Prepare An assessment of the financial performance of each of LVMHs various business units between 2014 and 2015 including their sales growth and profit margin and their trends as well as their relative contributions of the various business units to revenue and profit

Infro below

2014-2015 (in millions of euros) Revenues 2015 2014 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 4,603 12,369 4,517 3,308 11,233 (366) 35,664 3,973 10,828 3,916 2,782 9,534 (395) 30,638 Profit from Recurring Operations 2015 2014 1,363 3,505 525 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 432 1,147 3,189 415 283 882 (201) 5,715 934 (154) 6,605 Operating Investments 2015 2014 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 233 553 229 204 152 585 399 337 1,955 221 191 389 237 1,775 Depreciation and Amortization 2015 2014 132 641 119 55 183 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 199 366 149 171 296 41 1,331 42 1,563 Assets 2015 2014 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 13,031 8,810 10,387 519 13,572 10,122 11,157 729 574 552 1,945 38,651 580 489 1,436 35,252 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets Total assets 10,096 2,521 384 2,355 3,594 18,950 57,601 9,475 2,274 354 1,916 4,091 18,110 53,362 Liabilities and Equity 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 152 2,579 (240) 1,137 349 16,189 3,573 24,339 1,460 25,799 152 2,655 (374) 492 1,019 12,171 5,648 21.763 1,240 23,003 Long-term borrowings Non-current provisions Deferred tax Other non-current liabilities Non-current liabilities 4,511 1,950 4,685 7,957 19,103 5,054 2.291 4,392 6,447 18.184 Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities Current liabillties Total liabilities and equity 3,769 3,960 640 421 3,909 12,699 57,601 4.189 3.606 549 332 3,499 12125 53,362 2015 2014 Cash from operations before changes in working capital Net interest paid Income taxes paid Working capital requirements Operating investments Free cash flow 7,080 116 7,945 75 1,807 429 1,955 3,679 1,639 718 1,775 2,832 Before available for sale financial assets and 2014-2015 (in millions of euros) Revenues 2015 2014 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 4,603 12,369 4,517 3,308 11,233 (366) 35,664 3,973 10,828 3,916 2,782 9,534 (395) 30,638 Profit from Recurring Operations 2015 2014 1,363 3,505 525 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 432 1,147 3,189 415 283 882 (201) 5,715 934 (154) 6,605 Operating Investments 2015 2014 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 233 553 229 204 152 585 399 337 1,955 221 191 389 237 1,775 Depreciation and Amortization 2015 2014 132 641 119 55 183 Wine & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total 199 366 149 171 296 41 1,331 42 1,563 Assets 2015 2014 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 13,031 8,810 10,387 519 13,572 10,122 11,157 729 574 552 1,945 38,651 580 489 1,436 35,252 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets Total assets 10,096 2,521 384 2,355 3,594 18,950 57,601 9,475 2,274 354 1,916 4,091 18,110 53,362 Liabilities and Equity 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 152 2,579 (240) 1,137 349 16,189 3,573 24,339 1,460 25,799 152 2,655 (374) 492 1,019 12,171 5,648 21.763 1,240 23,003 Long-term borrowings Non-current provisions Deferred tax Other non-current liabilities Non-current liabilities 4,511 1,950 4,685 7,957 19,103 5,054 2.291 4,392 6,447 18.184 Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities Current liabillties Total liabilities and equity 3,769 3,960 640 421 3,909 12,699 57,601 4.189 3.606 549 332 3,499 12125 53,362 2015 2014 Cash from operations before changes in working capital Net interest paid Income taxes paid Working capital requirements Operating investments Free cash flow 7,080 116 7,945 75 1,807 429 1,955 3,679 1,639 718 1,775 2,832 Before available for sale financial assets and