Obligation LVMH Moët Hennessy Louis Vuitton SE 0% ( FR0013482825 ) en EUR

Société émettrice LVMH Moët Hennessy Louis Vuitton SE
Prix sur le marché 100 %  ▲ 
Pays  France
Code ISIN  FR0013482825 ( en EUR )
Coupon 0%
Echéance 11/02/2026 - Obligation échue



Prospectus brochure de l'obligation LVMH Moët Henn. L. Vuitton SE FR0013482825 en EUR 0%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 1 250 000 000 EUR
Description détaillée LVMH Moët Hennessy Louis Vuitton SE est une société multinationale française de luxe, leader mondial dans les secteurs du luxe et du vin et spiritueux, regroupant des marques prestigieuses telles que Louis Vuitton, Dior, Givenchy, Moët & Chandon, Hennessy, et Bulgari.

L'instrument financier de type obligation, identifié par le code ISIN FR0013482825, a été émis par LVMH Moët Hennessy Louis Vuitton SE, un conglomérat français de renommée mondiale, leader incontesté sur le marché du luxe, regroupant des marques emblématiques dans divers secteurs tels que la mode, la maroquinerie, les vins et spiritueux, les parfums et cosmétiques, et la joaillerie. Cette obligation, dont le pays d'émission est la France et qui est libellée en euros (EUR), représentait une taille totale d'émission de 1 250 000 000 euros, avec une taille minimale à l'achat fixée à 100 000 euros; caractérisée par un taux d'intérêt de 0% et une fréquence de paiement annuelle de 1, l'obligation était initialement cotée à 100% de sa valeur nominale sur le marché, et ayant atteint sa date de maturité le 11 février 2026, cet instrument obligataire a été intégralement remboursé à son échéance.









LVMH

MOËT HENNESSY LOUIS VUITTON

LVMH Moët Hennessy Louis Vuitton
(incorporated with limited liability in the Republic of France)
Euro 20,000,000,000
Euro Medium Term Note Programme
Due from one month from the date of original issue

