(c) What was Louis Vuitton's earnings per share for the year ended December 31, 2015? (Round answer to 2 decimal places, e.g. 15.51.) Earnings per share for basic per share CONSOLIDATED INCOME STATEMENT (EUR millions, except for eamings per share) Notes 2015 2014 2013 23-24 Revenue Cost of sales 35,664 (12,553) 30,638 (10,801) 29,016 19,997) 23,111 (13,830) (2,663) (13) 19,837 (11,744) (2,373) (5) 19,019 (10,767) (2,212) (23) 7 23-24 6,605 5,715 6,017 Gross margin Marketing and selling expenses General and administrative expenses Income (loss) from joint ventures and associates Profit from recurring operations Other operating income and expenses Operating profit Cost of net financial debt Other financial income and expenses Net financial income (expense) 25 (221) (284) (119) 5,431 5,898 6,384 (78) (336) (115) 3,062 2,947 (101) (97) (198) 26 (414) Income taxes 27 (2,273) (1.753) 6,105 3,947 Net profit before minority interests Minority interests Net profit, Group share (1,969) 4,001 (428) 3,573 17 (457) (511) 5,648 3,436 28 7.11 502,395,491 Basic Group share of net earnings per share (EUR) Number of shares on which the calculation is based Diluted Group share of net earnings per share (EUR) Number of shares on which the calculation is based 11.27 501,309,369 11.21 503,861,733 6.87 500,283,414 6.83 503,217,497 28 7.08 504,894,946 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 2015 2014 2013 EUR millions) Net profit before minority interests 4,001 6,105 3,947 Translation adjustments Tax impact 631 135 534 104 (346) (48) 766 638 (394) Change in value of available for sale financial assets Amounts transferred to income statement Tax impact (32) (91) 20 494 (3,326) 184 963 (16) (35) (2,648) 912 Change in value of hedges of future foreign currency cash flows Amounts transferred to income statement Tax impact (103) (63) 33 3 (30) (163) 57 304 (265) (17) (27) (136) 22 Gains and losses recognized in equity, transferable to income statement 636 (2,146) 540 64 369 Change in value of vineyard land Amounts transferred to consolidated reserves (17) (10) 9 - Tax impact (21) (127) 43 (18) 242 Employee benefit commitments: change in value resulting from actuarial gains and losses Tax impact 42 (16) (161) 52 80 (22) 26 (109) 58 Gains and losses recognized in equity, not transferable to income statement 69 (127) 300 Comprehensive income Minority interests Comprehensive income, Group share 4,706 (558) 3,832 (565) 4,787 (532) 4,148 3,267 4,255 CONSOLIDATED BALANCE SHEET Notes 2015 2014 2013 ASSETS IEUR millions) Brands and other intangible assets Goodwill Property, plant and equipment Investments in joint ventures and associates Non-current available for sale financial assets Other non-current assets Deferred tax Non-current assets 3 4 6 7 8 9 27 13,572 10,122 11,157 729 574 552 1,945 13,031 8,810 10,387 519 580 489 1,436 12,596 9,058 9,621 480 7,080 457 913 35,252 40,205 10 11 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents 38,651 10,096 2,521 384 2,355 3,594 18,950 9,475 2,274 354 1,916 4,091 18,110 8,492 2,174 223 1,856 3,226 12 14 Current assets 15,971 Total assets 57,601 53,362 56,176 Notes 2015 2014 2013 LIABILITIES AND EQUITY IEUR millions) 15.1 15.1 15.2 15.4 152 2,579 (240) 1,137 949 16,189 3,573 24,339 1,460 152 2,655 (374) 492 1,019 12,171 5,648 Share capital Share premium account Treasury shares and LVMH share-settled derivatives Cumulative translation adjustment Revaluation reserves Other reserves Net profit, Group share Equity, Group share Minority interests Total equity Long-term borrowings Non-current provisions Deferred tax Other non-current liabilities Non-current liabilities 152 3,849 (451) 18] 3,900 16,001 3,436 21,763 1,240 17 25,799 4,511 1,950 4,685 7.957 18 19 27 20 26,879 1,028 27,907 4,149 1,797 4,280 6,404 23,003 5,054 2,291 4,392 6,447 19,103 18,184 18 21.1 Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities 3,769 3,960 640 421 3,909 12,699 4,189 3,606 549 332 3,499 16,630 4,674 3,297 357 324 2.987 19 21.2 Current liabilities 12,175 11,639 Total liabilities and equity 57,601 53,362 56,176 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR millions) Number Total equity of shares Share Share Treasury Cumulative capital premium shares and translation account LVMH- adjustment Available share for sale settled financial derivatives assets Revaluation reserves Net profit and other Hedges Vineyard Employee reserves of future land benefit foreign commit- currency ments cash flows Group share Minority interests Total 15.1 15.4 15.2 (414) 17 1,084 152 3,848 342 1,943 118 758 (88) 17.765 24.424 25,508 1350) 912 18 188 51 3,436 3,436 819 3,436 4.255 21 511 532 840 3.947 4,787 (350) 912 18 188 51 31 31 3 34 (103) 17) (110) (110) 67 67 67 1661 66 8 8 (228) (1,500) (1,500) (1,728) 235 235 1 1 (1) (73) (73) (76) (149) (216) 19,437 (529) 1,028 (745) 27,907 152 3,849 (451) 18) 2,855 136 946 (37) 500 126481 11221 1151 196) (216) 26,879 12,381) 5,648 3,267 5,648 5,648 108 457 565 12,273) 6,105 3,832 500 (2,648) 11221 (15) 196) 37 37 2 39 27 (17) 10 10 Notes As of December 31, 2012 508,163,349 Gains and losses recognized in equity Net profit Comprehensive income Stock option plan and similar expenses Acquisition disposal of treasury shares and LVMH share-settled derivatives Exercise of LVMH share subscription options 1,025,418 Retirement of LVMH shares 11,395,106) Capital increase in subsidiaries Interim and final dividends paid Acquisition of a controlling interest in Loro Piana Changes in control of consolidated entities Acquisition and disposal of minority interests shares Purchase commitments for minority interests' shares As of December 31, 2013 507,793,661 Gains and losses recognized in equity Net profit Comprehensive income Stock option plan and similar expenses Acquisition disposal of treasury shares and LVMH share-settled derivatives Exercise of LVMH share subscription options 980,323 Retirement of LVMH shares (1,062.271) Capital increase in subsidiaries Interim and final dividends paid Distribution in kind of Herms shares. See Note 8. Changes in control of consolidated entities Acquisition and disposal of minority interests shares Purchase commitments for minority interests' shares As of December 31, 2014 507,711,713 Gains and losses recognized in equity Net profit Comprehensive income Stock option plan and similar expenses (Acquisition/disposal of treasury shares and LVMH share-settled derivatives Exercise of LVMH share subscription options 552,137 Retirement of LVMH shares 11,124,740) Capital increase in subsidiaries Interim and final dividends paid Changes in control of consolidated entities Acquisition and disposal of minority interests' shares Purchase commitments for minority interests shares As of December 31, 2015 507,139,110 59 - 59 59 (50) 50 3 3 (1,907) (1,579) 11,579) (328) (1.203) 15,652) 16,855) 16,855) (5) (5) 11 6 12) (2) 32 30 (73) (48) 17,819 (48) 21,763 152 2,655 (374) 492 207 14 931 (133) 1,240 645 (103) (25) 33 25 575 3,573 4,148 3,573 3,573 (121) 23,003 705 4,001 4,706 130 428 558 645 (103) (25) 33 25 35 35 2 37 23 (13) 10 - 10 35 35 35 (111) 111 (1,659) (1.659) 89 (229) 89 (1.888) 19) 191 1 (8) 5 5 (3) 2 11 19,762 11 24,339 (198) 1,460 (187) 25,799 152 2,579 (240) 1,137 104 (11) 964 (108) CONSOLIDATED CASH FLOW STATEMENT Notes 2015 2014 2013 7 [EUR millions 1. OPERATING ACTIVITIES AND OPERATING INVESTMENTS Operating profit Income/loss) and dividends from joint ventures and associates Net increase in depreciation, amortization and provisions Other computed expenses Other adjustments Cash from operations before changes in working capital Cost of net financial debt: interest paid Income taxes paid Net cash from operating activities before changes in working capital Change in working capital 6,384 27 2,081 (456) (91) 5,431 26 1,895 (188) (84) 5,898 49 1,435 (29) (76) 7,945 (75) (1,807) 7,080 (116) (1,639) 7,277 (111) (1,832) 5,334 (620) 6,063 (429) 5,325 (718) 14.1 14.2 5,634 (1,955) 4,607 (1,775) 2,832 4,714 (1,657) 3,057 3,679 8 8 8 (78) 68 4 (265) (240) (57) 160 69 (237) (167) (197) 38 71 (11) (2,161) (2,260) 2.4 (511) (232) 15.1 17 35 81 59 3 66 7 1 15.2 15.3 Net cash from operating activities Operating investments Net cash from operating activities and operating investments (free cash flow) II. FINANCIAL INVESTMENTS Purchase of non-current available for sale financial assets Proceeds from sale of non-current available for sale financial assets Dividends received Income taxes paid related to financial investments Impact of purchase and sale of consolidated investments Net cash from (used in) financial investments III. TRANSACTIONS RELATING TO EQUITY Capital increases of LVMH SE Capital increases of subsidiaries subscribed by minority interests Acquisition and disposals of treasury shares and LVMH share-settled derivatives Interim and final dividends paid by LVMH SE Income taxes paid related to interim and final dividends paid Interim and final dividends paid to minority interests in consolidated subsidiaries Purchase and proceeds from sale of minority interests Net cash from (used in) transactions relating to equity Change in cash before financing activities IV. FINANCING ACTIVITIES Proceeds from borrowings Repayment of borrowings Purchase and proceeds from sale of current available for sale financial assets Net cash from (used in) financing activities V. EFFECT OF EXCHANGE RATE CHANGES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (I+Il+III+IV+V) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD 1 (1,671) (304) (1,619) (79) (113) (1,501) (137) 17 2.4 (336) 10 (220) (150) (228) (4) (2,090) 1,078 (1,961) (2,048) 639 (1,251) 1,008 (2,443) (3) 2,407 (2,100) (106) 3,095 (1,057) 101 13 (1,438) 201 2,139 (33) 27 47 (393) 867 935 14 14 3,783 3,390 12,376) 2,916 3,783 1,981 2,916 TOTAL INCOME TAXES PAID (1,955) (1,980) Transactions included in the table above, generating no change in cash: - acquisition of assets by means of finance leases 5 (a) The distribution in kind of Herms shares had no impact on cash, apart from related income tax effects. See Note 8