Consolidated Financial Statements As of December 31 2020

Consolidated financial statements
December 31, 2020

1. Consolidated income statement 2
2. Consolidated statement of comprehensive gains and losses 3
3. Consolidated balance sheet 4
4. Consolidated statement of changes in equity 5
5. Consolidated cash flow statement 6
6. Notes to the consolidated financial statements 7
7. Consolidated companies 70
8. Companies not included in the scope of consolidation 78
9. Statutory Auditors’ report on the consolidated financial statements 79
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 “Comptes consolidés – 31 décembre 2020”, hereafter
referred to as the “Consolidated financial statements”. 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.
Christian Dior 1
Consolidated financial statement
Consolidated income statement
1. Consolidated income statement
(EUR millions, except for earnings per share) Notes 2020 2019 2018 (a)
Revenue 24 -25 44,651 53,670 46,826

Cost of sales (15,871) (18,123) (15,625)
Gross margin 28,780 35,547 31,201
Marketing and selling expenses (16,790) (20,206) (17,752)

General and administrative expenses (3,648) (3,877) (3,471)
Income/(loss) from joint ventures and associates 8 (42) 28 23
Profit from recurring operations 24 8,300 11,492 10,001
Other operating income and expenses 26 (333) (231) (126)
Operating profit 7,967 11,261 9,875
Cost of net financial debt (38) (116) (136)

Interest on lease liabilities (281) (290) -
Other financial income and expenses (292) (170) (279)
Net financial income/(expense) 27 (611) (577) (415)
Income taxes 28 (2,385) (2,874) (2,518)
Net profit before minority interests 4,970 7,810 6,942
Minority interests 18 3,037 4,872 4,368
Net profit, Group share 1,933 2,938 2,574
Basic Group share of net earnings per share (EUR) 29 10.72 16.29 14.30
Number of shares on which the calculation is based 180,410,580 180,318,638 180,001,480
Diluted Group share of net earnings per share (EUR) 29 10.70 16.27 14.25
Number of shares on which the calculation is based 180,410,580 180,318,638 180,172,099
(a) The financial statements as of December 31, 2018 have not been restated to reflect the application of IFRS 16 Leases. See Note 1.2 to the 2019 consolidated financial statements
regarding the impact of the application of IFRS 16.
2 Christian Dior
Consolidated statement of comprehensive gains and losses
2. Consolidated statement of comprehensive gains and losses
(EUR millions) Notes 2020 2019 2018
Net profit before minority interests 4,970 7,810 6,942
Translation adjustments (1,645) 298 270

Amounts transferred to income statement (11) 1 (1)
Tax impact (10) 11 15
16.5, 18 (1,666) 309 284
Change in value of hedges of future foreign currency cash flows 73 (16) 3

Amounts transferred to income statement (123) 25 (279)
Tax impact (112) (3) 79
(162) 6 (197)
Change in value of the ineffective portion of hedging instruments (209) (211) (271)
Amounts transferred to income statement 232 241 148
Tax impact (9) (7) 31
14 23 (92)
Gains and losses recognized in equity,

transferable to income statement (1,814) 338 (5)
Change in value of vineyard land 6 (3) 42 8

Amounts transferred to consolidated reserves - - -
Tax impact 3 (11) (2)
- 31 6
Employee benefit obligations: change in value

resulting from actuarial gains and losses (20) (167) 28
Tax impact 6 39 (5)
(14) (128) 23
Gains and losses recognized in equity, not

transferable to income statement (14) (97) 29
Gains and losses recognized in equity (1,829) 240 24
Comprehensive income 3,141 8,050 6,966

Minority interests 1,926 5,019 4,400
Comprehensive income, Group share 1,215 3,031 2,566
Christian Dior 3
Consolidated balance sheet
3. Consolidated balance sheet
Assets
(EUR millions) Notes Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018 (a)
Brands and other intangible assets 3 16,143 16,335 16,376

Goodwill 4 14,508 14,500 12,192
Property, plant and equipment 6 17,575 17,878 14,463
Right‑of‑use assets 7 12,515 12,409 -
Investments in joint ventures and associates 8 990 1,074 638
Non‑current available for sale financial assets 9 739 915 1,100
Other non‑current assets 10 845 1,546 985
Deferred tax 28 2,325 2,274 1,932
Non‑current assets 65,640 66,932 47,686
Inventories and work in progress 11 13,016 13,717 12,485

Trade accounts receivable 12 2,756 3,450 3,222
Income taxes 401 406 461
Other current assets 13 3,846 3,264 4,864
Cash and cash equivalents 15 20,358 6,062 8,553
Current assets 40,377 26,898 29,585
Total assets 106,017 93,830 77,271
Liabilities and equity
Equity, Group share 16.1 11,270 10,880 14,240

Minority interests 18 24,974 24,837 22,132
Equity 36,244 35,717 36,372
Long‑term borrowings 19 14,065 5,450 6,353

Non‑current lease liabilities 7 10,665 10,373 -
Non‑current provisions and other liabilities 20 3,288 3,811 3,269
Deferred tax 28 5,079 5,094 4,633
Purchase commitments for minority interests’ shares 21 10,991 10,735 9,281
Non‑current liabilities 44,088 35,462 23,536
Short‑term borrowings 19 11,005 7,627 5,550

Current lease liabilities 7 2,163 2,172 -
Trade accounts payable 22.1 5,098 5,814 5,314
Income taxes 721 729 542
Current provisions and other liabilities 22.2 6,698 6,308 5,957
Current liabilities 25,685 22,651 17,363
Total liabilities and equity 106,017 93,830 77,271
4 Christian Dior
Consolidated statement of changes in equity
4. Consolidated statement of changes in equity
(EUR millions) Number Share Share Christian Cumulative Revaluation reserves Net profit Total equity
of shares capital premium Dior translation and other
account treasury adjustment Available Hedges Vineyard Employee reserves Group Minority Total
shares for sale of future land benefit share interests
financial foreign commit
assets currency ments
cash flows
and cost
of hedging
Notes 16.1 16.1 16.3 16.5 18
As of December 31, 2017 180,507,516 361 194 (72) 154 - 53 461 (43) 11,661 12,769 19,932 32,701
Gains and losses

recognized in equity 89 (106) 1 8 - (8) 32 24
Net profit 2,574 2,574 4,368 6,942
Comprehensive income 89 - (106) 1 8 2,574 2,566 4,400 6,966
Expenses related to bonus
share and similar plans 40 40 47 87
(Acquisition)/disposal
of Christian Dior
treasury shares 38 (14) 24 - 24
Capital increase in
subsidiaries - - 50 50
Interim and final
dividends paid (973) (973) (1,937) (2,910)
Changes in control
of consolidated entities (4) (4) 36 32
Acquisition and disposal
of minority interests’ shares - - - - - (136) (136) (174) (310)
Purchase commitments
for minority interests’ shares (46) (46) (222) (268)
As of December 31, 2018 180,507,516 361 194 (34) 243 - (53) 462 (35) 13,102 14,240 22,132 36,372
Impact of changes in
accounting standards (a) (12) (12) (17) (29)
As of January 1, 2019 180,507,516 361 194 (34) 243 - (53) 462 (35) 13,090 14,228 22,115 36,343
Gains and losses

recognized in equity 119 10 10 (46) - 93 147 240
Net profit 2,938 2,938 4,872 7,810
Comprehensive income 119 - 10 10 (46) 2,938 3,031 5,019 8,050
of Christian Dior
treasury shares 17 (12) 6 - 6
Capital increase in
Interim and final dividends
paid (see Note 16.4) (6,386) (6,386) (2,263) (8,649)
Changes in control
of consolidated entities 1 1 26 27
Acquisition and disposal
of minority interests’ shares - - - (1) - (30) (30) 9 (21)
Purchase commitments
for minority interests’ shares (2) (2) (206) (208)
As of December 31, 2019 180,507,516 361 194 (17) 362 - (43) 471 (81) 9,632 10,880 24,837 35,717
Gains and losses

recognized in equity (640) (73) - (5) - (718) (1,111) (1,829)
Net profit 1,933 1,933 3,037 4,970
Comprehensive income (640) - (73) - (5) 1,933 1,215 1,926 3,141
of Christian Dior
treasury shares - - - -
Capital increase in
Interim and final
dividends paid (830) (830) (1,733) (2,563)
Changes in control of
consolidated entities (13) (13) (10) (23)
Acquisition and disposal of
minority interests’ shares - - - - - (88) (88) (29) (117)
Purchase commitments for
minority interests’ shares 80 80 (107) (27)
As of December 31, 2020 180,507,516 361 194 (17) (278) - (116) 471 (86) 10,740 11,270 24,974 36,244
(a) The impact of changes in accounting standards arose from the application of IFRS 16 Leases as of January 1, 2019. See Note 1.2 to the 2019 consolidated financial statements.
Christian Dior 5
Consolidated cash flow statemen
5. Consolidated cash flow statement

(EUR millions) Notes 2020 2019 2018 (a)
I. OPERATING ACTIVITIES
Operating profit 7,967 11,261 9,875

(Income)/loss and dividends received from joint ventures and associates 8 64 (10) 5
Net increase in depreciation, amortization and provisions 3,478 2,700 2,278
Depreciation of right‑of‑use assets 7.1 2,572 2,408 -
Other adjustments and computed expenses (91) (266) (214)
Cash from operations before changes in working capital 13,990 16,092 11,944
Cost of net financial debt: interest paid (62) (137) (130)

Lease liabilities: interest paid (290) (239) -
Tax paid (2,397) (2,845) (2,308)
Change in working capital 15.2 (369) (1,154) (1,086)
Net cash from operating activities 10,873 11,718 8,420
II. INVESTING ACTIVITIES
Operating investments 15.3 (2,478) (3,294) (3,038)

Purchase and proceeds from sale of consolidated investments 2.4 (536) (2,478) (17)
Dividends received 12 8 18
Tax paid related to non‑current available for sale
financial assets and consolidated investments - (1) (145)
Purchase and proceeds from sale of non‑current available for sale financial assets 9 63 (104) (400)
Net cash from/(used in) investing activities (2,939) (5,869) (3,582)
III. FINANCING ACTIVITIES
Interim and final dividends paid 15.4 (2,685) (8,796) (2,964)

Purchase and proceeds from sale of minority interests 2.4 (163) (48) (519)
Other equity‑related transactions 15.4 39 88 65
Proceeds from borrowings 19 17,499 2,837 1,528
Repayment of borrowings 19 (5,024) (2,310) (2,174)
Repayment of lease liabilities 7.2 (2,302) (2,187) -
Purchase and proceeds from sale of current available for sale financial assets 14 69 2,060 48
Net cash from/(used in) financing activities 7,433 (8,358) (4,016)
IV. EFFECT OF EXCHANGE RATE CHANGES (1,052) 39 67
Net increase/(decrease) in cash and cash equivalents (I+II+III+IV) 14,315 (2,469) 889
Cash and cash equivalents at beginning of period 15.1 5,886 8,355 7,466
Cash and cash equivalents at end of period 15.1 20,201 5,886 8,355
Total tax paid (2,527) (2,997) (2,513)
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) 2020 2019 2018
Net cash from operating activities 10,873 11,718 8,420

Operating investments (2,478) (3,294) (3,038)
Repayment of lease liabilities (2,302) (2,187) -
Operating free cash flow (a) 6,093 6,237 5,382
(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”.
6 Christian Dior
6. Notes to the consolidated financial statements
Note 1. Accounting policies �� 8

Note 2. Changes in ownership interests in consolidated entities �� 17
Note 3. Brands, trade names and other intangible assets �� 19
Note 4. Goodwill �� 21
Note 5. Impairment testing of intangible assets with indefinite useful lives �� 21
Note 6. Property, plant and equipment �� 23
Note 7. Leases �� 26
Note 8. Investments in joint ventures and associates �� 30
Note 9. Non‑current available for sale financial assets �� 31
Note 10. Other non‑current assets �� 31
Note 11. Inventories and work in progress �� 32
Note 12. Trade accounts receivable �� 33
Note 13. Other current assets �� 34
Note 14. Current available for sale financial assets �� 34
Note 15. Cash and change in cash �� 35
Note 16. Equity �� 36
Note 17. Bonus share and similar plans �� 38
Note 18. Minority interests �� 40
Note 19. Borrowings �� 41
Note 20. Provisions and other non‑current liabilities �� 45
Note 21. Purchase commitments for minority interests’ shares �� 46
Note 22. Trade accounts payable and other current liabilities �� 46
Note 23. Financial instruments and market risk management �� 47
Note 24. Segment information �� 53
Note 25. Revenue and expenses by nature �� 57
Note 26. Other operating income and expenses �� 59
Note 27. Net financial income/(expense) �� 60
Note 28. Income taxes �� 61
Note 29. Earnings per share �� 63
Note 30. Provisions for pensions, contribution to medical costs
and other employee benefit commitments �� 64
Note 31. Off‑balance sheet commitments �� 67
Note 32. Exceptional events and litigation �� 68
Note 33. Related‑party transactions �� 68
Note 34. Subsequent events �� 69
Christian Dior 7
Notes to the consolidated financial statement
Note 1. Accounting policies
1.1 General framework and environment The assumptions and estimates used as a basis for measuring
certain balance sheet and income statement items were updated
in light of the crisis. This concerned the following topics:
The consolidated financial statements for fiscal year 2020 were
established in accordance with the international accounting • valuation of intangible assets: impairment tests were run (see
standards and interpretations (IAS/IFRS) adopted by the Note 5);
European Union and applicable on December 31, 2020.
• all of the Maisons took steps to renegotiate their leases in
These standards and interpretations have been applied order to optimize their lease expenses. The lease concessions
consistently to the fiscal years presented. The consolidated thus obtained during the fiscal year were recognized as a
financial statements for fiscal year 2020 were approved by the deduction to “Marketing and selling expenses” (see Note 7);
Board of Directors on January 26, 2021.
• valuation of purchase commitments for minority interests’
shares: this valuation takes into account the latest market data
1.2 C
hanges in the accounting and EBITDA forecasts. The change in these metrics led to a
slight increase in the associated liability (see Note 21);
framework applicable to the Group
• costs arising from lower activity levels were excluded from the
valuation of inventories as of December 31, 2020;
The amendment to IFRS 16 on the recognition of rent concessions
granted by lessors in connection with the Covid‑19 pandemic, • provisions for inventory impairment were updated to reflect
issued by the IASB in May 2020 and adopted by the European slower inventory turnover and more limited sales prospects
Union in October 2020, has been applied by the Group as from for seasonal products (see Note 11);
January 1, 2020. This amendment makes it easier for lessees to
account for these concessions and allows them, under certain • where applicable, provisions for impairment of trade
accounts receivable included the impact of adjustments for
conditions, to recognize the resulting benefit directly in the
the probability of default and the extent of losses anticipated
income statement as a negative variable lease payment (see
following changes to coverage levels by credit insurance in
Note 7).
particular, as well as the stimulus measures taken by different
The application of other standards, amendments and governments, from which the Group’s clients benefited (see
interpretations that came into effect on January 1, 2020 did not Note 12). In particular, the bankruptcy proceedings initiated
have any significant impact on the Group’s financial statements. by certain distribution groups in the United States were taken
into account;
The Group will apply the amendments to IFRS 9 and
IFRS 7 relating to the second phase of interest rate benchmark • payments received or receivable from social security systems
reform beginning in 2021, in line with the effective date or government agencies in respect of measures to safeguard
established by the IASB. These amendments relate to the the economy: such payments were deducted from the
accounting impact of the replacement of interest rate benchmarks, expenses in respect of which the payments were obtained, in
which is expected to take place beginning in 2021. compliance with IAS 20 Accounting for Government Grants
and Disclosure of Government Assistance. If these measures
took the form of an income tax reduction, the amounts were
1.3 Impact of the Covid‑19 pandemic on deducted from the tax expense, in compliance with IAS 12.
the consolidated financial statements These measures were mainly aimed at protecting jobs and
essentially concerned certain Group subsidiaries in Europe,
North America and Asia;
The Covid‑19 pandemic and the measures taken by various
governments to fight it severely disrupted the Group’s operations • the portfolio of derivatives used to hedge commercial
during the fiscal year and significantly affected the annual transactions and the hedging policy were adjusted to take
financial statements. The closure of stores and production into account the most recent budget forecasts (see Note 23).
facilities in most countries for a number of months, along with The impact of these adjustments was not significant as of
the halt in international travel, were responsible for the reduction December 31, 2020;
in revenue and, consequently, the deterioration in profitability
across all the business groups. The impact of the crisis on the • deferred tax assets on tax losses were reassessed taking
into account earnings forecasts for the entities concerned.
Group’s results is discussed in detail in the “Business review and
No significant impairment expense was recognized in respect
comments on the consolidated financial statements” section.
of losses recorded in fiscal year 2020 or prior periods.
8 Christian Dior
The Group’s access to liquidity was preserved through its euro- Cash flow statement
and US dollar‑denominated commercial paper programs; its
EMTN program, through which a number of bond issues were Net cash from operating activities is determined on the basis of
carried out during the fiscal year; and a significant reserve of operating profit, adjusted for non‑cash transactions. In addition:
undrawn confirmed credit lines. See also Note 19.5.
• dividends received are presented according to the nature of
the underlying investments, thus in “Net cash from operating
1.4 First‑time adoption of IFRS activities” for dividends from joint ventures and associates
and in “Net cash from financial investments” for dividends
from other unconsolidated entities;
The first accounts prepared by the Group in accordance with IFRS
were the financial statements for the year ended December 31, • tax paid is presented according to the nature of the transaction
2005, with a transition date of January 1, 2004. IFRS 1 allowed from which it arises, thus in “Net cash from operating activities”
for exceptions to the retrospective application of IFRS at the for the portion attributable to operating transactions; in “Net
transition date. The procedures implemented by the Group with cash from financial investments” for the portion attributable
respect to these exceptions include the following: to transactions in available for sale financial assets, notably
tax paid on gains from their sale; and in “Net cash from
• business combinations: the exemption from retrospective transactions relating to equity” for the portion attributable
application was not applied. The Christian Dior group
to transactions in equity, notably distribution taxes arising
retrospectively restated acquisitions made since 1988, the
on the payment of dividends.
date of the initial consolidation of LVMH, and all subsequent
acquisitions were restated in accordance with IFRS 3. IAS 36
Impairment of Assets and IAS 38 Intangible Assets were applied
retrospectively as of that date;
1.6 Use of estimates
• foreign currency translation of the financial statements of For the purpose of preparing the consolidated financial
subsidiaries outside the eurozone: translation reserves relating statements, the measurement of certain balance sheet and income
to the consolidation of subsidiaries that prepare their accounts statement items requires the use of hypotheses, estimates or
in foreign currency were reset to zero as of January 1, 2004 and other forms of judgment. This is particularly true of the valuation
offset against “Other reserves”. of intangible assets (see Note 5), the measurement of leases (see
Note 7) and purchase commitments for minority interests’ shares
(see Notes 1.13 and 21), and the determination of the amount
1.5 P
resentation of the of provisions for contingencies and losses, and uncertain tax
financial statements positions (see Note 20) or for impairment of inventories (see
Notes 1.18 and 11) and, if applicable, deferred tax assets (see
Note 28). Such hypotheses, estimates or other forms of judgment
Definitions of “Profit from recurring operations” made on the basis of the information available or the situation
and “Other operating income and expenses” prevailing at the date at which the financial statements are
prepared may subsequently prove different from actual events.
The Group’s main business is the management and development
of its brands and trade names. “Profit from recurring operations”
is derived from these activities, whether they are recurring or 1.7 Methods of consolidation
non‑recurring, core or incidental transactions.
The subsidiaries in which the Group holds a direct or indirect de
“Other operating income and expenses” comprises income
facto or de jure controlling interest are fully consolidated.
statement items, which – due to their nature, amount or
frequency – may not be considered inherent to the Group’s Jointly controlled companies and companies where the Group
recurring operations or its profit from recurring operations. has significant influence but no controlling interest are accounted
This caption reflects in particular the impact of changes in the for using the equity method. Although jointly controlled,
scope of consolidation, the impairment of goodwill and the those entities are fully integrated within the Group’s operating
impairment and amortization of brands and trade names. activities. The Group discloses their net profit – as well as that of
entities using the equity method (see Note 8) – on a separate line,
It also includes any significant amounts relating to the impact
which forms part of profit from recurring operations.
of certain unusual transactions, such as gains or losses arising on
the disposal of fixed assets, restructuring costs, costs in respect
of disputes, or any other non‑recurring income or expense that
may otherwise distort the comparability of profit from recurring
operations from one period to the next.
Christian Dior 9
When an investment in a joint venture or associate accounted which can be considered as transactions relating to equity. In the
for using the equity method involves a payment tied to meeting latter case, translation adjustments are recorded in equity under
specific performance targets, known as an earn‑out payment, “Cumulative translation adjustment”.
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.
The assets, liabilities, income and expenses of the Wines and • for hedges that are commercial in nature:
Spirits distribution subsidiaries held jointly with the Diageo – within “Cost of sales” for hedges of receivables and payables
group are consolidated only in proportion to the Group’s share recognized in the balance sheet at the end of the period,
of operations (see Note 1.27).
– within equity under “Revaluation reserves” for hedges
The consolidation on an individual or collective basis of of future cash flows; this amount is transferred to cost of
companies that are not consolidated (see “Companies not sales upon recognition of the hedged trade receivables
included in the scope of consolidation”) would not have a and payables;
significant impact on the Group’s main aggregates.
• for hedges relating to the acquisition of fixed assets: within
equity under “Revaluation reserves” for hedges of future
1.8 F
oreign currency translation cash flows; this amount is transferred to the asset side of
the balance sheet, as part of the initial cost of the hedged
of the financial statements of item when accounting for the latter, and then to the income
entities outside the eurozone statement in the event of the disposal or impairment of the
hedged item;
The consolidated financial statements are presented in euros; the • for hedges that are tied to the Group’s investment portfolio
financial statements of entities presented in a different functional (hedging the net worth of subsidiaries whose functional
currency are translated into euros: currency is not the euro): within equity under “Cumulative
translation adjustment”; this amount is transferred to the
• at the period‑end exchange rates for balance sheet items; income statement upon the sale or liquidation (whether
• at the average rates for the period for income statement items. partial or total) of the subsidiary whose net worth is hedged;
Translation adjustments arising from the application of these • for hedges that are financial in nature: within “Net financial
rates are recorded in equity under “Cumulative translation income/(expense)”, under “Other financial income and
adjustment”. expenses”.
Changes in the value of these derivatives related to forward
1.9 F
oreign currency transactions and points associated with forward contracts, as well as in the time
value component of options, are recognized as follows:
hedging of exchange rate risks
• for hedges that are commercial in nature: within equity under
“Revaluation reserves”. The cost of the forward contracts
Transactions of consolidated companies denominated in a
(forward points) and of the options (premiums) is transferred
currency other than their functional currencies are translated
to “Other financial income and expenses” upon realization of
to their functional currencies at the exchange rates prevailing at
the hedged transaction;
the transaction dates.
Accounts receivable, accounts payable and debts denominated • for hedges that are tied to the Group’s investment portfolio
or financial in nature, expenses and income arising from
in currencies other than the entities’ functional currencies are
discounts or premiums are recognized in “Borrowing costs”
translated at the applicable exchange rates at the fiscal year‑end.
on a pro rata basis over the term of the hedging instruments.
Gains and losses resulting from this translation are recognized:
The difference between the amounts recognized in “Net
• within “Cost of sales” for commercial transactions; financial income/(expense)” and the change in the value of
forward points is recognized in equity under “Revaluation
• within “Net financial income/(expense)” for financial reserves”.
transactions.
Market value changes of derivatives not designated as hedges are
Foreign exchange gains and losses arising from the translation
recorded within “Net financial income/(expense)”.
or elimination of intra-Group transactions or receivables and
payables denominated in currencies other than the entity’s See also Note 1.22 for the definition of the concepts of effective
functional currency are recorded in the income statement unless and ineffective portions.
they relate to long‑term intra-Group financing transactions,
10 Christian Dior
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 used valuation models. Note 23
See Note 1.23.
Borrowings hedged against Based on market data and according to commonly used valuation models. Note 19
changes in value due to See Note 1.22.
interest rate fluctuations
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 sheet date. Note 9, Note 14
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 Costs incurred in creating a new brand or developing an existing
brand are expensed.
Only acquired brands and trade names that are well known and Brands, trade names and other intangible assets with finite
individually identifiable are recorded as assets based on their useful lives are amortized over their estimated useful lives. The
market values at their dates of acquisition. classification of a brand or trade name as an asset of finite or
indefinite useful life is generally based on the following criteria:
Brands and trade names are chiefly valued using the forecast
discounted cash flow method, or based on comparable • the brand or trade name’s overall positioning in its market
transactions (i.e. using the revenue and net profit coefficients expressed in terms of volume of activity, international
employed for recent transactions involving similar brands) or presence and reputation;
stock market multiples observed for related businesses. Other
complementary methods may also be employed: the relief from • its expected long‑term profitability;
royalty method, involving equating a brand’s value with the • its degree of exposure to changes in the economic environment;
present value of the royalties required to be paid for its use;
the margin differential method, applicable when a measurable • any major event within its business segment liable to compromise
its future development;
difference can be identified in the amount of revenue generated
by a branded product in comparison with a similar unbranded • its age.
product; and finally the equivalent brand reconstitution method
Amortizable lives of brands and trade names with finite useful
involving, in particular, estimation of the amount of advertising
lives range from 5 to 20 years, depending on their anticipated
and promotion expenses required to generate a similar brand.
period of use.
Christian Dior 11
Impairment tests are carried out for brands, trade names and • the corresponding minority interests are canceled;
other intangible assets using the methodology described in
Note 1.16. • for commitments granted prior to January 1, 2010, the
difference between the amount of the commitments and
Research expenditure is not capitalized. New product development canceled minority interests is maintained as an asset on the
expenditure is not capitalized unless the final decision has been balance sheet under goodwill, as are subsequent changes in
made to launch the product. this difference. For commitments granted as from January 1,
2010, the difference between the amount of the commitments
Intangible assets other than brands and trade names are amortized
and minority interests is deducted from equity, under “Other
over the following periods:
reserves”.
• rights attached to sponsorship agreements and media This recognition method has no effect on the presentation of
partnerships are amortized over the life of the agreements,
minority interests within the income statement.
depending on how the rights are used;
• development expenditure is amortized over 3 years at most;

