| Fri 13 Nov 2009, 7:33 | | CFR - Compagnie Financiere Richemont SA Depositary Receipts - Unaudited |
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CFR
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CFR - Compagnie Financiere Richemont SA Depositary Receipts - Unaudited
results for the six months ended 30 September 2009
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
("Richemont" or "the Company" or "the Group")
Unaudited results for the six months ended 30 September 2009
Richemont, the Swiss luxury goods group, announces its unaudited results for
the six-month period ended 30 September 2009.
Financial highlights
Sales decreased by 15 per cent to EUR 2 379 million.
Operating profit decreased by 39 per cent to EUR 390 million.
Profit from continuing operations decreased by 36 per cent to EUR 345
million.
Cash generated by the Group`s operations was EUR 321 million; net cash at 30
September 2009 amounted to EUR 902 million.
Overview
The six months ended 30 September 2009 represent the first complete reporting
period for Richemont as a focused luxury goods group; subsequent to the
restructuring effected in October 2008. The comparative period has therefore
been re-presented in respect of discontinued operations, most notably the
Group`s former interest in British American Tobacco p.l.c.
The luxury goods industry has faced very adverse trading conditions since
October 2008. As anticipated, the Group`s sales and results for the period
under review were significantly lower than the comparative six-month period.
Sales
Sales decreased by 15 per cent to EUR 2 379 million, reflecting the difficult
trading environment in most major markets. The significant sales decreases
in the Americas region, in Europe and Japan were partly offset by continuing
growth in the Asia-Pacific region. Sales through the Group`s own boutique
network were generally more resilient than wholesale sales. At constant
exchange rates, Group sales decreased by 20 per cent.
Operating profit
Operating profit decreased by 39 per cent to EUR 390 million. The decrease
reflected the significant decline in sales and gross profit, which was only
partly offset by operating cost reductions. Consequently, the operating
profit margin fell from 22.7 per cent in the comparative period to 16.4 per
cent in the period under review.
Profit from continuing operations
Profit from continuing operations declined by 36 per cent to EUR 345 million.
Earnings per share from continuing operations on a diluted basis declined by
35 per cent to EUR 0.623 per share.
Cash position
Cash generated by the Group`s operations during the period amounted to EUR
321 million. The net cash position at 30 September 2009 amounted to EUR 902
million, an increase of EUR 80 million compared to the position at 31 March
2009.
Executive Chairman`s commentary
Overview
Since October 2008, the luxury goods industry has faced extremely difficult
trading conditions in most of its markets as the financial crisis extended
into the broader economy. These difficulties have continued to impact
Richemont`s sales and profitability during the first six months of this
financial year and comparisons reflect the fact that the six-month period
ended 30 September 2008 was a record one for the Group in terms of both sales
and profitability. Although sales for the six months under review are
significantly below the prior year, we have rigorously controlled expenditure
and slowed production in order to limit the decline in profitability.
By cutting back production we were able to avoid a build-up of finished goods
inventory in the Group`s own wholesale distribution network. This was
achieved even as our retail partners in the watch business have been
destocking. Wherever possible, we have cut production without triggering
redundancies amongst our skilled workforce. The Group`s working capital has
been kept under strict control and maintaining cash-flow has been a key
consideration. At 30 September 2009, the Group`s net cash position amounted
to some EUR 900 million; EUR 80 million above the level of 31 March.
Over the period under review, the rate of decline in sales through both
retail and wholesale channels has slowed. Retail sales over the period have
generally been much less impacted by the crisis than the wholesale business.
At actual rates, sales through our own boutiques reached a low point of -10
per cent in June this year, with the decline limited to single figures since
then.
Although western economies, most notably the United States, have been badly
hit, the Asia-Pacific region has proved resilient, with the Group`s sales in
that region being above the prior year`s level since July.
