.401,4
24.101,557.30Trade Receivables-
Gross1,760.701,809.502,011.001,977.202,079.702,545.102,737.
002,966.802,996.302,579.20Taxation And Social
Security1,036.201,044.101,175.301,217.701,337.001,625.801,92
3.702,114.102,148.802,107.20Revaluation
Surplus2,247.002,123.103,133.00780.5708-139.3-118.2-
101.5778.1812.3Provision For Pension Costs & Obligations—
432.3————————Provisions For Litigation————
260.3272.5325.4306.4337.8865.1Restructuring
Provisions54.347.134.137.362.7—————Financial Assets -
Gross——————————Short-Term Bank
Deposits1,392.201,303.301,564.001,581.901,629.102,012.902,5
21.003,381.903,934.304,006.60Buildings -
Net1,617.001,481.201,594.801,601.301,657.102,212.802,502.40
2,738.602,994.603,420.10Construction In Progress - Net—
581.8665.9531.2556.8811.6697.81,111.401,397.001,053.20Plant
And Equipment -
Net1,583.501,725.802,158.302,340.602,342.202,919.303,530.00
3,664.003,993.603,993.20Provision - Obsolete/Slow Moving
Inventory—-793.8————————Land -
Net2,346.502,561.902,787.602,693.202,711.703,228.604,272.20
4,633.505,882.506,296.50Short-Term
Provisions245.7229.1242.2243.8—3.43.66.36.88.1Notes And
Bonds - Non Current Liabilities————————
4,056.3012,417.50Due To Banks (ST)————194—————
Total Shareholder Equity Excludes
Minority18,761.0019,845.1022,373.2016,900.9017,949.5022,54
4.7025,751.7029,014.5030,975.2033,503.90Contingent
Liabilities And Commitments159.6—————————Debt In
Foreign Currency1,469.901,528.401,504.101,643.301,410.10—
1,927.2010,028.80——Other Intangible Assets -

Gross11,994.0011,782.4012,119.3012,842.4012,940.5015 ,040.9
019,009.1019,775.5018,512.7019,375.90Options Exercised
During the Period——0.90.80.40.80.60.70.30Options Expired
During the Period——00.1000000Restructuring Provisions
Short-Term36.832.523.311.647.224.830.218.9343.7 —
Restructuring Provisions Long-Term——
10.825.615.515.481.8——Other Short-Term
Borrowings459.6698.8834.9739.3224.2563712.9593603.7418.2
Deposits And Guarantees—————
252284.5340.5363.2366.3Other Liabilities That Are LT
Borrowings620405.4235.6201.9—389.6434.7—262.5178.2Total
Credit Utilized0—————————Accumulated Amort Other
Intangible
Asset2,399.102,430.302,578.702,722.702,931.503,648.103,935.
304,273.203,939.404,140.10Hedging Reserve—95.9113.210.9-
8.1-98.3115.6-115.9-90.6-253.4Purchase
Obligations1,125.601,087.201,316.001,811.002,235.303,088.50
2,469.504,606.5015,651.0014,901.80Rental Expense - Year 2 to
52,467.702,602.403,033.103,054.003,340.604,067.404,903.505,
396.00——ARDR Commercial Paper
Current1,339.50984.81,954.401,556.301,682.201,028.601,649.0
02,851.804,121.407,679.20Debt Schedule In Yr 1—————
2,945.004,026.904,516.606,442.909,526.70Debt Schedule In Yr
2—————516943.21,719.704,318.7012,595.80Debt Schedule
In Yr 3—————8861,688.101,249.80——Debt Schedule In
Yr 4—————527.11,149.401,136.60——Debt Schedule In Yr
5—————1,162.801,125.4023.4——Debt Schedule
Thereafter—————267.41,357.401,266.00——Debt Schedule
- Total
Debt6,071.805,534.907,364.007,178.006,106.306,304.3010,290.
309,912.0010,761.7022,122.50Current Capital Lease19.217.1—
———————Capital Lease Year 120.918.7———26.524.9—
——Capital Lease Year 2——————24.9———Capital Lease
Year 3——————24.9———Capital Lease Year 4—————
—24.9———Capital Lease Year 5——————25.8———
Capital Lease Beyond Year 5295.8267.3———674.9594.7——

—Total Capital Lease381.9340.4——235.3800.5720———Fair
Value of Derivatives
Net17.5438.8362.169.1125.475.24166294.8293.7Capital Leases
- Years 2 - 565.254.4———99.1————Pension & Post
Retirement Liab (Current)9.210.64.22.32.9—————Stock Opt
Valuation - Risk Free Rate (%)2.7—————————Stock
Opt Valuation - Expected Life (Yrs)——————————
Stock Opt Valuation - Expected Volatil (%)37————————
—Stock Opt Valuation - Dividend Yield (%)2.8———————
——Avg Exercise Price (Options
Outstanding)69.0768.8669.9766.1555.6865.1759.5650.8600Opti
ons Exercisable End of Period—1.3————————Capital
Lease Interest254.9227.5———499.8————Options at
Beginning of Period——4.23.43.42.81.91.20.40Net Debt
Cash3,894.10-
3,462.204,419.003,731.503,123.202,771.506,358.605,176.105,2
54.303,798.00ARDR Present Value of Capital Lease Years 2-
546.839.8————————ARDR Present Value of Capital
Lease Beyond Year 56156.1————————ARDR Debt USD
Denominated Debt————————3,457.003,120.00ARDR
Debt JPY Denominated Debt————————622762ARDR
Debt Euro Denominated Debt————————
7,849.0021,281.00Source: BloombergRight click to show data
C-FLVMH Moet Hennessy Louis Vuitton SE (MC FP) - As
2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/ 201912/31/2020Cash
Flow Cash From Operating ActivitiesDepreciation And
Amortization -
CF867.11,053.801,218.501,527.801,511.601,755.602,082.402,0
37.004,481.305,380.80Other Non-Cash Items-66.8-91.7-89.2-
219.3-397.3-272-95.5-193.8-232.5-80Change in Inventories-
666.6-672.5-653-748.2-413.3—————Change in Accounts

Payable287.3140.3172.4141.967.6—————Change in
Accounts Receivable-56.4-119.3-244.5-17.7-35.6—————
Equity In Earnings Of Affiliates/JV-CF——
41.62119.614.721.94.4-8.856.9Net Change In Working Capital-
463.5-659.5-526.5-578.9-311.6-419.4-450.5-961.9-1,012.40-
326.4Impairments—61.7—6.411.6—————Cash Paid For
Taxes-1,340.20-1,598.10-1,555.60-1,321.40-1,312.50-1,575.30-
2,445.20-2,013.10-2,579.30-2,121.20Cash Paid For Interest-
131.9-124.9-94.3-93.5-54.5-99.9-113.1-100-108.8-51.6Total
Cash Flows From
Operations3,391.203,387.704,002.803,714.404,092.305,059.506
,110.307,512.7010,218.909,691.60Change in Other Current
Assets and Liabilities-27.8-8.1198.745.169.7—————Total
Cashflow From Ops Before Working
Capital5,326.805,770.306,179.005,708.205,771.007,154.209,11
9.1010,587.7014,129.0012,448.70Operating
Profit4,473.604,655.705,008.104,378.704,637.105,655.807,110.
308,740.009,889.907,090.20Dividends
Received52.9152.560.355.62.9————— Cash From Investing
ActivitiesCapital Expenditures—-1,308.50-1,342.50-1,235.20-
1,263.10—————Proceeds From Long-Term
Investments14.829.232.312949.474.576.239.8——Purchases of
Long-Term Investments-449.6-106.3-167.3-46-56.7-22.9-109.6-
393.8-2,265.20-420.7Sales (Purchases) of ST Investments -
Net—————-377.7————Purchases of Investments-10.4—
————————Other Investing Activities—-29.2-34-231.4-
208.5———7—Purchase of Intangibles—-193.1-214.8-254.8-
229.5—————Additions To Fixed And Intangible Assets-
1,518.10———————-2,889.90-2,203.90Net Change In Liabs
Relating To Fixed Assets—114.491.762.958.8—————
Proceeds From Sale Of Fixed & Intangible
Asset26.935.783.236.329.8—————Payment Of Acquisition
Of Subsidiary-681.4-36.5-1,834.90-134.6-174.3254-5,526.70-
15——Proceeds From Sale Of Other Financial Assets————
——0-1.8——Dividend Received From Investing Activities——
———45.111.415.9710.7Acquisition of Minority Interests-

1,226.50—————————Total Cash Flows From Investing-
2,617.80-1,494.30-3,326.00-1,618.10-371.2-1,882.60-7,543.30-
3,043.10-5,148.90-2,613.90 Cash from Financing
ActivitiesDividends Paid-927.9-1,173.90-1,274.50-1,305.30-
1,213.80-1,522.90-1,849.20-2,402.50-3,226.70—Increase In
Long-Term
Borrowings2,308.00866.42,628.001,940.60732.2747.95,198.001
,353.002,488.9015,563.30Decrease In Long-Term Borrowings-
872.3-1,237.90-897.5-1,693.10-1,774.50-1,786.70-1,542.50-
1,923.70-1,587.90-4,468.30Effect of Exchange Rates On
Cash52.1-34.139.921.8-2444.2-212.159.334.2-935.6Other
Financing Activities7.8-215-152-138.7-167.1-248.2325.1-
334.543.91.8Net Change In Cash33.9-75.4793.9699-285.5-
43.4246.3703.595112,726.20Cash and Cash Equivalents (End of
Period)1,739.001,615.302,427.202,937.802,500.102,851.003,21
6.203,965.004,654.0017,737.00Cash and Cash Equivalents (Beg
of
Period)1,706.401,690.901,648.902,264.502,789.902,896.302,96
6.403,250.703,736.204,922.80Dividends Paid To Outside Equity
Interests-164-254.7-186.8-270.9-165.6-218.7-227.9-300——
Dvds Paid To Shareholders/Minority Shareholder——————
———-2,489.40Increase (Decrease) In
Capital81.676.35647.625.452.446.443.447.424Increase
(Decrease) In Treasury Shares1.74.1-960.80.7-288.4-58.7-261—
—Total Cash Flows From Financing-791.6-1,934.8077.3-
1,419.00-2,562.60-3,264.601,891.30-3,825.40-4,153.206,584.10
Reference ItemsChange in Inventories —————-670.9-881.7-
1,523.80-1,407.20-499.8Change in Accounts Payable—————
192.5225.2632.7406.2-497.2Change in Accounts Receivable—
————-99.9-117.4-158.4-106.2469.6Disposal of Fixed
Assets—————4.922.88.8——Capital Expenditures————
—-1,761.30-1,655.50-2,304.20——Proceeds From
Investments—————167.15.312.4——Other Investing
Activities—————94.232.469.9——Dividends Paid————
—————-2,164.80Change in Other Current Assets and Liab—
————158.9323.487.686201.9Purchase of Intangibles———

——-360.5-399.6-475.2——Dividends Paid To Outside Equity
Interests—————————-324.6ARDR Free Cash Flow—
2,007.002,595.802,283.302,672.303,203.904,115.604,824.405,4
10.405,440.40Source: BloombergRight click to show data
Profitbility RatiosLVMH Moet Hennessy Louis Vuitton SE (MC
FP) - ProfitabilityIn Millions of GBP except Per ShareFY
2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY
2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020ReturnsR
eturn on Common
Equity15.4614.6113.3923.2215.516.0319.3820.7420.8212.71Ret
urn on Assets7.287.056.4710.316.446.948.298.828.44.58Return
on
Capital13.2712.7411.7118.0112.2913.1515.4416.3514.937.43Re
turn on Invested
Capital12.0411.2910.8310.4911.8112.1413.3114.6113.567Margi
nsGross
Margin65.864.7165.5564.7564.865.3265. 3366.6366.2364.46EBI
TDA
Margin26.0125.0425.3523.9323.7724.0524.6125.9630.4731.5Op
erating
Margin21.7820.4220.4117.7417.9418.3519.0421.0420.9517.95I
ncremental Operating Margin29.513.1619.93—
19.1226.0324.1341.4820.32-35.82Pretax
Margin20.7620.3719.6427.3516.7417.5218.8920.2619.9616.49I
ncome before XO
Margin14.6513.9113.619.9311.2211.8413.714.9314.511.1Net
Income
Margin12.9512.1811.8418.4310.0210.8112.5813.5713.3610.53N
et Income to Common
Margin12.9512.1811.8418.4310.0210.8112.5813.5713.3610.53A
dditionalEffective Tax
Rate29.5831.7930.7527.1332.9832.3927.4926.3427.3732.71Dvd
Payout

