Financial Documents LVMH December 31 2023 - 1

TRANSLATION OF THE FRENCH
FINANCIAL DOCUMENTS
FISCAL YEAR ENDED DECEMBER 31, 2023
CONTENTS
EXECUTIVE AND SUPERVISORY BODIES;

STATUTORY AUDITORS AS OF DECEMBER 31, 2023 1
FINANCIAL HIGHLIGHTS 2
HIGHLIGHTS 4
SHARE CAPITAL AND VOTING RIGHTS AS OF DECEMBER 31, 2023 4
BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL

5
STATEMENTS OF LVMH GROUP
OMMENTS ON THE CONSOLIDATED INCOME STATEMENT
C 6
WINES AND SPIRITS 10
FASHION AND LEATHER GOODS 11
PERFUMES AND COSMETICS 13
WATCHES AND JEWELRY 14
SELECTIVE RETAILING 16
COMMENTS ON THE CONSOLIDATED BALANCE SHEET 18
COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 19
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21

CONSOLIDATED INCOME STATEMENT 22
CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 23
CONSOLIDATED BALANCE SHEET 24
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 25
CONSOLIDATED CASH FLOW STATEMENT 26
SELECTED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 27
As table totals are based on unrounded figures, there may be discrepancies

between these totals and the sum of their rounded component figures.
This document is a free translation into English of the original French “Documents financiers - 31 décembre 2023”, hereafter
referred to as the “Financial Documents”. It is not a binding document. In the event of a conflict in interpretation, reference
should be made to the French version, which is the authentic text.

EXECUTIVE AND SUPERVISORY BODIES;

STATUTORY AUDITORS AS OF DECEMBER 31, 2023
Board Executive Performance

of Directors Committee Audit Committee
Bernard Arnault Bernard Arnault Clara Gaymard (1)

Chairman and Chief Executive Officer Chairman and Chief Executive Officer Chairman
Antonio Belloni Antonio Belloni Charles de Croisset (1)
Group Managing Director Group Managing Director
Marie-Laure Sauty de Chalon (1)
Antoine Arnault Delphine Arnault
Yves-Thibault de Silguy (1)
Christian Dior Couture
Delphine Arnault
Nicolas Bazire
Dominique Aumont
Development & Acquisitions
Director representing the employees Governance &
Pietro Beccari Compensation Committee
Nicolas Bazire
Louis Vuitton
Marie-Véronique Belloeil-Melkin
Stéphane Bianchi Natacha Valla (1)
Director representing the employees
Watches and Jewelry Chairman
Sophie Chassat (1)
Michael Burke Sophie Chassat (1)
Charles de Croisset (1) Strategic Advisor to the Chairman
Charles de Croisset (1)
Lead Director
Chantal Gaemperle
Marie-Josée Kravis (1)
Clara Gaymard (1) Human Resources & Synergies
Marie-Josée Kravis (1) Jean-Jacques Guiony
Finance
Laurent Mignon (1) Ethics & Sustainable
Christopher de Lapuente Development Committee
Selective Retailing
Yves-Thibault de Silguy (1)
Stéphane Rinderknech Yves-Thibault de Silguy (1)
Natacha Valla (1) Hospitality Excellence & Beauty Chairman
Hubert Védrine (1) Philippe Schaus Delphine Arnault
Wines and Spirits
Advisory Board members Jérôme Sibille
Hubert Védrine (1)
General Administration & Legal Affairs
Yann Arthus-Bertrand
Sidney Toledano
Diego Della Valle
Fashion Group
Statutory Auditors
Lord Powell of Bayswater
Jean-Baptiste Voisin
Strategy
Deloitte & Associés
represented by Guillaume Troussicot
General Secretary and Bénédicte Sabadie
Marc-Antoine Jamet Mazars
represented by Isabelle Sapet
and Simon Beillevaire
(1) Independent Director.
Financial Documents - December 31, 2023 1

FINANCIAL HIGHLIGHTS
Revenue Change in revenue by business group 2023 2022 2023/2022 Change 2021
(EUR millions) (EUR millions and percentage)
Published Organic (a)
86,153 Wines and Spirits 6,602 7,099 -7% -4% 5,974

79,184 Fashion and Leather Goods 42,169 38,648 9% 14% 30,896
64,215 Perfumes and Cosmetics 8,271 7,722 7% 11% 6,608
Watches and Jewelry 10,902 10,581 3% 7% 8,964
Selective Retailing 17,885 14,852 20% 25% 11,754
Other activities and eliminations 324 281 - - 19
Total 86,153 79,184 9% 13% 64,215
(a) On a constant consolidation scope and currency basis. The net impact of exchange rate fluctuations on Group revenue was -4%
and the net impact of changes in the scope of consolidation was negligible. The principles used to determine the net impact of
exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope of
2021 2022 2023 consolidation are described on page 9.
Revenue by geographic region of delivery Revenue by invoicing currency

France 8%
Euro 20%
Europe (excl. France) 17%
US dollar 28%
United States 25%
Japanese yen 7%
Japan 7%
Hong Kong dollar 3%
Asia (excl. Japan) 31%
Other currencies 42%
Other markets 12%
Profit from recurring

operations
(EUR millions)
22,802 Profit from recurring operations by business group 2023 2022 2021
21,055 (EUR millions)
17,151 Wines and Spirits 2,109 2,155 1,863
Fashion and Leather Goods 16,836 15,709 12,842
Perfumes and Cosmetics 713 660 684
Watches and Jewelry 2,162 2,017 1,679
Selective Retailing 1,391 788 534
Other activities and eliminations (409) (274) (451)
Total 22,802 21,055 17,151
2021 2022 2023
Stores Geographic breakdown of stores

(number) (number as of December 31, 2023)
6,097
1,213
Europe (a)
2,003
Asia (b)
5,664
5,556
1,128 550 497
France
United States Japan
2021 2022 2023

706
Other markets
(a) Excluding France. (b) Excluding Japan.
2 Financial Documents - December 31, 2023

Net profit, Basic Group share of

Net profit Group share net earnings per share
(EUR millions) (EUR millions) (EUR)
15,952 15,174 30.34

14,751 14,084 28.05
12,698 12,036 23.90
2021 2022 2023 2021 2022 2023 2021 2022 2023
Net cash from Operating Operating

operating activities investments free cash flow (a)
(EUR millions) (EUR millions) (EUR millions)
18,648 17,833 18,400 7,478 13,531
10,113
4,969
8,104
2,664
2021 2022 2023 2021 2022 2023 2021 2022 2023

(a) See the consolidated cash flow
statement on p. 26 for the definition
of “Operating free cash flow”.
Equity and Net financial

Dividend per share (a) Net financial debt (a) debt/Equity ratio
(EUR) (EUR millions) (EUR millions and percentage)
13.00 (b) 10,746 62,701

12.00 9,607 9,201 56,604
10.00 48,909
19.6% 16.3% 17.1%
2021 2022 2023 2021 2022 2023 2021 2022 2023

(a) Gross amount paid for the fiscal year, (a) Excluding “Lease liabilities” and
excluding the impact of tax regulations “Purchase commitments for minority
applicable to the recipient. interests’ shares”. See Note 19.1
(b) Amount proposed at the Shareholders’ to the condensed consolidated
Meeting of April 18, 2024. financial statements.

HIGHLIGHTS
Highlights of 2023 include: • angible progress made towards targets for 2026 and 2030:
T
3.1 million hectares of flora and fauna habitat protected as
Another record year despite a disrupted environment of year‑end 2023 (target: 5 million hectares by 2030); 63%
improvement (up 16 points) in the proportion of renewable
• S trong organic revenue growth across all business groups
and low‑carbon energy used in the Group’s energy mix; 28%
except Wines and Spirits, and market share gains worldwide.
decrease in energy‑related CO2 emissions with respect to 2019.
• ouble‑digit organic revenue growth in Europe, Japan and
D
• aunch of LIFE 360 Business Partners, a groundbreaking plan
L
the rest of Asia.
to assist suppliers and partners to accelerate the reduction of
• Negative currency impact in the second half of the year. Scope 3 impacts, particularly in relation to raw materials and
transport.
• rowth in champagne driven by the value strategy and a
G
transitional year for cognac after two years of strong growth.
Major economic and social impact in France
• emarkable performance by the Fashion and Leather Goods
R and around the world
business group, in particular Louis Vuitton, Christian Dior,
Celine, Fendi, Loro Piana, Loewe and Marc Jacobs, which • ore than 213,000 employees worldwide as of year‑end 2023
M
(including nearly 40,000 employees in France).
gained market share worldwide and achieved record levels of
revenue and profits. • France’s largest private‑sector recruiter.
• articularly strong momentum in fragrances and makeup

P • reserving and passing on skills and expertise in more than
P
across all regions, and ongoing global success of Dior’s Sauvage, 280 professions of excellence in design, craftsmanship and
once again the world’s best‑selling fragrance in 2023. customer experience, with over 2,700 apprentices trained by
LVMH’s IME (Institut des Métiers d’Excellence) program since
• obust growth in jewelry and powerful creative momentum
R
its launch in 2014, more than 8,000 employees worldwide
for all the Watches and Jewelry Maisons, in particular Tiffany,
hired by LVMH in these professions in 2023, and more than
Bulgari and TAG Heuer.
3,500 positions to be filled in these professions at the Group’s
• xceptional performance by Sephora, which confirmed its
E Maisons in France by year‑end 2024.
position as world leader in beauty retail.
• Over 1 billion euros invested in France every year.
2023 targets met under the LIFE 360 environmental program • 1 18 production facilities and craft workshops in France, 26 in
Italy.
• ew circular services launched at most Group Maisons;
N
research and innovation program focused on new materials; • ore than 6 billion euros in corporate tax paid worldwide
M
environmental training center (LIFE Academy). in 2023, around half of which in France.
• S upport for over 950 nonprofits and charitable foundations

in 2023, with more than 65,000 Group employees taking
part in a community involvement partnership.
SHARE CAPITAL AND VOTING RIGHTS AS OF DECEMBER 31, 2023
Shareholders Number of Number of % of share % of voting

shares voting rights (a) capital rights (a)
Arnault family group 243,981,074 471,305,051 48.60 64.33
Other shareholders 258,067,326 (b) 261,329,171 51.40 (b) 35.67
Total 502,048,400 732,634,222 100.00 100.00
(a) Voting rights that may be exercised at Shareholders’ Meetings.
(b) Including 2,535,094 treasury shares, i.e. 0.50% of the share capital.

BUSINESS REVIEW AND COMMENTS
ON THE CONSOLIDATED FINANCIAL
STATEMENTS OF LVMH GROUP
1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6
2. WINES AND SPIRITS 10
3. FASHION AND LEATHER GOODS 11
4. PERFUMES AND COSMETICS 13
5. WATCHES AND JEWELRY 14
6. SELECTIVE RETAILING 16
7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET 18
8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 19

BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP
Comments on the consolidated income statement
1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT

1.1 Breakdown of revenue
Change in revenue per half‑year period The breakdown of revenue by invoicing currency changed as
(EUR millions and as %) follows with respect to the previous fiscal year: the contribution
of the US dollar fell by 2 points to 28%, while the contributions
15% of the euro and the Hong Kong dollar rose by 1 point each to 20%
and 3%, respectively. The contributions of the Japanese yen and
9%
“Other currencies” remained stable at 7% and 42%, respectively.
3%
17%
Revenue by geographic region of delivery
13%
10%
(as %) 2023 2022 2021
-2% France 8 8 6
-4% Europe (excl. France) 17 16 15
-7%
United States 25 27 26
Japan 7 7 7
42,240 43,913 86,153 Asia (excl. Japan) 31 30 35
Other markets 12 12 11
1st half-year 2nd half-year Full-year 2023
Total 100 100 100
Organic growth
Changes in the scope of consolidation (a) (b) By geographic region of delivery, the relative contributions of
Exchange rate fluctuations (a) Europe (excluding France) and Asia (excluding Japan) to Group

revenue rose by 1 point each to 17% and 31%, respectively, while
(a) The principles used to determine the impact of exchange rate fluctuations on the
revenue of entities reporting in foreign currencies and the impact of changes in the the contribution of the United States fell by 2 points to 25%. The
scope of consolidation are described on page 9. contributions of France, Japan and “Other markets” held steady
(b) 0% in full‑year 2023.
at 8%, 7% and 12%, respectively.
Revenue for the 2023 fiscal year was 86,153 million euros, up 9%
from the previous fiscal year. It was adversely affected by 4 points
Revenue by business group
as a result of many of the Group’s invoicing currencies weakening
on average against the euro, in particular the Chinese renminbi,
(EUR millions) 2023 2022 2021
the Japanese yen and the US dollar.
Wines and Spirits 6,602 7,099 5,974
The following changes to the Group’s consolidation scope
Fashion and Leather Goods 42,169 38,648 30,896
took place after January 1, 2022: in the Wines and Spirits
Perfumes and Cosmetics 8,271 7,722 6,608
business group, the consolidation of Joseph Phelps Vineyards
Watches and Jewelry 10,902 10,581 8,964
in August 2022 and of Château Minuty in February 2023; in
Selective Retailing 17,885 14,852 11,754
the Perfumes and Cosmetics business group, the consolidation
Other activities and eliminations 324 281 19
of Officine Universelle Buly as of January 1, 2022; in the
Selective Retailing business group, the disposal of Starboard in Total 86,153 79,184 64,215
December 2023. These changes in the scope of consolidation
had a negligible effect on the Group’s full‑year revenue growth. The breakdown of Group revenue by business group changed as
follows: the contributions of Wines and Spirits and of Perfumes
On a constant consolidation scope and currency basis, revenue
and Cosmetics fell by 1 point each to 8% and 9%, respectively,
increased by 13%.
while that of Selective Retailing increased by 2 points to 21%.
The contributions made by Fashion and Leather Goods, and
Revenue by invoicing currency Watches and Jewelry held steady at 49% and 13%, respectively.
Revenue for Wines and Spirits decreased by 7% based on
(as %) 2023 2022 2021
published figures. Affected by a negative 5‑point exchange rate
Euro 20 19 17 impact, which was partially offset by the impact of changes in
US dollar 28 30 28 scope arising from the consolidation of Joseph Phelps Vineyards
Japanese yen 7 7 7 and Château Minuty, revenue for this business group was down
Hong Kong dollar 3 2 3 4% on a constant consolidation scope and currency basis. Revenue
Other currencies 42 42 45 from champagne and wines remained stable based on published
figures and increased by 2% on a constant consolidation scope
Total 100 100 100
and currency basis, while revenue from cognac and spirits was

down 13% based on published figures and 10% on a constant United States, Japan, Europe and the Middle East were the
consolidation scope and currency basis. The United States and regions where revenue increased the most.
China were the countries most affected by lower consumer
Revenue for Watches and Jewelry increased by 7% in terms of
demand.
organic growth and by 3% based on published figures. The
Revenue for Fashion and Leather Goods increased by 14% in jewelry Maisons posted solid growth. The most buoyant regions
terms of organic growth and by 9% based on published figures. were Europe, Asia, the Middle East and Japan.
Europe, Japan and Asia all delivered an excellent performance,
Revenue for Selective Retailing increased by 25% in terms of
while revenue in the United States declined. Virtually all the
organic growth and by 20% based on published figures. Sephora
brands achieved outstanding results.
turned in an excellent performance in most regions, particularly
Revenue for Perfumes and Cosmetics increased by 11% in terms in Europe and the United States, while DFS benefited from the
of organic growth and by 7% based on published figures. The recovery in international travel.
1.2 Profit from recurring operations
(EUR millions) 2023 2022 2021 The geographic breakdown of stores is as follows:
Revenue 86,153 79,184 64,215
(number) 2023 2022 2021
Cost of sales (26,876) (24,988) (20,355)
France 550 518 522
Gross margin 59,277 54,196 43,860
Europe (excl. France) 1,213 1,108 1,203
Marketing and selling expenses (30,768) (28,151) (22,308) United States 1,128 1,054 1,014
General and administrative expenses (5,714) (5,027) (4,414) Japan 497 496 477
Income/(Loss) from joint ventures Asia (excl. Japan) 2,003 1,829 1,746
and associates 7 37 13 Other markets 706 659 594
Profit from recurring operations 22,802 21,055 17,151 Total 6,097 5,664 5,556
Operating margin (%) 26.5 26.6 26.7
General and administrative expenses totaled 5,714 million euros,
The Group’s gross margin came to 59,277 million euros, up 9% up 14% based on published figures and up 15% on a constant
compared to the previous fiscal year; as a percentage of revenue, consolidation scope and currency basis. They amounted to 6.6%
the gross margin was 68.8%, up 0.4 points with respect to 2022. of revenue.
Marketing and selling expenses totaled 30,768 million euros,
up 9% based on published figures and up 13% on a constant Profit from recurring operations by business group
consolidation scope and currency basis. The level of these
expenses expressed as a percentage of revenue came to 35.7%, (EUR millions) 2023 2022 2021
remaining stable with respect to the previous fiscal year.
Wines and Spirits 2,109 2,155 1,863
This increase in marketing and selling expenses was mainly Fashion and Leather Goods 16,836 15,709 12,842
due to higher communications investments as well as the Perfumes and Cosmetics 713 660 684
development of retail networks. Among these marketing and Watches and Jewelry 2,162 2,017 1,679
selling expenses, advertising and promotion expenses amounted Selective Retailing 1,391 788 534
to 12% of revenue, increasing by 10% on a constant consolidation Other activities and eliminations (409) (274) (451)
scope and currency basis.
Total 22,802 21,055 17,151
The Group’s profit from recurring operations was 22,802 million

euros, up 8% from the previous fiscal year. The Group’s operating
margin as a percentage of revenue was 26.5%, with no notable
change with respect to the previous fiscal year.

Change in profit from recurring operations Fashion and Leather Goods posted profit from recurring
(EUR millions) operations of 16,836 million euros, up 7% from the previous fiscal
(a)
year. Louis Vuitton and Christian Dior Couture maintained an
Changes in Exchange(a) exceptional level of profitability. The business group’s operating
Organic the scope of rate
growth consolidation fluctuations margin as a percentage of revenue was 39.9%.
2,403 16 (672)
22,802 Perfumes and Cosmetics
2023 2022 2021
Revenue (EUR millions) 8,271 7,722 6,608

21,055 Profit from recurring operations
(EUR millions) 713 660 684
2022 2023 Profit from recurring operations for Perfumes and Cosmetics was
up 8%, influenced by a highly selective distribution policy, and
(a) The principles used to determine the impact of exchange rate fluctuations on the
profit from recurring operations of entities reporting in foreign currencies and the totaled 713 million euros. The business group’s operating margin
impact of changes in the scope of consolidation are described on page 9. as a percentage of revenue was 8.6%.
Exchange rate fluctuations had a negative overall impact of
672 million euros on profit from recurring operations compared Watches and Jewelry
to the previous fiscal year. This total comprises the following
three items: (i) the impact of exchange rate fluctuations on export 2023 2022 2021
and import sales and purchases by Group companies, (ii) the
change in the net impact of the Group’s policy of hedging its
Profit from recurring operations
commercial exposure to various currencies, and (iii) the impact
(EUR millions) 2,162 2,017 1,679
of exchange rate fluctuations on the consolidation of profit from
recurring operations of subsidiaries outside the eurozone.
Profit from recurring operations for Watches and Jewelry was
Wines and Spirits 2,162 million euros, up 7% relative to December 31, 2022. The
business group’s operating margin as a percentage of revenue
2023 2022 2021 was 19.8%.
Profit from recurring operations Selective Retailing
(EUR millions) 2,109 2,155 1,863
Operating margin (%) 31.9 30.4 31.2 2023 2022 2021

Profit from recurring operations for Wines and Spirits was
2,109 million euros, down 2% relative to December 31, 2022.
(EUR millions) 1,391 788 534
Champagne and wines contributed 1,095 million euros, while
cognac and spirits accounted for 1,014 million euros. The
business group’s operating margin as a percentage of revenue
Profit from recurring operations for Selective Retailing was
came to 31.9%.
1,391 million euros, up 76% relative to December 31, 2022,
reflecting the exceptional performance achieved by Sephora
Fashion and Leather Goods worldwide and the recovery in international travel, which
benefited DFS. The business group’s operating margin as a
2023 2022 2021 percentage of revenue was 7.8%.
Other activities
(EUR millions) 16,836 15,709 12,842 The loss from recurring operations of “Other activities and
Operating margin (%) 39.9 40.6 41.6 eliminations” was 409 million euros, compared with a loss of
274 million euros in fiscal year 2022. In addition to headquarters
expenses, this heading includes the results of the hotel and media
divisions, Royal Van Lent yachts, and the Group’s real estate
activities.

1.3 Other income statement items
(EUR millions) 2023 2022 2021 • interest on lease liabilities recognized under IFRS 16, which
increased in particular due to the change in interest rates,
Profit from recurring operations 22,802 21,055 17,151
amounting to an expense of 393 million euros, compared
Other operating income and expenses (242) (54) 4
with an expense of 254 million euros a year earlier;
Operating profit 22,560 21,001 17,155
• ther financial income and expenses, which amounted to a
o
Net financial income/(expense) (935) (888) 53 net expense of 175 million euros, compared to 618 million
Income taxes (5,673) (5,362) (4,510) euros in fiscal year 2022. Included in this amount was the
expense related to the cost of foreign exchange derivatives,
Net profit before minority interests 15,952 14,751 12,698
399 million euros, versus an expense of 358 million euros a
Minority interests (778) (667) (662) year earlier. In addition, fair value adjustments of available for
Net profit, Group share 15,174 14,084 12,036 sale financial assets amounted to net income of 263 million
euros, compared to a net expense of 225 million euros in 2022.
“Other operating income and expenses” amounted to a net
The Group’s effective tax rate as of December 31, 2023 was 26.2%,
expense of 242 million euros, compared with 54 million euros
down 0.5 points from December 31, 2022. In addition, the
in 2022. As of December 31, 2023, this item mainly included
consequences of the international tax reform drawn up by the
depreciation, amortization and impairment charges for brands,
OECD relating to the global minimum tax, known as Pillar Two,
goodwill and investments in joint ventures and associates, as
applicable in France starting in fiscal year 2024, are not material.
well as gains and losses on disposals, primarily that of Starboard
carried out in December 2023. Profit attributable to minority interests totaled 778 million euros,
compared to 667 million euros in the previous fiscal year; this
The Group’s operating profit was 22,560 million euros, up 7%
total mainly includes profit attributable to minority interests in
from the previous fiscal year.
Moët Hennessy.
“Net financial income/(expense)” amounted to a net expense of
The Group’s share of net profit was 15,174 million euros, up
935 million euros as of December 31, 2023, compared with a net
8% relative to 2022, when it totaled 14,084 million euros. This
expense of 888 million euros as of December 31, 2022. This item
represented 18% of revenue, remaining stable with respect to
comprised the following:
fiscal year 2022.
• t he aggregate cost of net financial debt, which was a cost of
367 million euros, versus 17 million euros in the previous
fiscal year, representing a negative change of 349 million
euros, mainly due to the substantial and rapid increase in
interest rates;
Comments on the determination of the impact of exchange rate fluctuations and changes in the scope of consolidation
The impact of exchange rate fluctuations is determined by translating the financial statements for the fiscal year of entities with a functional currency other than the euro at the prior fiscal
year’s exchange rates, without any other restatements.
The impact of changes in the scope of consolidation is determined as follows:
— for the fiscal year’s acquisitions, by deducting from revenue for the fiscal year the amount of revenue generated during that fiscal year by the acquired entities, as of their initial
consolidation;
— for the prior fiscal year’s acquisitions, by deducting from revenue for the fiscal year the amount of revenue generated over the months during which the acquired entities were not
consolidated in the prior fiscal year;
— for the fiscal year’s disposals, by adding to revenue for the fiscal year the amount of revenue generated by the divested entities in the prior fiscal year over the months during which those
entities were no longer consolidated in the current fiscal year;
— for the prior fiscal year’s disposals, by adding to revenue for the fiscal year the amount of revenue generated in the prior fiscal year by the divested entities.
Profit from recurring operations is restated in accordance with the same principles.