Current trading and outlook
The decline in sales for the month of October across all regions was 10 per
cent at actual rates. The Asia-Pacific region saw sales 11 per cent above the
prior year, although this was more than compensated by the Americas, Japan
and Europe, which all reported lower figures. Cartier performed well in Asia,
with a double-digit growth in sales in the month. Overall, the Group`s retail
sales for the month were 2 per cent below last year.
These performances were achieved against the less challenging comparative
figures reported in October 2008. A cause for concern remains the significant
weakening of the dollar and, to a lesser extent, the yen against the euro
over recent months. These currency trends will have a negative impact on the
Group`s results for the second half of the year.
We remain cautious as to the sustainability of the improving economic outlook
that we are seeing today and are prepared for a long recovery process.
However, the Group`s Maisons possess the heritage, creative expertise,
products and manufacturing resources - linked to the financial backing of
Richemont - which will allow them to emerge from this recession stronger than
before. Although we will continue to plan for difficult market conditions,
Richemont is well prepared to reap the benefits of improved economic
circumstances in the years ahead.
Johann Rupert
Executive Chairman
Geneva, 13 November 2009
This document contains forward-looking statements as that term is defined in
the United States Private Securities Litigation Reform Act of 1995. Words
such as `may`, `should`, `estimate`, `project`, `plan`, `believe`, `expect`,
`anticipate`, `intend`, `potential`, `goal`, `strategy`, `target`, `will`,
`seek`, and similar expressions may identify forward-looking statements. Such
forward-looking statements are not guarantees of future performance. Actual
results may differ materially from the forward-looking statements as a result
of a number of risks and uncertainties, many of which are outside the Group`s
control. Richemont does not undertake to update, nor does it have any
obligation to provide updates of or to revise, any forward-looking
statements.
Business Review
Overview
in EUR millions September September
2009 2008re-
presented
Sales 2 379 2 796 - 15 %
Cost of sales ( 915) (1 008)
Gross profit 1 464 1 788 - 18 %
Net operating expenses (1 074) (1 153) - 7 %
Selling and distribution ( 598) ( 600) -
expenses
Communication expenses ( 204) ( 294) - 31 %
Administration expenses ( 259) ( 264) - 2 %
Other operating (expense)/income ( 13) 5 n/a
Operating profit 390 635 - 39 %
Sales
Sales during the six-month period decreased by 15 per cent to EUR 2 379
million. This performance reflected the challenging trading conditions which
began a year ago. Up until 30 September 2008, the Group had seen record
levels of sales and profitability. During the period under review, wholesale
sales in those regions most affected by the economic crisis were particularly
depressed as trade partners sought to reduce their inventory levels. Sales
through the Group`s own boutique network were generally more resilient. Sales
at all of the Group`s Maisons were impacted by these adverse trading
conditions. In regional terms, the Americas, Japan and European markets all
reported very significant sales decreases. These sales declines were only
partly offset by the Asia-Pacific region, where reported sales were higher.
During the period under review, sales benefited from favourable exchange rate
movements, in particular the US dollar and the Japanese yen. In constant
currency terms, overall sales decreased by 20 per cent.
Gross profit
The gross margin percentage declined by 2.5 points to 61.5 per cent of sales.
The lower margin reflected the strengthening of the Swiss franc during the
period, lower levels of manufacturing capacity utilisation and an increase in
inventory provisions. The Swiss franc is of particular importance to
Richemont, with a large part of the Group`s cost of sales being generated in
Switzerland, where the majority of its watchmaking facilities are located.
The lower gross margin percentage, combined with the decrease in the value of
sales, led to a gross profit decrease of 18 per cent.
Net operating expenses
Net operating expenses decreased by 7 per cent overall. Selling and
distribution expenses were in line with the prior period, with cost
reductions from the existing network offset by the additional costs of
boutiques opened over the past 18 months, particularly in the Asia-Pacific
region. The 31 per cent decrease in respect of communication costs partly
reflected the timing of the annual Salon International de la Haute Horlogerie
(`SIHH`) event, in respect of which there was no charge during the period
under review. Administration costs were marginally lower.
