Paris, 2 February 2016
LVMH Moët Hennessy Louis Vuitton,
the world's leading luxury products group, recorded revenue of
€35.7 billion in 2015, an increase of 16% over the previous year.
Organic revenue growth was 6%. The Group turned in strong momentum
in Europe, the United States and Japan while other Asian countries
demonstrate contrasting tendancies.
In the fourth quarter, revenue
increased by 12% compared to the same period of 2014. Organic
growth was 5%.
Profit from recurring operations
reached €6 605 million in 2015, an increase of 16%, to which all
business groups contributed. Group share of net profit was €3 573
million. Excluding the capital gain realized in 2014 following the
distribution of Hermès shares, Group share of net profit increased
by 20%.
Bernard Arnault, Chairman and CEO of LVMH, said: "The 2015 results
confirm the capacity for LVMH to progress and gain market share
despite economic and geopolitical uncertainty. Revenue and
operating profit reached new record levels. Commitment to
excellence, a passion for quality and our capacity to innovate
underpin our growth momentum and are all values epitomised by the
Fondation Louis Vuitton and its emblematic building that welcomed
over one million visitors in 2015. All our Maisons demonstrated
outstanding flexibility in 2015. By adapting their strategies to
global changes and by continuing to evolve, they have shown the
creativity and entrepreneurship that drive them forward. In an
uncertain economic environment, we can rely on the desirability of
our brands and the agility of our teams to further strengthen in
2016 our leadership in the world of high quality products."
Key highlights from 2015
include:
-
Record revenue and profit from recurring
operations
-
Strong progress in Europe, the United States and
Japan
-
Positive impact of exchange rates
-
Good performance of Wines & Spirits in all
regions with a progressive normalization of the situation in
China
-
The success of both iconic and new products at
Louis Vuitton, where profitability remains at an exceptional
level
-
Progress at Fashion brands, in particular Fendi,
Céline, Givenchy and Kenzo
-
Remarkable momentum at Christian Dior which
gained market share globally
-
Excellent results at Bvlgari and success of TAG
Heuer's refocusing strategy
-
Exceptional progress at Sephora which
strengthened its position in all its markets and in digital
-
Free cash flow of €3.7 billion, an increase of
30%
-
A gearing of 16% as of the end of December
2015
Key
figures:
Euro millions |
2014 |
2015 |
% change |
Revenue |
30 638 |
35 664 |
+ 16 % |
Profit from recurring operations |
5 715 |
6 605 |
+ 16 % |
Group
share of net profit |
*2 971
5 648 |
3 573 |
*+20 %
-37 % |
Free cash
flow** |
2 832 |
3 679 |
+ 30 % |
Net
financial debt |
4 805 |
4 235 |
- 12 % |
Total
equity |
23 003 |
25 799 |
+ 12 % |
* Excluding the
2014 exceptional gain from the distribution of Hermès
shares
** Before available for sale financial assets and
investments, transactions relating to equity and financing
activities
Revenue by
business group:
Euro millions |
2014 |
2015 |
% change
2015/2014
Reported Organic* |
Wines &
Spirits |
3 973 |
4 603 |
+ 16 % |
+ 6 % |
Fashion & Leather Goods |
10 828 |
12 369 |
+ 14 % |
+ 4 % |
Perfumes & Cosmetics |
3 916 |
4 517 |
+ 15 % |
+ 7 % |
Watches & Jewelry |
2 782 |
3 308 |
+ 19 % |
+ 8 % |
Selective Retailing |
9 534 |
11 233 |
+ 18 % |
+ 5 % |
Other activities and eliminations |
(395) |
(366) |
- |
- |
Total LVMH |
30 638 |
35 664 |
+ 16 % |
+ 6 % |
* With comparable
structure and exchange rates. The exchange rate impact is
+10%.
Profit from
recurring operations by business
group:
Euro
millions |
2014 |
2015 |
% change |
Wines
& Spirits |
1 147 |
1 363 |
+ 19
% |
Fashion
& Leather Goods |
3 189 |
3 505 |
+ 10
% |
Perfumes
& Cosmetics |
415 |
525 |
+ 26 % |
Watches
& Jewelry |
283 |
432 |
+ 53 % |
Selective
Retailing |
882 |
934 |
+ 6 % |
Other activities and eliminations |
(201) |
(154) |
- |
Total LVMH |
5 715 |
6 605 |
+ 16 % |
Wines &
Spirits: excellent growth in the United States and Japan, continued
destocking in China
The Wines &
Spirits business group recorded an increase in organic revenue
of 6%. On a reported basis, revenue growth was 16%. Profit from
recurring operations increased by 19%. Champagne experienced good
growth in 2015 with an excellent performance in Europe, the United
States and Japan. Hennessy demonstrated strong momentum in the
United States across all ranges. In China, the second half of the
year was marked by a rebound in revenue during a year characterised
by continued destocking by distributors. Other spirits,
Glenmorangie and Belvedere, continued a sustained growth.
