| Wed 16 May 2012, 7:31 | | CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont the |
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CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont, the
Swiss luxury goods group, announces its audited consolidated results for the
year ended 31 March 2012 and cash dividend declaration
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities SA
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
Richemont, the Swiss luxury goods group, announces its audited consolidated
results for the year ended 31 March 2012 and cash dividend declaration
Financial highlights
- Sales increased by 29 % to Euro 8 867 million at actual exchange rates and by
30% at constant currency
- Operating profit rose by 51 % to Euro 2 040 million
- Operating margin reached 23 % of sales
- Healthy cash flow generated from operations: Euro 1 789 million
- Proposed dividend: CHF 0.55 per share, representing an increase of 22 %
Key financial data 12 months ended 31 March
(audited)
In euros, unless 2012 2011 Change
indicated
Sales Euro 8 867 m Euro 6 892 m + 29 %
Gross profit Euro 5 651 m Euro 4 394 m + 29 %
Gross margin 63.7 % 63.7 % -
Operating profit Euro 2 040 m Euro 1 355 m + 51 %
Operating margin 23.0 % 19.7 % + 330 bps
Profit for the year Euro 1 540 m Euro 1 079 m + 43 %
Earnings per share, Euro 2.756 Euro 1.925 + 43 %
diluted basis
Cash flow generated from Euro 1 789 m Euro 1 696 m + Euro 93 m
operations
Net cash position Euro 3 184 m Euro 2 589 m + Euro 595 m
This document contains forward-looking statements as that term is defined in the
United States Private Securities Litigation Reform Act of 1995. 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.
Executive Chairman and Chief Executive Officer`s commentary
Results
We are pleased to report that Richemont has achieved strong sales growth across
all segments and all geographic regions, despite a volatile and diverse economic
environment.
The Group`s Jewellery Maisons and its Specialist Watchmakers have reported
record sales and profits, despite the strength of the Swiss franc and the rising
cost of precious materials and input costs. Montblanc continued to grow and
reported increased profits. Richemont`s Fashion and Accessories Maisons also
performed well. Net-a-Porter continues to enjoy sales growth above the Group
average, while at the same time investing in structural expansion.
Further to the announcement in January, the Group`s operating profit is
significantly higher than the prior year: at Euro 2 040 million it is 51 % above
last year`s level.
These performances reflect the commitment and efforts of all our colleagues, the
strength of our Maisons and the leverage provided by the Group`s shared
services.
Dividend
Based upon the good results for the year, the Board has proposed an ordinary
dividend of CHF 0.55 per share. This represents an increase of 22 % compared to
last year.
Outlook
Although sales in the month of April were 29 % above the comparative period, or
20 % at constant exchange rates, we are mindful of the unstable economic
environment, particularly in the euro zone.
The enduring appeal and the development potential of each of our Maisons lead us
to focus our investment on the Group`s organic growth. Investments are primarily
dedicated to the expansion and integration of the Maisons` respective
manufacturing facilities, as well as growth in their retail networks. Selective
boutique openings will be focused in growth markets and in tourist destinations
around the world.
Our Maisons remain entrepreneurial and innovative businesses at heart. More than
ever, we are convinced of their resilience and long-term prospects. We therefore
look forward to the future with cautious optimism.
Johann Rupert
Executive Chairman and Chief Executive Officer
Compagnie Financiere Richemont SA
Geneva, 16 May 2012
***
Financial Review
Sales
Sales for the year increased by 29 % at actual exchange rates and by 30 % at
constant exchange rates. The growth in sales reflected the continuing demand for
established product lines, the successful introduction of new products and the
impact of boutique openings. The Asia-Pacific region saw the highest level of
demand and, following several years of very strong growth, sales in that region
now represent 42 % of Group sales. Further details of sales by region,
distribution channel and business area are given in the Review of Operations on
pages 5 to 8.
Gross profit
Gross profit also increased by 29 %. The gross margin percentage was in line
with the prior year at 63.7 % of sales. The negative impact on the gross margin
percentage of adverse exchange rate movements, in particular the strengthening
of the Swiss franc, and higher precious material and input costs, were offset by
a number of specific factors. These included foreign exchange hedging gains of
Euro 108 million (2011: Euro 13 million) and the impact of price increases, as
well as the growing importance of the Group`s own retail activities in the
overall sales mix. The stronger Swiss franc is of particular importance to the
cost of sales, as the majority of the Group`s manufacturing facilities are
located in Switzerland.
