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

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Notes to the consolidated financial statements continued26. Net finance (costs)/income2009 2008€ m € mFinance income:Interest income on bank and other deposits 73 82Dividend income on financial assets at fair value through profit or loss 1 6Net gain in fair value of financial assets at fair value through profit or loss – 9Net foreign exchange gains on monetary items 53 –Mark-to-market adjustment in respect of hedging activities – 64Finance income 127 161Finance costs:Interest expense:– bank borrowings (37) (35)– other financial expenses (1) (1)Net loss in fair value of financial assets at fair value through profit or loss (18) –Mark-to-market adjustment in respect of hedging activities (172) –Net foreign exchange losses on monetary items – (78)Finance costs (228) (114)Net finance (costs)/income (101) 47Foreign exchange gains resulting from effective hedge derivative instruments of € 12 million (2008: gains of € 13 million) were reflected in costof sales during the year. Gains and losses on all non-hedge derivatives, as well as the ineffective portion of hedge derivatives, are included in netfinance (costs)/income.27. Discontinued operations27.1. British American Tobacco (‘BAT’)In their Extraordinary General Meeting on 9 October 2008 the shareholders of the Company approved the restructuring of its business bysplitting its luxury goods businesses from its other interests, which included its interest in BAT and other assets, including cash of € 351 million.The de-twinning of the shares of the Company and the participation certificates of Richemont SA was effected on 20 October 2008. As partof the restructuring, Richemont SA distributed to the Company its entire holdings in the share capital of the entities holding the luxury goodsbusinesses in compensation for the cancellation of the share capital of Richemont SA, 100 per cent held by the Company. The cancellation ofthe shares of Richemont SA represents a disposal to the unitholders of the residual interests of Richemont SA which comprised principally itsinterest in BAT and other assets. The de-consolidation of Richemont SA generates no gain or loss through profit or loss as it represents a partialliquidation of Richemont SA in the context of a Group restructuring.In addition to BAT, management has authorised and is actively involved in the disposal of two small business units.The results and cash flows of the discontinued operations include the share of post tax profit and dividends received from BAT, and thetwo business units mentioned above. Management considers the net costs and cash flows of other assets disposed of to be immaterial.92 Richemont Annual Report and Accounts 2009Consolidated financial statements
27. Discontinued operations continuedResults of discontinued operations2009 2008€ m € mSales 9 12Cost of sales (21) (19)Gross loss (12) (7)Selling and distribution expenses (3) (4)Communication expenses (2) (6)Administrative expenses (1) –Other operating expense (12) –Operating loss (30) (17)Share of post-tax profit of associated undertakings 355 609Profit before taxation 325 592Taxation – –Profit from discontinued operations 325 592Cash flow generated from/(used in) discontinued operations2009 2008€ m € mNet cash generated from operating activities (operating) 335 314Disposal of discontinued operations net of cash disposed of (financing) (351) –Effect of disposal on the financial position of the Group(16) 314Investment in associated undertaking 3 060Financial assets held at fair value through profit or loss 76Other non-current assets 3Deferred income tax liabilities (1)Current income tax liabilities (1)Accruals and deferred income (2)Cash 35127.2. Assets of disposal groups held for saleThe assets relate to disposal groups which have been approved for disposal. The completion date is expected during June 2009. These assetshave been written down by € 11 million to their fair values less costs to sell, which are as follows:Property plant and equipment 2Inventories 92009€ m2009€ m11Richemont Annual Report and Accounts 2009 93Consolidated 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
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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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