Operating profit
Compared to last year`s record levels, operating profit decreased by 39 per
cent to EUR 390 million. The operating margin decreased by 6.3 percentage
points to 16.4 per cent in the period under review.
Interim financial statements
The Group`s income statement is presented in Appendix 1, which includes notes
regarding the re-presentation of the comparative figures. The unaudited,
interim consolidated financial statements are available on the Group`s
website at http://www.richemont.com/reports.html and will be included in the
full interim report, to be published in the coming weeks.
Analysis of sales and operating results by business area
Sales and the operating results of the Group`s main areas of activity were as
follows:
in EUR millions September September
2009 2008re-
presented
Sales
Jewellery Maisons 1 222 1 420 - 14 %
Specialist Watchmakers 655 794 - 17 %
Writing instrument Maison 238 282 - 16 %
Other 264 300 - 12 %
Total sales 2 379 2 796 - 15 %
Operating results
Jewellery Maisons 349 446 - 22 %
Specialist Watchmakers 133 233 - 43 %
Writing instrument Maison 29 31 - 6 %
Other ( 28) ( 10) n/a
483 700 - 31 %
Corporate costs ( 93) ( 65) + 43 %
Central support services ( 68) ( 72) - 6 %
Other operating ( 25) 7 n/a
(expense)/income, net
Operating profit 390 635 - 39 %
Business areas
In accordance with International Financial Reporting Standards 8 - Operating
Segments, the Group has reduced the total number of reportable segments from
five to four. Alfred Dunhill and Lancel, formerly reported as the `Leather
and Accessories Maisons` segment, are reported within `Other` with effect
from 1 April 2009. Comparative periods have been re-presented accordingly.
Consequently, this segment now includes all of the Group`s Fashion and
Accessories businesses, as well as the Group`s watch component manufacturing
activities.
Jewellery Maisons
Cartier reported lower sales through its own network of boutiques and a more
pronounced decline in sales to third party retailers, including franchise
partners. Notwithstanding the decline in overall sales, demand remained
resilient for bijoux and bridal jewellery, as well as high jewellery watches
and the Ballon Bleu range of watches.
Van Cleef & Arpels reported lower sales overall, particularly in the
important US market. Nevertheless, the Maison saw strong growth in the Asia-
Pacific and Middle East regions.
The Jewellery Maisons` sales decreased by 14 per cent and operating profit
decreased by 22 per cent to EUR 349 million. The operating margin for the
business area decreased from 31 per cent in the comparative period to 29 per
cent.
Specialist Watchmakers
Whilst certain of the Group`s specialist watchmakers have internal boutiques
in a limited number of markets, the great majority of sales to final
customers are made through third party retailers. Many such retailers have
prudently reduced their inventories during the last 12 months, largely by
ordering less new stock. Consequently, the Group`s specialist watchmakers`
sales decreased by 17 per cent and operating profit decreased by 43 per cent.
The operating margin, at 20 per cent of sales, was 9 percentage points lower
than the comparative period, primarily due to the reductions in gross margin.
The favourable one-off impact on profit arising from the timing of the SIHH
event was partially offset by a one-off charge relating to the Roger Dubuis
business.
Despite the significant decrease in sales, the specialist watchmaking Maisons
reported continuing demand for both existing models and the new collections
presented at the 2009 SIHH in Geneva. Sales were most resilient at Vacheron
Constantin, in part attributable to its new Patrimony collection. Piaget`s
Polo FortyFive watch anniversary collection enjoyed good demand and the
Maison`s well-developed distribution network in the Asia-Pacific region
helped offset weaker trading elsewhere. Jaeger-LeCoultre`s Hybris Mechanica a
Grande Sonnerie, with its 26 complications, marked another watchmaking
achievement and complemented that Maison`s other collections. Officine
Panerai`s Manifattura collection, featuring new in-house movements, accounted
for a growing proportion of the Maison`s sales. Demand for IWC`s classic
Pilot and Portuguese lines was resilient and new lines were well received.
