Wrap Text
CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont, the
Swiss luxury goods group, announces its unaudited consolidated results for the
six month period ended 30 September 2010
Compagnie Financiere Richemont SA Depositary Receipts
issued by Richemont Securities AG
(Incorporated in Switzerland)
ISIN: CH0045159024
Depositary Receipt Code: CFR
PRESS RELEASE FOR IMMEDIATE RELEASE
Richemont, the Swiss luxury goods group, announces its unaudited consolidated
results for the six month period ended 30 September 2010
Financial highlights
-Sales increased by 37 per cent to Euro 3 259 million, or by 27 per cent at
constant exchange rates
-Excluding the impact of NET-A-PORTER.COM, sales increased by 22 per cent at
constant exchange rates
-Operating profit increased by 95 per cent to Euro 760 million
-Cash flow generated from operations was Euro 598 million compared to Euro 321
million in 2009
Key financial data (unaudited) 6 months ended 30
September
In millions of euros, unless 2010 2009 Change
indicated
Sales 3 259 2 379 + 37 %
Gross profit 2 113 1 464 + 44 %
Gross margin (%) 64.8 61.5 + 330 bps
Operating profit 760 390 + 95 %
Operating margin (%) 23.3 16.4 + 695 bps
Profit for the period 644 344 + 87 %
Earnings per share, diluted 1.144 0.621 + 84 %
basis (Euro)
Cash flow generated from 598 321 +Euro 277 m
operations
Net cash position 1 882 902 +Euro 980 m
This document contains forward-looking statements as that term is defined in the
United States Private Securities Litigation Reform Act of 1995. Such forward-
looking statements are not guarantees of future performance. Actual results may
differ materially from the forward-looking statements as a result of a number of
risks and uncertainties, many of which are outside the Group`s control.
Richemont does not undertake to update, nor does it have any obligation to
provide updates of, or to revise, any forward-looking statements.
Executive Chairman and Chief Executive Officer`s commentary
The good performance achieved by Richemont in the first half of this year has
been driven by a marked improvement in all business areas and across all
geographies compared to the depressed levels seen last year. Richemont`s Maisons
were able to benefit fully from this improved trading environment, further
enhancing their leading positions in jewellery, watchmaking, writing instruments
and accessories. The geographic reach of the businesses, linked to the Group`s
efficient logistics infrastructure, has allowed the Group to report a
substantial increase in profit for the period, demonstrating the operating
leverage of its business model.
Richemont`s financial position continues to be extremely strong: notwithstanding
the acquisition of NET-A-PORTER.COM, the dividend payment and share buy-back
transactions, the Group`s net cash position was unchanged at some Euro 1.9
billion.
The robust sales momentum that the Group has seen for several months has
continued through to the end of October; sales for the month were 36 per cent
above those of October 2009 at actual exchange rates. At constant exchange rates
and excluding the positive impact of the NET-A-PORTER.COM acquisition, they were
25 per cent higher.
For the second half of the financial year, we expect the high rate of growth in
sales seen in the year to date to slow as a consequence of exchange rate
movements and the more challenging prior year comparatives.
Our Maisons, with their outstanding creativity and exclusivity, are well placed
to benefit from the universal appeal of European luxury goods. Their
distribution networks and manufacturing resources will be further developed to
meet growing customer demand in both growth and established markets.
Johann Rupert
Executive Chairman and Chief Executive Officer
Compagnie Financiere Richemont SA
Geneva, 12 November 2010
Financial Review
Sales
Sales for the six months ended 30 September 2010 increased by 37 per cent at
actual exchange rates. At constant exchange rates and excluding the impact of
the acquisition of NET-A-PORTER.COM in April 2010, sales increased by 22 per
cent. The strong growth in sales reflected, in part, the low comparative figures
reported in the prior period, when reported Group sales decreased by 15 per
cent.
Further details of sales by region, distribution channel and business area are
given in the Review of Operations on pages 5 to 8.
Gross profit
The gross margin percentage increased by 3.3 percentage points to 64.8 per cent
of sales. The higher margin primarily results from the much better levels of
manufacturing capacity utilisation compared to the prior period and higher sales
due to the weakening euro, partly offset by the relative strengthening of the
Swiss franc during the period. The Swiss franc is of particular importance to
the cost of sales as the majority of the Group`s manufacturing facilities are
located in Switzerland. The improvement in the gross margin percentage, combined
with the significant increase in the value of sales, generated an increase of 44
per cent in gross profit.