Ratio42.2642.3545.1528.4349.9649.3946.8647.4933.7164.3Sust
ainable Growth
Rate8.938.427.3516.627.768.1110.310.8913.84.54Source:
BloombergRight click to show data transparency (not supported
for all values)
Growth RatiosLVMH Moet Hennessy Louis Vuitton SE (MC
FP) - GrowthIn Millions of GBP except Per ShareFY 2011FY
2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/20201 Year
GrowthRevenue16.4318.783.255.5916.45.4313.399.8314.62-
16.8EBITDA24.1314.384.52-0.3415.656.6816.0115.8634.53-
14Operating Income23.6311.353.17-
8.1917.687.8817.6121.4114.12-28.73Net Income to
Common1.0911.710.3564.38-36.7413.831.9518.4312.86-
34.43EPS Diluted-1.429.430.1864.13-
36.8413.8432.0118.5212.85-34.5EPS Diluted before XO-
1.429.430.1864.13-36.8413.8432.0118.5212.85-34.5EPS Diluted
before Abnormal19.377.981.066.05-1.3113.4531.5818.2213.35-
31.15Dividend per Share23.8111.546.93.2310.9412.682520-
2025Accounts Receivable205.79.524.610.866.511.917.767.08-
20.12Inventory25.357.595.111.586.554.463.2414.679.87-
5.11Fixed Assets19.079.389.727.967.418.814.199.02104.75-
0.64Total Assets26.656.2212.36-
5.017.943.517.016.5229.8912.6Modified Working
Capital22.47.696.3210.56.314.510.4214.49.24-5.98Working
Capital-11.2630.44-9.58375.325.38-7.8210.64-
42.14277.03Employees16.789.017.795.83.34-
6.8310.156.228.1110.35Accounts
Payable28.466.175.29.379.825.668.4817.079.41-12.32Short-
Term Debt70.88-5.0457.06-10.38-10.03-
8.5431.4210.9794.6130.85Total Debt37.98-6.2529.524.76-
10.42-10.8856.88-4.7128.9448.6Total Equity29.168.499.4-
17.5712.158.148.8911.7912.981.21Capital31.145.0113.64-
12.215.683.5218.927.2441.4220.02Book Value per

Share25.368.399.96-19.2711.638.589.6211.4413.122.21Cash
From Operations-3.516.8914.58-2.2820.5710.5212.121.836.89-
6.34Capital Expenditures74.55-7.78-1.98-3.113.5123.63-
12.1437.8526.5-24.77Net Change In Cash———-7.27—86.51—
182.9236.351,220.02Free Cash Flow-29.1818.7725.01-
1.8724.014.6724.8715.8641.480.93Cash Flow to Firm-
3.016.1313.82-2.0419.4810.9612.1621.3538.78-6.82Free Cash
Flow to Firm-27.5716.7523.35-1.5322.35.4124.6315.3844.0905
Year
GrowthRevenue9.111.2611.0312.4311.919.718.6910.0411.874.6
EBITDA10.911111.3512.9511.338.018.3110.5717.4110.65Oper
ating
Income10.610.6910.4511.458.946.017.1810.7215.654.61Net
Income to
Common10.2811.0811.1426.343.345.829.413.084.895.65EPS
Diluted9.610.079.924.822.35.299.3113.054.895.65EPS Diluted
before XO9.610.079.924.822.35.299. 3113.054.895.65EPS
Diluted before
Abnormal9.5710.079.812.516.395.329.5713.0614.576.61Divide
nd per
Share13.1812.6314.1414.1711.07911.5114.128.4511.07Account
s
Receivable5.154.475.679.34107.416.638.198.691.8Inventory11.
3710.928.0610.92117.036.158.017.685.21Fi xed
Assets9.1610.19.6111.0910.638.659.599.4524.422.47Total
Assets10.6610.4712.2810.79.164.846.895.7512.5813.54Modifie
d Working
Capital10.289.967.559.4410.497.055.567.126.874.28Working
Capital5.5112.112.993.798.612.394.859.17-
8.1218.58Employees8.718.158.269.438.453.663.883.574.025.39
Accounts
Payable9.228.397.5413.5411.57.227.6910.0210.025.18Short-
Term Debt8.34-1.0520.4119.6515.51.928.771.4718.4927.7Total
Debt6.373.949.589.839.470.3111.194.5722.2735.29Total
Equity15.1915.2815.149.247.223.483.56410.778.52Total
Capital 5 Year

Growth12.712.2413.649.417.742.775.364.1414.5617.51Book
Value per
Share15.815.6114.558.196.133.133.363.6410.878.93Cash From
Operations11.311.18169.776.859.7910.8412.220.0214.11Free
Cash Flow7.311.7920.937.545.0513.5914.741321.5816.68Cash
Flow to
Firm10.7110.2314.659.26.529.4310.6412.0720.1514.32Free
Cash Flow to
Firm6.6810.2218.286.864.6712.8214.3112.7921.7116.91Sequent
ial GrowthRevenue16.4318.783.255.5916.45.4313.399.8314.62-
16.8EBITDA24.1314.384.52-0.3415.656.6816.0115.8634.53-
14Operating Income23.6311.353.17-
8.1917.687.8817.6121.4114.12-28.73Net Income to
Common1.0911.710.3564.38-36.7413.831.9518.4312.86-
34.43EPS Diluted-1.429.430.1864.13-
36.8413.8432.0118.5212.85-34.5EPS Diluted before XO-
1.429.430.1864.13-36.8413.8432.0118.5212.85-34.5EPS Diluted
before Abnormal19.377.981.066.05-1.3113.4531.5818.2213.35-
31.15Dividend per Share23.8111.546.93.2310.9412.682520-
2025Accounts Receivable205.79.524.610.866.511.917.767.08-
20.12Inventory25.357.595.111.586.554.463.2414.679.87-
5.11Fixed Assets19.079.389.727.967.418.814.199.02104.75-
0.64Total Assets26.656.2212.36-
5.017.943.517.016.5229.8912.6Modified Working
Capital22.47.696.3210.56.314.510.4214.49.24-5.98Working
Capital-11.2630.44-9.58375.325.38-7.8210.64-
42.14277.03Employees16.789.017.795.83.34-
6.8310.156.228.1110.35Accounts
Payable28.466.175.29.379.825.668.4817.079.41-12.32Short-
Term Debt70.88-5.0457.06-10.38-10.03-
8.5431.4210.9794.6130.85Total Debt37.98-6.2529.524.76-
10.42-10.8856.88-4.7128.9448.6Total Equity29.168.499.4-
17.5712.158.148.8911.7912.981.21Capital31.145.0113.64-
12.215.683.5218.927.2441.4220.02Book Value per
Share25.368.399.96-19.2711.638.589.6211.4413.122.21Cash
From Operations-3.516.8914.58-2.2820.5710.5212.121.836.89-

6.34Capital Expenditures74.55-7.78-1.98-3.113.5123.63-
12.1437.8526.5-24.77Net Change In Cash—-338.46—-7.27-
145.33——182.9236.351,220.02Free Cash Flow-
29.1818.7725.01-1.8724.014.6724.8715.8641.480.93Cash Flow
to Firm-3.016.1313.82-2.0419.4810.9612.1621.3538.78-
6.82Free Cash Flow to Firm-27.5716.7523.35-
1.5322.35.4124.6315.3844.090Source: BloombergRight click to
show data transparency (not supported for all values)
Credit RatiosLVMH Moet Hennessy Louis Vuitton SE (MC FP)
- CreditIn Millions of GBP except Per ShareFY 2011FY 2012FY
2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY
202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020IFRS
16/ASC 842 AdoptionNoNoNoNoNoNoNoNoYesYesTotal
Debt6,071.805,534.907,344.007,178.006,106.306,304.3010,290.
309,912.0021,383.6033,610.50 Short-Term
Debt2,618.902,418.103,890.503,253.102,779.602,945.004,026.9
04,516.608,282.7011,463.80 Long Term
Debt3,452.903,116.803,453.503,924.903,326.803,359.306,263.5
05,395.4013,100.9022,146.70Total Debt/T12M
EBITDA1.180.971.21.260.980.821.10.911.542 .67Net
Debt/EBITDA-0.19-0.22-0.220.590.440.380.70.471.151.2Total
Debt/EBIT1.411.191.491.71.291.071.431.122.254.68Net
Debt/EBIT-0.23-0.27-0.280.790.580.50.90.581.682.1EBITDA to
Interest
Expense32.5642.9153.350.9176.3856.8861.3675.536.5838.43EB
ITDA-CapEx/Interest
Expense23.333.0841.8540.2760.7143.3650.3159.3329.2131.66E
BIT to Interest
Expense27.2734.9942.9137.7557.6343.447.4661.2125.1621.9EB
ITDA/Cash Interest
Paid40.4845.766.2763.2113.0474.1381.33107.5845.0540.41EBI
TDA-CapEx/Cash Interest
Paid28.9735.2352.0349.9989.8556.5166.6984.5335.9833.29EBI
T/Cash Interest

Paid33.9137.2753.3446.8685.2956.5762.9187.230.9823.03Cash
Interest
Paid131.9124.994.393.554.599.9113.1100318.5309.5Interest
Expense164133117.2116.180.6130.3149.9142.5392.2325.5Com
mon Equity/Total
Assets47.748.8547.8540.7842.2544.2641.5343.4637.9134.43Lo
ng-Term
Debt/Equity17.5715.0414.8721.9717.4914.0923.217.6840.3363.
69Long-Term
Debt/Capital13.4311.8711.315.6713.2411.1516.813.3524.3232.3
9Long-Term Debt/Total
Assets8.787.677.399.477.836.610.18.0816.0322.76 Total
Debt/Equity30.926.7131.6240.1832.0926.4538.1132.4965.8396.
66Total
Debt/Capital23.6121.0824.0228.6624.320.9227.5924.5239.749.1
5Total Debt/Total
Assets15.4413.6215.7117.3214.3712.3816.614.8526.1734.54Net
Debt/Equity-4.95-6.14-
5.9318.7814.4512.4124.1116.9549.1443.31Net Debt/Capital-
5.21-6.54-
6.315.8112.6211.0419.4214.4932.9530.22EBITDA5,340.705,70
9.506,246.105,910.606,158.107,409.009,195.3010,756.7014,346
.6012,508.30EBITDA-
CapEx3,822.604,400.904,903.704,675.404,895.005,647.707,539
.808,452.4011,456.8010,304.40EBIT4,473.604,655.705,027.604
,382.704,646.605,653.407,113.008,719.709,865.307,127.50Sour
ce: BloombergRight click to show data transparency (not
supported for all values)
Credit Ex Operating LeaseRatiosLVMH Moet Hennessy Louis
Vuitton SE (MC FP) - Credit Ex Operating LeasesIn Millions of
GBP except Per ShareFY 2011FY 2012FY 2013FY 2014FY
2015FY 2016FY 2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020IFRS
16/ASC 842 AdoptionNoNoNoNoNoNoNoNoYesYesTotal
Debt6,071.805,534.907,344.007,178.006,106.306,304.3010,290.

