The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the
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The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company?s complete annual report, including the notes to its financial statements, are also provided in Appendix F.
In which section (operating, investing, or financing) does Louis Vuitton report interest paid (finance costs)?In which section (operating, investing, or financing) does Louis Vuitton report dividends received?If Louis Vuitton reported under GAAP rather than IFRS, how would its treatment of bank overdrafts differ?
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F 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 (EUR millions, except for earnings per share) Revenue Cost of sales Gross margin 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 (expense) Income taxes Net profit before minority interests Minority interests 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 Notes 23-24 7 23-24 25 26 27 3 17 28 28 2014 30,638 (10,801) 19,837 (11,744) (2,373) (5) 5,715 (284) 5,431 (115) 3,062 2,947 (2,273) 6,105 (457) 5,648 11.27 501,309,369 11.21 503,861,733 2013¹0 29,016 (9,997) 19,019 (10,767) (2,212) (23) 6,017 (119) 5,898 (101) (97) (198) (1,753) 3,947 (511) 3,436 6.87 500,283,414 6.83 503,217,497 2012¹ 27,970 (9,863) 18,107 (10,013) (2,151) (19) 5,924 (182) 5,742 (138) 126 (12) (1,821) 3,909 (484) 3,425 6.86 499,133,643 6.82 502,229,952 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES (EUR millions) Net profit before minority interests Translation adjustments Tax impact Change in value of available for sale financial assets Amounts transferred to income statement Tax impact Change in value of hedges of future foreign currency cash flows Amounts transferred to income statement Tax impact Gains and losses recognized in equity, transferable to income statement Change in value of vineyard land Amounts transferred to consolidated reserves Tax impact Employee benefit commitments: change in value resulting from actuarial gains and losses Tax impact Gains and losses recognized in equity, not transferable to income statement Comprehensive income Minority interests Comprehensive income, Group share 2014 6,105 534 104 638 494 (3,326) 184 (2,648) (30) (163) 57 (136) (2,146) (17) (10) 9 (18) (161) 52 (109) (127) 3,832 (565) 3,267 2013¹1 3,947 (346) (48) (394) 963 (16) (35) 912 304 (265) (17) 22 540 369 (127) 242 80 (22) 58 300 4,787 (532) 4,255 20121 3,909 (99) (18) (117) (27) (14) (6) (47) 182 13 (50) 145 (19) 85 (28) 57 (101) 29 (72) (15) 3,875 (469) 3,406 CONSOLIDATED BALANCE SHEET ASSETS (EUR millions) Brands and other intangible fixed 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 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets Total assets LIABILITIES AND EQUITY [EUR millions) 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 Non-current liabilities Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities Current liabilities Total liabilities and equity Notes 3467692 8 10 11 12 14 Notes 15.1 15.1 15.2 15.4 17 18 19 27 20 18 19 21 2014 13,031 8,810 10,387 519 580 489 1,436 35,252 9,475 2,274 354 1,916 4,091 18,110 53,362 2014 152 2,655 (374) 492 1,019 12,171 5,648 21,763 1,240 23,003 5,054 2,291 4,392 6,447 18,184 4,189 3,606 549 332 3,499 12,175 53,362 2013 12,596 9,058 9,621 480 7,080 457 913 40,205 8,492 2,174 223 1,856 3,226 15,971 56,176 201312 152 3,849 (451) (8) 3,900 16,001 3,436 26,879 1,028 27,907 4,149 1,797 4,280 6,404 16,630 4,674 3,297 357 324 2,987 11,639 56,176 2012 11,322 7,709 8,694 483 6,004 519 952 35,683 7,994 1,972 201 1,813 2,187 14,167 49,850 2012 152 3,848 (414) 342 2,731 14,340 3,425 24,424 1,084 25,508 3,825 1,772 3,884 5,456 14,937 2,950 3,118 442 335 2,560 9,405 49,850 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR millions) Notes As of December 31, 2011 Exercise of LVMH share subscription options Retirement of LVMH shares Capital increase in subsidiaries Interim and final dividends paid