Operating profit
Operating profit increased by 95 per cent, reflecting the significant increase
in gross profit and continuing cost control. As a consequence, the operating
margin increased by 695 basis points to 23.3 per cent in the period under
review.
The Group`s management of costs limited the increase in net operating expenses
to 26 per cent overall. The significant increase in actual terms included the
impacts of better trading, the relative weakening of the euro compared to the
prior period, and the impact of NET-A-PORTER.COM. Selling and distribution
expenses were 27 per cent higher, reflecting the three factors above and the
additional costs of the expansion of the boutique network, particularly in the
Asia-Pacific region. Communication expenses increased by 29 per cent, but
represented just 8 per cent of sales, a relatively low figure compared with
average full-year rates. Administration costs growth largely reflected new
business acquisitions and exchange rate effects: underlying administration cost
growth was limited to 4 per cent.
Profit for the period
Profit for the period increased by 87 per cent to Euro 644 million and included
the following significant factors:
- Net finance costs amounting to Euro 120 million, primarily due to non-cash
currency translation losses on net financial assets as a result of a stronger
Swiss franc against the euro. The majority of the Group`s financial assets are
euro-denominated cash and liquid bond funds held by a Swiss franc entity. Upon
translation, there was no effect on the Group`s equity position.
- A Euro 102 million accounting gain relating to the acquisition of NET-A-
PORTER.COM. This one-off gain, representing the revaluation of the Group`s
former equity accounted interest in that business, is reported within the
Group`s share of the post-tax results of associated companies.
- An effective taxation rate of 15.4 per cent, reflecting the anticipated full-
year rate.
Earnings per share increased by 84 per cent to 1.144 on a diluted basis. To
comply with the South African practice of providing headline earnings per share
(`HEPS`) data, the relevant figure for headline earnings for the period ended 30
September 2010 would be Euro 540 million (2009: Euro 347 million). Diluted HEPS
for the period was Euro 0.956 (2009: Euro 0.627). Further details regarding
earnings per share and HEPS may be found in note 7 of the Group`s consolidated
interim financial statements.
Cash flow
Cash flow generated from operations for the period was Euro 598 million.
Compared to the prior period, the additional Euro 277 million generated from
operations stemmed from operating profit. The Group`s absorption of cash for
working capital during the period was higher than the prior period, when
manufacturing output was being reduced.
Net acquisitions of tangible fixed assets amounted to Euro 74 million,
reflecting selected investments in the Group`s network of boutiques and
manufacturing facilities. Free cash flow in the period, being net cash generated
from operating activities after all capital expenditure, amounted to Euro 390
million.
The 2010 dividend, at CHF 0.35 per share, was paid to shareholders net of
withholding tax in September. The withholding tax was remitted to the Swiss
authorities in October.
Significant investing activities during the period included the acquisition of a
controlling interest in NET-A-PORTER.COM.
During the period under review, the Group initiated a new share buy-back
programme and purchased some 5 million `A` shares through the market at a cost
of Euro 108 million. The gross cost of these purchases was partly offset by
proceeds from the exercise of stock options by executives.
Financial structure and balance sheet
Fixed assets, including tangible and intangible assets, increased by Euro 401
million during the six-month period. The increase largely reflects the
acquisition of NET-A-PORTER.COM and increases in the Group`s boutique network.
Inventories at the end of September amounted to Euro 2 536 million. This figure
represents 18 months of gross inventories and compares with 20 months at
September 2009. The improvement in the rate of stock turn reflects both the
improved trading conditions and the measures previously taken to limit inventory
growth within the Group. Notwithstanding these positive effects, the increase in
the value of inventories partly reflects NET-A-PORTER.COM, the strengthening of
the Swiss franc and the normal seasonal build-up of inventories at the end of
the period during positive trading conditions.
At 30 September 2010, the Group`s net cash position amounted to Euro 1 882
million and was in line with the position at 31 March 2010. The Group`s net cash
position includes short-term liquid bond funds as well as cash, cash equivalents
and all borrowings. Liquid bond funds and cash balances were primarily
denominated in euros, whereas borrowings were spread across the principal
currencies of the countries in which the Group has significant operations.
Borrowings reflect the financing of net operating assets in the countries
concerned.