Wines and Spirits
2. WINES AND SPIRITS
2023 2022 2021 craftsmanship; in October, it unveiled Collection Impériale Création

No. 1, the first cuvée of its “Haute Œnologie” (high winemaking)
vision, inspiring a collaboration with American artist Daniel
Of which: Champagne and wines 3,461 3,474 2,793
Arsham. Dom Pérignon had a record year, with the release
Cognac and spirits 3,141 3,625 3,181
of two new vintages and several creative collaborations, while
Sales volumes Veuve Clicquot turned in an exceptional performance, buoyed
(in millions of bottles) by the launch of La Grande Dame 2015, and offered unforgettable
Champagne 66.5 70.9 66.8 experiences including a tasting of bottles aged underwater in
Cognac 83.2 94.3 102.6 the Baltic Sea. The Maison also reaffirmed its commitment to
Other spirits 21.5 23.9 20.8 sustainable luxury and women’s entrepreneurship through
Still and sparkling wines 52.7 56.5 51.5 a collaboration with Stella McCartney. Krug saw significant
growth, with new editions paired with its signature sources of
Revenue by geographic
inspiration: fine dining and music. Ruinart unveiled a major
region of delivery (%)
collaboration with artist Eva Jospin and launched Blanc Singulier, a
France 7 6 6
new cuvée that highlights the impact of climate change. Armand
Europe (excl. France) 20 18 18
de Brignac continued its integration into the Moët Hennessy
portfolio of brands and expanded its sales into strategic markets,
Japan 6 6 5
starting with Japan.
Asia (excl. Japan) 21 20 21
Other markets 14 13 12 The still wine Maisons continued to consolidate their market
presence, against a backdrop of normalizing demand in the
Total 100 100 100
United States following the post‑pandemic surge. Château
d’Esclans consolidated its leadership in Côtes‑de-Provence
wines, Château Galoupet obtained organic certification and
(EUR millions) 2,109 2,155 1,863
Château Minuty joined the Moët Hennessy portfolio. Chandon
saw a slight decrease in sales volumes in 2023, despite the success
of its all‑natural aperitif, Chandon Spritz.
Highlights In the first part of the year, Hennessy experienced a significant
slowdown in sales in the United States, although the situation
Following an exceptional year in 2022, 2023 was marked by
gradually recovered at the end of the year. The Maison was also
contrasting trends across different markets. Consumer demand
affected by the effects of the Covid pandemic on Chinese New
waned in the United States and China, while Europe showed
Year celebrations at the beginning of the year. Despite this, it still
remarkable resilience, and Asia-Pacific, Latin America and the
managed to extend its global leadership in the spirits category.
Caribbean continued to see strong growth, particularly in private
The brand stepped up its commitment to sustainability through
sales and travel retail. Against this backdrop, Moët Hennessy
initiatives such as the decarbonization of its Cognac distillery
pursued its value strategy, enhancing the appeal of its brands
and the “Living Landscapes” program aimed at planting hedges
and diversifying its portfolio through product innovation and
in the Cognac region.
the integration of Château Minuty, confirming its leadership in
the Provence rosé market. The desire to forge closer, more direct Revenue for Glenmorangie and Ardbeg whiskies was affected
connections with end‑consumers led to the opening of new by market conditions in the United States and China, but
points of sale, including the first Hennessy store in mainland substantially exceeded pre-Covid levels, thanks to strong
China and the Cravan cocktail bar in the heart of Paris. Stepping performance in travel retail and in dynamic markets such as
up its commitment to sustainability, Moët Hennessy presented Japan. The two Maisons continued to focus on innovation, with
its Maisons’ sustainable farming practices at the ChangeNOW Ardbeg introducing gift sets showcasing its legendary history.
summit, the world’s largest event for sharing solutions for Belvedere vodka reaffirmed its value strategy with the launch
protecting the planet. of Belvedere 10, an exceptional vodka designed for the nightlife
market. The Maison also obtained organic farming certification
While maintaining a firm pricing policy as part of their
in 2023. Woodinville expanded its retail presence in the United
value strategy, the champagne houses continued to achieve
States, where it is now available in 35 states. Volcán de mi Tierra
high sales volumes, achieving a record market share of
continued to develop its ultra‑premium expression, partnering
Champagne‑appellation shipments. Moët & Chandon benefited
with Formula 1 in Las Vegas. Cuban rum‑maker Eminente
from the successful launch of its Grand Vintage 2015 in the first half
opened a “Casa Eminente” pop‑up location in Paris.
of the year, celebrating the Maison’s 280 years of expertise and

Fashion and Leather Goods
Outlook Mindful of their rich heritage and environmental responsibility,

they will continue to pursue their sustainability‑focused
In an environment that remains uncertain, especially in the
roadmap, aimed at protecting biodiversity and reducing their
United States and China, and with shifts in consumer behavior,
carbon footprint. In the second half of the year, Moët Hennessy
the business group is approaching 2024 with caution and
will welcome the world’s leading experts in soil microbiology
pragmatism. It will continue to draw on the strengths of its
and sustainable winegrowing to its second World Living Soils
dynamic teams and solid foundations, including its balanced
Forum, to be held in October in Arles (southern France), aimed
geographic coverage and diverse portfolio of prestigious brands.
at sparking dialogue and stepping up the pace of scientific
The Maisons will continue to enhance their desirability through
progress in these fields. Excellence, authenticity, innovation and
powerful product‑focused initiatives including Armand de
sustainability remain the guiding principles for the Maisons in
Brignac’s launch of the Blanc de Noirs cuvée and Hennessy’s release
the Wines and Spirits business group: core values that reflect their
of new bottles, as well as promotional initiatives including Veuve
mission – “Crafting Experiences” – as well as Moët Hennessy’s
Clicquot’s partnership with the legendary Venice Simplon-Orient
vision of being the leader in luxury wines and spirits.
Express and a new creative collaboration for Dom Pérignon.
3. FASHION AND LEATHER GOODS
2023 2022 2021 Maggiore against a backdrop of baroque art and gardens, while
the Maison’s Spring/Summer 2024 Collection was unveiled in
October within the walls of its future location at 103 Avenue
Revenue by geographic des Champs‑Élysées in Paris. The arrival of Pharrell Williams as
region of delivery (%) Creative Director of Menswear marked the start of an exciting
France 7 7 5 new chapter. His first fashion show, set on the stage of the Pont-
Europe (excl. France) 18 17 16 Neuf bridge in Paris, was met with huge enthusiasm, garnering
United States 17 21 21 over 1.1 billion views on social media, an all‑time record for the
Japan 10 9 9 fashion industry. Designed by the two creative directors, the
Asia (excl. Japan) 39 36 41 “Voyager” shows – for womenswear, held on the iconic Jamsugyo
Other markets 9 10 8 Bridge in Seoul, and for menswear, under the starlit skies of Hong
Kong’s Avenue of Stars – paid homage to Louis Vuitton’s spirit of
Total 100 100 100
travel. The Maison continued to innovate across all its product
Type of revenue (% of total revenue) categories and forge links with art and artists. Malletage quilting
Retail 95 95 94 – inspired by the interior of Louis Vuitton’s historic trunks –
Wholesale 5 5 6 adorned the GO-14 leather goods line, while the Tambour watch,
Licenses - - - worn by brand ambassador Bradley Cooper, was reinvented with
a movement designed by the Maison’s watch manufacturing
Total 100 100 100
facility. The fifth edition of Artycapucines revisited the iconic
bag through the eyes of five international artists, and renowned
architect Frank Gehry also lent his unique vision to an exclusive
(EUR millions) 16,836 15,709 12,842
Capucines capsule collection released at Art Basel Miami Beach.
The Maison held two highly successful exhibitions: LV Dream,
which paid tribute to creative partnerships throughout its
history, and Malle Courrier, which showcased the craftsmanship
Highlights
behind one of its most iconic models and was held at its founder’s
The Fashion and Leather Goods business group continued to historic family home in Asnières. In keeping with its “Our
achieve strong growth. Its Maisons’ ability to continuously Committed Journey” roadmap, Louis Vuitton teamed up with
reinvent themselves, its talented designers, its expert craftspeople, Australian conservation charity People For Wildlife to protect
the quality‑driven development of its stores and its teams’ biodiversity in a 400,000‑hectare natural area.
quest for excellence in elevating the customer experience all
Christian Dior continued to deliver remarkable growth in all
contributed to this momentum.
its product categories. Season after season, its shows reinvent the
Louis Vuitton had another excellent year, buoyed by its magic of the Dior name. Maria Grazia Chiuri continued to forge
exceptional creativity, its expert craftsmanship and its cultural ties with cultures and craftsmanship from around the world: the
dimension. The captivating fashion shows, singular aesthetics Fall/Winter Collection, shown in Mumbai, extolled the art of
and bold vision of Nicolas Ghesquière, whose contract was embroidery through a collaboration with the Chanakya Ateliers
renewed for a further five years, continued to elevate the in India, while the 2024 Cruise collection celebrated Mexican
desirability of the Maison’s womenswear collections. Infusing culture and one of its iconic figures, Frida Kahlo. Continuing
ultra‑contemporary romanticism with the spirit of sportswear, her dialogue with artists, the designer entrusted the decor for
Louis Vuitton’s Cruise show was held at Isola Bella on Italy’s Lake the Winter 2023 Haute Couture show to Marta Roberti and

Fashion and Leather Goods
the set design for her ready‑to‑wear show in Paris to Joana Marc Jacobs maintained the strong momentum seen in 2022.
Vasconcelos. The show was held again in Shenzhen, China, with Alongside buoyant growth at directly operated stores in the
the livestream garnering over 200 million views. At the École United States and the wholesale business in Europe, online sales
Militaire in Paris, Kim Jones celebrated five years as Creative continued to grow. The Maison made a strong impact on social
Director of Dior Homme with a boldly staged new show that media. Growth was driven by its flagship lines, in particular the
paid tribute to the Maison’s heritage. In another highlight, on leather version of its Tote Bag.
the shores of Lake Como, Victoire de Castellane unveiled her
Givenchy’s growth was driven by its directly operated stores,
new high jewelry collection, Les Jardins de la Couture, inspired
while its retail presence became more and more selective. 2023
by the encounter between two worlds close to Christian Dior’s
saw the launch of the Voyou bag and continued growth in sales of
heart: couture and flowers. The year’s innovations included the
the iconic Shark Lock boots. One of the highlights of the year was
new Plan de Paris print, which was featured across a number of
the joint presentation with Tiffany & Co. of the Maison’s Haute
product categories and adorned the façade of the iconic Harrods
Couture and high jewelry collections.
department store in London during the summer. The end of the
year saw store windows lit up with Dior’s spectacular seasonal Kenzo developed and promoted its new positioning.
displays, including a large‑scale display at Saks Fifth Avenue Highlighting links between East and West, Nigo’s Spring/
in New York, whose facade was bedecked with a captivating Summer 2024 show was held in Paris between the Eiffel Tower
“Carousel of Dreams” – a testament to the Maison’s long‑standing and the Palais de Tokyo before stopping over in Shanghai.
ties with New York.
Sustained growth at Berluti was fueled both by the Maison’s
Celine had another record year, delivering strong growth in its timeless collections and by new products launched during the
established markets and taking direct control over distribution in year. The Lorenzo Drive reinterpreted the classic driving shoe;
South Korea. Driven by Hedi Slimane’s bold creative vision, the the Toile Marbeuf design, a tribute to the Maison’s rich heritage,
Maison continued to elevate its desirability. Growth was fueled adorned a new line of travel bags; and the Passe-Temps collection
by the success of leather goods, especially the iconic Triomphe of exceptional items was launched in the run‑up to the holiday
line, as well as the steady rise in ready‑to‑wear and the increasing season. The Maison also continued to expand its store network
popularity of its range of accessories. Celine continued to expand in China, South Korea and Japan.
and renovate its network of stores in strategic locations like
As travel resumed, business at Rimowa picked up, buoyed
Tokyo Omotesando and the Miami Design District.
by growing brand awareness and its iconic positioning, with
Fendi opened “Palazzos” in Seoul and Tokyo, featuring the communications focused on the sustainability of its products
brand’s full range of products. At its Haute Couture show in July, and the unconditional lifetime warranty offered on all Rimowa
the Maison debuted the first high jewelry collection designed suitcases. A traveling exhibition celebrated the 125th anniversary
by Delfina Delettrez-Fendi. In leather goods, the Maison of its founding. Highlights of the year included the launch of a
unveiled new models including the C’mon and Origami bags. The new material for the Maison – leather – enveloping the Distinct
Hand in Hand exhibitions, underscoring Fendi’s commitment carry‑on suitcase.
to craftsmanship, were met with great interest. The Maison
At Pucci, Camille Miceli’s first show was held under the arches
showcased its commitment to Italian art through a collaboration
of the Ponte Vecchio in Florence, where the Italian fashion house
with Galleria Borghese and an exhibition of works by artist
was originally founded.
Arnaldo Pomodoro.
Loro Piana confirmed its excellent momentum and gained
Outlook
market share. Capitalizing on its exceptional raw materials and
singular craftsmanship, the Maison was buoyed by growth in As the Fashion and Leather Goods Maisons approach the future,
leather goods and continued to innovate through new capsule their ambition remains unchanged: to further elevate their
collections including Loro, its first line made from 100% recycled desirability and press ahead with their strategy of responsible
cashmere. A new digital certification service was launched with growth. The outlook for Louis Vuitton over the next few years
the Aura Blockchain Consortium for its The Gift of Kings® merino is very strong thanks to the Maison’s ongoing exceptional creative
wool. The Maison began to upgrade its store concept, renovating momentum and its constant reinvention through the lens of
and expanding its network, the highlight of which was the travel. Nicolas Ghesquière will continue to design the iconic
reopening of its flagship store in Dubai and a new flagship in collections and models that underpin the Maison’s success.
Thailand. Pharrell Williams, an artist whose work spans multiple creative
universes, has ushered in a new and extremely promising chapter
Very strong growth at Loewe was driven by a combination of
for menswear. With its unceasing desire to surprise and blaze
key factors: JW Anderson’s bold creativity, the Maison’s authentic
new trails, the Maison is pursuing a number of innovation and
craftsmanship, and its shift further upmarket, as exemplified by
development projects. These include plans to eventually open
the launch of the Squeeze bag. The Maison boosted awareness of
its new showcase premises at 103 Avenue des Champs‑Élysées,
its brand, outfitting stars like Beyoncé and Rihanna at events
heralded by the giant Monogram trunk that will cover the building
with a global audience, and benefited from the success of its
while construction work is underway. Christian Dior will
collaborations with Studio Ghibli and ceramic artist Suna Fujita.
continue to highlight its timeless modernity while referencing
It continued to expand its store network, opening new Casa
its unique heritage. Its ongoing growth will be underpinned by
Loewe stores in Tokyo Omotesando and Dubai, in particular.
compelling initiatives including new store openings, pop‑up

Perfumes and Cosmetics
locations and high‑impact events. For example, until May 2024, leather goods. Loro Piana will celebrate its 100th anniversary
Dior’s gallery at its 30 Montaigne location in Paris will host – an opportunity to look back on its history and showcase its
a richly poetic exhibition dedicated to collaborations with exceptional materials and expertise. Loewe will highlight its
women artists including Niki de Saint Phalle, Sarah Moon and Spanish roots and its creativity at its first exhibition outside
Judy Chicago. Celine will focus on elevating its brand while Spain, to be held at the Shanghai Exhibition Center. Marc Jacobs
maintaining its unique spirit of casual sophistication, and on will prioritize expanding its network of directly operated stores
expanding its stores. Fendi has several major store openings in the United States and ramping up its online sales. Berluti will
planned for 2024, including flagship stores in the Miami be outfitting Team France for the opening ceremony of the Paris
Design District and Cannes, and will expand its Selleria line of 2024 Olympic and Paralympic Games.
4. PERFUMES AND COSMETICS
2023 2022 2021 its Dior Le Baume multi‑purpose cream. Parfums Christian Dior
stepped up the expansion of its spa activity with several new spas,
another edition of the “Dior Spa Cheval Blanc Cruise” experience
Revenue by geographic on the Seine in Paris, and new pop‑up locations, including the
region of delivery (%) Splendido in Portofino and Timeo in Taormina. Backed by its
France 9 9 9 omnichannel marketing strategy, which covers all traditional and
Europe (excl. France) 21 20 19 digital channels and makes it one of the world’s most desirable
United States 19 19 16 beauty brands, Dior saw rapid growth in its online sales. The
Japan 5 5 4 expansion of its network of directly operated stores enabled the
Asia (excl. Japan) 33 35 42 Maison to showcase its full range and offer exclusive products,
Other markets 13 12 10 such as the exceptional pieces designed by artist Jean-Michel
Othoniel for J’adore l’Or and by the Baccarat crystal works for
Total 100 100 100
Sauvage Elixir. The Maison joined forces with WWF – the world’s
leading nature conservation organization – to help preserve and
restore 15,000 hectares of wildlife habitats and green corridors
(EUR millions) 713 660 684
in France and North America.
Guerlain continued its growth, buoyed in particular by solid
momentum in fragrances and makeup. The sustainability‑focused
Highlights Aqua Allegoria collection was expanded with the Aqua Allegoria
Forte range of intense scents. L’Art et la Matière also added a
In a fiercely competitive market environment, growth in the
new fragrance, Jasmin Bonheur, available in a limited art edition
Perfumes and Cosmetics business group was driven by a dynamic
designed in collaboration with Maison Matisse. This collection,
innovation strategy – backed by the scientific excellence of
which embodies the Maison’s excellence in high‑end perfumery,
LVMH’s research center – and an ongoing policy of highly
has seen revenue double in just two years. Growth in makeup
selective retailing.
was driven in particular by the launch of Terracotta Le Teint, a
Parfums Christian Dior turned in a remarkable performance, foundation with an innovative texture, which was very successful
reinforcing its leading positions in Europe, Japan and the Middle in Europe. Skincare was buoyed in the second half of the year by
East, confirming its strong momentum in Southeast Asia, and the launch of the Abeille Royale day and night creams. Guerlain
continuing its advances in key countries like the United States and reaffirmed its commitment to important causes, developing
South Korea. Fragrances were buoyed by the Maison’s sustained its “Women for Bees” program in Mexico and Rwanda, in
innovation policy and the ongoing success of its iconic product partnership with UNESCO and a number of local NGOs. It
lines. Sauvage confirmed its position as the world’s best‑selling also launched major sustainable design initiatives focused on
fragrance across all categories. J’adore and Miss Dior were enriched its products.
with new versions developed through the Maison’s top‑tier
Parfums Givenchy achieved robust growth in fragrances. The
innovation program: J’adore Parfum d’Eau, the first long‑lasting
brand’s star fragrance, L’Interdit, confirmed its excellent potential
alcohol‑free fragrance; J’adore l’Or, launched at the end of the
and helped it gained market share. The Maison also benefited
year; and Miss Dior Blooming Bouquet, which achieved excellent
from the successful relaunch of Gentleman, another iconic
results, especially in Asia. The success of La Collection Privée
fragrance line, with its new Gentleman Society edition, and from
Christian Dior – a key collection in elevating the Maison’s product
strong sales of Irresistible, driven by its Rose Velvet version. Benefit
range – was amplified by the summer launch of a new scent,
confirmed its leadership position in brow beauty and mascara
Dioriviera, alongside the strong performance of star fragrance Gris
with its new Fluff Up and Fan Fest, and continued to successfully
Dior. Growth in makeup was fueled in particular by the new Dior
roll out its brow lamination service. The Maison innovated
Addict Lip Maximizer and Forever Skin Correct. Skincare performed
with The Porefessional Pore Care, a new collection of six skincare
well in the premium segment in Asia with the Prestige range,
products developed to minimize the look of pores. Fresh launched
and was boosted by the launch of a new travel‑friendly size for

Watches and Jewelry
Black Tea Age Renewal Cream and expanded its premium Crème Outlook
Ancienne line with a new white truffle serum. In another initiative,
While remaining vigilant, as called for by the current
Make Up For Ever expanded its star range, HD Skin, launching a
environment, LVMH’s Maisons will continue to invest selectively
powder foundation version developed in collaboration with the
in their strengths: product excellence and desirability, accelerated
Maison’s community of professional makeup artists. At Kenzo
innovation and a selective approach to retail networks. Parfums
Parfums, growth was driven by innovative new additions to
Christian Dior continues to be driven by its values of creativity
Flower by Kenzo, the Maison’s star fragrance range, including
and excellence, as well as its desire to inspire dreams, transforming
the new Ikebana scent, inspired by the Japanese art of flower
each brand interaction into an unforgettable experience. The
arrangement, and by the reinvented Kenzo Homme. Maison
Maison will continue to infuse its icons with bold, passionate,
Francis Kurkdjian continued its ultra‑selective expansion
elegant innovations: in fragrances, with Miss Dior, J’adore and
into new, high‑potential markets. The successful launch of
Sauvage; in makeup, with Rouge Dior, Addict and Forever; and in
the Aqua Media eau de parfum enriched a fragrance wardrobe
premium skincare, with its flagship Prestige line. With regard to
already buoyed by the popularity of Baccarat Rouge 540, Gentle
its retail channels, the Maison will remain highly selective and
Fluidity, Grand Soir and Oud Satin Mood. The Maison inaugurated
continue to elevate the customer experience in terms of both
the “Perfumer’s Garden” at the Palace of Versailles as part of
products and services. Starting in early 2024, Guerlain will
a long‑term corporate giving program. Acqua di Parma was
benefit from innovations in its Abeille Royale and Orchidée Impériale
boosted by the major success of its Zafferano fragrance, featuring
skincare lines. Parfums Givenchy will aim to boost growth
a freshly original blend of warm saffron and bright citrus notes.
in fragrances. A number of innovations will drive growth at
The Maison celebrated exceptional Italian craftsmanship with its
Kenzo Parfums. Acqua di Parma will reaffirm its positioning
Arancia La Spugnatura limited edition. Loewe Perfumes achieved
as a vibrant, sophisticated brand offering a range of exceptional
record‑high revenue and launched a strategy aimed at elevating
fragrances, objects and services. Maison Francis Kurkdjian will
its brand, expanding internationally and gaining greater control
continue to build on its ability to craft unprecedented olfactory
over its distribution channels. Fenty Beauty posted solid
experiences. Fresh will celebrate the 20th anniversary of its
growth, driven by successful product launches, in particular
Crème Ancienne premium skincare line. Benefit will continue
its Hella Thicc volumizing mascara. The Maison continued to
to innovate, particularly in its signature brow range, with new,
expand its distribution channels. For Officine Universelle Buly,
ultra‑high‑precision tools. Make Up For Ever will reaffirm its
2023 was a year of olfactory inventiveness, with the launch of a
expertise in foundation. Loewe Perfumes will expand its market
collection of water‑based fragrances inspired by the botanical
presence in the United States.
scents and flavors of a vegetable garden. The Maison opened a
new boutique in Dubai and a Buly café in Kobe (Japan).
5. WATCHES AND JEWELRY
2023 2022 2021 Highlights