Changes in control of consolidated entities Acquisition and disposal of minority interests shares 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 Purchase commitments for minority interests shares As of December 31, 2012 Comprehensive income Stock option plan and similar expenses (Acquisitionl/disposal of treasury shares and LVMH-share settled derivatives Number of shares Exercise of LVMH share subscription options Retirement of LVMH shares Capital increase in subsidiaries Interim and final dividends paid Acquisition of a controlling interest in Loro Piana (¹) Changes in control of consolidated entities 507,815,624 Acquisition and disposal of minority interests shares Gains and losses recognized in equity Net profit 1,344,975 (997,250) 508,163,349 1,025,418 (1.395,106) Share capital 15.1 152 152 Share Treasury Cumulative premium shares and translation account LVMH- adjustment share settled derivatives 3,801 94 (47) 3,848 67 (66) 15.2 (485) 24 47 (414) (103) 66 15.4 431 (89) (89) 342 (350) (350) Available for sale financial assets 1,990 (47) (47) 1,943 912 912 Hedges of future foreign currency cash flows (15) 133 133 118 18 18 Revaluation reserves Vineyard Employee land benefit commit- ments. 714 44 44 758 188 188 [28] (60) (60) (88) 51 51 Net profit and other reserves 15,811 3,425 3,425 50 (12) (1,447) (12) (40) (10) 17,765 3,436 3,436 31 (7) (1,500) 1 (73) Group share 22,371 (19) 3,425 3,406 50 12 94 (1,447) (12) (40) (10) 24,424 819 3,436 4,255 31 (110) 67 (1,500) 1 (73) Minority interests 17 1,055 (15) 484 469 3 8 (317) (11) (25) [98] 1,084 21 511 532 3 8 [228] 235 ([1] (76) Total equity Total 23,426 (34) 3,909 3,875 53 12 94 - 8 (1,764) (23) (65) (108) 25,508 840 3,947 4,787 34 (110) 67 8 (1,728) 235 (149) Purchase commitments sts shares) References page AS Or December 31, 2013 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 Capital increase in subsidiaries Interim and final dividends paid Distribution in kind of Hermès shares. See Note 8. Changes in control of consolidated entities 507,793,661 Acquisition and disposal of minority interests shares Purchase commitments for minority interests shares. As of December 31, 2014 980,323 (1,062,271) 507,711,713 152 152 3,849 59 (50) (1,203) 2,655 (451) 27 50 (374) (8) 2,855 500 (2,648) 500 492 (2,648) 207 136 (122) (122) 14 946 (15) (15) 931 (37) (96) (96) (133) (216) (216) 19.437 26,879 5,648 5.648 37 (17) (5) (2) (2,381) 5,648 3.267 37 (1,579] (1,579) (5,652) (6,855) (48) 17,819 10 59 (5) (2) (48) 21,763 (529) (745) 1,028 27,907 108 (2,273) 457 565 2 3 [328] - 11 32 (73) 1,240 6,105 3,832 39 10 59 3 (1,907) (6,855) 6 30 (121) 23,003 CONSOLIDATED CASH FLOW STATEMENT [EUR millions) I. OPERATING ACTIVITIES AND OPERATING INVESTMENTS Operating profit Income/lloss) and dividends from joint ventures and associates al 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 paidal Net cash from operating activities before changes in working capital Change in working capital 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 al Income tax 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 paidal 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 Notes Transactions included in the table above, generating no change in cash: - acquisition of assets by means of finance leases 14.1 14.2 8 ∞ ∞ ∞ 8 8 2.4 15.1 17 15.2 15.3 17 2.4 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 13 Net cash from (used in) financing activities V. EFFECT OF EXCHANGE RATE CHANGES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS [I+II+III+IV+V) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD TOTAL INCOME TAXES PAID 14 14 2014 5,431 26 1,895 (188) (84) 7,080 (116) (1,639) 5,325 (718) 4,607 (1,775) 2,832 (57) 160 69 (237) (167) (232) 59 (1,619) 3 (79) (336) 10 (1,961) 639 2,407 (2,100) (106) 201 27 867 2,916 3,783 (1,955) 5 2013 5,898 49 1,435 (29) (76) 7,277 (111) (1,832) 5,334 (620) 4,714 (1,657) 3,057 (197) 38 71 (11) (2,161) (2,260) 66 7 (113) (1,501) (137) (220) (150) (2,048) [1,251) 3,095 (1,057) 