Operating profit
Operating profit increased by 51 %, reflecting the significant increase in gross
profit and continuing cost discipline. This is evidenced by the limited year-on-
year increase in net operating expenses of 19 %, which was well below the
percentage growth in sales.
Selling and distribution expenses were 19 % higher, reflecting sales growth in
general and the opening of new boutiques by the Maisons. Communication expenses
increased by 23 %, representing 10 % of sales. Administration costs rose by 14 %
overall, including the impact of structural developments to support Richemont`s
Fashion and Accessories businesses, Net-a-Porter, and information technology
projects across the Group.
As a consequence, the operating margin increased by 330 basis points to 23.0 %
in the year under review.
Profit for the year
Profit for the year increased by 43 % to Euro 1 540 million. The increase
included the following significant items:
- Within net finance costs, Euro 169 million related to non-cash, mark-to-market
currency losses on euro-denominated liquid bond funds held by a Swiss franc
entity. Upon translation back into euros, there was no effect on the Group`s
overall equity position.
- The non-recurrence of a Euro 102 million non-cash accounting gain recorded in
the comparative year within the Group`s share of the post-tax results of
associated companies. The gain related to the revaluation of the Group`s former
interest in Net-a-Porter in April 2010 when Richemont acquired control of that
business.
The effective taxation rate was 14.6 %. The decrease in the rate compared to the
prior year was primarily due to timing differences associated with deferred tax
assets relating to inventory. Excluding these timing differences, the effective
taxation rate was consistent with the prior year.
Earnings per share increased by 43 % to Euro 2.756 on a diluted basis. To comply
with the South African practice of providing headline earnings per share
(`HEPS`) data, the relevant figure for headline earnings for the year ended 31
March 2012 would be Euro 1 553 million (2011: Euro 1 002 million). Basic HEPS
for the year was Euro 2.832 (2011: Euro 1.818). Diluted HEPS for the year was
Euro 2.772 (2011: Euro 1.770). Further details regarding earnings per share and
HEPS, including an itemised reconciliation, may be found in note 30 of the
Group`s consolidated financial statements.
Cash flow
Cash flow generated from operations was Euro 1 789 million, Euro 93 million
above the prior year. The additional cash generated from operating profit was
partly offset by working capital increases, in particular inventories. The
increase in inventories was broadly in line with the increase in sales.
The net acquisition of tangible fixed assets amounted to Euro 398 million,
reflecting selected investments in the Group`s worldwide network of boutiques as
well as jewellery and watch manufacturing facilities, primarily in Switzerland.
The 2011 dividend, at CHF 0.45 per share, was paid to shareholders net of Swiss
withholding tax in September. The cash outflow in the period amounted to Euro
204 million.
During the year, the Group acquired some 8 million `A` shares to hedge executive
stock options. The cost of these purchases was partly offset by proceeds from
the exercise of stock options by executives and other activities linked to the
hedging programme, leading to a net cash outflow of Euro 179 million.
Financial structure and balance sheet
Tangible and intangible assets increased by Euro 302 million during the year.
The increase largely reflects the expansion of the Maisons` boutique networks,
particularly in the Asia-Pacific region, and investments in their European
manufacturing facilities.
Inventories at the year-end amounted to Euro 3 666 million. This figure
represents 15.8 months of gross inventories and compares with 16.5 months at
March 2011. The reduction in the rate of stock turn reflects favourable trading
conditions. In absolute terms, the increase in the value of inventories results
from the strengthening of the Swiss franc, the expansion of the boutique network
and the necessity to rebuild inventories.
At 31 March 2012, the Group`s net cash position amounted to Euro 3 184 million,
an increase of Euro 595 million during the year. The Group`s net cash position
includes short-term liquid bond funds as well as cash, cash equivalents and all
borrowings. Liquid bond funds and cash balances were primarily denominated in
euros and Swiss francs, whereas borrowings to finance local operating assets are
denominated in the currencies of the countries concerned. Total borrowings,
including bank borrowings and short-term loans, amounted to Euro 88 million.
Richemont`s financial structure remains very strong, with shareholders` equity
representing 73 % of total equity and liabilities.
