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

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Notes to the consolidated financial statements continued19. Liquidity riskThe following are the contractual maturities of financial liabilities, including interest payments and excluding the impact of netting agreements.Derivative assets are excluded.31 March 2009Non-derivative financial liabilities6 months Contractual Carryingor less cash flow amount€ m € m € mCurrent financial liabilitiesOther short-term loans 279 279 276Trade and other payables 545 545 545Bank overdrafts 669 669 6691 493 1 493 1 490Within Between Between Contractual Carrying1 year 1-2 years 2-5 years cash flow amount€ m € m € m € m € mNon-current financial liabilitiesLong-term borrowings (including current portion) 191 6 75 272 265Derivative financial liabilities6 months Between Contractual Carryingor less 6-12 months cash flow amount€ m € m € m € mCurrency forwards 585 109 694 42Accrual style option forwards 118 7 125 45Interest rate swap – – – 1Derivative share options 107 – 107 35810 116 926 123Total financial liabilities 2 691 1 878All outstanding derivative share options are fully vested and have expiry dates from June 2009 to June 2017. The Group holds equityinvestments which fully hedge the obligations under the option plans.31 March 2008Non-derivative financial liabilities6 months Contractual Carryingor less cash flow amount€ m € m € mCurrent financial liabilitiesOther short-term loans 272 272 267Trade and other payables 563 563 563Bank overdrafts 323 323 3231 158 1 158 1 153Within Between Between Contractual Carrying1 year 1-2 years 2-5 years cash flow amount€ m € m € m € m € mNon-current financial liabilitiesLong-term borrowings (including current portion) 15 184 68 267 258Derivative financial liabilities6 months Between Between Contractual Carryingor less 6-12 months 1-2 years cash flow amount€ m € m € m € m € mCurrency forwards 38 9 – 47 4Accrual style option forwards 47 53 12 112 485 62 12 159 8Total financial liabilities 1 584 1 41986 Richemont Annual Report and Accounts 2009Consolidated financial statements
20. Retirement benefit obligationsThe net liabilities reflected in non-current liabilities in the balance sheet in respect of post-employment benefit plans are determined as follows:2009 2008€ m € mPresent value of funded obligations (632) (635)Fair value of plan assets 618 723Net funded obligations (14) 88Present value of unfunded obligations (41) (38)Unrecognised actuarial loss/(gain) 16 (19)Amount not recognised due to asset limit – (73)Net liabilities (39) (42)The movement in the present value of the defined benefit obligation was as follows:2009 2008€ m € mBalance at 1 April of prior year (673) (663)Exchange adjustments – 15Current service cost (31) (29)Contributions by plan participants (19) (15)Interest cost (29) (26)Actuarial gains 53 44Gains on curtailments – 4Liabilities extinguished on settlements 4 1Liabilities assumed in business combinations (2) (32)Benefits paid 24 28Balance at 31 March (673) (673)Present value of funded obligations (632) (635)Present value of unfunded obligations (41) (38)The movement in the fair value of plan assets was as follows:(673) (673)2009 2008€ m € mBalance at 1 April of prior year 723 642Exchange adjustments (2) (14)Expected return on plan assets 37 31Actuarial losses (178) (45)Assets distributed on settlements (3) –Contributions paid by employer 44 90Contributions paid by plan participants 19 15Assets acquired in business combinations 2 32Benefits paid (24) (28)Balance at 31 March 618 723Richemont Annual Report and Accounts 2009 87Consolidated 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 €
Page 38 and 39: Summarised balance sheetin € mill
Page 40 and 41: Corporate responsibilityRichemont h
Page 42 and 43: Corporate governanceGENERAL PRINCIP
Page 44 and 45: on page 103. The operating expense
Page 46 and 47: Board of directors of Compagnie Fin
Page 48 and 49: Board of directors of Compagnie Fin
Page 50 and 51: Group Management CommitteeJohann Ru
Page 52 and 53: Continued from page 47The executive
Page 54 and 55: Salary and other short-term benefit
Page 56 and 57: No specific provisions exist in the
Page 58 and 59: Consolidated balance sheetat 31 Mar
Page 60 and 61: Consolidated statement of changes i
Page 62 and 63: Notes to the consolidated financial
Page 110 and 111: Company financial statementsCompagn
Page 112 and 113: Compagnie Financière Richemont SAN
Page 114 and 115: Compagnie Financière Richemont SAR
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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