LVMH Moet Hennessy-Louis Vuitton SA http://www.alacrastore.com/company-snapshot/LVMH_Moet_Hennessy_Louis_Vuitton_SA-1011350 Saturday, July 26, 2008 7:35:13 AM 1011350 LVMH Moet Hennessy-Louis Vuitton SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/384016_report_framefitch/384016_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.LVMH Moet Hennessy-Louis Vuitton SA803613004/28/2008 10:10:00 AM0103000001030200165Credit Update012101384016_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/631644spcred/631644normThe latest Summary from S&P2/20/2008 1:02:52 PMSummary175global631644FranceApparel, Accessories & Luxury GoodsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on French luxury goods manufacturer and retailer LVMH Moet Hennessy Louis Vuitton S.A. reflect the group's leading market positions in the global luxury goods industry, the strong cash generation capacity of its operations and its conservative financial metrics. The ratings are constrained by the group's ownership structure through a number of operating holding companies with limited transparency. LVMH's product, brand, and geographic diversification are unparalleled in the luxury goods industry. The group continues to benefit from its strong pricing power and favorable underlying trends in the industry, which should help mitigate recessionary threats in the U.S. through sustained demand in emerging markets and resilient trading conditions in Europe. Despite adverse currency movements over 2007, which had a negativeFRA502441J3915J25203010 252030 2520 25LVMH Moet Hennessy Louis Vuitton S.A.113025ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMC@FPSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/955401bir/955401normLVMH Moet Hennessy Louis Vuitton S.A.FranceManufacturing: Luxury goods like perfume, jewelry, liquor, clothing and accessories.233123253144233767192339232128443152323152233152243152343159993162143256205511129IMMC2/12/2008 6:27:00 AM955401Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/63286cs/63286norm63286 #### Euro Consumer Goods Outlook Heading into #### trading conditions are expected to remain challenging for the mass-market Euro consumer goods names, reflecting rising commodity costs, U.S. dollar weakness and an ongoing limited ability...2702YesD0Article1031631138510041542091163410116281051874corp478724821Sector Outlooks1/7/2008 11:12:44 PM150We maintain our underweight recommendation on the Euro Consumer Goods sector heading into 2008, fuelled by significant uncertainty surrounding Cadbury Schweppes in the coming months and ongoing M&A event risk in the luxury segment.63286Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/361686_report_framefitch/361686_report_framepdf010303012508036105601030101Accor S.A.12017METRO AG80360209MEOJ. Sainsbury plcCasino Guichard-Perrachon S.A.01255880359969Carrefour S.A.SBRY12040Special Report803613000103000001210180359964AH0100000001032100L'Oreal SA8036083412/13/2007 2:14:00 PM01203280359949CPGLVMH Moet Hennessy-Louis Vuitton SATSCOCompass Group plc80360208809552378036059401212201030300804171790103010001030200Tesco plc80362463Sodexho Alliance S.A.Koninklijke Ahold N.V.361686_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/358722_report_framefitch/358722_report_framepdf803610561204080361300Carrefour S.A.80360209010303018036083401032100012558Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Special ReportCasino Guichard-Perrachon S.A.012101J. Sainsbury plc80359964Sodexho Alliance S.A.80362463METRO AG010302000103010080955237L'Oreal SASBRY8036059401000000012032AH12017Accor S.A.12/5/2007 10:12:00 AM012122MEO010303000103010125080360208Koninklijke Ahold N.V.Compass Group plcLVMH Moet Hennessy-Louis Vuitton SA01030000CPG8041717980359949358722_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/ccbn/T1666830ccbn/T1666830norm10/15/2007 2:05:00 PMLVMH Moet-Hennessy Louis Vuitton54.0000FinalQ3 2007 LVMH Moet-Hennessy Louis Vuitton Sales Conference Call TranscriptMC.PA3:00pm CET...Good afternoon, ladies and gentlemen, and welcome to the LVMH #### third quarter revenue conference call. (OPERATOR INSTRUCTIONS). I would now like to hand over to the chairperson, Mr. Chris Hollis. Please begin your meeting, sir, and I shall be standing by. ... TranscriptT1666830Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/spcred/598852spcred/598852normThe latest Full Report from S&P8/30/2007 10:44:09 AMFull Report400global598852FranceApparel, Accessories & Luxury GoodsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsConsumer ProductsFull ReportBy far the largest player in the global luxury goods industry Very well-established positions and superior profitability of the core Louis Vuitton and champagne and cognac businesses Strong free cash flow generation capacity Adequate