Revenue (EUR millions) 10,902 10,581 8,964 The Watches and Jewelry business group maintained its strong
growth momentum, driven by its bold innovation strategy and
Revenue by geographic
master craftsmanship. LVMH’s Maisons continued to focus on
region of delivery (%)
the selective expansion of their retail networks, promotional
France 3 3 2
events and partnerships with artists and athletes in connection
Europe (excl. France) 15 15 15
with their collections. They also actively developed their range
of corporate social responsibility initiatives.
Japan 11 11 11
Asia (excl. Japan) 34 32 36 Tiffany & Co. embarked on a new chapter in its 187‑year history
Other markets 14 13 11 with the reopening of its legendary New York flagship, which
was fully renovated and is now known as “The Landmark”. The
Total 100 100 100
remarkable location offers a unique, immersive brand experience
and received an enthusiastic welcome. Spanning 10 floors, The
Landmark not only heralds a new era for Tiffany – it also raises the
(EUR millions) 2,162 2,017 1,679
bar for the entire luxury industry. It has inspired a new aesthetic
concept that the Maison has begun to roll out worldwide,
starting with iconic locations including the Dubai Mall, Tokyo
Omotesando and Palo Alto, California. The launch of Out of the
Blue – the first Blue Book high jewelry collection designed by
Nathalie Verdeille, Tiffany’s new Creative Director for Jewelry –

Watches and Jewelry
reaffirmed the Maison’s preeminent position in the world’s most Highlights of the year for Hublot included a collaboration with
coveted diamonds and gemstones. The advertising campaign artist Takashi Murakami on a collection of 13 unique NFTs,
for this exceptional collection featured a series of pieces that each one entitling the holder to one of 13 Classic Fusion Takashi
paid tribute to the works of Jean Schlumberger, the Maison’s Murakami watches, and the launch of the MP-15 Takashi Murakami
first jewelry designer, modeled by actress Anya Taylor-Joy. The high‑tech masterpiece. The Maison enriched its collections with
Maison continued the global release of its new Lock collection, innovative high‑tech and high‑end timepieces such as the Big
inspired by this modern symbol of love and its unbreakable Bang Tourbillon Automatic Yellow Neon Saxem in bright, fluorescent
bonds, introducing new styles accompanied by a revamped yellow – a world first – the MP-13 Tourbillon Bi-Axis Retrograde and
marketing campaign. With daring and ingenuity, Tiffany entered the Big Bang Tourbillon SR-A by Samuel Ross. Hublot served as the
into new creative collaborations with brands, individuals and official timekeeper for the FIFA Women’s World Cup. At the end
institutions that share its values of expert craftsmanship, creativity, of the year, construction began on its new watch manufacturing
integrity and excellence. The limited‑edition Rimowa x Tiffany facility.
travel cases, with their diamond‑inspired design, and the jewelry
Zenith enriched its Defy collection with the Defy Skyline Skeleton
and sculpture collaboration with contemporary artist Daniel
and a new version of its Defy Extreme, developed in partnership
Arsham are just a few examples of this constant desire to collaborate
with the Extreme E electric vehicle racing championship. The
to create beautiful designs and never stop surprising customers.
year’s other highlights included the launch of the new Pilot line
Bulgari had an excellent year, with especially strong growth and a new marketing campaign for its best‑selling Chronomaster
in high jewelry and high‑end watches. The new Mediterranea Sport. As part of its “Horizon” CSR program, the Maison released
jewelry and watch collection, presented in Venice, was inspired a new timepiece to support the fight against breast cancer and
by an imaginary journey exploring the vast range of beauty, announced the launch of a women’s mentoring project.
cultures and traditions of the Mediterranean, and achieved
Chaumet continued to post significant growth. Reflecting the
record‑breaking revenue. High‑profile events celebrating the
Maison’s love for nature, with iconic botanical motifs like wheat
75th anniversary of its iconic Serpenti line were held in a number
ears and contemporary designs based on the texture of bark,
of cities around the world, further elevating the Maison’s image.
the new Les Jardins de Chaumet high jewelry collection generated
Bulgari introduced Cabochon, a new, highly contemporary
record sales. The Bee My Love collection, interpreted across a
and organic jewelry collection, directly inspired by ancient
diverse range of jewelry, saw more rapid growth, particularly
Roman jewelry, which had a great debut during the end‑of‑year
among younger customers. Chaumet’s A Golden Age exhibition of
holiday season. In watches, Bulgari expanded the Octo Finissimo
designs from the 60s and 70s, held at its 12 Vendôme location, was
collection and relaunched Octo Roma to target a younger, more
a huge success. The Maison also launched several new cultural
urban demographic. To enhance its desirability among young
and social outreach initiatives, including the Chaumet Echo
Millennials, the Maison joined forces with the legendary racing
Culture Awards, celebrating women who promote culture, and a
simulation video game series Gran Turismo to create new
partnership with France’s Mobilier National (state furniture and
editions of its Bulgari Aluminium watch. Serpenti continued to
furnishings agency) aimed at introducing children to the world
achieve strong growth, joining the ranks of the most iconic
of fine craftsmanship through encounters with the Maison’s
women’s watches, from more everyday models, like the Serpenti
artisans.
Tubogas and Seduttori, to the most exclusive, with Serpenti Misteriosi
Cleopatra, which won the prestigious Geneva Watchmaking Fred achieved another year of strong growth. Highlights of
Grand Prix in the highly sought‑after “Jewelry Watch” category. 2023 included the Maison’s first collaboration with the French
A new marketing campaign featuring Anne Hathaway, Zendaya, Open tennis tournament and the opening of the Fred: Jewelry
Lisa, YiFei and Priyanka Chopra was launched during the year. A Designer exhibition in Seoul. In June, the Maison lent its support
flagship store was opened in Hong Kong at One Peking Road and to the World Games held in Berlin and organized by the Special
several other stores were opened and renovated, including Ginza Olympics, an organization dedicated to the empowerment of
6 and Omotesando in Tokyo, and Costa Mesa in California. The people with intellectual disabilities through sports.
Maison scaled up its presence in the luxury hotel sector with new
Repossi was buoyed by marketing campaigns for its iconic
hotels in Tokyo and Rome.
Antifer, Serti sur Vide and Berbère collections. The new La Ligne
TAG Heuer celebrated the 60th anniversary of its Carrera collection joined the Maison’s range of high jewelry designs.
collection with the launch of the Carrera Glassbox and a media
campaign built around the film The Chase for Carrera starring
Outlook
Ryan Gosling. Two new models were added to the Carrera Plasma
line – a fusion of watchmaking and synthetic diamonds – while In 2024, the Watches and Jewelry business group will aim to
the addition of 42mm models rounded out the collection of maintain its growth and continue gaining market share. Given
smartwatches. The Chronosprint, available in gold and steel the current tensions and uncertainties, the Watches and Jewelry
versions, was launched as part of the partnership with Porsche. Maisons will continue to manage costs and remain selective in
The Maison relocated its Fifth Avenue store in New York and their investments. The business group will continue to prioritize
launched a new partnership with cutting‑edge racing yacht innovating and enhancing the desirability of its collections,
Flying Nikka. opening and renovating directly operated stores, and expanding
production capacity to accommodate the growth of its brands.

Selective Retailing
Sustainability and responsibility will remain core components TAG Heuer will expand its range designed in partnership with
of their strategies. Tiffany & Co. will ramp up its store network Porsche while continuing to promote its Carrera and Aquaracer
renovation program, continuing the worldwide rollout of its new collections. The Maison will pursue its strategy of opening
store concept inspired by The Landmark. Backed by upcoming directly operated stores while gradually taking direct control
marketing campaigns and inspiring new customer experiences, over its distribution in South Korea. As the official timekeeper
the Maison will maintain its strategy aimed at elevating its core of UEFA Euro 2024, Hublot will launch a marketing campaign
collections to the status of icons and showcasing the unique with its brand ambassador Kylian Mbappé. New models will be
creativity of its high jewelry designs. Bulgari will celebrate its unveiled over the course of the year, particularly in the Big Bang
140th anniversary. A new high‑end jewelry and watch collection collection. As well as adding innovative new designs to its
will be unveiled. The Maison will continue to promote its iconic Chronomaster and Defy lines, Zenith will expand upon its Icons
Serpenti line, while relaunching B.zero1 and expanding its new collection of restored vintage pieces with the launch of a new
Cabochon collection. 2024 will also see the renewal of Bulgari’s theme inspired by its Pilot watches. Chaumet will continue
partnership with Save The Children, which has helped over to showcase its history and its rich creative heritage while
2.5 million children in need since 2009 thanks to more than promoting its iconic collections.
100 million euros in donations from the Maison over the period.
6. SELECTIVE RETAILING
2023 2022 2021 for both companies. Sephora also continued to develop its new
experience‑focused store concept in Asia, with a major renovation
of its Shanghai and Wuhan flagships in China. Another major
Revenue by geographic event was the reopening of the Champs‑Élysées flagship store
region of delivery (%) in Paris, which was fully renovated for the first time in its
France 11 12 12 history, reflecting the Maison’s special focus on sustainability
Europe (excl. France) 9 9 9 and energy consumption. Sephora continued to invest in new
United States 46 44 39 markets. In the United Kingdom, two stores were opened – in
Japan 1 1 - the Westfield White City and Westfield Stratford City malls –
Asia (excl. Japan) 15 16 24 with results that very substantially exceeded expectations. In
Other markets 18 18 16 India, an exclusive partnership was entered into with Reliance
to operate a number of stores, with the aim of transforming
Total 100 100 100
the country’s promising prestige beauty industry. Throughout
the year, Sephora pushed innovation to record levels to delight
its ever‑growing beauty community of over 160 million loyal
(EUR millions) 1,391 788 534
customers. The “Sephoria” event launched in the United States
became a global phenomenon, with successful events held in
New York, Paris and Shanghai. The Maison also continued to
innovate in digital and technology to optimize the customized
Highlights
beauty advice it can offer its customers, such as in identifying
The Selective Retailing business group’s strong growth was the perfect skin tone for their foundation. Sephora pursued
mainly driven by exceptional momentum at Sephora and the its commitment to advance diversity, equity and inclusion,
gradual return of travelers to a number of key destinations for including a program in the United States aimed at supporting
DFS. beauty entrepreneurs and founders of color by featuring their
brands more prominently among the Maison’s range of products.
Sephora achieved another historic year, both in terms of sales
For the first time, Sephora also partnered with Selena Gomez’s
and profit, continuing to gain market share. It saw exceptional
Rare Beauty to help people facing mental health challenges, with
performances in most of its markets, with double‑digit growth
100% of Rare Beauty sales made at Sephora on World Mental
in North America, Europe, the Middle East, Southeast Asia and
Health Day donated to the Rare Impact Fund. Sephora was also
new fast‑rising markets such as Latin America. Growth was
the sponsor of Woman, an immersive exhibition drawn from the
driven primarily by makeup, followed by haircare, skincare and
movie by Anastasia Mikova and Yann Arthus-Bertrand, sharing
fragrances. In terms of channels, e‑commerce growth remained
the voice of thousands of women from across the world.
very solid, but the strongest growth came from the store network,
driven by higher traffic, new openings, renovations and an DFS focused its efforts on the gradual return of travelers from
elevated customer experience. The Maison continued to invest in mainland China after borders were reopened following the Covid
its omnichannel strategy and further expanded its store network, pandemic. Business rapidly recovered in nearby destinations
with more than a hundred store openings in 2023. In the United Hong Kong and Macao, and did so more gradually in other
States, Sephora’s partnership with Kohl’s continued to be highly Asian locations. Preparing for the full recovery expected in its
successful, well ahead of expectations and with major benefits key markets, the Maison rounded out its teams and its marketing

Selective Retailing
initiatives. The year’s highlights included the celebration of In December, LVMH announced it had entered into a strategic
the reopening of the iconic Waikiki Galleria in Hawaii, where agreement for the sale of its majority stake in Cruise Line
DFS has been operating for the past 60 years; the launch of Holdings Co. (the holding company for the Starboard & Onboard
the “Explore New Dimensions” beauty initiative, featuring Cruise Services business). LVMH remains a substantial minority
new interactive consultation experiences driven by artificial shareholder in this new company.
intelligence; the inauguration of the Maison’s concession at
Chongqing Jiangbei Airport, its first location in mainland
Outlook
China; and the announcement of plans for its most ambitious
project yet, to be completed by 2026, at Yalong Bay (Sanya) on The Selective Retailing Maisons are entering 2024 with the ambition
the island of Hainan in China, where DFS will feature more of reaffirming their distinctive identities and continuing to offer
than 1,000 luxury brands at stores spanning a total floor area of the world’s best shopping experiences, innovating and building
more than 128,000 square meters. DFS also unveiled the latest loyalty across all channels. Sephora will continue to build on its
editions of its annual Masters of Wines and Spirits and Masters of Time unique strengths: its vibrant community of passionate employees
exhibitions, held at Macao’s City of Dreams and Four Seasons, and loyal customers, its exceptional expertise in curating brands
respectively. In Paris, La Samaritaine celebrated the second and products, and its omnichannel and in‑store retail excellence.
anniversary of its reopening and confirmed its appeal amid the The Maison will pursue the global deployment of some of
increase in customer traffic driven by travelers from Asia. As its most exciting brands and products while accelerating its
part of its digital strategy, DFS launched a new customer loyalty commitment to clean and responsible beauty, with a new clean
program called DFS Circle. beauty program that will be progressively rolled out around
the world. New stores will be opened in North America, China,
Le Bon Marché, in addition to its highly loyal Parisian clientele,
Europe and Latin America, and a major store renovation program
saw an influx of customers from elsewhere in France and
in the United States will help better reflect American customers’
international visitors. The department store’s revenue reached
new expectations. Sephora will continue to invest in technology
a record high. The year saw the opening of a new jewelry
and digital, with the ambition of offering the best app in the
department, strong growth in the beauty department and the
prestige beauty industry to its customers around the world. 2024
expansion of its range of responsible and sustainable products
will also be an exceptional year for Sephora, a partner of the
across all categories. L’Institut, its exclusive beauty and wellness
Torch Relay as part of LVMH’s partnership with the Paris 2024
center opened in 2022, turned in a very strong performance.
Olympic and Paralympic Games. The Maison will also continue
Business was spurred by a rich array of events. The highlight of
to step up its commitment to diversity, equity and inclusion, with
the beginning of the year was the Sangam exhibition by Indian
initiatives dedicated to both its employees and its communities.
artist Subodh Gupta. The Au Bonheur des Dames immersive theatre
While remaining vigilant and maintaining tight control over its
performance, which played to a full house for months in a row,
allocation of resources, DFS aims to continue expanding in its
was extended until the end of April. To celebrate the tenth
key locations of Hong Kong and Macao. The opening of a new
anniversary of its founding, French fashion brand Sézane – the
store on Senado Square in central Macao and the renovation
department store’s guest of honor – offered an exclusive pop‑up
of its stores in Hong Kong will contribute to achieving this
collection as part of the Les Bons Marchés de l’Eté exhibition.
objective. While continuing to invest in further elevating its
Starting in September, Le Bon Marché welcomed Rossy de Palma
range of products and services, the Maison will keep expanding
and her colorful world for the Olé Olé Le Bon Marché exhibition.
its retail network, in particular at new spaces within Los Angeles
After nightfall, the store was the stage for an exclusive new show
International Airport. Le Bon Marché will continue to enhance
entitled Entre Chiens et Louves, co‑produced with circus troupe
the quality of its exclusive selection and its customer experience,
Cirque Le Roux, featuring a masterfully poetic blend of art,
while capitalizing on its profile as a trend‑setting department
theatre, dance and circus performance. In a resounding tribute to
store and its unique cultural dimension. The highlight of early
French cuisine, culinary expertise and authentic, local products,
2024 will be the Aux Beaux Carrés: Travaux in situ exhibition of
La Grande Épicerie de Paris celebrated its 100th anniversary with
works by French artist Daniel Buren.
a flurry of creative collaborations and an eye‑catching program
of events.

Comments on the consolidated balance sheet
7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET
(EUR millions) 2023 2022 Change (EUR millions) 2023 2022 Change
Intangible assets 49,611 50,213 (602) Equity 62,701 56,604 6,097

Property, plant and equipment 27,331 23,055 4,275 Long-term borrowings 11,227 10,380 848
Right-of-use assets 15,679 14,615 1,064 Non-current lease liabilities 13,810 12,776 1,034
Other non-current assets 7,363 7,022 341 Other non‑current liabilities 22,811 23,343 (532)
Non-current assets 99,984 94,906 5,078 Non-current liabilities 110,549 103,103 7,447
Inventories 22,952 20,319 2,633 Short-term borrowings 10,680 9,359 1,321
Cash and cash equivalents 7,774 7,300 474 Current lease liabilities 2,728 2,632 97
Other current assets 12,983 12,121 863 Other current liabilities 19,737 19,552 184
Current assets 43,710 39,740 3,970 Current liabilities 33,145 31,543 1,602
Assets 143,694 134,646 9,048 Liabilities and equity 143,694 134,646 9,049
LVMH’s consolidated balance sheet totaled 143.7 billion euros as Other non‑current assets increased by 0.3 billion euros, amounting
of end-December 2023, up 9.0 billion euros from December 31, to 7.4 billion euros, due to the 0.2 billion euro increase in the
2022. market value of non‑current available for sale financial assets and
the 0.3 billion euro increase in deferred tax assets.
Intangible assets totaled 49.6 billion euros, down 0.6 billion euros
from year‑end 2022. The negative 1.2 billion euro impact of the Inventories were up 2.6 billion euros, mainly due to increased
revaluation of purchase commitments for minority interests and business activity during the fiscal year, partially offset by the
the negative 0.5 billion euro impact of exchange rate fluctuations negative 0.6 billion euro impact of exchange rate fluctuations. See
on the intangible assets of entities outside the eurozone were also the “Comments on the consolidated cash flow statement”
partly offset by the positive 0.8 billion euro impact of changes section.
in the scope of consolidation and by the 0.3 billion euro impact
Other current assets increased by 0.9 billion euros, mainly due
of investments, net of amortization charges and disposals. The
to the following changes: 0.5 billion euros resulting from the
impact of exchange rate fluctuations mainly arose from changes
increase in trade accounts receivable, and 0.4 billion euros from
in the US-dollar‑to‑euro exchange rate over the period. The
the increase in tax receivables.
impact of changes in the scope of consolidation mainly resulted
from the acquisition of a controlling interest in Château Minuty Lease liabilities recognized in accordance with IFRS 16 were up
and in Platinum Invest during the fiscal year. 1.1 billion euros relative to December 31, 2022, with a 1.6 billion
euro increase arising from net new leases offset by a 0.4 billion
Property, plant and equipment were up 4.3 billion euros and
euro decrease arising from exchange rate fluctuations, in
totaled 27.3 billion euros as of the fiscal year‑end. This increase
particular.
resulted from 4.4 billion euros in investments, net of depreciation
charges and disposals (the comments on the cash flow statement Other non‑current liabilities totaled 22.8 billion euros, down
provide further information on investments), as well as an 0.5 billion euros from 23.3 billion euros as of year‑end 2022. This
additional 0.2 billion euro increase due to changes in the scope change included the 0.6 billion euro impact of the decrease in
of consolidation during the fiscal year. These effects were partly the liability in respect of purchase commitments for minority
offset by the 0.4 billion euro impact of negative exchange rate interests’ shares, which amounted to 11.9 billion euros, following
fluctuations in the period. changes in the metrics used to measure these commitments.
It also included the 0.1 billion euro increase in deferred tax
Right‑of‑use assets totaled 15.7 billion euros, up 1.1 billion euros
liabilities.
from December 31, 2022. The 0.4 billion euro adverse effect of
exchange rate fluctuations between January 1 and December 31, Lastly, other current liabilities increased by 0.2 billion euros to
2023 was offset by the effect of new leases entered into and of 19.7 billion euros. This increase mainly resulted from the increase
updating lease liabilities during the terms of leases, which was in operating payables, related to the Group’s increased business
1.6 billion euros higher than depreciation for the fiscal year. Store activity.
leases represented the majority of right‑of‑use assets, for a total
of 12.2 billion euros.

Comments on the consolidated cash flow statemen
Net financial debt and equity Gross borrowings after derivatives totaled 22.0 billion euros
as of end-December 2023, up 2.0 billion euros compared with
(EUR millions or as %) 2023 2022 Change year‑end 2022. This increase arose from two opposing effects.
The first was the repayment of 1.6 billion euros in two bonds
Long-term borrowings 11,227 10,380 847
maturing in the first half of 2023 (0.7 billion euro bond issued in
Short‑term borrowings and derivatives 10,783 9,673 1,110
2019 and 0.7 billion pound sterling bond issued in 2020), offset
Gross borrowings after derivatives 22,010 20,053 1,957 by the issue of several bonds during the fiscal year (1 billion
euro bond issued in April, maturing in 2025; 1 billion euro
Cash, cash equivalents and current
bond issued in September, maturing in 2025; 1.5 billion euro
available for sale financial assets (11,264) (10,852) (412)
bond issued in September, maturing in 2033). The second was
Net financial debt 10,746 9,201 1,545 euro- and US dollar‑denominated commercial paper (ECP and
USCP) outstanding, which remained stable over the period. Cash,
Equity 62,701 56,604 6,097
cash equivalents, and current available for sale financial assets
Net financial debt/Equity ratio 17.1% 16.3% 0.8 pts
totaled 11.3 billion euros as of December 31, 2023, remaining
relatively stable with respect to their 10.8 billion euro level as of
Total equity amounted to 62.7 billion euros as of end-
year‑end 2022. Net financial debt thus increased by 1.5 billion
December 2023, up 6.1 billion euros from year‑end 2022. Net
euros during the fiscal year.
profit for the fiscal year, after the distribution of dividends,
contributed 9.2 billion euros to this increase. Conversely, (i) the As of December 31, 2023, in addition to the amount of 11.3 billion
1.1 billion euro impact of exchange rate fluctuations, particularly euros in cash, cash equivalents and current available for sale
with regard to the US dollar; (ii) the 1.4 billion euro impact of financial assets, the Group had access to undrawn confirmed
net purchases of LVMH shares, mainly due to the share buyback credit lines totaling 11.1 billion euros. The latter amount exceeded
program set up during the fiscal year; and (iii) the 0.7 billion euro the outstanding portion of its euro- and US dollar‑denominated
impact of the revaluation of purchase commitments for minority commercial paper (ECP and USCP) programs, which came to
interests’ shares had a negative impact on equity. 7.3 billion euros as of end-December 2023.
As of end-December 2023, net financial debt came to 10.7 billion
euros and was equal to 17.1% of total equity, compared to 16.3%
as of year‑end 2022, up 0.8 points.
8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT
(EUR millions) 2023 2022 Change
Cash from operations before changes in working capital 29,520 26,770 2,749
Cost of net financial debt: interest paid (457) (74) (382)
Lease liabilities: interest paid (356) (240) (117)
Tax paid (5,730) (5,604) (125)
Change in working capital (4,577) (3,019) (1,558)
Net cash from operating activities 18,400 17,833 567
Operating investments (7,478) (4,969) (2,509)
Repayment of lease liabilities (2,818) (2,751) (68)
Operating free cash flow (1) 8,104 10,113 (2,009)
Financial investments and purchase and sale of consolidated investments (832) (950) 118
Equity‑related transactions (8,745) (8,729) (16)
Change in cash before financing activities (1,474) 433 (1,907)
(1) “Operating free cash flow” is defined in the consolidated cash flow statement. In addition to net cash from operating activities, it includes operating investments and repayment of lease
liabilities, both of which the Group considers as components of its operating activities.