Under the Euro Medium Term Note P rogramme described in this Base P rospectus (the " Programme"), LVMH Moët Hennessy Louis Vuitton (" LVMH" or the " Issuer")
subject to compliance with all relevant laws, regulations and directives, may from time to time issue Euro Medium Ter m Notes (the " Notes"). The aggregate nominal amount
of Notes issued by the Issuer and outstanding will not at any time exceed Euro 20,000,000,000 (or the equivalent in other currencies).
This Base P rospectus supersedes and replaces the Base Prospectus dated 11 July 2018. This Base P rospectus shall be in force for a period of one year as of the date hereunder.
This Base Prospectus shall, for the purposes of Notes listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Regulated Market (as
defined below) of the Luxembourg Stock Exchange, or offered to the public in Luxembourg, be updated annually.
Application has been made to the Commission de surveillance du secteur financier in Luxembourg (the " CSSF") in its capacity as competent authority under the " loi relative
aux prospectus pour valeurs mobilières" dated 10 July 2005, as amended (the " Prospectus Act 2005"), for the approval of this Base P rospectus as a base prospectus for the
purposes of Article 5.4 of the Prospectus Directive (as defined below).
References in this Base P rospectus to the " Prospectus Directive" are to Directive 2003/71/EC of 4 November 2003 on the prospectus to be published when securities are
offered to the public or admitted to trading as amended or superseded, to the extent that such amendments have been implemented in the relevant Member State of the
European Economic Area (" EEA").
Application has been made for a period of twelve (12) months from the date of approval of this Base P rospectus to the Luxembourg Stock Exchange for the Notes issued
under the P rogramme to be listed on the Official List of the Luxembourg Stock Exchange and to be admitted to trading on the Regulated Market of the Luxembourg Stock
Exchange. Application may also be made to the competent authority of any other Member State of the European Economic Area (an " EEA Member State") for Notes issued
under the P rogramme to be listed and admitted to trading on any other Regulated Market or offered to the public in such Member State. Any Regulated Market is governed by
the Directive 2014/65/EU of 15 May 2014 on markets in financial instruments, as amended, appearing on the list of regulated markets issued by the European Securities and
Markets Authority (referred to in this Base Prospectus as a " Regulated Market" under the definition of such Directive).
The CSSF assumes no responsibility for and does not give any undertaking as to the economical and financial soundness of the transactions contemplated by this Base
P rospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Prospectus Act 2005.
Notes which are not admitted to trading on a Regulated Market, or which are not offered to the public in an EEA Member State, may be issued under the P rogramme and may
also be listed on an alternative stock exchange or may not be listed at all.
The relevant final terms (the " Final Terms") (forms of which are contained herein) in respect of the issue of any Notes will specify whether or not such Notes will be listed,
admitted to trading and/or offered to the public and will be published, if relevant, on the website of the Regulated Market where the admission to trading is sought or on the
website of the Issuer, as the case may be. The Issuer may also issue Notes under the P rogramme for which no prospectus is required to be published under the P rospectus
Directive (the " Exempt Notes"). Such Exempt Notes may be listed or admitted to trading on a market, such as the EuroMTF Market of the Luxembourg Stock Exchange
(" EuroMTF"), and on any stock exchange which is not a Regulated Market. The CSSF has neither approved nor reviewed information contained in this Base P rospectus in
connection with Exempt Notes.
Notes will be in such denomination(s) as may be specified in the relevant Final Terms, save that the minimum denomination of each Note listed and admitted to trading on a
Regulated Market or offered to the public in an EEA Member State in circumstances which require the publication of a prospectus under the P rospectus Directive will be
1,000, and if the Notes are denominated in a currency other than euro, the equivalent amount in such currency at the issue date, or such higher amount as may be allowed or
required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the relevant specified currency. Notes may be issued
either in dematerialised form (" Dematerialised Notes") or in materialised form (" Materialised Notes") as more fully described herein.
Dematerialised Notes will at all times be in book entry form in compliance with Articles L.211-3 and R.211-1 of the French Code monétaire et financier (Monetary and
Financial Code, the " Code"). No physical documents of title will be issued in respect of the Dematerialised Notes.
Dematerialised Notes may, at the option of the Issuer, be in bearer dematerialised form (au porteur) inscribed as from the Issue Date in the books of Euroclear France
(" Euroclear France") (acting as central depositary) which shall credit the accounts of Euroclear France Account Holders (as defined in " Terms and Conditions of the
Notes - Form, Denomination(s), Title and Redenomination") including the depositary bank for Clearstream Banking S.A. (" Clearstream") and Euroclear Bank SA/NV
(" Euroclear") or in registered dematerialised form (au nominatif) and, in such latter case, at the option of the relevant Noteholder (as defined in Condition 1(c)(iv)), in either
fully registered form (nominatif pur), in which case they will be inscribed in an account maintained by the Issuer or by a registration agent (designated in the relevant Final
Terms) for the Issuer, or in administered registered form (nominatif administré) in which case they will be inscribed in the accounts of the Euroclear France Account Holders
designated by the relevant Noteholders.
Materialised Notes will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without interest coupons
attached (a " Temporary Global Certificate") will initially be issued in connection with Materialised Notes. Such Temporary Global Certificate will be exchanged for
definitive Materialised Notes in bearer form with, where applicable, coupons for interest attached on or after a date expected to be on or after the 40th day after the Issue Date
of the Notes (subject to postponement as described in " Temporary Global Certificates issued in respect of Materialised Bearer Notes") upon certification as to non US
beneficial ownership as more fully described herein.
Temporary Global Certificates will (a) in the case of a Tranche intended to be cleared through Euroclear and/or Clearstream, be deposited on the Issue Date with a common
depositary on behalf of Euroclear and/or Clearstream and (b) in the case of a Tranche intended to be cleared through a clearing system other than or in addition to Euroclear
and/or Clearstream or delivered outside a clearing system, be deposited as agreed between the Issuer and the relevant Dealer (as defined below).
As of the date of this Base P rospectus, the long-term corporate rating of the Issuer by S&P Global Ratings Europe Limited (" S&P") is A+ with stable outlook and by
Moody' s Investors Service (" Moody's") is A1 with stable outlook. Notes issued under this P rogramme may or may not be rated. The credit ratings included or referred to in
this Base P rospectus have been issued by S&P and Moody' s, which are established in the European Union and registered under the Regulation (EC) No. 1060/2009 on credit
ratings agencies, as amended (the " CRA Regulation") and included in the list of credit rating agencies registered in accordance with the CRA Regulation published on the
European Securities and Markets Authority' s website (www.esma.europa.eu/supervision/credit-rating-agencies/risk).) as of the date of this Base P rospectus. A rating is not a
recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.

