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CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont, the

Release Date: 16/05/2012 07:31
Code(s): CFR
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CFR - Compagnie Financiere Richemont SA Depositary Receipts - Richemont, the Swiss luxury goods group, announces its audited consolidated results for the year ended 31 March 2012 and cash dividend declaration Compagnie Financiere Richemont SA Depositary Receipts issued by Richemont Securities SA (Incorporated in Switzerland) ISIN: CH0045159024 Depositary Receipt Code: CFR Richemont, the Swiss luxury goods group, announces its audited consolidated results for the year ended 31 March 2012 and cash dividend declaration Financial highlights - Sales increased by 29 % to Euro 8 867 million at actual exchange rates and by 30% at constant currency - Operating profit rose by 51 % to Euro 2 040 million - Operating margin reached 23 % of sales - Healthy cash flow generated from operations: Euro 1 789 million - Proposed dividend: CHF 0.55 per share, representing an increase of 22 % Key financial data 12 months ended 31 March (audited) In euros, unless 2012 2011 Change indicated Sales Euro 8 867 m Euro 6 892 m + 29 % Gross profit Euro 5 651 m Euro 4 394 m + 29 % Gross margin 63.7 % 63.7 % - Operating profit Euro 2 040 m Euro 1 355 m + 51 % Operating margin 23.0 % 19.7 % + 330 bps Profit for the year Euro 1 540 m Euro 1 079 m + 43 % Earnings per share, Euro 2.756 Euro 1.925 + 43 % diluted basis Cash flow generated from Euro 1 789 m Euro 1 696 m + Euro 93 m operations Net cash position Euro 3 184 m Euro 2 589 m + Euro 595 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 Results We are pleased to report that Richemont has achieved strong sales growth across all segments and all geographic regions, despite a volatile and diverse economic environment. The Group`s Jewellery Maisons and its Specialist Watchmakers have reported record sales and profits, despite the strength of the Swiss franc and the rising cost of precious materials and input costs. Montblanc continued to grow and reported increased profits. Richemont`s Fashion and Accessories Maisons also performed well. Net-a-Porter continues to enjoy sales growth above the Group average, while at the same time investing in structural expansion. Further to the announcement in January, the Group`s operating profit is significantly higher than the prior year: at Euro 2 040 million it is 51 % above last year`s level. These performances reflect the commitment and efforts of all our colleagues, the strength of our Maisons and the leverage provided by the Group`s shared services. Dividend Based upon the good results for the year, the Board has proposed an ordinary dividend of CHF 0.55 per share. This represents an increase of 22 % compared to last year. Outlook Although sales in the month of April were 29 % above the comparative period, or 20 % at constant exchange rates, we are mindful of the unstable economic environment, particularly in the euro zone. The enduring appeal and the development potential of each of our Maisons lead us to focus our investment on the Group`s organic growth. Investments are primarily dedicated to the expansion and integration of the Maisons` respective manufacturing facilities, as well as growth in their retail networks. Selective boutique openings will be focused in growth markets and in tourist destinations around the world. Our Maisons remain entrepreneurial and innovative businesses at heart. More than ever, we are convinced of their resilience and long-term prospects. We therefore look forward to the future with cautious optimism. Johann Rupert Executive Chairman and Chief Executive Officer Compagnie Financiere Richemont SA Geneva, 16 May 2012 *** Financial Review Sales Sales for the year increased by 29 % at actual exchange rates and by 30 % at constant exchange rates. The growth in sales reflected the continuing demand for established product lines, the successful introduction of new products and the impact of boutique openings. The Asia-Pacific region saw the highest level of demand and, following several years of very strong growth, sales in that region now represent 42 % of Group sales. 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 Gross profit also increased by 29 %. The gross margin percentage was in line with the prior year at 63.7 % of sales. The negative impact on the gross margin percentage of adverse exchange rate movements, in particular the strengthening of the Swiss franc, and higher precious material and input costs, were offset by a number of specific factors. These included foreign exchange hedging gains of Euro 108 million (2011: Euro 13 million) and the impact of price increases, as well as the growing importance of the Group`s own retail activities in the overall sales mix. The stronger Swiss franc is of particular importance to the cost of sales, as the majority of the Group`s manufacturing facilities are located in Switzerland. Operating profit Operating profit increased by 51 %, reflecting the significant