101 2,139 47 935 1,981 2,916 (1,980) 7 2012 5,742 37 1,289 (59) (52) 6,957 (152) (1,880) 4,925 (810) 4,115 (1,694) 2,421 (131) 36 179 (21) (59) 4 95 8 5 (1,447) (73) (314) (206) (1,932) 493 1,028 (1,494) (67) (533) (43) (83) 2,064 1,981 (1,974) 5 F 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 (EUR millions, except for earnings per share) Revenue Cost of sales Gross margin 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 (expense) Income taxes Net profit before minority interests Minority interests 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 Notes 23-24 7 23-24 25 26 27 3 17 28 28 2014 30,638 (10,801) 19,837 (11,744) (2,373) (5) 5,715 (284) 5,431 (115) 3,062 2,947 (2,273) 6,105 (457) 5,648 11.27 501,309,369 11.21 503,861,733 2013¹0 29,016 (9,997) 19,019 (10,767) (2,212) (23) 6,017 (119) 5,898 (101) (97) (198) (1,753) 3,947 (511) 3,436 6.87 500,283,414 6.83 503,217,497 2012¹ 27,970 (9,863) 18,107 (10,013) (2,151) (19) 5,924 (182) 5,742 (138) 126 (12) (1,821) 3,909 (484) 3,425 6.86 499,133,643 6.82 502,229,952 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES (EUR millions) Net profit before minority interests Translation adjustments Tax impact Change in value of available for sale financial assets Amounts transferred to income statement Tax impact Change in value of hedges of future foreign currency cash flows Amounts transferred to income statement Tax impact Gains and losses recognized in equity, transferable to income statement Change in value of vineyard land Amounts transferred to consolidated reserves Tax impact Employee benefit commitments: change in value resulting from actuarial gains and losses Tax impact Gains and losses recognized in equity, not transferable to income statement Comprehensive income Minority interests Comprehensive income, Group share 2014 6,105 534 104 638 494 (3,326) 184 (2,648) (30) (163) 57 (136) (2,146) (17) (10) 9 (18) (161) 52 (109) (127) 3,832 (565) 3,267 2013¹1 3,947 (346) (48) (394) 963 (16) (35) 912 304 (265) (17) 22 540 369 (127) 242 80 (22) 58 300 4,787 (532) 4,255 20121 3,909 (99) (18) (117) (27) (14) (6) (47) 182 13 (50) 145 (19) 85 (28) 57 (101) 29 (72) (15) 3,875 (469) 3,406 CONSOLIDATED BALANCE SHEET ASSETS (EUR millions) Brands and other intangible fixed 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 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets Total assets LIABILITIES AND EQUITY [EUR millions) 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 Non-current liabilities Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities Current liabilities Total liabilities and equity Notes 3467692 8 10 11 12 14 Notes 15.1 15.1 15.2 15.4 17 18 19 27 20 18 19 21 2014 13,031 8,810 10,387 519 580 489 1,436 35,252 9,475 2,274 354 1,916 4,091 18,110 53,362 2014 152 2,655 (374) 492 1,019 12,171 5,648 21,763 1,240 23,003 5,054 2,291 4,392 6,447 18,184 4,189 3,606 549 332 3,499 12,175 53,362 2013 12,596 9,058 9,621 480 7,080 457 913 40,205 8,492 2,174 223 1,856 3,226 15,971 56,176 201312 152 3,849 (451) (8) 3,900 16,001 3,436 26,879 1,028 27,907 4,149 1,797 4,280 6,404 16,630 4,674 3,297 357 324 2,987 11,639 56,176 2012 11,322 7,709 8,694 483 6,004 519 952 35,683 7,994 1,972 201 1,813 2,187 14,167 49,850 2012 152 3,848 (414) 342 2,731 14,340 3,425 24,424 1,084 25,508 3,825 1,772 3,884 5,456 14,937 2,950 3,118 442 335 2,560 9,405 49,850 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR millions) Notes As of December 31, 2011 Exercise of LVMH share subscription options Retirement of LVMH shares Capital increase in subsidiaries Interim and final dividends paid Changes in control of consolidated entities Acquisition and disposal of minority interests shares 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 Purchase commitments for minority interests shares As of December 31, 2012 Comprehensive income Stock option plan and similar expenses (Acquisitionl/disposal of treasury shares and LVMH-share settled derivatives Number of shares Exercise of LVMH share