309,912.0010,762.5022,122.50 Short-Term
Debt2,618.902,418.103,890.503,253.102,779.602,945.004,026.9
04,516.606,443.809,526.70 Long Term
Debt3,452.903,116.803,453.503,924.903,326.803,359.306,263.5
05,395.404,318.7012,595.80Total Debt/T12M
EBITDA1.180.971.21.260.980.821.10.910.932.2Net
Debt/EBITDA-0.19-0.22-0.220.590.440.380.70.470.460.36Total
Debt/EBIT1.411.191.491.71.291.071.431.121.163.19Net
Debt/EBIT-0.23-0.27-0.280.790.580.50.90.580.580.52EBITDA
to Interest
Expense32.5642.9153.350.9176.3856.8861.3675.586.99131.94E
BITDA-CapEx/Interest
Expense23.333.0841.8540.2760.7143.3650.3159.3366.01102.79
EBIT to Interest
Expense27.2734.9942.9137.7557.6343.447.4661.2169.7890.98E
BITDA/Cash Interest
Paid40.4845.766.2763.2113.0474.1381.33107.58110.15193.36E
BITDA-CapEx/Cash Interest
Paid28.9735.2352.0349.9989.8556.5166.6984.5383.58150.64EB
IT/Cash Interest
Paid33.9137.2753.3446.8685.2956.5762.9187.288.35133.33Cas
h Interest
Paid131.9124.994.393.554.599.9113.1100108.851.6Interest
Expense164133117.2116.180.6130.3149.9142.5137.775.6Comm
on Equity/Total
Assets47.748.8547.8540.7842.2544.2641.5343.4643.538.91Lon
g-Term
Debt/Equity17.5715.0414.8721.9717.4914.0923.217.6813.336.2
2Long-Term
Debt/Capital13.4311.8711.315.6713.2411.1516.813.359.9922.14
Long-Term Debt/Total
Assets8.787.677.399.477.836.610.18.086.0714.63Total
Debt/Equity30.926.7131.6240.1832.0926.4538.1132.4933.1363.
62Total
Debt/Capital23.6121.0824.0228.6624.320.9227.5924.5224.8938.
88Total Debt/Total

Assets15.4413.6215.7117.3214.3712.3816.614.8515.1225.69Net
Debt/Equity-4.95-6.14-
5.9318.7814.4512.4124.1116.9516.4410.27Net Debt/Capital-
5.21-6.54-
6.315.8112.6211.0419.4214.4914.129.31EBITDA5,340.705,709.
506,246.105,910.606,158.107,409.009,195.3010,756.7011,982.3
09,974.40EBITDA-
CapEx3,822.604,400.904,903.704,675.404,895.005,647.707,539
.808,452.409,092.407,770.50EBIT4,473.604,655.705,027.604,3
82.704,646.605,653.407,113.008,719.709,610.906,877.60Source
: BloombergRight click to show data transparency (not
supported for all values)
Working Capital RatiosLVMH Moet Hennessy Louis Vuitton SE
(MC FP) - Working CapitalIn Millions of GBP except Per
ShareFY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY
2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Accounts
Receivable
Turnover13.7414.5513.9513.7814.8814.4415.7315.7216.0914.3
9 Days Sales
Outstanding26.5625.1526.1626.524.5425.3423.223.2222.6925.4
4Inventory Turnover1.21.271.211.21.281.261.381.341.381.19
Days Inventory
Outstanding304.49287.68302.53303.58284.53289.71264.612732
63.86308.24Accounts Payable
Turnover3.663.453.243.413.483.313.473.53.482.78 Accounts
Payable Turnover
Days99.69106.2112.75106.91104.81110.49105. 25104.41104.93
131.63Cash Conversion
Cycle231.36206.64215.93223.17204.26204.56182.56191.81181.
62202.04Inventory to Cash
Days331.05312.84328.69330.08309.07315.04287.81296.22286.
54333.68Total
Inventory6,275.706,565.207,068.507,358.207,445.609,010.009,
678.8011,217.5011,613.4011,656.30 Inventory Raw

Materials2,843.702,847.103,093.903,120.303,115.103,657.504,0
15.304,298.304,247.606,309.10 Inventory In
Progress1,079.701,109.909631,250.301,084.801,046.601,217.80
1,527.401,608.600 Inventory Finished
Goods2,974.903,402.003,011.503,938.804,226.504,305.904,445.
605,391.805,757.205,347.30 Other Inventory-622.6-793.80-
951.3-980.800000Source: BloombergRight click to show data
Segements by measureLVMH Moet Hennessy Louis Vuitton SE
(MC FP) - By MeasureIn Millions of GBP except Per ShareFY
2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY
2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Revenue2
0,535.60100.00%22,798.10100.00%24,638.10100.00%24,701.70
100.00%25,905.10100.00%30,802.40100.00%37,366.70100.00%
41,435.60100.00%47,085.10100.00%39,711.80100.00%
Fashion and Leather
Goods7,527.1037.10%8,008.5035.50%8,350.2034.20%8,704.20
35.60%8,958.3035.00%10,465.4033.60%13,559.9035.80%16,33
0.6038.90%19,508.7041.30%18,861.1047.40% Selective
Retailing5,567.2027.40%6,373.1028.30%7,540.2030.90%7,668.
2031.30%8,139.7031.80%9,808.4031.50%11,665.9030.80%12,0
75.1028.80%12,976.3027.50%9,031.7022.70% Perfumes and
Cosmetics2,474.6012.20%2,567.6011.40%2,742.7011.20%2,715
.4011.10%2,808.9011.00%4,057.6013.00%4,872.9012.90%5,390
.7012.80%5,996.4012.70%4,667.5011.70% Wines and
Spirits3,058.8015.10%3,356.1014.90%3,520.5014.40%3,180.60
13.00%3,323.1013.00%3,960.9012.70%4,455.7011.80%4,551.00
10.80%4,891.9010.40%4,229.0010.60% Cognac and
Spirits1,512.007.50%1,749.807.80%1,898.607.80%1,602.806.60
%1,730.206.80%2,086.506.70%2,347.906.20%2,454.705.80%2,
692.505.70%2,344.405.90% Champagne and
Wines1,546.707.60%1,606.207.10%1,644.706.70%1,600.406.50
%1,613.306.30%1,874.406.00%2,108.605.60%2,096.305.00%2,
199.404.70%1,884.604.70% Watches and

Jewelry1,658.708.20%2,253.6010.00%2,246.809.20%2,193.009.
00%2,360.709.20%2,841.009.10%3,334.708.80%3,648.408.70%
3,864.508.20%2,984.807.50% Holding Companies and
Other260.4256.3237.8240.3314.5-331-522.3-560.1-152.7-62.3
Eliminations-11.3-17————————Intersegment
Revenue408.8100.00%503100.00%553.6100.00%570100.00%59
1.3100.00%853.6100.00%1,092.90100.00%1,191.90100.00%1,2
17.70100.00%834.2100.00% Perfumes and
Cosmetics298.675.30%363.474.20%413.576.50%441.879.10%4
72.181.40%712.784.70%899.283.30%95381.00%962.480.00%70
4.486.20% Watches and
Jewelry338.30%47.19.60%43.38.00%508.90%42.17.30%48.35.7
0%72.76.70%98.28.40%105.38.70%36.54.50% Selective
Retailing19.14.80%18.73.80%19.53.60%18.53.30%19.63.40%22
.92.70%34.23.20%41.63.50%47.43.90%35.64.40% Fashion and
Leather
Goods34.78.80%43.88.90%41.67.70%25.84.60%26.14.50%32.8
3.90%43.84.10%58.45.00%645.30%31.13.80% Holding
Companies and Other12.21312.711.310.912.3141 5.91416.9
Wines and
Spirits11.32.80%173.50%22.94.20%22.64.00%20.33.50%24.62.
90%28.92.70%24.82.10%24.62.00%9.81.20%Revenue Including
Intersegment
Revenue20,944.40100.00%23,301.10100.00%25,191.70100.00%
25,271.70100.00%26,496.40100.00%31,656.00100.00%38,459.6
0100.00%42,627.60100.00%48,302.80100.00%40,546.00100.00
% Fashion and Leather
Goods7,561.9036.60%8,052.3035.00%8,391.9033.60%8,730.00
34.90%8,984.4034.30%10,465.4033.60%13,559.9035.80%16,33
0.6038.90%19,508.7041.30%18,861.1047.40% Selective
Retailing5,586.3027.00%6,391.7027.80%7,559.7030.30%3,157.
2012.60%8,159.3031.20%9,808.4031.50%11,665.9030.80%12,0
75.1028.80%12,976.3027.50%9,031.7022.70% Perfumes and
Cosmetics2,773.2013.40%2,931.0012.70%3,156.2012.70%7,686
.7030.70%3,281.0012.50%4,057.6013.00%4,872.9012.90%5,390
.7012.80%5,996.4012.70%4,667.5011.70% Wines and

Spirits3,058.8014.80%3,356.1014.60%3,543.4014.20%3,203.20
12.80%3,343.5012.80%3,960.9012.70%4,455.7011.80%4,551.00
10.80%4,891.9010.40%4,229.0010.60% Watches and
Jewelry1,691.708.20%2,300.7010.00%2,29 0.109.20%2,243.009.
00%2,402.809.20%2,841.009.10%3,334.708.80%3,648.408.70%
3,864.508.20%2,984.807.50% Holding Companies and
Other272.5269.3250.5251.5325.4522.7570.5631.81,065.10772O
perating
Income4,568.20100.00%4,803.30100.00%5,109.20100.00%4,60
7.70100.00%4,797.60100.00%5,755.80100.00%7,268.10100.00
%8,851.50100.00%10,092.60100.00%7,386.30100.00% Fashion
and Leather
Goods2,669.0055.90%2,647.9053.30%2,662.0050.60%2,571.10
53.90%2,545.9051.90%3,172.8053.00%4,298.8056.70%5,258.90
57.50%6,443.0061.80%6,392.9082.10% Wines and
Spirits955.620.00%1,022.2020.60%1,160.7022.10%924.819.40
%99020.20%1,232.1020.60%1,365.5018.00%1,441.5015.80%1,5
16.9014.50%1,234.5015.90% Cognac and Spirits—————
693.111.60%774.710.20%867.29.50%911.58.70%800.410.30%
Champagne and Wines—————
5399.00%590.77.80%574.36.30%605.35.80%4345.60%
Watches and
Jewelry2304.80%2715.50%311.65.90%228.24.80%313.86.40%3
75.26.30%448.75.90%622.16.80%645.76.20%268.63.40%
Perfumes and
Cosmetics302.16.30%3316.70%351.56.70%334.67.00%381.37.8
0%451.47.50%525.86.90%598.26.50%599.25.70%71.20.90%
Selective
Retailing621.513.00%692.814.00%77114.70%711.114.90%678.
413.80%752.912.60%942.112.40%1,222.9013.40%1,223.8011.7
0%-180.5-2.30% Eliminations-33-28.4-1.7-31.4-111.9-228.6-
312.9-292-336-400.2 Holding Companies and Other-177.1-133-
146-130.6——————Operating Margin——————————
Fashion and Leather Goods3533322928.330.331.732.23333.9
Wines and Spirits3130332929.631.130.631.73129.2 Watches
and Jewelry1412141013.113.213.517.116.79 Perfumes and

Cosmetics1111111111.611.110.811.1101.5 Selective
Retailing11111098.37.78.110.19.4-2 Holding Companies and
Other-68-52————————Earnings Before Interest
Expenses & Taxes (EBIT)——————
1,365.50100.00%1,441.50100.00%1,516.90100.00%1,234.50100
.00% Cognac and Spirits——————
774.756.70%867.260.20%911.560.10%800.464.80%
Champagne and Wines——————
590.743.30%574.339.80%605.339.90%43435.20%Revenue
Growth %—————————— Fashion and Leather
Goods1514-0.410143211920-5 Wines and Spirits8170.9-
5165518-15 Cognac and Spirits9240-112075410.63-14
Champagne and Wines711021235-25.83-15 Perfumes and
Cosmetics41335156121012-23 Watches and Jewelry9846-
531951087-24 Selective Retailing20221371871138-31Organic
Growth—————————— Fashion and Leather
Goods1675344131517-3 Wines and Spirits10116-367756-14
Cognac and Spirit—157-1068777-12 Champagne and Wines—
75666733-16 Perfumes and Cosmetics98777814149-22
Watches and Jewelry236448512123-23 Selective
Retailing1914178581365-30Property/Plant/Equipment—
7,125.00100.00%8,008.20100.00%8,066.40100.00%8,228.00100
.00%10,371.00100.00%11,739.30100.00%13,577.80100.00% —
27,533.30100.00% Fashion and Leather Goods—
1,436.5031.30%1,690.5032.10%1,681.3031.70%1,567.1029.60%
1,830.9028.00%2,718.4035.40%3,476.2039.40% —
8,859.6043.70% Corporate and Other—
2,536.702,747.602,769.302,929.303,843.704,062.404,770.00—
7,810.00 Selective Retailing—
1,017.3022.20%1,092.9020.80%1,098.9020.70%1,143.1021.60%
1,518.2023.20%1,512.1019.70%1,632.5018.50% —
5,751.2028.40% Wines and Spirits—
1,573.9034.30%1,816.2034.50%1,816.4034.30%1,831.9034.60%
2,232.4034.20%2,435.7031.70%2,579.5029.30%—
3,039.5015.00% Watches and Jewelry—
307.16.70%324.66.20%3306.20%369.57.00%4526.90%477.46.2

