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Richemont Securities Ag - Unaudited Sales Figures For The Financial Year
Release Date: 28/04/2004 07:34:58 Code(s): RCH
RICHEMONT SECURITIES AG - UNAUDITED SALES FIGURES FOR THE FINANCIAL YEAR
ENDED 31 MARCH 2004
Richemont Securities AG
(Incorporated in Geneva, Switzerland)
JSE Code: RCH
ISIN: CH0013157380
(Richemont or the Group)
UNAUDITED SALES FIGURES FOR THE FINANCIAL YEAR
ENDED 31 MARCH 2004
Richemont, the Swiss luxury goods group, announces unaudited sales for the year
ended 31 March 2004 of Euro 3 375 million.
In constant currency terms, sales for the year were in line with the prior
period. At actual exchange rates, however, sales were some 8 per cent below the
prior year, reflecting the strength of the euro, in particular against the US
dollar and the yen, during the period.
Sales by geographic region for the year
March March 12 months to 6 months to
2004 2003 31 March 2004 31 March 2004
Movement at Movement at
Euro Euro Constant Actual Constant Actual
m m rates rates rates rates
Europe 1 458 1 558 - 5% - 6% + 0% - 2%
Japan 625 705 - 3% - 11% - 3% - 8%
Asia- 637 695 + 7% - 8% + 19% + 4%
Pacific
Americas 655 693 + 11% - 5% + 20% + 3%
3 375 3 651 + 0% - 8% + 6% - 1%
Sales in the second half of the year were 6 per cent above the corresponding
period in constant currency terms or 1 per cent lower at actual exchange rates.
This improvement offset the downturn in sales reported for the first half of the
financial year, which reflected the marked decline seen during the period from
April to June 2003, when sales were very negatively impacted by the war in Iraq
and the consequences of the SARS epidemic.
Whilst the improving economic climate has been a significant factor in the
return of consumer confidence, new product launches by Richemont"s Maisons have
also been well received by customers.
The recovery seen during the quarter to December 2003 continued during the final
quarter of the financial year, with growth at constant exchange rates of 4 per
cent in the quarter to 31 December 2003 being complemented by an increase of 10
per cent in the three months ended 31 March 2004. In Europe, sales in the fourth
quarter increased by 8 per cent. Sales in Japan fell by 2 per cent although the
Asia-Pacific region continued to show good growth, reporting an increase of 18
per cent. Sales for the quarter in the Americas grew by 23 per cent at constant
rates.
Retail sales amounted to Euro 1 392 million in the year, representing an
increase of 2 per cent in constant currency terms and a decrease of 7 per cent
at actual exchange rates. The modest increase in constant currency terms
primarily reflected good growth in Asia-Pacific and the Americas, largely offset
by weakness in Japan. European retail sales were broadly in line with the prior
year.
Wholesale sales were in line with the prior year in constant currency terms, the
shortfall in Europe offsetting growth in other regions. At actual exchange
rates, total wholesale sales decreased by 8 per cent to Euro 1 983 million.
The preliminary announcement of the Group"s audited results for the year ended
31 March 2004 will be released on 10 June 2004.
Richemont owns a portfolio of leading international brands including Cartier,
Van Cleef & Arpels, Alfred Dunhill, Montblanc and Lancel as well as the
prestigious watch manufacturers Jaeger-LeCoultre, Piaget, Baume & Mercier, IWC,
Vacheron Constantin, A. Lange & Sohne and Officine Panerai.
In addition to its luxury goods business, Richemont holds a 19.6 per cent
interest in the ordinary share capital of British American Tobacco.
Press inquiries: Mr Alan Grieve, Director of Corporate Communications
Tel: + 41 22 715 3736
Analysts" inquiries: Ms Sophie Cagnard-Fabrici, Head of Investor Relations
Tel: + 44 20 7838 8581
Compagnie Financiere Richemont SA
8 Boulevard James-Fazy CH-1201 Geneva Switzerland
Telephone +41 (0)22 715 3500 Telefax +41 (0)22 715 3550 www.richemont.com
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited) Corporate Finance