Proposed dividend
The Board has proposed an ordinary cash dividend of CHF 0.55 per share, an
increase of CHF 0.10 per share compared to last year.
The dividend will be paid as Gross dividend Swiss Net payable
follows: withholding
per share tax @ 35% per share
Ordinary cash dividend CHF 0.5500 CHF 0.1925 CHF 0.3575
The dividend will be payable following the Annual General Meeting, which is
scheduled to take place in Geneva on Wednesday 5 September 2012.
The last day to trade Richemont `A` shares and Richemont South African
Depository Receipts cum-dividend will be Friday 7 September 2012. Richemont `A`
shares and South African Depository Receipts will trade ex-dividend from Monday
10 September 2012.
The dividend on the Compagnie Financiere Richemont `A` shares will be paid on
Thursday 13 September 2012. The dividend in respect of the `A` shares is payable
in Swiss francs.
The dividend in respect of Richemont South African Depository Receipts will be
payable on Friday 21 September 2012. The South African Depository Receipt
dividend is payable in rand to residents of the South African Common Monetary
Area (`CMA`) but may, dependent upon residence status, be payable in Swiss
francs to non-CMA residents. Further details regarding the dividend payable to
South African Depository Receipt holders will be made in a separate announcement
on SENS, the Johannesburg stock exchange news service, on 16 May 2012.
Review of Operations
1. Sales by region
Constant Actual
in Euro millions 31 March 2012 31 March 2011 exchange exchange
rates* rates
Europe 3 097 2 588 + 20 % + 20 %
Asia-Pacific 3 684 2 569 + 46 % + 43 %
Americas 1 253 998 + 30 % + 26 %
Japan 833 737 + 9 % + 13 %
8 867 6 892 + 30 % + 29 %
*Note: movements at constant exchange rates are calculated translating
underlying sales in local currencies into euros in both the current year and the
comparative year at the average exchange rates applicable for the financial year
ended 31 March 2011.
Europe
Solid double-digit organic growth was registered across the region. Sales in the
region were boosted by the growing number of travellers from other parts of the
world and Net-a-Porter`s performance. The Middle East and Africa, which
accounted for 16 % of sales in the region, reported strong double-digit growth.
Asia-Pacific
Now representing 42% of Group sales, the Asia-Pacific region reported another
year of sustained broad-based growth, particularly in Hong Kong and mainland
China. The Group`s selective expansion of its retail network in recent years
contributed to the strong year-on-year growth.
Americas
The Americas region reported robust double-digit growth reflecting the growing
demand for jewellery and watches as well as Net-a-Porter`s performance.
Japan
Sales in Japan grew, notwithstanding the continuing challenges the country faces
following the dramatic events of March 2011.
2. Sales by distribution channel
Constant Actual
in Euro millions 31 March 2012 31 March 2011 exchange exchange
rates* rates
Retail 4 656 3 469 + 36 % + 34 %
Wholesale 4 211 3 423 + 24 % + 23 %
8 867 6 892 + 30 % + 29 %
*Note: movements at constant exchange rates are calculated translating
underlying sales in local currencies into euros in both the current year and the
comparative year at the average exchange rates applicable for the financial year
ended 31 March 2011.
Retail
Retail sales comprise sales made through the Group`s directly operated boutiques
and Net-a-Porter. Together, retail sales accounted for 53 % of Group sales
during the year compared with 50 % in the prior year. The growing proportion of
retail sales reflects the above-average performance in most directly operated
boutiques, the impact of new boutiques and Net-a-Porter.
Boutique openings during the year were primarily in high-growth markets, such as
mainland China. The worldwide network of directly operated boutiques amounted to
948 at the end of March compared to 876 one year earlier.
Wholesale
The Group`s wholesale business, including sales to franchise partners, reported
strong growth above last year`s level. This growth reflected the performance of
our trade partners following the optimisation of the Maisons` respective partner
networks. The Maisons carried out planned reductions in the number of points of
sale in Western Europe and North America.
3. Sales and operating results by segment
Jewellery Maisons
in Euro millions 31 March 2012 31 March 2011 Change
Sales 4 590 3 479 + 32 %
Operating results 1 510 1 062 + 42 %
Operating margin 32.9 % 30.5 % + 240 bps
The Jewellery Maisons` sales grew by 32 %. Both Cartier and Van Cleef and Arpels
performed exceptionally well.