1.14 Property, plant and equipment
• software and websites are amortized over 1 to 5 years.
With the exception of vineyard land, the gross value of property,
1.12 C
hanges in ownership interests plant and equipment is stated at acquisition cost. Any borrowing
costs incurred prior to the placed‑in‑service date or during the
in consolidated entities construction period of assets are capitalized.
Vineyard land is recognized at the market value at the balance
When the Group takes de jure or de facto control of a business,
sheet date. This valuation is based on official published data for
its assets, liabilities and contingent liabilities are estimated at
recent transactions in the same region. Any difference compared
their market value as of the date when control is obtained; the
to historical cost is recognized within equity in “Revaluation
difference between the cost of taking control and the Group’s
reserves”. If the market value falls below the acquisition cost, the
share of the market value of those assets, liabilities and contingent
resulting impairment is charged to the income statement.
liabilities is recognized as goodwill.
Buildings mostly occupied by third parties are reported as
The cost of taking control is the price paid by the Group in
investment property, at acquisition cost. Investment property is
the context of an acquisition, or an estimate of this price if the
thus not remeasured at market value.
transaction is carried out without any payment of cash, excluding
acquisition costs, which are disclosed under “Other operating The depreciable amount of property, plant and equipment
income and expenses”. comprises the acquisition cost of their components less residual
value, which corresponds to the estimated disposal price of the
The difference between the carrying amount of minority
asset at the end of its useful life.
interests purchased after control is obtained and the price
paid for their acquisition is deducted from equity. Goodwill is Property, plant and equipment are depreciated on a straight‑line
accounted for in the functional currency of the acquired entity. basis over their estimated useful lives. For leased assets, the
depreciation period cannot be longer than that used for the
Goodwill is not amortized but is subject to annual impairment
calculation of the lease liability.
testing using the methodology described in Note 1.16. Any
impairment expense recognized is included within “Other The estimated useful lives are as follows:
operating income and expenses”.
• buildings including investment property: 20 to 100 years;
• machinery and equipment: 3 to 25 years;
1.13 P
urchase commitments
• leasehold improvements: 3 to 10 years;
for minority interests’ shares
• producing vineyards: 18 to 25 years.
The Group has granted put options to minority shareholders of Expenses for maintenance and repairs are charged to the income
certain fully consolidated subsidiaries. statement as incurred.
Pending specific guidance from IFRSs regarding this issue,
the Group recognizes these commitments as follows:
• the value of the commitment at the balance sheet date appears

in “Purchase commitments for minority interests’ shares”,
as a liability on its balance sheet;
12 Christian Dior
1.15 Leases used for internal performance monitoring requirements and

financial communication purposes in order to present consistent
performance indicators, independently of the fixed or variable
The Group has applied IFRS 16 Leases since January 1, 2019.
nature of lease payments.
The initial application was carried out using the “modified
retrospective” approach to transition. See Note 1.2 to the 2019 One such alternative performance measure is “Operating free cash
consolidated financial statements for details of this initial flow”, which is calculated by deducting capitalized fixed lease
application procedure for IFRS 16 and the impact of its initial payments in their entirety from cash flow. The reconciliation
application on the 2019 financial statements. between “Net cash from operating activities” and “Operating free
cash flow” is presented in the cash flow statement.
When entering into a lease, a liability is recognized in the balance
sheet, measured at the discounted present value of future
payments of the fixed portion of lease payments and offset against
a right‑of‑use asset depreciated over the lease term. The amount
1.16 Impairment testing of fixed assets
of the liability depends to a large degree on the assumptions
Property, plant and equipment, intangible assets, and all leased
used for the lease term and, to a lesser extent, the discount rate.
fixed assets are subject to impairment testing whenever there
The Group’s extensive geographic coverage means it encounters
is any indication that an asset may be impaired (particularly
a wide range of different legal conditions when entering into
following major changes in the asset’s operating conditions),
contracts.
and in any event at least annually in the case of intangible assets
The lease term generally used to calculate the liability is the with indefinite useful lives (mainly brands, trade names and
term of the initially negotiated lease, not taking into account goodwill). When the carrying amount of assets with indefinite
any early termination options, except in special circumstances. useful lives is greater than the higher of their value in use or
When leases contain extension options, the term used for the market value, the resulting impairment loss is recognized within
calculation of the liability may include these periods, mainly “Other operating income and expenses”, allocated on a priority
when the anticipated period of use of the fixed assets, whether basis to any existing goodwill.
under a new or existing lease, is greater than the initial contractual
Value in use is based on the present value of the cash flows
lease term.
expected to be generated by these assets. Market value is
The lease term to be used in accounting for lease liabilities when estimated by comparison with recent similar transactions or on
the underlying assets are capitalized even though the obligation the basis of valuations performed by independent experts for the
to make lease payments covers a period of less than 12 months purposes of a disposal transaction.
is consistent with the anticipated period of use of the invested
Cash flows are forecast at Group level for each business segment,
assets. Most often, this involves leases for retail locations that are
defined as one or several brands or trade names under the
automatically renewable on an annual basis.
responsibility of a dedicated management team. Smaller‑scale
The standard requires that the discount rate be determined for cash‑generating units, such as a group of stores, may be distinguished
each lease using the incremental borrowing rate of the subsidiary within a particular business segment.
entering into the lease. In practice, given the structure of the
The forecast data required for the discounted cash flow method is
Group’s financing – virtually all of which is held or guaranteed by
based on annual budgets and multi‑year business plans prepared
LVMH SE – this incremental borrowing rate is generally the total
by the management of the business segments concerned. Detailed
of the risk‑free rate for the currency of the lease, with reference
forecasts cover a five‑year period, which may be extended for
to its term, and the Group’s credit risk for this same currency and
brands undergoing strategic repositioning or whose production
over the same term.
cycle exceeds five years. An estimated terminal value is added to
Leasehold rights and property, plant and equipment related to the value resulting from discounted forecast cash flows, which
restoration obligations for leased facilities are presented within corresponds to the capitalization in perpetuity of cash flows most
“Right‑of‑use assets” and subject to depreciation under the same often arising from the last year of the plan. Discount rates are set
principles as those described above. for each business group with reference to companies engaged
in comparable businesses. Forecast cash flows are discounted on
The Group has implemented a dedicated IT solution to gather
the basis of the rate of return to be expected by an investor in
lease data and run the calculations required by the standard.
the applicable business and an assessment of the risk premium
Since the application of IFRS 16 had a significant impact on associated with that business. When several forecast scenarios
the cash flow statement given the importance of fixed lease are developed, the probability of occurrence of each scenario
payments to the Group’s activities, specific indicators are is assessed.
Christian Dior 13
1.17 Available for sale financial assets Provisions for impairment of inventories are chiefly recognized
for businesses other than Wines and Spirits. They are generally
required because of product obsolescence (end of season or
Available for sale financial assets are classified as current or
collection, expiration date approaching, etc.) or lack of sales
non‑current based on their type.
prospects.
Non‑current available for sale financial assets comprise strategic
and non‑strategic investments whose estimated period and form
of ownership justify such classification. 1.19 T
rade accounts receivable,
Current available for sale financial assets (presented in “Other loans and other receivables
current assets”; see Note 13) include temporary investments in
shares, shares of SICAVs, FCPs and other mutual funds, excluding Trade accounts receivable, loans and other receivables are
investments made as part of day‑to‑day cash management, which recorded at amortized cost, which corresponds to their face
are accounted for as “Cash and cash equivalents” (see Note 1.20). value. Impairment is recognized for the portion of loans and
receivables not covered by credit insurance when such receivables
Available for sale financial assets are measured at their listed value
are recorded, in the amount of the losses expected upon maturity.
at the fiscal year‑end date in the case of quoted investments,
This reflects the probability of counterparty default and the
and in the case of unquoted investments at their estimated net
expected loss rate, measured using historical statistical data,
realizable value, assessed either according to formulas based on
information provided by credit bureaus, or ratings by credit
market data or based on private quotations at the fiscal year‑end
rating agencies, depending on the specific case.
date.
The amount of long‑term loans and receivables (i.e. those falling
Positive or negative changes in value are recognized under “Net
due in more than one year) is subject to discounting, the effects
financial income/(expense)” (within “Other financial income
of which are recognized under “Net financial income/(expense)”,
and expenses”) for all shares held in the portfolio during the
using the effective interest method.
reported periods.
At its level, Christian Dior integrates data from the LVMH
group without restatement. Regarding its own available for sale 1.20 Cash and cash equivalents
financial assets, as it is authorized to do under IFRS 9, Christian
Dior reserves the right to choose, for each accounting item, the Cash and cash equivalents comprise cash and highly liquid
method for recognizing their change in market value: either money‑market investments subject to an insignificant risk of
within “Net financial income/(expense)” or directly in equity. changes in value over time.
Money‑market investments are measured at their market value,
1.18 Inventories and work in progress based on price quotations at the close of trading and on the
exchange rate prevailing at the fiscal year‑end date, with any
changes in value recognized as part of “Net financial income/
Inventories other than wine produced by the Group are recorded
(expense)”.
at the lower of cost (excluding interest expense) and net realizable
value; cost comprises manufacturing cost (finished goods) or
purchase price, plus incidental costs (raw materials, merchandise).
1.21 Provisions
Wine produced by the Group, including champagne, is measured
on the basis of the applicable harvest market value, which A provision is recognized whenever an obligation exists towards
is determined by reference to the average purchase price of a third party resulting in a probable disbursement for the
equivalent grapes, as if the grapes harvested had been purchased Group, the amount of which may be reliably estimated. See also
from third parties. Until the date of the harvest, the value of Notes 1.25 and 20.
grapes is calculated on a pro rata basis, in line with the estimated
If the date at which this obligation is to be discharged is in more
yield and market value.
than one year, the provision amount is discounted, the effects of
Inventories are valued using either the weighted average cost or which are recognized in “Net financial income/(expense)” using
the FIFO method, depending on the type of business. the effective interest method.
Due to the length of the aging process required for champagne
and spirits (cognac, whisky), the holding period for these
inventories generally exceeds one year. However, in accordance
1.22 Borrowings
with industry practices, these inventories are classified as current
Borrowings are measured at amortized cost, i.e. nominal value net
assets.
of premium and issue expenses, which are charged progressively
to net financial income/(expense) using the effective interest
method.
14 Christian Dior
In the case of hedging against fluctuations in the value of borrowings

resulting from changes in interest rates, both the hedged amount
1.24 C
hristian Dior and LVMH
of borrowings and the related hedging instruments are measured treasury shares
at their market value at the balance sheet date, with any changes
in those values recognized within net financial income/(expense),
Christian Dior treasury shares
under “Fair value adjustment of borrowings and interest rate
hedges”. See Note 1.10 regarding the measurement of hedged
Christian Dior shares held by the Group are measured at their
borrowings at market value. Interest income and expenses related
acquisition cost and recognized as a deduction from consolidated
to hedging instruments are recognized within net financial
equity, irrespective of the purpose for which they are held.
income/(expense), under “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, with the exception of shares held under stock option
amortized cost while any changes in value of the effective hedge
plans, for which the calculation is performed for each plan using
portions are taken to equity as part of “Revaluation reserves”.
the weighted average cost method. Gains and losses on disposal
Changes in value of non‑hedging derivatives, and of the ineffective are taken directly to equity.
portions of hedges, are recognized within net financial income/
(expense). LVMH treasury shares
Net financial debt comprises short- and long‑term borrowings, the
Purchases and sales by LVMH of its own shares, as well as
market value at the balance sheet date of interest rate derivatives,
LVMH SE capital increases reserved for recipients of share
less the amount at the balance sheet date of non‑current available
subscription options, resulting in changes in the percentage held
for sale financial assets used to hedge financial debt, current
by the Christian Dior group in LVMH, are accounted for in the
available for sale financial assets, cash and cash equivalents,
consolidated financial statements of the Christian Dior group as
in addition to the market value at that date of foreign exchange
changes in ownership interests in consolidated entities.
derivatives related to any of the aforementioned items.
As from January 1, 2010, in accordance with the revised version of
IFRS 3, changes in the Christian Dior group’s ownership interest
1.23 Derivatives in LVMH have been taken to equity.
As this standard is applied prospectively, goodwill recognized
The Group enters into derivative transactions as part of its
as of December 31, 2009 has been maintained as an asset on the
strategy for hedging foreign exchange, interest rate and gold
balance sheet.
price risks.
To hedge against commercial, financial and investment foreign
exchange risk, the Group uses options, forward contracts, foreign 1.25 P
ensions, contribution to medical
exchange swaps and cross‑currency swaps. The time value of
options, the forward point component of forward contracts and
costs and other employee
foreign exchange swaps, as well as the foreign currency basis spread benefit commitments
component of cross‑currency swaps are systematically excluded
from the hedge relation. Consequently, only the intrinsic value of When plans related to retirement bonuses, pensions, contributions
the instruments is considered a hedging instrument. Regarding to medical costs, or other employee benefit commitments entail
hedged items (future foreign currency cash flows, commercial or the payment by the Group of contributions to third‑party
financial liabilities and accounts receivable in foreign currencies, organizations that assume sole responsibility for subsequently
subsidiaries’ equity denominated in a functional currency other paying such retirement bonuses, pensions or contributions to
than the euro), only their change in value in respect of foreign medical costs, these contributions are expensed in the fiscal year
exchange risk is considered a hedged item. As such, aligning the in which they fall due, with no liability recorded on the balance
hedging instruments’ main features (nominal values, currencies, sheet.
maturities) with those of the hedged items makes it possible to
When the payment of retirement bonuses, pensions, contributions
perfectly offset changes in value.
to medical costs, or other employee benefit commitments is to
Derivatives are recognized in the balance sheet at their market be borne by the Group, a provision is recorded in the balance
value at the balance sheet date. Changes in their value are accounted sheet in the amount of the corresponding actuarial commitment.
for as described in Note 1.9 in the case of foreign exchange hedges Changes in this provision are recognized as follows:
and as described in Note 1.22 in the case of interest rate hedges.
• the portion related to the cost of services rendered by employees
Market value is based on market data and commonly used and net interest for the fiscal year is recognized in profit from
valuation models. recurring operations for the fiscal year;
Derivatives with maturities in excess of 12 months are disclosed • the portion related to changes in actuarial assumptions and
as non‑current assets and liabilities. to differences between projected and actual data (experience
adjustments) is recognized in gains and losses taken to equity.
Christian Dior 15
If this commitment is partially or fully funded by payments Revenue includes shipment and transportation costs re‑billed to
made by the Group to external financial organizations, these customers only when these costs are included in products’ selling
dedicated funds are deducted from the actuarial commitment prices as a lump sum.
recorded in the balance sheet.
Sales of services, mainly involved in the Group’s “Other activities”
The actuarial commitment is calculated based on assessments segment, are recognized as the services are provided.
that are specifically designed for the country and the Group
Revenue is presented net of all forms of discount. In particular,
company concerned. In particular, these assessments include
payments made in order to have products referenced or, in
assumptions regarding discount rates, salary increases, inflation,
accordance with agreements, to participate in advertising campaigns
life expectancy and staff turnover.
with the distributors, are deducted from related revenue.
Provisions for product returns

1.26 Current and deferred tax
Perfumes and Cosmetics companies and, to a lesser extent,
The tax expense comprises current tax payable by consolidated
Fashion and Leather Goods and Watches and Jewelry companies
companies, deferred tax resulting from temporary differences,
may accept the return of unsold or outdated products from their
and the change in uncertain tax positions.
customers and distributors.
Deferred tax is recognized in respect of temporary differences
Where this practice is applied, revenue is reduced by the
arising between the value of assets and liabilities for purposes
estimated amount of such returns, and a provision is recognized
of consolidation and the value resulting from the application of
within “Other current liabilities” (see Note 22.2), along with a
tax regulations.
corresponding entry made to inventories. The estimated rate of
Deferred tax is measured on the basis of the income tax rates returns is based on historical statistical data.
enacted at the balance sheet date; the effect of changes in rates
is recognized during the periods in which changes are enacted. Businesses undertaken in partnership with Diageo
Future tax savings from tax losses carried forward are recorded
A significant proportion of revenue for the Group’s Wines
as deferred tax assets on the balance sheet and impaired if they
and Spirits businesses is generated within the framework of
are deemed not recoverable; only amounts for which future use
distribution agreements with Diageo, generally taking the form
is deemed probable are recognized.
of shared entities that sell and deliver both groups’ products
Deferred tax assets and liabilities are not discounted. to customers; the income statement and balance sheet of these
entities is apportioned between the Group and Diageo based on
Taxes payable in respect of the distribution of retained earnings
distribution agreements. According to those agreements, the assets,
of subsidiaries give rise to provisions if distribution is deemed
liabilities, income and expenses of such entities are consolidated
probable.
only in proportion to the Group’s share of operations.
1.27 Revenue recognition 1.28 Advertising and promotion expenses

Definition of revenue Advertising and promotion expenses include the costs of producing
advertising media, purchasing media space, manufacturing
Revenue mainly comprises retail sales within the Group’s store samples, publishing catalogs and, in general, the cost of all
network (including e‑commerce websites) and wholesale sales activities designed to promote the Group’s brands and products.
through agents and distributors. Sales made in stores owned
Advertising and promotion expenses are recorded within
by third parties are treated as retail transactions if the risks and
marketing and selling expenses upon receipt or production of
rewards of ownership of the inventories are retained by the
goods or upon completion of services rendered.
Group.
Direct sales to customers are mostly made through retail stores
in Fashion and Leather Goods and Selective Retailing, as well 1.29 Bonus share and similar plans
as certain Watches and Jewelry and Perfumes and Cosmetics
brands. These sales are recognized at the time of purchase by For bonus share plans, the expected gain is calculated on the
retail customers. basis of the closing share price on the day before the Board of
Directors’ meeting at which the plan is instituted, less the amount
Wholesale sales mainly concern the Wines and Spirits businesses,
of dividends expected to accrue during the vesting period.
as well as certain Perfumes and Cosmetics and Watches and
A discount may be applied to the value of the bonus shares thus
Jewelry brands. The Group recognizes revenue when title
calculated to account for a period of non‑transferability, where
transfers to third‑party customers.
applicable.
16 Christian Dior
For all plans, the amortization expense is apportioned on a

straight‑line basis in the income statement over the vesting
1.30 Earnings per share
period, with a corresponding impact on reserves in the balance
Earnings per share are calculated based on the weighted average
sheet.
number of shares outstanding during the fiscal year, excluding
For any cash‑settled compensation plans index‑linked to the treasury shares.
change in the LVMH share price, the gain over the vesting period
Where applicable, diluted earnings per share are calculated
is estimated at each balance sheet date based on the LVMH share
based on the weighted average number of shares before dilution.
price at that date, and is charged to the income statement on a pro
Dilutive instruments issued by subsidiaries are also taken into
rata basis over the vesting period, with a corresponding balance
consideration for the purposes of determining the Group’s share
sheet impact on provisions. Between that date and the settlement
of net profit after dilution.
date, the change in the expected gain resulting from the change
in the LVMH share price is recorded in the income statement.
Note 2. Changes in ownership interests in consolidated entities
2.1 Fiscal year 2020

There were no significant changes in ownership interests in See Note 31 “Off‑balance sheet commitments” and Note 34
consolidated entities during the fiscal year. “Subsequent events” regarding the acquisition of Tiffany & Co.,
which was completed in 2021.
Belmond
On April 17, 2019, pursuant to the transaction agreement announced acquisition, Belmond’s Class A shares were no longer listed on
on December 14, 2018 and approved by Belmond’s shareholders the New York Stock Exchange.
on February 14, 2019, LVMH acquired, for cash, all the Class A
Belmond, which has locations in 24 countries, owns and
shares of Belmond Ltd at a unit price of 25 US dollars, for a total
operates an exceptional portfolio of very high‑end hotels and
of 2.2 billion US dollars. After taking into account the shares
travel experiences in the world’s most desirable, prestigious
acquired on the market in December 2018, the carrying amount
destinations.
of Belmond shares held came to 2.3 billion euros. Following this
The following table details the allocation of the purchase price paid by LVMH on April 17, 2019, the date of acquisition of the controlling
interest:
(EUR millions) Provisional Change Final

allocation as of allocation as of
December 31, 2019 June 30, 2020
Brand and other intangible assets 147 - 147

Property, plant and equipment 2,312 - 2,312
Other current and non‑current assets 311 27 338
Net financial debt (604) - (604)
Deferred tax (434) 4 (430)
Current and non‑current liabilities (366) (43) (409)
Minority interests (1) - (1)
Net assets acquired 1,365 (12) 1,353

Goodwill 888 12 900
Carrying amount of shares held as of April 17, 2019 2,253 - 2,253
The amounts presented in the table above are taken from Belmond’s assets, for 1,193 million euros, and the Belmond brand, for
unaudited financial statements at the date of acquisition of the 140 million euros.
controlling interest. The main revaluations concern real estate
Christian Dior 17
The carrying amount of shares held as of the date of acquisition Château du Galoupet
of the controlling interest includes shares acquired in 2018 for
274 million euros. In June 2019, the Group acquired the entire share capital of
Château du Galoupet, a Côtes de Provence estate awarded Cru
Stella McCartney Classé status in 1955. This property, located in La Londe‑les-
Maures (France), extends over 68 contiguous hectares and mainly
Under the agreement announced in July 2019 to speed up the produces rosé wines.
Stella McCartney brand’s expansion plans, LVMH acquired a 49%
stake in this fashion house in November 2019, which is accounted Château d’Esclans
for using the equity method (see Note 8).
In late November 2019, the Group acquired 55% of the share
capital of Château d’Esclans. This property is located in La Motte
(France) and mainly produces world‑renowned rosé wines, in
particular the Garrus and Whispering Angel cuvées.

In 2018, LVMH acquired the 20% stake in the share capital of Fresh that it did not own; the price paid generated the recognition of
a final goodwill, previously recorded under “Goodwill arising on purchase commitments for minority interests’ shares”.
2.4 Impact on net cash and cash equivalents of changes in ownership

interests in consolidated entities
(EUR millions) 2020 2019 2018
Purchase price of consolidated investments and of minority interests’ shares (887) (2,817) (802)
Positive cash balance/(net overdraft) of companies acquired - 128 17
Proceeds from sale of consolidated investments 206 165 249
(Positive cash balance)/net overdraft of companies sold (18) (2) -
Impact of changes in ownership interests in consolidated

entities on net cash and cash equivalents (699) (2,526) (536)
Of which: Purchase and proceeds from sale of consolidated investments (536) (2,478) (17)
Purchase and proceeds from sale of minority interests (163) (48) (519)
In 2020, the impact on net cash and cash equivalents of changes subscription options and the impact of the LVMH liquidity
in ownership interests in consolidated entities mainly arose from contract.
foreign exchange hedges implemented in anticipation of the
In 2018, the impact on net cash and cash equivalents of changes
acquisition of Tiffany & Co. It also included the impact of the
in ownership interests in consolidated entities mainly arose
LVMH liquidity contract.
from the acquisition of minority interests in Fresh and in various
In 2019, the impact on net cash and cash equivalents of changes distribution subsidiaries, particularly in the Middle East. It also
in ownership interests in consolidated entities mainly arose included LVMH SE’s capital increases reserved for recipients of
from the acquisition of Belmond and of a 49% stake in Stella share subscription options and the impact of the LVMH liquidity
McCartney and a 55% stake in Château d’Esclans. It also included contract.
LVMH SE’s capital increases reserved for recipients of share
18 Christian Dior
Note 3. Brands, trade names and other intangible assets
(EUR millions) December 31, 2020 Dec. 31, 2019 Dec. 31, 2018 (a)
Gross Amortization and Net Net Net

impairment
Brands 13,654 (777) 12,877 12,875 12,736
Trade names 3,614 (1,484) 2,130 2,303 2,265
License rights 74 (28) 46 34 -
Software, websites 2,388 (1,722) 665 650 544
Other 982 (556) 425 473 831
Total 20,711 (4,568) 16,143 16,335 16,376
3.1 Changes during the fiscal year

The net amounts of brands, trade names and other intangible assets changed as follows during fiscal year 2020:
Gross value Brands Trade names Software, Other intangible Total

(EUR millions) websites assets
As of December 31, 2019 13,651 3,920 2,258 1,107 20,936
Acquisitions - - 194 286 480

Disposals and retirements - - (170) (90) (261)
Changes in the scope of consolidation (22) - 1 2 (19)
Translation adjustment (43) (306) (65) (17) (432)
Reclassifications 68 - 170 (231) 6
As of December 31, 2020 13,654 3,614 2,387 1,057 20,711
Amortization and impairment Brands Trade names Software, Other intangible Total
(EUR millions) websites assets
As of December 31, 2019 (776) (1,617) (1,608) (600) (4,601)
Amortization expense (24) (1) (329) (129) (483)

Impairment expense (32) - - (1) (33)
Disposals and retirements - - 172 87 259
Changes in the scope of consolidation 36 - (1) (1) 34
Translation adjustment 18 134 44 8 204
Reclassifications 1 - (1) 52 51
As of December 31, 2020 (777) (1,484) (1,722) (585) (4,568)
Carrying amount as of December 31, 2020 12,876 2,130 665 472 16,143
Christian Dior 19
3.2 Changes during prior fiscal years
Carrying amount Brands Trade names Software, Leasehold Other intangible Total
(EUR millions) websites rights assets
As of December 31, 2017 12,655 2,176 459 392 396 16,078
Acquisitions - - 177 88 272 537

Disposals and retirements - - (2) - - (2)
Changes in the scope
of consolidation 40 - - 1 - 41
Amortization expense (18) (1) (221) (60) (147) (447)
Impairment expense - - - (2) (7) (9)
Translation adjustment 59 90 8 2 7 166
Reclassifications - - 123 17 (128) 12
As of December 31, 2018 12,736 2,265 544 438 393 16,376
accounting standards (a) - - - (438) 59 (379)
As of January 1, 2019,
after restatement 12,736 2,265 544 - 452 15,997
Acquisitions - - 225 - 303 528

Disposals and retirements - - (2) - - (3)
of consolidation 140 - - - 44 184
Amortization expense (17) (1) (267) - (137) (421)
Impairment expense (54) - - - 4 (50)
Translation adjustment 70 39 5 - 6 119
Reclassifications - - 144 - (165) (21)
As of December 31, 2019 12,875 2,303 650 - 507 16,335
3.3 Brands and trade names
(EUR millions) December 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Gross Amortization and Net Net Net

impairment
Wines and Spirits 2,866 (132) 2,734 2,691 2,677
Fashion and Leather Goods 5,319 (361) 4,958 4,986 4,992
Perfumes and Cosmetics 1,357 (69) 1,287 1,291 1,297
Watches and Jewelry 3,698 (92) 3,606 3,599 3,560
Selective Retailing 3,566 (1,437) 2,130 2,303 2,265
Other activities 462 (171) 292 308 210
Brands and trade names 17,268 (2,261) 15,006 15,178 15,001
The brands and trade names recognized are those that the Group • Fashion and Leather Goods: Louis Vuitton, Fendi, Celine,
has acquired. As of December 31, 2020, the principal acquired Loewe, Givenchy, Kenzo, Berluti, Pucci, Loro Piana and
brands and trade names were: Rimowa;
• Wines and Spirits: Hennessy, Moët & Chandon, Dom Pérignon, • Perfumes and Cosmetics: Parfums Christian Dior, Guerlain,
Veuve Clicquot, Krug, Château d’Yquem, Belvedere, Parfums Givenchy, Make Up For Ever, Benefit Cosmetics,
Glenmorangie, Newton Vineyards, Bodega Numanthia and Fresh, Acqua di Parma, KVD Vegan Beauty, Fenty, Ole
Château d’Esclans; Henriksen and Maison Francis Kurkdjian;
20 Christian Dior
• Watches and Jewelry: Bvlgari, TAG Heuer, Zenith, Hublot, These brands and trade names are recognized in the balance
Chaumet and Fred; sheet at their value determined as of the date of their acquisition
by the Group, which may be much less than their value in use
• Selective Retailing: DFS Galleria, Sephora, Le Bon Marché or their market value as of the closing date for the Group’s
and Ile de Beauté;
consolidated financial statements. This is notably the case for
• Other activities: the publications of the media group Les the brands Louis Vuitton, Veuve Clicquot and Parfums Christian
Echos-Investir, the daily newspaper Le Parisien-Aujourd’hui Dior, and the trade name Sephora, with the understanding that
en France, the Royal Van Lent-Feadship brand, La Samaritaine, this list must not be considered exhaustive.
the Belmond hotel group and the Cova pastry shop brand.
See also Note 5 for the impairment testing of brands, trade names
and other intangible assets with indefinite useful lives.
Note 4. Goodwill
Gross Impairment Net Net Net
Goodwill arising on consolidated investments 9,737 (1,826) 7,911 8,188 7,119

Goodwill arising on purchase commitments
for minority interests’ shares 6,597 - 6,597 6,312 5,073
Total 16,334 (1,826) 14,508 14,500 12,192
Changes in net goodwill during the fiscal years presented break down as follows:
As of January 1 16,285 (1,785) 14,500 12,192 12,301
Changes in the scope of consolidation (72) 46 (27) 1,032 45

Changes in purchase commitments
for minority interests’ shares 278 - 278 1,247 (126)
Changes in impairment - (178) (178) (22) (100)
Translation adjustment (157) 90 (67) 51 72
As of December 31 16,334 (1,826) 14,508 14,500 12,192
See Note 21 for goodwill arising on purchase commitments for minority interests’ shares.
Changes in the scope of consolidation during fiscal year 2019 mainly resulted from the acquisition of Belmond. See Note 2.
Note 5. Impairment testing of intangible assets with indefinite useful lives
The Covid‑19 pandemic severely disrupted production and reduced business activity observed in 2020, as well as a scenario in
commercial operations, leading to a substantial decrease in the which business activity returns to its 2019 level between 2022 and
Group’s revenue and profit from recurring operations in 2020. 2024, depending on the type of activity. For the other business
Nevertheless, although the effects of the decrease in levels of segments, as the results of the impairment tests performed in
business travel and tourism will still be felt for some time, the 2019 were not called into question by the developments noted
Group believes that its activities will not be significantly affected over the course of 2020, they were therefore reapplied, taking
over the long term. into account in particular the significant differences between
recoverable and carrying amounts for intangible assets with
For the purposes of preparing the financial statements for the
indefinite useful lives.
fiscal year ended December 31, 2020, the business segments that
are most sensitive to negative changes in the market environment As described in Note 1.16, these assets are generally valued on the
have been identified. For these segments, multi‑year plans basis of the present value of forecast cash flows determined in the
drawn up previously have been adjusted to take into account the context of multi‑year business plans drawn up each fiscal year.
Christian Dior 21
The main assumptions used to determine these forecast cash flows are as follows:
Business group December 31, 2020 December 31, 2019 December 31, 2018

(as %)
Discount rate Annual Growth Post‑tax Annual Growth Post‑tax Annual Growth
growth rate rate for discount growth rate rate for discount growth rate rate for
Post‑tax Pre‑tax for revenue the period rate for revenue the period rate for revenue the period
during the after the during the after the during the after the
plan period plan plan period plan plan period plan
Wines and Spirits 6.0 to 10.8 8.1 to 14.6 5.8 2.0 6.0 to 10.8 5.8 2.0 6.5 to 11.0 5.7 2.0
Fashion and
Leather Goods 7.1 to 9.6 9.6 to 13.0 10.5 2.0 7.1 to 9.6 10.4 2.0 8.0 to 10.5 9.7 2.0
Perfumes and
Cosmetics 6.5 to 9.2 8.8 to 12.4 9.1 2.0 6.5 to 9.2 9.1 2.0 7.4 to 10.1 8.9 2.0
Watches and
Jewelry 7.5 to 8.9 10.1 to 12.0 9.4 2.0 7.5 to 8.9 9.2 2.0 9.0 to 10.4 8.3 2.0
Selective
Retailing 7.0 to 8.9 9.5 to 12.0 8.0 2.0 7.0 to 8.8 8.2 2.0 7.3 to 9.4 9.8 2.0
Other 6.0 to 9.0 8.1 to 12.1 6.6 2.0 6.0 to 7.5 2.3 2.0 6.5 to 9.3 4.5 2.0
Plans generally cover a five‑year period, but may be prolonged up Annual growth rates applied for the period not covered by the
to ten years in the case of brands for which the production cycle plans are based on market estimates for the business groups
exceeds five years or brands undergoing strategic repositioning. concerned.
As of December 31, 2020, the intangible assets with indefinite useful lives that are the most significant in terms of their carrying amounts
and the criteria used for impairment testing are as follows:
(EUR millions) Brands and Goodwill Total Post‑tax Growth rate for Period covered
trade names discount rate the period after by the forecast
(as %) the plan (as %) cash flows
Louis Vuitton 2,059 543 2,602 7.1 2.0 5 years

Loro Piana (a) 1,300 1,048 2,348 N/A N/A N/A
Fendi 713 405 1,117 8.4 2.0 5 years
Bvlgari 2,100 1,547 3,647 7.5 2.0 5 years
TAG Heuer 1,148 218 1,366 7.5 2.0 5 years
DFS Galleria 1,865 - 1,865 8.8 2.0 5 years
Belmond 126 900 1,026 9.0 2.0 10 years
Hennessy 1,067 53 1,120 6.0 2.0 5 years
(a) For impairment testing purposes, the fair value of Loro Piana was determined by applying the share price multiples of comparable companies to Loro Piana’s consolidated operating
results. The change in multiples resulting from a 10% decrease in the market capitalization of comparable companies or the operating profit of Loro Piana would not generate an
impairment risk for Loro Piana’s intangible assets.
N/A: Not applicable.
22 Christian Dior
As of December 31, 2020, three business segments disclosed of December 31, 2020 and the impairment loss that would result
intangible assets with a carrying amount close to their recoverable from a 1.0‑point change in the post‑tax discount rate or in the
amount (including two for which the net carrying amounts growth rate for the period not covered by the plans, or from
of intangible assets with indefinite useful lives are significant). a 4‑point decrease in the compound annual growth rate for
Impairment tests relating to intangible assets with indefinite revenue compared to rates used as of December 31, 2020, break
useful lives in these business segments have been carried out down as follows:
based on value in use. The amount of these intangible assets as
(EUR millions) Amount of Amount of impairment if:

intangible assets
concerned as of Post‑tax discount Annual growth Growth rate for
December 31, 2020 rate increases rate for revenue the period after
by 1.0 point decreases by the plan decreases
4 points by 1.0 point
Watches and Jewelry 1,366 (171) (179) (130)