Fashion &
Leather Goods: strong creative momentum at Louis Vuitton, other
brands strengthened their positions
The Fashion &
Leather Goods business group recorded organic revenue growth of
4% in 2015. On a reported basis, revenue growth was 14%. Profit
from recurring operations increased by 10%. Louis Vuitton had a
remarkable year driven by the enthusiastic welcome of both its
iconic products as well as the new models created by Nicolas
Ghesquière. The Cruise Collection shown in Palm Springs and the
exhibition at the Grand Palais in Paris retracing the history of
the Maison were among the highlights for the year. Fendi recorded
exceptional growth with the success of its iconic leather goods and
the inauguration of Palazzo Fendi in the center of Rome. Loro Piana
continued to invest in its production capacity and launched an
exceptional new material combining vicuña wool and baby cashmere.
Celine's growth was driven by all its product categories. Givenchy
and Kenzo each had a good year. Donna Karan and Marc Jacobs
continued to work on changes to their product lines.
Perfumes &
Cosmetics: market share gains and successful innovations
The Perfumes
& Cosmetics business group recorded organic revenue growth
of 7%. On a reported basis, revenue growth was 15%. Profit from
recurring operations increased by 26%. Christian Dior accelerated
its growth and increased worldwide market share. The new men's
fragrance Sauvage experienced unprecedented
worldwide success. The vitality of its iconic perfumes J'adore and Miss Dior together
with the excellent reception of new make-up products contributed to
the Maison's remarkable performance. Guerlain demonstrated
profitable growth notably driven by the progress of L'Homme Idéal and the continued success of the skincare
ranges Orchidée Impériale and Abeille Royale. Benefit experienced strong growth
driven by the originality of its products. Fresh and Make Up For
Ever performed very well.
Watches &
Jewelry: good growth in jewelry and cautious purchasing behaviour
of multi-brand watch retailers
The Watches &
Jewelry business group recorded organic revenue growth of 8%.
On a reported basis, revenue growth was 19%. Profit from recurring
operations increased by 53%. Bvlgari had an excellent year driven
by its iconic creations and its new Diva and
Lvcea collections. Bvlgari's stores delivered
excellent performances. The watch brands were impacted by the
cautious purchasing behaviour of multi-brand retailers. TAG Heuer
launched with enormous success its smartwatch developed in
partnership with Google and Intel while continuing to develop its
core offering. Given its strong growth, Hublot strengthened its
production capacity with the opening of a second manufacturing
facility in Nyon, Switzerland.
Selective
Retailing: excellent performance at Sephora, DFS's development
impacted by economic changes in Asia
The Selective
Retailing business group recorded organic revenue growth of 5%.
On a reported basis, revenue growth was 18%. Profit from recurring
operations increased by 6%. Sephora had an exceptional year in
terms of revenue and results and continued to gain market share in
all its markets. The omni-channel strategy accelerated with
numerous initiatives in several countries. DFS continues to
experience an uncertain environment in Asia as a result of currency
and geopolitical changes, while its business in Japan benefited
from a boom in Chinese tourism. Significant cost containment
efforts were continued at DFS.
Confidence for
2016
Despite a climate of economic,
currency and geopolitical uncertainties, LVMH is well-equipped to
continue its growth momentum across all business groups in 2016.
The Group will maintain a strategy focused on developing its brands
by continuing to build on strong innovation and a constant quest
for quality in their products and their distribution.
Driven by the agility of its
teams, their entrepreneurial spirit, the balance of its different
businesses and geographic diversity, LVMH enters 2016 with
confidence and has, once again, set an objective of increasing its
global leadership position in luxury goods.
Dividend increase
of 11%
At the Annual Shareholders'
Meeting on April 14, 2016, LVMH will propose a dividend of €3.55
per share, an increase of 11%. An interim dividend of €1.35 per
share was paid on December 3 of last year. The balance of €2.20 per
share will be paid on April 21, 2016.
The LVMH Board
met on 2 February 2016 to approve the financial statements for
2015.
Audit procedures have been carried out and the
audit report is being issued.
Regulated information related to this press
release, the presentation of annual results and the report
"Financial Documents" are available at www.lvmh.fr.