subscription options Retirement of LVMH shares Capital increase in subsidiaries Interim and final dividends paid Acquisition of a controlling interest in Loro Piana (¹) Changes in control of consolidated entities 507,815,624 Acquisition and disposal of minority interests shares Gains and losses recognized in equity Net profit 1,344,975 (997,250) 508,163,349 1,025,418 (1.395,106) Share capital 15.1 152 152 Share Treasury Cumulative premium shares and translation account LVMH- adjustment share settled derivatives 3,801 94 (47) 3,848 67 (66) 15.2 (485) 24 47 (414) (103) 66 15.4 431 (89) (89) 342 (350) (350) Available for sale financial assets 1,990 (47) (47) 1,943 912 912 Hedges of future foreign currency cash flows (15) 133 133 118 18 18 Revaluation reserves Vineyard Employee land benefit commit- ments. 714 44 44 758 188 188 [28] (60) (60) (88) 51 51 Net profit and other reserves 15,811 3,425 3,425 50 (12) (1,447) (12) (40) (10) 17,765 3,436 3,436 31 (7) (1,500) 1 (73) Group share 22,371 (19) 3,425 3,406 50 12 94 (1,447) (12) (40) (10) 24,424 819 3,436 4,255 31 (110) 67 (1,500) 1 (73) Minority interests 17 1,055 (15) 484 469 3 8 (317) (11) (25) [98] 1,084 21 511 532 3 8 [228] 235 ([1] (76) Total equity Total 23,426 (34) 3,909 3,875 53 12 94 - 8 (1,764) (23) (65) (108) 25,508 840 3,947 4,787 34 (110) 67 8 (1,728) 235 (149) Purchase commitments sts shares) References page AS Or December 31, 2013 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 Capital increase in subsidiaries Interim and final dividends paid Distribution in kind of Hermès shares. See Note 8. Changes in control of consolidated entities 507,793,661 Acquisition and disposal of minority interests shares Purchase commitments for minority interests shares. As of December 31, 2014 980,323 (1,062,271) 507,711,713 152 152 3,849 59 (50) (1,203) 2,655 (451) 27 50 (374) (8) 2,855 500 (2,648) 500 492 (2,648) 207 136 (122) (122) 14 946 (15) (15) 931 (37) (96) (96) (133) (216) (216) 19.437 26,879 5,648 5.648 37 (17) (5) (2) (2,381) 5,648 3.267 37 (1,579] (1,579) (5,652) (6,855) (48) 17,819 10 59 (5) (2) (48) 21,763 (529) (745) 1,028 27,907 108 (2,273) 457 565 2 3 [328] - 11 32 (73) 1,240 6,105 3,832 39 10 59 3 (1,907) (6,855) 6 30 (121) 23,003 CONSOLIDATED CASH FLOW STATEMENT [EUR millions) I. OPERATING ACTIVITIES AND OPERATING INVESTMENTS Operating profit Income/lloss) and dividends from joint ventures and associates al 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 paidal Net cash from operating activities before changes in working capital Change in working capital 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 al Income tax 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 paidal 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 Notes Transactions included in the table above, generating no change in cash: - acquisition of assets by means of finance leases 14.1 14.2 8 ∞ ∞ ∞ 8 8 2.4 15.1 17 15.2 15.3 17 2.4 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 13 Net cash from (used in) financing activities V. EFFECT OF EXCHANGE RATE CHANGES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS [I+II+III+IV+V) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD TOTAL INCOME TAXES PAID 14 14 2014 5,431 26 1,895 (188) (84) 7,080 (116) (1,639) 5,325 (718) 4,607 (1,775) 2,832 (57) 160 69 (237) (167) (232) 59 (1,619) 3 (79) (336) 10 (1,961) 639 2,407 (2,100) (106) 201 27 867 2,916 3,783 (1,955) 5 2013 5,898 49 1,435 (29) (76) 7,277 (111) (1,832) 5,334 (620) 4,714 (1,657) 3,057 (197) 38 71 (11) (2,161) (2,260) 66 7 (113) (1,501) (137) (220) (150) (2,048) [1,251) 3,095 (1,057) 101 2,139 47 935 1,981 2,916 (1,980) 7 2012 5,742 37 1,289 (59) (52) 6,957 (152) (1,880) 4,925 (810) 4,115 (1,694) 2,421 (131) 36 179 (21) (59) 4 95 8 5 (1,447) (73) (314) (206) (1,932) 493 1,028 (1,494) (67) (533) (43) (83) 2,064 1,981 (1,974) 5
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Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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