Other business groups 1,225 (41) (143) -
Total 2,591 (212) (322) (130)
The Group considers that changes in excess of the limits mentioned As of December 31, 2020, the gross and net values of brands,
above would entail assumptions at a level not deemed relevant trade names and goodwill giving rise to amortization and/or
in view of the current economic environment and medium- to impairment charges in 2020 were 1,831 million euros and
long‑term growth prospects for the business segments concerned. 1,328 million euros, respectively (325 million euros and 37 million
euros as of December 31, 2019).
Impairment expenses recognized during fiscal year 2020 came
to 235 million euros. See Note 26.
Note 6. Property, plant and equipment
(EUR millions) December 31, 2020 Dec. 31, 2019 Dec. 31, 2018 (a)
Gross Depreciation and Net Net Net

impairment
Land 3,926 (19) 3,907 3,832 2,265
Vineyard land and producing vineyards (b) 2,668 (117) 2,551 2,537 2,473
Buildings 5,634 (2,234) 3,400 3,115 2,189
Investment property 353 (35) 318 322 605
Leasehold improvements,
machinery and equipment 14,431 (9,972) 4,459 4,717 4,078
Assets in progress 1,181 (5) 1,176 1,650 1,237
Other property, plant and equipment 2,318 (555) 1,763 1,706 1,616
Total 30,513 (12,938) 17,575 17,878 14,463
Of which: Historical cost of vineyard land 601 - 601 587 576
(b) Almost all of the carrying amount of “Vineyard land and producing vineyards” corresponds to vineyard land.
Christian Dior 23
6.1 Changes during the fiscal year

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, 2019 2,655 9,094 360 9,801 2,964 1,478 1,652 2,229 30,233
Acquisitions 19 295 1 464 135 91 911 67 1,984

Change in the market
value of vineyard land (3) - - - - - - - (3)
Disposals and retirements (11) (79) (4) (400) (63) (86) (5) (27) (676)
of consolidation - - - - - - - - -
Translation adjustment (14) (314) (7) (503) (35) (55) (31) (32) (991)
Other movements,
including transfers 23 566 2 404 97 138 (1,345) 82 (33)
As of December 31, 2020 2,668 9,561 353 9,767 3,098 1,566 1,181 2,318 30,513
Depreciation and impairment Vineyard Land and Investment Leasehold improvements, Assets in Other Total
producing plant and
vineyards Stores and Production, Other equipment
hotels logistics
As of December 31, 2019 (118) (2,146) (38) (6,585) (1,949) (991) (2) (524) (12,355)
Depreciation expense (6) (238) (2) (1,024) (211) (149) - (75) (1,706)
Impairment expense (2) (10) - (3) (2) - (5) (3) (26)
Disposals and retirements 9 67 - 395 55 84 - 29 639
of consolidation - - - - - - - - -
Translation adjustment 1 75 - 347 18 42 - 18 502
Other movements,
including transfers (1) (1) 6 62 2 (62) 1 1 8
As of December 31, 2020 (117) (2,253) (35) (6,810) (2,087) (1,076) (5) (555) (12,938)
Carrying amount as
of December 31, 2020 2,551 7,307 318 2,957 1,012 490 1,176 1,763 17,575
“Other property, plant and equipment” includes in particular the The impact of marking vineyard land to market was 1,824 million
works of art owned by the Group. euros as of December 31, 2020 (1,836 million euros as of
December 31, 2019 and 1,793 million euros as of December 31,
Purchases of property, plant and equipment mainly include
2018). See Notes 1.10 and 1.14 on the measurement method for
investments by the Group’s brands – notably Louis Vuitton,
vineyard land.
Sephora and Christian Dior Couture – in their retail networks.
They also included investments related to the La Samaritaine The market value of investment property, according to appraisals
project as well as investments by the champagne houses, Hennessy, by independent third parties, was at least 0.6 billion euros as of
Parfums Christian Dior and Louis Vuitton in their production December 31, 2020. The valuation methods used are based on
equipment. market data.
24 Christian Dior
6.2 Changes during prior fiscal years

Changes in property, plant and equipment during prior fiscal years broke down as follows:
Carrying amount Vineyard Land and Investment Leasehold improvements, Assets in Other Total
producing plant and
vineyards Stores Production, Other equipment
logistics
As of December 31, 2017 2,432 3,756 765 2,682 883 406 784 1,509 13,217
Acquisitions 25 473 70 604 162 82 1,074 114 2,604

Disposals and retirements - - - (3) (3) (1) (1) 3 (5)
Depreciation expense (6) (192) (2) (946) (172) (127) - (67) (1,512)
Impairment expense - (2) - 2 (1) - - (2) (3)
value of vineyard land 8 - - - - - - - 8
of consolidation - - - 2 1 3 - - 6
Translation adjustment (1) 62 14 45 1 5 4 2 132
Other, including transfers 15 357 (242) 339 75 39 (624) 57 16
As of December 31, 2018 2,473 4,454 605 2,725 946 407 1,237 1,616 14,463
accounting standards (a) - (260) - (61) (22) (9) (4) 1 (355)
As of January 1, 2019 2,473 4,194 605 2,664 924 398 1,233 1,617 14,108
Acquisitions 11 225 12 806 165 143 1,375 124 2,860

Disposals and retirements - (8) (23) (1) (1) (2) (8) 8 (35)
Depreciation expense (6) (213) (5) (1,030) (189) (144) - (68) (1,655)
Impairment expense - 62 (1) (5) (2) - (16) - 38
value of vineyard land 42 - - - - - - - 42
of consolidation 15 2,117 - 218 8 - 22 8 2,388
Translation adjustment 2 64 8 53 5 4 8 4 146
Other, including transfers 1 506 (274) 512 106 87 (964) 13 (13)
As of December 31, 2019 2,537 6,948 322 3,216 1,015 486 1,650 1,706 17,878
Purchases of property, plant and equipment in fiscal years 2019 production equipment. They also included investments related
and 2018 mainly included investments by the Group’s brands in to the La Samaritaine project as well as, in 2018, investments
their retail networks and investments by the champagne houses, related to the Jardin d’Acclimatation, along with various real
Hennessy, Louis Vuitton and Parfums Christian Dior in their estate investments.
Christian Dior 25
Note 7. Leases
7.1 Right‑of‑use assets

Right‑of‑use assets break down as follows, by type of underlying asset:
(EUR millions) December 31, 2020 Dec. 31, 2019 January 1, 2019
Gross Depreciation and Net Net Net

impairment
Stores 13,577 (3,523) 10,054 9,861 9,472
Offices 1,931 (498) 1,433 1,436 1,332
Other 922 (200) 722 749 718
Capitalized fixed lease payments 16,429 (4,222) 12,207 12,047 11,522
Leasehold rights 782 (474) 308 362 345
Total 17,211 (4,696) 12,515 12,409 11,867
The net amounts of right‑of‑use assets changed as follows during the fiscal year:
Gross value Capitalized fixed lease payments Leasehold Total

(EUR millions) rights
Stores Offices Other Total
As of December 31, 2019 11,817 1,724 860 14,402 738 15,140
New leases entered into 2,112 417 115 2,643 7 2,650

Changes in assumptions 931 (84) 11 858 - 858
Leases ended or canceled (475) (76) (39) (590) (8) (598)
Changes in the scope of consolidation - - - - - -
Translation adjustment (795) (58) (44) (897) (11) (908)
Other movements, including transfers (13) 8 19 14 56 70
As of December 31, 2020 13,577 1,931 922 16,429 782 17,211
Depreciation and impairment Capitalized fixed lease payments Leasehold Total

As of December 31, 2019 (1,956) (288) (111) (2,355) (376) (2,731)
Depreciation expense (2,111) (286) (117) (2,514) (54) (2,568)

Impairment expense 1 (2) - (1) (3) (4)
Leases ended or canceled 344 64 22 430 7 437
Changes in the scope of consolidation - - - - - -
Other movements, including transfers 2 (3) - (1) (53) (54)
As of December 31, 2020 (3,523) (498) (200) (4,222) (474) (4,696)
Carrying amount as of December 31, 2020 10,054 1,433 722 12,207 308 12,515
“New leases entered into” mainly involved store leases, in in assumptions mainly related to the exercise of options to
particular for Louis Vuitton, Sephora, Christian Dior Couture, extend existing leases, in particular for DFS and Christian Dior.
Fendi and Loro Piana. They also included leases of office space, These two types of changes led to corresponding increases in
mainly for Wines and Spirits and Benefit Cosmetics. Changes right‑of‑use assets and lease liabilities.
26 Christian Dior
7.2 Lease liabilities

Lease liabilities break down as follows:
(EUR millions) Dec. 31, 2020 Dec. 31, 2019 Jan. 1, 2019
Non‑current lease liabilities 10,665 10,373 9,679

Current lease liabilities 2,163 2,172 2,149
Total 12,829 12,545 11,828
The change in lease liabilities during the fiscal year breaks down as follows:
(EUR millions) Stores Offices Other Total
As of December 31, 2019 10,264 1,532 749 12,545
New leases entered into 2,082 405 112 2,600

Principal repayments (1,911) (250) (113) (2,275)
Change in accrued interest (12) 2 2 (8)
Leases ended or canceled (138) (10) (9) (158)
Changes in assumptions 911 (84) 11 837
Changes in the scope of consolidation - - - -
Translation adjustment (629) (46) (33) (708)
Other movements, including transfers (13) 7 1 (5)
As of December 31, 2020 10,556 1,555 718 12,829
The following table presents the contractual schedule of disbursements for lease liabilities as of December 31, 2020:
(EUR millions) As of December 31, 2020

Total minimum future payments
Maturity: 2021 2,388

2022 2,065
2023 1,791
2024 1,552
2025 1,318
Between 2026 and 2030 3,560
Between 2031 and 2035 778
Thereafter 1,009
Total minimum future payments 14,461
Impact of discounting (1,632)
Total lease liability 12,829
Christian Dior 27
7.3 Breakdown of lease expense

The lease expense for the fiscal year breaks down as follows:
(EUR millions) 2020 2019
Depreciation and impairment of right‑of‑use assets 2,572 2,407

Interest on lease liabilities 281 290
Capitalized fixed lease expense 2,853 2,697
Variable lease payments 755 1,595

Short‑term leases and/or low‑value leases 320 376
Other lease expenses 1,075 1,971
Total 3,928 4,668
In certain countries, leases for stores entail the payment of both In 2020, apart from the consequences of the decline in activity
minimum amounts and variable amounts, especially for stores levels in connection with the Covid‑19 pandemic, the expense for
with lease payments indexed to revenue. As required by IFRS 16, variable lease payments reflects the 548 million euro impact of
only the minimum fixed lease payments are capitalized. “Other rent concessions from lessors, in accordance with the provisions
lease expenses” mainly relate to variable lease payments. set out in the amendment to IFRS 16 adopted in 2020 (see Note 1.2).
For leases not required to be capitalized, there is little difference
between the expense recognized and the payments made.
7.4 Changes during the previous fiscal year

The change in right‑of‑use assets during the previous fiscal year breaks down as follows, by type of underlying asset:
Carrying amount Capitalized fixed lease payments Leasehold Total

As of January 1, 2019 9,471 1,331 718 11,520 344 11,864
New leases entered into 1,862 386 94 2,342 64 2,406

Changes in assumptions 411 13 2 426 - 426
Leases ended or canceled (138) (6) (9) (153) (12) (165)
Depreciation expense (1,970) (274) (108) (2,352) (53) (2,405)
Impairment expense - (7) - (7) 5 (2)
Changes in the scope of consolidation 22 5 36 64 (4) 61
Other movements, including transfers 9 (27) 3 (15) 13 (2)
As of December 31, 2019 9,861 1,436 749 12,047 362 12,409
28 Christian Dior
The change in lease liabilities during the previous fiscal year breaks down as follows:
(EUR millions) Stores Offices Other Total
As of January 1, 2019 9,692 1,420 716 11,828
New leases entered into 1,834 373 94 2,302

Principal repayments (1,828) (238) (101) (2,166)
Change in accrued interest 40 5 5 50
Leases ended or canceled (138) (6) (8) (152)
Changes in assumptions 403 11 2 415
Changes in the scope of consolidation 26 - 30 56
Translation adjustment 198 17 12 228
Other movements, including transfers 36 (50) - (13)
As of December 31, 2019 10,264 1,532 749 12,545
7.5 Off‑balance sheet commitments

Off‑balance sheet commitments relating to leases with fixed lease payments break down as follows:
(EUR millions) Dec. 31, 2020 Dec. 31, 2019
Contracts commencing after the balance sheet date 1,324 1,592

Low‑value leases and short‑term leases 180 195
Total undiscounted future payments 1,504 1,787
As part of the active management of its retail network, the Group In addition, the Group may enter into leases or concession
negotiates and enters into leases with commencement dates after contracts that have variable guaranteed amounts, which are not
the balance sheet date. Obligations to make payments under reflected in the commitments above.
these leases are reported as off‑balance sheet commitments rather
than being recognized as lease liabilities.
7.6 Discount rates

The average discount rate for lease liabilities breaks down as follows for leases in effect as of December 31, 2020:
(as %) Average rate for leases Average rate for leases

in effect as of entered into in 2020
December 31, 2020
Euro 0.6 0.3

US dollar 3.1 2.0
Japanese yen 0.6 0.2
Hong Kong dollar 2.6 1.9
Other currencies 2.4 2.2
Average rate for the Group 2.0 1.1
Christian Dior 29
7.7 Termination and renewal options

The term used to calculate the lease liability is generally the to be exercised, and as such the lease term used to calculate the
contractual term of the lease. Special cases may exist where an lease liability is reduced or extended, respectively.
early termination option or a renewal option is reasonably certain
The table below presents the impact of these assumptions on lease liabilities recognized as of December 31, 2020:
(EUR millions) As of December 31, 2020
Lease liabilities Of which: Impact of options

not taken into account (a)
Impact of early Impact of
termination renewal options Renewal Early termination
options options options
Lease liabilities related to contracts:

— with options 5,858 (51) 1,767 1,581 (938)
— without options 6,971
Total 12,829 (51) 1,767 1,581 (938)
(a) The impact of options not taken into account presented in the table above was calculated by discounting future lease payments on the basis of the last known contractual term.
Note 8. Investments in joint ventures and associates
(EUR millions) December 31, 2020 December 31, 2019 December 31, 2018
Gross Impairment 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 1,074 - 1,074 448 638 278 639 273
Share of net profit (loss)

for the fiscal year (42) - (42) (13) 28 11 23 12
Dividends paid (24) - (24) (12) (20) (9) (28) (9)
of consolidation - - - - 415 163 (10) 2
Capital increases subscribed 10 - 10 7 5 2 3 1
Translation adjustment (34) - (34) (14) 5 - 7 -
Other, including transfers 5 - 5 9 3 3 4 (1)
Share of net assets of joint

ventures and associates
as of December 31 990 - 990 426 1,074 448 638 278
As of December 31, 2020, investments in joint ventures and associates consisted primarily of the following:
• For joint arrangements: • For other companies:

– a 50% stake in the Château Cheval Blanc wine estate (Gironde, – a 40% stake in Mongoual SA, the real estate company that
France), which produces the eponymous Saint‑Émilion owns the office building in Paris (France) that serves as the
Grand Cru Classé A; headquarters of LVMH Moët Hennessy Louis Vuitton;
– a 50% stake in hotel and rail transport activities operated – a 45% stake in PT. Sona Topas Tourism Industry Tbk
by Belmond in Peru. (STTI), an Indonesian retail company, which notably holds
duty‑free sales licenses in airports;
30 Christian Dior
– a 46% stake in JW Anderson, a London‑based ready‑to‑wear Changes in the scope of consolidation in fiscal year 2019 mainly
brand; resulted from the acquisition of a stake in Stella McCartney and
the acquisition of Belmond. See Note 2.
– a 40% stake in L Catterton Management, an investment
fund management company created in December 2015 in Repossi – an Italian jewelry brand in which the Group acquired
partnership with Catterton; a 41.7% stake in November 2015 and which was accounted for
using the equity method until December 31, 2017 – has been
– a 49% stake in Stella McCartney, a London‑based ready‑to- fully consolidated since 2018, following the acquisition of an
wear brand.
additional stake in the company, raising the Group’s ownership
interest from 41.7% to 68.9%.
Note 9. Non‑current available for sale financial assets
(EUR millions) 2020 2019 2018
As of January 1 915 1,100 789
Acquisitions 159 146 450

Disposals at net realized value (213) (45) (45)
Changes in market value (a) 24 (16) (101)
Changes in the scope of consolidation - - -
Translation adjustment (13) 7 16
Reclassifications (b) (133) (276) (9)
As of December 31 739 915 1,100
(a) Recognized within “Net financial income/(expense)”.

(b) See Note 14.
The market value of non‑current available for sale financial assets Acquisitions in fiscal years 2020 and 2019 included, for 90 and
is determined using the methods described in Note 1.10; see also 110 million euros, respectively, the impact of subscription of
Note 23.2 for the breakdown of these assets according to the securities in investment funds.
measurement methods used.
Acquisitions in fiscal year 2018 included in particular, for 274 million
Reclassifications mainly related to non‑current available for sale euros, the impact of the acquisition of Belmond shares, as well as,
financial assets used to hedge financial debt maturing in less for 87 million euros, the impact of subscription of securities in
than one year. investment funds and acquisitions of minority interests.
Note 10. Other non‑current assets
(EUR millions) Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018 (a)
Warranty deposits 409 429 379

Derivatives (see Note 23) 110 782 257
Loans and receivables 280 291 303
Other 46 45 46
Total 845 1,546 985
Christian Dior 31
Note 11. Inventories and work in progress
Wines and eaux‑de‑vie in the process of aging 5,337 (24) 5,313 5,017 4,784
Other raw materials and work in progress 2,284 (551) 1,732 1,900 1,700
7,621 (575) 7,046 6,917 6,484
Goods purchased for resale 1,940 (234) 1,706 2,189 2,091

Finished products 5,597 (1,333) 4,264 4,611 3,910
7,537 (1,567) 5,970 6,800 6,001
Total 15,158 (2,142) 13,016 13,717 12,485
See Note 1.18.
The change in net inventories for the fiscal years presented breaks down as follows:
(EUR millions) 2020 2019 2018
As of January 1 15,537 (1,820) 13,717 12,485 10,888
Change in gross inventories 562 - 562 1,604 1,722

Impact of provision for returns (a) 12 - 12 2 7
Impact of marking harvests to market (27) - (27) (6) 16
Changes in provision for impairment - (797) (797) (559) (285)
Changes in the scope of consolidation (2) 2 - 36 25
Other, including reclassifications (386) 393 7 - 3
As of December 31 15,158 (2,142) 13,016 13,717 12,485
(a) See Note 1.27.
In fiscal year 2020, due to the Covid‑19 pandemic, more limited sales prospects for inventories led to the recognition of a non‑recurring
impairment charge of around 190 million euros.
The impact of marking harvests to market on Wines and Spirits’ cost of sales and value of inventory is as follows:
(EUR millions) Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Impact of marking the fiscal year’s harvest to market (7) 14 41

Impact of inventory sold during the fiscal year (20) (20) (25)
Net impact on cost of sales for the fiscal year (27) (6) 16
Net impact on the value of inventory as of December 31 93 120 126
See Notes 1.10 and 1.18 on the method of marking harvests to market.
32 Christian Dior
Note 12. Trade accounts receivable
Trade accounts receivable, nominal amount 2,880 3,539 3,300

Provision for impairment (124) (89) (78)
Net amount 2,756 3,450 3,222
The change in trade accounts receivable for the fiscal years presented breaks down as follows:
(EUR millions) 2020 2019 2018
As of January 1 3,539 (89) 3,450 3,222 2,736
Changes in gross receivables (528) - (528) 121 179

Changes in provision for impairment - (41) (41) (10) (1)
Changes in provision for product returns (a) - - - - 7
Changes in the scope of consolidation 1 - 1 50 5
Reclassifications 19 3 22 (5) 272
As of December 31 2,880 (124) 2,756 3,450 3,222
(a) See Note 1.27.
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.
As of December 31, 2020, the breakdown of the nominal amount of trade accounts receivable and of provisions for impairment by age
was as follows:
(EUR millions) Nominal amount Impairment Net amount

of receivables of receivables
Not due: — less than 3 months 2,462 (24) 2,439
— more than 3 months 81 (11) 70
2,544 (35) 2,509
Overdue: — less than 3 months 214 (10) 204

— more than 3 months 123 (79) 43
336 (89) 247
Total 2,880 (124) 2,756
For each of the fiscal years presented, no single customer accounted for more than 5% of the Group’s consolidated revenue.
The present value of trade accounts receivable is identical to their carrying amount.
Christian Dior 33
Note 13. Other current assets
Current available for sale financial assets (see Note 14) 752 733 2,663
Derivatives (see Note 23) 968 180 123
Tax accounts receivable, excluding income taxes 956 1,055 895
Advances and payments on account to vendors 209 254 216
Prepaid expenses 387 454 430
Other receivables 574 589 537
Total 3,846 3,264 4,864
Note 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) 2020 2019 2018
As of January 1 733 2,663 2,714
Acquisitions 576 50 311

Disposals at net realized value and repayments of term deposits (a) (653) (2,110) (366)
Changes in market value (b) (34) 130 3
Changes in the scope of consolidation - - -
Translation adjustment - - 1
Reclassifications 130 - -
As of December 31 752 733 2,663
Of which: Historical cost of current available for sale financial assets 719 538 2,573
(a) Disposals of term deposits in 2019 mainly consisted of term deposits with an initial maturity of more than three months.
(b) Recognized within “Net financial income/(expense)”.
Reclassifications mainly related to non‑current available for sale The market value of current available for sale financial assets
financial assets used to hedge financial debt maturing in less than is determined using the methods described in Note 1.10. See
one year (see Note 9). These financial instruments, entered into Note 23.2 for the breakdown of current available for sale financial
in 2016 to hedge cash‑settled convertible bonds, were partially assets according to the measurement methods used.
repaid as of December 31, 2020, following the early conversion
of the hedged bonds. See also Note 19.
34 Christian Dior
Note 15. Cash and change in cash
15.1 Cash and cash equivalents
Term deposits (less than 3 months) 13,546 879 654

SICAV and FCP funds 1,943 170 2,535
Ordinary bank accounts 4,869 5,012 5,364
Cash and cash equivalents per balance sheet 20,358 6,062 8,553
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:
Cash and cash equivalents 20,358 6,062 8,553

Bank overdrafts (156) (176) (198)
Net cash and cash equivalents per cash flow statement 20,201 5,886 8,355
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 (562) (1,604) (1,722)

Change in trade accounts receivable 12 528 (121) (179)
Change in balance of amounts owed to customers 22 (10) 9 8
Change in trade accounts payable 22 (560) 463 715
Change in other receivables and payables 235 98 92
Change in working capital (a) (369) (1,154) (1,086)
(a) Increase/(Decrease) in cash and cash equivalents.
15.3 Operating investments

Operating investments comprise the following elements for the fiscal years presented:
(EUR millions) Notes 2020 2019 2018 (a)
Purchase of intangible assets 3 (480) (528) (537)

Purchase of property, plant and equipment 6 (1,984) (2,860) (2,590)
Change in accounts payable related to fixed asset purchases (55) 163 137
Initial direct costs 7 (7) (62) -
Net cash used in purchases of fixed assets (2,526) (3,287) (2,990)
Net cash from fixed asset disposals 51 29 10

Guarantee deposits paid and other cash flows related to operating investments (3) (36) (58)
Operating investments (b) (2,478) (3,294) (3,038)
(b) Increase/(Decrease) in cash and cash equivalents.
Christian Dior 35
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) 2020 2019 2018
Interim and final dividends paid by Christian Dior SE (830) (6,386) (a) (973)
Interim and final dividends paid to minority interests in consolidated subsidiaries (1,725) (2,258) (1,931)
Tax paid related to interim and final dividends paid (130) (152) (60)
Interim and final dividends paid (2,685) (8,796) (2,964)
(a) See Note 16.4.
Other equity‑related transactions comprise the following elements for the fiscal years presented:
Capital increases of subsidiaries subscribed by minority interests 39 82 41

Acquisition and disposal of Christian Dior treasury shares 16.3 - 6 24
Other equity‑related transactions 39 88 65
Note 16. Equity
16.1 Equity
Share capital 16.2 361 361 361

Share premium account 16.2 194 194 194
Christian Dior shares 16.3 (17) (17) (34)
Cumulative translation adjustment 16.5 (278) 362 243
Revaluation reserves 270 348 374
Other reserves 8,807 6,694 10,528
Net profit, Group share 1,933 2,938 2,574
Equity, Group share 11,270 10,880 14,240
16.2 Share capital and share premium account

As of December 31, 2020, the share capital consisted of voting rights (132,173,261 as of December 31, 2019 and 130,419,395
180,507,516 fully paid‑up shares (180,507,516 as of both as of December 31, 2018). Double voting rights are attached to
December 31, 2019 and December 31, 2018), with a par value registered shares held for more than three years.
of 2 euros per share, including 127,282,026 shares with double
36 Christian Dior
16.3 Christian Dior shares

The portfolio of Christian Dior shares is allocated as follows:
Number Amount Amount Amount
Share purchase option plans - - - 10

Bonus share and performance share plans - - - 10
Future plans 96,936 17 17 14
Christian Dior shares 96,936 17 17 34
No portfolio movements of Christian Dior shares took place during the fiscal year ended December 31, 2020.
16.4 Dividends paid by the parent company, Christian Dior SE

In accordance with French regulations, dividends are taken from the distributable amount was 3,220 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 2020 fiscal year, it was 2,138 million euros.
the value attributable to treasury shares. As of December 31, 2020,
(EUR millions) 2020 2019 2018
Interim dividends for the current fiscal year

(2020: 2.00 euros; 2019: 29.20 and 2.20 euros; 2018: 2.00 euros) 361 5,668 361
Impact of treasury shares - (3) (1)
Gross amount disbursed for the fiscal year 361 5,665 360
Final dividend for the previous fiscal year

(2019: 2.60 euros; 2018: 4.00 euros; 2017: 3.40 euros) 469 722 614
Impact of treasury shares - (1) (1)
Gross amount disbursed for the previous fiscal year 469 721 613
Total gross amount disbursed during the fiscal year (a) 830 6,386 973
(a) Excluding the impact of tax regulations applicable to the recipient.
The final dividend for fiscal year 2020, as proposed at the At its meeting of November 13, 2019, the Board of Directors decided
Shareholders’ Meeting of April 15, 2021, is 4.00 euros per share, to proceed with the distribution of Christian Dior SE’s net cash
representing a total of 722 million euros before deduction of the surplus resulting from the 2017 sale of the Christian Dior Couture
amount attributable to treasury shares held at the ex‑dividend segment. Given the interim dividend of 2.20 euros per share
date. previously approved on July 24, 2019, the total gross amount
payable on December 10, 2019 came to 31.40 euros per Christian
Dior share, representing a total of 5,665 million euros after
deduction of the amount attributable to treasury shares held at
the ex‑dividend date.
Christian Dior 37
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) Dec. 31, 2020 Change Dec. 31, 2019 Dec. 31, 2018
US dollar (343) (494) 151 117

Swiss franc 327 7 320 266
Japanese yen 41 (11) 51 39
Hong Kong dollar 118 (43) 160 152
Pound sterling (46) (15) (31) (50)
Other currencies (189) (94) (95) (95)
Foreign currency net investment hedges (a) (186) 9 (194) (186)
Total, Group share (278) (640) 362 243
(a) Including: -52 million euros with respect to the US dollar (-60 million euros as of December 31, 2019 and -58 million euros as of December 31, 2018), -48 million euros with respect to the
Hong Kong dollar (-48 million euros as of December 31, 2019 and 2018) and -87 million euros with respect to the Swiss franc (-86 million euros as of December 31, 2019 and -80 million
euros as of December 31, 2018). These amounts include the tax impact.
16.6 Strategy relating to the Group’s financial structure

The Group believes that the management of its financial • long‑term resources to fixed assets;
structure, together with the development of the companies it
owns and the management of its brand portfolio, helps create • proportion of long‑term debt in net financial debt.
value for its shareholders. Maintaining a suitable‑quality credit Long‑term resources are understood to correspond to the sum
rating is a core objective for the Group, ensuring good access of equity and non‑current liabilities.
to markets under favorable conditions, allowing it to seize
Where applicable, these indicators are adjusted to reflect the
opportunities and procure the resources it needs to develop its
Group’s off‑balance sheet financial commitments.
business.
The Group also promotes financial flexibility by maintaining
To this end, the Group monitors a certain number of financial
numerous and varied banking relationships, through frequent
ratios and aggregate measures of financial risk, including:
recourse to several negotiable debt markets (both short- and
• net financial debt (see Note 19) to equity; long‑term), by holding a large amount of cash and cash equivalents,
and through the existence of sizable amounts of undrawn
• cash from operations before changes in working capital to confirmed credit lines, intended to largely exceed the outstanding
net financial debt;
portion of its short‑term negotiable debt securities programs,
• net cash from operating activities; while continuing to represent a reasonable cost for the Group.
• operating free cash flow (see the consolidated cash flow

statement);
Note 17. Bonus share and similar plans
17.1 General characteristics of plans
Bonus share and performance share plans For plans put in place after November 30, 2015, bonus shares
awarded to all recipients vest – provided certain conditions are
At the Shareholders’ Meeting of June 30, 2020, the shareholders met and irrespective of their residence for tax purposes – after
renewed the authorization given to the Board of Directors, a three‑year vesting period, without any subsequent holding
for a period of twenty‑six months expiring in August 2022, to period.
grant existing or newly issued shares as bonus shares to Group
The plans combine awards of bonus shares and of performance
company employees and/or senior executives, on one or more
shares in proportions determined in accordance with the
occasions, in an amount not to exceed 1% of the Company’s share
recipient’s level in the hierarchy and status.
capital on the date of this authorization.
No Christian Dior bonus share or performance share plans have
been set up since 2017.
38 Christian Dior
Performance conditions operations, net cash from operating activities and operating
investments, and current operating margin. The performance
Most of the bonus share plans are subject to performance condition is assessed on a like‑for‑like basis to exclude the impact
conditions that determine vesting. of acquisitions made during the two calendar years following the
reference fiscal year and to neutralize the impact of disposals that
In addition to the condition under which recipients must still be
took place during this same period. Only significant transactions
with the Group, the vesting of bonus shares under certain plans
(for more than 150 million euros) are restated in the accounts.
is subject to conditions related to the Christian Dior group’s
financial performance, which must be met in order for recipients For the plans set up since November 30, 2015, performance shares
to be entitled to them. Shares only vest if Christian Dior’s only vest if Christian Dior’s consolidated financial statements for
consolidated financial statements for one or more fiscal years calendar years Y+1 and Y+2 after the year the plan was set up show
(specified for each plan) show a positive change compared to a a positive change compared to calendar year Y with respect to
reference fiscal year (set for each plan) with respect to one or more one or more of the indicators mentioned above.
of the following indicators: the Group’s profit from recurring
This concerns the following plans and fiscal years:
Plan commencement date Type of plan Shares awarded if there is a positive

change in one of the indicators
between calendar years:
December 6, 2016 Bonus share and performance share plan 2017 and 2016; 2018 and 2016
Vesting of such shares did not lead to any dilution for shareholders, since they were allocations of existing shares.
17.2 Bonus share and performance share plans

No bonus share plans were in effect in fiscal year 2020.
17.3 Expense for the fiscal year