The final terms of the relevant Notes will be determined at the time of the offering of each Tranche and will be set out in the relevant Final Terms.

Prospective investors are invited to take into account the f actors described under the section headed "Risk Factors" in this B ase Prospectus before deciding to invest
in the Notes issued under the Programme.


Arranger
Deutsche Bank
Dealers
BofA Merrill Lynch
BNP PARIBAS
Citigroup
Crédit Agricole CIB
Deutsche Bank
HSBC
J.P. Morgan
MUFG
NATIXIS
NatWest Markets
Société Générale Corporate & Investment Banking

T he date of this Base Prospectus is 4 July 2019.




This document constitutes the base prospectus for LVMH Moët Hennessy Louis Vuitton ("LVMH" or
the "Issuer") in respect of non-equity securities within the meaning of Article 22 no. 6(4) of the
Commission Regulation (EC) no. 809/2004 of 29 April 2004, as amended or superseded (hereinafter, the
"Notes") to be issued by LVMH under this Euro Medium Term Note Programme (the "Programme").
In relation to each Tranche of Notes, this Base Prospectus must be read in conjunction with the
applicable Final Terms.
LVMH confirms, to the best of its knowledge having taken all reasonable care to ensure that such is the
case, that (i) this Base Prospectus (together with any supplement to it published from time to time in
accordance with the provisions of the "loi relative aux prospectus pour valeurs mobilières" in
Luxembourg (each a "Supplement" and together the "Supplements") (the "Base Prospectus")) contains
or incorporates all information with respect to it and its consolidated subsidiaries and affiliates taken as
a whole (together with LVMH, the "Group" or "LVMH Group") and to the Notes that is material in the
context of an issue and offering of the Notes and (ii) the statements contained in it relating to the Issuer,
the Group and the Notes are, at the date of this Base Prospectus, in every material particular true and
accurate and not misleading. The Issuer accepts responsibility accordingly.
This Base Prospectus is to be read in conjunction with any document and/or information which is or
may be incorporated herein by reference in accordance with Article 28 of the Commission Regulation
(EC) No. 809/2004 dated 29 April 2004, as amended (see "Documents Incorporated by Reference"
below) and may only be used for the purposes for which it has been published.
No person has been authorised to give any information or to make any representation other than those
contained in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made,
such information or representation must not be relied upon as having been authorised by the Issuer or
any of the Dealers or the Arranger (each as defined in "Summary"). Neither the delivery of this Base
Prospectus nor any sale made in connection herewith shall, under any circumstances, create any
implication that (i) there has been no change in the affairs of the LVMH Group since the date hereof or
the date upon which this Base Prospectus has been most recently amended or supplemented or (ii) there
has been no adverse change in the financial position of the Issuer or the LVMH Group since the date
hereof or the date upon which this Base Prospectus has been most recently amended or supplemented
or (iii) any other information supplied in connection with the Programme is correct as of any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions
may be restricted by law. Persons into whose possession this Base Prospectus comes are required by the
Issuer, the Dealers and the Arranger to inform themselves about and to observe any such restriction.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "Securities Act") or with any securities regulatory authority of any state or other
jurisdiction of the United States and include Materialised Notes in bearer form that are subject to U.S.
tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or, in the case of
Materialised Notes in bearer form, delivered within the United States or to or for the account or benefit
of U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S") and in the case of
Materialised Notes in bearer form, the U.S Internal Revenue Code of 1986, as amended (the "U.S.
Internal Revenue Code"), and the regulations thereunder). For a description of certain restrictions on
offers and sales of Notes and on distribution of this Base Prospectus, see "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the
Dealers or the Arranger to subscribe for, or purchase, any Notes.