0%517.55.90%—1,547.507.60% Perfumes and Cosmetics—
253.55.50%336.36.40%370.47.00%387.27.30%499.87.70%539.6
7.00%608.36.90%—1,085.405.40% Adjustments——————
———0.9 Eliminations—————-6-6.2-6.3—-560.6Net PP&E
Excluding Right of Use Assets————————
15,690.80100.00%16,320.30100.00% Corporate and Other——
——————6,593.607,014.80 Fashion and Leather Goods——
——————3,647.3040.10%3,722.8040.00% Wines and
Spirits————————2,660.1029.20%2,894.4031.10%
Selective Retailing————————
1,624.7017.80%1,543.0016.60% Perfumes and Cosmetics——
——————654.57.20%634.96.80% Watches and Jewelry——
——————516.55.70%516.75.50% Adjustments—————
————0.9 Eliminations————————-5.9-
7.2Goodwill14,938.80100.00% ————————— Corporate
and Other727.8————————— Watches &
Jewelry4,531.7031.90%————————— Perfumes &
Cosmetics773.85.40%————————— Wines &
Spirits2,546.2017.90%————————— Selective
Retailing2,427.5017.10%————————— Fashion and
Leather Goods3,931.7027.70%—————————Intangible
Assets—
15,694.70100.00%18,024.10100.00%16,961.40100.00%17,473.8
0100.00%20,278.90100.00%26,870.80100.00%27,835.70100.00
%28,147.40100.00%29,601.10100.00% Fashion and Leather
Goods—
3,770.1026.00%6,003.9034.70%5,624.0034.50%5,315.0031.70%
5,656.7029.20%11,185.5043.10%11,901.2044.10%11,107.9041.
90%11,694.8041.90% Wines and Spirits—
3,153.4021.80%3,286.2019.00%2,918.4017.90%3,613.6021.50%
4,429.8022.90%5,579.9021.50%5,531.9020.50%6,419.2024.20%
7,038.9025.20% Watches and Jewelry—
4,419.3030.50%4,638.0026.80%4,376.1026.90%4,314.2025.70%
5,022.7025.90%5,052.7019.50%5,203.1019.30%4,845.3018.30%
5,151.1018.50% Selective Retailing—
2,369.3016.30%2,487.9014.40%2,454.8015.10%2,625.4015.60%

3,154.3016.30%2,976.2011.50%3,081.8011.40%2,937.8011.10%
2,823.6010.10% Corporate and Other—
660.6719.2669.4697.7900.5938.7854.51,651.001,692.60
Perfumes and Cosmetics—
785.75.40%8895.10%918.75.60%907.85.40%1,114.905.80%1,13
7.804.40%1,263.304.70%1,186.104.50%1,200.004.30%
Eliminations—536.3————————
Assets39,332.10100.00%40,624.50100.00%46,759.90100.00%4
1,440.20100.00%42,479.50100.00%50,938.30100.00%62,007.90
100.00%66,756.90100.00%81,706.80100.00%97,319.10100.00%
Fashion and Leather
Goods6,717.7024.20%6,858.5023.70%9,449.9028.70%9,124.10
28.40%8,681.6026.40%9,602.1024.50%17,761.9036.00%18,935.
4035.90%23,351.2036.80%24,714.2037.90%
Eliminations7,936.107,814.809,712.105,250.505,149.105,962.5
06,577.307,498.708,221.7021,125.80 Wines and
Spirits8,172.6029.50%8,930.4030.80%9,785.3029.80%9,322.10
29.00%10,008.3030.50%12,078.0030.80%13,850.5028.10%14,3
28.9027.20%15,413.1024.30%16,657.0025.50% Selective
Retailing4,759.8017.20%5,019.8017.30%5,237.3015.90%5,367.
8016.70%5,737.6017.50%7,303.9018.60%7,116.0014.40%7,770.
9014.70%11,842.0018.70%11,089.5017.00% Corporate and
Other3,685.203,815.604,161.004,096.504,475.005,782.306,152.
306,522.1010,094.5010,982.00 Watches and
Jewelry6,337.5022.90%6,340.1021.90%6,401.7019.50%6,165.3
019.20%6,226.5019.00%7,288.5018.60%7,324.0014.90%7,814.1
014.80%8,544.3013.50%8,770.0013.40% Perfumes and
Cosmetics1,723.106.20%1,845.206.40%2,012.706.10%2,113.90
6.60%2,201.406.70%2,921.007.50%3,226.006.50%3,886.807.40
%4,240.006.70%3,980.706.10%Liabilities19,685.30100.00%19,
898.70100.00%24,881.10100.00%23,576.40100.00%23,453.301
00.00%27,099.30100.00%35,004.60100.00%36,247.30100.00%4
9,225.40100.00%62,546.20100.00%
Eliminations13,989.5013,860.8018,394.5016,758.7016,259.2017
,891.0024,563.1024,310.1037,012.6038,045.20 Fashion and
Leather

Goods1,427.3027.80%1,482.0027.70%1,771.3030.10%1,759.00
28.90%1,807.6028.40%2,256.3027.50%3,146.0033.60%3,829.30
35.40%3,995.3037.00%9,538.4043.10% Selective
Retailing1,250.1024.30%1,455.2027.20%1,509.9025.60%1,594.
3026.20%1,788.4028.10%2,498.1030.50%2,523.7027.00%2,699.
9025.00%2,487.4023.00%6,492.7029.30% Perfumes and
Cosmetics851.516.60%86716.20%940.616.00%1,029.0016.90%
1,032.5016.20%1,361.0016.60%1,516.5016.20%1,900.3017.60%
1,965.1018.20%2,400.0010.80% Corporate and
Other553.2689592.6723.8834.11,006.401,087.201,122.201,417.
302,357.10 Watches and
Jewelry561.610.90%563.110.50%593.510.10%5779.50%68010.
70%784.39.60%795.68.50%965.98.90%885.68.20%2,121.509.60
% Wines and
Spirits1,052.1020.50%981.518.40%1,078.7018.30%1,134.6018.
60%1,051.6016.50%1,302.0015.90%1,372.5014.70%1,419.6013.
10%1,462.1013.50%1,592.307.20% Adjustments——————
———-0.9Depreciation and
Amortization767.3100.00%826.6100.00%954.4100.00%1,073.10
100.00%1,135.30100.00%1,328.80100.00%1,596.80100.00%1,7
34.40100.00%3,964.60100.00%4,449.60100.00% Fashion and
Leather
Goods311.642.40%335.942.40%380.441.30%447.543.00%465.6
42.10%492.338.30%586.338.10%671.640.20%1,628.3042.50%1,
840.1043.00% Selective
Retailing181.424.70%185.823.40%221.624.10%238.622.90%26
5.824.10%326.925.40%396.125.70%407.924.40%1,236.1032.30
%1,377.7032.20% Watches and
Jewelry71.29.70%9912.50%11812.80%137.913.30%144.513.10
%170.413.30%195.412.70%210.612.60%418.510.90%422.59.90
% Perfumes and
Cosmetics91.112.40%90.911.50%108.711.80%120.111.60%132.
912.00%173.713.50%222.614.50%243.314.60%378.19.90%409.
19.60% Corporate and
Other32.134.133.133.130.544.25763.7222278.4 Wines and
Spirits79.910.90%81.110.20%92.610.00%95.99.20%95.98.70%1

21.29.40%139.39.00%137.28.20%167.64.40%225.95.30%
Eliminations————————-86-
104.1Inventories6,275.70100.00%5,771.40100.00%7,068.50100.
00%7,358.20100.00%7,445.60100.00%9,010.00100.00%9,678.8
0100.00%11,217.50100.00%11,613.40100.00%11,656.30100.00
% Wines and
Spirits3,263.2051.60%3,256.6049.20%3,530.9050.00%3,546.70
48.40%3,536.2047.60%4,203.4046.50%4,546.9045.80%4,915.60
42.70%4,925.8041.40%5,409.1045.60% Fashion and Leather
Goods860.713.60%940.914.20%1,141.2016.20%1,212.3016.50
%1,154.9015.50%1,282.4014.20%1,674.8016.90%2,124.0018.40
%2,441.7020.50%2,441.2020.60% Selective
Retailing986.915.60%1,154.6017.50%1,196.9016.90%1,295.301
7.70%1,407.8018.90%1,855.7020.50%1,876.5018.90%2, 274.901
9.80%2,278.3019.20%1,890.5015.90% Watches and
Jewelry934.214.80%985.614.90%898.112.70%966.113.20%1,00
3.7013.50%1,198.7013.30%1,262.3012.70%1,445.7012.60%1,54
3.4013.00%1,469.6012.40% Perfumes and
Cosmetics281.64.50%275.44.20%296.34.20%309.14.20%329.74
.40%496.45.50%563.65.70%756.56.60%702.75.90%664.55.60%
Corporate and
Other5682.1133.2185.6169.6200.814.220.738.933.1
Eliminations-107-923.8-128.2-156.9-156.3-227.3-259.6-319.9-
317.5-251.6Capital Expenditures-1,623.10-1,452.90-1,407.00-
1,431.10-1,420.00-1,855.50-1,994.70-2,688.30-2,889.90-
2,203.90 Eliminations—-72.2——04.90.9000 Watches and
Jewelry-146.713.90%-110.39.50%-158.811.50%-15412.40%-
148.212.60%-187.612.50%-235.813.60%-268.113.20%-
259.710.40%-186.810.30% Perfumes and Cosmetics-
125.911.90%-15913.80%-194.414.10%-178.214.40%-
166.314.20%-219.514.60%-250.714.40%-29214.40%-
332.513.30%-24913.70% Wines and Spirits-147.614.00%-
147.612.80%-157.911.50%-122.59.90%-169.214.40%-
226.115.00%-255.914.70%-263.713.00%-285.111.40%-
284.615.60% Selective Retailing-20419.30%-269.323.30%-
330.324.00%-313.625.30%-289.824.70%-457.130.40%-

499.628.80%-475.223.40%-578.123.10%-364.620.00%
Corporate and Other-568.5-224.7-31.4-191.1-244.8-355.5-
260.3-657.5-382.5-383.3 Fashion and Leather Goods-
430.540.80%-469.740.60%-534.138.80%-471.738.00%-
401.734.20%-414.527.50%-493.428.40%-731.836.00%-
1,051.9042.00%-735.540.40%Number of
Locations3,040.00100.00%3,204.00100.00%3,384.00100.00%3,
708.00100.00%3,860.00100.00%3,948.00100.00%4,374.00100.0
0%4,592.00100.00%4,915.00100.00%5,003.00100.00%
Selective Retailing—
1,466.0045.76%1,541.0045.54%1,614.0043.53% —
1,778.0045.04%1,880.0042.98%1,940.0042.25%2,011.0040.92%
2,072.0041.42% Sephora - Selective
Retailing1,300.0042.76%———
1,626.0042.12%1,726.0043.72%1,825.0041.72%1,886.0041.07%
1,957.0039.82%2,021.0040.40% Other Store - Selective
Retailing682.24%———
531.37%521.32%551.26%541.18%541.10%511.02% Other
Store - Selective Retailing—682.12%601.77%541.46%————
—— Sephora - Selective Retailing—
1,398.0043.63%1,481.0043.76%1,560.0042.07% ——————
Fashion and Leather
Goods1,246.0040.99%1,280.0039.95%1,339.0039.57%1,534.00
41.37%1,566.0040.57%1,508.0038.20%1,769.0040.44%1,852.00
40.33%2,002.0040.73%2,007.0040.12% Watches and Jewelry—
34710.83%36310.73%38010.25%—
39710.06%4059.26%4289.32%4579.30%4719.41% Perfumes
and Cosmetics—942.93%1233.63%1624.37%—
2486.28%3026.90%3547.71%4268.67%4348.67% Other
stores140.46%170.53%180.53%180.49%170.44%170.43%180.4
1%180.39%190.39%190.38% Watches and
Jewelry32710.76%———39510.23%————— Selective
Retailing1,368.0045.00%———1,679.0043.50%—————
Perfumes and Cosmetics852.80% ———2035.26%—————
Number of
Employees97,559.00100.00%106,348.00100.00%114,635.00100

.00%121,289.00100.00%125,346.00100.00%————— Other
Activities1,473.001.51%1,551.001.46%1,558.001.36%1,657.001
.37%2,068.001.65%————— Watches and
Jewelry7,249.007.43%7,729.007.27%7,474.006.52%7,625.006.2
9%7,800.006.22%————— Perfumes and
Cosmetics18,423.0018.88%19,578.0018.41%21,256.0018.54%2
2,009.0018.15%23,131.0018.45%————— Wines and
Spirits6,372.006.53%6,634.006.24%6,921.006.04%7,057.005.82
%7,050.005.62%————— Selective
Retailing36,905.0037.83%42,352.0039.82%45,277.0039.50%49,
566.0040.87%51,920.0041.42%————— Fashion and
Leather
Goods27,137.0027.82%28,504.0026.80%32,149.0028.04%33,37
5.0027.52%33,377.0026.63%—————Source: Bloomberg
Segements by geographyLVMH Moet Hennessy Louis Vuitton
SE (MC FP) - By GeographyIn Millions of GBP except Per
2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Revenue2
0,535.60100.00%22,798.10100.00%24,638.10100.00%24,701.70
100.00%25,905.10100.00%30,802.40100.00%37,366.70100.00%
41,435.60100.00%47,085.10100.00%39,711.80100.00% Asia
(Excluding
Japan)5,581.1027.20%6,404.7028.10%7,342.3029.80%7,046.60
28.50%6,999.3027.00%8,128.2026.40%10,463.5028.00%12,016.
3029.00%14,202.7030.20%13,666.2034.40% United
States4,545.6022.10%5,183.8022.70%5,638.2022.90%5,854.902
3.70%6,787.9026.20%8,195.4026.60%9,340.9025.00%9,944.602
4.00%11,065.5023.50%9,469.3023.80% Europe (Excluding
France)4,163.7020.30%4,425.3019.40%4,630.3018.80%4,700.4
019.00%4,654.5018.00%5,591.1018.20%7,099.7019.00%7,872.8
019.00%8,951.2019.00%6,525.4016.40% Rest of the
World2,047.6010.00%2,346.9010.30%2,633.1010. 70%2,811.401
1.40%3,076.9011.90%3,611.1011.70%4,110.3011.00%4,557.901
1.00%5,318.2011.30%4,272.6010.80%

