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

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No specific provisions exist in the statutes or internal regulationsof the Company which would seek to limit or block any takeoverbid. No special contractual relationships exist between Groupcompanies and directors or members of management which wouldprotect management or act as a deterrent to a change of control ofthe Company.The rules of the stock option plan for executives in the Groupcontain specific provisions in respect of a change of control ofthe Group, which are typical in terms of such plans and wouldresult in the immediate vesting of benefits due to participants inthe event of a change of control taking place.8. AUDITORSThe external auditors report to the Board through the AuditCommittee, which also supervises the Group’s relationship withthe auditors.PricewaterhouseCoopers SA (‘PwC’) were reappointed by theshareholders of Compagnie Financière Richemont SA at the2008 Annual General Meeting as the auditors of the financialstatements of the Company and of the consolidated financialstatements of the Group. They were appointed for a periodof one year and, being eligible, will stand for a further periodof office of one year at this year’s Annual General Meeting.A questionnaire-based evaluation, in which the Finance Directorof every subsidiary is consulted, forms the basis of an annualreview of the external auditors’ performance. The results ofthis exercise are reviewed by the Audit Committee.PwC (formerly Coopers & Lybrand) were initially appointedas auditors of the Company and the Group in 1993. Mr DavidMason, the lead auditor, assumed that role in September 2005.The Company’s policy is to rotate the lead auditor at least onceevery seven years.Total fees paid or accrued as payable to PwC for the audit ofthe financial statements of the Company and the Group andrelated services were € 6.2 million in respect of the financialyear ended 31 March 2009. Fees paid or accrued as payablein respect of the financial year to PwC for non-audit servicesamounted to € 2.7 million. The scope of services providedby the external auditors is reviewed annually by the AuditCommittee and the relative weight of non-audit work providedby the external auditors is also kept under close review.as to current trading performance is made each year at the AnnualGeneral Meeting, which is normally held in September. Ad hocnews announcements are made in respect of matters which theBoard considers to be of significance to shareholders, in accordancewith the specific guidelines laid down by SIX Swiss Exchange.The annual and half-yearly financial reports are distributed to allparties who have asked to be placed on the Group’s mailing listand to registered holders of South African Depository Receipts.Investors may request electronic notification that such reportshave been published on the Group’s website.All news announcements other than the annual and half-yearlyfinancial reports are distributed by e-mail. Shareholders and otherinterested parties may ask to be included on the distribution listby contacting the Company Secretary at the Company’s registeredoffice or by e-mail (secretariat@cfrinfo.net) or by registering onthe Group’s website (www.richemont.com).Copies of the annual and half-yearly financial reports, thepreliminary announcement, trading statements, ad hoc pressreleases and the corporate responsibility report may alsobe downloaded from the Richemont website. Copies of thestatutes of the Company, together with the Corporate GovernanceRegulations, are also available on the website.In addition, the Group presents its annual and half-yearly financialresults to analysts and major investors each year. The presentationsto invited participants take place in Geneva and are broadcastover the internet. The slide presentation is downloadable fromthe website. A replay of the broadcast is available on the Group’swebsite within 24 hours of the presentation and a transcript ofthe presentation shortly thereafter.Statutory and regulatory announcements are published inthe Swiss Official Gazette of Commerce and, in certain cases,by SIX Swiss Exchange. In line with the requirements of theEuropean Union Transparency Directive, up to 3 May 2009all announcements made under the periodic reporting andshareholding disclosure requirements were also distributed byone of the Regulatory Information Services accredited by theUK Financial Services Authority.Representatives of PwC attended all meetings of the AuditCommittee held during the financial year as well as the meetingof the Committee held on 12 May 2009 at which the financialstatements were reviewed. For further information on the roleof the Audit Committee, please refer to section 3 of the corporategovernance report.9. INFORMATION POLICYThe Group reports to shareholders in accordance with theguidance provided by SIX Swiss Exchange. The annual reportis the principal source of financial and business informationfor shareholders. The Group’s preliminary announcement ofthe results for the financial year is issued in May each year. Inaddition to the annual report, each year Richemont publishesits half-yearly financial report in November as well as a tradingstatement in January covering the Group’s performance during thethird quarter of the financial year. Additionally, an announcement54 Richemont Annual Report and Accounts 2009Corporate governance
Consolidated financial statementsDirectors’ ReportThe Board of Directors of Compagnie Financière Richemont SA (‘the Company’) is pleased to submit its report on the activities of theCompany and its subsidiaries and associated undertakings (together, ‘the Group’) for the year ended 31 March 2009. The consolidatedfinancial statements on the following pages set out the financial position of the Group at 31 March 2009 and the results and cash flowsof its operations for the year then ended. The financial statements of the Company are presented on pages 108 to 111.The agenda for the Annual General Meeting, which is to be held in Geneva on 9 September 2009, is set out on page 116.Further information on the Group’s activities during the year under review is given in the Business Review on pages 6 to 39.Consolidated financial statementsPageConsolidated balance sheet 56Consolidated income statement 57Consolidated statement of changes in equity 58Consolidated cash flow statement 59Notes to the consolidated financial statements 601. General information 602. Summary of significant accounting policies 603. Financial risk management 674. Risk assessment 705. Critical accounting estimates and judgements 706. Segment information 707. Property, plant and equipment 738. Intangible assets 749. Investments in associated undertakings 7610. Taxation 7711. Financial assets held at fair value throughprofit or loss 7912. Other non-current assets 8013. Inventories 8014. Trade and other receivables 8015. Derivative financial instruments 8116. Cash and cash equivalents 8317. Equity 8318. Borrowings 8519. Liquidity risk 8620. Retirement benefit obligations 8721. Provisions 9022. Trade and other payables 9123. Other operating (expense)/income 91Page24. Profit from continuing operations 9125. Employee benefits expense 9126. Net finance (costs)/income 9227. Discontinued operations 9228. Earnings per share 9429. Dividends 9430. Cash flow generated from operations 9531. Financial commitments and contingent liabilities 9532. Business combinations 9633. Related-party transactions 9734. Share-based payment 10335. Joint ventures 10536. Ultimate parent company 10537. Post balance sheet events 10538. Principal Group companies 106Report of the Group auditors 107Company financial statementsCompagnie Financière Richemont SA 108Richemont Annual Report and Accounts 2009 55
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www.richemont.com
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