Expenses for share purchase option, bonus share and performance share plans in respect of the fiscal years presented below were as
follows:
(EUR millions) 2020 2019 2018
Expense for the fiscal year 62 76 87
See Note 1.29 regarding the method used to determine the Directors, at its meeting on October 22, 2020, voted to modify
accounting expense. this plan’s vesting rules: vesting may only concern 50% of
the number of shares initially granted, and will be subject to
For LVMH consolidated profit from recurring operations for fiscal year 2021
being at least equal to the level recorded in the budget approved
The LVMH closing share price the day before the grant date of by the Board of Directors.
the plan was 427.80 euros for the plan dated October 22, 2020.
The average unit value of provisionally allocated bonus shares For Christian Dior
during the 2020 fiscal year was 408.37 euros.
No share purchase option, bonus share or performance share
The performance condition for 2020 under the October 24, 2019
plans involving Christian Dior shares were set up in fiscal year
bonus share plan was not met. However, given the exceptional
2020.
circumstances related to the Covid‑19 pandemic, the Board of
Christian Dior 39
Note 18. Minority interests
(EUR millions) 2020 2019 2018
As of January 1 24,837 22,132 19,932
Impact of the application of IFRS 16 - (17) -

Minority interests’ share of net profit 3,037 4,872 4,368
Dividends paid to minority interests (1,733) (2,263) (1,937)
Impact of changes in control of consolidated entities (10) 26 36
Impact of acquisition and disposal of minority interests’ shares (29) 9 (174)
Capital increases subscribed by minority interests 54 95 50
Minority interests’ share in gains and losses recognized in equity (1,111) 147 32
Minority interests’ share in stock option plan expenses 36 42 47
Impact of changes in minority interests with purchase commitments (107) (206) (222)
As of December 31 24,974 24,837 22,132
The change in minority interests’ share in gains and losses recognized in equity, including the tax impact, 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, 2017 263 92 909 (91) 1,173

Changes during the fiscal year 195 (183) 5 15 32
Changes due to LVMH SE treasury shares - - - - -
As of December 31, 2018 458 (91) 914 (76) 1,205

Changes during the fiscal year 190 19 21 (83) 147
Changes due to LVMH SE treasury shares - - 1 - 1
As of December 31, 2019 648 (72) 936 (159) 1,353

Changes during the fiscal year (1,026) (75) - (10) (1,111)
Changes due to LVMH SE treasury shares - - - - -
As of December 31, 2020 (378) (148) 936 (168) 242
Minority interests are essentially composed of LVMH SE Hennessy”) and the 39% stake held by Mari-Cha Group Ltd
shareholders excluding Christian Dior SE’s controlling interest, in DFS. Since the 34% stake held by Diageo in Moët Hennessy
i.e. shareholders owning 59% of LVMH SE. They were paid a total is subject to a purchase commitment, it is reclassified at the
of 1,359 million euros in dividends during the fiscal year. period‑end within “Purchase commitments for minority interests’
shares” under “Other non‑current liabilities” and is therefore
Minority interests also include Diageo’s 34% stake in Moët
excluded from the total amount of minority interests at the
Hennessy SAS and Moët Hennessy International SAS (“Moët
period‑end. See Notes 1.13 and 21.
40 Christian Dior
Dividends paid to Diageo during fiscal year 2020 amounted to 90 million euros, supplemented by an exceptional payment of 90 million
euros in January 2021. Net profit attributable to Diageo for fiscal year 2020 was 289 million euros, and its share in accumulated minority
interests (before recognition of the purchase commitment granted to Diageo) came to 3,588 million euros as of December 31, 2020.
As of that date, the condensed consolidated balance sheet of Moët Hennessy is as follows:
(EUR billions) Dec. 31, 2020 (EUR billions) Dec. 31, 2020
Property, plant and equipment Equity 10.5

and intangible assets 4.8 Non‑current liabilities 1.5
Other non‑current assets 0.4
Equity and non‑current liabilities 12.0
Non‑current assets 5.1
Short‑term borrowings 1.3
Inventories and work in progress 6.0 Other current liabilities 1.6
Other current assets 1.2
Current liabilities 2.9
Cash and cash equivalents 2.6
Current assets 9.8 Total liabilities and equity 14.9
Total assets 14.9
No dividends were paid to DFS’s shareholders during fiscal year 2020. Net profit attributable to Mari-Cha Group Ltd for fiscal year 2020
was a loss of 89 million euros, and its share in accumulated minority interests as of December 31, 2020 came to 1,273 million euros.
Note 19. Borrowings
19.1 Net financial debt
Bonds and Euro Medium-Term Notes (EMTNs) 13,866 5,140 5,941

Finance leases - - 315
Bank borrowings 199 310 97
Long‑term borrowings 14,065 5,450 6,353
Bonds and Euro Medium-Term Notes (EMTNs) 1,444 1,854 1,496

Short‑term bank borrowings 346 262 220
Short‑term negotiable debt instruments 8,575 4,868 3,174
Other borrowings and credit facilities 433 445 438
Bank overdrafts 156 176 198
Accrued interest 51 23 24
Short‑term borrowings 11,005 7,627 5,550
Gross borrowings 25,070 13,077 11,903
Interest rate risk derivatives (68) (16) (16)

Foreign exchange risk derivatives 321 47 146
Gross borrowings after derivatives 25,323 13,108 12,033
Current available for sale financial assets (b) (752) (733) (2,663)

Non‑current available for sale financial assets used to hedge financial debt (c) - (130) (125)
Cash and cash equivalents (d) (20,358) (6,062) (8,553)
Net financial debt 4,213 6,184 692
Belmond shares (presented within “Non‑current available for sale financial assets”) - - (274)
Adjusted net financial debt, excluding the acquisition of Belmond shares 4,213 6,184 418
(b) See Note 14.
(c) See Note 9.
(d) See Note 15.1.
Christian Dior 41
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) December 31, Impact on Translation Impact of Changes in Reclassifications December 31,

2019 cash (a) adjustment market value the scope of and other 2020
changes consolidation
Long‑term borrowings 5,450 10,729 (139) 12 - (1,988) 14,065

Short‑term borrowings 7,628 1,778 (450) 43 - 2,005 11,005
Gross borrowings 13,078 12,507 (589) 55 - 18 25,070
Derivatives 31 (26) (1) 249 - - 253
Gross borrowings
after derivatives 13,109 12,481 (590) 305 - 18 25,323
(a) Including a positive impact of 17,499 million euros in respect of proceeds from borrowings and a negative impact of 5,024 million euros in respect of repayment of borrowings.
In February and April 2020, LVMH completed eight bond issues totaling 10.7 billion euros to finance in particular the acquisition of
Tiffany, which was completed on January 7, 2021. The details of those bond issues are presented in the table below, in order of maturity:
Nominal amount Maturity Initial effective Floating‑rate December 31,

interest rate swap 2020
(%) (EUR millions)
EUR 1,500,000,000 2031 0.375 - 1,487

EUR 1,750,000,000 2028 0.125 - 1,734
GBP 850,000,000 2027 1.125 Total 970
EUR 1,250,000,000 2026 - - 1,244
EUR 1,500,000,000 2025 0.375 - 1,494
EUR 1,250,000,000 2024 - - 1,251
GBP 700,000,000 2023 1.000 Total 788
EUR 1,750,000,000 2022 Floating - 1,754
Total bonds and EMTNs issued during the fiscal year 10,722
At the time the sterling‑denominated bonds were issued, swaps In 2016, in addition to these issues of cash‑settled convertible
were entered into that converted them into euro‑denominated bonds, LVMH had entered into similar financial instruments
borrowings. enabling it to fully hedge its exposure to any positive or negative
changes in the LVMH share price. These financial instruments
During the fiscal year, LVMH repaid the 1,250 million euro bond
were also converted.
issued in 2017 and the 600 million euro bond issued in 2013.
The option component of convertible bonds and financial
During the same period, conversion requests were filed for
instruments entered into for hedging purposes is recorded under
virtually all of the cash‑settled convertible bonds issued in 2016,
“Derivatives” (see Note 23). The non‑option component of these
with a face value of 750 million US dollars. As of December 31,
bonds and financial instruments is recorded under “Short‑term
payments made in line with these requests related to convertible
borrowings” and “Current available for sale financial assets”,
bonds with a total face value of 594 million US dollars. The
respectively. The remaining amounts recognized in the balance
remaining payments are expected to be made in 2021, after
sheet as of December 31, 2020 correspond to the portion of
noting the average prices of the LVMH share serving as the
bonds that had not been converted at the balance sheet date.
reference for the calculation of the amounts due to the holders.
42 Christian Dior
During the 2019 fiscal year, Christian Dior repaid the 500 million The market value of gross borrowings, based on market data and
euro bond issued in 2014. commonly used valuation models, was 25,500 million euros as
of December 31, 2020 (13,139 million euros as of December 31,
In February 2019, LVMH completed two fixed‑rate bond issues
2019 and 11,953 million euros as of December 31, 2018), including
totaling 1.0 billion euros, comprised of 300 million euros in
10,971 million euros in short‑term borrowings (7,636 million
bonds maturing in 2021 and 700 million euros in bonds maturing
euros as of December 31, 2019 and 5,557 million euros as of
in 2023.
December 31, 2018) and 14,529 million euros in long‑term
During the 2019 fiscal year, LVMH repaid the 300 million euro borrowings (5,503 million euros as of December 31, 2019 and
bond issued in 2014, the 600 million euro bond issued in 2013 6,396 million euros as of December 31, 2018).
and the 150 million Australian dollar bond issued in 2014.
As of December 31, 2020, 2019 and 2018, no financial debt was
During the 2018 fiscal year, LVMH repaid the 500 million recognized using the fair value option. See Note 1.22.
euro bond issued in 2011 and the 1,250 million euro bond issued
in 2017.
19.2 Bonds and EMTNs
Nominal amount Year Maturity Initial effective December 31, December 31, December 31,

(in currency) issued interest rate (a) 2020 2019 2018
(as %) (EUR millions) (EUR millions) (EUR millions)
GBP 850,000,000 2020 2027 1.125 970 - -

EUR 1,250,000,000 2020 2024 - 1,251 - -
EUR 1,250,000,000 2020 2026 - 1,244 - -
EUR 1,750,000,000 2020 2028 0.125 1,734 - -
EUR 1,500,000,000 2020 2031 0.375 1,487 - -
GBP 700,000,000 2020 2023 1.000 788 - -
EUR 1,500,000,000 2020 2025 0.375 1,494 - -
EUR 1,750,000,000 2020 2022 Floating 1,754 - -
EUR 700,000,000 2019 2023 0.260 698 697 -
EUR 300,000,000 2019 2021 0.030 300 300 -
EUR 1,200,000,000 2017 2024 0.820 1,206 1,203 1,197
EUR 800,000,000 2017 2022 0.460 801 800 799
GBP 400,000,000 2017 2022 1.090 449 469 439
EUR 1,250,000,000 2017 2020 0.130 - 1,249 1,248
USD 750,000,000 (b) 2016 2021 1.920 127 660 639
EUR 350,000,000 2016 2021 0.860 350 349 349
EUR 650,000,000 2014 2021 1.120 656 662 664
AUD 150,000,000 2014 2019 3.680 - - 94
EUR 500,000,000 2014 2019 1.560 - - 499
EUR 600,000,000 2013 2020 1.890 - 605 606
EUR 600,000,000 (c) 2013 2019 1.250 - - 603
EUR 300,000,000 2014 2019 Floating - - 300
Total bonds and EMTNs 15,309 6,994 7,437
(a) Before the impact of interest‑rate hedges implemented when or after the bonds were issued.
(b) Cumulative amounts and weighted average initial effective interest rate based on a 600 million US dollar bond issued in February 2016 at an initial effective interest rate of 1.96% and a
150 million US dollar tap issue carried out in April 2016 at an effective interest rate of 1.74%. These yields were determined excluding the option component.
(c) Cumulative amounts and weighted average initial effective interest rate based on a 500 million euro bond issued in 2013 at an initial effective interest rate of 1.38% and a 100 million
euro tap issue carried out in 2014 at an effective interest rate of 0.62%.
Christian Dior 43
19.3 Breakdown of gross borrowings by payment date and type of interest rate
(EUR millions) Gross borrowings Impact of derivatives Gross borrowings

after derivatives
Fixed Floating Total Fixed Floating Total Fixed Floating Total

rate rate rate rate rate rate
Maturity: December 31, 2021 2,020 8,985 11,005 (638) 822 183 1,381 9,807 11,188
December 31, 2022 1,292 1,757 3,049 (630) 650 20 662 2,407 3,069
December 31, 2023 1,533 - 1,533 (759) 801 42 774 801 1,576
December 31, 2024 2,472 2 2,474 (301) 292 (9) 2,170 294 2,465
December 31, 2025 1,508 - 1,508 - - - 1,508 - 1,508
December 31, 2026 1,257 - 1,257 - - - 1,257 - 1,257
Thereafter 4,244 - 4,244 (925) 942 17 3,319 942 4,261
Total 14,326 10,744 25,070 (3,254) 3,507 253 11,072 14,251 25,323
See Note 23.4 on the market value of interest rate risk derivatives.

The breakdown by quarter of gross borrowings falling due in 2021 is as follows:
(EUR millions) Falling due in 2021
First quarter 6,876

Second quarter 2,177
Third quarter 1,602
Fourth quarter 350
Total 11,005
19.4 Breakdown of gross borrowings by currency after derivatives
Euro 21,648 8,216 7,316

US dollar 3,120 3,457 3,277
Swiss franc 80 - -
Japanese yen 762 622 662
Other currencies (287) 814 778
Total 25,323 13,109 12,033
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.
19.5 Undrawn confirmed credit lines and covenants

As of December 31, 2020, undrawn confirmed credit lines totaled 8.6 billion euros as of December 31, 2020. In connection
totaled 16.0 billion euros. This amount exceeded the outstanding with certain credit lines, the Group may undertake to maintain
portion of the short‑term negotiable debt securities programs certain financial ratios. As of December 31, 2020, no significant
(euro- and US dollar‑denominated commercial paper), which credit lines were concerned by these provisions.
44 Christian Dior
19.6 Sensitivity
On the basis of debt as of December 31, 2020:
• an instantaneous 1‑point increase in the yield curves of the • an instantaneous 1‑point increase in these same yield curves
Group’s debt currencies would raise the cost of net financial would raise equity by around 10 million euros, as a result of
debt by 140 million euros after hedging, and would lower the the change in the market value of instruments used to hedge
market value of gross fixed‑rate borrowings by 442 million future interest payments;
euros after hedging;
• an instantaneous 1‑point decrease in these same yield curves
• an instantaneous 1‑point decrease in these same yield curves would reduce equity by around 10 million euros, as a result of
would lower the cost of net financial debt by 140 million the change in the market value of instruments used to hedge
euros after hedging, and would raise the market value of gross future interest payments.
fixed‑rate borrowings by 442 million euros after hedging;
19.7 Guarantees and collateral

As of December 31, 2020, borrowings secured by collateral were less than 350 million euros.
Note 20. Provisions and other non‑current liabilities

Non‑current provisions and other liabilities comprise the following:
Non‑current provisions 1,473 1,457 1,245

Uncertain tax positions 1,144 1,172 1,266
Derivatives (b) 146 712 283
Employee profit sharing 86 96 89
Other liabilities 438 374 386
Non‑current provisions and other liabilities 3,288 3,811 3,269
(b) See Note 23.
Provisions concern the following types of contingencies and losses:
Provisions for pensions, medical costs and similar commitments 784 812 605
Provisions for contingencies and losses 690 646 640
Non‑current provisions 1,473 1,457 1,245
Provisions for pensions, medical costs and similar commitments 9 8 7

Current provisions 512 414 369
Total 1,985 1,871 1,614
Christian Dior 45
Provisions changed as follows during the fiscal year:
(EUR millions) Dec. 31, Increases Amounts Amounts Changes in Other (a) Dec. 31,
2019 used released the scope of 2020
consolidation
Provisions for pensions, medical

costs and similar commitments 820 101 (89) (48) - 9 793
Provisions for contingencies and losses 1,051 450 (208) (87) (2) (12) 1,192
Total 1,871 551 (297) (136) (2) (4) 1,985
(a) Including the impact of translation adjustment and change in revaluation reserves.
Provisions for contingencies and losses correspond to the estimate Non‑current liabilities related to uncertain tax positions included
of the impact on assets and liabilities of risks, disputes (see an estimate of the risks, disputes and actual or probable litigation
Note 32), or actual or probable litigation arising from the Group’s related to the income tax computation. The Group’s entities
activities; such activities are carried out worldwide, within what in France and abroad may be subject to tax inspections and, in
is often an imprecise regulatory framework that is different for certain cases, to rectification claims from local administrations.
each country, changes over time and applies to areas ranging A liability is recognized for these rectification claims, together
from product composition and packaging to relations with with any uncertain tax positions that have been identified but
the Group’s partners (distributors, suppliers, shareholders in not yet officially notified, the amount of which is regularly
subsidiaries, etc.). reviewed in accordance with the criteria of the application of
IFRIC 23 Uncertainty over Income Tax Treatment.
Note 21. Purchase commitments for minority interests’ shares

As of December 31, 2020, 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 plc for its 34% share in Moët Hennessy for the Wines and Spirits businesses, with the exception of the
80% of the fair value of Moët Hennessy at the exercise date of equity investments in Château d’Yquem, Château Cheval Blanc,
the option. This option may be exercised at any time subject to a Clos des Lambrays and Colgin Cellars, and excluding certain
six‑month notice period. The fair value of this commitment was champagne vineyards.
calculated by applying the share price multiples of comparable
Purchase commitments for minority interests’ shares also include
firms to Moët Hennessy’s consolidated operating results.
commitments relating to minority shareholders in Loro Piana
(15%), Rimowa (20%), and distribution subsidiaries in various
countries, mainly in the Middle East.
Note 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:
As of January 1 5,814 5,206 4,540
Change in trade accounts payable (560) 335 715

Change in amounts owed to customers (10) 9 8
Changes in the scope of consolidation - 216 7
Translation adjustment (159) 56 49
Reclassifications 14 (8) (5)
As of December 31 5,098 5,814 5,314
46 Christian Dior
22.2 Current provisions and other liabilities
Current provisions (b) 512 414 369

Derivatives (c) 604 138 166
Employees and social security 1,530 1,788 1,670
Employee profit sharing 116 123 105
Taxes other than income taxes 823 752 686
Advances and payments on account from customers 723 559 398
Provisions for product returns (d) 463 399 356
Deferred payment for non‑current assets 538 769 646
Deferred income 353 273 273
Other liabilities 1,035 1,094 1,288
As of December 31 6,698 6,308 5,957
(b) See Note 20.
(c) See Note 23.
(d) See Note 1.27.
Note 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 These activities are organized based on a segregation of duties
risks arising from Group activity and protect its assets. between risk measurement (middle office), hedging (front office),
administration (back office) and financial control.
The management of foreign exchange and interest rate risk, in
addition to transactions involving shares and financial instruments, This organization relies on information systems that allow
is centralized at each sub‑consolidation level. hedging transactions to be monitored quickly.
The Group has implemented a stringent policy and rigorous Hedging decisions are made according to an established process
management guidelines to manage, measure and monitor these that includes regular presentations to the management bodies
market risks. concerned and detailed documentation.
Counterparties are selected based on their rating and in accordance
with the Group’s risk diversification strategy.
Christian Dior 47
23.2 Financial assets and liabilities recognized at fair value by measurement method
(EUR millions) December 31, 2020 December 31, 2019 December 31, 2018
Available Derivatives Cash Available Derivatives Cash Available Derivatives Cash

for sale and cash for sale and cash for sale and cash
financial equivalents financial equivalents financial equivalents
assets (SICAV and assets (SICAV and assets (SICAV and
FCP money FCP money FCP money
market funds) market funds) market funds)
Valuation based on: (a)
Published price
quotations 804 - 20,358 945 - 6,062 3,168 - 8,553
Valuation model based

on market data 100 1,078 - 381 962 - 307 380 -
Private quotations 587 - - 322 - - 288 - -
Assets 1,491 1,078 20,358 1,648 962 6,062 3,763 380 8,553
Valuation based on: (a)
Published price
quotations - - -
Valuation model based

on market data 751 850 449
Private quotations - - -
Liabilities 751 850 449
(a) See Note 1.10 for information on the valuation approaches used.
Derivatives used by the Group are measured at fair value according derivatives’ market value adjusted by flat‑rate add‑ons depending
to commonly used valuation models and based on market data. on the type of underlying and the maturity of the derivative.
The counterparty risk associated with these derivatives (i.e. the It was not significant as of December 31, 2020, December 31, 2019
credit valuation adjustment) is assessed on the basis of credit and December 31, 2018.
spreads from observable market data, as well as on the basis of the
The amount of financial assets valued on the basis of private quotations changed as follows in the fiscal year ended December 31, 2020:
(EUR millions) Dec. 31, 2020
As of January 1 322
Acquisitions 304
Disposals (at net realized value) (16)
Gains and losses recognized in the income statement (12)
Gains and losses recognized in equity (9)
Reclassifications (2)
As of December 31 587
48 Christian Dior
23.3 Summary of derivatives

Derivatives are recorded in the balance sheet for the amounts and in the captions detailed as follows:
(EUR millions) Notes Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Interest rate risk Assets: Non‑current 57 20 23

Current 33 12 12
Liabilities: Non‑current (10) (3) (7)
Current (12) (14) (12)
23.4 68 16 16
Foreign exchange risk Assets: Non‑current 52 68 18

Current 670 165 108
Liabilities: Non‑current (136) (15) (60)
Current (330) (124) (154)
23.5 257 93 (88)
Other risks Assets: Non‑current - 694 216

Current 266 3 3
Liabilities: Non‑current - (694) (216)
Current (263) - -
23.6 3 2 3
Total Assets: Non‑current 10 110 782 257

Current 13 968 180 123
Liabilities: Non‑current 20 (146) (712) (283)
Current 22 (604) (138) (166)
328 112 (69)
The impact of financial instruments on the consolidated statement of comprehensive gains and losses for the fiscal year breaks down
as follows:
(EUR millions) Foreign exchange risk (a) Interest rate risk (b) Total (c)
Revaluation of effective portions, of which: Revaluation Total Revaluation Ineffective Total

of cost of of effective portion
Hedges of Fair value Foreign Total hedging portions
future foreign hedges currency net
currency investment
cash flows hedges
Changes in the
income statement - (237) - (237) - (237) 39 4 43 (194)
Changes in
consolidated
gains and losses 439 - 33 472 20 492 (9) 3 (6) 486
(a) See Notes 1.9 and 1.23 on the principles of fair value adjustments to foreign exchange risk hedging instruments.
(b) See Notes 1.22 and 1.23 on the principles of fair value adjustments to interest rate risk derivatives.
(c) Gain/(Loss).
Since fair value adjustments to hedged items recognized in the balance sheet offset the effective portions of fair value hedging
instruments (see Note 1.22), no ineffective portions of exchange rate hedges were recognized during the fiscal year.
Christian Dior 49
23.4 Derivatives used to manage interest rate risk

The aim of the Group’s debt management policy is to adapt the debt maturity profile to the characteristics of the assets held, to contain
borrowing costs, and to protect net profit from the impact of significant changes in interest rates.
For these purposes, the Group uses interest rate swaps and options.
Derivatives used to manage interest rate risk outstanding as of December 31, 2020 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 allocated Total
1 year 5 years 5 years flow hedges hedges
Euro interest rate swaps,

floating‑rate payer 650 1,724 945 3,319 - 83 - 83
Euro interest rate swaps,

fixed‑rate payer - 750 - 750 (13) - (4) (17)
Foreign currency swaps,

euro‑rate payer - 1,224 945 2,169 - - 5 5
Foreign currency swaps,

euro‑rate receiver 78 133 - 211 - - (2) (2)
Total (13) 83 (1) 68
(a) Gain/(Loss).
(b) See Note 1.10 regarding the methodology used for market value measurement.
23.5 Derivatives used to manage foreign exchange risk

A significant portion of Group companies’ sales to customers and In addition, the Group is exposed to foreign exchange risk with
to their own distribution subsidiaries as well as certain purchases respect to the Group’s net assets, as it owns assets denominated
are denominated in currencies other than their functional in currencies other than the euro. This foreign exchange risk may
currency; the majority of these foreign currency‑denominated be hedged either partially or in full through foreign currency
cash flows are intra-Group cash flows. Hedging instruments are borrowings or by hedging the net worth of subsidiaries outside
used to reduce the risks arising from the fluctuations of currencies the eurozone, using appropriate financial instruments with
against the exporting and importing companies’ functional the aim of limiting the impact of foreign currency fluctuations
currencies, and are allocated to either accounts receivable or against the euro on consolidated equity.
accounts payable (fair value hedges) for the fiscal year, or to
transactions anticipated for future periods (cash flow hedges).
Future foreign currency‑denominated cash flows are broken
down as part of the budget preparation process and are hedged
progressively over a period not exceeding one year unless a
longer period is justified by probable commitments. As such, and
according to market trends, identified foreign exchange risks are
hedged using forward contracts or options.
50 Christian Dior
Derivatives used to manage foreign exchange risk outstanding as of December 31, 2020 break down as follows:
(EUR millions) Nominal amounts by fiscal year of allocation (a) Market value (b) (c)
2020 2021 Thereafter Total Future cash Fair value Foreign Not Total
flow hedges hedges currency net allocated
investment
hedges
Options purchased
Call USD - 46 - 46 2 - - - 2
Put JPY - 113 - 113 5 - - - 5
Put GBP - 10 - 10 - - - - -
Other 25 184 - 209 4 - - - 4
25 353 - 378 12 - - - 12
Collars
Written USD 102 3,887 624 4613 389 10 - - 399
Written JPY 12 1,100 126 1,238 66 1 - - 67
Written GBP 6 458 25 489 18 - - - 18
Written HKD - 243 - 243 26 - - - 26
Written CNY - 2,256 150 2,406 64 - - - 64
120 7,944 925 8,989 564 11 - - 575
Forward exchange
contracts
USD - 75 - 75 (27) - - - (26)
ZAR - 21 - 21 (1) - - - (1)
MYR - 19 - 19 - - - - -
BRL - 11 - 11 - (1) - - (1)
Other 24 2 - 26 - (1) - - (1)
24 128 - 152 (27) (2) - - (29)
Foreign exchange
swaps
USD 146 (5,271) - (5,125) - (170) 12 - (158)
GBP 6 588 (2,169) (1,574) - (127) - - (127)
JPY 13 369 142 524 - (6) - - (5)
CNY - (1,212) 14 (1,198) - (11) - - (11)
Other 10 (49) - (39) - (2) 2 - -
174 (5,575) (2,013) (7,413) - (315) 14 - (301)
Total 343 2,851 (1,088) 2,107 548 (306) 14 - 257
(a) Sale/(Purchase).
(b) See Note 1.10 regarding the methodology used for market value measurement.
(c) Gain/(Loss).
Christian Dior 51
The impact on the income statement of gains and losses on hedges of future cash flows, as well as the future cash flows hedged using
these instruments, will mainly be recognized in 2021; the amount will depend on exchange rates at that date. The impact on net profit
for fiscal year 2020 of a 10% change in the value of the US dollar, the Japanese yen, the Swiss franc and the Hong Kong dollar against
the euro, including the impact of foreign exchange derivatives outstanding during the fiscal year, compared with the rates applying to
transactions in 2020, would have been as follows:
(EUR millions) US dollar Japanese yen Swiss franc Hong Kong dollar
+10% -10% +10% -10% +10% -10% +10% -10%
Impact of:
— change in exchange rates of cash receipts in respect
of foreign currency‑denominated sales 194 (87) 73 (20) - - 13 (5)
— conversion of net profit of entities outside the eurozone 40 (40) 22 (22) 9 (9) 5 (5)
Impact on net profit 234 (127) 95 (42) 9 (9) 18 (10)
The data presented in the table above should be assessed on the As of December 31, 2020, forecast cash collections for 2021 in US
basis of the characteristics of the hedging instruments outstanding dollars and Japanese yen were 91% and 85% hedged, respectively.
in fiscal year 2020, mainly comprising options and collars. For the hedged portion, the exchange rate upon sale will be at
least 1.13 USD/EUR for the US dollar and at least 121 JPY/EUR for
the Japanese yen.
The Group’s net equity (excluding net profit) exposure to foreign currency fluctuations as of December 31, 2020 can be assessed by
measuring the impact of a 10% change in the value of the US dollar, the Japanese yen, the Swiss franc and the Hong Kong dollar against
the euro compared to the rates applying as of the same date:
(EUR millions) US dollar Japanese yen Swiss franc Hong Kong dollar
+10% -10% +10% -10% +10% -10% +10% -10%
Conversion of foreign currency‑denominated net assets 1,671 (1,671) 66 (66) 324 (324) 112 (112)
Change in market value of net investment hedges, after tax (261) 304 (39) 80 (47) 38 (17) 16
Net impact on equity, excluding net profit 1,410 (1,367) 27 14 277 (286) 95 (96)
23.6 Financial instruments used to manage other risks

The Group’s investment policy is designed to take advantage of As provided by applicable accounting policies, the option
a long‑term investment horizon. Occasionally, the Group may components of convertible bonds and financial instruments
invest in equity‑based financial instruments with the aim of entered into for hedging purposes are recorded under
enhancing the dynamic management of its investment portfolio. “Derivatives”, within current assets and liabilities. The change
in market value of these options is index‑linked to the change in
The Group is exposed to risks of share price changes either directly
the LVMH share price.
(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 gold. In certain cases, in order to ensure visibility
with regard to production costs, hedges may be implemented.
The Group may also use equity‑based derivatives to synthetically
This is achieved either by negotiating the forecast price of future
create an economic exposure to certain assets, to hedge
deliveries of alloys with precious metal refiners, or the price of
cash‑settled compensation plans index‑linked to the LVMH
semi‑finished products with producers; or directly by purchasing
share price, or to hedge certain risks related to changes in the
hedges from top‑ranking banks. In the latter case, gold may be
LVMH share price. In connection with the convertible bonds
purchased from banks, or future and/or options contracts may be
issued in 2016 (see Note 19 above as well as Note 18 to the 2016
taken out with a physical delivery of the gold. As of December 31,
consolidated financial statements), LVMH had entered into
2020, derivatives outstanding relating to the hedging of precious
financial instruments enabling it to fully hedge the exposure
metal prices had a negative market value of 0.5 million euros.
to any positive or negative changes in the LVMH share price.
As of December 31, 2020, the majority of these instruments had
been settled following the exercise of the bond conversion clause
at the end of 2020.
52 Christian Dior
23.7 Liquidity risk

In addition to local liquidity risks, which are generally immaterial, facilities not be renewed, the Group has access to undrawn
the Group’s exposure to liquidity risk can be assessed in relation confirmed credit lines totaling 16.0 billion euros.
to the amount of its short‑term borrowings excluding derivatives,
i.e. 11.0 billion euros, significantly lower than the 20.4 billion The Group’s liquidity is based on the amount of its investments,
euro balance of cash and cash equivalents; or in relation to the its capacity to secure long‑term borrowings, the diversity of its
outstanding amount of its short‑term negotiable debt securities investor base (short‑term paper and bonds), and the quality of its
programs, i.e. 8.6 billion euros. Should any of these borrowing banking relationships, whether evidenced or not by confirmed
lines of credit.
The following table presents the contractual schedule of disbursements for financial liabilities (excluding derivatives) recognized as of
December 31, 2020, at nominal value and with interest, excluding discounting effects:
(EUR millions) 2021 2022 2023 2024 2025 More than Total
5 years
Bonds and EMTNs 1,495 3,059 1,534 2,495 1,524 5,497 15,604
Bank borrowings 355 47 47 18 14 65 546
Other borrowings and credit facilities 433 - - - - - 433
Short‑term negotiable debt instruments 8,575 - - - - - 8,575
Bank overdrafts 156 - - - - - 156
Gross borrowings 11,014 3,106 1,581 2,513 1,538 5,562 25,314
Other current and non‑current liabilities (a) 5,232 88 42 33 31 41 5,467

Trade accounts payable 5,098 - - - - - 5,098
Other financial liabilities 10,330 88 42 33 31 41 10,565
Total financial liabilities 21,344 3,194 1,623 2,546 1,569 5,603 35,879
(a) Corresponds to “Other current liabilities” (excluding derivatives and deferred income) for 5,229 million euros and to “Other non‑current liabilities” for 237 million euros (excluding
derivatives, purchase commitments for minority interests’ shares and deferred income of 353 million euros as of December 31, 2020).
See also Note 7 for the schedule of lease payments.