Shareholders` equity amounted to Euro 6 328 million, net of the cost of
repurchased treasury shares and related instruments. At 30 September 2010, the
Group held some 23 million treasury shares, representing some 5 per cent of the
total number of the `A` shares in issue, as well as options to acquire a further
10 million `A` shares.
Richemont`s financial structure remains very strong, with shareholders` equity
representing 70 per cent of total equity and liabilities.
***
Review of Operations
1. Sales by region
Movement at:
Constant Actual
in Euro millions 30 30 exchange exchange
September September rates* rates
2010 2009
Europe 1 260 995 + 23 % + 27 %
Asia-Pacific 1 157 771 + 36 % + 50 %
Americas 489 325 + 37 % + 51 %
Japan 353 288 + 4 % + 23 %
3 259 2 379 + 27 % + 37 %
*Note: movements at constant exchange rates are calculated translating
underlying sales in local currencies into euros in both the current year and the
comparative year at the average exchange rates applicable for the financial year
ended 31 March 2010.
Europe
Europe remains the most important region for the Group, accounting for 38 per
cent of overall sales. The strong momentum benefited from purchases made by
locals as well as by customers from growth markets. Growth also resumed in
Russia and the Middle East, albeit at a lower rate. The 27 per cent sales growth
in the region also included the impact of exchange rate effects from non-euro
denominated countries and the integration of NET-A-PORTER.COM. Nevertheless, at
constant exchange rates and excluding the impact of NET-A-PORTER.COM, sales
would have increased by 16 per cent.
Asia-Pacific
The Asia-Pacific region now represents 36 per cent of Group sales. Bearing in
mind the relatively robust comparative figures, the strong growth of 50 per cent
was broad-based, reflecting the Maisons` continued expansion of their
distribution networks and their leading positions in that region.
Americas
The Americas region reported strong growth, albeit compared to very weak
comparative figures. The strengthening of the dollar relative to the euro
further contributed to the reported sales growth. The Americas region
represented 15 per cent of Group sales. This growth has occurred despite the
planned reduction in wholesale accounts.
Japan
In euro terms, sales increased by 23 per cent, largely due to the significant
appreciation of the yen. Yen-denominated sales increased by 4 per cent. The weak
performance in the Japanese market reflects the challenging conditions for
luxury businesses there in general, although the return to growth was welcome.
2. Sales by distribution channel
Movement at:
Constant Actual
in Euro millions 30 30 exchange exchange
September September rates* rates
2010 2009
Retail 1 522 1 035 + 35% + 47%
Wholesale 1 737 1 344 + 20% + 29%
3 259 2 379 + 27% + 37%
*Note: movements at constant exchange rates are calculated translating
underlying sales in local currencies into euros in both the current year and the
comparative year at the average exchange rates applicable for the financial year
ended 31 March 2010.
Retail
Overall retail sales, which include directly operated stores and NET-A-
PORTER.COM, increased by 47 per cent, well above growth in wholesale sales. As a
result, retail now represents 47 per cent of the Group`s sales, a historical
high. Excluding NET-A-PORTER.COM, retail sales increased by 24 per cent at
constant exchange rates, reflecting growth in all regions.
During the current period, the overall retail network of Group-owned boutiques
increased to 855 boutiques. Store openings were primarily in growth markets.
Wholesale
The Group`s wholesale business, including sales to franchise partners, which
suffered during the comparative period due to de-stocking by business partners,
reported strong growth. The 29 per cent growth was achieved despite the impact
of a reduction in the number of points of sale in some key markets, most notably
in the United States.
3. Sales and operating results by business area
Jewellery Maisons
in Euro millions 30 30 Change
September September
2010 2009
Sales 1 619 1 222 + 32%
Operating results 541 349 + 55%
Operating margin 33.4 % 28.6 % + 491 bps
The Jewellery Maisons` sales increased by 32 per cent overall, with stronger
growth in the Maisons` own boutique networks. Sales of high jewellery pieces
were good and the more accessible jewellery ranges also performed well. Sales of
watches, from Calibre de Cartier editions in precious metals to classic models
in steel, were very strong, benefiting from the Maison`s position in premium
watchmaking. Cartier`s leading position in growth and established markets
provided a base for double-digit sales growth, albeit against weak comparatives.
Van Cleef & Arpels also saw double-digit sales growth during the period. Due to
the Maison`s relatively high exposure to Europe and the US, the comparative
sales growth was lower than the business area as a whole.