France2,487.6012.10%2,520.5011.10%2,647.6010.70%2,589.70
10.50%2,580.1010.00%3,068.0010.00%3,736.7010.00%4,143.60
10.00%4,145.308.80%2,964.307.50%
Japan1,709.908.30%1,916.908.40%1,746.607.10%1,698.806.90
%1,806.507.00%2,208.607.20%2,615.707.00%2,900.507.00%3,
402.207.20%2,814.007.10%Revenue - Supplementary
Breakdown20,535.60100.00%22,798.10100.00%24,638.10100.0
0%24,701.70100.00%25,905.10100.00%30,802.40100.00%37,36
6.70100.00%41,435.60100.00%47,085.10100.00%39,711.80100.
00%
Worldwide20,535.60100.00%22,798.10100.00%24,638.10100.0
0%24,701.70100.00%25,905.10100.00%30,802.40100.00%37,36
6.70100.00%41,435.60100.00%47,085.10100.00%39,711.80100.
00% Asia (Excluding
Japan)5,544.6027.00%6,383.5028.00%7,391.4030.00%7,163.50
29.00%6,994.4027.00%8,008.6026.00%10,462.6028.00%12,016.
3029.00%14,125.5030.00%13,502.0034.00% United
States4,517.8022.00%5,243.6023.00%5,666.8023.00%5,928.402
4.00%6,735.3026.00%8,316.7027.00%9,341.7025.00%9,944.602
France)4,312.5021.00%4,559.6020.00%4,681.2019.00%4,693.3
019.00%4,662.9018.00%5,544.4018.00%7,099.8019.00%7,872.8
019.00%8,946.2019.00%6,353.9016.00% Rest of the
World2,053.6010.00%2,279.8010.00%2,463.8010.00%2,717.201
1.00%3,108.6012.00%3,696.3012.00%4,110.4011.00%4,557.901
1.00%5,179.4011.00%4,368.3011.00%
France2,464.3012.00%2,507.8011.00%2,710.2011.00%2,470.20
10.00%2,590.5010.00%3,080.2010.00%3,737.0010.00%4,143.60
10.00%4,237.709.00%3,176.908.00%
Japan1,642.808.00%1,823.808.00%1,724.707.00%1,729.107.00
%1,813.407.00%2,156.207.00%2,615.207.00%2,900.507.00%3,
296.007.00%2,779.807.00%Revenue Growth %———————
——— Worldwide161946165131014.62-13.1 Asia
(Excluding Japan)————————17.97-5.08 United
States————————12.55-15.6 Japan————————
15.73-18.4 Rest of the World————————13.89-20.8

Europe (Excluding France)————————16.86-28.1
France————————5.21-29.5Organic Growth——————
———— Worldwide1498566121110-16 Asia (Excluding
Japan)271013-1-55171514-4 United States18129897986-13
Japan-1610813-312158-19 Europe772310710711-28Foreign
Currency Growth—————————— Worldwide-27-4-2——
————Acquisition/Divestiture & Other Growth——————
———— Worldwide4303——————Sales Change -
Currencies %—————————— Worldwide————10-
1433-1Sales Change - Acquisitions & Divestitures %—————
————— Worldwide————00-3-410Capital Expenditures-
1,623.10-1,452.90-1,407.00-1,431.10-1,420.00-1,855.50-
1,994.70-2,688.30-2,889.90-2,203.90 Japan-47.72.90%-
564.10%-59.44.20%-40.32.80%-47.93.40%-53.22.90%-
44.72.20%-70.82.60%-116.74.00%-119.25.40% Rest of the
World-64.24.00%-69.85.10%-95.16.80%-85.56.00%-90.16.30%-
174.59.40%-133.26.70%-167.26.20%-217.67.50%-195.78.90%
United States-139.78.60%-229.616.60%-202.114.40%-
205.614.40%-244.117.20%-402.221.70%-344.417.30%-
676.925.20%-397.413.80%-298.813.60% Asia (Excluding
Japan)-194.412.00%-264.519.20%-287.920.50%-31221.80%-
298.521.00%-257.213.90%-270.813.60%-363.713.50%-
468.516.20%-304.213.80% Europe (Excluding France)-
568.535.00%-235.317.00%-265.818.90%-262.818.40%-
279.719.70%-307.216.60%-394.419.80%-47717.70%-
602.720.90%-394.917.90% France-608.537.50%-525.738.10%-
496.735.30%-524.936.70%-459.832.40%-661.135.60%-
807.240.50%-932.734.70%-1,087.0037.60%-891.240.40%
Eliminations—-72.2————————Number of
Locations3,040.00100.00%3,204.00100.00%3,384.00100.00%3,
708.00100.00%3,860.00100.00%3,948.00100.00%4,374.00100.0
0%4,592.00100.00%4,915.00100.00%5,003.00100.00% Asia
(Excluding Japan)—67020.91%74922.13%87023.46%—
99125.10%1,151.0026.31%1,289.0028.07%1,453.0029.56%1,51
4.0030.26% Europe (Excluding
France)88329.05%91028.40%92627.36%99526.83%1,012.0026.

22%1,061.0026.87%1,156.0026.43%1,153.0025.11%1,177.0023.
95%1,175.0023.49% Unites
States62120.43%64420.10%66919.77%70819.09%73218.96%70
317.81%75417.24%78317.05%82916.87%86617.31%
France39012.83%41212.86%44313.09%46712.59%48212.49%4
9212.46%50811.61%51411.19%53510.89%51210.23% Rest of
the
World1655.43%1986.18%2276.71%2566.90%2767.15%3147.95
%3938.98%4319.39%49410.05%50810.15%
Japan36011.84%37011.55%37010.93%41211.11%40710.54%38
79.80%4129.42%4229.19%4278.69%4288.55% Asia
(Excluding Japan)62120.43%———95124.64%—————
Number of
Employees97,559.00100.00%106,348.00100.00%114,635.00100
.00%121,289.00100.00%125,346.00100.00%————— Asia
(Excluding Japan)————27,056.0021.59%—————
Japan5,192.005.32%5,473.005.15%5,726.004.99%5,850.004.82
%5,859.004.67%—————
France20,456.0020.97%21,095.0019.84%21,728.0018.95%22,32
6.0018.41%23,150.0018.47%————— Rest of the
World4,808.004.93%5,817.005.47%6,988.006.10%8,310.006.85
%9,403.007.50%————— Europe (Excluding
France)23,859.0024.46%25,250.0023.74%27,710.0024.17%28,4
39.0023.45%29,282.0023.36%————— United
States22,986.0023.56%24,867.0023.38%26,341.0022.98%29,28
4.0024.14%30,596.0024.41%————— Asia (Excluding
Japan)20,258.0020.76%23,846.0022.42%26,142.0022.80%27,08
0.0022.33%——————Source: Bloomberg
Capex and DepriciationLVMH Moet Hennessy Louis Vuitton SE
(MC FP) - By GeographyIn Millions of GBP except Per
2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Revenue2
0,535.60100.00%22,798.10100.00%24,638.10100.00%24,701.70

100.00%25,905.10100.00%30,802.40100.00%37,366.70100.00%
41,435.60100.00%47,085.10100.00%39,711.80100.00% Asia
(Excluding
Japan)5,581.1027.20%6,404.7028.10%7,342.3029.80%7,046.60
28.50%6,999.3027.00%8,128.2026.40%10,463.5028.00%12,016.
3029.00%14,202.7030.20%13,666.2034.40% United
States4,545.6022.10%5,183.8022.70%5,638.2022.90%5,854.902
3.70%6,787.9026.20%8,195.4026.60%9,340.9025.00%9,944.602
France)4,163.7020.30%4,425.3019.40%4,630.3018.80%4,700.4
019.00%4,654.5018.00%5,591.1018.20%7,099.7019.00%7,872.8
019.00%8,951.2019.00%6,525.4016.40% Rest of the
World2,047.6010.00%2,346.9010.30%2,633.1010.70%2,811.401
1.40%3,076.9011.90%3,611.1011.70%4,110.3011.00%4,557.901
1.00%5,318.2011.30%4,272.6010.80%
France2,487.6012.10%2,520.5011.10%2,647.6010.70%2,589.70
10.50%2,580.1010.00%3,068.0010.00%3,736.7010.00%4,143.60
10.00%4,145.308.80%2,964.307.50%
Japan1,709.908.30%1,916.908.40%1,746.607.10%1,698.806.90
%1,806.507.00%2,208.607.20%2,615.707.00%2,900.507.00%3,
Breakdown20,535.60100.00%22,798.10100.00%24,638.10100.0
0%24,701.70100.00%25,905.10100.00%30,802.40100.00%37,36
6.70100.00%41,435.60100.00%47,085.10100.00%39,711.80100.
00%
Worldwide20,535.60100.00%22,798.10100.00%24,638.10100.0
0%24,701.70100.00%25,905.10100.00%30,802.40100.00%37,36
6.70100.00%41,435.60100.00%47,085.10100.00%39,711.80100.
00% Asia (Excluding
Japan)5,544.6027.00%6,383.5028.00%7,391.4030.00%7,163.50
29.00%6,994.4027.00%8,008.6026.00%10,462.6028.00%12,016.
3029.00%14,125.5030.00%13,502.0034.00% United
States4,517.8022.00%5,243.6023.00%5,666.8023.00%5,928.402
4.00%6,735.3026.00%8,316.7027.00%9,341.7025.00%9,944.602
France)4,312.5021.00%4,559.6020.00%4,681.2019.00%4,693.3

019.00%4,662.9018.00%5,544.4018.00%7,099.8019.00%7,872.8
019.00%8,946.2019.00%6,353.9016.00% Rest of the
World2,053.6010.00%2,279.8010.00%2,463.8010.00%2,717.201
1.00%3,108.6012.00%3,696.3012.00%4,110.4011.00%4,557.901
1.00%5,179.4011.00%4,368.3011.00%
France2,464.3012.00%2,507.8011.00%2,710.2011.00%2,470.20
10.00%2,590.5010.00%3,080.2010.00%3,737.0010.00%4,143.60
10.00%4,237.709.00%3,176.908.00%
Japan1,642.808.00%1,823.808.00%1,724.707.00%1,729.107.00
%1,813.407.00%2,156.207.00%2,615.207.00%2,900.507.00%3,
296.007.00%2,779.807.00%Revenue Growth %———————
——— Worldwide161946165131014.62-13.1 Asia
States————————12.55-15.6 Japan————————
15.73-18.4 Rest of the World————————13.89-20.8
1,623.10-1,452.90-1,407.00-1,431.10-1,420.00-1,855.50-
1,994.70-2,688.30-2,889.90-2,203.90 Japan-47.72.90%-
564.10%-59.44.20%-40.32.80%-47.93.40%-53.22.90%-
44.72.20%-70.82.60%-116.74.00%-119.25.40% Rest of the
World-64.24.00%-69.85.10%-95.16.80%-85.56.00%-90.16.30%-
174.59.40%-133.26.70%-167.26.20%-217.67.50%-195.78.90%
United States-139.78.60%-229.616.60%-202.114.40%-
205.614.40%-244.117.20%-402.221.70%-344.417.30%-
676.925.20%-397.413.80%-298.813.60% Asia (Excluding
Japan)-194.412.00%-264.519.20%-287.920.50%-31221.80%-