APPENDIX
LVMH - Revenue by
business group and by quarter
2015 Revenue
(Euro millions)
FY 2015 |
Wines
& Spirits |
Fashion
& Leather Goods |
Perfumes
& Cosmetics |
Watches
& Jewelry |
Selective
Retailing |
Other
activities & eliminations |
Total |
First
Quarter |
992 |
2
975 |
1
094 |
723 |
2
656 |
(117) |
8 323 |
Second
Quarter |
938 |
2 958 |
1 065 |
829 |
2 635 |
(41) |
8 384 |
Total First Half |
1 930 |
5 933 |
2 159 |
1 552 |
5 291 |
(158) |
16 707 |
Third
Quarter |
1 199 |
2 939 |
1 102 |
852 |
2 614 |
(125) |
8 581 |
Nine months |
3 129 |
8 872 |
3 261 |
2 404 |
7 905 |
(283) |
25 288 |
Fourth
Quarter |
1 474 |
3 497 |
1 256 |
904 |
3 328 |
(83) |
10 376 |
Total 2015 |
4 603 |
12 369 |
4 517 |
3 308 |
11 233 |
(366) |
35 664 |
2015 Revenue
(Organic growth versus same period of 2014)
FY 2015 |
Wines
& Spirits |
Fashion
& Leather Goods |
Perfumes
& Cosmetics |
Watches
& Jewelry |
Selective
Retailing |
Other
activities & eliminations |
Total |
First
Quarter |
-1% |
+1% |
+6% |
+7% |
+5% |
- |
+3% |
Second
Quarter |
+5% |
+10% |
+6% |
+13% |
+5% |
- |
+9% |
Total First Half |
+2% |
+5% |
+6% |
+10% |
+5% |
- |
+6% |
Third
Quarter |
+16% |
+3% |
+7% |
+11% |
+5% |
- |
+7% |
Nine months |
+7% |
+5% |
+7% |
+10% |
+5% |
- |
+6% |
Fourth
Quarter |
+4% |
+3% |
+7% |
+3% |
+5% |
- |
+5% |
Total 2015 |
+6% |
+4% |
+7% |
+8% |
+5% |
- |
+6% |
2014 Revenue
(Euro millions)
FY 2014 |
Wines
& Spirits |
Fashion
& Leather Goods |
Perfumes
& Cosmetics |
Watches
& Jewelry |
Selective
Retailing |
Other
activities & eliminations |
Total |
First
Quarter |
888 |
2
639 |
941 |
607 |
2
222 |
(91) |
7 206 |
Second
Quarter |
789 |
2 391 |
898 |
659 |
2 160 |
(94) |
6 803 |
Total First Half |
1 677 |
5 030 |
1 839 |
1 266 |
4 382 |
(185) |
14 009 |
Third
Quarter |
948 |
2 647 |
961 |
706 |
2 234 |
(108) |
7 388 |
Nine months |
2 625 |
7 677 |
2 800 |
1 972 |
6 616 |
(293) |
21 397 |
Fourth
Quarter |
1 348 |
3 151 |
1 116 |
810 |
2 918 |
(102) |
9 241 |
Total 2014 |
3 973 |
10 828 |
3 916 |
2 782 |
9 534 |
(395) |
30 638 |
LVMH
LVMH Moët Hennessy Louis Vuitton is represented in
Wines and Spirits by a portfolio of brands that includes Moët &
Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart,
Mercier, Château d'Yquem, Domaine du Clos des Lambrays, Château
Cheval Blanc, Hennessy, Glenmorangie, Ardbeg, Wen Jun, Belvedere,
Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape
Mentelle, Newton et Numanthia. Its Fashion and
Leather Goods division includes Louis Vuitton, Céline, Loewe,
Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna Karan,
Marc Jacobs, Berluti, Nicholas Kirkwood and Loro Piana.
LVMH is present in the Perfumes and Cosmetics
sector with Parfums Christian Dior, Guerlain, Parfums Givenchy,
Parfums Kenzo, Perfumes Loewe as well as other promising cosmetic
companies (BeneFit Cosmetics, Make Up For Ever, Acqua di Parma and
Fresh). LVMH is also active in selective retailing as well as in
other activities through DFS, Sephora, Le Bon Marché, la
Samaritaine and Royal Van Lent. LVMH's Watches and Jewelry division
comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred,
Hublot and De Beers Diamond Jewellers Ltd, a joint venture created
with the world's leading diamond group.
"Certain
information included in this release is forward looking and is
subject to important risks and uncertainties and factors beyond our
control or ability to predict, that could cause actual results to
differ materially from those anticipated, projected or implied. It
only reflects our views as of the date of this presentation. No
undue reliance should therefore be based on any such information,
it being also agreed that we undertake no commitment to amend or
update it after the date hereof."
Contacts: |
|
|
Analysts
and investors: |
Chris
Hollis
LVMH |
+ 33 1.4413.2122 |
|
|
|
Media: |
|
|
France : |
Michel
Calzaroni/Olivier Labesse/
Sonia Fellmann/Hugues Schmitt |
+ 33 1.4070.1189 |
|
DGM Conseil |
|
|
|
|
UK: |
Hugh
Morrison / Hannah Glynn |
+ 44.203.770 7903 |
|
Montfort Communications |
|
Italy: |
Michele
Calcaterra/ Matteo Steinbach |
+39 02. 62.49991 |
|
SEC and Partners |
|
US: |
James
Fingeroth/Molly Morse/
Anntal Silver |
+1 212.521.4800 |
|
Kekst & Company |
|
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information contained therein.
Source: LVMH via Globenewswire
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