Specialist Watchmakers
in Euro millions 30 30 Change
September September
2010 2009
Sales 901 655 + 38 %
Operating results 259 133 + 95 %
Operating margin 28.8 % 20.3 % + 845 bps
Sales by the Group`s specialist watchmakers are made principally to third party
retailers. In the comparative period, many such retailers prudently sought to
reduce their inventories, given the impact of the financial crisis which began
in September 2008 on their own businesses. Consequently, orders were
significantly curtailed and sales by the Group`s specialist watchmakers in the
period to September 2009 decreased by 17 per cent. In the period under review,
with its more favourable trading environment, sales growth was relatively high
and was further augmented by positive exchange rate effects. All Maisons
performed well above the expected results.
Despite the negative impact of the stronger Swiss franc on the cost of sales,
the operating margin increased to 29 per cent of sales. Results in the
comparative period included a one-off charge relating to the Roger Dubuis
business amounting to Euro 13 million.
Writing instrument Maison
in Euro millions 30 30 Change
September September
2010 2009
Sales 303 238 + 28 %
Operating result 48 29 + 66 %
Operating margin 15.8 % 12.2 % + 366 bps
Montblanc`s sales increased by 28 per cent, reflecting the Maison`s leading
position in China and good demand for its range of writing instruments, watches
and accessories. Sales in the comparative period were particularly weak,
reflecting Montblanc`s exposure to the US and Europe and an `aspirational`
clientele more sensitive to economic slowdowns.
Other businesses
in Euro millions 30 30 Change
September September
2010 2009
Sales 436 264 + 65 %
Operating results (19) (28) + 32 %
Operating margin (4.4) % (10.6) % + 629 bps
The `Other` segment now includes NET-A-PORTER.COM as well as the Group`s Fashion
and Accessories businesses and the Group`s watch component manufacturing
activities.
The Euro 19 million loss in `Other` businesses can be primarily attributed to
the Group`s watch component manufacturing activities. Richemont`s Fashion &
Accessories Maisons saw double-digit sales growth and generated profits of Euro
7 million against losses of Euro 9 million in the comparative period.
Corporate costs
in Euro millions 30 30 Change
September September
2010 2009
Corporate costs (69) (93) - 25 %
Central support services (75) (68) + 11 %
Other operating 6 (25) n/a
income/(expense), net
income/(expense), net
Corporate costs represent the costs of central management, marketing support and
other central functions, known as central support services, as well as other
expenses and income which are not allocated to specific business areas,
including foreign exchange hedging gains and losses. Central support service
expenses increased by Euro 7 million, largely due to the strength of the Swiss
franc. Other operating expenses included gains of Euro 13 million relating to
the Group`s exchange rate hedging programme, which are reported within gross
profit. In the comparative period, equivalent exchange rate hedging losses
amounted to Euro 19 million.
***
The Group`s consolidated statements of comprehensive income, of cash flows and
of financial position are presented in Appendix 1. Richemont`s unaudited
consolidated interim financial statements for the period may be found on the
Group`s website at http://www.richemont.com/investor-relations/results-
presentations.html
Richard Lepeu, Deputy Chief Gary Saage, Chief Financial
Executive Officer Officer
Presentation
The results will be presented via a live internet webcast on 12 November 2010,
starting at 09:00 (CET). The direct link will be available from 08:00 (CET) at:
http://www.richemont.com
-Live listen-only telephone connection: call one of these numbers 10 minutes
before the start of the presentation:
-Europe: +41 91 610 56 00
-USA: +1 866 291 4166
-UK: +44 203 059 5862
-South Africa: 0800 992 635 (toll free)
-An archived video webcast of the presentation will be available from:
http://www.richemont.com/investor-relations/results-presentations.html
-A transcript of the presentation will be available from:
http://www.richemont.com/investor-relations/results-presentations.html
Interim Report
The Richemont 2010 Interim Report will be published on or around 30 November
2010 and will be available for download from the Group`s website; copies may be
obtained from the Company`s registered office or by contacting the Company via
the website at http://www.richemont.com/contact.html
Compagnie Financiere Media contact Investor contact
Richemont SA Alan Grieve Sophie Cagnard
Registered office: Director of Corporate Head of Investor Relations
50 chemin de la Affairs Tel +33 1 58 18 25 97
Chenaie Tel: +41 22 721 3507 E-mail:
1293 Bellevue Geneva E-mail: investor.relations@cfrinfo.net
Switzerland pressoffice@cfrinfo.net
Tel: +41 22 721 3500
Fax: +41 22 721 3550
Internet:
www.richemont.com
Statutory Information
`A` shares issued by Compagnie Financiere Richemont SA are listed and traded on
the SIX Swiss Exchange, (Reuters "CFR.VX" / Bloomberg "CFR:VX" / ISIN
CH0045039655) and are included in the Swiss Market Index (`SMI`) of leading
stocks. The Swiss `Valorennummer` is 4503965.