3



The Arranger and the Dealers have not separately verified the information contained in this Base
Prospectus. None of the Dealers or the Arranger makes any representation, express or implied, or
accepts any responsibility, with respect to the accuracy or completeness of any of the information in this
Base Prospectus. Neither this Base Prospectus nor any other financial statements are intended to
provide the basis of any credit or other evaluation and should not be considered as a recommendation
by the Issuer, the Arranger or the Dealers that any recipient of this Base Prospectus or any other
financial statements should purchase the Notes. Each potential purchaser of Notes should determine for
itself the relevance of the information contained in this Base Prospectus and its purchase of Notes
should be based upon such investigation as it deems necessary. None of the Dealers or the Arranger
undertakes to review the financial condition or affairs of the Issuer or the LVMH Group during the life
of the arrangements contemplated by this Base Prospectus nor to advise any investor or potential
investor in the Notes of any information coming to the attention of any of the Dealers or the Arranger.
PRIIPs / IMPORTANT - EEA RETAIL INVESTORS ­ If the Final Terms in respect of any Notes
include a legend entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended, to
be offered, sold or otherwise made available to and, should not be offered, sold or otherwise made
available to any retail investor in the EEA. For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as
amended ("MiFID II"); (ii) a customer within the meaning of Directive 2016/97/EU, as amended or
superseded ("IDD"), where that customer would not qualify as a professional client as defined in point
(10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.
Consequently, no key information document required by Regulation (EU) No 1286/2014, as amended
(the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail
investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET ­ The Final Terms in respect of any
Notes may include a legend entitled "MiFID II Product Governance" which will outline the target
market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor")
should take into consideration the target market assessment; however, a distributor subject to MiFID II
is responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance
Rules"), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise
neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the
purpose of the MiFID Product Governance Rules. For the avoidance of doubt, the Issuer is not a
MiFID II regulated entity and does not qualify as a distributor or a manufacturer under the MiFID
Product Governance Rules.
NOTIFICATION PURSUANT TO SECTION 309B OF THE SECURITIES AND FUTURES ACT,
CHAPTER 289 OF SINGAPORE ­ Unless otherwise stated in the relevant Final Terms, all Notes
issued under the Programme shall be prescribed capital markets products as defined in the Securities
and Futures (Capital Markets Products) Regulations 2018 of Singapore.
In connection with the issue of any Tranche (as defined in "General Description of the Programme"),
the Dealer or Dealers (if any) named as the stabilising manager(s) (the "Stabilising Manager(s)") (or
persons acting on behalf of any Stabilising Manager(s)) in the applicable Final Terms may over-allot
Notes or effect transactions with a view to supporting the market price of the Notes at a level higher
than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any