Both Maisons reported high growth across products and channels. Demand for High
Jewellery pieces was solid and more accessible jewellery ranges enjoyed very
strong demand. Cartier`s watch collections, including premium and technical
pieces, were equally successful.
The significant increase in sales and continuing cost discipline generated an
operating margin of 33 %.
Specialist Watchmakers
in Euro millions 31 March 2012 31 March 2011 Change
Sales 2 323 1 774 + 31 %
Operating results 539 379 + 42 %
Operating margin 23.2 % 21.4 % + 180 bps
The Specialist Watchmakers` sales increased by 31 %. All Maisons improved their
performance. Last year`s sales and results were negatively impacted by the
reorganisation of Baume & Mercier.
Overcoming higher input costs and the strength of the Swiss franc, the operating
margin increased to 23 %, reflecting the solid demand for premium watches and
strong pricing power.
Montblanc Maison
in Euro millions 31 March 2012 31 March 2011 Change
Sales 723 672 + 8 %
Operating result 119 109 + 9 %
Operating margin 16.4 % 16.2 % + 20 bps
Driven by demand for watches and accessories, Montblanc`s sales increased by 8
%.
The Maison maintained an operating margin of 16 %.
Other businesses
in Euro millions 31 March 2012 31 March 2011 Change
Sales 1 231 967 + 27 %
Operating results (35) (34) - 3 %
Operating margin (2.8) % (3.5) % + 70 bps
The `Other` segment includes the Group`s Fashion and Accessories businesses,
Net-
a-Porter and the Group`s watch component manufacturing activities.
Richemont`s Fashion & Accessories Maisons reported sales growth of 18 % and
generated improved profits of Euro 50 million (2011: profits of Euro 29
million). The performance of Alfred Dunhill and Chloe were particularly
noteworthy.
Sales at Net-a-Porter continued to rise above the Group`s average rate,
including the first full year of Mr Porter. The amortisation of intangibles and
the costs associated with the continued expansion of Net-a-Porter`s platforms
contributed to its overall increase in losses. On a cash basis, Net-a-Porter
generated positive results.
The Group`s watch component manufacturing activities incurred losses, which were
broadly in line with the comparative year.
Corporate costs
in Euro millions 31 March 2012 31 March 2011 Change
Corporate costs (93) (161) - 42 %
Central support services (170) (159) + 7 %
Other operating 77 (2) n/a
income/(expense), net
Corporate costs represent the costs of central management, marketing support and
other central functions, known as central support services, 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 increased, largely due to the negative impact of a stronger Swiss
franc. Other operating income/(expense) included gains of Euro 108 million
(2011: gains of Euro 13 million) relating to the Group`s exchange rate hedging
programme, which are reported within gross profit.
***
The Group`s consolidated statements of comprehensive income, of cash flows and
of financial position are presented in Appendix 1. Richemont`s audited
consolidated financial statements for the year may be found on the Group`s
website at http://www.richemont.com/investor-relations/reports.html
Richard Lepeu, Deputy Chief Executive Officer
Gary Saage, Chief Financial Officer
Presentation
The results will be presented via a live internet webcast on 16 May 2012,
starting at 09:00 (CET). The direct link, including the presentation slides,
will be available from 07:30 (CET) at: http://www.richemont.com
- Live listen-only telephone connection: call one of these numbers 10 minutes
before the start of the presentation:
- Europe: +41 91 610 56 00
- USA: +1 866 291 4166
- UK: +44 203 059 5862
- South Africa: 0800 992 635 (toll free)
- An archived video webcast of the presentation will be available from:
http://www.richemont.com/investor-relations/results-presentations.html
- A transcript of the presentation will be available from:
http://www.richemont.com/investor-relations/results-presentations.html
Annual Report
The Richemont Annual Report and Accounts 2012 will be published on or around 21
June 2012 and will be available for download from the Group`s website; copies
may be obtained from the Company`s registered office or by contacting the
Company via the website at http://www.richemont.com/about-richemont/contact.html
Compagnie Financiere Richemont SA
Registered office:
50 chemin de la Chenaie
CP30, 1293 Bellevue Geneva
Switzerland
Tel: +41 22 721 3500
Fax: +41 22 721 3550
Internet: www.richemont.com
Media contact
Alan Grieve
Director of Corporate Affairs
Tel: +41 22 721 3507
E-mail: pressoffice@cfrinfo.net
Investor contact
Sophie Cagnard
Head of Investor Relations
Tel +33 1 58 18 25 97
E-mail: investor.relations@cfrinfo.net
Statutory Information
Primary listing
SIX Swiss Exchange (Reuters "CFR.VX" / Bloomberg "CFR:VX" / ISIN CH0045039655).