Comments on the consolidated cash flow statemen
Cash from operations before changes in working capital totaled London in particular, as well as investments by the champagne
29,520 million euros for the fiscal year, up 2,749 million euros houses, Hennessy and Louis Vuitton in their production
from 26,770 million euros a year earlier, mainly due to the equipment.
increase in operating profit.
Repayment of lease liabilities totaled 2,818 million euros in 2023,
After tax and interest paid on net financial debt and lease up 68 million euros with respect to 2,751 million euros in 2022.
liabilities, and after the change in working capital, net cash from
In fiscal year 2023, “Operating free cash flow” (1) amounted to
operating activities amounted to 18,400 million euros, compared
a net inflow of 8,104 million euros, down relative to fiscal year
with 17,833 million euros in fiscal year 2022.
2022, mainly due to substantial operating investments and the
Interest paid on net financial debt amounted to a net cash change in working capital.
outflow of 457 million euros, compared to 74 million euros a
In 2023, financial investments accounted for an outflow of
year earlier, due to the significant increase in interest rates over
832 million euros, including an outflow of 721 million euros
the past year.
for purchases of consolidated investments, mainly in Château
Tax paid on operating activities came to 5,730 million euros, Minuty and Platinum Invest.
125 million euros more than the 5,604 million euros paid in 2022,
Equity‑related transactions generated an outflow of 8,745 million
in connection with the increase in business activity and profit.
euros. A portion of this amount, 6,251 million euros, arose from
The change in working capital as of end-December 2023 resulted dividends paid during the fiscal year by LVMH SE, excluding the
in a cash requirement of 4,577 million euros, 1,558 million euros amount attributable to treasury shares, as well as tax related to
higher than in 2022. The high change in working capital in 2023 dividends paid between Group companies for 376 million euros
mainly arose from the increase in inventories (4,230 million and 532 million euros paid to minority interests in consolidated
euros) and in trade accounts receivable (695 million euros); subsidiaries. Other equity‑related transactions generated an
these effects were partly offset by the increase in trade accounts additional outflow of 1,584 million euros, mainly due to
payable (434 million euros). The Fashion and Leather Goods, transactions in LVMH shares under the share buyback program
Watches and Jewelry, and Wines and Spirits business groups were set up during the fiscal year.
the main drivers of these increases. These changes mainly arose
The cash requirement generated after all transactions relating
from the surge in business activity during the fiscal year, except
to operating activities, investing activities and equity‑related
for Wines and Spirits, and in anticipation of future growth,
transactions thus totaled 1,474 million euros. Financing activities
which requires the Group to build inventories and secure access
relating to loans and borrowings, as well as current available for
to certain critical supplies.
sale financial assets, generated a net inflow of 2,167 million euros
Operating investments net of disposals resulted in an outflow in the fiscal year, mainly due to bond issues during the period,
of 7,478 million euros in fiscal year 2023, up 2,509 million net of repayments made in 2023. After the negative 273 million
euros compared to the outflow of 4,969 million euros in fiscal euro impact of exchange rate fluctuations on cash balances, the
year 2022. Purchases of property, plant and equipment mainly period‑end cash balance was up 420 million euros compared
included investments by the Group’s brands – notably Louis to year‑end 2022. It totaled 7,520 million euros as of the fiscal
Vuitton, Christian Dior, Tiffany and Sephora – in their retail year-end.
networks. They also included purchases of buildings in Paris and
(1) “Operating free cash flow” is defined in the consolidated cash flow statement. In addition to net cash from operating activities, it includes operating investments and repayment of lease
liabilities, both of which the Group considers as components of its operating activities.

CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT 22
CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 23
CONSOLIDATED BALANCE SHEET 24
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 25
CONSOLIDATED CASH FLOW STATEMENT 26
SELECTED NOTES TO THE CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS 27
As table totals are based on unrounded figures, there may be discrepancies

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

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
CONSOLIDATED INCOME STATEMENT
(EUR millions, except for earnings per share) Notes 2023 2022 2021
Revenue 24 86,153 79,184 64,215

Cost of sales (26,876) (24,988) (20,355)
Gross margin 59,277 54,196 43,860
Marketing and selling expenses (30,768) (28,151) (22,308)
General and administrative expenses (5,714) (5,027) (4,414)
Income/(Loss) from joint ventures and associates 8 7 37 13
Profit from recurring operations 24 22,802 21,055 17,151
Other operating income and expenses 25 (242) (54) 4
Cost of net financial debt (367) (17) 41
Interest on lease liabilities (393) (254) (242)
Other financial income and expenses (175) (617) 254
Net financial income/(expense) 26 (935) (888) 53
Income taxes 27 (5,673) (5,362) (4,510)
Minority interests 18 (778) (667) (662)
Net profit, Group share 15,174 14,084 12,036
Basic Group share of net earnings per share (EUR) 28 30.34 28.05 23.90
Number of shares on which the calculation is based 500,056,586 502,120,694 503,627,708
Diluted Group share of net earnings per share (EUR) 28 30.33 28.03 23.89
Number of shares on which the calculation is based 500,304,316 502,480,100 503,895,592

Consolidated statement of comprehensive gains and losses
CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES
(EUR millions) Notes 2023 2022 2021
Translation adjustments (1,091) 1,303 2,177

Amounts transferred to income statement (21) (32) (4)
Tax impact - (4) 17
16.5, 18 (1,112) 1,267 2,190
Change in value of hedges of future foreign currency cash flows (a) 477 28 281
Amounts transferred to income statement (523) 290 (303)
Tax impact 13 (73) 127
(33) 245 105
Change in value of the ineffective portion of hedging
instruments (including cost of hedging) (237) (309) (375)
Amounts transferred to income statement 362 340 237
Tax impact (29) (11) 33
96 21 (105)
Gains and losses recognized in equity, transferable to income statement (1,049) 1,534 2,190
Change in value of vineyard land 6 53 (72) 52

Amounts transferred to consolidated reserves - - -
Tax impact (11) 18 (12)
41 (53) 40
Employee benefit obligations: Change in value
resulting from actuarial gains and losses 30 301 251
Tax impact (7) (77) (58)
23 223 193
Gains and losses recognized in equity, not transferable to income statement 64 170 233
Total gains and losses recognized in equity (985) 1,705 2,423
Comprehensive income 14,967 16,456 15,121

Minority interests (749) (755) (762)
Comprehensive income, Group share 14,218 15,701 14,359
(a) In 2021, this amount included 477 million euros relating to foreign exchange hedges implemented in anticipation of the acquisition of Tiffany shares and included in the value of
the investment.

Consolidated balance sheet
CONSOLIDATED BALANCE SHEET
Assets Notes 2023 2022 2021

(EUR millions)
Brands and other intangible assets 3 25,589 25,432 24,551
Goodwill 4 24,022 24,782 25,904
Property, plant and equipment 6 27,331 23,055 20,193
Right-of-use assets 7 15,679 14,615 13,705
Investments in joint ventures and associates 8 991 1,066 1,084
Non-current available for sale financial assets 9 1,363 1,109 1,363
Other non-current assets 10 1,017 1,186 1,054
Deferred tax 3,992 3,661 3,156
Non-current assets 99,984 94,906 91,010
Inventories and work in progress 11 22,952 20,319 16,549
Trade accounts receivable 12 4,728 4,258 3,787
Income taxes 533 375 338
Other current assets 13 7,723 7,488 5,606
Cash and cash equivalents 15 7,774 7,300 8,021
Current assets 43,710 39,740 34,301
Total assets 143,694 134,646 125,311
Liabilities and equity Notes 2023 2022 2021

(EUR millions)
Equity, Group share 16 61,017 55,111 47,119
Minority interests 18 1,684 1,493 1,790
Equity 62,701 56,604 48,909
Long-term borrowings 19 11,227 10,380 12,165
Non-current lease liabilities 7 13,810 12,776 11,887
Non-current provisions and other liabilities 20 3,880 3,902 3,980
Deferred tax 7,012 6,952 6,704
Purchase commitments for minority interests’ shares 21 11,919 12,489 13,677
Non-current liabilities 47,848 46,498 48,413
Short-term borrowings 19 10,680 9,359 8,075
Current lease liabilities 7 2,728 2,632 2,387
Trade accounts payable 22 9,049 8,788 7,086
Income taxes 1,148 1,211 1,267
Current provisions and other liabilities 22 9,540 9,553 9,174
Current liabilities 33,145 31,543 27,989
Total liabilities and equity 143,694 134,646 125,311

Consolidated statement of changes in equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR millions) Number Share Share Treasury Cumulative Revaluation reserves Net profit Total equity
of shares capital premium shares translation and other
account adjustment Available Hedges Vineyard Employee reserves Group Minority Total
for sale of future land benefit share interests
financial foreign commit
assets currency ments
cash flows
and cost of
hedging
Notes 16.2 16.2 16.3 16.5 18
As of December 31, 2020 504,757,339 152 2,225 (260) (692) - (283) 1,139 (231) 35,363 37,412 1,417 38,829
Gains and losses

recognized in equity 2,073 43 29 178 2,323 101 2,423
Net profit 12,036 12,036 662 12,698
Comprehensive income - - - 2,073 - 43 29 178 12,036 14,359 763 15,122
Bonus share
plan-related expenses 126 126 6 132
(Acquisition)/disposal
of LVMH shares (652) (92) (744) - (744)
Exercise of LVMH share
subscription options - - -
Retirement of LVMH shares - - -
Capital increase in subsidiaries - 12 12
Interim and final dividends paid (3,527) (3,527) (428) (3,956)
Changes in control
of consolidated entities (42) (42) 397 355
Acquisition and disposal
of minority interests’ shares (443) (443) (211) (654)
Purchase commitments
for minority interests’ shares (22) (22) (166) (188)
As of December 31, 2021 504,757,339 152 2,225 (912) 1,380 - (239) 1,167 (53) 43,399 47,119 1,790 48,909
Gains and losses

recognized in equity 1,206 249 (43) 204 1,617 88 1,705
Net profit 14,084 14,084 667 14,751
Comprehensive income - - - 1,206 - 249 (43) 204 14,084 15,701 755 16,456
Bonus share
of LVMH shares (1,316) (54) (1,370) - (1,370)
Retirement of LVMH shares (1,500,000) (936) 936 - - -
Changes in control
of consolidated entities 7 7 6 13
As of December 31, 2022 503,257,339 151 1,289 (1,293) 2,586 - 9 1,125 151 51,092 55,111 1,493 56,604
Gains and losses

recognized in equity (1,062) 57 31 18 (956) (29) (985)
Net profit 15,174 15,174 778 15,952
Comprehensive income - - - (1,062) - 57 31 18 15,174 14,218 749 14,967
Bonus share
of LVMH shares (1,420) (122) (1,542) - (1,542)
Retirement of LVMH shares (1,208,939) (759) 759 - - -
Changes in control
of consolidated entities - 10 10
As of December 31, 2023 502,048,400 151 530 (1,953) 1,525 - 66 1,156 170 59,373 61,017 1,684 62,701

Consolidated cash flow statemen
CONSOLIDATED CASH FLOW STATEMENT
I. OPERATING ACTIVITIES
(Income)/Loss and dividends received from joint ventures and associates 8 42 26 41
Net increase in depreciation, amortization and provisions 4,146 3,219 3,139
Depreciation of right-of-use assets 7.1 3,031 3,007 2,691
Other adjustments and computed expenses (259) (483) (405)
Cash from operations before changes in working capital 29,520 26,770 22,621
Cost of net financial debt: interest paid (457) (74) 71
Lease liabilities: interest paid (356) (240) (231)
Tax paid (5,730) (5,604) (4,239)
Change in working capital 15.2 (4,577) (3,019) 426
Net cash from/(used in) operating activities 18,400 17,833 18,648
II. INVESTING ACTIVITIES
Operating investments 15.3 (7,478) (4,969) (2,664)
Purchase and proceeds from sale of consolidated investments 2 (721) (809) (13,226)
Dividends received 5 7 10
Tax paid related to non-current available for sale financial assets
and consolidated investments - - -
Purchase and proceeds from sale of non-current available
for sale financial assets 9 (116) (149) (99)
Net cash from/(used in) investing activities (8,310) (5,920) (15,979)
III. FINANCING ACTIVITIES
Interim and final dividends paid 15.4 (7,159) (6,774) (4,161)
Purchase and proceeds from sale of minority interests (17) (351) (435)
Other equity-related transactions 15.4 (1,569) (1,604) (552)
Proceeds from borrowings 19 5,990 3,774 251
Repayment of borrowings 19 (3,968) (3,891) (6,413)
Repayment of lease liabilities 7.2 (2,818) (2,751) (2,453)
Purchase and proceeds from sale of current available for sale financial assets 14 144 (1,088) (1,393)
Net cash from/(used in) financing activities (9,397) (12,685) (15,156)
IV. EFFECT OF EXCHANGE RATE CHANGES (273) 55 498
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (I+II+III+IV) 420 (717) (11,989)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 15.1 7,100 7,817 19,806
CASH AND CASH EQUIVALENTS AT END OF PERIOD 15.1 7,520 7,100 7,817
TOTAL TAX PAID (6,106) (5,933) (4,464)
Alternative performance measure

The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the
fiscal years presented:
(EUR millions) 2023 2022 2021
Net cash from operating activities 18,400 17,833 18,648

Operating investments (7,478) (4,969) (2,664)
Repayment of lease liabilities (2,818) (2,751) (2,453)
Operating free cash flow (a) 8,104 10,113 13,531
(a) Under IFRS 16, fixed lease payments are treated partly as interest payments and partly as principal repayments. For its own operational management purposes, the Group treats all lease
payments as components of its “Operating free cash flow”, whether the lease payments made are fixed or variable. In addition, for its own operational management purposes, the Group
treats operating investments as components of its “Operating free cash flow”.

Selected notes to the condensed consolidated financial statement
SELECTED NOTES TO THE CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES 28
2. CHANGES IN OWNERSHIP INTERESTS IN CONSOLIDATED ENTITIES 36
3. BRANDS, TRADE NAMES AND OTHER INTANGIBLE ASSETS 37
4. GOODWILL 38
5. IMPAIRMENT TESTING OF INTANGIBLE ASSETS WITH
INDEFINITE USEFUL LIVES 38
6. PROPERTY, PLANT AND EQUIPMENT 39
7. LEASES 40
8. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES 42
9. NON-CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS 42
10. OTHER NON-CURRENT ASSETS 43
11. INVENTORIES AND WORK IN PROGRESS 43
12. TRADE ACCOUNTS RECEIVABLE 44
13. OTHER CURRENT ASSETS 44
14. CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS 45
15. CASH AND CHANGE IN CASH 45
16. EQUITY 46
17. BONUS SHARE AND SIMILAR PLANS 49
18. MINORITY INTERESTS 50
19. BORROWINGS 51
20. PROVISIONS AND OTHER NON-CURRENT LIABILITIES 53
21. PURCHASE COMMITMENTS FOR MINORITY INTERESTS’ SHARES 54
22. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES 54
23. FINANCIAL INSTRUMENTS AND MARKET RISK MANAGEMENT 55
24. SEGMENT INFORMATION 58
25. OTHER OPERATING INCOME AND EXPENSES 61
26. NET FINANCIAL INCOME/(EXPENSE) 62
27. INCOME TAXES 63
28. EARNINGS PER SHARE 63
29. PROVISIONS FOR PENSIONS, CONTRIBUTION TO MEDICAL COSTS
AND OTHER EMPLOYEE BENEFIT COMMITMENTS 64
30. OFF-BALANCE SHEET COMMITMENTS 64
31. EXCEPTIONAL EVENTS AND LITIGATION 65
32. RELATED‑PARTY TRANSACTIONS 65
33. SUBSEQUENT EVENTS 65

1. ACCOUNTING POLICIES
1.1 General framework and environment 1.4 First‑time adoption of IFRS
The consolidated financial statements for fiscal year 2023 were The first accounts prepared by the Group in accordance with IFRS
established in accordance with the international accounting were the financial statements for the year ended December 31,
standards and interpretations (IAS/IFRS) adopted by the 2005, with a transition date of January 1, 2004. IFRS 1 allowed
European Union and applicable on December 31, 2023. These for exceptions to the retrospective application of IFRS at the
standards and interpretations have been applied consistently to transition date. The procedures implemented by the Group with
the fiscal years presented. The consolidated financial statements respect to these exceptions include the following:
for fiscal year 2023 were approved by the Board of Directors
on January 25, 2024. The consolidated financial statements • usiness combinations: the exemption from retrospective
b
application was not applied. The recognition of the merger of
presented are “condensed”, which means that they only include
Moët Hennessy and Louis Vuitton in 1987 and all subsequent
notes that are significant or facilitate understanding of changes
acquisitions were restated in accordance with IFRS 3;
in the Group’s business activity and financial position during
IAS 36 Impairment of Assets and IAS 38 Intangible Assets
the fiscal year.
were applied retrospectively as of that date;
They are extracted from the consolidated financial statements
approved by the Board of Directors, which include all the notes • foreign currency translation of the financial statements of
subsidiaries outside the eurozone: translation reserves relating
to the financial statements required under IFRS, as adopted in
to the consolidation of subsidiaries that prepare their accounts
the European Union.
in foreign currency were reset to zero as of January 1, 2004 and
offset against “Other reserves”.
1.2 hanges in the accounting
C
framework applicable to LVMH
1.5 Presentation of the financial statements
The application of standards, amendments and interpretations
Definitions of “Profit from recurring operations”
that took effect on January 1, 2023 did not have a material
and “Other operating income and expenses”
impact on the Group’s financial statements, in particular the
amendments to IAS 12 establishing a temporary exception to The Group’s main business is the management and development
the recognition of deferred tax resulting from the international of its brands and trade names. “Profit from recurring operations”
tax reform (Pillar Two). Furthermore, the application of is derived from these activities, whether they are recurring or
IFRS 17 Insurance Contracts to the Group’s operations did not non‑recurring, core or incidental transactions.
have a material impact.
“Other operating income and expenses” comprises income
statement items, which – due to their nature, amount or
1.3 Taking into account climate change risks frequency – may not be considered inherent to the Group’s
recurring operations or its profit from recurring operations.
The Group’s current exposure to the consequences of climate This caption reflects in particular the impact of changes in the
change is limited. As such, at this stage, the impact of climate scope of consolidation, the impairment of goodwill and the
change on the financial statements is not material. impairment and amortization of brands and trade names. It
also includes any significant amounts relating to the impact of
As part of the LIFE 360 program, which puts the Group’s
certain unusual transactions, such as gains or losses arising on
environmental strategy into practice, LVMH has launched a
the disposal of fixed assets, restructuring costs, costs in respect
plan to transform its value chains.
of disputes, or any other non‑recurring income or expense that
The implementation of this program is reflected in LVMH’s may otherwise distort the comparability of profit from recurring
financial statements in the form of operating investments, operations from one period to the next.
research and development expenses and corporate philanthropy
expenses. In addition, profit from recurring operations in Cash flow statement
particular will be affected by changes in raw material prices;
Net cash from operating activities is determined on the basis of
production, transport and distribution costs; and costs related
operating profit, adjusted for non‑cash transactions. In addition:
to the end-of-life phase of its products.
The short‑term effects have been incorporated into the Group’s • ividends received are presented according to the nature of
d
the underlying investments, thus in “Net cash from operating
strategic plans, which form the basis for conducting impairment
activities” for dividends from joint ventures and associates
tests on intangible assets with indefinite useful lives (see Note 5).
and in “Net cash from financial investments” for dividends
The long‑term effects of these changes are not quantifiable at
from other unconsolidated entities;
this stage.

