| Mon 16 Jan 2012, 8:00 | | CFR - Compagnie Financiere Richemont - SA trading statement for the three |
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CFR
CFR
CFR - Compagnie Financiere Richemont - SA trading statement for the three
months ended 31 December 2011
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities SA
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
PRESS RELEASE FOR IMMEDIATE RELEASE
TRADING STATEMENT FOR THE THREE MONTHS ENDED 31 DECEMBER 2011
Financial highlights
* Sales in the quarter increased by 24 % at actual and constant exchange
rates.
* Growth was solid across all regions and channels.
October- October- Change at Change at
December December constant actual
2011 2010 exchange exchange
EUR m EUR m rates versus rates
prior year versus
(%) prior year
(%)
Sales by region
Europe 914 791 + 15 % + 16 %
Asia-Pacific 1 051 772 + 36 % + 36 %
Americas 382 311 + 24 % + 23 %
Japan 272 233 + 10 % + 17 %
Sales by distribution channel
Retail 1 371 1 069 + 28 % + 28 %
Wholesale 1 248 1 038 + 19 % + 20 %
Sales by business area
Jewellery 1 363 1 088 + 25 % + 25 %
Maisons
Specialist 697 543 + 27 % + 28 %
Watchmakers
Montblanc 220 216 + 1 % + 2 %
Maison
Other 339 260 + 29 % + 30 %
Total Sales 2 619 2 107 + 24 % + 24 %
Commenting on the three months sales, Mr. Johann Rupert, Executive Chairman
and Group Chief Executive Officer, made the following statement:
"The Group`s overall performance remains solid. The growth in sales reflects
growing demand in Asia-Pacific, our Maisons` creativity and the lasting appeal
of our products.
As expected, the slowdown in sales growth relative to the first six months of
the current financial year reflects a combination of more demanding
comparative figures as well as the volatile and challenging economic
environment. Sales in the month of December were 21 % above the prior period
at actual and constant exchange rates.
The Group`s activities over the past nine months enable us to reconfirm our
expectations that operating profit for the full year will be significantly
higher than last year."
Review of trading
Sales growth in Europe, which includes the Middle East and Russia, benefitted
from purchases made by travellers. The Asia-Pacific region reported growth
above the Group average, reflecting very strong demand in Hong Kong and
mainland China in particular. The Americas region reported strong growth,
resulting from growing demand for jewellery and watches as well as Net-a-
Porter`s performance. Sales in Japan increased, albeit at a lower rate than
the Group average.
Compared to the first six months of the year, the decline in the sales growth
rate in the Asia-Pacific region reflects demanding comparative figures and a
general convergence towards more sustainable, long-term growth rates.
In terms of sales by distribution channel, the high rate of retail sales
growth reflected the impact of the continuing boutique network expansion
programme, particularly in the Asia-Pacific region, demand for jewellery and
the performance of Net-a-Porter. Wholesale sales growth was solid.
Demand for the Group`s products was broad-based. The Jewellery Maisons, the
Specialist watchmakers and Net-a-Porter saw particularly robust sales
momentum. The Montblanc Maison`s sales were flat in the period, primarily due
to the continued downsizing of the wholesale distribution and weak domestic
demand in developed markets.
Sales for the nine months ended 31 December 2011 are presented in Appendix 1a.
The Group`s net cash position at 31 December 2011 amounted to some EUR 2.9
billion (2010: EUR 2.2 billion).
Corporate calendar
The Group`s results for the current financial year will be announced on
Wednesday, 16 May 2012.
The Company`s annual general meeting will be held in Geneva on Wednesday, 5
September 2012.
Press enquiries Analysts` enquiries
Alan Grieve Sophie Cagnard
Director of Corporate Affairs Head of Investor Relations
Tel: +41 22 721 3507 Tel: +33 1 58 18 25 97
E-mail: E-mail:
pressoffice@cfrinfo.net investor.relations@cfrinfo.net
Richemont owns a portfolio of leading international brands or `Maisons`, which
are managed independently of one another, recognising their individuality and
uniqueness. The businesses operate in four areas: Jewellery Maisons, being
Cartier and Van Cleef & Arpels; Specialist watchmakers, being Jaeger-
LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine
Panerai, A. Lange & Sohne and Roger Dubuis, as well as the Ralph Lauren Watch
and Jewelry joint venture; the Montblanc Maison; and Other, being Alfred
Dunhill, Lancel, Net-a-Porter and Chloe as well as other smaller Maisons and
watch component manufacturing activities for third parties.
For its financial year ended 31 March 2011, Richemont reported sales of EUR 6
892 million. Operating profit for the year amounted to EUR 1 355 million.
Richemont `A` shares are listed on the SIX Swiss Exchange, Richemont`s primary
listing, and are included in the Swiss Market Index (`SMI`) of leading stocks.
Richemont South African Depository Receipts are listed in Johannesburg,
Richemont`s secondary listing.
Appendix 1a: Sales for the nine months ended 31 December 2011
April- April- Change at Change at
December December constant actual
2011 2010 exchange exchange
EUR m EUR m rates rates
versus versus
prior year prior year
(%) (%)
Sales by region
Europe 2 428 2 051 + 19 % + 18 %
Asia-Pacific 2 769 1 929 + 50 % + 44 %
Americas 984 800 + 31 % + 23 %
Japan 652 586 + 9 % + 11 %
Sales by distribution channel
Retail 3 454 2 591 + 37 % + 33 %
Wholesale 3 379 2 775 + 25 % + 22 %
Sales by business area
Jewellery 3 528 2 707 + 34 % + 30 %
Maisons
Specialist 1 868 1 444 + 33 % + 29 %
Watchmakers
Montblanc 554 519 + 9 % + 7 %
Maison
Other 883 696 + 30 % + 27 %
Total Sales 6 833 5 366 + 31 % + 27 %
Appendix 1b: Foreign exchange rates
Average exchange rates against the April-Dec April-Dec
euro 2011 2010
United States dollar 1.40 1.31
Japanese yen 110 113
Swiss franc 1.21 1.35
Actual exchange rates for the period are calculated using the average daily
closing rates against the euro.
In terms of sales at constant exchange rates, average exchange rates for the
year ended 31 March 2011 are used to convert local currency sales into euros
for the current three-month period, the current nine-month period and
comparative figures. Exchange rate translation effects are thereby eliminated
from the reported sales performance.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Compagnie Financiere Richemont SA
50, Chemin de la Chenaie CP 30 CH-1293 Bellevue - Geneva Switzerland
Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550
www.richemont.com
16 January 2012
Date: 16/01/2012 08:00:02 Produced by the JSE SENS Department.
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