298.521.00%-257.213.90%-270.813.60%-363.713.50%-
568.535.00%-235.317.00%-265.818.90%-262.818.40%-
279.719.70%-307.216.60%-394.419.80%-47717.70%-
602.720.90%-394.917.90% France-608.537.50%-525.738.10%-
496.735.30%-524.936.70%-459.832.40%-661.135.60%-
807.240.50%-932.734.70%-1,087.0037.60%-891.240.40%
Locations3,040.00100.00%3,204.00100.00%3,384.00100.00%3,
708.00100.00%3,860.00100.00%3,948.00100.00%4,374.00100.0
0%4,592.00100.00%4,915.00100.00%5,003.00100.00% Asia
(Excluding Japan)—67020.91%74922.13%87023.46%—
99125.10%1,151.0026.31%1,289.0028.07%1,453.0029.56%1,51
France)88329.05%91028.40%92627.36%99526.83%1,012.0026.
22%1,061.0026.87%1,156.0026.43%1,153.0025.11%1,177.0023.
95%1,175.0023.49% Unites
States62120.43%64420.10%66919.77%70819.09%73218.96%70
317.81%75417.24%78317.05%82916.87%86617.31%
France39012.83%41212.86%44313.09%46712.59%48212.49%4
9212.46%50811.61%51411.19%53510.89%51210.23% Rest of
the
World1655.43%1986.18%2276.71%2566.90%2767.1 5%3147.95
%3938.98%4319.39%49410.05%50810.15%
Japan36011.84%37011.55%37010.93%41211.11%40710.54%38
79.80%4129.42%4229.19%4278.69%4288.55% Asia
(Excluding Japan)62120.43%———95124.64%—————
Number of
Employees97,559.00100.00%106,348.00100.00%114,635.00100
.00%121,289.00100.00%125,346.00100.00%————— Asia
(Excluding Japan)————27,056.0021.59%—————
Japan5,192.005.32%5,473.005.15%5,726.004.99%5,850.004.82
%5,859.004.67%—————
France20,456.0020.97%21,095.0019.84%21,728.0018.95%22,32
6.0018.41%23,150.0018.47%————— Rest of the
World4,808.004.93%5,817.005.47%6,988.006.10%8,310.006.85

France)23,859.0024.46%25,250.0023.74%27,710.0024.17%28,4
39.0023.45%29,282.0023.36%————— United
States22,986.0023.56%24,867.0023.38%26,341.0022.98%29,28
4.0024.14%30,596.0024.41%————— Asia (Excluding
Japan)20,258.0020.76%23,846.0022.42%26,142.0022.80%27,08
As Reported SummaryLVMH Moet Hennessy Louis Vuitton SE
(MC FP) - As Reported SummaryIn Millions of GBP except Per
2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Income
Statement RevenuesTotal Revenue—————
30,802.4037,366.7041,435.6047,085.1039,711.80Revenues20,53
5.6022,798.1024,638.1024,701.7025,905.1030,802.4037,366.70
41,435.6047,085.1039,711.80 Expenses EarningsOperating
Income4,473.604,655.705,008.104,378.704,637.105,655.807,11
0.308,740.009,889.907,090.20Net
Income2,660.402,777.702,917.604,553.702,595.303,330.904,70
2.005,622.606,291.204,181.90Balance Sheet AssetsTotal
Current
Assets11,086.5011,597.1013,293.7014,064.0013,975.2016,571.9
018,721.9021,160.1022,444.5035,797.40Total
Assets39,332.9040,624.5046,759.1041,440.2042,479.50 50,933.2
062,007.9066,756.9081,706.8097,319.10 LiabilitiesTotal
Current
Liabilities8,017.207,704.309,687.909,454.909,365.2010,944.30
13,324.3015,124.1019,153.6022,673.30Total Liabilities———
—————49,225.4062,546.20 Stockholder EquityTotal
Shareholders
Equity19,647.7020,725.8023,228.9017,863.8019,026.2023,834.
8027,003.3030,509.6032,481.4034,772.90Total Liabilities and
Shareholders
Equity39,332.9040,624.5046,759.1041,440.2042,479.5050,933.
2062,007.9066,756.9081,706.8097,319.10Cash Flows Cash

From Operating ActivitiesTotal Cash Flows From
Operations3,391.203,387.704,002.803,714.404,092.305,059.506
,110.307,512.7010,218.909,691.60 Cash From Investing
ActivitiesTotal Cash Flows From Investing-2,617.80-1,494.30-
3,326.00-1,618.10-371.2-1,882.60-7,543.30-3,043.10-5,148.90-
2,613.90 Cash from Financing ActivitiesTotal Cash Flows
From Financing-791.6-1,934.8077.3-1,419.00-2,562.60-
3,264.601,891.30-3,825.40-4,153.206,584.10Net Change In
Cash33.9-75.4793.9699-285.5-
43.4246.3703.595112,726.20Source: BloombergRight click to
Capex and DepriciationLVMH Moet Hennessy Louis Vuitton SE
(MC FP) - By GeographyIn Millions of GBP except Per
2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Revenue2
0,535.60100.00%22,798.10100.00%24,638.10100.00%24,701.70
100.00%25,905.10100.00%30,802.40100.00%37,366.70100.00%
41,435.60100.00%47,085.10100.00%39,711.80100.00% Asia
(Excluding
Japan)5,581.1027.20%6,404.7028.10%7,342.3029.80%7,046.60
28.50%6,999.3027.00%8,128.2026.40%10,463.5028.00%12,016.
3029.00%14,202.7030.20%13,666.2034.40% United
States4,545.6022.10%5,183.8022.70%5,638.2022.90%5,854.902
3.70%6,787.9026.20%8,195.4026.60%9,340.9025.00%9,944.602
France)4,163.7020.30%4,425.3019.40%4,630.3018.80%4,700.4
019.00%4,654.5018.00%5,591.1018.20%7,099.7019.00%7,872.8
019.00%8,951.2019.00%6,525.4016.40% Rest of the
World2,047.6010.00%2,346.9010.30%2,633.1010.70%2,811.401
1.40%3,076.9011.90%3,611.1011.70%4,110.3011.00%4,557.901
1.00%5,318.2011.30%4,272.6010.80%
France2,487.6012.10%2,520.5011.10%2,647.6010.70%2,589.70
10.50%2,580.1010.00%3,068.0010.00%3,736.7010.00%4,143.60

10.00%4,145.308.80%2,964.307.50%
Japan1,709.908.30%1,916.908.40%1,746.607.10%1,698.806.90
%1,806.507.00%2,208.607.20%2,615.707.00%2,900.507.00%3,
Breakdown20,535.60100.00%22,798.10100.00%24,638.10100.0
0%24,701.70100.00%25,905.10100.00%30,802.40100.00%37,36
6.70100.00%41,435.60100.00%47,085.10100.00%39,711.80100.
00%
Worldwide20,535.60100.00%22,798.10100.00%24,638.10100.0
0%24,701.70100.00%25,905.10100.00%30,802.40100.00%37,36
6.70100.00%41,435.60100.00%47,085.10100.00%39,711.80100.
00% Asia (Excluding
Japan)5,544.6027.00%6,383.5028.00%7,391.4030.00%7,163.50
29.00%6,994.4027.00%8,008.6026.00%10,462.6028.00%12,016.
3029.00%14,125.5030.00%13,502.0034.00% United
States4,517.8022.00%5,243.6023.00%5,666.8023.00%5,928.402
4.00%6,735.3026.00%8,316.7027.00%9,341.7025.00%9,944.602
France)4,312.5021.00%4,559.6020.00%4,681.2019.00%4,693.3
019.00%4,662.9018.00%5,544.4018.00%7,099.8019.00%7,872.8
019.00%8,946.2019.00%6,353.9016.00% Rest of the
World2,053.6010.00%2,279.8010.00%2,463.8010.00%2,717.201
1.00%3,108.6012.00%3,696.3012.00%4,110.4011.00%4,557.901
1.00%5,179.4011.00%4,368.3011.00%
France2,464.3012.00%2,507.8011.00%2,710.2011.00%2,470.20
10.00%2,590.5010.00%3,080.2010.00%3,737.0010.00%4,143.60
10.00%4,237.709.00%3,176.908.00%
Japan1,642.808.00%1,823.808.00%1,724.707.00%1,729.107.00
%1,813.407.00%2,156.207.00%2,615.207.00%2,900.507.00%3,
296.007.00%2,779.807.00%Revenue Growth %———————
——— Worldwide161946165131014.62-13.1 Asia
States————————12.55-15.6 Japan————————
15.73-18.4 Rest of the World————————13.89-20.8

1,623.10-1,452.90-1,407.00-1,431.10-1,420.00-1,855.50-
1,994.70-2,688.30-2,889.90-2,203.90 Japan-47.72.90%-
564.10%-59.44.20%-40.32.80%-47.93.40%-53.22.90%-
44.72.20%-70.82.60%-116.74.00%-119.25.40% Rest of the
World-64.24.00%-69.85.10%-95.16.80%-85.56.00%-90.16.30%-
174.59.40%-133.26.70%-167.26.20%-217.67.50%-195.78.90%
United States-139.78.60%-229.616.60%-202.114.40%-
205.614.40%-244.117.20%-402.221.70%-344.417.30%-
676.925.20%-397.413.80%-298.813.60% Asia (Excluding
Japan)-194.412.00%-264.519.20%-287.920.50%-31221.80%-
298.521.00%-257.213.90%-270.813.60%-363.713.50%-
568.535.00%-235.317.00%-265.818.90%-262.818.40%-
279.719.70%-307.216.60%-394.419.80%-47717.70%-
602.720.90%-394.917.90% France-608.537.50%-525.738.10%-
496.735.30%-524.936.70%-459.832.40%-661.135.60%-
807.240.50%-932.734.70%-1,087.0037.60%-891.240.40%
Locations3,040.00100.00%3,204.00100.00%3,384.00100.00%3,
708.00100.00%3,860.00100.00%3,948.00100.00%4,374.00100.0
0%4,592.00100.00%4,915.00100.00%5,003.00100.00% Asia
(Excluding Japan)—67020.91%74922.13%87023.46%—
99125.10%1,151.0026.31%1,289.0028.07%1,453.0029.56%1,51
France)88329.05%91028.40%92627.36%99526.83%1,012.0026.
22%1,061.0026.87%1,156.0026.43%1,153.0025.11%1,177.0023.
95%1,175.0023.49% Unites

States62120.43%64420.10%66919.77%70819.09%73218.96%70
317.81%75417.24%78317.05%82916.87%86617.31%
France39012.83%41212.86%44313.09%46712.59%48212.49%4
9212.46%50811.61%51411.19%53510.89%51210.23% Rest of
the
World1655.43%1986.18%2276.71%2566.90%2767.15%3147.95
%3938.98%4319.39%49410.05%50810.15%
Japan36011.84%37011.55%37010.93%41211.11%40710.54%38
79.80%4129.42%4229.19%4278.69%4288.55% Asia
(Excluding Japan)62120.43%———95124.64%—————
Number of
Employees97,559.00100.00%106,348.00100.00%114,635.00100
.00%121,289.00100.00%125,346.00100.00%————— Asia
(Excluding Japan)————27,056.0021.59%—————
Japan5,192.005.32%5,473.005.15%5,726.004.99%5,850.004.82
%5,859.004.67%—————
France20,456.0020.97%21,095.0019.84%21,728.0018.95%22,32
6.0018.41%23,150.0018.47%————— Rest of the
World4,808.004.93%5,817.005.47%6,988.006.10%8,310.006.85
France)23,859.0024.46%25,250.0023.74%27,710.0024.17%28,4
39.0023.45%29,282.0023.36%————— United
States22,986.0023.56%24,867.0023.38%26,341.0022.98%29,28
4.0024.14%30,596.0024.41%————— Asia (Excluding
Japan)20,258.0020.76%23,846.0022.42%26,142.0022.80%27,08
As Reported SummaryLVMH Moet Hennessy Louis Vuitton SE
(MC FP) - As Reported SummaryIn Millions of GBP except Per
2017FY 2018FY 2019FY 202012 Months
Ending12/31/201112/31/201212/31/201312/31/201412/31/20151
2/31/201612/31/201712/31/201812/31/201912/31/2020Income
Statement RevenuesTotal Revenue—————
30,802.4037,366.7041,435.6047,085.1039,711.80Revenues20,53
5.6022,798.1024,638.1024,701.7025,905.1030,802.4037,366.70
41,435.6047,085.1039,711.80 Expenses EarningsOperating