• t ax paid is presented according to the nature of the transaction The consolidation on an individual or collective basis of companies
from which it arises, thus in “Net cash from operating activities” that are not consolidated (see “Companies not included in the
for the portion attributable to operating transactions; in “Net scope of consolidation”) would not have a significant impact on
cash from financial investments” for the portion attributable the Group’s main aggregates.
to transactions in available for sale financial assets, notably
tax paid on gains from their sale; and in “Net cash from
1.8 F oreign currency translation of the financial
transactions relating to equity” for the portion attributable
statements of entities outside the eurozone
to transactions in equity, notably distribution taxes arising
on the payment of dividends.
The consolidated financial statements are presented in euros;
the financial statements of entities presented in a different
1.6 Use of estimates functional currency are translated into euros:
For the purpose of preparing the consolidated financial • at the period‑end exchange rates for balance sheet items;
statements, the measurement of certain balance sheet and income • at the average rates for the period for income statement items.
statement items requires the use of assumptions, estimates or other
Translation adjustments arising from the application of these
forms of judgment. This is particularly true of the valuation of
rates are recorded in equity under “Cumulative translation
intangible assets (see Notes 1.16 and 5); the measurement of leases
adjustment”.
(see Notes 1.15 and 7) and purchase commitments for minority
interests’ shares (see Notes 1.13 and 21); the determination of the
amount of provisions for contingencies and losses, and uncertain 1.9 F oreign currency transactions
tax positions (see Note 20) or for impairment of inventories and hedging of exchange rate risks
(see Notes 1.18 and 11); and, if applicable, deferred tax assets
(see Note 27). Such assumptions, estimates or other forms of Transactions of consolidated companies denominated in a
judgment made on the basis of the information available or the currency other than their functional currencies are translated
situation prevailing at the date at which the financial statements to their functional currencies at the exchange rates prevailing at
are prepared may subsequently prove different from actual the transaction dates.
events.
Accounts receivable, accounts payable and debts denominated
in currencies other than the entities’ functional currencies are
1.7 Methods of consolidation translated at the applicable exchange rates at the fiscal year-end.
Gains and losses resulting from this translation are recognized:
The subsidiaries in which the Group holds a direct or indirect de
facto or de jure controlling interest are fully consolidated. • within “Cost of sales” for commercial transactions;
Jointly controlled companies and companies where the • ithin “Net financial income/(expense)” for financial
w
transactions.
Group has significant influence but no controlling interest
are accounted for using the equity method. Although jointly Foreign exchange gains and losses arising from the translation
controlled, those entities are fully integrated within the Group’s or elimination of intra-Group transactions or receivables and
operating activities. LVMH discloses their net profit, as well as payables denominated in currencies other than the entity’s
that of entities using the equity method (see Note 8), on a separate functional currency are recorded in the income statement unless
line, which forms part of profit from recurring operations. they relate to long‑term intra-Group financing transactions,
which can be considered equity‑related transactions. In the
When an investment in a joint venture or associate accounted
latter case, translation adjustments are recorded in equity under
for using the equity method involves a payment tied to meeting
“Cumulative translation adjustment”.
specific performance targets, known as an earn‑out payment,
the estimated amount of this payment is included in the initial Derivatives used to hedge commercial, financial or investment
purchase price recorded in the balance sheet, with an offsetting transactions are recognized in the balance sheet at their market
entry under financial liabilities. Any difference between the value (see Note 1.10) at the balance sheet date. Changes in the
initial estimate and the actual payment made is recorded as value of the effective portions of these derivatives are recognized
part of the value of investments in joint ventures and associates, as follows:
without any impact on the income statement.
• for hedges that are commercial in nature:
The assets, liabilities, income and expenses of the Wines and
Spirits distribution subsidiaries held jointly with the Diageo – ithin “Cost of sales” for hedges of receivables and payables
w
recognized in the balance sheet at the end of the period,
group are consolidated only in proportion to the LVMH group’s
share of operations (see Note 1.27). – ithin equity under “Revaluation reserves” for hedges
w
of future cash flows; this amount is transferred to cost
of sales upon recognition of the hedged trade receivables
and payables;

• for hedges relating to the acquisition of fixed assets: within • f or hedges that are commercial in nature: within equity under
equity under “Revaluation reserves” for hedges of future “Revaluation reserves”. The cost of the forward contracts
cash flows; this amount is transferred to the asset side of (forward points) and of the options (premiums) is transferred
the balance sheet, as part of the initial cost of the hedged to “Cost of foreign exchange derivatives” within “Net financial
item when accounting for the latter, and then to the income income/(expense)” upon realization of the hedged transaction;
statement in the event of the disposal or impairment of the
hedged item; • for hedges that are tied to the Group’s investment portfolio
or financial in nature: expenses and income arising from
• for hedges that are tied to the Group’s investment portfolio discounts or premiums are recognized in “Borrowing costs”
(hedging the net worth of subsidiaries whose functional on a pro rata basis over the term of the hedging instruments.
currency is not the euro): within equity under “Cumulative The difference between the amounts recognized in “Net
translation adjustment”; this amount is transferred to the financial income/(expense)” and the change in the value of
income statement upon the sale or liquidation (whether forward points is recognized in equity under “Revaluation
partial or total) of the subsidiary whose net worth is hedged; reserves”.
• f or hedges that are financial in nature: within “Net financial Market value changes of derivatives not designated as hedges are
income/(expense)”, under “Other financial income and recorded within “Net financial income/(expense)”.
expenses”.
See also Note 1.22 for the definition of the concepts of effective
Changes in the value of these derivatives related to forward and ineffective portions.
points associated with forward contracts, as well as in the time
value component of options, are recognized as follows:
1.10 Fair value measurement
Fair value (or market value) is the price that would be obtained from the sale of an asset or paid to transfer a liability in an orderly
transaction between market participants.
The assets and liabilities measured at fair value in the balance sheet are as follows:
Approaches to determining fair value Amounts recorded

at balance
sheet date
Vineyard land Based on recent transactions in similar assets. See Note 1.14. Note 6
Grape harvests Based on purchase prices for equivalent grapes. See Note 1.18. Note 11
Derivatives Based on market data and according to commonly Note 23
used valuation models. See Note 1.23.
Borrowings hedged against changes Based on market data and according to commonly Note 19
in value due to interest rate fluctuations used valuation models. See Note 1.22.
Liabilities in respect of purchase Generally based on the market multiples of comparable companies. Note 21
commitments for minority interests’ See Note 1.13.
shares priced according to fair value
Available for sale financial assets Quoted investments: price quotations at the close of trading on the balance Note 9, Note 14
sheet date. Unquoted investments: estimated net realizable value, either according
to formulas based on market data or based on private quotations. See Note 1.17.
Cash and cash equivalents Based on the liquidation value at the balance sheet date. See Note 1.20. Note 15
(SICAV and FCP funds)
No other assets or liabilities have been remeasured at market value at the balance sheet date.

1.11 Brands and other intangible assets • development expenditure is amortized over 3 years at most;
Only acquired brands and trade names that are well known and • software and websites are amortized over 1 to 5 years.
individually identifiable are recorded as assets based on their
market values at their dates of acquisition. 1.12 hanges in ownership interests
C
in consolidated entities
Brands and trade names are chiefly valued using the forecast
discounted cash flow method, or based on comparable
When the Group takes de jure or de facto control of a business,
transactions (i.e. using the revenue and net profit coefficients
its assets, liabilities and contingent liabilities are estimated at
employed for recent transactions involving similar brands) or
their market value as of the date when control is obtained; the
stock market multiples observed for related businesses. Other
difference between the cost of taking control and the Group’s
complementary methods may also be employed: the relief from
share of the market value of those assets, liabilities and contingent
royalty method, involving equating a brand’s value with the
liabilities is recognized as goodwill.
present value of the royalties required to be paid for its use;
the margin differential method, applicable when a measurable The cost of taking control is the price paid by the Group in
difference can be identified in the amount of revenue generated the context of an acquisition, or an estimate of this price if the
by a branded product in comparison with a similar unbranded transaction is carried out without any payment of cash, excluding
product; and finally the equivalent brand reconstitution method acquisition costs, which are disclosed under “Other operating
involving, in particular, estimation of the amount of advertising income and expenses”.
and promotion expenses required to generate a similar brand.
The difference between the carrying amount of minority
Costs incurred in creating a new brand or developing an existing interests purchased after control is obtained and the price paid
brand are expensed. for their acquisition is deducted from equity.
Brands, trade names and other intangible assets with finite Goodwill is accounted for in the functional currency of the
useful lives are amortized over their estimated useful lives. The acquired entity.
classification of a brand or trade name as an asset of finite or
Goodwill is not amortized but is subject to annual impairment
indefinite useful life is generally based on the following criteria:
testing using the methodology described in Note 1.16. Any
• the brand or trade name’s overall positioning in its market impairment expense recognized is included within “Other
expressed in terms of volume of activity, international operating income and expenses”.
presence and reputation;
• its expected long‑term profitability; 1.13 urchase commitments for minority

P
interests’ shares
• its degree of exposure to changes in the economic environment;
• any major event within its business segment liable to The Group has granted put options to minority shareholders of
compromise its future development; certain fully consolidated subsidiaries.
• its age. Pending specific guidance from IFRSs regarding this issue, the
Group recognizes these commitments as follows:
Amortizable lives of brands and trade names with finite useful
lives range from 5 to 20 years, depending on their anticipated • t he value of the commitment at the balance sheet date appears
period of use. in “Purchase commitments for minority interests’ shares”, as
a liability on its balance sheet;
Impairment tests are carried out for brands, trade names and
other intangible assets using the methodology described in • the corresponding minority interests are canceled;
Note 1.16.
• for commitments granted prior to January 1, 2010, the
Research expenditure is not capitalized. New product difference between the amount of the commitments and
development expenditure is not capitalized unless the final canceled minority interests is maintained as an asset on the
decision has been made to launch the product. balance sheet under goodwill, as are subsequent changes in
this difference. For commitments granted as from January 1,
Intangible assets other than brands and trade names are
2010, the difference between the amount of the commitments
amortized over the following periods:
and minority interests is recorded in equity, under “Other
• rights attached to sponsorship agreements and media reserves”.
partnerships are amortized over the life of the agreements,
This recognition method has no effect on the presentation of
depending on how the rights are used;
minority interests within the income statement.

1.14 Property, plant and equipment any early termination options, except in special circumstances.
When leases contain extension options, the term used for the
With the exception of vineyard land, the gross value of property, calculation of the liability may include these periods, mainly
plant and equipment is stated at acquisition cost. when the anticipated period of use of the fixed assets, whether
under a new or existing lease, is greater than the initial contractual
Vineyard land is recognized at the market value at the balance
lease term.
sheet date. This valuation is based on official published data for
recent transactions in the same region. Any difference compared The lease term to be used in accounting for lease liabilities when
to historical cost is recognized within equity in “Revaluation the underlying assets are capitalized even though the obligation
reserves”. If the market value falls below the acquisition cost, the to make lease payments covers a period of less than twelve
resulting impairment is charged to the income statement. months is consistent with the anticipated period of use of the
invested assets. Most often, this involves leases for retail locations
Buildings mostly occupied by third parties are reported as
that are automatically renewable on an annual basis.
investment property, at acquisition cost. Investment property is
thus not remeasured at market value. The standard requires that the discount rate be determined for
each lease using the incremental borrowing rate of the subsidiary
The depreciable amount of property, plant and equipment
entering into the lease. In practice, given the structure of the
comprises the acquisition cost of their components less residual
Group’s financing – virtually all of which is held or guaranteed
value, which corresponds to the estimated disposal price of the
by LVMH SE – this incremental borrowing rate is generally
asset at the end of its useful life.
the total of the risk‑free rate for the currency of the lease, with
Property, plant and equipment are depreciated on a straight- reference to its term, and the Group’s credit risk for this same
line basis over their estimated useful lives. For leased assets, currency and over the same term.
the depreciation period cannot be longer than that used for the
Leasehold rights and property, plant and equipment related to
calculation of the lease liability.
restoration obligations for leased facilities are presented within
The estimated useful lives are as follows: “Right‑of‑use assets” and subject to depreciation under the same
principles as those described above.
• buildings including investment property: 20 to 100 years;
The Group has implemented a dedicated IT solution to gather
• machinery and equipment: 3 to 25 years;
lease data and run the calculations required by the standard.
• leasehold improvements: 3 to 10 years;
Since the application of IFRS 16 had a significant impact on
• producing vineyards: 18 to 25 years. the cash flow statement given the importance of fixed lease
payments to the Group’s activities, specific indicators are
Expenses for maintenance and repairs are charged to the income
used for internal performance monitoring requirements and
statement as incurred.
financial communication purposes in order to present consistent
performance measures, independently of the fixed or variable
1.15 Leases nature of lease payments. One such alternative performance
measure is “Operating free cash flow”, which is calculated by
The Group has applied IFRS 16 Leases since January 1, 2019. deducting capitalized fixed lease payments in their entirety from
The initial application was carried out using the “modified cash flow. The reconciliation between “Net cash from operating
retrospective” approach to transition. See Note 1.2 to the 2019 activities” and “Operating free cash flow” is presented in the
consolidated financial statements for details of this initial consolidated cash flow statement.
application procedure for IFRS 16 and the impact of its initial
application on the 2019 financial statements.
1.16 Impairment testing of fixed assets
When entering into a lease, a liability is recognized in the balance
sheet, measured at the discounted present value of future Property, plant and equipment, intangible assets, and all leased
payments of the fixed portion of lease payments and offset against fixed assets are subject to impairment testing whenever there
a right‑of‑use asset depreciated over the lease term. The amount is any indication that an asset may be impaired (particularly
of the liability depends to a large degree on the assumptions following major changes in the asset’s operating conditions),
used for the lease term and, to a lesser extent, the discount rate. and in any event at least annually in the case of intangible assets
The Group’s extensive geographic coverage means it encounters with indefinite useful lives (mainly brands, trade names and
a wide range of different legal conditions when entering into goodwill). When the carrying amount of assets with indefinite
contracts. useful lives is greater than the higher of their value in use or
market value, the resulting impairment loss is recognized within
The lease term generally used to calculate the liability is the
“Other operating income and expenses”, allocated on a priority
term of the initially negotiated lease, not taking into account
basis to any existing goodwill.

Value in use is based on the present value of the cash flows 1.18 Inventories and work in progress
expected to be generated by these assets, taking into account
their residual value. Market value is estimated by comparison Inventories other than wine produced by the Group are recorded
with recent similar transactions or on the basis of valuations at the lower of cost (excluding interest expense) and net realizable
performed by independent experts for the purposes of a disposal value; cost comprises manufacturing cost (finished goods) or
transaction. purchase price, plus incidental costs (raw materials, merchandise).
Cash flows are forecast at Group level for each business segment, Wine produced by the Group, including champagne, is measured
defined as one or several brands or trade names under the on the basis of the applicable harvest market value, which
responsibility of a dedicated management team; in general, a is determined by reference to the average purchase price of
business segment as defined above corresponds to a Maison equivalent grapes, as if the grapes harvested had been purchased
within the Group. Smaller-scale cash-generating units, such from third parties. Until the date of the harvest, the value of
as a group of stores, may be distinguished within a particular grapes is calculated on a pro rata basis, in line with the estimated
business segment. yield and market value.
The forecast data required for the discounted cash flow Inventories are valued using either the weighted average cost or
method is based on annual budgets and multi‑year business the FIFO method, depending on the type of business.
plans prepared by the management of the business segments
Due to the length of the aging process required for champagnes,
concerned. Detailed forecasts cover a five‑year period, which
spirits (cognac, whisky and rum, in particular) and wines, the
may be extended for brands undergoing strategic repositioning
holding period for these inventories generally exceeds one
or whose production cycle exceeds five years. An estimated
year. However, in accordance with industry practices, these
terminal value is added to the value resulting from discounted
inventories are classified as current assets.
forecast cash flows, which corresponds to the capitalization in
perpetuity of cash flows most often arising from the last year Provisions for impairment of inventories are chiefly recognized
of the plan. Discount rates are set for each business group with for businesses other than Wines and Spirits. They are generally
reference to companies engaged in comparable businesses. required because of product obsolescence (end of season or
Forecast cash flows are discounted on the basis of the rate of collection, expiration date approaching, etc.) or lack of sales
return to be expected by an investor in the applicable business prospects.
and an assessment of the risk premium associated with that
business. When several forecast scenarios are developed, the
1.19 rade accounts receivable, loans
T
probability of occurrence of each scenario is assessed.
and other receivables
1.17 Available for sale financial assets Trade accounts receivable, loans and other receivables are
recorded at amortized cost, which corresponds to their face
Available for sale financial assets are classified as current or value. Impairment is recognized for the portion of loans and
non‑current based on their type. receivables not covered by credit insurance when such receivables
are recorded, in the amount of the losses expected upon maturity.
Non‑current available for sale financial assets comprise strategic
This reflects the probability of counterparty default and the
and non‑strategic investments whose estimated period and form
expected loss rate, measured using historical statistical data,
of ownership justify such classification.
information provided by credit bureaus, or ratings by credit
Current available for sale financial assets (presented in “Other rating agencies, depending on the specific case.
current assets”; see Note 13) include temporary investments in
The amount of long‑term loans and receivables (i.e. those falling
shares, shares of SICAVs, FCPs and other mutual funds, excluding
due in more than one year) is subject to discounting, the effects
investments made as part of day-to-day cash management, which
of which are recognized under “Net financial income/(expense)”,
are accounted for as “Cash and cash equivalents” (see Note 1.20).
using the effective interest method.
Available for sale financial assets are measured at their listed value
at the fiscal year-end date in the case of quoted investments,
1.20 Cash and cash equivalents
and in the case of unquoted investments at their estimated net
realizable value, assessed either according to formulas based on
Cash and cash equivalents comprise cash and highly liquid
market data or based on private quotations at the fiscal year-end
money‑market investments subject to an insignificant risk of
date.
changes in value over time.
Positive or negative changes in value are recognized under “Net
Money‑market investments are measured at their market value,
financial income/(expense)” (within “Other financial income and
based on price quotations at the close of trading and on the
expenses”; see Note 26) for all shares held in the portfolio during
exchange rate prevailing at the fiscal year‑end date, with any
the reported periods.
changes in value recognized as part of “Net financial income/
(expense)”.

1.21 Provisions foreign exchange swaps, as well as the foreign currency basis spread
component of cross‑currency swaps are systematically excluded
A provision is recognized whenever an obligation exists towards from the hedge relation. Consequently, only the intrinsic value of
a third party resulting in a probable disbursement for the the instruments is considered a hedging instrument. Regarding
Group, the amount of which may be reliably estimated. See also hedged items (future foreign currency cash flows, commercial or
Notes 1.25 and 20. financial liabilities and accounts receivable in foreign currencies,
subsidiaries’ equity denominated in a functional currency other
If the date at which this obligation is to be discharged is in more
than the euro), only their change in value in respect of foreign
than one year, the provision amount is discounted, the effects of
exchange risk is considered a hedged item. As such, aligning the
which are recognized in “Net financial income/(expense)” using
hedging instruments’ main features (nominal values, currencies,
the effective interest method.
maturities) with those of the hedged items makes it possible to
perfectly offset changes in value.
1.22 Borrowings
Derivatives are recognized in the balance sheet at their market
value at the balance sheet date. Changes in their value are
Borrowings are measured at amortized cost, i.e. nominal value
accounted for as described in Note 1.9 in the case of foreign
net of issue premiums and issuance costs, which are charged
exchange hedges and as described in Note 1.22 in the case of
over time to “Net financial income/(expense)” using the effective
interest rate hedges.
interest method.
Market value is based on market data and commonly used
In the case of hedging against fluctuations in the value of
valuation models.
borrowings resulting from changes in interest rates, both
the hedged amount of borrowings and the related hedging Derivatives with maturities in excess of 12 months are disclosed
instruments are measured at their market value at the balance as non‑current assets and liabilities.
sheet date, with any changes in those values recognized within
“Net financial income/(expense)”, under “Fair value adjustment
1.24 Treasury shares
of borrowings and interest rate hedges”. See Note 1.10 regarding
the measurement of hedged borrowings at market value.
LVMH shares held by the Group are measured at their acquisition
Interest income and expenses related to hedging instruments
cost and recognized as a deduction from consolidated equity,
are recognized within “Net financial income/(expense)”, under
irrespective of the purpose for which they are held.
“Borrowing costs”.
In the event of disposal, the cost of the shares disposed of is
In the case of hedging against fluctuations in future interest
determined by allocation category (see Note 16.3) using the FIFO
payments, the related borrowings remain measured at their
method.
amortized cost while any changes in value of the effective hedge
portions are taken to equity as part of “Revaluation reserves”. Gains and losses on disposal, net of income taxes, are taken
directly to equity.
Changes in value of non-hedging derivatives, and of the
ineffective portions of hedges, are recognized within “Net
financial income/(expense)”. 1.25 ensions, contribution to medical costs
P
and other employee benefit commitments
Net financial debt comprises short- and long‑term borrowings, the
market value at the balance sheet date of interest rate derivatives,
When plans related to retirement bonuses, pensions, contributions
less the amount at the balance sheet date of non‑current available
to medical costs, or other employee benefit commitments entail
for sale financial assets used to hedge financial debt, current
the payment by the Group of contributions to third-party
available for sale financial assets, cash and cash equivalents, in
organizations that assume sole responsibility for subsequently
addition to the market value at that date of foreign exchange
paying such retirement bonuses, pensions or contributions to
derivatives related to any of the aforementioned items.
medical costs, these contributions are expensed in the fiscal
year in which they fall due, with no liability recorded on the
1.23 Derivatives balance sheet.
When the payment of retirement bonuses, pensions, contributions
The Group enters into derivative transactions as part of its
to medical costs, or other employee benefit commitments is to be
strategy for hedging foreign exchange, interest rate and precious
borne by the Group, a provision is recorded in the balance sheet
metal price risks.
in the amount of the corresponding actuarial commitment (see
To hedge against commercial, financial and investment foreign Note 29). Changes in this provision are recognized as follows:
exchange risk, the Group uses options, forward contracts, foreign
exchange swaps and cross‑currency swaps. The time value of • the portion related to the cost of services rendered by
employees and net interest for the fiscal year is recognized in
options, the forward point component of forward contracts and
profit from recurring operations for the fiscal year;

• the portion related to changes in actuarial assumptions and Wholesale sales mainly concern the Wines and Spirits businesses,
to differences between projected and actual data (experience as well as certain Perfumes and Cosmetics and Watches and
adjustments) is recognized in gains and losses taken to equity. Jewelry brands. The Group recognizes revenue when title
transfers to third-party customers.
If this commitment is partially or fully funded by payments
made by the Group to external financial organizations, these Revenue includes shipment and transportation costs re-billed to
dedicated funds are deducted from the actuarial commitment customers only when these costs are included in products’ selling
recorded in the balance sheet. prices as a lump sum.
The actuarial commitment is calculated based on assessments Sales of services, mainly involved in the Group’s “Other activities”
that are specifically designed for the country and the Group segment, are recognized as the services are provided.
company concerned. In particular, these assessments include
Revenue is presented net of all forms of discount. In particular,
assumptions regarding discount rates, salary increases, inflation,
payments made in order to have products referenced or, in
life expectancy and staff turnover.
accordance with agreements, to participate in advertising
campaigns with the distributors, are deducted from related
1.26 Current and deferred tax revenue.
The tax expense comprises current tax payable by consolidated Provisions for product returns
companies, deferred tax resulting from temporary differences,
Perfumes and Cosmetics companies and, to a lesser extent,
and the change in uncertain tax positions.
Fashion and Leather Goods and Watches and Jewelry companies
Deferred tax is recognized in respect of temporary differences may accept the return of unsold or outdated products from their
arising between the value of assets and liabilities for purposes customers and distributors. Retail sales, and in particular online
of consolidation and the value resulting from the application of sales, also result in product returns from customers.
tax regulations.
Where these practices are applied, revenue is reduced by the
Deferred tax is measured on the basis of the income tax rates estimated amount of such returns, and a provision is recognized
enacted at the balance sheet date; the effect of changes in rates within “Other current liabilities” (see Note 22.2), along with a
is recognized during the periods in which changes are enacted. corresponding entry made to inventories. The estimated rate of
returns is based on historical statistical data.
Future tax savings from tax losses carried forward are recorded
as deferred tax assets on the balance sheet and impaired if they
Businesses undertaken in partnership with Diageo
are deemed not recoverable; only amounts for which future use
is deemed probable are recognized. A significant proportion of revenue for the Group’s Wines
and Spirits businesses is generated within the framework of
Deferred tax assets and liabilities are not discounted.
distribution agreements with Diageo, generally taking the form
Taxes payable in respect of the distribution of retained earnings of shared entities that sell and deliver both groups’ products
of subsidiaries give rise to provisions if distribution is deemed to customers; the income statement and balance sheet of these
probable. entities is apportioned between LVMH and Diageo based
on distribution agreements. According to those agreements,
the assets, liabilities, income, and expenses of such entities
1.27 Revenue recognition
are consolidated only in proportion to the Group’s share of
operations.
Definition of revenue
Revenue mainly comprises retail sales within the Group’s store
1.28 Advertising and promotion expenses
network (including e‑commerce websites) and wholesale sales
through agents and distributors. Sales made in stores owned
Advertising and promotion expenses include the costs of
by third parties are treated as retail transactions if the risks and
producing advertising media, purchasing media space,
rewards of ownership of the inventories are retained by the Group.
manufacturing samples, publishing catalogs and, in general, the
Direct sales to customers are mostly made through retail stores cost of all activities designed to promote the Group’s brands and
in Fashion and Leather Goods and Selective Retailing, as well products.
as certain Watches and Jewelry and Perfumes and Cosmetics
Advertising and promotion expenses are recorded within
brands. The Group recognizes revenue when title transfers to
marketing and selling expenses upon receipt or production of
third-party customers, which is generally at the time of purchase
goods or upon completion of services rendered.
by retail customers.

