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

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Compagnie Financière Richemont SAReport of the statutory auditorsReport of the statutory auditors to the general meeting of Compagnie Financière Richemont SA, GenevaReport of the statutory auditors on the financial statementsAs statutory auditors, we have audited the financial statements of Compagnie Financière Richemont SA, which comprise the balance sheet,income statement and notes (pages 108 to 111), for the year ended 31 March 2009.Board of Directors’ responsibilityThe Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and theCompany’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant tothe preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is furtherresponsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.Auditor’s responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swisslaw and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether thefinancial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The proceduresselected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whetherdue to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation ofthe financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements for the year ended 31 March 2009 comply with Swiss law and the Company’s articles of incorporation.Report on other legal requirementsWe confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (‘AOA’) and independence (article 728 COand article 11 AOA) and that there are no circumstances incompatible with our independence.In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system existswhich has been designed for the preparation of financial statements according to the instructions of the Board of Directors.We further confirm that the proposed appropriation of available earnings complies with Swiss law and the Company’s articles of incorporation.We recommend that the financial statements submitted to you be approved.PricewaterhouseCoopers SADavid MasonAudit expertAuditor in chargeFabienne MathieuGeneva, 13 May 2009112 Richemont Annual Report and Accounts 2009Company financial statements
Five year recordConsolidated income statement2005 2006 2007 2008 2009re-presented€ m € m € m € m € mContinuing operations*Sales 3 671 4 308 4 827 5 290 5 418Cost of sales (1 415) (1 588) (1 753) (1 875) (1 988)Gross profit 2 256 2 720 3 074 3 415 3 430Net operating expenses (1 771) (2 007) (2 174) (2 297) (2 448)Operating profit 485 713 900 1 118 982Net finance (costs)/income (48) 5 31 47 (101)Profit before taxation 437 718 931 1 165 881Taxation (97) (130) (158) (194) (133)Profit after taxation 340 588 773 971 748Minority interests (2) (2) (1) 1 (1)Net profit of the parent and its subsidiaries 338 586 772 972 747Share of results of associated undertakings 474 526 578 1 3Tobacco 474 526 577 – –Other – – 1 1 3Attributable net profit – underlying basis 812 1 112 1 350 973 750Gross profit margin 61.5% 63.1% 63.7% 64.6% 63.3%Operating profit margin 13.2% 16.6% 18.6% 21.1% 18.1%Effective taxation rate** 22.2% 18.1% 17.0% 16.9% 15.7%* Continuing operations: the share of results from Tobacco have been included in continuing operations up to and including 31 March 2007.** The effective taxation rate is determined on profit from continuing and discontinued subsidiary operations.Basis of preparationThe income statement is presented on an underlying basis, which excludes the effect of disposal gains, restructuring charges and similar itemsidentified in the financial review. A reconciliation to the results presented on a reported basis is given on page 114.Analysis of sales2005 2006 2007 2008 2009re-presented€ m € m € m € m € mSales by geographic regionEurope 1 580 1 811 2 042 2 284 2 363Asia-Pacific 755 899 1 070 1 295 1 474Americas 697 875 984 1 012 889Japan 639 723 731 699 6923 671 4 308 4 827 5 290 5 418Sales by distribution channelRetail 1 509 1 762 2 009 2 214 2 304Wholesale 2 162 2 546 2 818 3 076 3 1143 671 4 308 4 827 5 290 5 418Sales by product lineWatches 1 750 2 053 2 263 2 555 2 569Jewellery 844 1 011 1 146 1 254 1 374Leather goods 258 353 463 498 481Writing instruments 297 326 373 362 307Clothing and other 522 565 582 621 6873 671 4 308 4 827 5 290 5 418Richemont Annual Report and Accounts 2009 113Five year record
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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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Consolidated statement of changes i
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Notes to the consolidated financial
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Page 110 and 111: Company financial statementsCompagn
Page 112 and 113: Compagnie Financière Richemont SAN
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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