| Thu 7 Jun 2001, 0:00 | | Richemont - Results For The Year Ended 31 March 20 |
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RICHEMONT SECURITIES AG
RESULTS FOR THE YEAR ENDED 31 MARCH 2001
Richemont, the Swiss luxury goods group, announces its results for the year
to 31 March 2001
March 2001 March 2000
Sales EURO 3 684 m EURO 2 924 m + 26 %
Operating profit EURO 712 m EURO 534 m + 33 %
Attributable profit
- parent and
subsidiaries EURO 528 m EURO 358 m + 47 %
- share of
associated companies EURO 440 m EURO 425 m + 4 %
- the Group EURO 968 m EURO 783 m + 24 %
Earnings per unit -
fully diluted basis EURO 171.44 EURO 137.04 + 25 %
Dividend per unit EURO 30.00 EURO 24.00 + 25 %
The results presented above exclude the effects of goodwill amortisation and
exceptional items from both years.
Sales increased by 26 per cent to EURO 3 684 million. All main product
categories showed substantial growth with jewellery sales increasing by 31
per cent and watch sales by 28 per cent.
Operating profit grew by 33 per cent to EURO 712 million.
The acquisition of Jaeger-LeCoultre, IWC and A. Lange & Sohne was completed
in December 2000, the three brands contributing to the Group's results in
the final quarter of the financial year.
Attributable profit of the Richemont's luxury goods businesses grew by 47
per cent.
The Group's share of the results of associated companies, principally
British American Tobacco, increased by 4 per cent to EURO 440 million.
Fully diluted earnings per unit grew by 25 per cent to EURO 171.44.
The proposed dividend, at EURO 30.00, reflects an increase of 25 per cent
over the prior year's level.
Commentary
Commenting on the results for the year, Johann Rupert, Group Chief
Executive, said:
"Richemont's luxury `maisons' have again produced excellent results,
allowing us to report a further year of strong sales and operating profit
growth. These results demonstrate the Group's considerable expertise in its
core businesses of jewellery and luxury watches.
Jewellery sales, largely through Cartier and Van Cleef & Arpels, grew
substantially, whilst our leadership in the luxury watch sector was
reflected in the 28 per cent growth in watch sales. Both categories have
continued to benefit from the strength of the Group's distribution
infrastructure through its global network of boutiques and selected
partnerships with exclusive retailers.
Capitalising on the Group's financial strength, we were able to acquire the
strategically important LMH watch companies - Jaeger-LeCoultre, IWC and A.
Lange & Sohne - without significantly increasing the Group's overall level
of debt.
Two years ago we commented about the unsustainability of the hype
surrounding e-commerce. Our cautious behaviour was well founded".
Sales and operating profit
Richemont's results showed good growth during the year with sales increasing
by 26 per cent and operating profit increasing by 33 per cent to EURO 712
million. Richemont's results also benefited from the healthy economic
environment which prevailed for most of the financial year, as well as the
strength of the dollar and yen relative to the euro.
March 2001 March 2000
EURO m EURO m
Sales 3 684 2 924 + 26 %
Cost of sales (1 216) (995)
Gross margin 2 468 1 929 + 28 %
Net operating
expenses (1 756) (1 395)
Operating profit 712 534 + 33 %
Gross margin as a percentage of sales continued to grow, in part reflecting
the continued shift from wholesale distribution towards retail sales as well
as currency factors. The growth in sales through the Group's own retail
outlets - most importantly in terms of Cartier and Montblanc - inevitably
had a positive impact on gross margin.
The increased level of operating expenses reflects the Group's continuing
investment in its brands and in the underlying infrastructure. These cost
increases were more than offset by the growth in gross margin, such that the
operating margin increased from 18.3 to 19.3 per cent of sales.
The acquisition of Jaeger-LeCoultre, IWC and A. Lange & Sohne was finalised
in December 2000 and these companies' results have been included in the
Group's figures from 1 January 2001 onwards.
Sales by product line
March 2001 March 2000
EURO m EURO m
Jewellery 877 667 + 31 %
Watches 1 653 1 293 + 28 %
Gold and jewellery
Watches 834 653 + 28 %
Other watches 819 640 + 28 %
Leather goods 312 267 + 17 %
Writing instruments 263 234 + 12 %
Clothing and other 579 463 + 25 %
3 684 2 924 + 26 %
Sales of all major product lines have shown strong growth, with particularly
good increases in the jewellery and watch categories.