South African depository receipts in respect of Richemont `A` shares are traded
on the Johannesburg stock exchange operated by JSE Limited (Reuters "CFRJ.J" /
Bloomberg "CFR:SJ" / ISIN CH0045159024).
The closing price of the Richemont `A` share on 30 September 2010 was CHF 47.31
and the market capitalisation of the Group`s `A` shares on that date was CHF 24
696 million. Over the preceding six month period, the highest closing price of
the `A` share was CHF 47.31 (30 September 2010), and the lowest closing price of
the `A` share was CHF 35.65 (1 July 2010).
Copyright Richemont 2010
Appendix 1
Consolidated statement of comprehensive income
Six Six
months to months to
30 30
September September
2010 2009
Euro m Euro m
Sales 3 259 2 379
Cost of sales (1 146) ( 915)
Gross profit 2 113 1 464
Selling and distribution expenses ( 761) ( 598)
Communication expenses ( 264) ( 204)
Administrative expenses ( 314) ( 259)
Other operating (expense) / income ( 14) ( 13)
Operating profit 760 390
Finance costs ( 160) ( 37)
Finance income 40 61
Share of post-tax profit of associated 102 2
undertakings including gain on disposal
Profit before taxation 742 416
Taxation ( 98) ( 71)
Profit from continuing operations 644 345
Discontinued operations (net of tax) - ( 1)
Profit for the period 644 344
Other comprehensive income:
Currency translation adjustments 327 2
Cashflow hedges
- net gains 41 34
- reclassification to profit or loss ( 13) 20
Other comprehensive income, net of tax 355 56
Total comprehensive income 999 400
Profit attributable to:
Owners of the parent company 646 344
Non-controlling interest ( 2) -
644 344
Total comprehensive income attributable
to:
Owners of the parent company 1 000 400
Non-controlling interest ( 1) -
999 400
Earnings per share attributable to
owners of the parent company during the
period (expressed in Euro per share)
Basic:
- from continuing operations 1.171 0.624
- from discontinued operations - (0.002)
1.171 0.622
Diluted:
- from continuing operations 1.144 0.623
- from discontinued operations - (0.002)
1.144 0.621
Consolidated statement of cash flows
Six Six
months to months to
30 30
September September
2010 2009
Euro m Euro m
Operating profit 760 389
Depreciation and impairment of 99 87
property, plant and equipment
Amortisation and impairment of other 40 25
intangible assets
Increase in provisions 41 7
Decrease in retirement benefit - ( 1)
obligations
Non-cash items 6 42
(Increase)/decrease in inventories ( 144) 57
Increase in trade debtors ( 134) ( 131)
Increase in other receivables and ( 84) ( 27)
prepayments
Increase/(decrease) in current and long- 14 ( 127)
term operating liabilities
Cash flow generated from operations 598 321
Interest received 7 9
Interest paid ( 12) ( 15)
Other investment income 4 6
Taxation paid ( 112) ( 59)
Net cash generated from operating 485 262
activities
Cash flows from investing activities
Acquisition of subsidiary undertakings ( 227) ( 20)
and other businesses, net of cash
acquired
Proceeds from disposal of subsidiary ( 3) -
undertakings and other businesses, net
of cash disposed
Acquisition of associated undertakings - ( 4)
Acquisition of property, plant and ( 75) ( 50)
equipment
Proceeds from disposal of property, 1 2
plant and equipment
Acquisition of intangible assets ( 21) ( 12)
Proceeds from disposal of intangible - 1
assets
Investment in short-term bond funds ( 939) ( 2)
Proceeds from disposal of short-term 937 120
bond funds
Acquisition of other non-current assets ( 8) ( 7)
Proceeds from disposal of other non- 17 66
current assets
Net cash (used in) / generated from ( 318) 94
investing activities
Cash flows from financing activities
Proceeds from borrowings 66 171
Repayment of borrowings ( 207) ( 203)
Dividends paid ( 92) ( 71)
Payment for treasury shares ( 108) ( 155)
Proceeds from sale of treasury shares 17 38
Capital element of finance lease ( 2) ( 2)
payments
Net cash used in financing activities ( 326) ( 222)
Net change in cash and cash equivalents ( 159) 134
