CONSOLIDATED INCOME STATEMENT Notes EUR millions, except for earnings per share) Revenue Cost of sales 23-24 2014 30,638 (10,801) 2013 29,016 (9,997) 2015 35.664 (12,553) 23,111 (13,830) (2,663) (13) 19,019 (10,767) (2,212) (23) 23-24 6,017 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) 6,605 (221) 6,384 (78) (336) 19,837 (11,744) (2,373) (5) 5,715 (284) 5,431 (115) 3,062 2,947 (2,273) (119) 5,898 (101) 197) (414) (198) (1,753) Income taxes 3,947 Net profit before minority interests Minority interests Net profit, Group share (1,969) 4,001 (428) 3,573 6,105 (457) 5,648 (511) 3,436 6.87 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 28 500,283,414 6.83 503,217,497 CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES 2014 2013 (EUR millions Net profit before minority interests 2015 4,001 6,105 3,947 534 Translation adjustments Tax impact 631 135 104 (346) (48) 638 (394) Change in value of available for sale financial assets Amounts transferred to income statement Tax impact (91) 20 494 (3,326) 184 (103) (2,648) (35) 912 304 (63) (30) Change in value of hedges of future foreign currency cash flows Amounts transferred to income statement Tax impact (163) (265) 57 (136) Gains and losses recognized in equity, transferable to income statement (2,146) (17) Change in value of vineyard land Amounts transferred to consolidated reserves Tax impact (10) 9 (18) Employee benefit commitments: change in value resulting from actuarial gains and losses Tax impact (161) (109) Gains and losses recognized in equity, not transferable to income statement (127) 300 Comprehensive income Minority interests Comprehensive income, Group share 4,706 (558) 3,832 (565) 3,267 4,787 (532) 4,255 4,148 CONSOLIDATED BALANCE SHEET Notes 2015 2014 2013 13,031 8,810 10,387 ASSETS IEUR 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 Non-current assets 519 13,572 10,122 11,157 729 574 552 1,945 38,651 10,096 2,521 384 2,355 3,594 18,950 580 489 1,436 35,252 12,596 9,058 9,621 480 7,080 457 913 40,205 8,492 2,174 223 1,856 3,226 15,971 9,475 Inventories and work in progress Trade accounts receivable Income taxes Other current assets Cash and cash equivalents Current assets 2,274 354 1,916 4,091 18,110 Total assets 57,601 53,362 56,176 Notes 2015 2014 2013 152 152 152 3,849 2,579 2,655 15.1 15.1 15.2 15.4 (374) (451) 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 (240) 1,137 949 16,189 3,573 24,339 1,460 25,799 4,511 1,950 4,685 7,957 492 1,019 12,171 5,648 21,763 1,240 (8) 3,900 16,001 3,436 26,879 1,028 27,907 4,149 1,797 4,280 6,404 23,003 5,054 2,291 4,392 6,447 Non-current liabilities 16,630 4,674 18,184 4,189 3,606 549 Short-term borrowings Trade accounts payable Income taxes Current provisions Other current liabilities 21.1 19,103 3,769 3,960 640 421 3,909 12,699 332 3,297 357 324 2.987 11,639 21.2 3,499 Current liabilities 12,175 Total liabilities and equity 57,601 53,362 56,176 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR millions Revaluation reserves Number of shares Share capital 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 Minority interests Available for sale financial assets Hedges of future foreign currency cash flows Employee benefit commit- ments 15.1 152 15.2 (414) 3,848 15.4 342 (350) 1,943 912 1 18 18 758 188 (88) 51 17,765 - 3,436 3,436 24,424 819 3,436 4,255 17 1,084 21 511 5 32 25,508 840 3,947 4,787 - (350) 912 18 188 51 1 31 31 3 34 (103) 12 (110) . (110) 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 1,025,418 Retirement of LVMH shares (1,395,106) 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 67 - 67 67 (66) 66 .88 (1,500) (228) (1,728) (1,500) - 235 235 1 1 (1) [73] [73] [76] (149) 152 3,849 (451) (8) 500 2,855 2,648) 136 (122] 946 [15] (37) [96] (216) 19,437 - 5,648 ,648 (216) 26,879 2,381 5,648 3,267 (529) 1,028 1 08 457 5 65 (745) 27,907 (2,273) ,105 3,832 6 - - - 500 (2,648) (122) (15) 196 5 37 372 39 (17) 10 - 10 (50) 50 (1,579) - (1,579) 3 (328) 3 (1,907) (1,203) 15,652) 15) 121 (48) 17,819 (6,855) (5) 121 (48) 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 980,323 Retirement of LVMH shares (1,062,271) Capital increase in subsidiaries Interim and final dividends paid Distribution in kind of Herms 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 552,137 Retirement of LVMH shares (1.124,740) 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 - 16,855) 116 32 30 (73) (121) 152 2,655 (374) 492 645 207 (103) 14 (25) 931 33 (133) 25 130 428 558 . 705 4.001 4,706 645 (103) (25 3,573 3,573 33 3,573 4,148 25 35 35 2 37 23 35 35 (111 1 11 89 (1,659) 19 5 11 19,762 (1,659) (9) 5 11 24,339 (229) 1 (3) (198) 1,460 (1,888) (8) 2 (187) 25,799 1 52 2,579 (240) 1,137 1 04 (11) 964 (108) CONSOLIDATED CASH FLOW STATEMENT (EUR millions) Notes 2015 2014 2013 5,431 5,898 6.384 27 2,081 49 (456) 1,895 (188) (84) 1,435 (29) (76) 191) I. 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 Net cash from operating activities before changes in working capital Change in working capital 7,945 (75) (1,807) 7,080 (116) (1,639) 7,277 (111) (1,832) 5,334 (620) 14.1 6,063 (429) 5,325 (718) Net cash from operating activities Operating investments - 14.2 5,634 (1,955) 3,679 4,607 (1,775) 2,832 4,714 (1,657) 3,057 178) (57) (197) 38 68 160 69 (265) (240) (511) (237) (167) (232) (11) (2,161) (2,260) 35 59 66 81 7 (1,671) (304) (1,619) (79) (113) (1,501) (137) 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 (1+11+1/4+IV+V) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD (228) (4) (336) 10 (1,961) (220) (150) (2,048) (1,251) (2,090) 1,078 639 1,008 (2,443) 13 2,407 (2,100) (106) 201 3,095 (1,057) 101 2,139 (1,438) (33) (393) 47 935 867 3,783 3,390 2,916 3,783 1,981 2,916 TOTAL INCOME TAXES PAID (2,376) (1,955) (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 (a) Did the company declare and pay any dividends for the year ended December 31, 2015? The company declared dividends of and paid dividends of in 2015. Click if you would like to Show Work for this question: Open Show Work