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

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Company financial statementsCompagnie Financière Richemont SAIncome statementfor the year ended 31 March2009 2008Notes CHF m CHF mIncomeDividend income 589.2 373.1Interest income 26.6 31.7Other income 3.0 3.9618.8 408.7ExpensesGeneral expenses 2,3 35.9 14.3Profit before taxation 582.9 394.4Taxation 2.2 3.0Net profit 580.7 391.4Balance sheetat 31 March2009 2008Notes CHF m CHF mLong-term assetsInvestments 4 1 077.2 702.2Property, plant and equipment 0.1 0.11 077.3 702.3Current assetsCurrent accounts receivable from Group companies 1 729.3 1 570.5Other receivables 0.1 0.2Cash and cash equivalents 0.6 1.11 730.0 1 571.82 807.3 2 274.1Shareholders’ equityShare capital 6 574.2 574.2Legal reserve 7 117.6 117.6Reserve for own shares 8 262.4 104.1Retained earnings 9 1 835.8 1 466.92 790.0 2 262.8Current liabilitiesAccrued expenses 9.8 4.6Taxation 5.0 3.3Current accounts payable to Group companies 0.1 1.114.9 9.0Long-term liabilities 5 2.4 2.32 807.3 2 274.1108 Richemont Annual Report and Accounts 2009Company financial statements
Notes to the Company financial statementsat 31 March 2009Note 1 – GeneralBasis of preparation of the financial statementsThe financial statements represent the financial position of Compagnie Financière Richemont SA (‘the Company’) at 31 March 2009 and theresults of its operations for the year then ended, prepared in accordance with Swiss law.Risk Management DisclosureCompagnie Financière Richemont SA is fully integrated in the Group risk management process which gives consideration to both strategicand operational risks. All identified risks are quantified according to their probability of occurrence and potential impact, and subsequentlyprioritised by Group Management. A consolidated risk report, which includes action plans prepared by the Group executive directly responsiblefor addressing the risk, is reviewed annually by the Audit Committee and the Board of Directors.Note 2 – General expensesGeneral expenses include personnel costs of CHF 3.6 million (2008: CHF 3.5 million).Note 3 – Board and executive compensation disclosuresDetails of compensation required by the Swiss Code of Obligations, art. 663 and following, can be found in note 33 to the consolidatedfinancial statements.Note 4 – InvestmentsThese comprise investments in subsidiary companies, which are stated at cost.2009 2008 2009 2008Company Domicile Purpose ownership ownership CHF m CHF mRichemont SA Luxembourg Investment holding company – 100% – 700.0Columbus VC Sàrl Switzerland Investment holding company 100% 100% 2.0 2.0Richemont Securities AG Switzerland Depository/issuer of RichemontSouth African Depository Receipts 50% 100% 0.1 0.1Richemont Holdings AG Switzerland Investment holding company 100% 100% 0.1 0.1Richemont International SA Switzerland Operating company 100% – 385.0 –Richemont InternationalHolding SA Luxembourg Investment holding company 100% – 459.0 –Richemont Finance SA Luxembourg Investment holding company 100% – 189.0 –Richemont Luxury Group Ltd Jersey Investment holding company 100% – 42.0 –1 077.2 702.2During the year Richemont restructured its businesses and created a new, separately-listed vehicle to hold its former non-luxury goods interests.The Company’s former wholly-owned subsidiary, Richemont SA, Luxembourg transferred its luxury goods assets to the Company by way ofa reduction in capital and changed its name and legal status to Reinet Investments S.C.A. (‘Reinet’). Reinet is now listed independently from theCompany on the Luxembourg Stock Exchange. For full details regarding the restructuring, please refer to note 27 in the consolidated financialstatements.During the year the Company transferred 50 per cent of its interest in Richemont Securities AG to Reinet; Richemont Securities AG operatesSouth African Depository Receipt programmes for both Richemont and Reinet.Note 5 – Long-term liabilitiesLong-term liabilities include retirement benefit obligations in the amount of CHF 2.2 million.Note 6 – Share capital2009 2008CHF mCHF m522 000 000 ‘A’ bearer shares with a par value of CHF 1.00 each, fully paid 522.0 522.0522 000 000 ‘B’ registered shares with a par value of CHF 0.10 each, fully paid 52.2 52.2Note 7 – Legal reserveThe legal reserve of CHF 117.6 million (2008: CHF 117.6 million) is not available for distribution.574.2 574.2Richemont Annual Report and Accounts 2009 109Company financial statements
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Financial and operating highlights
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BUSINESS DEVELOPMENTWhilst the year
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JewelleryMaisonsKey resultsSales (
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Exceptional client service remains
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SpecialistWatchmakersKey resultsSal
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Established 1845Altenberger Strasse
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Established 1860Piazza San Giovanni
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Established 183050 chemin de la Ch
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Established 20078 chemin de Blandon
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Established 1906Hellgrundweg 100Ham
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OtherBusinessesKey resultsSales (
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Established 19837 rue de MoussyPari
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Financial reviewRICHARD LEPEU, GROU
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Sales and operating results by busi
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Sales by distribution channelin €
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Summarised balance sheetin € mill
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Corporate responsibilityRichemont h
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Corporate governanceGENERAL PRINCIP
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on page 103. The operating expense
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Board of directors of Compagnie Fin
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Board of directors of Compagnie Fin
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Group Management CommitteeJohann Ru
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Continued from page 47The executive
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Salary and other short-term benefit
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No specific provisions exist in the
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Consolidated balance sheetat 31 Mar
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Page 116 and 117: Five year record continuedConsolida
Page 118 and 119: Notice of meetingThe Annual General
Page 120: www.richemont.com
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