Lange & Sohne`s Zeitwerk introduced further technological innovations to fine
watchmaking and drew further attention to this German Maison. Sales at Baume
& Mercier were particularly exposed to the de-stocking phenomenon described
above. Nevertheless, the Maison continued to strengthen its collections
during the period.
Writing Instrument Maison
Compared to the prior period, Montblanc`s wholesale sales declined, largely
due to de-stocking by third party retailers in some markets as well as the
closure of certain marginal points of sale compared to the prior period. The
decline in wholesale sales was offset to some extent by low sales growth
through Montblanc`s own boutique network.
Operating profit decreased by 6 per cent to EUR 29 million, while the
Maison`s operating margin remained relatively stable at 12 per cent.
Other
Among the Group`s Fashion and Accessories businesses, Alfred Dunhill reported
flat sales during the period, with sales growth in the Asia-Pacific region
being offset by lower sales in other regions. Alfred Dunhill`s operating
losses decreased compared to the prior period. Chloe reported lower sales in
the period, resulting in a decrease in operating profit. Lancel reported flat
sales of its leather goods collections, with higher sales through its own
network of boutiques offset by weaker demand through wholesale channels.
Lancel`s operating losses for the six months were lower than the comparative
period`s. Other Fashion and Accessories businesses in this segment include
Shanghai Tang, Maison Alaia and Purdey.
As a consequence of the dramatic slowdown in demand, the Group`s watch
component manufacturing activities reported a significant decrease in sales
to external customers. The loss reported from `Other` businesses stems
principally from the Group`s watch component manufacturing activities.
Corporate costs
Corporate expenses principally represent the costs of central management,
marketing support and other central functions, as well as other expenses and
income which are not allocated to specific business areas, including foreign
exchange hedging gains and losses. Central support service expenses declined
by 6 per cent to EUR 68 million. Other operating expenses included non-
allocated losses relating to the Group`s regular hedging programmes in the
amount of EUR 19 million. In the comparative period, the hedging activities
had generated gains of EUR 11 million.
Operating profit
Operating profit for the period decreased by 39 per cent to EUR 390 million
and the operating profit margin decreased from 22.7 per cent to 16.4 per
cent.
Sales by region
Movement at:
in EUR millions September 2009 September Constant Actual
2008 exchange exchange
re- rates rates
presented
Europe 995 1 255 - 21 % - 21 %
Asia-Pacific 771 729 - 2 % + 6 %
Americas 325 497 - 39 % - 35 %
Japan 288 315 - 25 % - 9 %
2 379 2 796 - 20 % - 15 %
Europe
Sales in European markets decreased by 21 per cent overall, reflecting
challenging economic conditions throughout the region`s markets. The European
region accounted for 42 per cent of total Group sales.
Asia-Pacific
This region reported sales growth of 6 per cent, with higher levels of sales
in mainland China partly offset by lower sales in most other markets. During
the period, sales in the region represented 32 per cent of Group turnover.
The mainland China market represented 8 per cent of sales. At constant
exchange rates, sales in the entire region declined by 2 per cent.
Americas
Sales in the Americas region declined by 35 per cent. This reflected the
economic climate in the US market in particular. All of the Group`s larger
Maisons reported significantly lower sales in the region, which accounted for
14 per cent of total Group sales.
Japan
Luxury businesses continue to face adverse market conditions in Japan and the
Group`s sales were down by 25 per cent in yen terms. In euro terms, the
decrease was largely offset by exchange rate movements. The domestic Japanese
market accounted for 12 per cent of total Group sales.
Sales by distribution channel
in EUR millions September 2009 September 2008re-
presented
Retail 1 035 1 108 - 7 %
Wholesale 1 344 1 688 - 20 %
2 379 2 796 - 15 %
Retail
Retail sales decreased by 7 per cent to EUR 1 035 million. During the six-
month period, the overall retail network of Group-owned boutiques remained
stable at 798 boutiques. Store openings in growing markets, such as China,
were offset by the closure of boutiques in markets where demand was weaker.