1.29 Bonus share and similar plans sheet impact on provisions. Between that date and the settlement
date, the change in the expected gain resulting from the change
The expected gain for bonus share plans is calculated on the in the LVMH share price is recorded in the income statement.
basis of the closing share price on the day before the Board
of Directors’ meeting at which the plan is instituted, less the
1.30 Earnings per share
amount of dividends expected to accrue during the vesting
period. For any bonus share plans subject to performance
Earnings per share are calculated based on the weighted average
conditions, the expense for the fiscal year includes provisional
number of shares outstanding during the fiscal year, excluding
allocations for which the conditions are deemed likely to be met.
treasury shares.
For all plans, the amortization expense is apportioned on a
Diluted earnings per share are calculated based on the weighted
straight‑line basis in the income statement over the vesting
average number of shares before dilution and adding the
period, with a corresponding impact on reserves in the balance
weighted average number of shares that would result from the
sheet.
exercise of any diluting instrument during the fiscal year. It
For any cash‑settled compensation plans index‑linked to the is assumed for the purposes of this calculation that the funds
change in the LVMH share price, the gain over the vesting period received from the exercise of options, plus the amount not yet
is estimated at each balance sheet date based on the LVMH share expensed for bonus share and similar plans (see Note 1.29), would
price at that date and is charged to the income statement on a pro be employed to buy back LVMH shares at a price corresponding
rata basis over the vesting period, with a corresponding balance to their average trading price over the fiscal year.
2. CHANGES IN OWNERSHIP INTERESTS IN CONSOLIDATED ENTITIES
Minuty In September 2023 and November 2023, Thélios acquired all the
shares in the companies that own the iconic French and American
In January 2023, Moët Hennessy took a majority stake in
eyewear brands Vuarnet and Barton Perreira, respectively.
the share capital of Minuty SAS and acquired control of the
company’s wine‑growing assets. Château Minuty is renowned LVMH Métiers d’Art acquired a majority stake in Spanish tannery
worldwide for its rosé wine, which has been a Grand Cru Classé Verdeveleno in October 2023, and in December 2023 it acquired
since 1955, and is located in Gassin on the peninsula of Saint- all the shares in Menegatti, an Italian company specializing in the
Tropez (France). production of metal parts.
In May 2023, LVMH entered into an agreement to acquire a
Starboard & Onboard Cruise Services
majority stake in Nuti Ivo SpA, an Italian company founded
In December 2023, LVMH sold an 80% stake in Cruise Line in 1955, specializing in leather‑working. After receiving the
Holdings Co. – the holding company of the Starboard & Onboard approval of the Italian competition authorities, the acquisition
Cruise Services businesses – to a group of private investors. was completed in January 2024.
Equity investments newly consolidated in 2023 did not have a
Other
significant impact on revenue or profit from recurring operations
In September 2023, LVMH acquired a majority stake in the for the fiscal year.
Platinum Invest group, a French high jewelry manufacturer,
in order to reinforce its production capacity, in particular for
Tiffany.

3. BRANDS, TRADE NAMES AND OTHER INTANGIBLE ASSETS
(EUR millions) 2023 2022 2021
Gross Amortization Net Net Net

and impairment
Brands 22,297 (812) 21,485 21,545 20,873
Trade names 3,972 (1,636) 2,336 2,410 2,285
License rights 115 (98) 17 23 53
Software, websites 3,946 (2,912) 1,035 926 849
Other 1,568 (851) 717 528 490
Total 31,897 (6,309) 25,589 25,432 24,551
The carrying amounts of brands, trade names and other intangible assets changed as follows during the fiscal year:
Gross value Brands Trade names Software, Other intangible Total

(EUR millions) websites assets
As of December 31, 2022 22,350 4,103 3,603 1,338 31,394
Acquisitions - - 352 648 1,000
Disposals and retirements - - (164) (104) (268)
Changes in the scope of consolidation 110 - (9) 15 116
Translation adjustment (163) (132) (56) 4 (346)
Reclassifications - - 220 (219) -
As of December 31, 2023 22,297 3,972 3,946 1,682 31,897
Amortization and impairment Brands Trade names Software, Other intangible Total
(EUR millions) websites assets
As of December 31, 2022 (805) (1,693) (2,677) (787) (5,963)
Amortization expense (7) - (454) (259) (720)
Impairment expense - - 3 (1) 2
Disposals and retirements - - 164 104 268
Changes in the scope of consolidation - - 10 (2) 8
Translation adjustment - 57 40 (2) 95
Reclassifications - - 4 (1) 2
As of December 31, 2023 (812) (1,636) (2,912) (949) (6,309)
Carrying amount as of December 31, 2023 21,485 2,336 1,035 733 25,589
Translation adjustments mainly related to brands and trade names recognized in US dollars, based on fluctuations in the US
dollar‑to‑euro exchange rate between January 1 and December 31, 2023.

4. GOODWILL
(EUR millions) 2023 2022 2021
Gross Impairment Net Net Net
Goodwill arising on consolidated investments 20,030 (1,690) 18,340 17,883 16,834

Goodwill arising on purchase commitments
for minority interests’ shares 5,682 - 5,682 6,899 9,070
Total 25,712 (1,690) 24,022 24,782 25,904
Changes in net goodwill during the fiscal years presented break down as follows:
(EUR millions) 2023 2022 2021
As of January 1 26,785 (2,003) 24,782 25,904 16,042

Changes in the scope of consolidation 431 282 713 604 6,879
Changes in purchase commitments
for minority interests’ shares (1,235) - (1,235) (2,204) 2,467
Changes in impairment - - - (27) (78)
Translation adjustment (268) 31 (237) 504 595
As of December 31 25,712 (1,690) 24,022 24,782 25,904
See Note 21 for goodwill arising on purchase commitments for Translation adjustments mainly related to goodwill recognized
minority interests’ shares. in US dollars, based on fluctuations in the US dollar‑to‑euro
exchange rate between January 1 and December 31, 2023.
Changes in the scope of consolidation mainly resulted from the
acquisitions of Minuty, Platinum Invest, Barton Perreira and
Vuarnet. See Note 2.
5. IMPAIRMENT TESTING OF INTANGIBLE ASSETS

WITH INDEFINITE USEFUL LIVES
Brands, trade names and other intangible assets with indefinite significant impairment expenses were recognized in fiscal year
useful lives as well as the goodwill arising on acquisition were 2023, as no events likely to lead to significant impairment took
subject to annual impairment testing as of December 31, 2023. No place during the fiscal year.

6. PROPERTY, PLANT AND EQUIPMENT
(EUR millions) 2023 2022 2021
Gross Depreciation Net Net Net

and impairment
Land 7,972 (22) 7,950 5,511 4,804
Vineyard land and producing vineyards (a) 3,084 (136) 2,948 2,729 2,623
Buildings 8,318 (3,055) 5,263 4,823 4,145
Investment property 366 (51) 316 434 321
Leasehold improvements,
machinery and equipment 20,880 (14,227) 6,653 5,773 5,114
Assets in progress 2,125 (45) 2,080 1,809 1,302
Other property, plant and equipment 2,719 (598) 2,121 1,977 1,886
Total 45,465 (18,135) 27,331 23,055 20,193
Of which: Historical cost of vineyard land 924 - 924 760 608
(a) Almost all of the carrying amount of “Vineyard land and producing vineyards” corresponds to vineyard land.
Changes in property, plant and equipment during the fiscal year broke down as follows:
Gross value Vineyard Land and Investment Leasehold improvements, Assets in Other Total
(EUR millions) land and buildings property machinery and equipment progress property,
producing plant and
vineyards Stores and Production, Other equipment
hotels logistics
As of December 31, 2022 2,861 13,201 478 13,298 3,943 2,244 1,810 2,541 40,377
Acquisitions 83 2,553 2 1,163 218 182 2,449 176 6,824
Change in the market
value of vineyard land 53 - - - - - - - 53
Disposals and retirements (14) (104) (113) (709) (76) (166) (6) (14) (1,202)
Changes in the scope
of consolidation 82 77 - (53) 33 (2) 1 1 139
Translation adjustment (13) (174) (3) (432) (14) (42) (38) (17) (735)
Other movements,
including transfers 33 738 3 1,042 141 109 (2,090) 33 9
As of December 31, 2023 3,084 16,291 366 14,309 4,245 2,326 2,125 2,719 45,465
Depreciation Vineyard Land and Investment Leasehold improvements, Assets in Other Total
and impairment land and buildings property machinery and equipment progress property,
(EUR millions) producing plant and
vineyards Stores and Production, Other equipment
hotels logistics
As of December 31, 2022 (132) (2,867) (43) (9,446) (2,680) (1,588) (1) (564) (17,322)
Depreciation expense (9) (331) (6) (1,335) (264) (194) - (71) (2,209)
Impairment expense (1) (6) - (5) (2) - (45) (1) (60)
Disposals and retirements 2 100 3 706 73 163 - 18 1,066
Changes in the scope
of consolidation 2 (11) - 47 (19) 3 - - 22
Translation adjustment 1 41 - 293 6 31 1 5 379
Other movements,
including transfers - (4) (5) (12) (14) 10 - 14 (10)
As of December 31, 2023 (136) (3,077) (51) (9,753) (2,899) (1,575) (45) (598) (18,135)
Carrying amount
as of December 31, 2023 2,948 13,213 316 4,556 1,346 750 2,080 2,121 27,331

“Other property, plant and equipment” includes in particular the in Paris and London by the Group’s holding companies and
works of art owned by the Group. Maisons, mainly in order to operate stores in them.
As of December 31, 2023, purchases of property, plant and At the end of April 2023, Tiffany’s iconic store on Fifth Avenue in
equipment mainly included investments by the Group’s Maisons New York reopened after several years of renovation.
– notably Louis Vuitton, Christian Dior, Tiffany and Sephora
Translation adjustments on property, plant and equipment
– in their retail networks. They also included investments by
mainly related to fixed assets recognized in US dollars, Japanese
the champagne houses, Hennessy and Louis Vuitton in their
yen and Chinese renminbi, based on fluctuations in the exchange
production equipment, as well as investments relating to the
rates of these currencies with respect to the euro between
Group’s hotel activities. In addition, buildings were acquired
January 1 and December 31, 2023.
7. LEASES
7.1 Right‑of‑use assets
Right‑of‑use assets break down as follows, by type of underlying asset:
(EUR millions) 2023 2022 2021
Gross Depreciation Net Net Net

and impairment
Stores 20,377 (8,171) 12,206 11,202 10,636
Offices 3,405 (1,151) 2,253 2,274 1,991
Other 1,286 (390) 896 856 771
Capitalized fixed lease payments 25,068 (9,713) 15,355 14,332 13,398
Leasehold rights 915 (592) 323 283 307
Total 25,984 (10,305) 15,679 14,615 13,705
The carrying amounts of right‑of‑use assets changed as follows during the fiscal year:
(EUR millions) Capitalized fixed lease payments Leasehold Total

rights
Stores Offices Other Total
As of December 31, 2022 11,202 2,274 856 14,332 283 14,615

New leases entered into 2,900 621 164 3,686 78 3,763
Changes in assumptions 753 45 40 838 - 838
Leases ended or canceled (99) (2) - (100) - (101)
Depreciation expense (2,477) (377) (137) (2,991) (55) (3,046)
Impairment expense 4 7 - 11 4 15
Changes in the scope of consolidation - (7) (2) (9) - (9)
Translation adjustment (335) (40) (23) (398) - (399)
Other movements, including transfers 259 (268) (3) (12) 14 2
As of December 31, 2023 12,206 2,253 896 15,355 323 15,679
“New leases entered into” involved store leases, in particular for Translation adjustments mainly related to leases recognized
Louis Vuitton, Christian Dior Couture, Tiffany and Fendi. They in US dollars, Japanese yen and Chinese renminbi, based on
also included leases of office space, mainly for Louis Vuitton, fluctuations in the exchange rates of these currencies with
Christian Dior Couture and Sephora. Changes in assumptions respect to the euro between January 1 and December 31, 2023.
mainly resulted from adjustments to estimated lease terms.
These two types of changes led to corresponding increases in
right-of-use assets and lease liabilities.

7.2 Lease liabilities
Lease liabilities break down as follows:
(EUR millions) 2023 2022 2021
Non-current lease liabilities 13,810 12,776 11,887

Current lease liabilities 2,728 2,632 2,387
Total 16,538 15,408 14,275
The change in lease liabilities during the fiscal year breaks down as follows:
(EUR millions) Stores Offices Other Total
As of December 31, 2022 12,024 2,530 854 15,408

New leases entered into 2,861 602 163 3,626
Principal repayments (2,338) (320) (118) (2,777)
Change in accrued interest 27 8 2 37
Leases ended or canceled (142) (5) (1) (147)
Changes in assumptions 750 46 40 835
Changes in the scope of consolidation (1) (9) (2) (11)
Translation adjustment (352) (44) (24) (420)
Other movements, including transfers 254 (262) (4) (12)
As of December 31, 2023 13,083 2,546 910 16,538
The following table presents the contractual schedule of disbursements for lease liabilities as of December 31, 2023:
(EUR millions) As of December 31, 2023

Total minimum future payments
Maturity: 2024 3,041

2025 2,749
2026 2,379
2027 1,997
2028 1,661
Between 2029 and 2033 4,630
Between 2034 and 2038 1,283
Thereafter 1,005
Total minimum future payments 18,746
Impact of discounting (2,208)
Total lease liability 16,538
7.3 Breakdown of lease expense
The lease expense for the fiscal year breaks down as follows:
(EUR millions) 2023 2022 2021
Depreciation and impairment of capitalized fixed lease payments 2,980 2,950 2,634
Interest on lease liabilities 393 254 242
Capitalized fixed lease expense 3,373 3,204 2,876
Variable lease payments 2,788 2,445 1,702
Short-term leases and/or low-value leases 548 458 506
Other lease expenses 3,336 2,902 2,208
Total 6,710 6,107 5,084

In certain countries, leases for stores entail the payment of both For leases not required to be capitalized, there is little difference
minimum amounts and variable amounts, especially for stores between the expense recognized and the payments made.
with lease payments indexed to revenue. As required by IFRS 16,
only the minimum fixed lease payments are capitalized. “Other
lease expenses” mainly relate to variable lease payments.
8. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(EUR millions) 2023 2022 2021
Net Of which: Net Of which: Net Of which:

Joint Joint Joint
arrangements arrangements arrangements
Share of net assets of joint ventures

and associates as of January 1 1,066 496 1,084 432 990 426
Share of net profit/(loss) for the period 7 4 37 4 14 1
Dividends paid (50) (9) (60) (9) (54) (9)
Changes in the scope of consolidation 63 - 30 31 95 -
Capital increases subscribed 11 5 28 26 3 2
Translation adjustment (16) (6) 15 8 36 11
Impairment of goodwill and brands
recognized by joint ventures and associates (98) - - - - -
Other, including transfers 8 5 (69) 3 - -
Share of net assets of joint ventures
and associates as of December 31 991 495 1,066 496 1,084 432
Impairment of goodwill and brands is presented within “Other operating income and expenses” in the consolidated income statement
(see Note 25).
9. NON-CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS
(EUR millions) 2023 2022 2021
As of January 1 1,109 1,363 739

Acquisitions 212 369 569
Disposals at net realized value (30) (98) (107)
Changes in market value (a) 211 (125) 153
Changes in the scope of consolidation (120) (410) (3)
Translation adjustment (19) 10 12
As of December 31 1,363 1,109 1,363
(a) Recognized within “Net financial income/(expense)” and, in 2021, partly within “Other operating income and expenses” (see Note 26).
As of December 31, 2023, securities to be consolidated amounted Changes in the scope of consolidation in 2023 mainly related to
to 106 million euros (see Note 2). Most of these investments will the initial consolidation of various acquisitions carried out prior
be consolidated as of December 31, 2024. to December 31, 2022 but that had not yet been consolidated as
of that date.

10. OTHER NON-CURRENT ASSETS
(EUR millions) 2023 2022 2021
Warranty deposits 577 554 482

Derivatives (a) 99 97 55
Loans and receivables 243 444 413
Other 98 91 103
Total 1,017 1,186 1,054
(a) See Note 23.
11. INVENTORIES AND WORK IN PROGRESS
(EUR millions) 2023 2022 2021
Wines and eaux‑de‑vie in the process of aging 6,630 (48) 6,582 5,932 5,433
Other raw materials and work in progress 5,454 (895) 4,559 4,187 2,885
12,085 (943) 11,141 10,120 8,319
Goods purchased for resale 2,962 (312) 2,650 2,410 1,951
Finished products 11,078 (1,917) 9,161 7,790 6,279
14,040 (2,229) 11,811 10,200 8,230
Total 26,124 (3,172) 22,952 20,319 16,549
The change in net inventories for the fiscal years presented breaks down as follows:
(EUR millions) 2023 2022 2021
As of January 1 23,042 (2,723) 20,319 16,549 13,016

Change in gross inventories 4,230 - 4,230 4,169 1,567
Impact of provision for returns (a) (10) - (10) (17) 34
Impact of marking harvests to market 54 - 54 24 (35)
Changes in provision for impairment - (986) (986) (574) (447)
Changes in the scope of consolidation (90) 11 (80) 53 1,808
Other, including reclassifications (460) 455 (5) (13) 1
As of December 31 26,124 (3,172) 22,952 20,319 16,549
(a) See Note 1.27.

The impact of marking harvests to market on Wines and Spirits’ cost of sales and value of inventory is as follows:
(EUR millions) 2023 2022 2021
Impact of marking the period’s harvest to market 62 40 (12)

Impact of inventory sold during the period (8) (16) (23)
Net impact on cost of sales for the period 54 24 (35)
Net impact on the value of inventory as of December 31 136 82 93
See Notes 1.10 and 1.18 on the method of marking harvests to market.
12. TRADE ACCOUNTS RECEIVABLE
(EUR millions) 2023 2022 2021
Trade accounts receivable, nominal amount 4,843 4,369 3,914

Provision for impairment (115) (111) (127)
Net amount 4,728 4,258 3,787
The change in trade accounts receivable for the fiscal years presented breaks down as follows:
(EUR millions) 2023 2022 2021
As of January 1 4,369 (111) 4,258 3,787 2,756

Changes in gross receivables 695 - 695 394 613
Changes in provision for impairment - (19) (19) 6 (16)
Changes in the scope of consolidation 28 (1) 27 42 254
Reclassifications (31) 14 (17) (20) 16
As of December 31 4,843 (115) 4,728 4,258 3,787
The trade accounts receivable balance is comprised essentially of receivables from wholesalers or agents, who are limited in number
and with whom the Group maintains long‑term relationships.
13. OTHER CURRENT ASSETS
(EUR millions) 2023 2022 2021
Current available for sale financial assets (a) 3,490 3,552 2,544
Derivatives (b) 543 462 258
Tax accounts receivable, excluding income taxes 1,833 1,602 1,210
Advances and payments on account to vendors 326 386 315
Prepaid expenses 681 613 503
Other receivables 850 875 777
Total 7,723 7,488 5,606
(a) See Note 14.
(b) See Note 23.

14. CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS

The net value of current available for sale financial assets changed as follows during the fiscal years presented:
(EUR millions) 2023 2022 2021
As of January 1 3,552 2,544 752

Acquisitions 17 1,449 1,692
Disposals at net realized value (161) (360) (296)
Changes in market value (a) 82 (81) 394
Changes in the scope of consolidation - - -
Translation adjustment - - 2
Reclassifications - - -
As of December 31 3,490 3,552 2,544
Of which: Historical cost of current available for sale financial assets 3,071 3,199 2,117
(a) Recognized within “Net financial income/(expense)” (see Note 26).
15. CASH AND CHANGE IN CASH

15.1 Cash and cash equivalents
(EUR millions) 2023 2022 2021
Term deposits (less than 3 months) 1,388 1,001 1,828

SICAV and FCP funds 283 287 477
Ordinary bank accounts 6,103 6,013 5,717
Cash and cash equivalents per balance sheet 7,774 7,300 8,021
The reconciliation between cash and cash equivalents as shown in the balance sheet and net cash and cash equivalents appearing in
the cash flow statement is as follows:
(EUR millions) 2023 2022 2021
Cash and cash equivalents 7,774 7,300 8,021

Bank overdrafts (255) (200) (204)
Net cash and cash equivalents per cash flow statement 7,520 7,100 7,817
15.2 Change in working capital
The change in working capital breaks down as follows for the fiscal years presented:
Change in inventories and work in progress 11 (4,230) (4,169) (1,567)

Change in trade accounts receivable 12 (695) (394) (613)
Change in balance of amounts owed to customers 22 24 6 27
Change in trade accounts payable 22 434 1,532 1,576
Change in other receivables and payables (107) 8 1,002
Change in working capital (a) (4,577) (3,019) 426
(a) Increase/(Decrease) in cash and cash equivalents.