See Note 31.2 regarding contractual maturity dates of collateral and other guarantee commitments, Notes 19.4 and 23.5 regarding foreign
exchange derivatives, and Note 23.4 regarding interest rate risk derivatives.
Note 24. Segment information

The Group’s brands and trade names are organized into six Jewelry business group for Bvlgari. The Selective Retailing
business groups. Four business groups – Wines and Spirits, Fashion business group comprises the Group’s own‑label retailing
and Leather Goods, Perfumes and Cosmetics, and Watches and activities. The “Other and holding companies” business group
Jewelry – comprise brands dealing with the same category of comprises brands and businesses that are not associated with any
products that use similar production and distribution processes. of the above‑mentioned business groups, particularly the media
Information on Louis Vuitton and Bvlgari is presented according division, the Dutch luxury yacht maker Royal Van Lent, hotel
to the brand’s main business, namely the Fashion and Leather operations and holding or real estate companies.
Goods business group for Louis Vuitton and the Watches and
Christian Dior 53
24.1 Information by business group
Fiscal year 2020
(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 4,744 21,172 4,456 3,315 10,115 849 - 44,651
Intra-Group sales 11 35 792 41 40 19 (938) -
Total revenue 4,755 21,207 5,248 3,356 10,155 868 (938) 44,651
Profit from recurring operations 1,388 7,188 80 302 (203) (526) 71 8,300
Other operating income
and expenses (43) (68) (20) (3) (87) (112) - (333)
Depreciation, amortization
and impairment expense (253) (2,069) (460) (475) (1,549) (313) 117 (5,002)
Of which: Right‑of‑use assets (34) (1,226) (145) (254) (941) (93) 117 (2,575)
Other (219) (843) (315) (221) (608) (220) - (2,427)
Intangible assets and goodwill (b) 9,909 7,577 2,058 5,752 3,153 2,202 - 30,651
Right‑of‑use assets 162 5,730 503 1,151 4,699 888 (618) 12,515
Property, plant and equipment 3,232 3,482 709 577 1,723 7,860 (8) 17,575
Inventories and work in progress 6,040 2,726 742 1,641 2,111 37 (281) 13,016
Other operating assets 1,306 1,919 1,151 672 696 1,615 24,901 (c) 32,260
Total assets 20,650 21,433 5,163 9,793 12,383 12,602 23,994 106,017
Equity - - - - - - 36,244 36,244

Lease liabilities 170 5,766 516 1,117 4,912 959 (611) 12,828
Other liabilities 1,608 4,885 2,164 1,252 2,338 1,677 43,021 (d) 56,945
Total liabilities and equity 1,778 10,651 2,680 2,369 7,250 2,636 78,654 106,017
Operating investments (e) (320) (827) (280) (210) (410) (431) - (2,478)
54 Christian Dior
Fiscal year 2019
Sales outside the Group 5,547 22,164 5,738 4,286 14,737 1,199 - 53,670
Intra-Group sales 28 73 1,097 120 54 16 (1,388) -
Total revenue 5,576 22,237 6,835 4,405 14,791 1,214 (1,388) 53,670
Profit from recurring operations 1,729 7,344 683 736 1,395 (363) (32) 11,492
and expenses (7) (20) (27) (28) (15) (135) - (231)
and impairment expense (191) (1,856) (431) (477) (1,409) (251) 98 (4,517)
Of which: Right‑of‑use assets (31) (1,146) (141) (230) (872) (85) 98 (2,408)
Other (160) (710) (290) (247) (536) (166) - (2,109)
Right‑of‑use assets 116 5,239 487 1,196 5,012 824 (465) 12,409
Other operating assets 1,547 2,028 1,518 740 895 1,317 10,946 (c) 18,991
Total assets 20,245 21,348 5,728 10,092 13,987 12,329 10,099 93,830
Equity - - - - - - 35,717 35,717

Lease liabilities 118 5,191 481 1,141 5,160 888 (434) 12,545
Operating investments (e) (325) (1,199) (378) (296) (659) (436) - (3,294)
Christian Dior 55
Fiscal year 2018 (f)
Sales outside the Group 5,115 18,389 5,015 4,012 13,599 696 - 46,826
Intra-Group sales 28 66 1,077 111 47 18 (1,347) -
Total revenue 5,143 18,455 6,092 4,123 13,646 714 (1,347) 46,826
Profit from recurring operations 1,629 5,943 676 703 1,382 (272) (60) 10,001
and expenses (3) (10) (16) (4) (5) (88) - (126)
and impairment expense (162) (764) (275) (239) (463) (168) - (2,071)
Of which: Right‑of‑use assets - - - - - - - -
Other (162) (764) (275) (239) (463) (168) - (2,071)
Right‑of‑use assets
Other operating assets 1,449 1,596 1,401 721 870 976 14,742 (c) 21,755
Total assets 17,986 14,849 5,045 8,697 8,649 7,666 14,379 77,271
Equity - - - - - - 36,372 36,372

Lease liabilities - - - - - - - -
Operating investments (e) (298) (827) (330) (303) (537) (743) - (3,038)
(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 distributors 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.
(f) The financial statements as of December 31, 2018 have not been restated to reflect the application of IFRS 16 Leases. See Note 1.2 to the 2019 consolidated financial statements
24.2 Information by geographic region

Revenue by geographic region of delivery breaks down as follows:
(EUR millions) 2020 2019 2018
France 3,333 4,725 4,491

Europe (excluding France) 7,337 10,203 8,731
United States 10,647 12,613 11,207
Japan 3,164 3,878 3,351
Asia (excluding Japan) 15,366 16,189 13,723
Other countries 4,804 6,062 5,323
Revenue 44,651 53,670 46,826
56 Christian Dior
Operating investments by geographic region are as follows:
(EUR millions) 2020 2019 2018
France 1,002 1,239 1,054

Europe (excluding France) 444 687 539
United States 336 453 765
Japan 134 133 80
Asia (excluding Japan) 342 534 411
Other countries 220 248 189
Operating investments 2,478 3,294 3,038
No geographic breakdown of segment assets is provided since a significant portion of these assets consists of brands and goodwill,
which must be analyzed on the basis of the revenue generated by these assets in each region and not in relation to the region of their
legal ownership.
24.3 Quarterly information

Quarterly revenue by business group breaks down as follows:
(EUR millions) Wines and Fashion Perfumes Watches Selective Other and Eliminations Total
Spirits and Leather and and Retailing holding
Goods Cosmetics Jewelry companies
First quarter 1,175 4,643 1,382 792 2,626 251 (273) 10,596
Second quarter 810 3,346 922 527 2,218 153 (179) 7,797
Third quarter 1,364 5,945 1,370 947 2,332 232 (235) 11,955
Fourth quarter 1,406 7,273 1,574 1,090 2,979 232 (251) 14,303
Total for 2020 4,755 21,207 5,248 3,356 10,155 868 (938) 44,651
First quarter 1,349 5,111 1,687 1,046 3,510 187 (352) 12,538
Second quarter 1,137 5,314 1,549 1,089 3,588 193 (326) 12,544
Third quarter 1,433 5,448 1,676 1,126 3,457 511 (a) (335) 13,316
Fourth quarter 1,657 6,364 1,923 1,144 4,236 323 (375) 15,272
Total for 2019 5,576 22,237 6,835 4,405 14,791 1,214 (1,388) 53,670
First quarter 1,195 4,270 1,500 959 3,104 161 (335) 10,854
Second quarter 1,076 4,324 1,377 1,019 3,221 186 (307) 10,896
Third quarter 1,294 4,458 1,533 1,043 3,219 173 (341) 11,379
Fourth quarter 1,578 5,403 1,682 1,102 4,102 194 (364) 13,697
Total for 2018 5,143 18,455 6,092 4,123 13,646 714 (1,347) 46,826
(a) Including the entire revenue of Belmond for the period from April to September 2019.
Note 25. Revenue and expenses by nature
25.1 Breakdown of revenue

Revenue consists of the following:
(EUR millions) 2020 2019 2018
Revenue generated by brands and trade names 44,421 53,302 46,427

Royalties and license revenue 96 110 114
Income from investment property 14 20 23
Other revenue 119 238 262
Total 44,651 53,670 46,826
Christian Dior 57
The portion of total revenue generated by the Group at its and 69% in fiscal year 2018), i.e. 31,461 million euros in 2020
own stores, including sales through e‑commerce websites, was (37,356 million euros in 2019 and 32,081 million euros in 2018).
approximately 70% in fiscal year 2020 (70% in fiscal year 2019
25.2 Expenses by nature

Profit from recurring operations includes the following expenses:
(EUR millions) 2020 2019 2018
Advertising and promotion expenses 4,869 6,265 5,518

Personnel costs 8,537 9,423 8,295
Research and development expenses 139 140 130
See also Note 7 regarding the breakdown of lease expenses. As of December 31, 2020, a total of 5,003 stores were operated by
the Group worldwide (4,915 as of December 31, 2019; 4,592 as of
Advertising and promotion expenses mainly consist of the cost
December 31, 2018), particularly by Fashion and Leather Goods
of media campaigns and point‑of‑sale advertising; they also
and Selective Retailing.
include the personnel costs dedicated to this function.
Personnel costs consist of the following elements:
(EUR millions) 2020 2019 2018
Salaries and social security contributions 8,410 9,180 8,081

Pensions, contribution to medical costs and expenses
in respect of defined‑benefit plans (a) 66 167 127
Expenses related to bonus share and similar plans (b) 62 76 87
Personnel costs 8,537 9,423 8,295
(a) See Note 30.

(b) See Note 17.3.
The average full‑time equivalent workforce broke down as follows by job category during the fiscal years presented:
(in number and as %) Dec. 31, 2020 % Dec. 31, 2019 % Dec. 31, 2018 %
Executives and managers 33,297 22 30,883 21 27,924 21

Technicians and supervisors 14,760 10 14,774 10 14,057 10
Administrative and sales staff 76,197 51 81,376 55 76,772 56
Production workers 24,089 16 20,682 14 17,880 13
Total 148,343 100 147,715 100 136,633 100
58 Christian Dior
25.3 Statutory Auditors’ fees

The amount of fees paid to the Statutory Auditors of Christian Dior SE and members of their networks recorded in the consolidated
income statement for the 2020 fiscal year breaks down as follows:
(EUR millions, excluding VAT) 2020
ERNST & YOUNG MAZARS Total

et Autres
Audit‑related fees 9 8 17
Tax services 3 NS 3
Other 3 NS 3
Non‑audit‑related fees 6 NS 6
Total 15 8 23
NS: Not significant.
Audit‑related fees include other services related to the certification meet their local tax filing obligations – non‑audit‑related services
of the consolidated and parent company financial statements, for include various types of certifications, mainly those required
non‑material amounts. by lessors concerning the revenue of certain stores, and specific
checks run at the Group’s request, mainly in countries where
In addition to tax services – which are mainly performed outside
statutory audit is not required.
France to ensure that the Group’s subsidiaries and expatriates
Note 26. Other operating income and expenses
(EUR millions) 2020 2019 2018
Net gains/(losses) on disposals (22) - (5)

Restructuring costs (6) (57) 1
Transaction costs relating to the acquisition of consolidated companies (35) (45) (10)
Impairment or amortization of brands, trade names, goodwill and other fixed assets (235) (26) (117)
Other items, net (35) (104) 5
Other operating income and expenses (333) (231) (126)
Impairment and amortization expenses recorded are mostly relating to the acquisition of consolidated companies” mainly
for brands and goodwill. “Other items, net” mainly comprised related to the acquisition of Tiffany & Co. In fiscal year 2019,
a 20 million euro donation to Fondation Hôpitaux de Paris “Other items, net” notably included the donation of 100 million
– Hôpitaux de France. In 2020 as in 2019, “Transaction costs euros for the reconstruction of Notre-Dame de Paris.
Christian Dior 59
Note 27. Net financial income/(expense)
(EUR millions) 2020 2019 2018 (a)
Borrowing costs (88) (162) (171)

Income from cash, cash equivalents and current available for sale financial assets 46 47 38
Fair value adjustment of borrowings and interest rate hedges 4 (1) (3)
Cost of net financial debt (38) (116) (136)
Interest on lease liabilities (281) (290) -
Dividends received from non‑current available for sale financial assets 12 8 18

Cost of foreign exchange derivatives (262) (230) (160)
Fair value adjustment of available for sale financial assets (4) 73 (115)
Other items, net (38) (21) (22)
Other financial income and expenses (292) (170) (279)
Net financial income/(expense) (611) (577) (415)
Income from cash, cash equivalents and current available for sale financial assets comprises the following items:
(EUR millions) 2020 2019 2018
Income from cash and cash equivalents 38 33 25

Income from current available for sale financial assets 8 14 13
Income from cash, cash equivalents and current available for sale financial assets 46 47 38
The fair value adjustment of borrowings and interest rate hedges is attributable to the following items:
(EUR millions) 2020 2019 2018
Hedged financial debt (39) (3) 1

Hedging instruments 40 4 (1)
Unallocated derivatives 3 (1) (3)
Fair value adjustment of borrowings and interest rate hedges 4 (1) (3)
The cost of foreign exchange derivatives breaks down as follows:
(EUR millions) 2020 2019 2018
Cost of commercial foreign exchange derivatives (234) (230) (156)

Cost of foreign exchange derivatives related to net investments
denominated in foreign currency (20) 5 3
Cost and other items related to other foreign exchange derivatives (8) (5) (7)
Cost of foreign exchange derivatives (262) (230) (160)
60 Christian Dior
Note 28. Income taxes
28.1 Breakdown of the income tax expense
(EUR millions) 2020 2019 2018
Current income taxes for the fiscal year (2,617) (3,259) (2,649)
Current income taxes relating to previous fiscal years (13) 12 76
Current income taxes (2,630) (3,247) (2,573)
Change in deferred income taxes 330 383 57

Impact of changes in tax rates on deferred income taxes (85) (10) (2)
Deferred income taxes 246 373 55
Total tax expense per income statement (2,385) (2,874) (2,518)
Tax on items recognized in equity (122) 28 118
28.2 Breakdown of the net deferred tax asset/(liability)

The net deferred tax asset/(liability) broke down as follows:
Deferred tax assets 2,325 2,274 1,932

Deferred tax liabilities (5,079) (5,094) (4,633)
Net deferred tax asset/(liability) (2,753) (2,820) (2,701)
28.3 Breakdown of the difference between statutory and effective tax rates
The effective tax rate is as follows:
(EUR millions) 2020 2019 2018
Profit before tax 7,355 10,684 9,460

Total income tax expense (2,385) (2,874) (2,518)
Effective tax rate 32.4% 26.9% 26.6%
The statutory tax rate – which is the rate applicable by law to the Group’s French companies, including the 3.3% social security
contribution – may be reconciled as follows to the effective tax rate disclosed in the consolidated financial statements:
(as % of income before tax) 2020 2019 2018
French statutory tax rate 32.0 34.4 34.4
Changes in tax rates 1.1 (0.1) -

Differences in tax rates for foreign companies (6.0) (8.7) (8.8)
Tax losses, tax loss carryforwards and other changes in deferred tax 0.9 (0.3) 0.8
Differences between consolidated and taxable income,
and income taxable at reduced rates 2.4 - (1.2)
Tax on distribution (a) 2.0 1.6 1.4
Effective tax rate of the Group 32.4 26.9 26.6
(a) Tax on distribution is mainly related to intra-Group dividends.
Christian Dior 61
The Group’s effective tax rate was 32.4%. It diverged from the impacts of non‑recurring items related to the impact on inventories
Group’s normal rate given its geographic footprint as a result of of deferred tax of the change in certain corporate income tax
recurring and non‑recurring items. Recurring items that raised rates and the impact on losses of certain Maisons which could
the tax rate mainly included the impact of tax on intra-Group not be offset against taxable profits, or which did not give rise to
dividends and the impact of non‑deductible expenses. The main the recognition of deferred tax assets.
28.4 Sources of deferred tax
In the income statement (a)
(EUR millions) 2020 2019 2018
Valuation of brands (6) 32 (1)

Other revaluation adjustments 17 11 2
Gains and losses on available for sale financial assets 47 (15) 6
Gains and losses on hedges of future foreign currency cash flows 3 - (3)
Provisions for contingencies and losses 78 182 (63)
Intra-Group margin included in inventories (101) 118 85
Other consolidation adjustments 143 9 13
Losses carried forward 65 36 16
Total 246 373 55
(a) Income/(Expenses).
Change in deferred tax recognized in equity (a)
(EUR millions) 2020 2019 2018
Fair value adjustment of vineyard land 3 (11) (2)

Gains and losses on available for sale financial assets - - -
Gains and losses on hedges of future foreign currency cash flows (121) (11) 110
Actuarial gains and losses on employee benefit commitments 6 39 (5)
Total (112) 17 103
(a) Gains/(Losses).
In the balance sheet (a)
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Valuation of brands (3,646) (3,689) (3,678)

Fair value adjustment of vineyard land (580) (585) (574)
Other revaluation adjustments (716) (719) (280)
Gains and losses on available for sale financial assets (18) (65) (50)
Gains and losses on hedges of future foreign currency cash flows (78) 40 49
Intra-Group margin included in inventories 802 921 795
Other consolidation adjustments 615 507 448
Losses carried forward 148 77 38
Total (2,755) (2,820) (2,701)
(a) Asset/(Liability).
62 Christian Dior
28.5 Tax consolidation

• France’s tax consolidation system allows virtually all of the LVMH SE and most of its French subsidiaries in which it has
Group’s French companies to combine their taxable profits to an ownership interest of more than 95% comprise another
calculate the overall tax expense, for which only the parent tax consolidation group, the parent company of which is
company is liable. LVMH SE. This tax consolidation system generated a decrease
in the current tax expense of 251 million euros in 2020
Since January 1, 2018, Christian Dior SE and its French
(decrease of 138 million euros in 2019 and 225 million euros
subsidiaries in which it has an ownership interest of more
in 2018).
than 95% have been part of a tax consolidation group, the
parent company of which is Agache . • The other tax consolidation systems in place, particularly in
the United States, generated current tax savings of 93 million
euros in fiscal year 2020 (61 million euros in 2019 and 2018).
28.6 Losses carried forward

As of December 31, 2020, unused tax loss carryforwards and tax credits for which no assets were recognized (deferred tax assets or
receivables) represented potential tax savings of 440 million euros (456 million euros in 2019 and 497 million euros in 2018).
Note 29. Earnings per share
2020 2019 2018
Net profit, Group share (EUR millions) 1,933 2,938 2,574
Impact of dilutive instruments on the subsidiaries (EUR millions) (2) (4) (6)
Net profit, diluted Group share (EUR millions) 1,931 2,934 2,568
Average number of shares outstanding during the fiscal year 180,507,516 180,507,516 180,507,516
Average number of Christian Dior treasury shares held during the fiscal year (96,936) (188,879) (506,036)
Average number of shares on which the calculation before dilution is based 180,410,580 180,318,638 180,001,480
Basic Group share of net earnings per share (EUR) 10.72 16.29 14.30
Average number of shares outstanding on which the above calculation is based 180,410,580 180,318,638 180,001,480
Dilutive effect of stock option, bonus share and performance share plans - - 170,619
Average number of shares on which the calculation after dilution is based 180,410,580 180,318,638 180,172,099
Diluted Group share of net earnings per share (EUR) 10.70 16.27 14.25
All of the instruments that may dilute earnings per share were No events occurred between December 31, 2020 and the date at
taken into consideration when determining the dilutive effect. which the financial statements were approved for publication
that would have significantly affected the number of shares
outstanding or the potential number of shares.
Christian Dior 63
Note 30. P
rovisions for pensions, contribution to medical costs
and other employee benefit commitments
30.1 Expense for 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) 2020 2019 2018
Service cost 106 112 113

Net interest cost 8 12 12
Actuarial gains and losses - (2) (1)
Changes in plans (48) 46 3
Total expense for the fiscal year for defined‑benefit plans 66 167 127
In 2020 and 2019, changes in plans concerned the impact of the executives, following the entry into force of the French PACTE
lock‑in of benefits in respect of supplementary pension plans law and the Order of July 3, 2019.
covering the Group’s Executive Committee members and senior
30.2 Net recognized commitment
(EUR millions) Notes Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Benefits covered by plan assets 1,894 1,867 1,515

Benefits not covered by plan assets 250 250 189
Defined‑benefit obligation 2,144 2,117 1,704
Market value of plan assets (1,397) (1,340) (1,137)
Net recognized commitment 747 777 567
Of which: Non‑current provisions 20 784 812 605

Current provisions 20 9 8 7
Other assets (45) (43) (45)
Total 747 777 567
64 Christian Dior
30.3 Breakdown of the change in the net recognized commitment
(EUR millions) Defined‑benefit Market value of Net recognized

obligation plan assets commitment
As of December 31, 2019 2,117 (1,340) 777
Service cost 106 - 106

Net interest cost 25 (17) 8
Payments to recipients (89) 68 (21)
Contributions to plan assets - (78) (78)
Employee contributions 9 (9) -
Changes in scope and reclassifications 3 (3) -
Changes in plans (48) - (48)
Actuarial gains and losses, of which: 88 (67) 21
- Experience adjustments (a) (12) (67) (79)
- Changes in demographic assumptions (a) 1 - 1
- Changes in financial assumptions (a) 99 - 99
Translation adjustment (67) 49 (18)
As of December 31, 2020 2,144 (1,397) 747
(a) (Gains)/Losses.
Actuarial gains and losses resulting from experience adjustments related to the four previous fiscal years were as follows:
(EUR millions) Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016
(6‑month
fiscal year)
Experience adjustments on the defined‑benefit obligation 31 4 4 (1)

Experience adjustments on the market value of plan assets (82) (41) (49) (12)
Actuarial gains and losses resulting from experience adjustments (a) (51) (37) (45) (13)
(a) (Gains)/Losses.
The actuarial assumptions applied to estimate commitments for the fiscal years presented in the main countries concerned were as follows:
(as %) December 31, 2020 December 31, 2019 December 31, 2018
France United United Japan Switzerland France United United Japan Switzerland France United United Japan Switzerland
States Kingdom States Kingdom States Kingdom
Discount rate (a)
0.44 2.49 1.43 1.00 0.05 0.46 2.99 2.05 0.50 0.10 1.50 4.43 2.90 0.50 0.83
Future salary
increase rate 2.75 4.10 N/A 2.00 1.69 2.75 4.39 N/A 1.87 1.79 2.75 4.59 N/A 1.99 1.74
(a) Discount rates were determined with reference to market yields of AA-rated corporate bonds at the year‑end in the countries concerned. Bonds with maturities comparable to those
of the commitments were used.
N/A: Not applicable.
The assumed rate of increase of medical expenses in the United A 0.5‑point increase in the discount rate would result in a
States is 5.80% for 2021, after which it is assumed to decline 148 million euro reduction in the amount of the defined‑benefit
progressively to reach 4.50% in 2037. obligation as of December 31, 2020; a 0.5‑point decrease in the
discount rate would result in a 164 million euro increase.
Christian Dior 65
30.4 Breakdown of benefit obligations

The breakdown of the defined‑benefit obligation by type of benefit plan is as follows:
Supplementary pensions 1,627 1,597 1,300

Retirement bonuses and similar benefits 432 427 326
Medical costs of retirees 45 54 42
Long‑service awards 33 32 27
Other 7 6 9
The geographic breakdown of the defined‑benefit obligation is as follows:
France 833 886 615

Europe (excluding France) 614 581 556
United States 506 454 347
Japan 137 144 136
Asia (excluding Japan) 47 44 41
Other countries 7 7 9
The main components of the Group’s net commitment for retirement and other defined‑benefit obligations as of December 31, 2020
are as follows:
• In France: • In Europe (excluding France), commitments concern

defined‑benefit pension plans set up in the United Kingdom by
– these commitments include the commitment to the
certain Group companies; participation by Group companies
Group’s senior executives and members of the Executive
in Switzerland in the mandatory Swiss occupational pension
Committee, who were covered by a supplementary pension
plan, the LPP (Loi pour la Prévoyance Professionnelle); and in
plan after a certain number of years of service, the amount
Italy the TFR (Trattamento di Fine Rapporto), a legally required
of which was determined on the basis of the average of
end‑of‑service allowance, paid regardless of the reason for the
their three highest amounts of annual compensation.
employee’s departure from the company.
Pursuant to the Order of July 3, 2019, this supplementary
pension plan has been closed, and the rights frozen as of • In the United States, the commitment relates to defined‑benefit
December 31, 2019; pension plans or retiree healthcare coverage set up by certain
Group companies.
– they also include end‑of‑career bonuses and long‑service
awards, the payment of which is determined by French law
and collective bargaining agreements, respectively upon
retirement or after a certain number of years of service.
30.5 Breakdown of related plan assets

The breakdown of the market value of plan assets by type of investment is as follows:
(as % of market value of related plan assets) Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Shares 22 19 23
Bonds
— Private issues 32 35 36
— Public issues 9 8 5
Cash, investment funds, real estate and other assets 37 38 36
Total 100 100 100
66 Christian Dior
These assets do not include any debt securities issued by Group The Group plans to increase the related plan assets in 2021 by
companies, nor any LVMH or Christian Dior shares for significant paying in approximately 120 million euros.
amounts.
Note 31. Off‑balance sheet commitments
31.1 Purchase commitments
Grapes, wines and eaux‑de‑vie 2,725 2,840 2,040

Other purchase commitments for raw materials 250 211 215
Industrial and commercial fixed assets 428 674 721
Investments in joint venture shares and non‑current available for sale financial assets 13,237 14,761 2,151
Some Wines and Spirits companies have contractual purchase shares of Tiffany & Co. at a unit price of 131.5 US dollars. The
arrangements with various local producers for the future supply acquisition was completed on January 7, 2021. See also Notes 2.1
of grapes, still wines and eaux‑de‑vie. These commitments are and 34.
valued, depending on the nature of the purchases, on the basis
As of December 31, 2019, share purchase commitments included
of the contractual terms or known fiscal year‑end prices and
the impact of LVMH’s commitment to acquire, for cash, all the
estimated production yields.
shares of Tiffany & Co. at a unit price of 135 US dollars, for a total
As of December 31, 2020, share purchase commitments included of 16.2 billion US dollars.
the impact of LVMH’s commitment to acquire, for cash, all the
As of December 31, 2020, 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 788 1,903 35 2,725
Other purchase commitments for raw materials 190 60 - 250
Industrial and commercial fixed assets 299 129 - 428
Investments in joint venture shares and non‑current
available for sale financial assets 13,237 - - 13,237
31.2 Collateral and other guarantees

As of December 31, 2020, these commitments broke down as follows:
Securities and deposits 444 371 342

Other guarantees 169 163 160
Guarantees given 613 534 502
Guarantees received (47) (53) (70)
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 313 121 9 444
Other guarantees 76 89 4 169
Guarantees given 389 210 14 613
Guarantees received (21) (24) (2) (47)
Christian Dior 67
31.3 Other commitments

The Group is not aware of any significant off‑balance sheet commitments other than those described above.
Note 32. Exceptional events and litigation

As part of its day‑to‑day management, the Group may be party There were no significant developments in fiscal year 2020 with
to various legal proceedings concerning trademark rights, the regard to exceptional events or litigation.
protection of intellectual property rights, the protection of
To the best of the Company’s knowledge, there are no pending
selective retailing networks, licensing agreements, employee
or impending administrative, judicial or arbitration procedures
relations, tax audits, and any other matters inherent to its
that are likely to have, or have had over the twelve‑month period
business. The Group believes that the provisions recorded in
under review, any significant impact on the Group’s financial
the balance sheet in respect of these risks, litigation proceedings
position or profitability.
and disputes that are in progress and any others of which it is
aware at the year‑end, are sufficient to avoid its consolidated
financial position being materially impacted in the event of an
unfavorable outcome.
Note 33. Related‑party transactions
33.1 Relations of the Christian Dior group with Agache and its subsidiaries
The Christian Dior group is consolidated in the accounts of estate law. Agache SE also leases office premises to the Christian
Financière Agache, which is controlled by Agache SE. Dior group.
Agache SE, which has specialist teams, provides assistance to Conversely, the Christian Dior group provides various administrative
the Christian Dior group, primarily in the areas of financial and operational services and leases real estate and movable
engineering, strategy, development, and corporate and real property assets to Agache SE and some of its subsidiaries.
Transactions between the Christian Dior group and Agache and its subsidiaries may be summarized as follows:
(EUR millions) 2020 2019 2018
— A mounts billed by the Agache group to the Christian Dior group (5) (6) (8)
Amount payable outstanding as of December 31 - - -
— Amounts billed by the Christian Dior group to the Agache group 9 6 5
Amount receivable outstanding as of December 31 2 - -
In 2020, LVMH sold listed securities to Financière Agache, in an arm’s‑length transaction, for a total of 97 million euros.
33.2 Relations of the Christian Dior group with Diageo