The Swiss `Valorennummer` is 4503965. Richemont `A` bearer shares are included
in the Swiss Market Index (`SMI`) of leading stocks.
Secondary listing
Johannesburg stock exchange operated by JSE Limited (Reuters "CFRJ.J" /
Bloomberg "CFR:SJ" / ISIN CH0045159024). South African depository receipts in
respect of Richemont `A` shares.
The closing price of the Richemont `A` share on 31 March 2012 was CHF 56.60 and
the market capitalisation of the Group`s `A` shares on that date was CHF 29 545
million. Over the preceding year, the highest closing price of the `A` share was
CHF 59.55 (14 March) and the lowest closing price of the `A` share was CHF 38.51
(10 August).
Copyright Richemont 2012
Appendix 1
Consolidated statement of comprehensive income
2012 2011
Euro m Euro m
Sales 8 867 6 892
Cost of sales (3 216) (2 498)
Gross profit 5 651 4 394
Selling and distribution expenses (1 962) (1 654)
Communication expenses ( 859) ( 699)
Administrative expenses ( 747) ( 656)
Other operating (expense) / income ( 43) ( 30)
Operating profit 2 040 1 355
Finance costs ( 314) ( 292)
Finance income 79 111
Share of post-tax results of associated ( 1) 101
undertakings
Profit before taxation 1 804 1 275
Taxation ( 264) ( 196)
Profit for the year 1 540 1 079
Other comprehensive income:
Currency translation adjustments
- movement in the year 520 459
- reclassification to profit or loss 1 11
Cash flow hedges
- net gains 25 81
- reclassification to profit or loss ( 108) ( 13)
Tax on cash flow hedges 14 ( 11)
Other comprehensive income, net of tax 452 527
Total comprehensive income 1 992 1 606
Profit attributable to:
Owners of the parent company 1 544 1 090
Non-controlling interest ( 4) ( 11)
1 540 1 079
Total comprehensive income attributable to:
Owners of the parent company 1 995 1 616
Non-controlling interest ( 3) ( 10)
1 992 1 606
Earnings per share attributable to
owners of the parent company during
the year (expressed in Euro per
share)
Basic 2.816 1.977
Diluted 2.756 1.925
Consolidated statement of cash flows 2012 2011
Euro m Euro m
Operating profit 2 040 1 355
Depreciation and impairment of property, plant and 249 213
equipment
Amortisation and impairment of other intangible 85 78
assets
Loss on disposal of property, plant and equipment 4 5
Loss on disposal of intangible assets 2 1
Increase in provisions 67 92
Decrease in retirement benefit obligations ( 5) ( 2)
Non-cash items ( 83) 18
Increase in inventories ( 684) ( 350)
(Increase)/decrease in trade receivables ( 72) 83
Increase in other receivables and prepayments ( 65) ( 67)
Increase in current liabilities 251 267
Increase in long-term liabilities - 3
Cash flow from operations 1 789 1 696
Interest received 30 17
Interest paid ( 23) ( 22)
Other investment income 3 4
Taxation paid ( 317) ( 202)
Net cash generated from operating activities 1 482 1 493
Cash flows from investing activities
Proceeds from disposal of subsidiary undertakings - ( 3)
and other businesses,
net of cash disposed
Acquisition of subsidiary undertakings and
other businesses, net of cash acquired ( 3) ( 246)
Acquisition of associated undertakings ( 1) -
Acquisition of property, plant and equipment ( 421) ( 285)
Proceeds from disposal of property, plant and 23 3
equipment
Acquisition of intangible assets ( 61) ( 41)
Proceeds from disposal of intangible assets 1 -
Acquisition of investment property ( 53) -
Investment in money market and government bond ( 694) (2 284)
funds
Proceeds from disposal of money market and 448 1 489
government bond funds
Acquisition of other non-current assets ( 42) ( 22)
Proceeds from disposal of other non-current assets 24 32
Net cash used in investing activities ( 779) (1 357)
Cash flows from financing activities
Proceeds from borrowings 26 81
Repayment of borrowings ( 172) ( 270)
Dividends paid ( 204) ( 141)
Payment for treasury shares ( 268) ( 112)
Proceeds from sale of treasury shares 89 28
Capital element of finance lease payments ( 1) ( 2)
Net cash used in financing activities ( 530) ( 416)
Net change in cash and cash equivalents 173 ( 280)