The increase in jewellery sales largely reflects Cartier's continuing
success with its established ranges and the launch of Cartier de Lune and
Cartier a l'infini during the year. Jewellery sales include an increasing
contribution from Piaget and were also augmented by the inclusion of Van
Cleef & Arpels for the first time for the full period.
Richemont's watch `maisons' have continued to show good growth, with overall
watch sales growing by 28 per cent to EURO 1 653 million. Successful product
launches during the year and the acquisition of Jaeger-LeCoultre, IWC and A.
Lange & Sohne in the last quarter contributed to this strong performance.
Cartier and Van Cleef & Arpels had excellent sales growth, particularly in
the jewellery watch category. Baume & Mercier, Piaget and Vacheron
Constantin's gold watch sales also displayed good growth, with excellent
results in the US market. Panerai has experienced an almost doubling of
orders during the year.
The other watches category continued to benefit from the market trend
towards white metals, including steel. The launch of Cartier's 21
Chronoscaph watch range, Montblanc's line of sports watches and Baume &
Mercier's Capeland Chronograph range all capitalised on this trend.
Leather goods sales increased by 17 per cent for the year, influenced by the
rejuvenation of the Lancel product range combined with that company's
programme of geographic expansion. Cartier introduced the new Cage de
Cartier product line and sales of Montblanc's leather goods increased by
some 50 per cent, reflecting the successful extension of the Montblanc brand
into this product segment.
Writing instruments have shown more modest growth due to the impact of high
sales in the prior year linked to the 75th anniversary of Montblanc's
Meisterstuck. Montblanc sales have, however, benefited from the new Boheme
product range which was launched in the second half of the year under
review.
Sales by region
March 2001 March 2000
EURO m EURO m
Europe 1 508 1 203 + 25 %
Asia 1 436 1 116 + 29 %
Americas 740 605 + 22 %
3 684 2 924 + 26 %
As can be seen from the figures presented above, all regions showed good
growth for the year as a whole.
The weakness of the euro against both the dollar and the yen during the year
under review had a positive impact on the Group's sales. In Europe, where
the currency translation factor is minimal, the Group benefited from a
significant influx of Asian and American tourists attracted by the weakness
of the euro. In Asia and the Americas, turnover in euro terms benefited from
the strength of the dollar and the yen.
Sales by distribution channel
March 2001 March 2000
EURO m EURO m
Retail sales 1 647 1 272 + 29 %
Wholesale sales 2 037 1 652 + 23 %
3 684 2 924 + 26 %
Retail sales grew strongly during the year, in part reflecting the success
of the Group's retail expansion strategy together with strong demand for
product ranges such as jewellery, which are sold principally through Cartier
and Van Cleef & Arpels' own stores. Montblanc, in particular, benefited from
new store openings, which allow its product ranges to be presented in an
environment tailored to the image of the brand.
As at 31 March 2001, Richemont operated 450 internal stores, with a further
275 stores being operated by external partners. Overall this reflects a
modest increase over the prior year's figure of 719 stores. Cartier enjoys
the largest retail presence, followed by Montblanc and Dunhill. During the
year under review, Dunhill has undertaken a programme of store
rationalisation as part of its strategy to enhance profitability.
In terms of watch distribution, Richemont has its own backbone of wholesale
distribution companies in all major markets around the world. These
Richemont companies work with a network of selected specialist watch
retailers to bring the Group's products to the consumer. This wholesale
network will, over time, allow Jaeger-LeCoultre, IWC and A. Lange & Sohne
products to be introduced into new markets and increase penetration in
markets where they are already represented.
Consolidated profit and loss account
The summary profit and loss account as well as the earnings per unit
information set out below is presented on an adjusted basis, which excludes
the effects of goodwill amortisation and exceptional items from the results
for both years. A reconciliation of this profit and loss account to the
Group's results on a reported basis is presented as an appendix to this
announcement.
March 2001 March 2000
EURO m EURO m
Operating profit 712 534
Net investment income / (expense) 8 (21)
Profit before taxation 720 513
Taxation (191) (152)
Profit after taxation 529 361
Minority interests (1) (3)
Attributable profit of the parent
and its subsidiaries 528 358
Share of attributable profit of
associates: 440 425
British American Tobacco /
Rothmans International 473 430
Hanover Direct (33) (8)
Canal+ - 3
Attributable profit of the Group 968 783
Earnings per unit - basic EURO 173.68 EURO 138.39
Earnings per unit - fully diluted EURO 171.44 EURO 137.04
Net investment income for the year amounted to EURO 8 million compared to
the expense of EURO 21 million in the prior year. Interest income was
higher, largely reflecting interest earned on the proceeds of the partial
redemption of the British American Tobacco preference shares and the
disposal of the Group's interest in Vivendi. This was offset by the impact
of the acquisition of Jaeger-LeCoultre, IWC and A. Lange & Sohne in December
2000. In addition, net investment income included dividend income of EURO 18
million received from Vivendi.
