06.02.2008 12:29:00
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LVMH achieves record results in 2007 - New growth objective for 2008
LVMH Moët Hennessy Louis Vuitton, the world’s
leading luxury products group, recorded 2007 profit from recurring
operations of 3 555 million Euros, an increase of 12% compared to an
already strong performance in 2006. The current operating margin again
improved, reaching 22% in 2007. Revenue rose to 16.5 billion Euros,
reflecting organic growth of 13% to which all business groups and all
regions contributed.
This performance is even more noteworthy in view of the strong negative
impact of exchange rates, which mainly affected the second half of the
year. At constant exchange rates, profit from recurring operations
increased by 20% in 2007.
Following growth of 30% in 2006, the Group share of net profit increased
by 8% in 2007. This increase is due to the change in net financial
income, which in 2006 included a high level of capital gains on
divestments.
Bernard Arnault, Chairman and CEO of LVMH, commented:
"The excellent performance in 2007 illustrates
the vitality of our major brands which continue to strengthen and gain
market share. The year also confirmed the strong potential of our high
growth rising star brands and the Group’s
leading position in emerging markets. LVMH has showed record revenue in
2007 and has once again improved profitability. In an economic
environment unsettled since the beginning of the year, we will rely on
the strength of our growth model, the exceptional innovation of our
brands and the talent of our teams to make 2008 another year of growth.”
Highlights of 2007 include:
Double-digit organic revenue growth for the Group,
Continued strong growth of major brands,
Further market share gains in all business activities,
Outstanding momentum in Wines & Spirits,
Exceptional operating margin at Louis Vuitton which recorded another
year of double-digit organic revenue growth,
Strong growth in the results of Watches & Jewelry, whose operating
margin reached 17% in 2007,
Excellent performance from Perfumes & Cosmetics, led by Christian Dior,
Strong growth in revenue and profitability at Sephora,
Cash from operations before changes in working capital of 4 billion
Euros, an increase of 15%.
Euro millions 2006
2007
% change
Revenue
15 306
16 481
+ 8 %
Profit from recurring operations
3 172
3 555
+ 12 %
Group share of net profit
1 879
2 025
+ 8 %
Revenue by business group: Euro millions 2006
2007
Change2007 / 2006 Reported
Organic*
Wines & Spirits
2 994
3 226
+ 8 %
+ 13 %
Fashion & Leather Goods
5 222
5 628
+ 8 %
+ 14 %
Perfumes & Cosmetics
2 519
2 731
+ 8 %
+ 12 %
Watches & Jewelry
737
833
+ 13 %
+ 19 %
Selective retailing
3 891
4 179
+ 7 %
+ 12 %
Other activities and eliminations
(57)
(116)
-
-
Total 15 306 16 481 + 8 % + 13 %
* On a constant structural and exchange rate basis Profit from recurring operations, by business group: Euro millions 2006
2007
% change
Wines & Spirits
962
1 058
+ 10 %
Fashion & Leather Goods
1 633
1 829
+ 12 %
Perfumes & Cosmetics
222
256
+ 15 %
Watches & Jewelry
80
141
+ 76 %
Selective Retailing
400
439
+ 10 %
Other activities and eliminations
(125)
(168)
-
Total LVMH
3 172
3 555
+ 12 %
Wines & Spirits: strong increase in volumes and reaching new clients
Wines & Spirits saw organic revenue growth of 13% in 2007. Profit from
recurring operations increased by 10% to 1 058 million Euros.
The continued increase in champagne volumes during the period was
accompanied by an improvement in product mix driven by the growing
success of rosés. In 2007, Hennessy cognac
demonstrated strong momentum with robust growth in volumes. Its premium
qualities saw particularly rapid growth.
In 2007, this business group saw remarkable growth in its traditional
markets, particularly in the US and in Europe. Promising new markets,
such as China, Vietnam and Russia, achieved very strong growth. A
highlight of the year was the acquisition of a 55% stake in Wen Jun
Spirits, a Chinese producer of premium white spirits.
Fashion & Leather Goods: strong momentum at Louis Vuitton and growing
success at Fendi
In 2007, Fashion & Leather Goods saw organic revenue growth of 14%.
Profit from recurring operations rose by 12% to 1 829 million Euros.
Louis Vuitton strengthened its leadership position in 2007 and once
again achieved double-digit organic revenue growth and an exceptional
level of profitability. It saw strong momentum across Europe, Asia and
the US. Following on Marc Jacob’s
collaboration with the artist Takashi Murakami, the partnership with
Richard Prince further illustrates Louis Vuitton’s
exceptional creative capacity. A number of leather goods innovations
from this collaboration will be introduced during the first half of 2008.
Fendi recorded further growth in its profitability in 2007, driven by
the continued momentum of its leather products and by the excellent
performance of its ready-to-wear and shoe collections. The spectacular
fashion show on the Great Wall of China made a considerable impact.
Several of the Group’s other brands such as
Loewe, Givenchy and Marc Jacobs accomplished significant progress in
2007 and confirmed the success of their growth models.