4



stabilisation action may begin on or after the date on which adequate public disclosure of the terms of
the offer of the relevant Tranche is made and, if begun, may cease at any time, but it must end no later
than the earlier of thirty (30) days after the issue date of the relevant Tranche and sixty (60) days after
the date of the allotment of the relevant Tranche. Any stabilisation action or over-allotment must be
conducted by the relevant Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising
Manager(s) in accordance with all applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "",
"Euro", "EUR" or "euro" are to the single currency of the participating member states of the
European Monetary Union which was introduced on 1 January 1999, references to "£", "pounds
sterling", "GBP" and "Sterling" are to the lawful currency of the United Kingdom, references to "$",
"USD" and "US dollars" are to the lawful currency of the United States of America, references to "¥",
"JPY", "Japanese yen" and "Yen" are to the lawful currency of Japan, references to "CHF" and "Swiss
francs" are to the lawful currency of the Helvetic Confederation and references to "RMB", "CNY" or
"Renminbi" are to the Chinese Yuan Renminbi, the lawful currency of the People's Republic of China,
which, for the purpose of this document, excludes the Hong Kong Special Administrative Region of the
People's Republic of China, the Macau Special Administrative Region of the People's Republic of
China and Taiwan (the "PRC").

5



TABLE OF CONTENTS
Page
SUMMARY................................................................................................................................................................ 7
RISK FACTORS ...................................................................................................................................................... 22
CONDITIONS ATTACHED TO THE CONSENT OF THE ISSUER TO USE THE PROSPECTUS ............. 36
GENERAL DESCRIPTION OF THE PROGRAMME ........................................................................................ 38
DOCUMENTS INCORPORATED BY REFERENCE......................................................................................... 45
INFORMATION INCORPORATED BY REFERENCE FOR THE YEARS ENDED 31 DECEMBER 2017
AND 31 DECEMBER 2018 ........................................................................................................................... 47
SUPPLEMENT TO THE BASE PROSPECTUS .................................................................................................. 49
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS ................... 50
TERMS AND CONDITIONS OF THE NOTES ................................................................................................... 51
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED BEARER NOTES
.......................................................................................................................................................................... 91
USE OF PROCEEDS .............................................................................................................................................. 92
SELECTED FINANCIAL INFORMATION ......................................................................................................... 93
DESCRIPTION OF LVMH MOËT HENNESSY LOUIS VUITTON ................................................................ 94
BOARD OF DIRECTORS ...................................................................................................................................... 95
STATUTORY AUDITORS...................................................................................................................................... 99
INFORMATION RELATING TO LVMH CAPITAL ......................................................................................... 100
FINANCIAL INFORMATION CONCERNING LVMH'S ASSETS AND LIABILITIES, FINANCIAL
POSITION AND PROFITS AND LOSSES ................................................................................................ 102
SIGNIFICANT RECENT DEVELOPMENTS.................................................................................................... 108
TAXATION ............................................................................................................................................................ 109
SUBSCRIPTION AND SALE .............................................................................................................................. 114
FORM OF RETAIL FINAL TERMS ................................................................................................................... 120
FORM OF WHOLESALE FINAL TERMS ........................................................................................................ 138
GENERAL INFORMATION ................................................................................................................................ 153



6



SUMMARY
Summaries are made up of disclosure requirements known as "Elements" the communication of which is
required by Annex XXII of the Commission Regulation (EC) No 809/2004 of 29 April 2004 as amended or
superseded. These Elements are numbered in Sections A ­ E (A.1 ­ E.7). This summary contains all the
Elements required to be included in a summary for this type of securities and for LVMH Moët Hennessy Louis
Vuitton S.E. ("LVMH" or "the "Issuer"). Because some Elements are not required to be addressed, there
may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be
inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information
can be given regarding such Element. In this case a short description of the Element is included in the
summary and marked as "Not Applicable".
Section A - Introduction and warnings
A.1
General
Warning that:
disclaimer
· this summary should be read as introduction to this Base Prospectus;
regarding the
summary
· any decision to invest in the Notes should be based on consideration of
the Base Prospectus as a whole by the investor;
· where a claim relating to the information contained or incorporated by
reference in this Base Prospectus is brought before a court, the plaintiff
might, under the national legislation of the Member State of the
European Economic Area ("EEA"), have to bear the costs of translating
this Base Prospectus before the legal proceedings are initiated; and
· civil liability attaches only to those persons who have tabled the
summary, including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the other
parts of this Base Prospectus or it does not provide, when read together
with the other parts of this Base Prospectus, key information in order to
aid investors when considering whether to invest in the Notes.
A.2
Information
[In the context of the offer of the Notes from time to time in the Grand Duchy
regarding consent of Luxembourg [and [insert other jurisdiction into which the Base Prospectus
by the Issuer to
has been passported] (``Public Offer Jurisdiction(s)'') which is not made
the use of the
within an exemption from the requirement to publish a prospectus under the
Prospectus
Prospectus Directive, as amended (the "Non-Exempt Offer"), the Issuer
consents to the use of this Base Prospectus as so supplemented in connection
with a Non-Exempt Offer of any Notes during the period from [] until []
(the "Offer Period") and in the Public Offer Jurisdiction(s) by [any financial
intermediary] (the "Authorised Offeror[s]"). [The Authorised Offeror[s] must
satisfy the following conditions: []]
Neither the Dealer(s) nor the Issuer shall have any obligation to ensure that an
Authorised Offeror complies with applicable laws and regulations and shall
therefore have no liability in this respect.
An Investor intending to acquire or acquiring any Notes from an
Authorised Offeror will do so, and offers and sales of the Notes to an
Investor by an Authorised Offeror will be made, in accordance with any
terms and other arrangements in place between such Authorised Offeror