In terms of retail distribution, at the end of September there were a total
of 1 402 boutiques; 604 of which were operated under franchise agreements.
Wholesale
Wholesale sales decreased by 20 per cent during the six-month period. The
decline reflected de-stocking among external watch retailers in particular.
Sales to franchise partners are treated as wholesale sales.
Summary income statement and results from discontinued operations
in EUR millions September September
2009 2008re-
presented
Operating profit - continuing 390 635
operations
Net finance income 24 15
Profit before taxation 414 650
Taxation ( 71) ( 110)
Share of post-tax results of 2 1
associated undertakings
Profit from continuing operations 345 541
(Loss) / profit from discontinued ( 1) 319
operations
Profit for the period 344 860
Attributable to shareholders 344 862
Attributable to minority interests - ( 2)
Profit for the period 344 860
Earnings per share from continuing EUR 0.623 EUR 0.961
operations - diluted basis
Net finance income
Net finance income amounted to EUR 24 million in the period under review.
This largely reflected net gains on foreign exchange rate hedging
instruments. Interest income on deposits was offset by interest on
borrowings.
Taxation
The Group`s effective taxation rate was 17 per cent, reflecting the
anticipated full-year rate.
Associated companies
The Group has a number of smaller investments which are classified as
associated companies. These other associated companies have no material
impact on the Group`s financial statements.
Profit for the period
Profit from continuing operations amounted to EUR 345 million, representing a
decrease of 36 per cent.
Profit from discontinued operations for the six-month period ended 30
September 2008 included the Group`s share of the results of British American
Tobacco (`BAT`), which amounted to EUR 320 million. These results were partly
offset by losses from a small business unit, which was disposed of during the
six months under review.
Profit for the period under review, including continuing and discontinued
operations, was EUR 344 million compared with profit in the prior period of
EUR 860 million. The decrease reflected the lower profit from continuing
operations as well as the discontinuance of the income from the investment in
BAT and other assets transferred to Reinet Investments in October 2008 as
part of the Group restructuring.
Earnings per share attributable to shareholders
Total diluted earnings per share, including profit from discontinued
operations, decreased by 59 per cent from EUR 1.525 to EUR 0.621. Diluted
earnings per share from continuing operations decreased by 35 per cent from
EUR 0.961 to EUR 0.623.
Cash flow
in EUR millions September September
2009 2008re-
presented*
Operating profit including losses from 389 634
discontinued operations
Depreciation, amortisation and other 160 104
items, net
Increase in working capital ( 228) ( 514)
Cash generated from operations 321 224
Dividends received from associate - 342
Net financial income - 32
Taxation paid ( 59) ( 84)
Net acquisitions of fixed assets ( 59) ( 137)
Net cash flow in respect of short-term 118 -
government bond funds
Other investing activities, net 35 ( 160)
Net cash inflow before financing 356 217
activities
Dividends paid to shareholders, net of ( 71) ( 437)
withholding tax
Net cash flow in respect of treasury ( 117) ( 37)
units and shares
Decrease in borrowings and other ( 34) ( 4)
financing activities
Net change in cash and cash equivalents 134 ( 261)
Cash and cash equivalents at the 1 363 1 771
beginning of period
Reclassification of government bond ( 956) -
funds
Exchange rate effects 3 ( 19)
Cash and cash equivalents at the end of 544 1 491
period
Short-term government bond funds 838 -
Borrowings ( 480) ( 564)
Net cash 902 927
*Cash flow re-presented only for IAS 38, not discontinued operations
The Group`s net cash position increased from EUR 822 million at 31 March 2009
to EUR 902 million at 30 September 2009: an increase of EUR 80 million.
