identify 5 differences in format of statement of financial position used by Louis Vuitton compared to company such as Apple , that follows GAAP. Evaluate on:

Identify the sections of a classified balance sheet

Use ratios to evaluate a company's profitability, liquidity, and solvency

Discuss financial reporting concepts

Louis Vuiiton Appendix

Specimen Financial Statements: Louis Vuitton Louis Vuitton is a French company and is one of the leading international fashion houses in the world. Louis Vuitton has been named the world's most valuable luxury brand. Note that its financial statements are IFRS-based and are presented in euros (). To access the company's complete financial statements, follow these steps: 1. Go to www.lvmh.com/investor-relations 2. Select All publications, then the Reports tab, and then 2014 Consolidated financial statements. 3. Note that the comments (notes) to the financial statements CONSOLIDATED INCOME STATEMENT Notes 2013 20121 EUR millions, except for earnings per share) Revenue Cost of sales 2014 30,638 10,801 19,837 11,744 2,373 29,016 9,997 23-24 27,970 9,863 18,107 10,013 2,151] (191 5,924 Gross margin 19,019 Marketing and selling expenses General and administrative expenses Income (loss) from joint ventures and associates Profit from recurring operations 10,767) 2,212] 123) 15) 23-24 5,715 6,017 119 5,898 284 5,431 (1151 3,062 2,947 182 5,742 Other operating income and expenses Operating profit Cost of net financial debt Other financial income and expenses 25 1011 197 138 126 Net financial income lexpense) (12] 1,821] 3,909 26 198] 2,273 6,105 457 5,648 1,753 3,947 Income taxes 27 Net profit before minority interests Minority interests 17 (511 Net profit, Group share 3,436 3,425 Basic Group share of net earnings per share lEUR) Number of shares on which the calculation is based 28 11.27 501,309.369 11.21 503,861,733 6.87 500,283,414 6.83 503,217,497 499,133,64.3 Diluted Group share of net earnings per share lEUR) Number of shares on which the calculation is based 28 502,229,952 Specimen Financial Statements: Louis Vuitton Louis Vuitton is a French company and is one of the leading international fashion houses in the world. Louis Vuitton has been named the world's most valuable luxury brand. Note that its financial statements are IFRS-based and are presented in euros (). To access the company's complete financial statements, follow these steps: 1. Go to www.lvmh.com/investor-relations 2. Select All publications, then the Reports tab, and then 2014 Consolidated financial statements. 3. Note that the comments (notes) to the financial statements CONSOLIDATED INCOME STATEMENT Notes 2013 20121 EUR millions, except for earnings per share) Revenue Cost of sales 2014 30,638 10,801 19,837 11,744 2,373 29,016 9,997 23-24 27,970 9,863 18,107 10,013 2,151] (191 5,924 Gross margin 19,019 Marketing and selling expenses General and administrative expenses Income (loss) from joint ventures and associates Profit from recurring operations 10,767) 2,212] 123) 15) 23-24 5,715 6,017 119 5,898 284 5,431 (1151 3,062 2,947 182 5,742 Other operating income and expenses Operating profit Cost of net financial debt Other financial income and expenses 25 1011 197 138 126 Net financial income lexpense) (12] 1,821] 3,909 26 198] 2,273 6,105 457 5,648 1,753 3,947 Income taxes 27 Net profit before minority interests Minority interests 17 (511 Net profit, Group share 3,436 3,425 Basic Group share of net earnings per share lEUR) Number of shares on which the calculation is based 28 11.27 501,309.369 11.21 503,861,733 6.87 500,283,414 6.83 503,217,497 499,133,64.3 Diluted Group share of net earnings per share lEUR) Number of shares on which the calculation is based 28 502,229,952