15.3 Operating investments
Operating investments comprise the following elements for the fiscal years presented:
Purchase of intangible assets 3 (1,000) (685) (580)

Purchase of property, plant and equipment 6 (6,807) (4,397) (2,675)
Change in accounts payable related to fixed asset purchases 324 161 221
Initial direct costs 7 (53) (27) (37)
Net cash used in purchases of fixed assets (7,536) (4,948) (3,071)
Net cash from fixed asset disposals 136 73 444
Guarantee deposits paid and other cash flows related to operating investments (78) (94) (37)
Operating investments (a) (7,478) (4,969) (2,664)
(a) Increase/(Decrease) in cash and cash equivalents.
15.4 Interim and final dividends paid and other equity‑related transactions
Interim and final dividends paid comprise the following elements for the fiscal years presented:
(EUR millions) 2023 2022 2021
Interim and final dividends paid by LVMH SE (6,251) (6,025) (3,527)

Interim and final dividends paid to minority interests in consolidated subsidiaries (532) (421) (408)
Tax paid related to interim and final dividends paid (a) (376) (329) (226)
Interim and final dividends paid (7,159) (6,774) (4,161)
(a) Tax paid related to interim and final dividends paid exclusively related to intra-Group dividends; see Note 27.
Other equity‑related transactions comprise the following elements for the fiscal years presented:
Capital increases of LVMH SE 16 - - -

Capital increases of subsidiaries subscribed by minority interests 15 12 4
Acquisition and disposal of LVMH shares 16 (1,584) (1,616) (556)
Other equity‑related transactions (1,569) (1,604) (552)
16. EQUITY
16.1 Equity
Share capital 16.2 151 151 152

Share premium account 16.2 530 1,289 2,225
LVMH shares 16.3 (1,953) (1,293) (912)
Cumulative translation adjustment 16.5 1,525 2,586 1,380
Revaluation reserves 1,392 1,286 875
Other reserves 44,199 37,007 31,363
Net profit, Group share 15,174 14,084 12,036
Equity, Group share 61,017 55,111 47,119

16.2 Share capital and share premium account
As of December 31, 2023, the share capital consisted of voting rights (231,307,286 as of December 31, 2022 and 238,140,651
502,048,400 fully paid‑up shares (503,257,339 as of December 31, as of December 31, 2021). Double voting rights are attached to
2022 and 504,757,339 as of December 31, 2021), with a par value registered shares held for more than three years.
of 0.30 euros per share, including 233,120,916 shares with double
Changes in the share capital and share premium account, in value and in terms of number of shares, break down as follows:
(EUR millions) 2023 2022 2021
Number Amount Amount Amount
Share Share Total

capital premium
account
As of January 1 503,257,339 151 1,289 1,440 2,376 2,376

Retirement of LVMH shares (1,208,939) - (759) (759) (936) -
As of period‑end 502,048,400 151 530 681 1,440 2,376
16.3 LVMH shares
The portfolio of LVMH shares is allocated as follows:
(EUR millions) 2023 2022 2021
Number Amount Amount Amount
Bonus share plans 606,392 352 520 597

Shares held for bonus share and similar plans (a) 606,392 352 520 597
Liquidity contract 22,000 16 14 15
Shares pending retirement 1,906,702 1,585 759 300
LVMH shares 2,535,094 1,953 1,293 912
(a) See Note 17 regarding bonus share and similar plans.
The market value of LVMH shares held under the liquidity In May 2022, a new share buyback program was launched
contract as of December 31, 2023 amounted to 16 million euros. by LVMH aimed at acquiring its own shares for a maximum
amount of 1 billion euros over a period beginning on May 17 and
In December 2021, LVMH announced the implementation of
potentially extending until November 15, 2022. The program
a share buyback program aimed at acquiring its own shares
ended on November 15, 2022 following the acquisition of
for a maximum amount of 300 million euros over a period
1,625,050 shares corresponding to the amount of 1 billion euros,
beginning on December 21, 2021 and potentially extending
all of which were to be retired.
until February 15, 2022. The program ended on January 14, 2022
following the acquisition of 417,261 shares, all of which were to In March 2023, LVMH announced the implementation of a
be retired. share buyback program aimed at acquiring its own shares for a
maximum amount of 1.5 billion euros over a period beginning
on March 1, 2023 and potentially extending until July 20, 2023.
At the end of this program, 1,791,189 shares totaling 1,500 million
euros had been acquired.

The portfolio movements of LVMH shares during the fiscal year were as follows:
(number of shares or EUR millions) Number Amount Impact on cash
As of December 31, 2022 2,180,399 1,293

Share purchases 2,285,143 1,881 (1,878)
Vested bonus shares (345,068) (168) -
Retirement of LVMH shares (1,208,939) (759) -
Disposals at net realized value (376,441) (294) 294
Gain/(Loss) on disposal - 1 -
As of December 31, 2023 2,535,094 1,953 (1,584)
16.4 Dividends paid by the parent company LVMH SE
In accordance with French regulations, dividends are taken from the distributable amount was 25,673 million euros; after taking
the profit for the fiscal year and the distributable reserves of the into account the proposed dividend distribution in respect of
parent company, after deducting applicable withholding tax and the 2023 fiscal year, it was 21,908 million euros.
the value attributable to treasury shares. As of December 31, 2023,
(EUR millions) 2023 2022 2021
Interim dividend for the current fiscal year

(2023: 5.50 euros; 2022: 5.00 euros; 2021: 3.00 euros) 2,761 2,516 1,514
Impact of treasury shares (14) (11) (3)
Gross amount disbursed for the period 2,747 2,505 1,511
Final dividend for the previous fiscal year
(2022: 7.00 euros; 2021: 7.00 euros; 2020: 4.00 euros) 3,514 3,533 2,019
Impact of treasury shares (11) (14) (3)
Gross amount disbursed for the previous fiscal year 3,503 3,519 2,016
Total gross amount disbursed during the period (a) 6,251 6,025 3,527
(a) Excluding the impact of tax regulations applicable to the recipient.
The final dividend for fiscal year 2023, as proposed at the Shareholders’ Meeting of April 18, 2024, is 7.50 euros per share, representing
a total of 3,765 million euros before deduction of the amount attributable to treasury shares held at the ex‑dividend date.
16.5 Cumulative translation adjustment
The change in “Cumulative translation adjustment” recognized within “Equity, Group share”, net of hedging effects of net assets
denominated in foreign currency, breaks down as follows by currency:
(EUR millions) 2023 Change 2022 2021
US dollar 1,013 (680) 1,693 747

Swiss franc 1,214 170 1,044 928
Japanese yen (140) (120) (20) 71
Hong Kong dollar 318 (189) 507 532
Pound sterling (79) 44 (123) 25
Other currencies (603) (286) (317) (616)
Foreign currency net investment hedges (a) (198) - (198) (307)
Total, Group share 1,525 (1,062) 2,586 1,380
(a) Including: -144 million euros with respect to the US dollar, -118 million euros with respect to the Hong Kong dollar, and -223 million euros with respect to the Swiss franc. These amounts
remain unchanged since June 30, 2022 and include the tax impact.

17. BONUS SHARE AND SIMILAR PLANS

17.1 Share subscription option plans
No share subscription option plans were in effect during the fiscal years presented.
17.2 Bonus share plans
The number of provisional allocations of shares awarded changed as follows during the fiscal years presented:
(number of shares) 2023 2022 2021
Provisional allocations as of January 1 668,795 666,515 824,733

Provisional allocations for the period 227,006 189,404 397,377
Shares vested during the period (345,068) (175,499) (544,706)
Shares expired during the period (12,666) (11,625) (10,889)
Provisional allocations as of period‑end 538,067 668,795 666,515
Seven bonus share plans were set up during the fiscal year. The main characteristics of these plans are as follows:
Plan commencement date Number of Of which: Vesting period LVMH share price Unit value of
shares awarded Performance of rights the day before provisional
initially shares the grant date allocations
January 26, 2023 1,359 1,359 2 years and 9 months 792.3 760.1
January 26, 2023 1,000 - 1 year 792.3 780.1
April 20, 2023 13,752 - 1 year 885.0 872.6
July 25, 2023 15,000 15,000 4 years and 8 months 857.6 797.9
July 25, 2023 20,000 20,000 5 years and 6 months 857.6 783.0
October 26, 2023 140,895 140,895 3 years 679.1 639.4
October 26, 2023 35,000 35,000 4 years and 5 months 679.1 619.0
Total 227,006 212,254
Vested share allocations were delivered in existing shares held.
17.3 Expense for the period
(EUR millions) 2023 2022 2021
Expense for the period for bonus share plans 117 132 132

18. MINORITY INTERESTS

(EUR millions) 2023 2022 2021
As of January 1 1,493 1,790 1,417

Minority interests’ share of net profit 778 667 662
Dividends paid to minority interests (513) (382) (428)
Impact of changes in control of consolidated entities 10 6 397
Impact of acquisition and disposal of minority interests’ shares (4) (138) (211)
Capital increases subscribed by minority interests 19 28 12
Minority interests’ share in gains and losses recognized in equity (29) 88 101
Minority interests’ share in bonus share plan‑related expenses 4 5 6
Impact of changes in minority interests with purchase commitments (74) (571) (166)
As of December 31 1,684 1,493 1,790
The change in minority interests’ share in gains and losses recognized in equity breaks down as follows:
(EUR millions) Cumulative Hedges of future Vineyard land Employee Minority interests’
translation foreign currency benefit share in cumulative
adjustment cash flows and commitments translation
cost of hedging adjustment and
revaluation reserves
As of December 31, 2020 22 18 267 (53) 254
Changes during the fiscal year 118 (43) 11 14 101
As of December 31, 2021 140 (24) 278 (39) 355
Changes during the fiscal year 61 18 (10) 19 88
As of December 31, 2022 201 (6) 268 (20) 443
Changes during the fiscal year (50) 6 10 5 (29)
As of December 31, 2023 151 - 278 (15) 414
Minority interests are composed primarily of Diageo’s 34% stake at the period‑end within “Purchase commitments for minority
in Moët Hennessy SAS and Moët Hennessy International SAS interests’ shares” under “Other non‑current liabilities” and is
(“Moët Hennessy”) and the 39% stake held by Mari-Cha therefore excluded from the total amount of minority interests
Group Ltd in DFS. Since the 34% stake held by Diageo in Moët at the period‑end. See Note 1.13 and Note 21 below.
Hennessy is subject to a purchase commitment, it is reclassified
Dividends paid to Diageo in fiscal year 2023 amounted to 241 million euros in respect of fiscal year 2022. Net profit attributable to
Diageo for fiscal year 2023 was 480 million euros, and its share in accumulated minority interests (before recognition of the purchase
commitment granted to Diageo) came to 4,281 million euros as of December 31, 2023. As of that date, the condensed consolidated
balance sheet of Moët Hennessy was as follows:
(EUR billions) 2023 (EUR billions) 2023
Property, plant and equipment Equity 12.5

and intangible assets 6.4 Non‑current liabilities 2.4
Other non-current assets 1.0
Equity and non‑current liabilities 14.9
Non-current assets 7.4
Short-term borrowings 1.8
Inventories and work in progress 7.6 Other current liabilities 2.1
Other current assets 1.7
Current liabilities 3.9
Cash and cash equivalents 2.0
Total liabilities and equity 18.8
Current assets 11.4
Total assets 18.8
No dividends were paid to Mari-Cha Group Ltd in 2023. Net profit attributable to Mari-Cha Group Ltd for 2023 was a loss of 38 million
euros, and its share in accumulated minority interests as of December 31, 2023 came to 1,173 million euros.

19. BORROWINGS
19.1 Net financial debt
(EUR millions) 2023 2022 2021
Bonds and Euro Medium-Term Notes (EMTNs) 11,027 10,185 11,872

Bank borrowings 200 194 293
Long-term borrowings 11,227 10,380 12,165
Bonds and Euro Medium-Term Notes (EMTNs) 2,685 1,486 3,072
Current bank borrowings 338 222 377
Euro- and US dollar‑denominated commercial paper 7,291 7,247 4,172
Other borrowings and credit facilities 152 144 191
Bank overdrafts 254 200 203
Accrued interest (40) 60 61
Short-term borrowings 10,680 9,360 8,075
Gross borrowings 21,907 19,739 20,241
Interest rate risk derivatives 96 144 (6)
Foreign exchange risk derivatives 7 170 (63)
Gross borrowings after derivatives 22,010 20,053 20,172
Current available for sale financial assets (a) (3,490) (3,552) (2,544)
Cash and cash equivalents (b) (7,774) (7,300) (8,021)
Net financial debt 10,746 9,201 9,607
(a) See Note 14.
(b) See Note 15.1.
Net financial debt does not include purchase commitments for minority interests’ shares (see Note 21) or lease liabilities (see Note 7).
The change in gross borrowings after derivatives during the fiscal year breaks down as follows:
(EUR millions) As of Impact on Translation Impact of Changes in Reclassifications As of

December 31, cash (a) adjustment market value the scope of and other December 31,
2022 changes consolidation 2023
Long-term borrowings 10,380 3,531 (2) 44 49 (2,775) 11,227

Short-term borrowings 9,359 (1,637) (35) 1 241 2,751 10,680
Gross borrowings 19,739 1,894 (37) 45 290 (24) 21,907
Derivatives 314 15 1 (226) (1) - 103
Gross borrowings
after derivatives 20,053 1,909 (36) (181) 289 (24) 22,010
(a) Including 5,990 million euros in respect of proceeds from borrowings, 3,968 million euros in respect of repayment of borrowings and 55 million euros due to an increase in bank overdrafts.
During the first half of 2023, LVMH repaid the 700 million euro • in April 2023, a 1,000 million euro bond maturing in
bond issued in 2019, as well as the 700 million pound sterling October 2025, with a coupon of 3.375%;
bond issued in 2020. The hedging swaps associated with the
latter bond were unwound on redemption. • in September 2023, a 1,000 million euro bond maturing in
September 2029, with a coupon of 3.25%;
In addition, LVMH carried out three bond issues under its
EMTN program: • in September 2023, a 1,500 million euro bond maturing in
September 2033, with a coupon of 3.50%.

19.2 Breakdown of gross borrowings by payment date and type of interest rate
(EUR millions) Gross borrowings Impact of derivatives Gross borrowings

after derivatives
Fixed rate Floating Total Fixed Floating Total Fixed Floating Total
rate rate rate rate rate
Maturity: December 31, 2024 2,919 7,761 10,680 (295) 315 20 2,624 8,076 10,701
December 31, 2025 2,586 - 2,586 (1) - (1) 2,585 - 2,585
December 31, 2026 1,410 - 1,410 (19) - (19) 1,391 - 1,391
December 31, 2027 946 - 946 (885) 994 109 61 994 1,055
December 31, 2028 1,776 - 1,776 (213) 208 (5) 1,562 208 1,771
December 31, 2029 1,004 - 1,004 - - - 1,004 - 1,004
Thereafter 3,505 - 3,505 - - - 3,505 - 3,505
Total 14,147 7,761 21,908 (1,414) 1,517 104 12,733 9,278 22,012
See Note 23.3 regarding the market value of interest rate risk derivatives.
The breakdown by quarter of gross borrowings falling due in 2024 is as follows:
(EUR millions) Falling due in 2024
First quarter 6,017

Second quarter 3,881
Third quarter 151
Fourth quarter 631
Total 10,680
19.3 Breakdown of gross borrowings by currency after derivatives
The purpose of foreign currency borrowings is to finance the development of the Group’s activities outside the eurozone, as well as
the Group’s assets denominated in foreign currency.
(EUR millions) 2023 2022 2021
Euro 15,647 14,836 17,576

US dollar 4,048 4,564 2,845
Swiss franc 375 (26) 588
Japanese yen 4 309 453
Other currencies 1,936 371 (1,290)
Total (a) 22,010 20,053 20,172
(a) The amounts presented above include the impact of swaps to convert Group‑level financing into subsidiaries’ functional currencies, whether these subsidiaries are borrowers or lenders
in the currency concerned.
19.4 Undrawn confirmed credit lines and covenants
As of December 31, 2023, undrawn confirmed credit lines came as of December 31, 2023. In connection with certain credit lines,
to 11.1 billion euros. This amount exceeded the outstanding the Group may undertake to maintain certain financial ratios.
portion of the euro- and US dollar‑denominated commercial As of December 31, 2023, no significant credit lines were
paper (ECP and USCP) programs, which totaled 7.3 billion euros concerned by these provisions.

20. PROVISIONS AND OTHER NON-CURRENT LIABILITIES

Non‑current provisions and other liabilities comprise the following:
(EUR millions) 2023 2022 2021
Non-current provisions 1,529 1,529 1,771

Uncertain tax positions 1,438 1,400 1,404
Derivatives (a) 130 206 45
Employee profit sharing 132 123 105
Other liabilities 650 644 656
Non-current provisions and other liabilities 3,880 3,902 3,980
(a) See Note 23.
Provisions concern the following types of contingencies and losses:
(EUR millions) 2023 2022 2021
Provisions for pensions, medical costs and similar commitments 609 622 915
Provisions for contingencies and losses 920 907 856
Non-current provisions 1,529 1,529 1,771
Provisions for pensions, medical costs and similar commitments 17 17 17
Provisions for contingencies and losses 578 539 582
Current provisions 595 556 598
Total 2,125 2,085 2,369
Provisions changed as follows during the fiscal year:
(EUR millions) As of Increases Amounts Amounts Changes Other (a) As of

December 31, used released in the December 31,
2022 scope of 2023
consolidation
Provisions for pensions, medical
costs and similar commitments 639 136 (109) (1) 3 (41) 627
Provisions for contingencies and losses 1,445 513 (274) (165) 7 (28) 1,498
Total 2,085 649 (383) (166) 10 (70) 2,125
(a) Including the impact of translation adjustment and change in revaluation reserves. See Note 29 regarding “Provisions for pensions, medical costs and similar commitments”.
Provisions for contingencies and losses correspond to the Non-current liabilities related to uncertain tax positions include
estimate of the impact on assets and liabilities of risks, disputes an estimate of the risks, disputes, and actual or probable litigation
(see Note 32), or actual or probable litigation arising from the related to the income tax computation. The Group’s entities in
Group’s activities; such activities are carried out worldwide, France and abroad may be subject to tax inspections and, in
within what is often an imprecise regulatory framework that is certain cases, to rectification claims from local administrations.
different for each country, changes over time and applies to areas A liability is recognized for these rectification claims, together
ranging from product composition and packaging to relations with any uncertain tax positions that have been identified but
with the Group’s partners (distributors, suppliers, shareholders not yet officially notified, the amount of which is regularly
in subsidiaries, etc.). reviewed in accordance with the criteria of the application of
IFRIC 23 Uncertainty over Income Tax Treatments.

21. PURCHASE COMMITMENTS FOR MINORITY INTERESTS’ SHARES

As of December 31, 2023, purchase commitments for minority Moët Hennessy SAS and Moët Hennessy International SAS
interests’ shares mainly included the put option granted by (“Moët Hennessy”) hold the LVMH group’s investments in
LVMH to Diageo for its 34% share in Moët Hennessy for 80% of the Wines and Spirits businesses, with the exception of the
the fair value of Moët Hennessy at the exercise date of the option. equity investments in Château d’Yquem, Château Cheval Blanc,
This option may be exercised at any time subject to a six-month Clos des Lambrays and Colgin Cellars, and excluding certain
notice period. The fair value of this commitment was calculated champagne vineyards.
by applying the share price multiples of comparable firms to
Purchase commitments for minority interests’ shares also include
Moët Hennessy’s consolidated operating results.
commitments relating to minority shareholders in Loro Piana
(15%), and distribution subsidiaries in various countries, mainly
in the Middle East.
22. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

22.1 Trade accounts payable
The change in trade accounts payable for the fiscal years presented breaks down as follows:
(EUR millions) 2023 2022 2021
As of January 1 8,788 7,086 5,098

Changes in trade accounts payable 428 1,532 1,576
Changes in amounts owed to customers 24 6 27
Changes in the scope of consolidation - 62 243
Translation adjustment (175) 81 226
Reclassifications (17) 21 (85)
As of December 31 9,049 8,788 7,086
22.2 Current provisions and other liabilities
(EUR millions) 2023 2022 2021
Current provisions (a) 595 556 598

Derivatives (b) 149 300 195
Employees and social security 2,671 2,448 2,244
Employee profit sharing 317 266 226
Taxes other than income taxes 1,393 1,261 1,101
Advances and payments on account from customers 1,167 1,224 1,079
Provision for product returns (c) 646 653 648
Deferred payment for non-current assets 936 787 907
Deferred income 291 275 230
Loyalty programs and gift cards 651 543 451
Other lease liabilities and subsidies 431 321 324
Other liabilities 293 919 1,170
Total 9,540 9,553 9,174
(a) See Note 20.
(b) See Note 23.
(c) See Note 1.27.

23. FINANCIAL INSTRUMENTS AND MARKET RISK MANAGEMENT

23.1 Organization of foreign exchange, interest rate and equity market risk management
Financial instruments are mainly used by the Group to hedge The backbone of this organization is an integrated information
risks arising from Group activity and protect its assets. system that allows transactions to be checked quickly.
The management of foreign exchange and interest rate risk, The Group’s hedging strategy is presented to the Performance
in addition to transactions involving shares and financial Audit Committee. Hedging decisions are made according to an
instruments, is centralized. established process that includes regular presentations to the
Group’s Executive Committee and detailed documentation.
The Group has implemented a stringent policy and rigorous
management guidelines to manage, measure and monitor these Counterparties are selected based on their rating and in
market risks. accordance with the Group’s risk diversification strategy.
These activities are organized based on a segregation of duties
between risk measurement (middle office), hedging (front office),
administration (back office) and financial control.
23.2 Summary of derivatives
Derivatives are recorded in the balance sheet for the amounts and in the captions detailed as follows:
Interest rate risk Assets: Non‑current 2 - 4

Current 23 34 31
Liabilities: Non‑current (100) (159) (25)
Current (21) (19) (5)
23.3 (96) (144) 6
Foreign exchange risk Assets: Non‑current 97 97 51
Current 509 421 218
Liabilities: Non‑current (31) (47) (20)
Current (126) (277) (182)
23.4 450 193 68
Other risks Assets: Non‑current - - -
Current 10 7 9
Liabilities: Non‑current - - -
Current (2) (3) (8)
23.5 9 4 1
Total Assets: Non‑current 10 99 97 55
Current 13 543 462 258
Liabilities: Non‑current 20 (130) (206) (45)
Current 22 (149) (300) (195)
363 53 74
Derivatives used to manage “Other risks” mainly concern futures and/or options contracts to hedge the price of certain precious metals,
in particular silver, gold and platinum.

23.3 Derivatives used to manage interest rate risk
The aim of the Group’s debt management policy is to adapt the For these purposes, the Group uses interest rate swaps and
debt maturity profile to the characteristics of the assets held and options.
its repayment capacity to curb borrowing costs, and to protect
net profit from the impact of significant changes in interest rates.
Derivatives used to manage interest rate risk outstanding as of December 31, 2023 break down as follows:
(EUR millions) Nominal amounts by maturity Market value (a) (b)
Less than From 1 to More than Total Future cash Fair value Not Total
1 year 5 years 5 years flow hedges hedges allocated
Interest rate swaps,
floating-rate payer 300 1,178 - 1,478 - (102) - (102)
Interest rate swaps,
fixed-rate payer - - - - - - - -
Foreign currency swaps,
euro-rate payer - 978 - 978 - - 5 5
Foreign currency swaps,
euro-rate receiver - - - - - - - -
Interest rate options - 400 - 400 - - - -
Total - (102) 5 (97)
(a) Gain/(Loss).
(b) See Note 1.10 regarding the methodology used for market value measurement.
23.4 Derivatives used to manage foreign exchange risk
A significant portion of Group companies’ sales to customers and Future foreign currency‑denominated cash flows are broken
to their own distribution subsidiaries as well as certain purchases down as part of the budget preparation process and are hedged
are denominated in currencies other than their functional progressively over a period not exceeding one year unless a
currency; the majority of these foreign currency‑denominated longer period is justified by probable commitments. As such, and
cash flows are intra-Group cash flows. Hedging instruments according to market trends, identified foreign exchange risks are
are used to reduce the foreign exchange risks arising from the hedged using forward contracts or options.
fluctuations of currencies against the exporting and importing
In addition, the Group is exposed to foreign exchange risk with
companies’ functional currencies, and are allocated to either
respect to the Group’s net assets, as it owns assets denominated
trade receivables or payables (fair value hedges) for the fiscal year,
in currencies other than the euro. This foreign exchange risk may
or to transactions anticipated for future fiscal years (hedges of
be hedged either partially or in full through foreign currency
future cash flows).
borrowings or by hedging the net worth of subsidiaries outside
the eurozone, using appropriate financial instruments with
the aim of limiting the impact of foreign currency fluctuations
against the euro on consolidated equity.

