Richemont is one of the world's leading luxury - Alle jaarverslagen

Notes to the consolidated financial statements continued33. Related-party transactions continuedGroup restructuringIn August 2008 the Company agreed with its joint venture partner, Remgro Limited, to restructure their joint holding in BAT and to return90 per cent of the shares of BAT to their respective unit/shareholders.The transaction was approved by the shareholders of the Company and the participation certificate holders of Richemont SA, Luxembourg(‘RSA’) at Extraordinary General Meetings held in October. On 20 October 2008 the Company separated from its former subsidiary RSA ina restructuring exercise that saw the luxury goods businesses being transferred from RSA to the Company effected by the redemption of theordinary share capital of RSA which was 100 per cent held by the Company. RSA, renamed as Reinet Investments S.C.A. (‘Reinet’), retainedthe full interest in BAT, a portfolio of small venture capital investments and some € 350 million in cash.Until the restructuring, Richemont held its interest in BAT through a joint-venture vehicle, R&R Holdings SA. The joint venture partner wasRemgro Limited. The restructuring, which resulted in the creation of Reinet, envisaged the partial liquidation of R&R Holdings SA and thedistribution to Reinet of Richemont’s 19.5 per cent share of the underlying holding of BAT shares. As a consequence of the distribution of theBAT shares, the joint-venture with Remgro Limited was terminated.On 3 November 2008, Reinet distributed to its shareholders by way of a capital reduction 90 per cent of its interest in the shares of BAT.At that time, Remgro Limited contributed 10 per cent of its holding of BAT shares to Reinet in exchange for the issuance of Reinet securitiesto its shareholders in accordance with the original agreement.Following the restructuring, the management of Richemont is distinct from Reinet, although a number of executives who have managementresponsibilities for Reinet continue to have executive roles and are employed by Richemont. Richemont has charged an applicable share ofcosts of the executives to Reinet in respect of the period ended 31 March 2009.Other related-party transactionsThe following transactions were carried out with related parties giving rise to (expense/payables) and income/receivables:(a) Transactions and balances between the Richemont Group and its associated undertakings2009 2008€ m € mSales to Net-à-Porter 1 3Receivables outstanding at 31 March:Net-à-Porter – sales of goods – 1(b) Transactions and balances between the Richemont Group and entities under common control2009 2008€ m € mGoods and services bought from and other transactions with entities under common control:Ventek International – acquisition of IT services and equipment (1) –Falconair Limited – provision of aviation services and reimbursement of third-party expenses (2) (2)Montblanc Kulturstiftung – donation – (1)Services sold to and other transactions with entities under common control:Reinet and its related Group companies 2 –Payables outstanding at 31 March:Falconair Limited – provision of aviation services and reimbursement of third-party expenses (1) –Ventek International – acquisition of IT services and equipment (1) –Receivables outstanding at 31 March:Fondation Antoine LeCoultre 1 1Reinet and its related Group companies 2 –98 Richemont Annual Report and Accounts 2009Consolidated financial statements