Income4,473.604,655.705,008.104,378.704,637.105,655.807,11
0.308,740.009,889.907,090.20Net
Income2,660.402,777.702,917.604,553.702,595.303,330.904,70
2.005,622.606,291.204,181.90Balance Sheet AssetsTotal
Current
Assets11,086.5011,597.1013,293.7014,064.0013,975.2016,571.9
018,721.9021,160.1022,444.5035,797.40Total
Assets39,332.9040,624.5046,759.1041,440.2042,479.5050,933.2
062,007.9066,756.9081,706.8097,319.10 LiabilitiesTotal
Current
Liabilities8,017.207,704.309,687.909,454.909,365.2010,944.30
13,324.3015,124.1019,153.6022,673.30Total Liabilities———
—————49,225.4062,546.20 Stockholder EquityTotal
Shareholders
Equity19,647.7020,725.8023,228.9017,863.8019,026.2023,834.
8027,003.3030,509.6032,481.4034,772.90Total Liabilities and
Shareholders
Equity39,332.9040,624.5046,759.1041,440.2042,479.5050,933.
2062,007.9066,756.9081,706.8097,319.10Cash Flows Cash
From Operating ActivitiesTotal Cash Flows From
Operations3,391.203,387.704,002.803,714.404,092.305,059.506
,110.307,512.7010,218.909,691.60 Cash From Investing
ActivitiesTotal Cash Flows From Investing-2,617.80-1,494.30-
3,326.00-1,618.10-371.2-1,882.60-7,543.30-3,043.10-5,148.90-
2,613.90 Cash from Financing ActivitiesTotal Cash Flows
From Financing-791.6-1,934.8077.3-1,419.00-2,562.60-
3,264.601,891.30-3,825.40-4,153.206,584.10Net Change In
Cash33.9-75.4793.9699-285.5-
43.4246.3703.595112,726.20Source: BloombergRight click to
IntroXCompany NameVodafone Group PLC (VOD LN) Sub-
headerEUR in Millions, except per shareColour
ExplainationBlack: Formula calculation resultGreen: Quote
resultBlue: Historial data
&8COPYRIGHT 2009 © by Training The Street, Inc &G

&8For training purposes only!
Q_RevenuesIFRS 15 basisQ1 17/18Q2 17/18Q3 17/18Q4
17/18Q1 18/19Q2 18/19Q3 18/19Q4 18/19Q1 19/20Q2 19/20Q3
19/20Q4 19/20Q1
20/21€m €m €m €m €m €m€m€m€m€m€m€m€mGroup2,
3Europe8,020 8,161 8,322 8,181 7,957 8,136 8,148 7,903 7,792
8,433 8,970 8,598 8,155 Vodacom1,364 1,323 1,367 1,407 1,37
1 1,347 1,359 1,366 1,332 1,402 1,452 1,345 1,153 33,793 Othe
r
Markets1,458 1,449 1,456 1,411 1,281 1,178 1,189 1,216 1,215
1,136 1,027 1,008 937 5,531 Other and
eliminations293 308 303 317 293 285 302 335 314 315 301 334
261 4,386 Revenue11,135 11,241 11,448 11,316 10,902 10,946
10,998 10,820 10,653 11,286 11,750 11,285 10,506 1,264 44,97
4 Mobile customer
revenue6,044 6,084 5,978 5,914 5,770 5,784 5,779 5,661 5,655
5,757 5,715 5,575 5,241 Mobile incoming
revenue525 511 508 486 465 451 462 424 438 437 437 427 431
Other service
revenue471 549 479 503 474 508 452 475 458 520 480 479 383
Mobile Service26,378 Mobile service
revenue7,040 7,144 6,965 6,903 6,709 6,743 6,693 6,560 6,551
6,714 6,632 6,481 6,055 Fixed Service11,493 Fixed service
revenue2,457 2,394 2,480 2,617 2,421 2,395 2,460 2,477 2,443
2,836 3,101 3,113 3,055 Others7,103 Service
revenue9,497 9,538 9,445 9,520 9,130 9,138 9,153 9,037 8,994
9,550 9,733 9,594 9,110 Total44,974 -5.99%Europe3Mobile
customer
revenue4,216 4,301 4,214 4,153 4,095 4,167 4,121 4,013 3,994
4,049 4,028 3,960 3,776 Mobile incoming
revenue353 344 351 335 334 322 325 303 307 301 310 305 310
Other service
revenue323 388 325 324 319 358 311 306 301 348 317 302 247
Mobile service
revenue4,892 5,033 4,890 4,812 4,748 4,847 4,757 4,622 4,602

4,698 4,655 4,567 4,333 Fixed service
revenue2,071 2,063 2,128 2,260 2,148 2,144 2,196 2,218 2,180
2,640 2,931 2,940 2,894 Service
revenue6,963 7,096 7,018 7,072 6,896 6,991 6,953 6,840 6,782
7,338 7,586 7,507 7,227 Germany3Mobile customer
revenue1,093 1,135 1,122 1,089 1,092 1,138 1,124 1,099 1,103
1,127 1,112 1,103 1,074 Mobile incoming
revenue53 53 52 50 51 50 51 48 48 49 51 55 57 Other service
revenue117 140 132 134 125 133 124 115 109 113 110 104 95
Mobile service
revenue1,263 1,328 1,306 1,273 1,268 1,321 1,299 1,262 1,260
1,289 1,273 1,262 1,226 Fixed service
revenue964 975 983 1,093 989 999 1,002 1,005 1,005 1,407 1,6
10 1,590 1,614 Service
revenue2,227 2,303 2,289 2,366 2,257 2,320 2,301 2,267 2,265
2,696 2,883 2,852 2,840 ItalyMobile customer
revenue947 961 936 921 835 854 852 812 773 794 776 740 689
Mobile incoming
revenue53 75 55 60 53 64 57 59 57 69 66 60 49 Mobile service
revenue1,088 1,120 1,079 1,067 977 999 993 945 905 934 916 8
70 815 Fixed service
revenue248 248 263 263 268 268 291 289 293 292 304 319 305
Service
revenue1,336 1,368 1,342 1,330 1,245 1,267 1,284 1,234 1,198
1,226 1,220 1,189 1,120 UKMobile customer
revenue779 765 764 766 760 773 761 762 771 755 790 776 736
Mobile incoming
revenue930 913 907 908 895 905 890 895 897 888 924 909 846
Fixed service
revenue324 303 321 347 334 326 345 362 336 330 358 378 347
Service
revenue1,254 1,216 1,228 1,255 1,229 1,231 1,235 1,257 1,233
1,218 1,282 1,287 1,193 SpainMobile customer

revenue661 680 653 638 646 629 610 584 575 563 561 574 552
Mobile incoming
revenue746 784 733 714 716 712 680 647 644 651 631 647 615
Fixed service
revenue370 371 384 378 378 356 359 355 344 327 335 325 305
Service
revenue1,116 1,155 1,117 1,092 1,094 1,068 1,039 1,002 988 97
8 966 972 920 Ireland service
revenue4207 208 209 215 211 208 209 218 209 215 209 205 19
5 Portugal service
revenue4224 240 229 224 231 241 234 227 238 254 248 245 24
0 Romania service
revenue4160 167 163 158 158 162 159 149 159 188 197 190 19
0 Greece service
revenue4192 207 189 183 202 224 220 214 218 237 219 210 19
9 Other Europe service
revenue1,060 1,110 1,078 1,064 1,097 1,141 1,119 1,103 1,128
1,264 1,265 1,233 1,171 Eliminations(30)(56)(36)(35)(26)(36)(2
5)(23)(30)(44)(30)(26)(17)Service
revenue6,963 7,096 7,018 7,072 6,896 6,991 6,953 6,840 6,782
7,338 7,586 7,507 7,227 Vodacom5Mobile customer
revenue953 914 926 953 958 931 942 931 923 957 977 914 809
Mobile incoming
revenue1,048 1,016 1,027 1,058 1,055 1,021 1,031 1,027 1,014
1,069 1,092 1,025 899 Fixed service
revenue60 52 63 55 58 65 65 69 64 70 70 66 51 Service
revenue1,108 1,068 1,090 1,113 1,113 1,086 1,096 1,096 1,078
1,139 1,162 1,091 950 Other MarketsMobile customer
revenue869 859 839 803 711 682 712 715 732 744 699 690 647
Mobile incoming
revenue133 129 121 114 108 97 99 97 102 109 99 96 97 Other
service revenue39 48 42 41 35 38 36 34 41 38 29 30 22 Mobile

service
revenue1,041 1,036 1,002 958 854 817 847 846 875 891 827 81
6 766 Fixed service
revenue187 183 174 178 165 154 162 166 161 97 64 65 74 Servi
ce
revenue1,228 1,219 1,176 1,136 1,019 971 1,009 1,012 1,036 98
8 891 881 840 Turkey6Mobile customer
revenue422 431 404 376 359 310 336 336 335 385 375 356 328
Mobile incoming
revenue513 533 489 456 435 380 401 401 402 463 443 422 385
Fixed service
revenue33 31 33 35 34 23 31 31 32 36 38 38 45 Service
revenue546 564 522 491 469 403 432 432 434 499 481 460 430
Egypt service
revenue6226 232 234 231 248 272 274 279 313 356 356 369 36
1 Notes:1Organic growth is an alternative performance measure
which presents performance on a comparable basis, both in
terms of merger and acquisition activity and movements in
foreign exchange rates. 2Group service revenue includes the
results of Europe, Vodacom, Other markets and Other (which
includes the results of partner markets) and eliminations. 3The
allocation between mobile service revenue and fixed service
revenue has been restated in Vodafone Germany for the eight
quarters ended 31 March 2019, with an equivalent impact on the
Europe and Group figures for mobile service revenue and fixed
service revenue. There is no impact on total service revenue for
any quarter presented. 4Included within the Other Europe
segment. 5Vodacom refers to the Group's interests in Vodacom
Group Limited and its subsidiaries including those located
outside of South Africa. 6Included within the Other Markets
segment.
Group Quarterly Different Area Revenue, €m
Europe

Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 8020 8161 8322 8181 7957 8136 8148 7903
7792 8433 8970 8598 8155 Vodacom
Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 1364 1323 1367 1407 1371 1347 1359 1366
1332 1402 1452 1345 1153 Other Markets
Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 1458 1449 1456 1411 1281 1178 1189 1216
1215 1136 1027 1008 937 Other and eliminations
Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 293 308 303 317 293 285 302 335
314 315 301 334 261
Mobile Quarterly Service Revenue, €m
Mobile customer revenue
Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 6044 6084 5978 5914 5770 5784 5779 5661
5655 5757 5715 5575 5241 Mobile incoming revenue
Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 525 511 508 486 465 451 462 424
438 437 437 427 431 Other service revenue

Q1 17/18 Q2 17/18 Q3 17/18 Q4 17/18 Q1 18/19 Q2 18/19
Q3 18/19 Q4 18/19 Q1 19/20 Q2 19/20 Q3 19/20 Q4
19/20 Q1 20/21 471 549 479 503 474 508 452 475
458 520 480 479 383
2020 Revenue Segment
Mobile Service Fixed Service Others 26378 11493
7103
VOD Mobile ARPUMobile ARPUQ1 07/08Q2 07/08Q3 07/08Q4
07/08Q1 08/09Q2 08/09Q3 08/09Q4 08/09Q1 09/10Q2 09/10Q3
09/10Q4 09/10Q1 10/11Q2 10/11Q3 10/11Q4 10/11Q1 11/12Q2
11/12Q3 11/12Q4 11/12Q1 12/13Q2 12/13Q3 12/13Q4 12/13
Administrator: Accounting Change:
财务计算出现了一些变化Q1 13/14Q2 13/14Q3 13/14Q4 13/14Q1
14/15Q2 14/15Q3 14/15Q4 14/15Q1 15/16Q2 15/16Q3 15/16Q4
15/16Q1 16/17Q2 16/17Q3 16/17Q4 16/17Q1 17/18Q2 17/18Q3
17/18Q4 17/18Q1 18/19Q2 18/19Q3 18/19Q4 18/19Q1 19/20Q2
19/20Q3 19/20Q4 19/20Q1 20/21EuropeGermany
(EUR)Total19.419.417.916.917.016.816.215.715.5 15.9 15.8 15.
7 15.8 16.1 15.5 14.7 15.3 15.6 15.2 15.2 15.9 16.4 16.5 15.4 15
.7 15.8 15.3 14.9 15.0 15.3 15.1 14.9 15.3 15.5 15.3 15.1 15.3 1
5.5 15.2 14.9 14.9 15.3 15.4 15.0 12.7 13.3 13.2 12.9 13.0 13.2
13.0 12.9 12.5 Contract34.935.333.132.032.432.431.229.628.8 2
8.9 28.2 28.8 28.9 29.9 29.6 29.1 31.2 32.2 32.1 31.9 32.4 32.4
32.0 28.8 28.6 28.7 28.2 27.6 27.7 27.7 27.1 26.0 25.9 25.7 25.4
24.9 25.0 25.3 25.1 24.7 24.5 24.9 24.5 23.7 19.0 19.8 19.1 18.
6 18.5 18.5 18.2 18.2 17.6 Prepaid6.26.15.55.04.84.64.44.24.3 4