7



and such Investor including as to price allocations and settlement
arrangements (the "Terms and Conditions of the Non-exempt Offer").
The Issuer will not be a party to any such arrangements with Investors
(other than the Dealer(s)) in connection with the offer or sale of the Notes
and, accordingly, the Base Prospectus and any Final Terms will not
contain such information. The Terms and Conditions of the Non-Exempt
Offer shall be provided to Investors by that Authorised Offeror at the
time of the Non-Exempt Offer. Neither the Issuer nor the Dealer(s) or
other Authorised Offerors has any responsibility or liability for such
information. The Terms and Conditions of the Non-exempt Offer shall be
provided to Investors by that Authorised Offeror at the time of the Non-
exempt Offer. Neither the Issuer nor any of the Dealers or other
Authorised Offerors has any responsibility or liability for such
information.]
[Not Applicable: the Issuer does not consent to the use of the Base Prospectus
in subsequent resale of final placement.]

Section B ­ Issuer
B.1
Legal and
LVMH Moët Hennessy Louis Vuitton S.E. ("LVMH").
commercial name
of the Issuer
B.2
Domicile, legal
LVMH Moët Hennessy Louis Vuitton is a société européenne incorporated
form, legislation,
and operating under the laws of and domiciled in Paris, France.
country of
incorporation
B.4b Description of any Not Applicable. There are no known trends that are reasonably likely to have
known trends
a material effect on the Issuer's prospects for the current financial year.
affecting the
Issuer and the
industries in
which it operates
B.5
Description of the
As a legal entity, the Issuer is the holding company of the LVMH Group
Issuer's group
managing and coordinating the operational activities of all its subsidiaries,
and the Issuer's
and offering them various management assistance services, particularly in
position within
legal, financial, tax or insurance matters.
the group
B.9
Profit forecast or
Not Applicable. The Issuer does not provide profit forecasts or estimates.
estimate
B.10 Qualifications in
Not Applicable. There are no qualifications in the audit report.
the auditors'
report
B.12 Selected historical
Key consolidated audited financial information as at 31 December 2017
key financial
and 31 December 2018. This information has been extracted from the
information,
audited consolidated annual financial statements of LVMH for the year
description of
ended 31 December 2018.

8



significant

As of 31 December
changes in the
financial or
(consolidated financial data,
2017
2018
millions of euros)
trading position
and statement
Equity
30,377
33,957
that there has
been no material
Ajusted Net financial debt
7,153
5,487
adverse change in
the prospects of
Long-term borrowings
7,046
6,005
the Issuer
Short-term borrowings
4,530
5,027
Balance sheet total
69,755
74,300




Fiscal year ended 31 December
(consolidated financial data,
millions of euros)
2017
2018

Revenue
42,636
46,826
Profit from recurring operations
8,293
10,003
Net profit, Group share
5,365
6,354
Cash from operations before
10,405
11,965
changes in working capital
Save as described in element B.13 below, there has been no significant
change in the financial or trading position, and no material adverse change
in the prospects, of LVMH or the LVMH Group since 31 December 2018.