Perfumes & Cosmetics: continued innovation and increasing market share
Perfumes & Cosmetics recorded organic revenue growth of 12% to which all
of its brands contributed. Profit from recurring operations grew by 15%.
Christian Dior continued its growth momentum in all regions and gained
market share. The exceptional vitality of the perfume J’Adore
and the success of the year’s new products,
Midnight Poison and Fahrenheit 32, were notable. The development of the
Capture skincare range and Rouge Dior makeup line also contributed to
Dior’s excellent performance. Guerlain
benefited from the success of the launch of its new perfume L’Instant
Magic and the development of its star makeup line Terracotta. The
international launch of Ange ou Démon by
Parfums Givenchy and the entry of KenzoAmour alongside the major classic
Flower by Kenzo were highlights of the year. BeneFit continued its rapid
growth in the US and in Europe and has made a very promising start in
China.
Watches & Jewelry: strong improvement in profitability
Watches & Jewelry recorded organic revenue growth of 19% in 2007,
considerably better than that of the industry. After having almost
quadrupled in 2006, its profit from recurring operations grew by 76%,
thus raising its current operating margin to 17% in 2007. TAG Heuer,
driven by its upscale positioning and continued innovation, registered
strong progress in all of its markets. Highlights of the year included
the strengthening of its iconic lines Aquaracer, Link and Carrera, and
the launch of two new watch innovations, the Calibre S movement and the
new Grand Carrera line. Manufacture Zenith confirmed its position as a
high-end watch maker and successfully rolled out its new sports line
Defy. Montres Dior benefited from the exceptional success of the watch
Christal. Chaumet continued to expand its network, notably in Asia. De
Beers accelerated its store opening program.
Selective Retailing: expansion into new regions
Selective Retailing recorded organic revenue growth of 12% and a 10%
increase in its profit from recurring operations in 2007. The growth of
DFS was driven by the growing influence of its Chinese clientele whose
impact on revenue has increased. DFS’s
leadership in Asia has been reinforced with its entry into Vietnam and
the signing of a concession contract for Mumbai Airport in India.
Sephora continued to win market share and in 2007 confirmed its growth
trend. Its comparable store performance is excellent and the pace of
store openings in its traditional markets has accelerated. The brand has
successfully opened in new countries in Central Europe and the Middle
East. Across all of its regions, Sephora focused on its strategy of
differentiation through innovation, exclusivity and service and
strengthened its customer loyalty programs.
Continuation of a steady growth trend in 2008
Following an excellent 2007, LVMH is well positioned for 2008. The Group
will continue its strategy of concentrating on internal growth and the
development of its leading brands.
LVMH has set itself an objective of a tangible growth in its results for
2008.
The geographical spread of its activities, the strength and the
complementarity of its brands and the exceptional talent of its teams
will enable the Group to gain market share and to further strengthen its
lead in the global luxury goods market.
Dividend increase of 14%
At the Annual General Meeting of Shareholders on May 15 2008, LVMH will
propose a dividend of 1.60 Euros per share, an increase of 14%. An
interim dividend of 0.35 Euros per share was paid out on December 3rd,
2007. The balance of 1.25 Euros will be paid on May 23, 2008.
Regulated information related to this press release is available on
our internet site www.lvmh.com. About LVMH
LVMH Moët Hennessy Louis Vuitton is the
world's leading luxury goods group. The Group is represented in Wines
and Spirits by a portfolio of brands that includes Moët
& Chandon, Dom Pérignon, Veuve Clicquot
Ponsardin, Krug, Ruinart, Château d'Yquem,
Hennessy, Glenmorangie, Ardbeg, Belvedere Vodka, Chopin, 10 Cane,
Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Green
Point, Cape Mentelle, Newton. Its Fashion and Leather Goods division
includes Louis Vuitton, the world's leading luxury brand, as well as
Celine, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna
Karan, Marc Jacobs, Berluti, StefanoBi as well as eLUXURY, the
authoritative online source for luxury goods on the Internet. LVMH is
present in the Perfumes and Cosmetics sector with Parfums Christian
Dior, Guerlain, Parfums Givenchy, Parfums Kenzo, Perfumes Loewe as well
as other promising cosmetic companies (BeneFit Cosmetics, Make Up For
Ever, Acqua di Parma and Fresh). LVMH is also active in selective
retailing through DFS, Sephora in Europe and the United States, Le Bon
Marché and la Samaritaine. LVMH's Watches and
Jewelry division comprises TAG Heuer, Chaumet, Christian Dior Watches,
Zenith, Fred and De Beers Diamond Jewellers Limited, a joint venture
created with the world’s leading diamond
group.
"Certain information included in this release is forward looking and
is subject to important risks and uncertainties and factors beyond our
control or ability to predict, that could cause actual results to differ
materially from those anticipated, projected or implied. It only
reflects our views as of the date of this presentation. No undue
reliance should therefore be based on any such information, it being
also agreed that we undertake no commitment to amend or update it after
the date hereof.”
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