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Consolidated statement of changes in equityfor the year ended 31 MarchMinority TotalEquity attributable to shareholders interest equityCumulativetranslationShareholders’ Treasury Other adjustment Retainedcapital shares reserves reserve earnings TotalNotes € m € m € m € m € m € m € m € mBalance at 31 March 2007 979 (264) 151 113 6 532 7 511 2 7 513Adoption of IAS 38 (amendment) 2.1 – – – – (27) (27) – (27)Balance at 1 April 2007 979 (264) 151 113 6 505 7 484 2 7 486Currency translation adjustments – – – (461) – (461) 3 (458)Cash flow hedges:– net gains 17 – – 31 – – 31 – 31– recycle to income statement 17 – – (13) – – (13) – (13)Net share of expense of associatedundertakings recognised directly in equity 9 – – – – (87) (87) – (87)Tax on items recognised directly in equity 17 – – (24) – – (24) – (24)Net income/(expense) recogniseddirectly in equity – – (6) (461) (87) (554) 3 (551)Net profit/(loss) – – – – 1 565 1 565 (1) 1 564Total recognised income/(expense) – – (6) (461) 1 478 1 011 2 1 013Net share of transactions of associatedundertakings with their equity holders 9 – – – – (173) (173) – (173)Net changes in treasury shares 17 – (4) – – (33) (37) – (37)Employee share option plan 17 – – 31 – – 31 – 31Dividends paid 29 – – – – (701) (701) – (701)Balance at 31 March 2008 979 (268) 176 (348) 7 076 7 615 4 7 619Currency translation adjustments – – – 57 – 57 – 57Cash flow hedges:– net losses 17 – – (41) – – (41) – (41)– recycle to income statement 17 – – (12) – – (12) – (12)Net share of income of associated undertakingsrecognised directly in equity(discontinued operations) 9 – – – – 101 101 – 101Tax on items recognised directly in equity 17 – – (4) – – (4) – (4)Net income/(expense) recogniseddirectly in equity – – (57) 57 101 101 – 101Net profit – – – – 1 075 1 075 1 1 076Total recognised income/(expense) – – (57) 57 1 176 1 176 1 1 177Net share of transactions of associatedundertakings with their equity holders(discontinued operations) 9 – – – – (72) (72) – (72)Net changes in treasury shares 17 – 73 – – (7) 66 – 66Employee share option plan 17 – – (29) – – (29) – (29)Dividends paid 29 – – – – (438) (438) – (438)Minorities acquired in business combinations – – – – – – (2) (2)Partial liquidation of Group (645) – – 415 (3 256) (3 486) – (3 486)Balance at 31 March 2009 334 (195) 90 124 4 479 4 832 3 4 835The notes on pages 60 to 106 are an integral part of these consolidated financial statements.58 Richemont Annual Report and Accounts 2009Consolidated financial statements