During the period, cash generated from operations amounted to EUR 321
million. The decrease in operating profit was more than offset by a smaller
increase in working capital requirements during the period from 31 March
2009: EUR 228 million compared to EUR 514 million in 2008. The EUR 228
million increase in working capital included a modest decrease in
inventories. This compared with a very significant increase in inventories
during the prior period. A EUR 158 million increase in debtor balances during
the period under review, reflecting the volume of sales, was also
significantly lower than the comparative period, primarily due the lower
level of trading. These favourable movements were partly offset by reductions
in non-trade creditor balances.
Dividends received from associate in the comparative period related to the
Group`s discontinued interest in British American Tobacco.
Investing activities reported during the period included a net movement of
EUR 118 million in respect of short-term Government Bond Funds. Previously
classified as part of cash and cash equivalents, these funds remain an
important and secure element of the Group`s net cash position.
The 2009 dividend, at CHF 0.30 per share, was paid to shareholders in
September. Net of withholding tax, which was remitted to the Swiss
authorities in October, this amounted to EUR 71 million. The 2008 dividends
included payments to Richemont SA participation certificate holders prior to
the Group restructuring.
During the period under review, the Group bought back 10 million `A` shares
in the market in order to hedge stock options grants. The share buy-back was
implemented largely to hedge the Group`s increased exposure in respect of its
own shares linked to the restructuring effected in 2008. The gross cost of
these purchases, at EUR 153 million, was partly offset by proceeds from the
exercise of stock options by executives, leading to a net cash outflow of EUR
117 million.
Summarised balance sheet
in EUR millions 30 September 31 March 2009
2009
Non-current assets
Fixed assets 1 458 1 534
Other non-current assets 617 642
2 075 2 176
Net current assets excluding cash and 2 270 2 028
cash equivalents
Inventories 2 366 2 422
Debtors and other current assets 952 781
Current liabilities (1 048) (1 175)
Other non-current liabilities ( 173) ( 191)
excluding borrowings
Net operating assets 4 172 4 013
Net cash 902 822
Cash and cash equivalents 544 1 363
Short-term government bond funds 838 -
Borrowings ( 480) ( 541)
5 074 4 835
Equity
Shareholders` equity 5 070 4 832
Minority interests 4 3
5 074 4 835
Net current assets increased by EUR 242 million compared to March 2009. The
value of net inventories decreased by 2 per cent to EUR 2 366 million. The
inventory decrease largely reflects efforts to reduce the output of finished
goods, particularly watches, and to reduce other inventories. In terms of
stock rotation, this inventory reduction was more than offset by the trading
slowdown: consequently, the inventory rotation rate in the six-month period
slowed by 1.6 months to 20.3 months. During the period since 31 March 2009,
trade debtor balances increased, reflecting the timing of wholesale sales.
However, debtor balances were broadly in line with the level seen at 30
September 2008.
At 30 September 2009, net cash amounted to EUR 902 million: an increase of
EUR 80 million over the six-month period. The Group`s holdings of short-term
government bond funds, which were reported within cash and cash equivalents
at 31 March 2009, were reclassified as a distinct asset class with effect
from April 2009. Cash balances were primarily denominated in euros, whereas
borrowings were spread across the principal currencies of the countries in
which the Group has significant operations, namely, euros, yen, US dollars,
Hong Kong dollars and Chinese renminbi. Borrowings reflect the financing of
net operating assets in the countries concerned.
Full interim financial statements
Richemont`s unaudited consolidated interim financial statements at 30
September 2009 are not included in this document. They may be found on the
Group`s website at http://www.richemont.com/reports.html and will be included
in the full interim report, to be published in the coming weeks.
