The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the notes to its financial statements, are also provided in Appendix F. Click here to view Appendix F. Use the companys annual report to answer the following questions.

Examine the equity section of the companys balance sheet. For each of the following, provide the comparable label that would be used under GAAP.

Share capital?

Share premium?

Net profit, group share?

Potential Answers: common stock, net income, paid in excess of par, or accumulated other comprehensive income

CONSOLIDATED INCOME STATEMENT (EUR millions, except for earnings per share) Notes 2015 2014 23-24 Revenue Cost of sales 30,638 (10,801) 2013 29,016 19,997) 19,837 19,019 Gross margin Marketing and selling expenses General and administrative expenses Income (loss) from joint ventures and associates 35,664 (12,553) 23,111 (13,830) (2,663) (13) 6,605 (221) (11,744) (2,373) (10,767) (2,212) (23) (5) Profit from recurring operations 23-24 6,017 (119) Other operating income and expenses 5,715 (284) 5,431 25 6,384 5,898 (78) (336) (115) 3,062 (101) 197) Operating profit Cost of net financial debt Other financial income and expenses Net financial income (expense) Income taxes Net profit before minority interests Minority interests (414) 2,947 (198) (1,969) (2,273) (1,753) 4,001 6,105 3,947 (428) (457) (511) Net profit, Group share 3,573 5,648 3,436 6.87 500,283,414 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 6.83 503,217,497 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 13,572 10,122 11,157 12,596 9,058 13,031 8,810 10,387 519 9,621 729 574 580 480 7,080 457 913 489 552 1,945 38,651 10,096 2,521 384 2,355 3,594 1,436 35,252 9,475 40,205 8,492 2,274 Non-current assets Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets 2,174 354 1,916 4,091 223 1,856 3,226 18,950 18,110 15,971 Total assets 57,601 53,362 56,176 Notes 2015 2014 2013 LIABILITIES AND EQUITY (EUR millions 152 15.1 15.1 15.2 2,579 (240) 152 3,849 (451) 15.4 1,137 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 152 2,655 (374) 492 1,019 12,171 5,648 (8) 949 16,189 3,573 24,339 1,460 3,900 16,001 3,436 17 21,763 1,240 26,879 1,028 23,003 Total equity Long-term borrowings Non-current provisions Deferred tax Other non-current liabilities 25,799 4,511 1,950 4,685 7,957 5,054 2,291 4,392 6,447 27,907 4,149 1.797 4,280 6,404 Non-current liabilities 19,103 18,184 18 21.1 3,769 3,960 Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities 640 4,189 3,606 549 332 3,499 16,630 4,674 3,297 357 324 2,987 11,639 19 21.2 421 3,909 Current liabilities 12,699 12,175 Total liabilities and equity 57,601 53,362 56,176 CONSOLIDATED CASH FLOW STATEMENT Notes 2015 2014 2013 (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 6,384 27 2,081 (456) 191) 5,431 26 1,895 (188) (84) 5,898 49 1,435 (29) 176) 7,277 (111) (1.832) 5,334 (620) 7,945 175) (1,807) 7,080 (116) (1,6391 5,325 17181 Net cash from operating activities before changes in working capital Change in working capital 1 141 6,063 (429) 14.2 5,634 (1,955) 4,607 (1,775) 2,832 4,714 (1,657) 3,057 3,679 1781 (57) (197) 68 160 (265) (237) (167) (232) (11) 12,161) (2,260) 66 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+11+111+IV+V) (1,671) (304) (1,619) 1791 (113) (1,501) (137) (228) 14) (336) (220) (150) 12,048] (1,251) (2,090) 11,961) 1,078 639 1,008 (2,443) 13 2,407 (2,100) (106) 201 3,095 (1,057) 101 2,139 47 (1,438) (33) (393) 27 867 935 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,783 3,390 12,376) 2,916 3,783 11,955) 1,981 2,916 TOTAL INCOME TAXES PAID (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. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR millions Number of shares Share capital Revaluation reserves Share premium account Net profit and other reserves Treasury Cumulative shares and translation LVMH- adjustment share settled derivatives Total equity Total Vineyard land Group share Available for sale financial assets Employee benefit commit- Minority interests Hedges of future foreign currency cash flows 15.1 152 15.2 4141 3 ,848 15.4 342 3501 1943 9 12 118 18 758 188 1 88 51 17,765 - 3,436 3,436 24.424 819 3,436 4,255 17 1,084 21 511 532 25,508 840 3.947 4,787 . . (350 9 12 18 188 51 31 313 34 (1031 17 (110) . (110) 1661 11,5001 1,5001 - 2 281 235 235 1.7281 235 1731 173 176 (169) (216) 19,437 1523 ,849 4511 1 1812 500 ,855 2,648 136 (122 966 ( 15 3 7) 96 (216) 26,879 12.381 5,648 3.267 529 7651 ,028 27,907 1 08 2.273) 4576,105 565 3,832 5,648 ,648 - 500 (2,648 [122] (15) 196 5 37 37 2 39 117 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 1.025418 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 Acouisition 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 Hermes 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 Retirement of LVMH shares 11,124,7401 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 50 50 11,579 (1,579 (328 1,907) 11,2031 15,652 16,855) - 16,8561 151 1481 17,819 1522 ,655 (374 4 92 645 2 07 (1031 1 4 25 931 33 (133) 25 121 32 B 1731 21,7631,260 575 130 3,573 428 4,148 558 30 121) 23,003 705 4,001 4,706 3,573 3,573 - 645 (103) ( 25 3 3 25 35 10 552.137 15 35 - 1.8881 11,659 191 1,659 (229 1911 11 19,762 11 24,339 (198 1.460 (187) 25,799 152 2,579 (2401 1,137 1 04 (11) 964 (108)