Combined Shareholders’ Meeting
April 15, 2010
Haute Couture CollectionSpring-Summer 2010
HIGHLIGHTSCHRISTIAN DIOR GROUP
Resilience of the Christian Dior Groupin the context of the 2009 crisis
High level of profitability maintained
Sharp increase in available cash flow
Market share gains of star brands in key regions
Business activity rebound in the fourth quartery q
CONSOLIDATED FINANCIAL HIGHLIGHTSCHRISTIAN DIOR GROUP
(EUR millions)(EUR millions)
20092008
17,74517,933Revenue
6 8G i 11,32311,628Gross margin
3,3563,621Profit from recurring operations
1,9022,224Net profit
695796Net profit – Group share
CONSOLIDATED REVENUE BYBUSINESS GROUP (2008 → 2009)
CHRISTIAN DIOR GROUP
Fashion and
BUSINESS GROUP (2008 → 2009)
Leather Goods
34% → 36%
Selective Retailing
24% → 26%
Christian Dior Couture
Wines and Spirits
17% → 15%
4% → 4%
Perfumes and CosmeticsWatches and Jewelry16% → 15%5% → 4%
CONSOLIDATED REVENUE BY GEOGRAPHICREGION OF DELIVERY (2008 → 2009)
CHRISTIAN DIOR GROUP
REGION OF DELIVERY (2008 → 2009)
France
15% → 15%
Europe
24% → 22%
United States JapanU ted States
22% → 22%
J p
10% → 10%
Asia
20% → 23%Other markets
9% → 8% 20% → 23%9% → 8%
CONSOLIDATED REVENUE BY CURRENCY(2008 → 2009)
CHRISTIAN DIOR GROUP
(2008 → 2009)
Euro
32% → 30%
US Dollar
27% → 26%
Yen
10% → 10%
Other currencies
31% → 34%31% → 34%
Ready-to-Wear CollectionSpring-Summer 2010
(EUR billions)CONSOLIDATED CASH FLOWCHRISTIAN DIOR GROUP
(EUR billions)
Investments
Change in
working capital
2.8
(1.1)
Investments
0.2
g p
1.6
( )
Dividends
Other
(0.9)0.6
NET CASH
FROM OPERATIONS
NET CHANGE IN CASH
AND CASH EQUIVALENTSFROM OPERATIONS AND CASH EQUIVALENTS
CONSOLIDATED TOTAL EQUITY AND NET FINANCIAL DEBT(EUR billions)
CHRISTIAN DIOR GROUP
(EUR billions)
AS OF DECEMBER 31, 2008 AS OF DECEMBER 31, 2009
15.216.1
5.44.5
Gearing: 35.4 % Gearing: 27.7 %
TOTAL EQUITY (*) NET FINANCIAL DEBT
(*) Application of IAS 38 as amended en 2008
The “Lady Dior” bag
The “New Lock” bag
The “Granville” bag
The “Christal Tourbillon Rubis” watch
KEY STRATEGIC POINTSCHRISTIAN DIOR COUTURE
Strategy anchored on a heritage of excellence
Continually-enriched product lines
Global network with a reinforced presenceGlobal network with a reinforced presencein high-growth markets
Communication strategy that blends prestigewith innovation
CHRISTIAN DIOR COUTURE(EUR millions)
CHRISTIAN DIOR COUTURE
(EUR millions)
REVENUE PROFIT FROM
RECURRING OPERATIONS
717765
13
9
20092008 20092008
REVENUE BY BUSINESS GROUP
(2008 → 2009)
CHRISTIAN DIOR COUTURE
(2008 → 2009)
License royalties
5% → 5%
Wholesale revenue
Retail revenue
(and other)Wholesale revenue
21% → 19%
(and other)
74% → 76%
RETAIL REVENUE (and other) BY GEOGRAPHIC REGION OF DELIVERY
CHRISTIAN DIOR COUTURE
(2008 → 2009)(2008 → 2009)
Americas
13% → 11%
Asia
Europe
and Middle EastAsia
35% → 38%
and Middle East
52% → 51%
Ready-to-Wear CollectionSpring-Summer 2010
WINES AND SPIRITS(EUR millions)
LVMH
(EUR millions)
REVENUE PROFIT FROM
RECURRING OPERATIONS
2,7403,126
760
1,060
20092008 20092008
FASHION AND LEATHER GOODS(EUR millions)
LVMH
(EUR millions)
REVENUE PROFIT FROM
RECURRING OPERATIONS
6,3026,010
1 9861,9861,927
20092008 20092008
PERFUMES AND COSMETICS(EUR millions)
LVMH
(EUR millions)
REVENUE PROFIT FROM
RECURRING OPERATIONS
2,7412,868
291290
20092008 20092008
WATCHES AND JEWELRY(EUR millions)
LVMH
(EUR millions)
REVENUE PROFIT FROM
RECURRING OPERATIONS
764879
63118
20092008 20092008
SELECTIVE RETAILING(EUR millions)
LVMH
(EUR millions)
REVENUE PROFIT FROM
RECURRING OPERATIONS4,5334,376
388388
20092008 20092008
Haute Couture CollectionAutumn-Winter 2009 / 2010
DIVIDEND PER SHARECHRISTIAN DIOR SA
1.66 € (*)
1 61 €1 61 € 1.61 €
1.16 €
1.61 €1.41 €
0.97 €
200820072006 200920052004
(*) Gross amount proposed to the Shareholders’ Meeting( ) Gross amount proposed to the Shareholders Meeting
CONCLUSION AND OUTLOOKCHRISTIAN DIOR GROUP
High level of profitability
Group’s strengths
High value delivery strategy maintained
Combined Shareholders’ Meeting
April 15, 2010