Norbert Platt
Group Chief Executive Officer
Richard Lepeu
Group Finance Director
Compagnie Financiere Richemont SA
Geneva, 13 November 2009
Appendix 1
Group results
in EUR millions September September
2009 2008 re-
presented
Continuing operations
Sales 2 379 2 796 - 15 %
Cost of sales ( 915) (1 008)
Gross profit 1 464 1 788 - 18 %
Net operating expenses (1 074) (1 153) - 7 %
Operating profit 390 635 - 39 %
Net financial income 24 15
Share of post-tax results of 2 1
associates
Profit before taxation 416 651 - 36 %
Taxation ( 71) ( 110)
Profit from continuing operations 345 541 - 36 %
Discontinued operations
(Loss) / profit from discontinued ( 1) 319
operations, net of tax
Profit for the period 344 860 - 60 %
Analysed as follows:
Profit attributable to shareholders 344 862
Profit attributable to minority - ( 2)
interests
344 860
Earnings per share from continuing EUR 0.623 EUR 0.961 - 35 %
operations - diluted basis
Re-presentation of the comparative period and discontinued operations
The income statement presented in this document for the period ended 30
September 2008 has been re-presented to reflect (i) the discontinuation of
the Group`s interest in British American Tobacco p.l.c. arising from the
Group`s restructuring of 20 October 2008; and (ii) the disposal of a small
business unit. The results from those interests, which amounted to EUR 319
million, are reported as profit from discontinued operations. In the period
under review, losses of EUR 1 million in respect of discontinued operations
relate to the small business unit referred to above.
The restructuring referred to above saw the separation of the Group`s luxury
goods interests, which remained in Richemont, from its interests in British
American Tobacco, some EUR 350 million in cash and certain smaller
investments. The Group`s former non-luxury interests are now held by Reinet
Investments S.C.A., an independent entity listed on the Luxembourg Stock
Exchange.
In addition to the re-presentation of discontinued operations, the
comparative period has also been re-presented for the impact of an amended
accounting standard (IAS 38, Intangible Assets). The net impact of this
change on profit from continuing operations in the comparative period was a
charge of EUR 4 million.
Appendix 2
Exchange rates
The results of the Group`s subsidiaries and its associates which do not
report in euros have been translated at the following average rates of
exchange against the euro. The balance sheets of those subsidiaries and the
associates have been translated into euros at the closing rates set out
below.
Exchange rates Six months to Six months to
against the euro 30 Sept 2009 30 Sept 2008
Average
United States dollar 1.40 1.53
Japanese yen 133.25 162.36
Swiss franc 1.52 1.61
30 September 2009 31 March 2009
Closing
United States dollar 1.46 1.33
Japanese yen 131.04 130.92
Swiss franc 1.52 1.51
Statutory Information
`A` shares issued by the Swiss parent company, Compagnie Financiere Richemont
SA, are listed and traded on the SIX Swiss Exchange, (Reuters "CFR.VX" /
Bloomberg "CFR:VX" / ISIN CH0045039655) and are included in the Swiss Market
Index (`SMI`) of leading stocks. The Swiss `Valorennummer is 4503965. South
African depository receipts in respect of Richemont `A` shares are traded on
the Johannesburg Stock Exchange operated by JSE Limited (Reuters "CFRJ.J" /
Bloomberg "CFR:SJ" / ISIN CH0045159024).
The closing price of the Richemont `A` share on 30 September 2009 was CHF
29.28 and the market capitalisation of the Group`s `A` shares on that date
was CHF 15 284 million. Over the preceding six months, the highest closing
price of the `A` share was CHF 30.02 (8 September), and the lowest CHF 18.52
(1 April).
Compagnie Financiere Richemont SA
Registered office:
50 chemin de la Chenaie
1293 Bellevue Geneva
Switzerland
Tel: (+41) (0) 22 721 3500
Fax: (+41) (0) 22 721 3550
Internet:
www.richemont.com
E-mail:
investor.relations@cfrinfo.net
secretariat@cfrinfo.net
pressoffice@cfrinfo.net
(C) Richemont 2009
Compagnie Financiere Richemont SA
50, Chemin de la Chenaie CH-1293 Bellevue - Geneva Switzerland
Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550 www.richemont.com
13 November 2009
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 13/11/2009 07:33:01 Produced by the JSE SENS Department.
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