Derivatives used to manage foreign exchange risk outstanding as of December 31, 2023 break down as follows:
(EUR millions) Nominal amounts by fiscal year of allocation (a) Market value (b) (c)
2023 2024 Thereafter Total Future cash Fair value Not Total
flow hedges hedges allocated
Options purchased
Call USD - 127 - 127 1 - - 1
Put JPY - 20 - 20 - - - -
Put CNY - 190 - 190 - - - -
Other - 11 - 11 3 - - 3
- 348 - 348 4 - - 4
Collars
Written USD 242 6,066 428 6,736 157 7 - 164
Written JPY 146 1,573 120 1,838 77 14 - 92
Written GBP 51 647 43 740 9 - - 9
Written HKD 13 588 45 646 19 - - 19
Written CNY 274 3,239 217 3,730 118 30 - 149
726 12,113 852 13,691 381 52 - 433
Forward exchange contracts
USD 121 428 - 548 4 12 - 16
JPY - 9 - 9 - - - -
KRW 52 - - 52 - - - -
BRL 1 64 - 65 - (5) - (5)
Other (112) 127 - 15 - 2 - 2
62 627 - 689 4 10 - 13
Foreign exchange swaps
USD 116 (3,632) 17 (3,499) - (6) - (6)
GBP 2 492 (655) (162) - (32) - (32)
JPY 7 (169) 222 60 - 60 - 60
CNY 72 1,227 - 1,299 - 16 - 16
HKD 15 (1,090) - (1,075) - (24) - (24)
Other - 1,007 21 1,028 - (13) - (13)
212 (2,164) (396) (2,348) - - - -
Total 999 10,924 457 12,380 389 61 - 450

(a) Sale/(Purchase).
(b) See Note 1.10 regarding the methodology used for market value measurement.
(c) Gain/(Loss).
23.5 Financial instruments used to manage other risks
The Group’s investment policy is designed to take advantage of The Group may also use equity‑based derivatives to synthetically
a long‑term investment horizon. Occasionally, the Group may create an economic exposure to certain assets, to hedge
invest in equity‑based financial instruments with the aim of cash‑settled compensation plans index‑linked to the LVMH
enhancing the dynamic management of its investment portfolio. share price, or to hedge certain risks related to changes in the
LVMH share price. As of December 31, 2023, there were no
The Group is exposed to risks of share price changes either directly
equity-based derivatives outstanding.
(as a result of its holding of subsidiaries, equity investments and
current available for sale financial assets) or indirectly (as a result The Group – mainly through its Watches and Jewelry business
of its holding of funds, which are themselves partially invested group – may be exposed to changes in the prices of certain precious
in shares). metals, such as silver, gold and platinum. In certain cases, in order
to ensure visibility with regard to production costs, hedges may be
implemented. This is achieved either by negotiating the forecast

price of future deliveries of alloys with precious metal refiners, December 31, 2023 had a positive market value of 9 million euros.
or the price of semi-finished products with producers; or by A uniform 1% change in those financial instruments’ underlying
entering into hedges with top-ranking banks. In the latter case, assets’ prices as of December 31, 2023 would have a negative net
hedges consist of futures and/or options, with cash payment on impact on the Group’s consolidated reserves of 2 million euros.
delivery. With a nominal value of 189 million euros, derivatives They will mature in 2024.
outstanding relating to the hedging of precious metal prices as of
24. SEGMENT INFORMATION

The Group’s brands and trade names are organized into six and the Watches and Jewelry business group for Bulgari and
business groups. Four business groups – Wines and Spirits, Tiffany. The Selective Retailing business group comprises the
Fashion and Leather Goods, Perfumes and Cosmetics, and Group’s own-label retailing activities. The “Other and holding
Watches and Jewelry – comprise brands dealing with the same companies” business group comprises brands and businesses
category of products that use similar production and distribution that are not associated with any of the above‑mentioned business
processes. Information on Louis Vuitton, Bulgari and Tiffany is groups, particularly the media division, the Dutch luxury yacht
presented according to the brand’s main business, namely the maker Royal Van Lent, hotel operations and holding or real estate
Fashion and Leather Goods business group for Louis Vuitton companies.
24.1 Information by business group
Fiscal year 2023
(EUR millions) Wines Fashion Perfumes Watches Selective Other and Eliminations Total
and Spirits and Leather and and Retailing holding and not
Goods Cosmetics Jewelry companies allocated (a)
Sales outside the Group 6,587 42,089 7,126 10,811 17,781 1,759 - 86,153
Intra-Group sales 14 80 1,145 91 104 61 (1,496) -
Total revenue 6,602 42,169 8,271 10,902 17,885 1,820 (1,496) 86,153
Profit from recurring operations 2,109 16,836 713 2,162 1,391 (397) (12) 22,802
Other operating income
and expenses (15) (117) (25) (5) (109) 27 - (242)
Depreciation, amortization
and impairment expenses (274) (2,599) (507) (1,012) (1,377) (388) 138 (6,018)
Of which: Right‑of‑use assets (31) (1,475) (164) (536) (851) (113) 138 (3,031)
Other (242) (1,124) (343) (476) (526) (276) - (2,987)
Intangible assets and goodwill (b) 2,540 14,142 1,542 20,668 3,404 7,320 (5) 49,611
Right-of-use assets 221 8,124 644 2,562 4,182 926 (982) 15,679
Property, plant and equipment 4,248 7,099 897 2,411 1,695 10,988 (8) 27,331
Inventories and work in progress 7,703 5,635 1,118 5,758 2,966 94 (323) 22,952
Other operating assets (c) 1,712 3,529 1,561 1,761 949 1,666 16,943 28,121
Total assets 16,425 38,529 5,763 33,160 13,197 20,994 15,626 143,694
Equity - - - - - - 62,701 62,701
Lease liabilities 239 8,474 700 2,637 4,444 1,023 (978) 16,538
Other liabilities (d) 2,114 7,841 2,938 2,482 4,196 1,738 43,146 64,455
Total liabilities and equity 2,353 16,315 3,638 5,119 8,640 2,761 104,870 143,694
Operating investments (e) (538) (3,025) (432) (871) (571) (2,041) (1) (7,478)

Fiscal year 2022
Intra-Group sales 13 72 1,021 70 79 50 (1,304) -
Total revenue 7,099 38,648 7,722 10,581 14,852 1,586 (1,304) 79,184
Profit from recurring operations 2,155 15,709 660 2,017 788 (267) (7) 21,055
and expenses (12) (7) (12) (5) (208) 190 - (54)
and impairment expenses (261) (2,431) (480) (994) (1,427) (291) 112 (5,772)
Other (227) (1,008) (321) (471) (544) (194) - (2,766)
Intangible assets and goodwill (b) 8,861 13,937 1,696 20,594 3,609 1,522 (5) 50,213
Inventories and work in progress 6,892 4,793 1,033 5,051 2,805 72 (327) 20,319
Total assets 21,483 34,562 5,707 31,646 13,161 13,264 14,823 134,646
Equity - - - - - - 56,604 56,604
Lease liabilities 247 7,426 695 2,363 4,537 1,019 (879) 15,408
Operating investments (e) (440) (1,872) (409) (654) (523) (1,074) 1 (4,969)

Fiscal year 2021
Intra-Group sales 9 52 897 92 74 27 (1,150) -
Total revenue 5,974 30,896 6,608 8,964 11,754 1,169 (1,150) 64,215
Profit from recurring operations 1,863 12,842 684 1,679 534 (436) (15) 17,151
and expenses (26) (47) (17) (4) (53) 151 - 4
and impairment expenses (228) (2,142) (443) (860) (1,399) (294) 113 (5,253)
Other (196) (851) (294) (449) (563) (205) 3 (2,555)
Intangible assets and goodwill (b) 10,688 13,510 1,417 19,726 3,348 1,766 - 50,455
Inventories and work in progress 6,278 3,374 831 3,949 2,410 41 (335) 16,549
Total assets 22,167 31,016 4,838 28,737 12,313 11,741 14,500 125,311
Equity - - - - - - 48,909 48,909
Lease liabilities 164 6,894 594 1,985 4,362 931 (656) 14,275
Operating investments (e) (328) (1,131) (290) (458) (370) (89) 1 (2,664)
(a) Eliminations correspond to sales between business groups; these generally consist of sales to Selective Retailing from other business groups. Selling prices between the different
business groups correspond to the prices applied in the normal course of business for sales transactions to wholesalers or retailers outside the Group.
(b) Intangible assets and goodwill correspond to the carrying amounts shown in Notes 3 and 4.
(c) Assets not allocated include available for sale financial assets, other financial assets, and current and deferred tax assets.
(d) Liabilities not allocated include financial debt, current and deferred tax liabilities, and liabilities related to purchase commitments for minority interests’ shares.
(e) Increase/(Decrease) in cash and cash equivalents.
24.2 Information by geographic region
Revenue by geographic region of delivery breaks down as follows:
(EUR millions) 2023 2022 2021
France 6,830 6,071 4,111

Europe (excl. France) 14,145 12,717 9,860
United States 21,764 21,542 16,591
Japan 6,314 5,436 4,384
Asia (excl. Japan) 26,577 23,785 22,365
Other countries 10,523 9,632 6,904
Revenue 86,153 79,184 64,215

Operating investments by geographic region are as follows:
(EUR millions) 2023 2022 2021
France 3,575 1,891 1,054

Europe (excl. France) 1,318 905 520
United States 1,095 955 313
Japan 202 133 82
Asia (excl. Japan) 844 761 488
Other countries 444 324 207
Operating investments 7,478 4,969 2,664
No geographic breakdown of segment assets is provided since generated by these assets in each region, and not in relation to
a significant portion of these assets consists of brands and the region of their legal ownership.
goodwill, which must be analyzed on the basis of the revenue
24.3 Quarterly information
Quarterly revenue by business group breaks down as follows:
and Spirits and Leather and and Retailing holding
Goods Cosmetics Jewelry companies
First quarter 1,694 10,728 2,115 2,589 3,961 341 (394) 21,035
Second quarter 1,486 10,434 1,913 2,839 4,394 491 (351) 21,206
Third quarter 1,509 9,750 1,993 2,524 4,076 512 (399) 19,964
Fourth quarter 1,912 11,257 2,250 2,951 5,454 476 (352) 23,948
Total for 2023 6,602 42,169 8,271 10,902 17,885 1,820 (1,496) 86,153
First quarter 1,638 9,123 1,905 2,338 3,040 282 (322) 18,003
Second quarter 1,689 9,013 1,714 2,570 3,591 441 (291) 18,726
Third quarter 1,899 9,687 1,959 2,666 3,465 443 (364) 19,755
Fourth quarter 1,873 10,825 2,145 3,006 4,757 420 (327) 22,699
Total for 2022 7,099 38,648 7,722 10,581 14,852 1,586 (1,304) 79,184
First quarter 1,510 6,738 1,550 1,883 2,337 215 (274) 13,959
Second quarter 1,195 7,125 1,475 2,140 2,748 280 (257) 14,706
Third quarter 1,546 7,452 1,642 2,137 2,710 330 (305) 15,512
Fourth quarter 1,723 9,581 1,941 2,804 3,959 344 (314) 20,038
Total for 2021 5,974 30,896 6,608 8,964 11,754 1,169 (1,150) 64,215
25. OTHER OPERATING INCOME AND EXPENSES
(EUR millions) 2023 2022 2021
Net gains/(losses) on disposals (102) (210) 9

Restructuring costs (9) 3 -
Remeasurement of shares acquired prior to their initial consolidation 2 232 119
Transaction costs relating to the acquisition of consolidated companies (14) (25) (18)
Impairment or amortization of brands, trade names, goodwill and other fixed assets (105) (50) (89)
Other items, net (14) (3) (16)
Other operating income and expenses (242) (54) 4

See Notes 5 and 8 for impairment and amortization expenses In 2022, “Net gains/(losses) on disposals” mainly related to
recorded in 2023. Sephora’s sale of its subsidiary in Russia, which was finalized in
October 2022. In 2022, the remeasurement of shares acquired
In 2023, “Net gains/(losses) on disposals” mainly related to
prior to their initial consolidation resulted from the acquisition
the disposal of the 80% stake in Cruise Line Holdings Co. (see
of the remaining 60% stake in Mongoual SA, in which the Group
Note 2).
previously held a 40% stake, recognized under “Investments in
joint ventures and associates”.
26. NET FINANCIAL INCOME/(EXPENSE)
(EUR millions) 2023 2022 2021
Borrowing costs (580) (128) 4

Income from cash, cash equivalents and current available for sale financial assets 212 113 40
Fair value adjustment of borrowings and interest rate hedges 1 (2) (3)
Cost of net financial debt (367) (17) 41
Interest on lease liabilities (393) (254) (242)
Dividends received from non-current available for sale financial assets 5 8 10
Cost of foreign exchange derivatives (399) (358) (206)
Fair value adjustment of available for sale financial assets 263 (225) 499
Other items, net (43) (42) (49)
Other financial income and expenses (175) (618) 254
Net financial income/(expense) (935) (888) 53
Income from cash, cash equivalents and current available for sale financial assets comprises the following items:
(EUR millions) 2023 2022 2021
Income from cash and cash equivalents 136 49 27

Income from current available for sale financial assets (a) 77 65 13
Income from cash, cash equivalents and current available for sale financial assets 212 113 40
(a) Including 60 million euros related to dividends received as of December 31, 2023 (50 million euros as of December 31, 2022 and 9 million euros as of December 31, 2021).
The fair value adjustment of borrowings and interest rate hedges is attributable to the following items:
(EUR millions) 2023 2022 2021
Hedged financial debt (60) 139 82

Hedging instruments 60 (135) (80)
Unallocated derivatives 1 (6) (5)
Fair value adjustment of borrowings and interest rate hedges 1 (2) (3)
The cost of foreign exchange derivatives breaks down as follows:
(EUR millions) 2023 2022 2021
Cost of commercial foreign exchange derivatives (405) (348) (196)

Cost of foreign exchange derivatives related to net
investments denominated in foreign currency - (12) 3
Cost and other items related to other foreign exchange derivatives 5 3 (13)
Cost of foreign exchange derivatives (399) (358) (206)

27. INCOME TAXES
(EUR millions) 2023 2022 2021
Total tax expense per income statement (5,673) (5,362) (4,510)

Tax on items recognized in equity (34) (147) 89
The effective tax rate is as follows:
(EUR millions) 2023 2022 2021
Profit before tax 21,625 20,113 17,208

Total tax expense (5,673) (5,362) (4,510)
Effective tax rate 26.2% 26.7% 26.2%
The Group’s effective tax rate was 26.2% for fiscal year 2023, this reform and to coordinate the processes necessary to ensure
compared with 26.7% in fiscal year 2022. compliance with its obligations. In light of the current state
of regulations in the countries in which the Group is located,
The international tax reform drawn up by the OECD, known as
and subject to future regulatory specifications, the financial
Pillar Two, aimed in particular at establishing a minimum tax
consequences mainly concern countries in the Middle East, and
rate of 15%, will take effect in France starting in fiscal year 2024.
are not significant.
The Group has launched a project to measure the impact of
28. EARNINGS PER SHARE
2023 2022 2021
Net profit, Group share (EUR millions) 15,174 14,084 12,036

Average number of shares outstanding during the fiscal year 502,290,188 504,157,339 504,757,339
Average number of treasury shares held during the fiscal year (2,233,602) (2,036,645) (1,129,631)
Average number of shares on which the calculation before dilution is based 500,056,586 502,120,694 503,627,708
Basic earnings per share (EUR) 30.34 28.05 23.90
Average number of shares outstanding on which the above calculation is based 500,056,586 502,120,694 503,627,708
Dilutive effect of bonus share plans 247,730 359,406 267,884
Other dilutive effects - - -
Average number of shares on which the calculation after dilution is based 500,304,316 502,480,100 503,895,592
Diluted earnings per share (EUR) 30.33 28.03 23.89
The LVMH share buyback program that began on December 21, No events occurred between December 31, 2023 and the date at
2021 ended on January 14, 2022; the LVMH shares acquired which the financial statements were approved for publication
under this program are taken into account in calculating earnings that would have significantly affected the number of shares
per share before dilution. Shares remaining to be acquired at outstanding or the potential number of shares.
the period‑end are not taken into account in calculating diluted
earnings per share, in respect of “Other dilutive effects”.

29. P
ROVISIONS FOR PENSIONS, CONTRIBUTION TO MEDICAL COSTS
AND OTHER EMPLOYEE BENEFIT COMMITMENTS
The French retirement reform passed in April 2023 has a negligible impact on the Group’s benefit commitments.
No other significant events concerning provisions for pensions and other benefit commitments occurred during the fiscal year.
The expense recognized in the fiscal years presented for provisions for pensions, contribution to medical costs and other employee
benefit commitments is as follows:
(EUR millions) 2023 2022 2021
Service cost 122 136 130

Net interest cost 23 15 15
Actuarial gains and losses 1 (3) -
Changes in plans 4 8 (1)
Total expense for the fiscal year for defined-benefit plans 150 157 145
30. OFF-BALANCE SHEET COMMITMENTS

30.1 Purchase commitments
(EUR millions) 2023 2022 2021
Grapes, wines and eaux‑de‑vie 3,463 3,138 2,843

Other purchase commitments for raw materials 803 810 759
Industrial and commercial fixed assets 1,432 1,173 715
Investments in joint venture shares and non-current available for sale financial assets 367 181 317
Some Wines and Spirits companies have contractual purchase of the contractual terms or known fiscal year-end prices and
arrangements with various local producers for the future supply estimated production yields.
of grapes, still wines and eaux‑de‑vie. These commitments are
See also Note 2.
valued, depending on the nature of the purchases, on the basis
As of December 31, 2023, the maturity schedule of these commitments was as follows:
(EUR millions) Less than From 1 to More than Total

1 year 5 years 5 years
Grapes, wines and eaux‑de‑vie 907 2,195 361 3,463
Other purchase commitments for raw materials 369 433 - 803
Industrial and commercial fixed assets 591 704 137 1,432
Investments in joint venture shares and non-
current available for sale financial assets 367 - - 367

30.2 Collateral and other guarantees
As of December 31, 2023, these commitments broke down as follows:
(EUR millions) 2023 2022 2021
Securities and deposits 643 415 415

Other guarantees 327 328 162
Guarantees given 970 744 577
Guarantees received (42) (53) (65)
The maturity dates of these commitments are as follows:
(EUR millions) Less than From 1 to More than Total

1 year 5 years 5 years
Securities and deposits 522 80 41 643
Other guarantees 128 150 49 327
Guarantees given 650 231 89 970
Guarantees received (19) (20) (3) (42)
30.3 Other commitments
The Group is not aware of any significant off‑balance sheet commitments other than those described above.
31. EXCEPTIONAL EVENTS AND LITIGATION

To the best of the Company’s knowledge, there are no pending or impending administrative, judicial or arbitration procedures that
are likely to have, or have had over the twelve‑month period under review, any significant impact on the Group’s financial position
or profitability.
32. RELATED‑PARTY TRANSACTIONS

No significant related‑party transactions occurred during the fiscal year.
33. SUBSEQUENT EVENTS

No significant subsequent events occurred between December 31, 2023 and January 25, 2024, the date at which the financial statements
were approved for publication by the Board of Directors.

Design and production: Agence Marc Praquin
For further information:
LVMH, 22 avenue Montaigne - 75008 Paris - France
Tel. +33 1 44 13 22 22
www.lvmh.com

Financial Documents LVMH December 31 2023 - 1

Uploaded by

Copyright:

Available Formats

Financial Documents LVMH December 31 2023 - 1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Financial Documents LVMH December 31 2023 - 1

Uploaded by

Copyright:

Available Formats

TRANSLATION OF THE FRENCH

EXECUTIVE AND SUPERVISORY BODIES;

BUSINESS REVIEW AND COMMENTS ON THE CONSOLIDATED FINANCIAL

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 21

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

EXECUTIVE AND SUPERVISORY BODIES;

Board Executive Performance

Bernard Arnault Bernard Arnault Clara Gaymard (1)

(1) Independent Director.

Financial Documents - December 31, 2023 1

86,153 Wines and Spirits 6,602 7,099 -7% -4% 5,974

Revenue by geographic region of delivery Revenue by invoicing currency

Profit from recurring

Stores Geographic breakdown of stores

2021 2022 2023

2 Financial Documents - December 31, 2023

Net profit, Basic Group share of

15,952 15,174 30.34

2021 2022 2023 2021 2022 2023 2021 2022 2023

Net cash from Operating Operating

18,648 17,833 18,400 7,478 13,531

2021 2022 2023 2021 2022 2023 2021 2022 2023

Equity and Net financial

13.00 (b) 10,746 62,701

19.6% 16.3% 17.1%

2021 2022 2023 2021 2022 2023 2021 2022 2023

Financial Documents - December 31, 2023 3

•  articularly strong momentum in fragrances and makeup

• S upport for over 950 nonprofits and charitable foundations

SHARE CAPITAL AND VOTING RIGHTS AS OF DECEMBER 31, 2023

Shareholders Number of Number of % of share % of voting

4 Financial Documents - December 31, 2023

1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6

2. WINES AND SPIRITS 10

3. FASHION AND LEATHER GOODS 11

4. PERFUMES AND COSMETICS 13

5. WATCHES AND JEWELRY 14

7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET 18

8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 19

Financial Documents - December 31, 2023 5

1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT

6 Financial Documents - December 31, 2023

1.2 Profit from recurring operations

The Group’s profit from recurring operations was 22,802 million

Financial Documents - December 31, 2023 7

2023 2022 2021

Revenue (EUR millions) 8,271 7,722 6,608

Revenue (EUR millions) 17,885 14,852 11,754

8 Financial Documents - December 31, 2023

1.3 Other income statement items

Financial Documents - December 31, 2023 9

2. WINES AND SPIRITS

2023 2022 2021 craftsmanship; in October, it unveiled Collection Impériale Création

10 Financial Documents - December 31, 2023

Outlook Mindful of their rich heritage and environmental responsibility,

3. FASHION AND LEATHER GOODS

Financial Documents - December 31, 2023 11

12 Financial Documents - December 31, 2023

4. PERFUMES AND COSMETICS

• articularly strong momentum in fragrances and makeup

• S upport for over 950 nonprofits and charitable foundations

1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT 6

2. WINES AND SPIRITS 10

3. FASHION AND LEATHER GOODS 11

4. PERFUMES AND COSMETICS 13

5. WATCHES AND JEWELRY 14

7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET 18

8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT 19

1. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT

1.2 Profit from recurring operations

1.3 Other income statement items

2. WINES AND SPIRITS

3. FASHION AND LEATHER GOODS

4. PERFUMES AND COSMETICS

5. WATCHES AND JEWELRY

7. COMMENTS ON THE CONSOLIDATED BALANCE SHEET

8. COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED INCOME STATEMENT 22

CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 23

CONSOLIDATED BALANCE SHEET 24

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 25

CONSOLIDATED CASH FLOW STATEMENT 26

1.1 General framework and environment 1.4 First‑time adoption of IFRS

1.10 Fair value measurement

• its expected long‑term profitability; 1.13 urchase commitments for minority

2. CHANGES IN OWNERSHIP INTERESTS IN CONSOLIDATED ENTITIES

3. BRANDS, TRADE NAMES AND OTHER INTANGIBLE ASSETS