Moët Hennessy SAS and Moët Hennessy International SAS Under this agreement, Moët Hennessy assumed 14% of shared
(hereinafter referred to as “Moët Hennessy”) hold the LVMH costs in 2020 (14% in 2019 and 15% in 2018), and accordingly
group’s investments in the Wines and Spirits business group, with re‑invoiced the excess costs incurred to LVMH SE. After re‑invoicing,
the exception of Château d’Yquem, Château Cheval Blanc, Domaine the amount of shared costs assumed by Moët Hennessy came to
du Clos des Lambrays, Colgin Cellars and certain champagne 22 million euros for 2020 (25 million euros in 2019 and 17 million
vineyards. Diageo holds a 34% stake in Moët Hennessy. When euros in 2018).
that holding was acquired in 1994, an agreement was entered into
between Diageo and LVMH for the apportionment of shared
holding company costs between Moët Hennessy and the other
holding companies of the LVMH group.
68 Christian Dior
33.3 Relations with the Fondation Louis Vuitton

In October 2014, the Fondation Louis Vuitton opened a modern duration of the public property use agreement awarded by the
and contemporary art museum in Paris. The LVMH group City of Paris.
finances the Fondation as part of its cultural sponsorship
The Fondation Louis Vuitton also obtains external financing
initiatives. Its net contributions to this project are included in
guaranteed by LVMH SE. These guarantees are recognized as
“Property, plant and equipment” and are depreciated from the
off‑balance sheet commitments (see Note 31.2).
time the museum opened (October 2014) over the remaining
33.4 Executive bodies

The total compensation paid to the members of the Board of Directors in respect of their functions within the Group breaks down
as follows:
Gross compensation, employer social security contributions and benefits in kind (a) 17 18 17

Post‑employment benefits 12 17 7
Other long‑term benefits - - -
End‑of‑contract bonuses - - -
Cost of stock option and similar plans 9 11 13
Total 38 46 37
(a) Excluding previously provisioned items of compensation.
The commitment recognized as of December 31, 2020 for impact of the French PACTE law on the commitment recognized
post‑employment benefits net of related financial assets was for post‑employment benefits for members of the Group’s
24 million euros (27 million euros as of December 31, 2019 and management and supervisory bodies.
17 million euros as of December 31, 2018). See Note 30 on the
Note 34. Subsequent events

On January 7, 2021, LVMH acquired 100% of the shares of Tiffany of January 31, 2020 and the quarterly publications as of April 30,
& Co. (NYSE: TIF), in accordance with the agreement signed in July 31 and October 31, 2020 are available on the SEC website
November 2019 and amended in October 2020. The acquisition (www.sec.report).
was completed at the price of 131.50 US dollars per share, for a
No other significant subsequent events occurred between
total of 16.1 billion US dollars, paid in cash. Tiffany & Co. will be
December 31, 2020 and January 26, 2021, the date at which the
consolidated as of January 2021, and the purchase price allocation
financial statements were approved for publication by the Board
will be carried out in 2021. The annual report of Tiffany & Co. as
of Directors.
Christian Dior 69
Consolidated companies
7. Consolidated companies
Companies Registered Method of Ownership Companies Registered Method of Ownership

office consolidation interest office consolidation interest
VINS ET SPIRITUEUX Jas Hennessy Taiwan Taipei, Taiwan FC 27%

Moët Hennessy Diageo China Company Shanghai, China JV 27%
MHCS Épernay, France FC 27% Moët Hennessy Distribution Russia Moscow, Russia FC 27%
Champagne Des Moutiers Épernay, France FC 27% Moët Hennessy Vietnam Importation Co. Ho Chi Minh City, Vietnam FC 27%
Société Viticole de Reims Épernay, France FC 27% Moët Hennessy Vietnam Distribution
Compagnie Française du Champagne et Shareholding Co. Ho Chi Minh City, Vietnam FC 14%
du Luxe Épernay, France FC 27% Moët Hennessy Rus Moscow, Russia FC 27%
Chamfipar Épernay, France FC 27% MHD Moët Hennessy Diageo Tokyo, Japan JV 27%
GIE Moët Hennessy Information Services Épernay, France FC 27% Moët Hennessy Asia-Pacific Pte Ltd Singapore FC 27%
Moët Hennessy Entreprise Adaptée Épernay, France FC 27% Moët Hennessy Australia Mascot, Australia FC 27%
Champagne Bernard Breuzon Colombé‑le-Sec, France FC 27% Polmos Zyrardow Sp. Z O.O. Zyrardow, Poland FC 27%
Champagne De Mansin Gyé‑sur-Seine, France FC 27% The Glenmorangie Company Edinburgh, United Kingdom FC 27%
Société Civile des Crus de Champagne Reims, France FC 27% Macdonald & Muir Ltd Edinburgh, United Kingdom FC 27%
Moët Hennessy Italia SpA Milan, Italy FC 27% Ardbeg Distillery Limited Edinburgh, United Kingdom FC 27%
Moët Hennessy UK London, United Kingdom FC 27% Glenmorangie Distillery Co. Ltd Edinburgh, United Kingdom FC 27%
Moët Hennessy España Barcelona, Spain FC 27% James Martin & Company Ltd Edinburgh, United Kingdom FC 27%
Moët Hennessy Portugal Lisbon, Portugal FC 27% Nicol Anderson & Co. Ltd Edinburgh, United Kingdom FC 27%
Moët Hennessy (Suisse) Geneva, Switzerland FC 27% Woodinville Whiskey Company LLC Washington, USA FC 27%
Moët Hennessy Deutschland GmbH Munich, Germany FC 27% RUM Entreprise Paris, France FC 27%
Moët Hennessy de Mexico Mexico City, Mexico FC 27% Volcan Azul Mexico City, Mexico EM 14%
Moët Hennessy Belux Brussels, Belgium FC 27% Agrotequilera de Jalisco Mexico City, Mexico EM 14%
Moët Hennessy Österreich Vienna, Austria FC 27% SAS Château d’Esclans La Motte, France FC 15%
Moët Hennessy Suomi Helsinki, Finland FC 27% Cave d’Esclans La Motte, France FC 15%
Moët Hennessy Polska Warsaw, Poland FC 27% G2I La Motte, France FC 15%
Moët Hennessy Czech Republic Prague, Czech Republic FC 27%
Moët Hennessy Sverige Stockholm, Sweden FC 27%
Moët Hennessy Norge Sandvika, Norway FC 27%
Moët Hennessy Danmark Copenhagen, Denmark FC 27% FASHION AND LEATHER GOODS
Moët Hennessy Nederland Baarn, Netherlands FC 27% Louis Vuitton Malletier Paris, France FC 41%
Moet Hennessy USA New York, USA FC 27% Manufacture de Souliers Louis Vuitton Fiesso d’Artico, Italy FC 41%
Moët Hennessy Turkey Istanbul, Turkey FC 27% Louis Vuitton Saint-Barthélemy Saint-Barthélemy,
Moët Hennessy South Africa Pty Ltd Johannesburg, South Africa FC 27% French Antilles FC 41%
SCEV 4F Épernay, France FC 26% Louis Vuitton Cantacilik Ticaret Istanbul, Turkey FC 41%
Moët Hennessy Nigeria Lagos, Nigeria FC 27% Louis Vuitton Editeur Paris, France FC 41%
SAS Champagne Manuel Janisson Verzenay, France FC 27% Louis Vuitton International Paris, France FC 41%
SCI JVIGNOBLES Verzenay, France FC 27% Louis Vuitton India Holding & Services
MH Champagnes and Wines Korea Ltd Icheon, South Korea FC 27% Pvt. Ltd Bangalore, India FC 41%
MHD Moët Hennessy Diageo Courbevoie, France JV 27% Société des Ateliers Louis Vuitton Paris, France FC 41%
Cheval des Andes Buenos Aires, Argentina EM 14% Manufacture des Accessoires Louis Vuitton Fiesso d’Artico, Italy FC 41%
Domaine Chandon California, USA FC 27% Louis Vuitton Bahrain WLL Manama, Bahrain FC 27%
Cape Mentelle Vineyards Margaret River, Australia FC 27% Société Louis Vuitton Services Paris, France FC 41%
Veuve Clicquot Properties Margaret River, Australia FC 27% Louis Vuitton Qatar LLC Doha, Qatar FC 26%
Moët Hennessy Do Brasil – Vinhos E Société des Magasins Louis Vuitton France Paris, France FC 41%
Destilados São Paulo, Brazil FC 27% Belle Jardinière Paris, France FC 41%
Cloudy Bay Vineyards Blenheim, New Zealand FC 27% La Fabrique du Temps Louis Vuitton Meyrin, Switzerland FC 41%
Bodegas Chandon Argentina Buenos Aires, Argentina FC 27% Les Ateliers Joailliers Louis Vuitton Paris, France FC 41%
Domaine Chandon Australia Coldstream, Victoria, Australia FC 27% Louis Vuitton Monaco Monte Carlo, Monaco FC 41%
Newton Vineyards California, USA FC 27% ELV Paris, France FC 41%
Domaine Chandon (Ningxia) Louis Vuitton Services Europe Brussels, Belgium FC 41%
Moët Hennessy Co. Yinchuan, China FC 27% Louis Vuitton UK London, United Kingdom FC 41%
Moët Hennessy Chandon (Ningxia) Louis Vuitton Ireland Dublin, Ireland FC 41%
Vineyards Co. Yinchuan, China FC 16% Louis Vuitton Deutschland Munich, Germany FC 41%
SA Du Château d’Yquem Sauternes, France FC 40% Louis Vuitton Ukraine Kiev, Ukraine FC 41%
SC Du Château d’Yquem Sauternes, France FC 40% Manufacture de Maroquinerie
Société Civile Cheval Blanc (SCCB) Saint‑Émilion, France EM 21% et Accessoires Louis Vuitton Barcelona, Spain FC 41%
Colgin Cellars California, USA FC 25% Louis Vuitton Netherlands Amsterdam, Netherlands FC 41%
Moët Hennessy Shangri-La (Deqin) Louis Vuitton Belgium Brussels, Belgium FC 41%
Winery Company Deqin, China FC 22% Louis Vuitton Luxembourg Luxembourg FC 41%
Château du Galoupet La Londe‑les-Maures, France FC 27% Louis Vuitton Hellas Athens, Greece FC 41%
Jas Hennessy & Co. Cognac, France FC 27% Louis Vuitton Portugal Maleiro Lisbon, Portugal FC 41%
Distillerie de la Groie Cognac, France FC 27% Louis Vuitton Israel Tel Aviv, Israel FC 41%
SICA de Bagnolet Cognac, France FC 2% Louis Vuitton Danmark Copenhagen, Denmark FC 41%
Sodepa Cognac, France FC 27% Louis Vuitton Aktiebolag Stockholm, Sweden FC 41%
Diageo Moët Hennessy BV Amsterdam, Netherlands JV 27% Louis Vuitton Suisse Meyrin, Switzerland FC 41%
Hennessy Dublin Dublin, Ireland FC 27% Louis Vuitton Polska Sp. Z O.O. Warsaw, Poland FC 41%
Edward Dillon & Co. Ltd Dublin, Ireland EM 11% Louis Vuitton Ceska Prague, Czech Republic FC 41%
Hennessy Far East Hong Kong, China FC 27% Louis Vuitton Österreich Vienna, Austria FC 41%
Moët Hennessy Diageo Hong Kong Hong Kong, China JV 27% Louis Vuitton Kazakhstan Almaty, Kazakhstan FC 41%
Moët Hennessy Diageo Macau Macao, China JV 27% Louis Vuitton US Manufacturing, Inc. California, USA FC 41%
Riche Monde (China) Hong Kong, China JV 27% Louis Vuitton Hawaii, Inc. Hawaii, USA FC 41%
Moët Hennessy Diageo Singapore Pte Singapore JV 27% Louis Vuitton Guam, Inc. Tamuning, Guam FC 41%
Moët Hennessy Cambodia Co. Phnom Penh, Cambodia FC 14% Louis Vuitton Saipan Inc. Saipan, Northern Mariana Islands FC 41%
Moët Hennessy Philippines Makati, Philippines FC 20% Louis Vuitton Norge Oslo, Norway FC 41%
Société du Domaine des Lambrays Morey-Saint-Denis, France FC 41% San Dimas Luggage Company California, USA FC 41%
Moët Hennessy Services UK London, United Kingdom FC 27% Louis Vuitton North America, Inc. New York, USA FC 41%
Moët Hennessy Diageo Malaysia Sdn. Kuala Lumpur, Malaysia JV 27% Louis Vuitton USA, Inc. New York, USA FC 41%
Diageo Moët Hennessy Thailand Bangkok, Thailand JV 27% Louis Vuitton Liban Retail SAL Beirut, Lebanon FC 39%
Moët Hennessy Shanghai Shanghai, China FC 27% Louis Vuitton Vietnam Company Limited Hanoi, Vietnam FC 41%
Moët Hennessy India Mumbai, India FC 27% Louis Vuitton Suomi Helsinki, Finland FC 41%
70 Christian Dior

Louis Vuitton Romania Srl Bucharest, Romania FC 41% Loewe Hong Kong Hong Kong, China FC 41%
LVMH Fashion Group Brasil Ltda São Paulo, Brazil FC 41% Loewe Commercial and Trading
Louis Vuitton Panama, Inc. Panama City, Panama FC 41% (Shanghai) Co. Shanghai, China FC 41%
Louis Vuitton Mexico Mexico City, Mexico FC 41% Loewe Fashion Singapore FC 41%
Operadora Louis Vuitton Mexico Mexico City, Mexico FC 41% Loewe Taiwan Taipei, Taiwan FC 41%
Louis Vuitton Chile Spa Santiago de Chile, Chile FC 41% Loewe Macau Company Macao, China FC 41%
Louis Vuitton (Aruba) Oranjestad, Aruba FC 41% Loewe Alemania Frankfurt, Germany FC 41%
Louis Vuitton Argentina Buenos Aires, Argentina FC 41% Loewe Italy Milan, Italy FC 41%
Louis Vuitton Republica Dominicana Santo Domingo, Loewe LLC New York, USA FC 41%
Dominican Republic FC 41% Loewe Australia Sydney, Australia FC 41%
Louis Vuitton Pacific Hong Kong, China FC 41% LVMH Fashion Group Support Paris, France FC 41%
Louis Vuitton Kuwait WLL Kuwait City, Kuwait FC 13% Berluti SA Paris, France FC 41%
Louis Vuitton Hong Kong Limited Hong Kong, China FC 41% Berluti Monaco Monaco FC 41%
Louis Vuitton (Philippines) Inc. Makati, Philippines FC 41% Manifattura Berluti Srl Ferrara, Italy FC 41%
Louis Vuitton Singapore Pte Ltd Singapore FC 41% Berluti LLC New York, USA FC 41%
LV Information & Operation Services Pte Ltd Singapore FC 41% Berluti UK Limited (Company) London, United Kingdom FC 41%
PT Louis Vuitton Indonesia Jakarta, Indonesia FC 40% Berluti Macau Company Limited Macao, China FC 41%
Louis Vuitton (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia FC 41% Berluti (Shanghai) Company Limited Shanghai, China FC 41%
Louis Vuitton (Thailand) Société Anonyme Bangkok, Thailand FC 41% Berluti Hong Kong Company Limited Hong Kong, China FC 41%
Louis Vuitton Taiwan Ltd Taipei, Taiwan FC 41% Berluti Deutschland GmbH Munich, Germany FC 41%
Louis Vuitton Australia Pty Ltd Sydney, Australia FC 41% Berluti Singapore Private Ltd Singapore FC 41%
Louis Vuitton (China) Co. Ltd Shanghai, China FC 41% Berluti Japan KK Tokyo, Japan FC 41%
Louis Vuitton New Zealand Auckland, New Zealand FC 41% Berluti Orient FZ LLC Ras Al Khaimah,
Louis Vuitton India Retail Private Limited Gurugram, India FC 41% United Arab Emirates FC 27%
Louis Vuitton EAU LLC Dubai, United Arab Emirates FC 27% Berluti EAU LLC Dubai, United Arab Emirates FC 27%
Louis Vuitton Saudi Arabia Ltd Jeddah, Saudi Arabia FC 23% Berluti Taiwan Ltd Taipei, Taiwan FC 41%
Louis Vuitton Middle East Dubai, United Arab Emirates FC 27% Berluti Korea Company Ltd Seoul, South Korea FC 27%
Louis Vuitton – Jordan PSC Amman, Jordan FC 39% Berluti Australia Sydney, Australia FC 41%
Louis Vuitton Orient LLC Ras Al Khaimah, Berluti Switzerland Geneva, Switzerland FC 41%
United Arab Emirates FC 27% Rossimoda Vigonza, Italy FC 41%
Louis Vuitton Korea Ltd Seoul, South Korea FC 41% Rossimoda Romania Cluj-Napoca, Romania FC 41%
LVMH Fashion Group Trading Korea Ltd Seoul, South Korea FC 41% LVMH Fashion Group Services Paris, France FC 41%
Louis Vuitton Hungaria Kft. Budapest, Hungary FC 41% Interlux Company Hong Kong, China FC 41%
Louis Vuitton Vostok Moscow, Russia FC 41% Jean Patou SAS Paris, France FC 29%
LV Colombia SAS Santa Fé de Bogota, Colombia FC 41% Rimowa GmbH Cologne, Germany FC 33%
Louis Vuitton Maroc Casablanca, Morocco FC 41% Rimowa GmbH & Co Distribution KG Cologne, Germany FC 33%
Louis Vuitton South Africa Johannesburg, South Africa FC 41% Rimowa Electronic Tag GmbH Hamburg, Germany FC 33%
Louis Vuitton Macau Company Limited Macao, China FC 41% Rimowa CZ spol s.r.o. Pelhrimov, Czech Republic FC 33%
Louis Vuitton Japan KK Tokyo, Japan FC 41% Rimowa America Do Sul Malas
Louis Vuitton Services KK Tokyo, Japan FC 41% De Viagem Ltda São Paulo, Brazil FC 33%
Louis Vuitton Canada, Inc. Toronto, Canada FC 41% Rimowa North America Inc. Cambridge, Canada FC 33%
Atepeli – Ateliers des Ponte de Lima Calvelo, Portugal FC 41% Rimowa Inc. Delaware, USA FC 33%
Somarest Sibiu, Romania FC 41% Rimowa Distribution Inc. Delaware, USA FC 33%
LVMH Métiers D’Art Paris, France FC 41% Rimowa Far East Limited Hong Kong, China FC 33%
Tanneries Roux Romans‑sur-Isère, France FC 41% Rimowa Macau Limited Macao, China FC 33%
HLI Holding Pte. Ltd Singapore FC 41% Rimowa Japan Co. Ltd Tokyo, Japan FC 33%
Heng Long International Ltd Singapore FC 41% Rimowa France SARL Paris, France FC 33%
Heng Long Leather Co. (Pte) Ltd Singapore FC 41% Rimowa Italy Srl Milan, Italy FC 33%
Heng Long Leather (Guangzhou) Co. Ltd Guangzhou, China FC 41% Rimowa Netherlands BV Amsterdam, Netherlands FC 33%
HL Australia Proprietary Ltd Sydney, Australia FC 41% Rimowa Spain SLU Madrid, Spain FC 33%
Starke Holding Florida, USA FC 41% Rimowa Great Britain Limited London, United Kingdom FC 33%
Cypress Creek Farms Florida, USA FC 41% Rimowa Austria GmbH Innsbruck, Austria FC 33%
The Florida Alligator Company Florida, USA FC 41% Rimowa Schweiz AG Dübendorf, Switzerland FC 33%
Pellefina Florida, USA FC 41% Rimowa China Shanghai, China FC 33%
Sofpar 126 Paris, France FC 41% Rimowa International Paris, France FC 33%
Sofpar 128 Bourg‑de-Péage, France FC 30% Rimowa Group Services Paris, France FC 33%
Thélios Longarone, Italy FC 21% Rimowa Middle East FZ-LLC Dubai, United Arab Emirates FC 33%
Thélios France Paris, France FC 21% Rimowa Korea Ltd Seoul, South Korea FC 33%
Thélios USA Inc. New Jersey, USA FC 21% Rimowa Orient Trading-LLC Dubai, United Arab Emirates FC 33%
Thélios Asia-Pacific Limited Harbour City, China FC 21% Rimowa Singapore Singapore FC 33%
Thélios Deutschland GmbH Cologne, Germany FC 21% Rimowa Australia Sydney, Australia FC 33%
Thélios Switzerland GmbH Zurich, Switzerland FC 21% 110 Vondrau Holdings Inc. Cambridge, Canada FC 33%
Thélios Iberian Peninsula SL Barcelona, Spain FC 21% Rimowa Group GmbH Cologne, Germany FC 41%
Thélios Portugal, Unipersoal Lda. Lisbon, Portugal FC 21% Anin Star Holding Limited London, United Kingdom EM 20%
Thélios UK London, United Kingdom FC 21% Christian Dior Couture Korea Ltd Seoul, South Korea FC 41%
Thélios Nordics AB Stockholm, Sweden FC 21% Christian Dior KK Tokyo, Japan FC 41%
Marc Jacobs International New York, USA FC 33% Christian Dior Inc. New York, USA FC 41%
Marc Jacobs International (UK) London, United Kingdom FC 33% Christian Dior Far East Ltd Hong Kong, China FC 41%
Marc Jacobs Trademarks New York, USA FC 33% Christian Dior Hong Kong Ltd Hong Kong, China FC 41%
Marc Jacobs Japan Tokyo, Japan FC 33% Christian Dior Fashion (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia FC 41%
Marc Jacobs International Italia Milan, Italy FC 33% Christian Dior Singapore Pte Ltd Singapore FC 41%
Marc Jacobs International France Paris, France FC 33% Christian Dior Australia Pty Ltd Sydney, Australia FC 41%
Marc Jacobs Commercial Christian Dior New Zealand Ltd Auckland, New Zealand FC 41%
and Trading (Shanghai) Co. Shanghai, China FC 33% Christian Dior Taiwan Limited Taipei, Taiwan FC 41%
Marc Jacobs Hong Kong Hong Kong, China FC 33% Christian Dior (Thailand) Co. Ltd Bangkok, Thailand FC 41%
Marc Jacobs Holdings New York, USA FC 33% Christian Dior Saipan Ltd Saipan, Northern Mariana Islands FC 41%
Marc Jacobs Hong Kong Distribution Christian Dior Guam Ltd Tumon Bay, Guam FC 41%
Company Hong Kong, China FC 33% Christian Dior Espanola Madrid, Spain FC 41%
Marc Jacobs Macau Distribution Company Macao, China FC 33% Christian Dior Puerto Banus Madrid, Spain FC 41%
Loewe Madrid, Spain FC 41% Christian Dior UK Limited London, United Kingdom FC 41%
Loewe Hermanos Madrid, Spain FC 41% Christian Dior Italia Srl Milan, Italy FC 41%
Manufacturas Loewe Madrid, Spain FC 41% Christian Dior Suisse SA Geneva, Switzerland FC 41%
LVMH Fashion Group France Paris, France FC 41% Christian Dior GmbH Pforzheim, Germany FC 41%
Loewe Hermanos UK London, United Kingdom FC 41% Christian Dior Fourrure M.C. Monte Carlo, Monaco FC 41%
Christian Dior 71

Christian Dior do Brasil Ltda São Paulo, Brazil FC 41% LMP LLC New York, USA FC 41%
Christian Dior Belgique Brussels, Belgium FC 41% Kenzo SA Paris, France FC 41%
Bopel Lugagnano Val d’Arda, Italy FC 41% Kenzo Belgique SA Brussels, Belgium FC 41%
Christian Dior Couture CZ Prague, Czech Republic FC 41% Kenzo UK Limited London, United Kingdom FC 41%
Ateliers AS Pierre-Bénite, France EM 10% Kenzo Italia Srl Milan, Italy FC 41%
Christian Dior Couture Paris, France FC 41% Kenzo Paris USA LLC New York, USA FC 41%
Christian Dior Couture FZE Dubai, United Arab Emirates FC 41% Kenzo Paris Netherlands Amsterdam, Netherlands FC 41%
Christian Dior Couture Maroc Casablanca, Morocco FC 41% Kenzo Paris Japan KK Tokyo, Japan FC 41%
Christian Dior Macau Single Kenzo Paris Singapore Singapore FC 41%
Shareholder Company Limited Macao, China FC 41% Kenzo Paris Hong Kong Company Hong Kong, China FC 41%
Christian Dior S. de R.L. de C.V. Mexico City, Mexico FC 41% Kenzo Paris Macau Company Ltd Macao, China FC 41%
Les Ateliers Bijoux GmbH Pforzheim, Germany FC 41% Holding Kenzo Asia Hong Kong, China FC 21%
Christian Dior Commercial Kenzo Paris Shanghai Shanghai, China FC 21%
(Shanghai) Co. Ltd Shanghai, China FC 41% LVMH Fashion Group Malaysia Kuala Lumpur, Malaysia FC 41%
Christian Dior Trading India Private Limited Mumbai, India FC 41% Givenchy SA Paris, France FC 41%
Christian Dior Couture Stoleshnikov Moscow, Russia FC 41% Givenchy Corporation New York, USA FC 41%
CDCH SA Luxembourg FC 35% Givenchy China Co. Hong Kong, China FC 41%
CDC Abu-Dhabi LLC Couture Abu Dhabi, United Arab Emirates FC 35% Givenchy (Shanghai) Commercial
Dior Grèce Société Anonyme Garments and Trading Co. Shanghai, China FC 41%
Trading Athens, Greece FC 41% GCCL Macau Co. Macao, China FC 41%
CDC General Trading LLC Dubai, United Arab Emirates FC 33% Givenchy Italia Srl Florence, Italy FC 41%
Christian Dior Istanbul Magazacilik Givenchy Germany Cologne, Germany FC 41%
Anonim Sirketi Istanbul, Turkey FC 41% LVMH Fashion Group Japan KK Tokyo, Japan FC 41%
John Galliano SA Paris, France FC 41% Givenchy Couture Ltd London, United Kingdom FC 41%
Christian Dior Couture Qatar LLC Doha, Qatar FC 34% Givenchy Taiwan Taipei, Taiwan FC 41%
Christian Dior Couture Bahrain W.L.L. Manama, Bahrain FC 35% Givenchy Trading WLL Doha, Qatar FC 23%
PT Fashion Indonesia Trading Company Jakarta, Indonesia FC 41% Givenchy Middle-East FZ LLC Dubai, United Arab Emirates FC 29%
Christian Dior Couture Ukraine Kiev, Ukraine FC 41% George V EAU LLC Dubai, United Arab Emirates FC 23%
CDCG FZCO Dubai, United Arab Emirates FC 35% Givenchy KSA Jeddah, Saudi Arabia FC 22%
COU.BO Srl Arzano, Italy FC 41% Givenchy Singapore Singapore FC 41%
Christian Dior Netherlands BV Amsterdam, Netherlands FC 41% Givenchy Korea Ltd Seoul, South Korea FC 41%
Christian Dior Vietnam Limited Liability Fendi Prague s.r.o. Prague, Czech Republic FC 41%
Company Hanoi, Vietnam FC 41% Luxury Kuwait for Ready Wear
Vermont Paris, France FC 41% Company WLL Kuwait City, Kuwait FC 25%
Christian Dior Couture Kazakhstan Almaty, Kazakhstan FC 41% Fendi Canada Inc. Toronto, Canada FC 41%
Christian Dior Austria GmbH Vienna, Austria FC 41% Fendi Private Suites Srl Rome, Italy FC 41%
Manufactures Dior Srl Milan, Italy FC 41% Fun Fashion Qatar LLC Doha, Qatar FC 33%
Christian Dior Couture Azerbaijan Baku, Azerbaijan FC 41% Fendi International SAS Paris, France FC 41%
Draupnir SA Luxembourg FC 41% Fun Fashion Emirates LLC Dubai, United Arab Emirates FC 25%
Myolnir SA Luxembourg FC 41% Fun Fashion Bahrain Co. WLL Manama, Bahrain FC 25%
CD Philippines Makati, Philippines FC 41% Fendi Srl Rome, Italy FC 41%
Christian Dior Couture Luxembourg SA Luxembourg FC 41% Fendi Dis Ticaret Ltd Sti Istanbul, Turkey FC 41%
La Chaux‑de-Fonds, Fendi Philippines Corp. Makati, Philippines FC 41%
Les Ateliers Horlogers Dior Switzerland FC 41% Fendi Italia Srl Rome, Italy FC 41%
Dior Montres Paris, France FC 41% Fendi UK Ltd London, United Kingdom FC 41%
Christian Dior Couture Canada Inc. Toronto, Canada FC 41% Fendi France SAS Paris, France FC 41%
Christian Dior Couture Panama Inc. Panama City, Panama FC 41% Fendi North America Inc. New York, USA FC 41%
IDMC Manufacture Limoges, France FC 37% Fendi (Thailand) Company Limited Bangkok, Thailand FC 41%
GINZA SA Luxembourg FC 41% Fendi Asia-Pacific Limited Hong Kong, China FC 41%
GFEC. Srl Casoria, Italy FC 41% Fendi Korea Ltd Seoul, South Korea FC 41%
CDC Kuwait Fashion Accessories WLL Kuwait City, Kuwait FC 35% Fendi Taiwan Ltd Taipei, Taiwan FC 41%
Aurelia Solutions Srl Milan, Italy FC 41% Fendi Hong Kong Limited Hong Kong, China FC 41%
Lemanus Luxembourg FC 41% Fendi China Boutiques Limited Hong Kong, China FC 41%
LikeABee Lisbon, Portugal FC 41% Fendi (Singapore) Pte Ltd Singapore FC 41%
CD Norway AS Oslo, Norway FC 41% Fendi Fashion (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia FC 41%
Fenty SAS Paris, France FC 21% Fendi Switzerland SA Mendrisio, Switzerland FC 41%
Celine SA Paris, France FC 41% Fun Fashion FZCO Dubai, United Arab Emirates FC 32%
Avenue M International SCA Paris, France FC 41% Fendi Macau Company Limited Macao, China FC 41%
Enilec Gestion SARL Paris, France FC 41% Fendi Germany GmbH Munich, Germany FC 41%
Celine Montaigne SAS Paris, France FC 41% Fendi Austria GmbH Vienna, Austria FC 41%
Celine Monte-Carlo SA Monte Carlo, Monaco FC 41% Fendi (Shanghai) Co. Ltd Shanghai, China FC 41%
Celine Germany GmbH Berlin, Germany FC 41% Fendi Saudi For Trading LLC Jeddah, Saudi Arabia FC 30%
Celine Production Srl Florence, Italy FC 41% Fun Fashion India Private Ltd Mumbai, India FC 32%
Celine Suisse SA Geneva, Switzerland FC 41% Interservices & Trading SA Mendrisio, Switzerland FC 41%
Celine UK Ltd London, United Kingdom FC 41% Outshine Mexico S. de R.L. de C.V. Mexico City, Mexico FC 41%
Celine Inc. New York, USA FC 41% Fendi Timepieces SA Neuchâtel, Switzerland FC 41%
Celine (Hong Kong) Limited Hong Kong, China FC 41% Support Retail Mexico S de R.L. de C.V. Mexico City, Mexico FC 41%
Celine Commercial and Trading Fendi Netherlands BV Baarn, Netherlands FC 41%
(Shanghai) Co. Ltd Shanghai, China FC 41%
Fendi Brasil-Comercio de Artigos de Luxo São Paulo, Brazil FC 41%
Celine Boutique Taiwan Co. Ltd Taipei, Taiwan FC 41%
Fendi RU LLC Moscow, Russia FC 41%
CPC Macau Company Limited Macao, China FC 41%
Fendi Australia Pty Ltd Sydney, Australia FC 41%
LVMH FG Services UK London, United Kingdom FC 41%
Fendi Doha LLC Doha, Qatar FC 20%
Celine Distribution Spain S.L.U. Madrid, Spain FC 41%
Fendi Denmark ApS Copenhagen, Denmark FC 41%
Celine Distribution Singapore Singapore FC 41%
Fendi Spain S. L. Madrid, Spain FC 41%
RC Diffusion Rive Droite SARL Paris, France FC 41%
Fendi Monaco S.A.M. Monte Carlo, Monaco FC 41%
Celine EAU LLC Dubai, United Arab Emirates FC 22%
Fendi Japan KK Tokyo, Japan FC 41%
Celine Netherlands BV Baarn, Netherlands FC 41%
Emilio Pucci Srl Florence, Italy FC 41%
Celine Australia Ltd Co. Sydney, Australia FC 41%
Emilio Pucci International Baarn, Netherlands FC 28%
Celine Sweden AB Stockholm, Sweden FC 41%
Emilio Pucci Ltd New York, USA FC 41%
Celine Czech Republic Prague, Czech Republic FC 41%
Emilio Pucci Hong Kong Company Limited Hong Kong, China FC 41%
Celine Middle East Dubai, United Arab Emirates FC 27%
Emilio Pucci UK Limited London, United Kingdom FC 41%
Celine Canada Toronto, Canada FC 41%
Emilio Pucci France SAS Paris, France FC 41%
Celine Thailand Bangkok, Thailand FC 41%
Loro Piana Quarona, Italy FC 35%
Celine Denmark Copenhagen, Denmark FC 41%
Loro Piana Switzerland Lugano, Switzerland FC 35%
72 Christian Dior