B.13 Recent
On 17 April 2019, LVMH and Belmond Ltd. (NYSE: BEL), owners, part-
developments
owners or managers of 45 luxury hotel, restaurant, train and river cruise
properties, declared that the acquisition of Belmond by LVMH had been
completed.
This transaction, which was announced on December 14, 2018, received
approval from Belmond's shareholders on February 14, 2019, and closed
effective 17 April 2019.
Under the terms of the $3.2 billion enterprise value transaction, Belmond's
shareholders received $25.00 per Class A share in cash. With the completion
of the acquisition, Belmond's Class A common shares will no longer be
listed on the New York Stock Exchange.
On 28 February 2019, LVMH issued the following two Tranches of Notes:
- Euro 300,000,000 0.000 per cent. Notes due 28 February 2021; and
- Euro 700,000,000 0.125 per cent. Notes due 28 February 2023.
These Notes have been issued for general corporate purpose.
B.14 Statement of
See Element B.5.
dependency upon
LVMH is a holding company and as a result its financial and trading position
other entities

9



within the Group
depends on the financial and trading position of its subsidiaries.
B.15 Principal
LVMH is the only group that operates simultaneously, through its Maisons,
activities
in all the following luxury sectors.
The LVMH Group is organized in five main branches:
Wines and Spirits
The LVMH Group's Wines and Spirits activities regroup prestigious brands
such as Moët & Chandon, Krug, Veuve Clicquot Ponsardin or Dom
Pérignon for champagne, Hennessy for cognac, Glenmorangie for single-
malt whisky, Belvedere for premium vodka and Château d'Yquem or
Domaine du Clos des Lambrays for wines.
Fashion and Leather Goods
Along with Louis Vuitton, the Fashion and Leather Goods business group
includes Christian Dior Couture, Fendi, Loewe, Celine, Kenzo, Marc Jacobs,
Givenchy fashion house, Thomas Pink, Pucci, Berluti, Rossimoda, Loro
Piana, Nicolas Kirkwood and Rimowa.
Perfumes and Cosmetics
LVMH is a major world player in the Perfumes and Cosmetics sector with
Parfums Christian Dior, Guerlain, Parfums Givenchy, Parfums Kenzo,
BeneFit Cosmetics, Make Up For Ever, Fresh and Maison Francis
Kurkdjian.
Watches and Jewelry
The most recent LVMH business group holds a portfolio of top-quality
watch and jewelry brands, with highly complementary market positions:
TAG Heuer, Zenith, Montres Dior, Hublot, Bulgari, Chaumet and Fred.
Selective Retailing
The selective retailing businesses operate in two segments: travel retail (the
sale of luxury products to international travelers), the business of DFS and
Starboard Cruise Services, and selective retailing concepts represented by
Sephora and the Paris department store Le Bon Marché.
Other activities
The Other activities segment includes the media division managed by the
Les Echos group, La Samaritaine, the Dutch luxury yacht maker Royal Van
Lent, Cheval Blanc hotel operations and since 2013, the Cova patisserie
business, based in Milan (Italy).
B.16 Controlling
LVMH is controlled by the Arnault family group (made up of the Arnault
persons
family and controlled companies including Financière Jean Goujon).
B.17 Credit ratings
The Issuer's long-term corporate rating by S&P Global Ratings Europe
assigned to the
Limited ("S&P") is A+ with stable outlook and by Moody's Investors
Issuer or its debt
Service ("Moody's") is A1 with stable outlook as at the date of the Base
securities
Prospectus.
[Not Applicable. The Notes are not rated]. / [The Notes are expected to be

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