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

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Notes to the consolidated financial statements continued28. Earnings per share28.1. BasicBasic earnings per share is calculated by dividing the profit attributable to shareholders by the weighted average number of shares in issueduring the year, excluding shares purchased by the Company and held in treasury.2009 2008Profit attributable to shareholders of the Company (€ millions) 750 973Profit from discontinued operations attributable to shareholders of the Company (€ millions) 325 5921 075 1 565Weighted average number of shares in issue (millions) 559.5 561.128.2. DilutedDiluted earnings per share is calculated adjusting the weighted average number of shares outstanding, which assumes conversion of all dilutivepotential shares. The Company has only one category of dilutive potential shares: share options.The calculation is performed for the share options to determine the number of shares that could have been acquired at fair value (determined asthe average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstandingshare options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming theexercise of the share options.2009 2008Profit attributable to shareholders of the Company (€ millions) 750 973Profit from discontinued operations attributable to shareholders of the Company (€ millions) 325 5921 075 1 565Weighted average number of shares in issue (millions) 559.5 561.1Adjustment for share options (millions) 1.5 8.0Weighted average number of shares for diluted earnings per share (millions) 561.0 569.129. DividendsIn September 2008, a dividend of € 0.78 per unit was paid (September 2007: € 0.65 per unit, together with a special dividend of € 0.60 per unit).94 Richemont Annual Report and Accounts 2009Consolidated financial statements
30. Cash flow generated from operations2009 2008re-presented€ m € mOperating profit 951 1 101Depreciation and impairment of property, plant and equipment 175 139Amortisation and impairment of intangible assets 49 35Loss on disposal of property, plant and equipment 1 1Profit on disposal of intangible assets – (2)(Decrease)/increase in provisions (11) 2Decrease in retirement benefit obligations (5) (60)Non-cash items 20 19Increase in inventories (218) (308)Decrease/(increase) in trade debtors 21 (11)Increase in other receivables, prepayments and accrued income (15) (6)(Decrease)/increase in current liabilities (154) 58Increase in long-term liabilities 5 –Cash flow generated from operations 819 96831. Financial commitments and contingent liabilitiesAt 31 March 2009, the Group had contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary courseof business from which it is anticipated that no material losses will arise. Details of the Group’s commitments in respect of financial derivativesare given in note 15 and in respect of property, plant and equipment in note 7. At 31 March 2009, the Group has provided non-significantguarantees to third parties up to a maximum of € 4 million (2008: € 14 million).The Group leases various boutiques, offices and manufacturing premises under non-cancellable operating lease agreements. The leases havevarying terms, escalation clauses and renewal rights. The cost for certain boutique leases contains a fixed portion together with a variableportion which is most commonly a percentage of sales achieved. The commitments below reflect only the fixed elements.The Group had signed non-cancellable operating leases in respect of which the following minimum rentals are payable at 31 March:Land and buildings Other assets Total2009 2008 2009 2008 2009 2008€ m € m € m € m € m € mWithin one year 207 159 16 10 223 169Between two and five years 450 353 25 20 475 373Thereafter 250 249 2 2 252 251907 761 43 32 950 793At 31 March 2009, the Group had committed to invest a further € 1 million (2008: € 307 million) in unlisted undertakings until 2010.Richemont Annual Report and Accounts 2009 95Consolidated 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
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on page 103. The operating expense
Page 46 and 47: Board of directors of Compagnie Fin
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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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