Loro Piana France Paris, France FC 35% L Beauty Pte Singapore FC 21%
Loro Piana Munich, Germany FC 35% L Beauty Vietnam Ho Chi Minh City, Vietnam FC 21%
Loro Piana GB London, United Kingdom FC 35% SCI Rose Blue Paris, France FC 41%
LG Distribution LLC Delaware, USA FC 35% PCD St Honoré Paris, France FC 41%
Warren Corporation Connecticut, USA FC 35% LVMH Perfumes and Cosmetics Macau Macao, China FC 41%
Loro Piana & C. New York, USA FC 35% DP Seldico Kiev, Ukraine FC 41%
Loro Piana USA New York, USA FC 35% OOO Seldico Moscow, Russia FC 41%
Loro Piana (HK) Hong Kong, China FC 35% EPCD Hungaria Budapest, Hungary FC 41%
Loro Piana (Shanghai) Commercial Co. Shanghai, China FC 35% LVMH P&C Kazakhstan Almaty, Kazakhstan FC 41%
Loro Piana (Shanghai) Textile Trading Co. Shanghai, China FC 35% PCD Dubai General Trading Dubai, United Arab Emirates FC 20%
Loro Piana Mongolia Ulaanbaatar, Mongolia FC 35% PCD Doha Perfumes and Cosmetics Doha, Qatar FC 19%
Loro Piana Korea Co. Seoul, South Korea FC 35% Cosmetics of France Florida, USA FC 41%
Loro Piana (Macau) Macao, China FC 35% LVMH Recherche Saint-Jean‑de-Braye, France FC 41%
Loro Piana Monaco Monte Carlo, Monaco FC 35% PCIS Levallois-Perret, France FC 41%
Loro Piana España Madrid, Spain FC 35% Cristale Paris, France FC 41%
Loro Piana Japan Co. Tokyo, Japan FC 35% Perfumes Loewe SA Madrid, Spain FC 41%
Loro Piana Far East Singapore FC 35% Acqua di Parma Milan, Italy FC 41%
Loro Piana Peru Lucanas, Peru FC 35% Acqua di Parma New York, USA FC 41%
Manifattura Loro Piana Sillavengo, Italy FC 35% Acqua di Parma London, United Kingdom FC 41%
Loro Piana Oesterreich Vienna, Austria FC 35% Acqua di Parma Canada Inc. Toronto, Canada FC 41%
Loro Piana Nederland Amsterdam, Netherlands FC 35% Cha Ling Paris, France FC 41%
Loro Piana Czech Republic Prague, Czech Republic FC 35% Cha Ling Hong Kong Hong Kong, China FC 41%
Loro Piana Belgique Brussels, Belgium FC 35% Guerlain SA Paris, France FC 41%
Loro Piana Canada Toronto, Canada FC 35% LVMH Parfums & Kosmetik
Cashmere Lifestyle Luxury Trading LLC Dubai, United Arab Emirates FC 21% Deutschland GmbH Düsseldorf, Germany FC 41%
Loro Piana Mexico SA de CV Naucalpan, Mexico FC 35% Guerlain GmbH Vienna, Austria FC 41%
JW Anderson Limited London, United Kingdom EM 19% Guerlain Benelux SA Brussels, Belgium FC 41%
JW Anderson China Shanghai, China EM 19% Guerlain Ltd London, United Kingdom FC 41%
Ultrapharum Srl Milan, Italy EM 19% LVMH Perfumes e Cosmética Lisbon, Portugal FC 41%
PC Parfums Cosmétiques SA Zurich, Switzerland FC 41%
Guerlain Inc. New York, USA FC 41%
Guerlain (Canada) Ltd Saint-Jean, Canada FC 41%
PERFUMES AND COSMETICS Guerlain de Mexico Mexico City, Mexico FC 41%
Parfums Christian Dior Paris, France FC 41% Guerlain (Asia-Pacific) Limited Hong Kong, China FC 41%
LVMH Perfumes and Cosmetics (Thailand) Guerlain KK Tokyo, Japan FC 41%
Ltd Bangkok, Thailand FC 20% Guerlain KSA SAS Levallois-Perret, France FC 33%
LVMH P&C Do Brasil São Paulo, Brazil FC 41% Guerlain Orient DMCC Dubai, United Arab Emirates FC 41%
France Argentine Cosmetic Buenos Aires, Argentina FC 41% Guerlain Saudi Limited Jeddah, Saudi Arabia FC 25%
LVMH P&C Commercial & Trade (Shanghai) Shanghai, China FC 41% Guerlain Oceania Australia Pty Ltd Botany, Australia FC 41%
LVMH P&C (Shanghai) Co. Shanghai, China FC 41% PT Guerlain Cosmetics Indonesia Jakarta, Indonesia FC 21%
Shang Pu Ecommerce (Shanghai) Shanghai, China FC 41% Make Up For Ever Paris, France FC 41%
Parfums Christian Dior Finland Helsinki, Finland FC 41% SCI Edison Paris, France FC 41%
SNC du 33 Avenue Hoche Paris, France FC 41% Make Up For Ever New York, USA FC 41%
LVMH Fragrances and Cosmetics Make Up For Ever Canada Montreal, Canada FC 41%
(Singapore) Singapore FC 41% Make Up For Ever Academy China Shanghai, China FC 41%
Parfums Christian Dior Orient Co. Dubai, United Arab Emirates FC 25% Make Up For Ever UK Limited London, United Kingdom FC 41%
Parfums Christian Dior Emirates Dubai, United Arab Emirates FC 20% LVMH Fragrance Brands Levallois-Perret, France FC 41%
LVMH Cosmetics Tokyo, Japan FC 41% LVMH Fragrance Brands London, United Kingdom FC 41%
Parfums Christian Dior Arabia Jeddah, Saudi Arabia FC 19% LVMH Fragrance Brands Düsseldorf, Germany FC 41%
EPCD Warsaw, Poland FC 41% LVMH Fragrance Brands New York, USA FC 41%
EPCD CZ & SK Prague, Czech Republic FC 41% LVMH Fragrance Brands Canada Toronto, Canada FC 41%
EPCD RO Distribution Bucharest, Romania FC 41% LVMH Fragrance Brands Tokyo, Japan FC 41%
Parfums Christian Dior UK London, United Kingdom FC 41% LVMH Fragrance Brands WHD Florida, USA FC 41%
Parfums Christian Dior Rotterdam, Netherlands FC 41% LVMH Fragrance Brands Hong Kong Hong Kong, China FC 41%
SAS Iparkos Paris, France FC 41% LVMH Fragrance Brands Singapore Singapore FC 41%
Parfums Christian Dior S.A.B. Brussels, Belgium FC 41% Benefit Cosmetics LLC California, USA FC 41%
LVMH P&C Luxembourg Luxembourg FC 41% Benefit Cosmetics Ireland Ltd Dublin, Ireland FC 41%
Parfums Christian Dior (Ireland) Dublin, Ireland FC 41% Benefit Cosmetics UK Ltd Chelmsford, United Kingdom FC 41%
Parfums Christian Dior Hellas Athens, Greece FC 41% Benefit Cosmetics Services Canada Inc. Toronto, Canada FC 41%
Parfums Christian Dior Zurich, Switzerland FC 41% Benefit Cosmetics Korea Seoul, South Korea FC 41%
Christian Dior Perfumes New York, USA FC 41% Benefit Cosmetics SAS Paris, France FC 41%
Parfums Christian Dior Canada Montreal, Canada FC 41% Benefit Cosmetics Hong Kong Ltd Hong Kong, China FC 41%
LVMH P&C de Mexico Mexico City, Mexico FC 41% L Beauty Sdn. Bhd. Kuala Lumpur, Malaysia FC 21%
Parfums Christian Dior Japon Tokyo, Japan FC 41% L Beauty (Thailand) Co. Ltd Bangkok, Thailand FC 20%
Parfums Christian Dior (Singapore) Singapore FC 41% Fresh New York, USA FC 41%
Inalux Paris, France FC 41% Fresh Paris, France FC 41%
LVMH P&C Asia-Pacific Hong Kong, China FC 41% Fresh Cosmetics London, United Kingdom FC 41%
Fa Hua Fragance & Cosmetic Co. Hong Kong, China FC 41% Fresh Hong Kong Hong Kong, China FC 41%
Fa Hua Frag. & Cosm. Taiwan Taipei, Taiwan FC 41% Fresh Korea Seoul, South Korea FC 41%
P&C (Shanghai) Shanghai, China FC 41% Fresh Canada Montreal, Canada FC 41%
LVMH P&C Korea Seoul, South Korea FC 41% Kendo Holdings Inc. California, USA FC 41%
Parfums Christian Dior Hong Kong Hong Kong, China FC 41% Fenty Skin LLC California, USA FC 21%
LVMH P&C Malaysia Sdn. Berhad Petaling Jaya, Malaysia FC 41% Ole Henriksen of Denmark Inc. California, USA FC 41%
Pardior Mexico City, Mexico FC 41% SLF USA Inc. California, USA FC 41%
Parfums Christian Dior Denmark Copenhagen, Denmark FC 41% Susanne Lang Fragrance Toronto, Canada FC 41%
LVMH Perfumes and Cosmetics Group Sydney, Australia FC 41% BHUS Inc. Delaware, USA FC 41%
Parfums Christian Dior Sandvika, Norway FC 41% KVD Beauty LLC California, USA FC 41%
Parfums Christian Dior Stockholm, Sweden FC 41% Fenty Beauty LLC California, USA FC 21%
LVMH Perfumes and Cosmetics Kendo Brands Ltd Bicester, United Kingdom FC 41%
(New Zealand) Auckland, New Zealand FC 41% Kendo Brands SAS Boulogne-Billancourt, France FC 41%
Parfums Christian Dior Austria Vienna, Austria FC 41% Kendo Hong Kong Limited Hong Kong, China FC 41%
L Beauty Luxury Asia Taguig City, Philippines FC 21% Parfums Francis Kurkdjian SAS Paris, France FC 29%
SCI Annabell Paris, France FC 41% Parfums Francis Kurkdjian LLC New York, USA FC 29%
PT L Beauty Brands Jakarta, Indonesia FC 21%
Christian Dior 73

WATCHES AND JEWELRY Bvlgari Japan Tokyo, Japan FC 41%

Bvlgari Panama Panama City, Panama FC 41%
TAG Heuer International La Chaux‑de-Fonds, Switzerland FC 41% Bvlgari Ireland Dublin, Ireland FC 41%
LVMH Relojeria y Joyeria España SA Madrid, Spain FC 41% Bvlgari Qatar Doha, Qatar FC 20%
LVMH Montres & Joaillerie France Paris, France FC 41% Gulf Luxury Trading Dubai, United Arab Emirates FC 21%
TAG Heuer Limited Manchester, United Kingdom FC 41% Bvlgari do Brazil São Paulo, Brazil FC 41%
Duval Ltd Manchester, United Kingdom FC 41% Bvlgari Hotels and Resorts Milano Rome, Italy EM 21%
LVMH Watch & Jewelry Central Europe Oberursel, Germany FC 41% Lux Jewels Kuwait for Trading
Tag Heuer Boutique Outlet Store RoermondOberursel, Germany FC 41% In Gold Jewelry and Precious Stones Kuwait City, Kuwait FC 33%
LVMH Watch & Jewelry UK Manchester, United Kingdom FC 41% Lux Jewels Bahrain Manama, Bahrain FC 33%
Duvatec Limited Manchester, United Kingdom FC 41% India Luxco Retail New Delhi, India FC 41%
Heuer Ltd Manchester, United Kingdom FC 41% BK for Jewelry and Precious Metals
LVMH Watch & Jewelry USA Illinois, USA FC 41% and Stones Co. Kuwait City, Kuwait FC 33%
LVMH Watch & Jewelry Canada Richmond, Canada FC 41% Bvlgari Turkey Lüks Ürün Ticareti Istanbul, Turkey FC 41%
LVMH Watch & Jewelry Far East Hong Kong, China FC 41% Bvlgari Russia Moscow, Russia FC 41%
LVMH Watch & Jewelry Singapore Singapore FC 41% Bvlgari Prague Prague, Czech Republic FC 41%
LVMH Watch & Jewelry Malaysia Kuala Lumpur, Malaysia FC 41% Bvlgari Commercial Mexico Mexico City, Mexico FC 41%
LVMH Watch & Jewelry Japan Tokyo, Japan FC 41% Bvlgari Canada Montreal, Canada FC 41%
LVMH Watch & Jewelry Australia Pty Ltd Melbourne, Australia FC 41% Bvlgari Portugal Lisbon, Portugal FC 41%
LVMH Watch & Jewelry Hong Kong Hong Kong, China FC 41% Bvlgari Philippines Makati, Philippines FC 41%
LVMH Watch & Jewelry Taiwan Taipei, Taiwan FC 41% Bvlgari Vietnam Hanoi, Vietnam FC 41%
LVMH Watch & Jewelry India New Delhi, India FC 41% Bvlgari New Zealand Auckland, New Zealand FC 41%
LVMH Watch & Jewelry (Shanghai) Bvlgari Denmark Copenhagen, Denmark FC 41%
Commercial Co. Shanghai, China FC 41% Bvlgari Roma Rome, Italy FC 41%
LVMH Watch & Jewelry Russia LLC Moscow, Russia FC 41% Repossi Paris, France FC 33%
TAG Heuer Connected Paris, France FC 41%
Timecrown Manchester, United Kingdom FC 41%
Artecad Tramelan, Switzerland FC 41%
Golfcoders Paris, France FC 41%
SELECTIVE RETAILING
Alpha Time Corp. Hong Kong, China FC 41% LVMH Iberia SL Madrid, Spain FC 41%
LVMH W&J Trading LLC Dubai, United Arab Emirates FC 41% LVMH Italia SpA Milan, Italy FC 41%
LVMH W&J FZ LLC Dubai, United Arab Emirates FC 41% Sephora SAS Neuilly‑sur-Seine, France FC 41%
Chaumet International Paris, France FC 41% Sephora Luxembourg SARL Luxembourg FC 41%
Chaumet London London, United Kingdom FC 41% Sephora Portugal Perfumaria Lda Lisbon, Portugal FC 41%
Chaumet Horlogerie Nyon, Switzerland FC 41% Sephora Polska Sp Z.O.O Warsaw, Poland FC 41%
Chaumet Korea Yuhan Hoesa Seoul, South Korea FC 41% Sephora Greece SA Athens, Greece FC 41%
Chaumet Monaco Monte Carlo, Monaco FC 41% Sephora Cosmetics Romania SA Bucharest, Romania FC 41%
Chaumet Middle East Dubai, United Arab Emirates FC 25% Sephora Switzerland SA Geneva, Switzerland FC 41%
Chaumet UAE Dubai, United Arab Emirates FC 25% Sephora Sro (Czech Republic) Prague, Czech Republic FC 41%
Chaumet Australia Sydney, Australia FC 41% Sephora Monaco SAM Monte Carlo, Monaco FC 41%
Farouk Trading Jeddah, Saudi Arabia FC 25% Sephora Cosmeticos España S.L. Madrid, Spain EM 21%
Chaumet Iberia SL Madrid, Spain FC 41% S+ SAS Neuilly‑sur-Seine, France FC 41%
LVMH Watch & Jewelry Macau Company Macao, China FC 41% Sephora Bulgaria EOOD Sofia, Bulgaria FC 41%
LVMH Swiss Manufactures La Chaux‑de-Fonds, Switzerland FC 41% Sephora Cyprus Limited Nicosia, Cyprus FC 41%
Zenith Time Company (GB) Ltd Manchester, United Kingdom FC 41% Sephora Kozmetik AS (Turquie) Istanbul, Turkey FC 41%
LVMH Watch & Jewelry Italy SpA Milan, Italy FC 41% Sephora Cosmetics Ltd (Serbia) Belgrade, Serbia FC 41%
Delano La Chaux‑de-Fonds, Switzerland FC 41% Sephora Danmark ApS Copenhagen, Denmark FC 41%
Fred Paris Neuilly‑sur-Seine, France FC 41% Sephora Sweden AB Stockholm, Sweden FC 41%
Joaillerie de Monaco Monte Carlo, Monaco FC 41% Sephora Germany GmbH Düsseldorf, Germany FC 41%
Fred New York, USA FC 41% Sephora Moyen-Orient SA Fribourg, Switzerland FC 29%
Fred Londres Manchester, United Kingdom FC 41% Sephora Middle East FZE Dubai, United Arab Emirates FC 29%
Hublot Nyon, Switzerland FC 41% Sephora Qatar WLL Doha, Qatar FC 26%
Bentim International SA Nyon, Switzerland FC 41% Sephora Arabia Limited Jeddah, Saudi Arabia FC 22%
Hublot Boutique Monaco Monte Carlo, Monaco FC 41% Sephora Kuwait Co. WLL Kuwait City, Kuwait FC 24%
Hublot Canada Toronto, Canada FC 41% Sephora Holding South Asia Singapore FC 41%
Hublot SA Genève Geneva, Switzerland FC 41% Sephora (Shanghai) Cosmetics Co. Ltd Shanghai, China FC 33%
Hublot of America Florida, USA FC 41% Sephora (Beijing) Cosmetics Co. Ltd Beijing, China FC 33%
Benoit de Gorski SA Geneva, Switzerland FC 41% Sephora Xiangyang (Shanghai)
Bulgari SpA Rome, Italy FC 41% Cosmetics Co. Ltd Shanghai, China FC 33%
Bvlgari Italia Rome, Italy FC 41% Sephora Hong Kong Limited Hong Kong, China FC 41%
Bvlgari International Corporation (BIC) Amsterdam, Netherlands FC 41% Sephora Singapore Pte Ltd Singapore FC 41%
Bvlgari Corporation of America New York, USA FC 41% Sephora (Thailand) Company (Limited) Bangkok, Thailand FC 41%
Bvlgari SA Geneva, Switzerland FC 41% Sephora Australia Pty Ltd Sydney, Australia FC 41%
Bvlgari Horlogerie Neuchâtel, Switzerland FC 41% Sephora New Zealand Limited Wellington, New Zealand FC 41%
Bvlgari France Paris, France FC 41% Sephora Korea Ltd Seoul, South Korea FC 41%
Bvlgari Montecarlo Monte Carlo, Monaco FC 41% Sephora Digital Pte Ltd Singapore FC 41%
Bvlgari (Deutschland) Munich, Germany FC 41% Sephora Digital (Thailand) Ltd Bangkok, Thailand FC 41%
Bvlgari España Madrid, Spain FC 41% LX Services Pte Ltd Singapore FC 41%
Bvlgari South Asian Operations Singapore FC 41% PT MU and SC Trading (Indonesia) Jakarta, Indonesia FC 41%
Bvlgari (UK) Ltd London, United Kingdom FC 41% Luxola Sdn. Bhd. (Malaysia) Kuala Lumpur, Malaysia FC 41%
Bvlgari Belgium Brussels, Belgium FC 41% Sephora Services Philippines (Branch) Manila, Philippines FC 41%
Bvlgari Australia Sydney, Australia FC 41% Sephora USA Inc. California, USA FC 41%
Bvlgari (Malaysia) Kuala Lumpur, Malaysia FC 41% Sephora Cosmetics Private Limited (India) New Delhi, India FC 41%
Bvlgari Global Operations Neuchâtel, Switzerland FC 41% Sephora Beauty Canada Inc. Toronto, Canada FC 41%
Bvlgari Asia-Pacific Hong Kong, China FC 41% Sephora Puerto Rico LLC California, USA FC 41%
Bvlgari (Taiwan) Taipei, Taiwan FC 41% Sephora Mexico S. de R.L. de C.V. Mexico City, Mexico FC 41%
Bvlgari Korea Seoul, South Korea FC 41% Servicios Ziphorah S. de R.L. de C.V. Mexico City, Mexico FC 41%
Bvlgari Saint Barth Saint-Barthélemy, Sephora Emirates LLC Dubai, United Arab Emirates FC 29%
French Antilles FC 41% Sephora Bahrain WLL Manama, Bahrain FC 22%
Bvlgari Gioielli Valenza, Italy FC 41% PT Sephora Indonesia Jakarta, Indonesia FC 41%
Bvlgari Accessori Florence, Italy FC 41% Dotcom Group Comércio de Presentes SA Rio de Janeiro, Brazil FC 41%
Bvlgari Holding (Thailand) Bangkok, Thailand FC 41% LGCS Inc. New York, USA FC 41%
Bvlgari (Thailand) Bangkok, Thailand FC 41% Avenue Hoche Varejista Limitada São Paulo, Brazil FC 41%
Bvlgari Commercial (Shanghai) Co. Shanghai, China FC 41% Joint Stock Company “Ile De Beauté” Moscow, Russia FC 41%
74 Christian Dior

Beauty In Motion Sdn. Bhd. Kuala Lumpur, Malaysia FC 41% Pelham Media Production Paris, France FC 40%
Le Bon Marché Paris, France FC 41% Alto International SARL Paris, France FC 24%
SEGEP Paris, France FC 41% Happeningco SAS Paris, France FC 32%
Franck & Fils Paris, France FC 41% Magasins de la Samaritaine Paris, France FC 41%
DFS Holdings Limited (a) Hamilton, Bermuda FC 25% Mongoual SA Paris, France EM 17%
DFS Australia Pty Limited Sydney, Australia FC 25% Le Jardin d’Acclimatation Paris, France FC 33%
DFS Group Limited – USA North Carolina, USA FC 25% RVL Holding BV Kaag, Netherlands FC 41%
DFS Group Limited – HK Hong Kong, China FC 25% Royal Van Lent Shipyard BV Kaag, Netherlands FC 41%
TRS Hong Kong Limited Hong Kong, China EM 11% Tower Holding BV Kaag, Netherlands FC 41%
DFS France SAS Paris, France FC 25% Green Bell BV Kaag, Netherlands FC 41%
DFS Okinawa KK Okinawa, Japan FC 25% Gebr. Olie Beheer BV Waddinxveen, Netherlands FC 41%
TRS Okinawa KK Tokyo, Japan EM 11% Van der Loo Yachtinteriors BV Waddinxveen, Netherlands FC 41%
JAL/DFS Co. Ltd Chiba, Japan EM 10% Red Bell BV Kaag, Netherlands FC 41%
DFS Korea Limited Seoul, South Korea FC 25% De Voogt Naval Architects BV Haarlem, Netherlands EM 20%
DFS Cotai Limitada Macao, China FC 25% Feadship Holland BV Amsterdam, Netherlands EM 20%
DFS Middle East LLC Abu Dhabi, United Arab Emirates FC 25% Feadship America Inc. Florida, USA EM 20%
DFS Merchandising Limited North Carolina, USA FC 25% OGMNL BV Nieuw-Lekkerland, Netherlands EM 20%
DFS New Zealand Limited Auckland, New Zealand FC 25% Firstship BV Amsterdam, Netherlands EM 20%
Commonwealth Investment Company Inc. Saipan, Northern Mariana Islands FC 24% Mezzo Paris, France FC 21%
DFS Saipan Limited Saipan, Northern Mariana Islands FC 25% Probinvest Paris, France FC 41%
Kinkai Saipan LP Saipan, Northern Mariana Islands FC 25% Ufipar Paris, France FC 41%
DFS Business Consulting (Shanghai) Co. Ltd Shanghai, China FC 25% Sofidiv Paris, France FC 41%
DFS Retail (Hainan) Company Limited Haikou, China FC 25% LVMH Services Paris, France FC 35%
DFS Singapore (Pte) Limited Singapore FC 25% Moët Hennessy Paris, France FC 27%
DFS Venture Singapore (Pte) Limited Singapore FC 25% LVMH Services Limited London, United Kingdom FC 41%
TRS Singapore Pte Ltd Singapore EM 11% Moët Hennessy Investissements Paris, France FC 27%
DFS Vietnam (S) Pte Ltd Singapore FC 18% LV Group Paris, France FC 41%
New Asia Wave International (S) Pte Ltd Singapore FC 18% Moët Hennessy International Paris, France FC 27%
Ipp Group (S) Pte Ltd Singapore FC 18% Creare Luxembourg FC 41%
DFS Van Don LLC Halong Bay, Vietnam FC 25% Creare Pte Ltd Singapore FC 41%
DFS Group LP North Carolina, USA FC 25% Bayard (Shanghai) Investment
LAX Duty Free Joint Venture 2000 California, USA FC 19% and Consultancy Co. Ltd Shanghai, China FC 41%
JFK Terminal 4 Joint Venture 2001 New York, USA FC 20% Villa Foscarini Srl Milan, Italy FC 41%
SFO Duty Free & Luxury Store Joint Venture California, USA FC 19% Liszt Invest Luxembourg FC 41%
SFOIT Specialty Retail Joint Venture California, USA FC 19% Gorgias Luxembourg FC 41%
Royal Hawaiian Insurance Company Co. Hawaii, USA FC 25% LC Investissements Paris, France FC 21%
DFS Guam L.P. Tamuning, Guam FC 25% LVMH Investissements Paris, France FC 41%
DFS Liquor Retailing Limited North Carolina, USA FC 25% LVMH Canada Toronto, Canada FC 41%
Twenty-Seven Twenty Eight Corp. North Carolina, USA FC 25% Société Montaigne Jean Goujon Paris, France FC 41%
DFS Italia Srl. Venice, Italy FC 25% Delphine Paris, France FC 41%
DFS (Cambodia) Limited Phnom Penh, Cambodia FC 18% GIE CAPI13 Paris, France FC 41%
TRS Hawaii LLC Hawaii, USA EM 11% LVMH Finance Paris, France FC 41%
TRS Saipan Saipan, Northern Mariana Islands EM 11% Sofidiv UK Limited London, United Kingdom FC 41%
TRS Guam Tamuning, Guam EM 11% Primae Paris, France FC 41%
Central DFS Co., Ltd Bangkok, Thailand EM 12% Eutrope Paris, France FC 41%
Shenzhen DFG E-Commerce Co Ltd Shenzhen, China EM 6% Flavius Investissements Paris, France FC 41%
DFS Management Consulting LVMH BH Holdings LLC New York, USA FC 41%
(Shenzhen) Company Limited Shenzhen, China FC 25% Rodeo Partners LLC New York, USA FC 41%
Tumon Entertainment LLC Tamuning, Guam FC 41% LBD Holding Paris, France FC 41%
Comete Guam Inc. Tamuning, Guam FC 41% LVMH Hotel Management Paris, France FC 41%
Tumon Aquarium LLC Tamuning, Guam FC 40% Ufinvest Paris, France FC 41%
Tumon Games LLC Tamuning, Guam FC 41% Delta Paris, France FC 41%
Comete Saipan Inc. Saipan, Northern Mariana Islands FC 41% White 1921 Courchevel
DFS Vietnam Limited Liability Company Ho Chi Minh City, Vietnam FC 25% Société d’Exploitation Hôtelière Courchevel, France FC 41%
DFS Venture Vietnam Company Limited Ho Chi Minh City, Vietnam FC 25% Société Immobilière Paris Savoie Les Tovets Courchevel, France FC 41%
PT Sona Topas Tourism industry Tbk Jakarta, Indonesia EM 11% EUPALINOS 1850 Paris, France FC 41%
Cruise Line Holdings Co. Florida, USA FC 41% Société d’Exploitation Hôtelière de la
Starboard Holdings Florida, USA FC 41% Samaritaine Paris, France FC 41%
International Cruise Shops Ltd Cayman Islands FC 41% Société d’Exploitation Hôtelière Isle de Saint-Barthélemy,
STB Servici Tecnici Per Bordo Florence, Italy FC 41% France French Antilles FC 23%
On-Board Media Inc. Florida, USA FC 41% Société d’Investissement Cheval Blanc Saint-Barthélemy,
24 Sèvres Paris, France FC 41% Saint Barth Isle de France French Antilles FC 23%
Société Cheval Blanc Saint-Tropez Saint-Tropez, France FC 41%
Villa Jacquemone Saint-Tropez, France FC 41%
33 Hoche Paris, France FC 41%
OTHER ACTIVITIES Moët Hennessy Inc. New York, USA FC 27%
Groupe Les Echos Paris, France FC 41% One East 57th Street LLC New York, USA FC 41%
Dematis Paris, France FC 41% LVMH Moët Hennessy Louis Vuitton Inc. New York, USA FC 41%
Les Echos Management Paris, France FC 41% Lafayette Art I LLC New York, USA FC 41%
Les Echos Légal Paris, France FC 41% LVMH Holdings Inc. New York, USA FC 41%
Radio Classique Paris, France FC 41% Island Cay Inc New York, USA FC 41%
Les Echos Medias Paris, France FC 41% Halls Pond Exuma Ltd Nassau, Bahamas FC 41%
SFPA Paris, France FC 41% Sofidiv Art Trading Company New York, USA FC 41%
Les Echos Paris, France FC 41% Sofidiv Inc. New York, USA FC 41%
Museec Paris, France FC 21% 598 Madison Leasing Corp. New York, USA FC 41%
CHANGE NOW Paris, France FC 23% 1896 Corp. New York, USA FC 41%
Investir Publications Paris, France FC 41% 313 -317 N. Rodeo LLC New York, USA FC 41%
Les Echos Solutions Paris, France FC 41% 319 -323 N. Rodeo LLC New York, USA FC 41%
Les Echos Publishing Paris, France FC 41% 420 N. Rodeo LLC New York, USA FC 41%
Pelham Media London, United Kingdom FC 40% 456 North Rodeo Drive New York, USA FC 41%
WordAppeal Paris, France FC 40% 468 North Rodeo Drive New York, USA FC 41%
Pelham Media Paris, France FC 40% 461 North Beverly Drive New York, USA FC 41%
L’Eclaireur Paris, France FC 40% LVMH MJ Holdings Inc. New York, USA FC 41%
KCO Events Paris, France FC 40% LVMH Perfumes and Cosmetics Inc. New York, USA FC 41%
Christian Dior 75

