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

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Notes to the consolidated financial statements continued21. ProvisionsRestructuringWarranties and and property Employeesales related related benefits Other Total€ m € m € m € m € mAt 1 April 2007 68 35 30 18 151Acquired through business combinations – – – 1 1Charged/(credited) to the income statement:– additional provisions 42 8 17 8 75– unused amounts reversed (5) (10) (4) (3) (22)Net charge/(credit) 37 (2) 13 5 53Utilised during the year (33) (10) (5) (4) (52)Transfers – 5 – (5) –Exchange adjustments (1) (4) (1) – (6)At 31 March 2008 71 24 37 15 147Acquired through business combinations 13 5 – 3 21Charged/(credited) to the income statement:– additional provisions 52 19 1 5 77– unused amounts reversed (10) (1) (6) (1) (18)Net charge/(credit) 42 18 (5) 4 59Utilised during the year (55) (8) (6) (6) (75)Transfers – (2) – – (2)Exchange adjustments 3 3 – 1 7At 31 March 2009 74 40 26 17 1572009 2008€ m € mTotal provisions at 31 March:– non-current 40 52– current 117 95157 147Warranties and sales-related provisionsGroup companies establish provisions for potential sales returns and warranties provided on certain products. Based on past experiencea provision of € 74 million (2008: € 71 million) has been recognised for expected sales returns and warranty claims. It is expected that€ 67 million (2008: € 60 million) of this provision will be used within the following twelve months and that the remaining € 7 million(2008: € 11 million) which relates solely to potential warranty claims will be utilised over the remainder of the expected warranty periodof the products.Restructuring and property-related provisionsThese provisions represent the Group’s obligations arising from committed restructuring activities and contractual obligations in respectof properties. It is anticipated that most of the restructuring provision will be utilised in the coming year. Certain property obligations willremain until 2014.Employee benefits provisionsThese include obligations arising under the Group’s long-term incentive plan and the social costs on the Group’s share option plan.An amount of € 18 million is expected to reverse in the coming twelve months. The remainder will reverse in the next two to ten years.Other provisionsThese provisions relate to legal and constructive obligations. It is not expected that the outcomes of legal claims will give rise to anysignificant losses beyond the amounts provided at 31 March 2009.90 Richemont Annual Report and Accounts 2009Consolidated financial statements
22. Trade and other payables2009 2008€ m € mTrade creditors 278 299Other creditors 267 264545 56323. Other operating (expense)/income2009 2008re-presented€ m € mRoyalty income – net 16 15Amortisation of intangible assets acquired on business combinations (13) (3)Other expenses (30) (2)(27) 1024. Profit from continuing operationsProfit from continuing operations is stated after the following items of expense/(income):2009 2008€ m € mDepreciation of property, plant and equipment (note 7) 171 139Amortisation of intangible assets (note 8) 47 35Operating lease rentals 278 283Sub-lease rental income (2) (2)Cash flow hedge – transfer from shareholders’ equity (12) (13)Research and development costs 23 19Loss on disposal of property, plant and equipment 1 1Profit on disposal of intangible assets – (2)Restructuring charges 17 525. Employee benefits expense2009 2008€ m € mWages and salaries including termination benefits € 11 million (2008: € 6 million) 917 855Social security costs 160 153Share option expense 31 31Long-term employee benefits (7) 11Pension costs – defined contribution plans 11 11Pension costs – defined benefit plans (note 20) 39 301 151 1 0912009 2008numbernumberAverage number of employees:Switzerland 6 478 5 839Rest of the world 13 093 12 43619 571 18 275Richemont Annual Report and Accounts 2009 91Consolidated 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
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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