The Group's effective tax rate decreased from 29.6 per cent to 26.5 per
cent, reflecting reductions in the rate of tax in certain key jurisdictions,
in particular Switzerland, together with the effects of changes in the Group
structure.
Basic earnings per unit is calculated by reference to the weighted average
number of units outstanding during the period of 5 573 665 units, together
with the attributable profit of the Group on an adjusted basis of EURO 968
million for the period. This takes into account the net effect of the
programme to buy-back 200 000 units in the context of the Group's equity-
based executive compensation scheme.
Fully diluted earnings per unit is calculated by reference to the 5 742 000
units outstanding and attributable profit on an adjusted basis for the
period of EURO 984 million, which reflects the notional additional interest
of EURO 16 million which would have accrued to the Company had the full
number of units been outstanding during the period.
Associated companies
British American Tobacco
In consequence of the merger of Rothmans International and British American
Tobacco in June 1999, Richemont acquired a 23.3 per cent interest in the
enlarged BAT. Accordingly, the financial year ended 31 March 2001 is
Richemont's first full year of ownership of the investment in BAT.
Richemont has equity accounted its interest in BAT in the financial year
under review, whereas in Richemont's profit and loss account for the prior
year the Group equity accounted the investment in BAT for a ten-month period
and included its share of the results of Rothmans International on an equity
accounted basis for the first two months of the year.
In addition to the effects of the merger, comparison of the results of the
two years is further complicated by the reduction in Richemont's effective
interest in BAT as a result of the exercise of a put option over one half of
the Group's interest in BAT preference shares in June 2000. This disposal
reduced Richemont's effective interest in BAT to 21.1 per cent for the last
ten months of the year under review.
The exercise of the put option over the preference shares resulted in a one-
off exceptional gain of EURO 189 million in the year under review.
In line with the practice adopted in the prior year, Richemont adjusts BAT's
reported results to take account of BAT's December financial year-end and
the differences in accounting policies applied by the two companies. During
the year under review, the Group's share of the results of its tobacco
interests amounted to EURO 473 million, an increase of 10 per cent over the
prior year level.
British American Tobacco is the second largest quoted tobacco group in the
world with a global market share of over 15 per cent and annual shipments of
more than 800 billion cigarettes. It has a share of more than 50 per cent of
the market in Latin America and very strong positions in other regions. With
its strong, broad-based portfolio of international, regional and local
brands, BAT remains focussed on achieving global leadership in the tobacco
business by growing market share in the `premium' and `lights' segments.
In its financial year ended 31 December 2000, BAT reported an increase in
sales volumes of seven per cent, including the impact of the merger.
Although the world market was basically stable, BAT's international brands
grew by over one per cent in volume terms. The merger with Rothmans
International increased the proportion of premium international brands
within BAT to over 20 per cent, with a consequent improvement in
profitability.
The merger process was achieved smoothly and efficiently. Savings in
operating costs as a consequence of the merger were around GBP 230 million
in BAT's 2000 financial year. Overall savings will be in excess of the level
identified at the time of the merger and those realised to date have been
achieved more quickly than anticipated. In addition to cost benefits, growth
opportunities have been pursued, with new selling organisations and
strengthened sales teams being able to promote all of the company's brands
in new markets.
Hanover Direct
Richemont holds a 48 per cent interest in Hanover Direct. In the light of
the well publicised collapse of many business-to-consumer e-commerce
traders, Hanover Direct's business model has been re-appraised. The company
has re-focused on its core catalogue businesses, has discontinued or is
seeking to dispose of its non-core catalogues and has withdrawn from the
provision of fulfilment services to third party retailers.
This strategic realignment has involved the disposal of warehouse premises,
changes at the senior management level and a cutback of some 400 employees.
In its financial year ended 31 December 2000, Hanover Direct reported losses
of $ 81 million, after provision for restructuring costs.
The Group supports the initiatives undertaken by Hanover Direct to
concentrate on its key catalogue businesses. Richemont provided $ 70 million
of medium-term funding in the form of preference shares to Hanover Direct in
August 2000 to enable it to implement the transition process.