Arbelos Insurance Inc. New York, USA FC 41% Windsor Court Hotel Inc Delaware, USA FC 41%
Meadowland Florida LLC New York, USA FC 41% Windsor Court Hotel LP Delaware, USA FC 41%
2181 Kalakaua Holdings LLC Texas, USA EM 21% Windsor Great Park Inc Delaware, USA FC 41%
2181 Kalakaua LLC Texas, USA EM 21% Belmond Cap Juluca Limited Anguilla FC 41%
P&C International Paris, France FC 41% Belmond Holdings 1 Ltd Hamilton, Bermuda FC 41%
LVMH Participations BV Baarn, Netherlands FC 41% Belmond Peru Ltd Hamilton, Bermuda FC 41%
LVMH Moët Hennessy Louis Vuitton BV Baarn, Netherlands FC 41% Belmond Spain Ltd Hamilton, Bermuda FC 41%
LVMH Services BV Baarn, Netherlands FC 41% Eastern & Oriental Express Ltd Hamilton, Bermuda EM 10%
LVMH Finance Belgique Brussels, Belgium FC 41% Leisure Holdings Asia Ltd Hamilton, Bermuda FC 41%
Marithé Luxembourg FC 41% Vessel Holdings 2 Ltd Hamilton, Bermuda FC 41%
LVMH EU Luxembourg FC 41% Belmond Anguilla Holdings LLC Hamilton, Bermuda FC 41%
Ufilug Luxembourg FC 41% Belmond Anguilla Member LLC Hamilton, Bermuda FC 41%
Glacea Luxembourg FC 41% Belmond Anguilla Owner LLC Hamilton, Bermuda FC 41%
Naxara Luxembourg FC 41% Belmond Interfin Ltd (b) Hamilton, Bermuda FC 41%
Pronos Luxembourg FC 41% Belmond Ltd (b) Hamilton, Bermuda FC 41%
Sofidil Luxembourg FC 41% OE Interactive Ltd (b) Hamilton, Bermuda EM 21%
LVMH Publica Brussels, Belgium FC 41% Gametrackers (Botswana) (Pty) Ltd Maun, Botswana FC 41%
LVMH Moët Hennessy Louis Vuitton Tokyo, Japan FC 41% Game Viewers (Pty) Ltd Maun, Botswana FC 41%
Osaka Fudosan Company Tokyo, Japan FC 41% Xaxaba Camp (Pty) Ltd Gaborone, Botswana FC 41%
LVMH Asia-Pacific Hong Kong, China FC 41% Elysee Spa Marigot, Saint Martin FC 41%
LVMH (Shanghai) Management La Samanna SAS Marigot, Saint Martin FC 41%
& Consultancy Co. Ltd Shanghai, China FC 41% Phoenix Argente SAS Marigot, Saint Martin FC 41%
LVMH South & South East Asia Pte Ltd Singapore FC 41% Societe D’Exploitation Residence
LVMH Korea Ltd Seoul, South Korea FC 41% La Samanna SAS Marigot, Saint Martin FC 41%
Vicuna Holding Milan, Italy FC 41% CSN Immobiliaria SA de CV San Miguel de Allende, Mexico FC 41%
Pasticceria Confetteria Cova Milan, Italy FC 33% OEH Operadora San Miguel SA de CV San Miguel de Allende, Mexico FC 41%
Cova Montenapoleone Milan, Italy FC 33% CSN Real Estate 1 SA de CV San Miguel de Allende, Mexico FC 41%
Cova France SAS Paris, France FC 33% OEH Servicios San Miguel SA de CV San Miguel de Allende, Mexico FC 41%
Investissement Hôtelier Saint Barth Plage Saint-Barthélemy, Operadora de Hoteles Rivera Maya SA
des Flamands French Antilles FC 23% de CV Riviera Maya, Mexico FC 41%
Dajbog S.A. Luxembourg FC 41% Miraflores Ventures Ltd SA de CV Riviera Maya, Mexico FC 41%
Alderande Paris, France FC 23% Plan Costa Maya SA de CV Riviera Maya, Mexico FC 41%
Palladios Overseas Holding London, United Kingdom FC 41% Spa Residencial SA de CV Riviera Maya, Mexico FC 41%
75 Sloane Street Services Limited London, United Kingdom FC 41% Belmond Brasil Hoteis SA Foz do Iguaçu, Brazil FC 41%
Belmond (UK) Limited London, United Kingdom FC 41% Companhia Hoteis Palace SA Rio de Janeiro, Brazil FC 41%
Belmond Dollar Treasury Limited London, United Kingdom FC 41% Iguassu Experiences Agencia de Turismo
Belmond Finance Services Limited London, United Kingdom FC 41% Ltda Foz do Iguaçu, Brazil FC 41%
Belmond Management Limited London, United Kingdom FC 41% Belmond Brasil Servicos Hoteleiros SA Rio de Janeiro, Brazil FC 41%
Belmond Sterling Treasury Limited London, United Kingdom FC 41% Robisi Empreendimentos e
Blanc Restaurants Limited London, United Kingdom FC 41% Participacoes SA Rio de Janeiro, Brazil EM 21%
European Cruises Limited London, United Kingdom FC 41% Signature Boutique Ltda Rio de Janeiro, Brazil FC 41%
Great Scottish and Western Railway CSN (San Miguel) Holdings Ltd Tortola, British Virgin Islands FC 41%
Holdings Limited London, United Kingdom FC 41% Equimax Overseas Co Ltd Road Town,
The Great Scottish and Western Railway British Virgin Islands FC 41%
Company Limited London, United Kingdom FC 41% Grupo Conceptos SA Road Town,
Horatio Properties Limited London, United Kingdom FC 41% British Virgin Islands FC 41%
Island Hotel (Madeira) Limited London, United Kingdom FC 41% Miraflores Ventures Ltd Road Town,
Mount Nelson Hotel Limited London, United Kingdom FC 41% British Virgin Islands FC 41%
La Residencia Limited London, United Kingdom FC 41% Novato Universal Ltd Road Town,
LuxuryTravel.Com UK Limited London, United Kingdom FC 41% British Virgin Islands FC 41%
Reid’s Hotel Madeira Limited London, United Kingdom FC 41% Belmond Peru Management SA Lima, Peru FC 41%
VSOE Holdings Limited London, United Kingdom FC 41% Belmond Peru SA Lima, Peru FC 41%
Venice Simplon-Orient-Express Ferrocarril Transandino SA Lima, Peru EM 21%
Limited – UK branch London, United Kingdom FC 41% Perurail SA Lima, Peru EM 21%
Belmond CJ Dollar Limited London, United Kingdom FC 41% Peru Belmond Hotels SA Lima, Peru EM 21%
Croisieres Orex SAS Saint-Usage, France FC 41% Peru Experiences Belmond SA Lima, Peru EM 21%
VSOE Voyages SA Paris, France FC 41% Belmond Japan Ltd Tokyo, Japan FC 41%
VSOE Deutschland GmbH Cologne, Germany FC 41% Belmond Pacific Ltd Hong Kong, China FC 41%
Ireland Luxury Rail Tours Ltd Dublin, Ireland FC 41% Belmond China Ltd Hong Kong, China FC 41%
Villa Margherita SpA Florence, Italy FC 41% Belmond Hong Kong Ltd Hong Kong, China FC 41%
Belmond Sicily SpA Florence, Italy FC 41% Hosia Company Ltd Hong Kong, China FC 41%
Belmond Italia SpA Genoa, Italy FC 41% Belmond Hotels Singapore Pte Ltd Singapore FC 41%
Hotel Caruso SpA Florence, Italy FC 41% E&O Services (Singapore) Pte Ltd Singapore EM 10%
Hotel Cipriani SpA Venice, Italy FC 41% Belmond (Thailand) Company Ltd Bangkok, Thailand FC 41%
Hotel Splendido SpA Portofino, Italy FC 41% E&O Services (Thailand) Pte Ltd Bangkok, Thailand EM 10%
Villa San Michele SpA Florence, Italy FC 41% Fine Resorts Co Ltd Bangkok, Thailand FC 41%
Luxury Trains Servizi Srl Venice, Italy FC 41% Samui Island Resort Co Ltd Koh Samui, Thailand FC 41%
Castello di Casole SpA Querceto, Italy FC 41% Khmer Angkor Hotel Co Ltd Siem Reap, Cambodia FC 41%
Castello di Casole Agricoltura SpA Querceto, Italy FC 41% Société Hotelière de Pho Vao Luang Prabang, Laos FC 29%
Belmond Spanish Holdings SL Madrid, Spain FC 41% Myanmar Cruises Ltd Yangon, Myanmar FC 41%
Nomis Mallorcan Investments SA Madrid, Spain FC 41% Myanmar Hotels & Cruises Ltd Yangon, Myanmar FC 41%
Son Moragues SA Deià, Spain FC 41% Myanmar Shwe Kyet Yet Tours Ltd Yangon, Myanmar FC 41%
Reid’s Hoteis Lda Funchal, Portugal FC 41% PRA-FMI Pansea Hotel Development Co Ltd Yangon, Myanmar FC 41%
Europe Hotel LLC Saint Petersburg, Russia FC 41% PT Bali Resort & Leisure Co Ltd Bali, Indonesia FC 41%
Belmond USA Inc Delaware, USA FC 41% Belmond Australia Pty Ltd Melbourne, Australia FC 41%
21 Club Inc New York, USA FC 41% Exclusive Destinations (Pty) Ltd Cape Town, South Africa FC 41%
Belmond Pacific Inc Delaware, USA FC 41% Fraser’s Helmsley Properties (Pty) Ltd Cape Town, South Africa FC 41%
Belmond Reservation Services Inc Delaware, USA FC 41% Mount Nelson Commerical Properties
Charleston Centre LLC Delaware, USA FC 41% (Pty) Ltd Cape Town, South Africa FC 41%
Charleston Place Holdings Inc Delaware, USA FC 41% Mount Nelson Residential
Properties (Pty) Ltd Cape Town, South Africa FC 41%
El Encanto Inc Delaware, USA FC 41%
Luxury Trains Switzerland AG Zurich, Switzerland FC 41%
Inn at Perry Cabin Corporation Maryland, USA FC 41%
Charleston Partners Inc. South Carolina, USA FC 41%
Mountbay Holdings Inc Delaware, USA FC 41%
LVMH Happening SAS Paris, France FC 41%
Venice Simplon Orient Express Inc Delaware, USA FC 41%
76 Christian Dior

LVMH Client Services Paris, France FC 41% Wagner Capital SA SICAR Luxembourg FC 21%
Le Parisien Libéré Saint-Ouen, France FC 41% Breakfast Holdings Acquisition New York, USA FC 41%
Team Diffusion Saint-Ouen, France FC 41% 449 North Beverly Drive New York, USA FC 41%
Team Media Paris, France FC 41% L Catterton Management London, United Kingdom EM 8%
Société Nouvelle SICAVIC Paris, France FC 41% LVMH Representações Ltda São Paulo, Brazil FC 41%
L.P.M. Paris, France FC 41% LVMH Moët Hennessy Louis Vuitton Paris, France FC 41%
Proximy Saint-Ouen, France FC 31% Sadifa SA Paris, France FC 100%
Media Presse Saint-Ouen, France FC 31% Lakenblaker BV Baarn, Netherlands FC 100%
LP Management Paris, France FC 41% Christian Dior SE Paris, France Parent company
FC: Fully consolidated.
EM: Accounted for using the equity method.
JV: Joint venture company with Diageo: only the Moët Hennessy activity is consolidated. See also Notes 1.6 and 1.25 for the revenue recognition policy for these companies.
(a) Profit from this company is taxable in France.
(b) Profit from this company is taxable in the United Kingdom.
Christian Dior 77
Companies not included in the scope of consolidation
8. Companies not included in the scope of consolidation
Companies Registered office Ownership Companies Registered office Ownership

interest interest
CD Investissements Paris, France 100% Sofpar 138 Paris, France 41%

FJG Patrimoine Paris, France 100% Sofpar 139 Paris, France 41%
Société d’Exploitation Hôtelière de Sofpar 140 Paris, France 41%
Saint-Tropez Paris, France 41% Sofpar 141 Paris, France 41%
Société Nouvelle de Libraire et de l’Edition Paris, France 41% Sofpar 142 Paris, France 41%
Samos 1850 Paris, France 41% Sofpar 143 Paris, France 41%
BRN Invest NV Baarn, Netherlands 41% Sofpar 144 Paris, France 41%
Toiltech Paris, France 37% Sofpar 145 Paris, France 41%
Bvlgari Austria Ltd Vienna, Austria 41% Prolepsis Paris, France 41%
Sephora Macau Limited Macao, China 41% Prolepsis Investment Ltd Paris, France 41%
Les Beaux Monts Paris, France 37% Innovación en Marcas de Prestigio SA Paris, France 27%
Sofpar 116 Paris, France 41% MS 33 Expansion Paris, France 41%
Sofpar 125 Paris, France 41% Shinsegae International Co. Ltd LLC Paris, France 21%
Sofpar 127 Paris, France 41% Crystal Pumpkin Florence, Italy 41%
Sofpar 131 Paris, France 41% Loewe Nederland BV Madrid, Spain 41%
Sofpar 132 Paris, France 41% Groupement Forestier des Bois de la Celle Cognac, France 27%
Sofpar 133 Paris, France 41% Augesco Paris, France 21%
L. Courtage Réassurance SAS Paris, France 41% Hugo Paris, France 41%
Sofpar 136 Paris, France 41% Folio St. Barths New York, USA 41%
Sofpar 137 Paris, France 41%
The companies which are not included in the scope of consolidation are either entities that are inactive and/or being liquidated,
or entities whose individual or collective consolidation would not have a significant impact on the Group’s main aggregates.
78 Christian Dior
Statutory Auditors’ report on the consolidated financial statement
9. Statutory Auditors’ report on the consolidated financial statements

To the Shareholders’ Meeting of Christian Dior,
I. Opinion
In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated
financial statements of Christian Dior SE for the fiscal year ended December 31, 2020.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s assets, liabilities and financial position
as of December 31, 2020 and of the results of its operations for the fiscal year then ended in accordance with International Financial
Reporting Standards as adopted by the European Union.
The audit opinion expressed above is consistent with our report to the Performance Audit Committee.
II. Basis for our opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the section of our report entitled “Statutory Auditors’ responsibilities
for the audit of the consolidated financial statements”.
Independence
We conducted our audit engagement in compliance with the independence rules provided by the French Commercial Code (Code de
commerce) and the French Code of Ethics (Code de déontologie) for Statutory Auditors, for the period from January 1, 2020 to the date of
our report. We did not provide any prohibited non‑audit services referred to in Article 5 (1) of Regulation (EU) 537/2014.
III. Emphasis of matter

Without calling into question the opinion expressed above, we draw attention to the matter described in Note 1.2 to the consolidated
financial statements relating to the consequences of the initial application of the amendment to IFRS 16 on the recognition of rent
concessions granted by lessors in connection with the Covid‑19 pandemic.
IV. Justification of assessments – Key audit matters

The global crisis arising from the Covid‑19 pandemic imposed particular conditions on the preparation and audit of the financial
statements for this fiscal year. The crisis and the exceptional measures taken in response to the public health emergency had
wide‑ranging consequences on companies, especially on their business activity and financing, and heightened uncertainty regarding
their outlook for the future. Some of these measures, such as travel restrictions and remote working, also had an impact on the internal
organization of companies and on the conditions under which audits were run.
Within this complex, changing context, in accordance with the requirements of Articles L. 823‑9 and R. 823‑7 of the French Commercial
Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material
misstatement which, in our professional judgment, were of most significance in our audit of the consolidated financial statements for
the fiscal year, as well as how we addressed those risks.
These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon. We do not provide a separate opinion on specific items of the consolidated financial statements.
Christian Dior 79
Valuation of fixed assets, in particular intangible assets
Risk identified
As of December 31, 2020, the value of the Group’s fixed assets totaled 60.7 billion euros. These fixed assets mainly comprise brands,
trade names and goodwill recognized on external growth transactions; property, plant and equipment (land, vineyard land, buildings,
and fixtures and fittings at stores and hotels in particular); and right‑of‑use assets.
We considered the valuation of these fixed assets to be a key audit matter, due to their significance in the Group’s financial statements
and because the determination of their recoverable amount, which is usually based on discounted forecast cash flows, requires the use
of assumptions, estimates and other forms of judgment, as specified in Notes 1.3 and 1.6 to the consolidated financial statements, while
the context of the Covid‑19 pandemic increases the degree of uncertainty and makes it more difficult to assess the outlook.
Our response
The Group tests these assets for impairment, as described in Notes 1.16 and 5 to the consolidated financial statements.
In this context, we assessed the methods used to perform these impairment tests and focused our work primarily on the Maisons most
affected by the negative changes in the current business environment, or where the carrying amount of intangible assets represents a
high multiple of profit from recurring operations.
We assessed the data and assumptions that served as the basis for the main estimates used, in particular forecast cash flows, assumptions
regarding a return to 2019 business levels, long‑term growth rates and the discount rates applied. We also analyzed the consistency
of forecasts with past performance and market outlook, and conducted impairment test sensitivity analyses. In addition, where the
recoverable amount is estimated by comparison with recent similar transactions, we corroborated the analyses provided with available
market data. All of these analyses were carried out with our valuation experts.
Lastly, we assessed the appropriateness of the information disclosed in the Notes to the consolidated financial statements.
Valuation of inventories and work in progress
Risk identified
The success of the Group’s products, particularly in the Fashion and Leather Goods and the Watches and Jewelry business groups,
depends among other factors on its ability to identify new trends and changes in behaviors and tastes, enabling it to offer products
that meet consumers’ expectations.
The Group determines the amount of impairment of inventories and work in progress on the basis of sales prospects in its various
markets or due to product obsolescence, as specified in Note 1.18 to the consolidated financial statements. Amidst the Covid‑19
pandemic, provisions for inventory impairment were updated to reflect slower inventory turnover and more limited sales prospects
for seasonal products, as indicated in Note 1.3 to the consolidated financial statements.
We considered this to constitute a key audit matter since the aforementioned projections and any resulting impairment are intrinsically
dependent on assumptions, estimates and other forms of judgment made by the Group. Due to the Covid‑19 pandemic, the closure
of points of sale increases the level of uncertainty regarding the sale of inventories and generates a heightened risk of product returns.
Furthermore, inventories are present at a large number of subsidiaries, and determining this impairment depends in particular on
estimated returns and the monitoring of internal margins, which are eliminated in the consolidated financial statements unless and
until inventories are sold to non-Group clients.
Our response
As part of our procedures, we analyzed sales prospects as estimated by the Group in light of past performance and the most recent
budgets, including the impact of the Covid‑19 pandemic, in order to corroborate the resulting impairment amounts. Where applicable,
we assessed the assumptions made by the Group for the recognition of non‑recurring impairment. The consequences of slower
inventory turnover, more limited sales prospects for seasonal products and return risks were also analyzed.
We also assessed the consistency of internal margins eliminated in the consolidated financial statements, by assessing in particular the
margins generated with the various distribution subsidiaries and comparing them to the elimination percentage applied.
80 Christian Dior
Provisions for contingencies, losses and uncertain tax positions
Risk identified
The Group’s activities are carried out worldwide, within what is often an imprecise regulatory framework that is different for each
country, changes over time and applies to areas ranging from product composition and packaging to the income tax computation and
relations with the Group’s partners (distributors, suppliers, shareholders in subsidiaries, etc.). Within this context, the Group’s activities
may give rise to risks, disputes or litigation, and the Group’s entities in France and abroad may be subject to tax inspections and, in
certain cases, to rectification claims from local administrations.
As indicated in Notes 1.21 and 20 to the consolidated financial statements:
• provisions for contingencies and losses correspond to the estimate of the impact on assets and liabilities of risks, disputes, or actual
or probable litigation arising from the Group’s activities;
• non‑current liabilities related to uncertain tax positions include an estimate of the risks, disputes and actual or probable litigation
related to the income tax computation, in accordance with IFRIC 23.
We considered this to constitute a key audit matter due to the significance of the amounts concerned and the level of judgment required
to monitor ongoing regulatory changes and evaluate these provisions in the context of a constantly evolving international regulatory
environment.
Our response
In the context of our audit of the consolidated financial statements, our work consisted in particular in:
• assessing the procedures implemented by the Group to identify and catalogue all risks, disputes, litigation and uncertain tax positions;
• obtaining an understanding of the risk analysis performed by the Group and the corresponding documentation and, where
applicable, reviewing written confirmations from external advisors;
• assessing – with our experts, tax specialists in particular – the main risks identified and assessing the reasonableness of the assumptions
made by Group management to estimate the amount of the provisions and of liabilities related to uncertain tax positions;
• carrying out a critical review of analyses relating to the use of provisions for contingencies and losses, and of liabilities related
to uncertain tax positions, prepared by the Group;
• assessing – with our tax specialists – the evaluations drawn up by the Group’s Tax Department relating to the consequences
of changes in tax laws;
• assessing the appropriateness of information relating to these risks, disputes, litigation and uncertain tax positions disclosed in the
Notes to the financial statements.
V. Specific verifications

In accordance with professional standards applicable in France, we also performed the specific verifications required by laws and
regulations of the information provided in the Board of Directors’ report on Group management.
We have no matters to report as to this information’s fair presentation and its consistency with the consolidated financial statements.
We attest that the consolidated statement of non‑financial performance provided for by Article L. 225‑102‑1 of the French Commercial
Code (Code de commerce) is included in the Group’s Management Report, with the proviso that, in accordance with the provisions of Article
L. 823‑10 of said code, we have verified neither the fair presentation nor the consistency with the consolidated financial statements
of the information contained in this statement, which must be subject to a report by an independent third party.
Christian Dior 81
VI. Other verifications or information required by laws and regulations
Presentation format for the consolidated financial statements to be included in the Annual Financial Report
In accordance with Article 222‑3 III of the AMF’s General Regulation, your Company’s management has informed us of its decision
to postpone the application of the European Single Electronic Format as defined by Commission Delegated Regulation (EU) 2019/815
of December 17, 2018 to fiscal years beginning on or after January 1, 2021. Consequently, this report does not include a conclusion on
compliance with this format in the presentation of the consolidated financial statements to be included in the Annual Financial Report
mentioned in Article L. 451‑1-2 I of the French Monetary and Financial Code (Code monétaire et financier).
Appointment of the Statutory Auditors
We were appointed as Statutory Auditors of Christian Dior by the shareholders at your Shareholders’ Meetings held on May 15, 2003
(for MAZARS) and May 14, 2009 (for ERNST & YOUNG et Autres).
As of December 31, 2020, MAZARS was in the eighteenth consecutive year of its engagement and ERNST & YOUNG et Autres was
in its twelfth year.
ERNST & YOUNG Audit previously served as Statutory Auditor from 1997 to 2008.
VII. R
esponsibilities of management and those charged with governance for the consolidated
financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
International Financial Reporting Standards as adopted by the European Union and for such internal control as management determines
is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as
a going concern, for disclosing any matters related to going concern, and for using the going concern basis of accounting unless it is
expected to liquidate the Company or to cease operations.
The Performance Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal
control and risk management systems and where applicable, internal audit, regarding the accounting and financial reporting procedures.
The consolidated financial statements have been approved by the Board of Directors.
VIII. Statutory Auditors’ responsibilities for the audit of the consolidated financial statements
Objectives and audit approach
Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance as to whether the
consolidated financial statements taken as a whole are free from material misstatement. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As specified in Article L. 823‑10‑1 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on
the viability of the Company or the quality of management of the affairs of the Company.
As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditor exercises
professional judgment throughout the audit and furthermore:
• identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error;
designs and performs audit procedures responsive to those risks; and obtains audit evidence considered to be sufficient and
appropriate to provide a basis for its opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or overriding
internal control;
82 Christian Dior
• obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
• assesses the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management in the consolidated financial statements;
• assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. This assessment is based on the audit evidence obtained up to the date of its audit report. However,
future events or conditions may cause the Company to cease to continue as a going concern. If the Statutory Auditor concludes that a
material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated
financial statements or, if such disclosures are not provided or inadequate, to issue a qualified or adverse audit opinion;
• assesses the overall presentation of the consolidated financial statements and whether the consolidated financial statements represent
the underlying transactions and events in a manner that achieves fair presentation;
• obtains sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within
the scope of consolidation to express an opinion on the consolidated financial statements. The Statutory Auditor is responsible for
the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on
these financial statements.
Report to the Performance Audit Committee
We submit a report to the Performance Audit Committee which includes in particular a description of the scope of the audit and the
audit program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control regarding
the accounting and financial reporting procedures that we have identified.
Our report to the Performance Audit Committee includes the risks of material misstatement that, in our professional judgment, were of
most significance in the audit of the consolidated financial statements for the fiscal year and which are therefore the key audit matters
that we are required to describe in this report.
We also provide the Performance Audit Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014,
confirming our independence within the meaning of the rules applicable in France such as they are set out in particular by Articles
L. 822‑10 to L. 822‑14 of the French Commercial Code (Code de commerce) and in the French Code of Ethics (Code de déontologie) for Statutory
Auditors. We discuss any risks that may reasonably be thought to bear on our independence, and the related safeguards, with the
Performance Audit Committee.
Courbevoie and Paris-La Défense, February 25, 2021

The Statutory Auditors
French original signed by
MAZARS ERNST & YOUNG et Autres

Loïc Wallaert Guillaume Machin Gilles Cohen
This is a free translation into English of the Statutory Auditors’ report on the consolidated financial statements of the Company
issued in French. It is provided solely for the convenience of English speaking users. This Statutory Auditors’ report includes
information required under European regulations and French law, such as information about the appointment of the Statutory
Auditors and the verification of information concerning the Group presented in the Management Report. This report should be
read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.
Christian Dior 83
30, avenue Montaigne – Paris 8e

Consolidated Financial Statements As of December 31 2020

Uploaded by

Copyright:

Available Formats

Consolidated Financial Statements As of December 31 2020

Uploaded by

Document Information

Original Description:

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

Consolidated Financial Statements As of December 31 2020

Uploaded by

Copyright:

Available Formats

Consolidated financial statements

December 31, 2020

1. Consolidated income statement 2

2. Consolidated statement of comprehensive gains and losses 3

3. Consolidated balance sheet 4

4. Consolidated statement of changes in equity 5

5. Consolidated cash flow statement 6

6. Notes to the consolidated financial statements 7

8. Companies not included in the scope of consolidation 78

9. Statutory Auditors’ report on the consolidated financial statements 79

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

1. Consolidated income statement

Revenue 24 -25 44,651 53,670 46,826

Gross margin 28,780 35,547 31,201

Marketing and selling expenses (16,790) (20,206) (17,752)

Profit from recurring operations 24 8,300 11,492 10,001

Other operating income and expenses 26 (333) (231) (126)

Operating profit 7,967 11,261 9,875

Cost of net financial debt (38) (116) (136)

Net financial income/(expense) 27 (611) (577) (415)

Income taxes 28 (2,385) (2,874) (2,518)

Net profit before minority interests 4,970 7,810 6,942

Minority interests 18 3,037 4,872 4,368

Net profit, Group share 1,933 2,938 2,574

2. Consolidated statement of comprehensive gains and losses

(EUR millions) Notes 2020 2019 2018

Net profit before minority interests 4,970 7,810 6,942

Translation adjustments (1,645) 298 270

16.5, 18 (1,666) 309 284

Change in value of hedges of future foreign currency cash flows 73 (16) 3

Gains and losses recognized in equity,

Change in value of vineyard land 6 (3) 42 8

Employee benefit obligations: change in value

Gains and losses recognized in equity, not

Gains and losses recognized in equity (1,829) 240 24

Comprehensive income 3,141 8,050 6,966

Comprehensive income, Group share 1,215 3,031 2,566

3. Consolidated balance sheet

Brands and other intangible assets 3 16,143 16,335 16,376

Non‑current assets 65,640 66,932 47,686

Inventories and work in progress 11 13,016 13,717 12,485

Current assets 40,377 26,898 29,585

Total assets 106,017 93,830 77,271

Liabilities and equity

Equity, Group share 16.1 11,270 10,880 14,240

Equity 36,244 35,717 36,372

Long‑term borrowings 19 14,065 5,450 6,353

Non‑current liabilities 44,088 35,462 23,536

Short‑term borrowings 19 11,005 7,627 5,550

Current liabilities 25,685 22,651 17,363

Total liabilities and equity 106,017 93,830 77,271

4. Consolidated statement of changes in equity

Gains and losses

Gains and losses

Gains and losses

5. Consolidated cash flow statement

Operating profit 7,967 11,261 9,875

Cost of net financial debt: interest paid (62) (137) (130)

1. Consolidated income statement 2

2. Consolidated statement of comprehensive gains and losses 3

3. Consolidated balance sheet 4

4. Consolidated statement of changes in equity 5

5. Consolidated cash flow statement 6

6. Notes to the consolidated financial statements 7

8. Companies not included in the scope of consolidation 78

9. Statutory Auditors’ report on the consolidated financial statements 79

1. Consolidated income statement

2. Consolidated statement of comprehensive gains and losses

3. Consolidated balance sheet

4. Consolidated statement of changes in equity

5. Consolidated cash flow statement

Note 1. Accounting policies

1.10 Fair value measurement

• development expenditure is amortized over 3 years at most;

• the value of the commitment at the balance sheet date appears

1.15 Leases used for internal performance monitoring requirements and

1.27 Revenue recognition 1.28 Advertising and promotion expenses

2.1 Fiscal year 2020

2.2 Fiscal year 2019

2.3 Fiscal year 2018

2.4 Impact on net cash and cash equivalents of changes in ownership

3.1 Changes during the fiscal year

3.2 Changes during prior fiscal years

3.3 Brands and trade names

Note 6. Property, plant and equipment