2020 Annual Results
2020 ANNUAL RESULTS
LVMH
VERY SOUND FINANCIAL STRUCTURE
Changes compared to December 31, 2019
| Slight decline in intangible and tangible fixed assets
due to limited capital investments during the pandemic
| Reduced inventories mainly resulting from unfavorable currency
change
| Slight increase in total equity primarily linked to net result less
dividends compensated in part by currency change
| Compensating increases in debt and current assets in preparation
for the Tiffany acquisition which closed on January 7th, 2021
2020 ANNUAL RESULTS
In billions of euros
108.7
108.7
36%
Total
equity
Non current
63%
assets
41%
Non current
liabilities
Inventories 12%
Other current
25%
23%
Current
liabilities
assets
ASSETS
LIABILITIES
ANALYSIS OF CASH FLOW FROM OPERATIONS
December 31, 2020
In millions of euros
2019
2020
Variation (M€)
CASH FROM OPERATIONS BEFORE CHANGES
16 105
13 997
- 2 108
IN WORKING CAPITAL
Cost of net financial debt: interest paid
(124)
Lease liabilities: interest paid
(239)
(58)
(290)
+66
- 51
Tax paid
(2 940)
(2 385)
+ 555
Change in working capital
(1 154)
(367)
+ 787
NET CASH FROM OPERATING ACTIVITIES
11 648
10 897
- 751
Operating investments
(3 294)
(2 478)
Repayment of lease liabilities
(2 187)
(2 302)
+816
- 115
OPERATING FREE CASH FLOW *
6 167
6 117
- 50
* Before available for sale financial assets and investments, transactions relating to equity and financing activities.
25
LVMH
26
LVMHView entire presentation