Richemont's share of Hanover Direct's losses amounted to EURO 33 million and
has resulted in its investment in the company's net tangible assets being
reduced to zero. Acknowledging the level of losses reported by Hanover
Direct and in accordance with the stringent requirements of International
Accounting Standards, residual goodwill relating to the investment,
amounting to EURO 62 million, has also been fully written off. The Group
will henceforth carry the preference shareholding as an investment and will
no longer equity account its interest in Hanover Direct.
Canal+ / Vivendi
Richemont sold its interest in Canal+ to Vivendi in September 1999 and, in
September 2000, disposed of its shareholding in Vivendi, realising an
exceptional gain on the overall transaction of EURO 533 million. The Group's
results for the year under review include dividend income of EURO 18 million
from Vivendi shown under investment income, whereas the 15 per cent interest
in Canal+ had been equity accounted as an associated company in the period 1
April to 30 September 2000.
Consolidated cash flow
March 2001 March 2000
EURO m EURO m
Operating profit 712 534
Depreciation and other non-cash items 125 88
(Increase) / decrease in working capital (260) 37
Net cash inflow from operating activities 577 659
Dividends received from associates 236 53
Returns on investments and
servicing of finance 1 (22)
Taxation paid (149) (146)
Net acquisitions of tangible
fixed assets (230) (150)
Proceeds on redemption of BAT
preference shares 741 -
Proceeds on disposal of other investments 1 191 -
Acquisition of subsidiary undertakings (2 025) (231)
Buy-back of Richemont units (142) (203)
Other acquisitions and investments (105) (57)
Net cash inflow / (outflow) before
financing activities 95 (97)
Dividends paid (134) (118)
Other financing activities (48) (118)
Exchange rate effects 3 (67)
Decrease in cash, cash equivalents
and short-term borrowings (84) (400)
Cash and cash equivalents at beginning
of year (291) 109
Cash and cash equivalents at end of year (375) (291)
Net cash inflow from operating activities decreased by EURO 82 million
during the year, the increase in operating profit being more than offset by
the higher level of working capital, which increased in line with the level
of sales growth.
Dividends received from associates reflects the dividends received from BAT,
being the final dividend in respect of BAT's financial year ended 31
December 1999 and the interim dividend in respect of the 2000 financial
year. In the prior year, only an interim dividend was received from BAT.
In June 2000, the Group put one half of its holding of BAT preference shares
back to that company under the terms of the agreement relating to the merger
of BAT and Rothmans International. The resultant proceeds totalled EURO 741
million. The proceeds from the disposal of other investments includes the
disposal of the Group's interest in Vivendi during the year, realising EURO
1 176 million.
On 8 December 2000, Richemont completed the acquisition of Les Manufactures
Horlogeres SA ("LMH"). In a separate transaction completed on 21 July 2000,
Richemont acquired the 40 per cent of Jaeger-LeCoultre formerly held by
Audemars Piguet. The Group's interest in LMH, together with the 40 per cent
interest in Jaeger-LeCoultre, has been consolidated with effect from 1
January 2001. The overall cost of the combined transactions totalled EURO 1
982 million, which is included in acquisition of subsidiary undertakings.
Consolidated balance sheet
31 March 31 March
2001 2000
EURO m EURO m
Fixed assets
Tangible 691 483
Investments in associated companies 507 512
Other investments 355 885
1 553 1 880
Net working capital 1482 1175
Net operating assets 3 035 3 055
Goodwill 6 036 4 910
Net borrowings (1 048) (1 004)
Cash, cash equivalents and
short-term borrowings (375) (291)
Long-term borrowings (673) (713)
Other long-term liabilities (161) (102)
7 862 6 859
Capital employed
Unitholders' funds 7 737 6 732
Minority interests 125 127
7 862 6 859
The increase in tangible fixed assets is due to further investment in the
Group's retail network, in new watch manufacturing facilities and the
consolidation for the first time of the LMH companies.
The reduction in other investments from EURO 885 million to EURO 355 million
reflects the disposal of the Group's investment in Vivendi partially offset
by the investment in Hanover Direct preference shares amounting to EURO 75
million.
The increase in net working capital includes the effect of the acquisitions
of subsidiary undertakings during the year, as well as increased operational
requirements as a consequence of sales growth.
Goodwill increased by EURO 1 862 million in respect of the acquisition of
the LMH companies, offset by the amortisation charge for the year and the
reduction in goodwill relating to the partial disposal of the BAT preference
shares.
