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Richemont announces strong performance for the year ended 31 March 2023
Compagnie Financière Richemont SA
(“Richemont” or “the Company” or “the Group”)
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0210483332
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
12 May 2023
RICHEMONT ANNOUNCES STRONG PERFORMANCE
FOR THE YEAR ENDED 31 MARCH 2023
Group highlights
* Group sales and operating profit at an all-time high of € 19 953 million and
and € 5 031 million, respectively
* Increased proposed dividend of CHF 2.50 per 1 ‘A’ share / 10 ‘B’ shares and
additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares
* Appointment of Chief People Officer and CEO of Regions as well as Chief
Sustainability Officer to the Senior Executive Committee
* Continued progress on ESG commitments: 97% renewable electricity achieved
globally, and polyvinyl chloride (PVC) removed from products and packaging
* Strategic agreement with FARFETCH and Alabbar to create a neutral
industry-wide platform and advance the realisation of the Group’s Luxury
New Retail vision; YNAP reclassified to ‘discontinued operations’
Financial highlights
* Sales up by 19% at actual exchange rates and by 14% at constant exchange
rates, driven by retail, up 22% at actual exchange rates (+17% at constant
exchange rates), representing 68% of Group sales
* Sales growth across all regions, distribution channels and business areas,
at actual and constant exchange rates
* Growth resumed in Asia Pacific with sales up 6% at actual rates (+1% at
constant exchange rates); double-digit increases in all other regions at
actual and constant exchange rates, led by Japan and Europe
* Double-digit sales increases across all distribution channels and business
areas at actual exchange rates, and almost all business areas at constant
exchange rates
* Operating profit, up 34% to € 5 billion, including non-recurring items of
€ 66 million net, leading to an increased operating margin of 25.2%:
* Jewellery Maisons generated 21% sales growth at actual exchange rates (+16% at
constant rates) and 35% operating margin;
* Specialist Watchmakers grew sales by 13% at actual exchange rates (+8% at
constant exchange rates) achieving a 19% operating margin;
* ‘Other’ business area (predominantly F&A Maisons) delivered strong sales
growth (+19% at actual exchange rates, +13% at constant exchange rates) and
a € 59 million operating profit (of which € 94 million for the F&A Maisons).
* 60% increase in profit for the year from continuing operations to
€ 3 911 million; € 3.6 billion loss from discontinued operations primarily
resulting from the € 3.4 billion non-cash write-down of YNAP net assets
* Solid net cash position of € 6.5 billion
Key financial data (audited)
+---------------------------------+-------------+--------------+-------------+
| | 2023| 2022| change|
| | | re-presented*| |
+---------------------------------+-------------+--------------+-------------+
|Sales | EUR 19 953m| EUR 16 748m| +19%|
+---------------------------------+-------------+--------------+-------------+
|Gross profit | EUR 13 716m| EUR 11 176m| +23%|
+---------------------------------+-------------+--------------+-------------+
|Gross margin | 68.7%| 66.7%| +200bps|
+---------------------------------+-------------+--------------+-------------+
|Operating profit | EUR 5 031m| EUR 3 753m| +34%|
+---------------------------------+-------------+--------------+-------------+
|Operating margin | 25.2%| 22.4%| +280bps|
+---------------------------------+-------------+--------------+-------------+
|Profit for the year from | | | |
|continuing operations | EUR 3 911m| EUR 2 449m| +60%|
+---------------------------------+-------------+--------------+-------------+
|Loss for the year from | | | |
|discontinued operations | EUR (3 610)m| EUR (370)m| |
+---------------------------------+-------------+--------------+-------------+
|Profit for the year | EUR 301m| EUR 2 079m| -86%|
+---------------------------------+-------------+--------------+-------------+
|Dividend per ‘A’ share/10 ‘B’ | | | |
|shares | CHF 2.50| CHF 2.25| +11%|
+---------------------------------+-------------+--------------+-------------+
|Special dividend per | | | |
|‘A’ share/10 ‘B’ shares | CHF 1.00 | CHF 1.00| |
+---------------------------------+-------------+--------------+-------------+
|Earnings per ‘A’ share/ | | | |
|10 ‘B’ shares, diluted basis | EUR 0.543| EUR 3.611| -85%|
+---------------------------------+-------------+--------------+-------------+
|Earnings per ‘A’ share/ | | | |
|10 ‘B’ shares, basic | EUR 0.550| EUR 3.660| -85%|
+---------------------------------+-------------+--------------+-------------+
|Headline earnings per ‘A’ | | | |
|share/|10 ‘B’ shares, basic | EUR 6.691| EUR 3.762| +78%|
+---------------------------------+-------------+--------------+-------------+
|Cash flow generated from | | | |
|operating activities | EUR 4 491m| EUR 4 638m| -EUR 147m|
+---------------------------------+-------------+--------------+-------------+
|Net cash position | EUR 6 549m| EUR 5 251m| +EUR 1 298m|
+---------------------------------+-------------+--------------+-------------+
* Prior-year period comparatives have been re-presented as YNAP results are
presented as ‘discontinued operations’
Please contact Computershare at Web.Queries@Computershare.co.za if you wish
to receive any documents electronically for Richemont.
This short form announcement is the responsibility of the directors of
Compagnie Financière Richemont SA and is a summary of the information in
the full announcement available on the Stock Exchange News Service (“SENS”) at:
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/CFR/FY23.pdf and on the
Group’s website: https://www.richemont.com/en/home/media/press-releases-and-news/
This announcement does not contain full details and should not be used as a
basis for any investment decision in relation to the Company’s shares. The
full announcement is also available for inspection, at no charge, at the
Company’s registered office (50 Chemin de la Chênaie, 1293 Bellevue, Geneva,
Switzerland) and the office of the Sponsor during standard office hours.
Richemont ‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on
the SIX Swiss Exchange, Richemont’s primary listing
(Reuters ‘CFR.S’/Bloomberg‘CFR:SW’/ISIN CH0210483332). They are included in the
Swiss Market Index (‘SMI’) of leading stocks and the MSCI Switzerland IMI ESG
Leaders Index. The ‘A’ shares are also traded on the Johannesburg Stock
Exchange, Richemont’s secondary listing (‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0210483332)
Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Email: sponsorteam@rmb.co.za
Date: 12-05-2023 07:30:00
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