.6 4.8 4.2 4.4 4.5 4.2 3.5 3.7 3.7 3.5 3.3 3.5 3.7 3.7 3.6 3.8 3.8 3
.6 3.3 3.3 3.4 3.2 3.2 3.4 3.5 3.4 3.5 3.5 3.6 3.4 3.2 3.3 3.5 3.6 3
.4 3.8 3.9 4.2 3.9 4.2 4.5 4.2 4.2 4.2 Italy
(EUR)Total23.122.621.620.821.321.721.520.822.0 22.2 21.7 20.
8 20.7 20.8 20.3 19.5 20.0 20.1 19.4 18.9 18.7 17.7 16.9 15.1 14
.8 14.1 13.3 12.4 12.6 13.5 13.3 13.0 13.3 13.8 14.0 13.7 14.0 1
4.7 14.8 14.5 15.0 15.2 15.0 14.8 13.9 14.2 14.6 14.0 13.6 14.1
14.2 13.9 13.4 Contract69.865.265.462.160.656.556.051.750.9 4
8.7 48.1 46.6 46.1 43.9 44.4 41.4 42.3 40.2 39.8 38.4 37.9 34.8
33.9 31.1 31.2 29.1 27.9 26.0 25.2 24.8 23.9 22.5 21.8 21.1 19.6
19.1 18.9 19.6 19.1 18.8 17.6 18.7 18.8 17.9 17.2 17.1 17.2 17.
6 16.8 17.3 17.6 16.6 16.2 Prepaid18.818.617.216.416.817.417.
016.617.9 18.3 17.6 16.7 16.6 17.0 16.1 15.6 15.9 16.3 15.4 15.
0 14.7 14.1 13.2 11.5 11.0 10.6 10.0 9.4 9.8 10.9 10.9 10.8 11.4
12.2 12.7 12.4 12.8 13.5 13.8 13.5 14.3 14.4 14.1 14.1 13.1 13.6
14.0 13.2 12.9 13.5 13.6 13.4 12.8 UK
(GBP)Total22.923.922.521.622.022.021.520.820.8 20.6 20.4 20.
1 20.6 21.2 21.7 21.2 20.8 21.5 21.4 21.2 20.4 20.6 20.3 18.5 18
.2 18.3 17.8 17.4 17.6 17.9 17.8 17.4 18.8 18.8 18.8 18.6 18.5 1
8.9 18.5 18.2 18.2 18.5 17.9 17.5 13.9 14.6 14.3 14.0 14.1 14.0
13.7 13.4 13.2 Contract43.545.842.241.241.240.539.237.938.4 3
7.6 37.0 36.6 36.7 36.6 37.1 36.4 35.0 35.6 35.2 34.6 33.0 32.8
32.0 28.8 28.2 28.3 27.5 26.6 26.7 27.3 27.4 26.7 26.6 26.4 26.1
25.9 25.4 25.7 25.0 24.7 24.6 24.6 23.9 23.4 18.1 18.6 18.4 18.
0 18.1 18.0 17.8 17.5 16.9 Prepaid8.99.09.08.48.68.88.58.27.6 7
.5 7.3 6.8 6.7 7.1 6.9 6.2 5.9 6.3 6.2 5.8 5.4 5.4 5.2 4.7 4.4 4.3 4
.2 4.0 3.9 3.8 3.6 3.4 4.0 4.3 4.6 4.1 4.1 4.5 4.3 4.0 4.0 4.6 4.0 3
.8 3.9 4.4 4.2 3.9 4.0 4.4 3.9 3.8 3.8 Netherlands
(EUR)1Total37.638.535.935.436.935.635.333.734.4 34.3 34.4 3
4.2 33.0 32.0 31.6 30.0 30.7 30.6 29.6 29.0 28.9 29.0 28.0 25.8
25.7 25.5 25.0 24.3 25.2 25.8 25.5 25.4 25.1 26.0 25.3 24.4 24.1
24.6 23.8 – – – – – – – – – – – – – –
Contract59.759.655.855.057.355.154.451.451.9 51.4 51.4 51.0
48.6 46.6 46.1 43.6 44.4 43.9 42.4 41.2 41.0 40.7 39.2 35.6 35.2
34.8 33.7 32.5 33.3 33.6 33.0 32.7 32.1 33.2 32.1 30.5 30.5 30.
8 29.7 – – – – – – – – – – – – – –

Prepaid10.610.89.49.49.49.38.78.39.0 8.8 8.5 8.5 9.2 9.3 8.7 8.
1 8.2 8.4 7.9 7.7 7.0 7.1 6.1 5.4 5.3 5.3 4.6 4.2 4.3 4.5 4.0 3.6 4.
1 4.0 3.9 4.1 3.5 3.8 3.3 – – – – – – – – – – – – – – Spain
(EUR)Total36.136.434.132.632.633.330.328.028.3 29.3 27.3 25.
8 26.5 36.9 24.5 23.2 23.1 23.5 21.6 20.3 20.1 21.2 21.1 19.7 20
.2 19.3 19.2 18.7 18.0 18.0 17.7 16.9 16.9 17.3 16.6 16.0 16.6 1
6.8 16.4 16.0 16.6 16.9 16.3 16.0 16.0 15.6 15.4 14.8 14.8 14.6
14.5 14.9 14.6 Contract52.051.748.045.445.445.941.739.039.9 4
1.1 38.0 36.2 36.5 37.3 34.5 32.6 32.8 33.4 31.1 29.9 29.7 30.8
30.1 27.2 27.1 25.8 25.5 24.6 23.4 23.1 22.0 20.9 20.1 20.5 19.6
18.8 19.4 19.6 19.1 18.6 19.1 19.5 18.7 18.4 18.1 17.5 17.4 16.
7 16.5 16.2 16.2 16.7 16.3 Prepaid16.416.515.514.914.414.613.
211.511.2 11.7 10.6 9.3 9.8 9.9 8.5 8.4 7.2 7.3 6.3 5.5 5.2 5.6 5.
4 5.3 5.6 5.4 5.0 4.9 5.0 5.4 5.1 5.0 5.8 6.3 5.9 5.7 6.1 6.5 6.1 6.
1 6.6 6.6 6.3 5.8 6.2 6.4 6.0 5.5 6.4 6.6 6.3 6.0 5.5 Portugal
(EUR)Total22.023.422.121.221.421.618.818.218.1 18.1 17.4 16.
7 16.3 16.3 15.3 14.7 15.1 15.2 13.9 13.8 13.6 13.8 12.5 11.9 11
.7 12.1 11.8 11.5 11.9 12.2 11.9 11.6 12.1 12.4 12.0 11.9 11.7 1
2.1 11.7 11.7 12.0 12.5 12.0 11.8 12.0 12.1 11.9 11.4 11.8 12.2
11.9 11.9 11.9 Contract54.959.054.250.951.551.445.743.345.5 4
6.0 44.4 42.6 43.5 42.9 40.6 37.6 39.4 38.8 35.3 35.2 35.2 36.4
32.3 29.5 29.0 28.5 27.5 26.0 25.5 24.1 23.5 22.4 22.2 21.5 20.5
20.5 20.0 20.2 19.7 19.5 19.9 20.0 19.4 18.9 18.9 18.7 18.9 17.
6 17.9 18.6 18.1 17.8 17.6 Prepaid13.214.013.413.012.913.211.
311.310.7 10.9 10.6 10.4 9.7 9.9 9.3 9.3 9.4 9.7 9.1 9.0 8.7 8.9
8.3 8.2 8.0 8.4 8.2 7.7 7.8 8.2 7.6 7.1 7.1 7.5 7.1 6.6 6.3 6.9 6.4
6.5 6.7 7.4 7.0 6.9 7.0 7.4 6.9 6.8 7.1 7.4 7.2 7.2 7.1 Greece
(EUR)Total25.426.122.721.522.022.719.816.717.1 17.3 14.4 13.
8 14.7 16.3 16.5 16.4 18.1 19.3 16.7 15.3 15.2 15.9 13.3 11.5 11
.1 11.0 10.0 9.5 9.6 9.8 9.4 8.9 8.9 9.2 8.2 7.8 7.8 8.2 8.1 8.2 8.
4 8.6 8.3 8.2 8.5 9.0 9.5 9.6 9.3 10.0 9.9 9.9 9.4 Contract60.062
.053.449.751.252.947.342.145.9 48.5 43.7 39.1 40.3 41.4 37.6 3
4.2 36.5 39.2 34.3 32.5 32.6 34.5 29.1 26.3 25.8 25.8 24.1 23.5
23.2 23.7 23.0 22.2 21.7 22.1 21.3 21.5 21.2 22.1 21.3 21.1 21.4
22.2 21.2 20.8 20.3 20.5 21.5 21.9 19.9 21.0 20.3 19.6 18.2 Pre
paid10.210.48.98.48.48.67.35.65.5 5.4 4.2 4.5 4.3 4.6 4.7 4.7 5.

4 6.2 5.5 4.7 4.9 5.1 4.5 3.6 3.7 3.8 3.3 3.0 3.2 3.4 3.2 2.9 3.1 3.
3 2.8 2.5 2.7 3.0 2.8 2.7 3.0 3.1 3.0 2.9 3.4 3.8 3.7 3.5 4.2 4.5 4.
5 4.5 4.3 Romania
(EUR)Total10.810.910.89.710.310.49.98.08.1 8.1 7.6 6.7 6.9 6.
8 6.2 6.1 6.8 7.2 7.3 7.0 7.4 7.4 7.0 6.0 6.5 6.5 6.4 6.3 5.9 6.2 6.
2 6.0 6.1 6.2 6.2 6.2 6.1 6.2 6.2 6.0 6.1 6.1 6.0 5.8 5.3 5.2 5.1 4.
8 5.1 5.3 5.1 4.8 4.9 Contract21.922.422.319.621.221.220.116.1
15.8 16.0 15.4 13.9 14.3 14.1 12.5 12.4 13.9 14.2 13.8 12.9 13.3
13.3 13.0 11.2 12.3 12.2 12.1 11.8 11.2 11.5 11.6 11.4 11.6 11.
8 11.8 11.6 11.7 11.9 11.8 11.7 11.8 11.8 11.7 11.4 9.7 9.5 9.3 8
.6 9.3 9.7 9.5 9.0 9.4 Prepaid4.74.64.54.03.83.93.52.62.6 2.7 2.
6 2.3 2.4 2.5 2.5 2.3 2.5 2.8 2.9 2.8 3.0 3.0 2.7 2.5 2.6 2.6 2.6 2.
6 2.2 2.3 2.3 2.1 2.2 2.3 2.2 2.3 2.1 2.3 2.2 2.1 2.2 2.3 2.2 2.0 2.
2 2.3 2.2 2.1 2.2 2.2 2.1 2.0 1.9 Africa, Middle East and Asia
PacificVodacom
(ZAR)Total98.599.4109.2102.9103.5106.4111.099.092 97 104 1
01 105 108 109 101 95 94 95 84 79 82 84 74 76 78 79 71 68 71
70 68 69 69 71 70 71 73 73 68 67 66 66 66 61.5 61.1 60.2 59.0
60.0 62.4 64.0 61.7 65.7 Contract595.1319.7451.2452.9445.244
6.7440.4423.0407 478 472 454 440 438 441 417 387 390 371 35
0 337 360 347 317 385 398 390 375 372 387 383 371 381 394 4
10 402 403 418 409 386 387 385 385 374 321.3 318.6 305.8 300
.2 288.4 290.2 292.1 283.2 284.5 Prepaid39.766.060.356.856.75
9.165.155.652 53 57 55 58 60 62 57 57 57 62 53 50 50 54 46 48
49 51 45 43 46 45 43 44 44 45 44 45 46 46 44 42 42 43 42 42.4
42.5 42.6 41.2 42.5 44.5 45.7 43.8 46.7 Turkey
(TRY)Total15.716.314.613.213.614.211.611.113.7 15.3 14.4 14.
9 16.1 18.6 17.8 18.3 19.9 21.4 19.8 19.2 20.9 22.3 21.8 20.8 22
.1 21.3 21.1 21.1 22.1 22.6 22.6 22.9 24.2 25.9 25.8 25.8 26.7 2
8.1 28.1 28.1 29.3 30.8 30.5 30.9 31.5 33.6 34.4 33.7 36.1 38.9
38.5 39.1 40.5 Contract29.229.828.727.427.328.626.124.830.3 3
1.5 32.3 32.8 35.6 38.7 36.9 35.5 37.0 38.4 37.6 35.8 37.2 38.3
37.5 36.6 37.6 36.2 36.1 36.7 37.4 37.6 37.2 37.5 38.7 40.9 41.2
41.0 41.8 43.0 43.2 43.2 44.3 45.5 45.0 44.7 44.3 46.6 47.7 45.
7 48.5 52.3 51.8 51.5 53.2 Prepaid14.114.712.911.411.812.39.8
9.111.1 12.8 11.4 11.7 12.0 13.4 12.1 12.1 13.3 14.5 12.0 11.5 1

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