Net borrowings did not change significantly given that the acquisition costs
of LMH could to a large extent be financed from the proceeds from the sale
of the Group's investment in Vivendi as well as the partial redemption of
BAT preference shares.
Changes in unitholders' funds
The table below illustrates the movement in unitholders' funds during the
year.
31 March 31 March
2001 2000
EURO m EURO m
Profit attributable to unitholders
on an adjusted basis 968 783
Goodwill amortisation and
impairment charge (384) (277)
Exceptional items:
- as reported by the parent 722 2 582
- as reported by associated
companies (42) (106)
Profit attributable to unitholders
on a reported basis 1 264 2 982
Dividends declared and paid (134) (118)
Net adjustment in respect of buy-back
of Richemont `A' units (130) (172)
Translation and other adjustments 5 (28)
Net increase in unitholders' funds 1 005 2 664
Unitholders' funds at the
beginning of the year 6 732 4 048
Effect of applying revised
accounting standard - 20
Unitholders' funds at the end
of the year 7 737 6 732
Unitholders' funds increased by EURO 1 005 million during the year, the
attributable profit of the Group on an adjusted basis of EURO 968 being
increased by the effect of exceptional items offset to some extent by the
goodwill charge for the year. At the Annual General Meeting held in
September 2000, a dividend of EURO 24.00 per unit was approved, a total of
EURO 134 million being paid to unitholders in October 2000. In addition, the
completion of the unit buy-back programme gave rise to a net accounting
adjustment of EURO 130 million in terms of the value of the units acquired
during the year.
Dividend
The Board of Directors has proposed a dividend payable of EURO 30.00 per
unit. This represents an increase of 25 per cent over the EURO 24.00 paid to
unitholders in October 2000. The dividend will be payable on 1 October 2001.
Annual General Meeting
The Annual General Meeting of shareholders of Compagnie Financiere Richemont
AG will be held at 3.00 pm in the "Grosser Saal", Artherstrasse 2-4, 6300
Zug on Thursday, 13 September 2001.
Nikolaus Senn Johann Rupert
Chairman Chief Executive
Compagnie Financiere Richemont AG Zug, 7 June 2001
Consolidated profit and loss account - on a reported basis
Notes March 2001 March 2000
EURO m EURO m
Operating profit 712 534
Goodwill amortisation 1 (119) (80)
Exceptional items 2 722 2 582
Profit before net investment
expense and taxation 1 315 3 036
Net investment income / (expense) 8 (21)
Profit before taxation 1 323 3 015
Taxation (191) (152)
Profit after taxation 1 132 2 863
Minority interests 2 (1)
Attributable profit of the parent
and its subsidiaries 1 134 2 862
Share of attributable profit of
associates 130 120
Share of attributable profit on an
adjusted basis 440 425
Goodwill change in respect of associates (268) (199)
Share of exceptional items reported by
associate (42) (106)
Attributable profit of the Group on a
reported basis 3 1 264 2 982
A summary of the effects of goodwill amortisation
and exceptional items on profit attributable to unitholders
is shown below:
Attributable profit of the Group on a
reported basis 1 264 2 982
Elimination of goodwill charge 1 384 277
Reported by the parent and
its subsidiaries 119 80
In respect of associates 268 199
Minority interests (3) (2)
Elimination of exceptional items 2 (680) (2 476)
Gain on exercise of put options over
BAT preference shares (189) -
Gain on disposal of Vivendi (533) -
Gain arising from Rothmans
International / BAT merger - (2 582)
Share of exceptional items
reported by BAT 42 106
Attributable profit of the Group on an
adjusted basis 4 968 783
Notes to Appendix 1
Note 1 - Goodwill
As shown above, the reported results have been impacted by the Group's
accounting policy of amortising goodwill through the consolidated profit and
loss account. The goodwill amortisation charge at the pre-tax profit level
for the year ended 31 March 2001 was EURO 119 million. An additional
goodwill amortisation charge of EURO 268 million arises in respect of the
Group's interest in associated companies. Of this amortisation charge, EURO
201 million relates to the Group's investment in BAT and EURO 5 million to
Hanover Direct. In addition, taking into account the level of losses
reported by Hanover Direct and in accordance with the requirements of
International Accounting Standards, Richemont has written off the balance of
goodwill amounting to EURO 62 million in respect of its investment in
Hanover Direct.