Cash and cash equivalents at beginning of year 657 940
Exchange gains/(losses) on cash and cash 42 ( 3)
equivalents
Cash and cash equivalents at end of year 872 657
Consolidated statement of financial position
2012 2011
Assets Euro m Euro m
Non-current assets
Property, plant and equipment 1 529 1 267
Goodwill 479 441
Other intangible assets 316 314
Investment property 64 -
Investments in associated undertakings 10 7
Deferred income tax assets 443 349
Financial assets held at fair value through profit or 69 70
loss
Other non-current assets 248 211
3 158 2 659
Current assets
Inventories 3 666 2 789
Trade and other receivables 750 597
Derivative financial instruments 27 148
Prepayments 116 119
Financial assets held at fair value through profit or 2 400 2 154
loss
Cash at bank and on hand 1 636 1 227
8 595 7 034
Total assets 11 753 9 693
Equity and liabilities
Equity attributable to owners of the parent company
Share capital 334 334
Treasury shares ( 515) ( 325)
Hedge and share option reserves 255 305
Cumulative translation adjustment reserve 1 412 892
Retained earnings 7 123 5 774
8 609 6 980
Non-controlling interest 9 12
Total equity 8 618 6 992
Liabilities
Non-current liabilities
Borrowings 22 120
Deferred income tax liabilities 24 35
Retirement benefit obligations 33 38
Provisions 158 137
Other long-term financial liabilities 176 158
413 488
Current liabilities
Trade and other payables 948 825
Current income tax liabilities 299 260
Borrowings 4 1
Derivative financial instruments 124 36
Provisions 163 126
Accruals and deferred income 358 294
Short-term loans 62 101
Bank overdrafts 764 570
2 722 2 213
Total liabilities 3 135 2 701
Total equity and liabilities 11 753 9 693
Notes for South African editors
Acknowledging the interest in Richemont`s results on the part of South African
investors, set out below are key figures from the results expressed in rand. The
average euro/rand exchange rate prevailing during the year ended 31 March 2012
was 10.242; this compares with a rate of 9.4858 during the prior year.
in ZAR millions 31 March 31 March
2012 2011
Sales 90 816 65 376 + 39 %
Operating profit 20 894 12 853 + 63 %
Profit from continuing operations 15 773 10 235 + 54 %
Loss from discontinued operations n/a
- -
Profit for the year 15 773 10 235 + 54 %
Profit attributable to:
Owners of the parent company 15 814 10 340
Non-controlling interest (41) (105)
15 773 10 235
Earnings per depository receipt - diluted ZAR 2.8227 ZAR 1.8260 + 55 %
basis
Headline earnings per depository receipt - ZAR ZAR 1.6790 + 69 %
diluted basis 2.8391
Headline earnings per depository receipt exclude the impact of losses amounting
to ZAR 92 million (Euro 9 million). In the comparative year, headline earnings
per depository receipt excluded the impact of net gains amounting to ZAR 835
million (Euro 88 million). Further details of these losses and gains, which
conform to the JSE listing requirements, are presented in note 30 of the audited
consolidated financial statements.
Subject to approval by the shareholders at the annual general meeting, which is
scheduled to take place on 5 September 2012, the dividend will be paid to
Richemont Depository Receipt holders on 21 September 2012. The rand dividend
amount per Depository Receipt will be calculated by reference to the Swiss
franc/rand exchange rate prevailing on 31 August 2012, the currency conversion
date.
Richemont Securities SA Depository Receipts are issued subject to the terms of
the Deposit Agreement entered into on 18 December 1992, most recently amended on
16 December 2010. By holding Depository Receipts, investors acknowledge that
they are bound by the terms of the Deposit Agreement. Copies of the Deposit
Agreement may be obtained by investors from Richemont Securities SA or
Computershare Investor Services (Proprietary) Limited.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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
16 May 2012
Date: 16/05/2012 07:31:09 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