Cash and cash equivalents at beginning 940 1 363
of period
Reclassification of short-term bond - ( 956)
funds
Exchange gains on cash and cash 33 3
equivalents
Cash and cash equivalents at end of 814 544
period
Consolidated statement of financial position
30 September 31 March 31 March
2010 2010 2009
re- re-
presented presented
Assets Euro m Euro m Euro m
Non-current assets
Property, plant and 1 181 1 160 1 169
equipment
Goodwill 443 164 155
Other intangible assets 326 225 231
Investments in associated 8 24 14
undertakings
Deferred income tax assets 327 315 305
Financial assets held at 87 88 143
fair value through profit
or loss
Other non-current assets 200 187 172
2 572 2 163 2 189
Current assets
Inventories 2 536 2 260 2 422
Trade and other receivables 817 626 672
Derivative financial 90 13 18
instruments
Prepayments 122 84 80
Assets of disposal groups - - 11
held for sale
Financial assets held at 1 340 1 339 -
fair value through profit
or loss
Cash at bank and on hand 1 649 1 258 2 032
6 554 5 580 5 235
Total assets 9 126 7 743 7 424
Equity and liabilities
Equity
Share capital 334 334 334
Treasury shares ( 336) ( 248) ( 195)
Hedge and share option 249 194 90
reserves
Cumulative translation 749 423 124
adjustment reserve
Retained earnings 5 332 4 956 4 480
Total shareholders` equity 6 328 5 659 4 833
Non-controlling interest 21 2 3
Total equity 6 349 5 661 4 836
Liabilities
Non-current liabilities
Borrowings 139 340 90
Deferred income tax 43 27 78
liabilities
Retirement benefit 39 39 39
obligations
Provisions 89 54 39
Other long-term financial 144 17 34
liabilities
454 477 280
Current liabilities
Trade and other payables 642 574 545
Current income tax 220 230 172
liabilities
Borrowings 45 3 188
Derivative financial 67 79 123
instruments
Provisions 105 105 117
Accruals and deferred 321 242 218
income
Short-term loans 88 54 276
Bank overdrafts 835 318 669
2 323 1 605 2 308
Total liabilities 2 777 2 082 2 588
Total equity and 9 126 7 743 7 424
liabilities
Notes for South African editors
Acknowledging the interest in Richemont`s results on the part of South African
investors, set out below are key figures from the results expressed in rand. The
average euro/rand exchange rate prevailing during the period ended 30 September
2010 was 9.4966; this compares with a rate of 11.332 during the prior period.
in ZAR millions 30 30
September September
2010 2009
Sales 30 949 26 959 + 15 %
Operating profit 7 217 4 419 + 63 %
Profit from continuing operations 6 116 3 910 + 56 %
Loss from discontinued operations - (12) n/a
Profit for the period 6 116 3 898 + 57 %
Profit attributable to:
Owners of the parent company 6 135 3 898
Non-controlling interest (19) -
6 116 3 898
Earnings per depository receipt - ZAR ZAR + 54 %
diluted basis 1.0864 0.7037
Headline earnings per depository ZAR ZAR + 28 %
receipt - diluted basis 0.9079 0.7105
Headline earnings per depository receipt include the impact of one-off gains
amounting to ZAR 1 007 million (Euro 106 million). In the comparative period,
one-off losses amounted to ZAR 34 million (Euro 3 million). Further details of
these gains and losses, which conform to the JSE listing requirements, are
presented in note 7.3 of the unaudited interim consolidated financial
statements.
Richemont Securities AG Depository Receipts are issued subject to the terms of
the Deposit Agreement dated 25 August 1988 as amended on 18 December 1992, 28
September 2001 and 7 August 2008. By holding Depository Receipts, investors
acknowledge that they are bound by the terms of the Deposit Agreement. Copies of
the Deposit Agreement may be obtained by investors from Richemont Securities AG
or Computershare Limited.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Compagnie Financiere Richemont SA
50, Chemin de la Chenaie 1293 Bellevue - Geneva Switzerland
Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550
www.richemont.com
12 November 2010
Date: 12/11/2010 08:00:02 Supplied by www.sharenet.co.za
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