Note 2 - Exceptional items
2a Gain on partial disposal of BAT preference shares
The exceptional gain of EURO 189 million in the year represents Richemont's
gain on the partial disposal of its holding in BAT preference shares. Under
the terms of the merger agreement between Richemont, Rembrandt Group Limited
(`Rembrandt') and BAT, up to half of the convertible redeemable preference
shares were redeemable for cash at a fixed price of GBP 5.75 per share on 7
June 2000. As provided for under the merger agreement, in December 1999 and
March 2000 Richemont and Rembrandt jointly notified BAT that they wished to
redeem these shares. As a result, Richemont and Rembrandt redeemed a total
of 120.8 million convertible redeemable preference shares, resulting in a
cash payment to Richemont of GBP 463 million or EURO 741 million on 7 June
2000. The gain is calculated on the basis of the redemption proceeds less
the value of the share of BAT's net assets attributable to the preference
shareholding at the date of transaction together with goodwill and costs
related thereto. On a consolidated basis there is no tax effect.
2b Gain on the sale of the investment in Vivendi
Richemont's gain of EURO 533 million on the disposal of its holding of 17.5
million shares in Vivendi is calculated by reference to the proceeds less
the carrying value of Vivendi together with costs related thereto. The Group
had previously hedged the value of the investment such that the net proceeds
on disposal amounted to EURO 1 176 million. Once again, on a consolidated
basis there is no tax effect.
2c Share of exceptional items reported by BAT
Richemont's share of the exceptional items reported by BAT relates to the
integration costs of the merger with Rothmans and restructuring costs
associated with BAT's US and Canadian operations, partially offset by the
gain on the sale of a pipe tobacco business in South Africa.
Note 3 - Earnings per unit on a reported basis
March March
2001 2000
Earnings per unit on a reported
basis - basic EURO226.91 EURO527.30
- fully diluted EURO223.11 EURO520.06
Basic earnings per unit is calculated by reference to the weighted average
number of units outstanding during the period of 5 573 665 units, together
with the attributable profit of the Group on an adjusted basis of EURO 1 264
million for the period. This takes into account the net effect of the
programme to buy-back 200 000 units in the context of the Group's equity-
based executive compensation scheme.
Fully diluted earnings per unit is calculated by reference to the 5 742 000
units outstanding and attributable profit on an adjusted basis for the
period of EURO 1 280 million, which reflects the notional additional
interest of EURO 16 million which would have accrued to the Company had the
full number of units been outstanding during the period.
Note 4 - Earnings per unit on an adjusted basis
March 2001 March 2000
Earnings per unit on an adjusted
basis - basic EURO173.68 EURO138.39
- fully diluted EURO171.44 EURO137.04
Basic earnings per unit is calculated by reference to the weighted average
number of units outstanding during the period of 5 573 665 units, together
with the attributable profit of the Group on an adjusted basis of EURO 968
million for the period. This takes into account the net effect of the
programme to buy-back 200 000 units in the context of the Group's equity-
based executive compensation scheme.
Fully diluted earnings per unit is calculated by reference to the 5 742 000
units outstanding and attributable profit on an adjusted basis for the
period of EURO 984 million, which reflects the notional additional interest
of EURO 16 million which would have accrued to the Company had the full
number of units been outstanding during the period.
Appendix 2
Foreign currencies
The results of the Group's subsidiaries and associates, which do not report
in euros, have been translated into euros at the following average rates of
exchange. These companies' balance sheets have been translated at the
closing exchange rates set out below.
Average exchange rates against the euro Year to Year to
March 2001 March 2000
U.S. dollar 0.91 1.03
Japanese yen 100.38 114.53
Swiss franc 1.54 1.60
Pounds sterling 0.61 0.64
Closing exchange rates against the euro 31 March 31 March
2001 2000
U.S. dollar 0.87 0.96
Japanese yen 110.44 98.12
Swiss franc 1.52 1.59
Pounds sterling 0.62 0.60
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 of both
years expressed in rand. The average euro/rand exchange rate prevailing
during the year ended 31 March 2001 was 6.6438; this compares with a rate of
6.3558 during the prior year.
March 2001 March 2000
Rand Rand
Sales 24 476 m 18 586 m + 32 %
Operating profit 4 730 m 3 395 m + 39 %
Attributable profit
- parent and subsidiaries 3 508 m 2 274 m + 54 %
- share of associated companies 2 923 m 2 700 m + 8 %
- the Group 6 431 m 4 974 m + 29 %
Earnings per depositary receipt,
rand, (fully diluted basis) 11.39 8.71 + 31 %
