IFRS 14-01 a-c (Part Level Submission) The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the notes to its financial statements, is available at the company's website. Click here to view Appendix F. Use the company's annual report to answer the following questions. (a) x Your answer is incorrect. Try again. Did the company declare and pay any dividends for the year ended December 31, 2015? 1,975 1,888 The company declared dividends of L and paid dividends of L in 2015. Click if you would like to Show Work for this question: Open Show Work Attempts: 1 of 3 used SAVE FOR LATER SUBMIT ANSWER 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 (). The complete financial statements are available at the company's website. CONSOLIDATED INCOME STATEMENT Notes 2015 2014 EUR millions, except for eamings per share) Revenue Cost of sales 23-24 35,664 (12,553) 30,638 (10,801) Gross margin 19,837 (11,744) 12,373) 2013 29,016 19,997) 19,019 (10,7671 12,2121 (231 6,017 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 lexpensel (1191 5,898 23,111 (13,830) (2,663) (13) 6,605 (221) 6,384 (78) (336) (414 (1,969) 4,001 (428) 3,573 5,715 1284) 5,431 (115) 3,062 2,947 (101) 1971 (198) Income taxes 12,273) (1,753) 3,947 Net profit before minority interests Minority interests 6,105 1457) 5,648 (511) 3,436 Net profit, Group share 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 7.11 502,395,491 7.08 504,894,946 11.27 501,309,369 11.21 503,861,733 6.87 500,283,414 6.83 503,217,497 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 2015 (EUR millions) Net profit before minority interests 2014 6,105 2013 3,947 534 Translation adjustments Tax impact 104 (346) (48) (394) 638 494 963 Change in value of available for sale financial assets Amounts transferred to income statement Tax impact (16) (3,326) 184 (351 Change in value of hedges of future foreign currency cash flows Amounts transferred to income statement Tax impact (2,648) (30) (163) 912 304 (265) (17) 57 (136) (2,146) Gains and losses recognized in equity, transferable to income statement Change in value of vineyard land Amounts transferred to consolidated reserves Tax impact (17) (10) (18) Employee benefit commitments: change in value resulting from actuarial gains and losses Tax impact (161) (109) (127) Gains and losses recognized in equity, not transferable to income statement 300 Comprehensive income Minority interests Comprehensive income, Group share 4,706 (558) 4,148 3,832 (565) 4,787 (532) 3,267 4,255 CONSOLIDATED BALANCE SHEET Notes 2015 2014 2013 ASSETS EUR 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 12,596 9,058 9,621 13,572 10,122 11,157 729 574 552 1,945 480 13,031 8,810 10,387 519 580 489 1,436 35,252 Non-current assets 38,651 9,475 2,274 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets 354 7,080 457 913 40,205 8,492 2,174 223 1,856 3,226 15,971 10,096 2,521 384 2,355 3,594 18,950 1,916 4,091 18,110 Total assets 57,601 53,362 56,176 Notes 2015 LIABILITIES AND EQUITY EUR millions) 2014 2013 15.1 15.1 15.2 152 2,579 (240) 1,137 949 16,189 3,573 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 152 2,655 (374) 492 1,019 12,171 5,648 21,763 1,240 152 3,849 (451) 18) 3,900 16,001 3,436 26,879 1,028 24,339 1,460 25,799 27,907 4,511 1,950 4,685 7,957 23,003 5,054 2,291 4,392 6,447 18,184 4.189 3,606 Non-current liabilities Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities 21.1 4,149 1,797 4,280 6,404 16,630 4,674 3,297 357 324 2,987 11,639 19,103 3,769 3,960 640 421 3,909 12,699 549 21.2 332 3,499 12,175 Current liabilities Total liabilities and equity 57,601 53,362 56,176 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IEUR millions! Number of shares Share capital Revaluation reserves Net profit and other reserves Total equity Total Share Treasury Cumulative premium shares and translation account LVMH- adjustment share settled derivatives Vineyard land Available for sale financial assets Employee benefit commit ments Group share Hedges of future foreign currency cash flows Minority interests 1 1 15. 1 52 5.2 (414) 3 ,848 15.4 342 350 1943 912 118 18 758 188 (88) 51 17,765 . 3.436 3,436 31 24,424 819 3,436 4,255 31 17 1,084 21 511 532 3 25,508 840 3,947 4,787 34 - 3501 9 12 18 188 51 (1031 17 (110) - (110) 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 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 66 (1,500 1,500 2 28) (1,728) - 235 235 173 173 176 (149) 152 3,849 (451) 8] 500 2,855 12.648 136 [122] 9 46 (15 (37) 1 96 1216] 19,437 - 5.648 ,648 216) 26,879 12,381 5,648 3,267 37 529) 1,028 108 457 5 65 2 (745) 27,907 2.273) 6,105 3,832 39 - 500 2,648) 122 (15) 196 5 37 27 117) 10 59 59 150 - 59 50 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 33 (328) (1,907) (1,579 1,579) 11,2031 (5,652] 16,855 16,855) 15 121 - 11 32 - 121 30 152 2,655 (374) 492 545 207 (103) 14 25 9 31 33 (133) 25 148 17,819 . 3,573 3,573 35 148 21,763 575 3.573 4,148 35 7 3 1,240 130 428 558 (121) 23,003 705 4,001 4,706 - 645 (103] 25] 33 25 (13) 10 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 (1.124,740) 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 11111 1 11 (1,659) (1,659] 229 (1,888] 190 5 11 19,762 191 5 11 24,339 1 3 (198) 1,460 B 2 (187) 25,799 152 2.579 (240) 1,137 104 (11) 964 (108) CONSOLIDATED CASH FLOW STATEMENT Notes 2015 2014 2013 (EUR millions I. 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 5,431 26 1,895 (188) 6,384 27 2,081 (456) 191) 7,945 (75) (1,807) 184) 5,898 49 1,435 (29) (76) 7,277 (111) (1,832) 5,334 (620) 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 7,080 (116) (1,639) 14.1 6,063 1429) 5,325 1718) 14.2 5,634 (1,955) 4,607 (1,775) 2,832 4,714 (1,657) 3,057 3,679 (78) (1971 (265) 1240) (511) (57) 160 69 1237) (167) (232) (11) 12,161) 12,260) 11,671) (304) 11,619) 1791 (113) (1,501) (137) 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 (1+11+||1+IV+V) CASH AND CASH EQUNALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD TOTAL INCOME TAXES PAID 1228) 14 (336) 10 (1,961) 639 (220) (150) (2,048) 11,251) 12,090) 1,078 1,008 3,095 (1,057) 12.443) 13 2,407 (2,100) (106) 201 101 27 2,139 47 935 867 (1,438) (33) (393) 3,783 3,390 12,376) 1,981 2,916 3,783 11,955) 2,916 (1,980) Transactions included in the table above, generating no change in cash: - acquisition of assets by means of finance leases (a) The distribution in kind of Herms shares had no impact on cash, apart from related income tax effects. See Note 8