financial flexibility Sensitivity to demand for luxury goods Limited, albeit improving, earnings contributions from the group's secondary businesses Substantial dividend payments The ratings on French luxury goods manufacturer and retailer LVMH Moet Hennessy Louis Vuitton S.A. reflect the strong and steady improvement in the group's financial profile, spurred by the Louis Vuitton brand's solid cash flow generation and the group's high-end wines and spirits portfolio. LVMH's product, brand, and geographic diversification are unparalleled in the luxury goods industry. The group continues to benefit from favorable marketFRA502441J3915J25203010 252030 2520 25LVMH Moet Hennessy Louis Vuitton S.A.113025ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMC@FPFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/598854spcred/598854normThe latest Summary from S&P8/30/2007 10:44:09 AMSummary175global598854FranceApparel, Accessories & Luxury GoodsAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on French luxury goods manufacturer and retailer LVMH Moet Hennessy Louis Vuitton S.A. reflect the strong and steady improvement in the group's financial profile, spurred by the Louis Vuitton brand's solid cash flow generation and the group's high-end wines and spirits portfolio. LVMH's product, brand, and geographic diversification are unparalleled in the luxury goods industry. The group continues to benefit from favorable market trends in the sector, which should again grow significantly faster than world GDP this year, driven by recovery in European consumption and sustained demand in emerging markets. Notwithstanding adverse currency impacts over the first half of 2007, the group confirmed positive operating trends in 2006--12% organic sales growth before currency effects and a 20.6% EBITFRA502441J3915J25203010 252030 2520 25LVMH Moet Hennessy Louis Vuitton S.A.113025ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMC@FPSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1604806ccbn/T1604806norm7/26/2007 10:07:00 PMLVMH Moet-Hennessy Louis Vuitton54.00FinalInterim 2007 LVMH Moet-Hennessy Louis Vuitton Earnings Conference Call (Listen Only) TranscriptMC.PA5:45pm CET... - LVMH Moet-Hennessy Louis Vuitton - Chairman and CEO Well, ladies and gentlemen, good evening. Thank you for being with us for this meeting where we'll be presenting the First-Half Results of LVMH, first half of ####. I'm sure you've received the figures but you will have seen that the figures are excellent once again. So I'm very pleased to announce that our revenue, organic revenue growth, is ##% in the first half with all business groups posting double-digit growth. Very strong in Watches and Jewelry and excellent in the other business groups. In particular, it's worth noting that Louis Vuitton and Yves Carcelle will refer to that very remarkable performance. On the geographic front we have very good distribution of this growth with very active growth in Europe, in the United States, and in Asia. Profit from recurring operations, because for the first time we're announcing our results in July, you can see that we're very dynamic from the accounting standpoint. Even if we don't have... TranscriptT1604806Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/spcred/446367spcred/446367norm7/3/2007 11:43:32 AMThe latest Summary from S&PSummaryEUR LVMH EBIT FFO GLENMORANGIE LOUIS VUITTON BRANDS DIVIDENDS DIVISION ORGANIC SUSTAIN ACCOMMODATED ARNAULT BERNARD CHAMPAGNE COGNAC COMFORTABLE COMFORTABLY CORPORATEFINANCEEUROPE COSMETICS EBITDA EFFICIENT ENABLED EQUIVALENTS EUROZONE EXPORTED EXTREMELY FACILITATED FASHION FINANCED FORESEEABLE GBP310 GOALS HEDGES HENNESSY HIGHLY IFRS IMPROVES INDEBTED INVENTORY INVOLVE JEWELRY LEATHER LISTED MAINSTAY MAKING MANUFACTURED MINORITIES MOET NOTABLY PAYOUT PERFUMES PROPORTION REPORTING RESILIENT RETAILING RIGHTS SPIRITS SUPPORTS UNUSED VOTING WATCHES WINEThe ratings on LVMH Louis Vuitton Moet Hennessy reflect the strong cash flow generation of the Louis Vuitton brand and the high-end wine and spirits portfolio, as well as the group's adequate financial profile. The group generated 2004 revenues and EBITDA of Ç12.6 billion ($15.3 billion) and Ç2.8 billion, respectively, and year-end on-balance-sheet gross debt was Ç6.3 billion. Despite the impact of unfavorable exchange rates again in 2004 (most of LVMH's products are manufactured in the Eurozone, with a large proportion exported to Asia and the U.S.), the strength of LVMH's brands enabled the group to sustain free operating cash flow at Ç1.2 billion, in line with the previous two years. The Louis Vuitton brand is the mainstay of theLVMH Moet Hennessy Louis Vuitton25203010 252030 2520 25FRAglobal100.00113025446367Credit & Investment ResearchS&P Credit Research