increase in gross profit and continuing cost discipline. This is evidenced by the limited year-on- year increase in net operating expenses of 19 %, which was well below the percentage growth in sales. Selling and distribution expenses were 19 % higher, reflecting sales growth in general and the opening of new boutiques by the Maisons. Communication expenses increased by 23 %, representing 10 % of sales. Administration costs rose by 14 % overall, including the impact of structural developments to support Richemont`s Fashion and Accessories businesses, Net-a-Porter, and information technology projects across the Group. As a consequence, the operating margin increased by 330 basis points to 23.0 % in the year under review. Profit for the year Profit for the year increased by 43 % to Euro 1 540 million. The increase included the following significant items: - Within net finance costs, Euro 169 million related to non-cash, mark-to-market currency losses on euro-denominated liquid bond funds held by a Swiss franc entity. Upon translation back into euros, there was no effect on the Group`s overall equity position. - The non-recurrence of a Euro 102 million non-cash accounting gain recorded in the comparative year within the Group`s share of the post-tax results of associated companies. The gain related to the revaluation of the Group`s former interest in Net-a-Porter in April 2010 when Richemont acquired control of that business. The effective taxation rate was 14.6 %. The decrease in the rate compared to the prior year was primarily due to timing differences associated with deferred tax assets relating to inventory. Excluding these timing differences, the effective taxation rate was consistent with the prior year. Earnings per share increased by 43 % to Euro 2.756 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 year ended 31 March 2012 would be Euro 1 553 million (2011: Euro 1 002 million). Basic HEPS for the year was Euro 2.832 (2011: Euro 1.818). Diluted HEPS for the year was Euro 2.772 (2011: Euro 1.770). Further details regarding earnings per share and HEPS, including an itemised reconciliation, may be found in note 30 of the Group`s consolidated financial statements. Cash flow Cash flow generated from operations was Euro 1 789 million, Euro 93 million above the prior year. The additional cash generated from operating profit was partly offset by working capital increases, in particular inventories. The increase in inventories was broadly in line with the increase in sales. The net acquisition of tangible fixed assets amounted to Euro 398 million, reflecting selected investments in the Group`s worldwide network of boutiques as well as jewellery and watch manufacturing facilities, primarily in Switzerland. The 2011 dividend, at CHF 0.45 per share, was paid to shareholders net of Swiss withholding tax in September. The cash outflow in the period amounted to Euro 204 million. During the year, the Group acquired some 8 million `A` shares to hedge executive stock options. The cost of these purchases was partly offset by proceeds from the exercise of stock options by executives and other activities linked to the hedging programme, leading to a net cash outflow of Euro 179 million. Financial structure and balance sheet Tangible and intangible assets increased by Euro 302 million during the year. The increase largely reflects the expansion of the Maisons` boutique networks, particularly in the Asia-Pacific region, and investments in their European manufacturing facilities. Inventories at the year-end amounted to Euro 3 666 million. This figure represents 15.8 months of gross inventories and compares with 16.5 months at March 2011. The reduction in the rate of stock turn reflects favourable trading conditions. In absolute terms, the increase in the value of inventories results from the strengthening of the Swiss franc, the expansion of the boutique network and the necessity to rebuild inventories. At 31 March 2012, the Group`s net cash position amounted to Euro 3 184 million, an increase of Euro 595 million during the year. 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 and Swiss francs, whereas borrowings to finance local operating assets are denominated in the currencies of the countries concerned. Total borrowings, including bank borrowings and short-term loans, amounted to Euro 88 million. Richemont`s financial structure remains very strong, with shareholders` equity representing 73 % of total equity and liabilities. Proposed dividend The Board has proposed an ordinary cash dividend of CHF 0.55 per share, an increase of CHF 0.10 per share compared to last year. The dividend will be paid as Gross dividend Swiss Net payable follows: withholding per share tax @ 35% per share Ordinary cash dividend CHF 0.5500 CHF 0.1925 CHF 0.3575 The dividend will be payable following the Annual General Meeting, which is scheduled to take place in Geneva on Wednesday 5 September 2012. The last day to trade Richemont `A` shares and Richemont South African Depository Receipts cum-dividend will be Friday 7 September 2012. Richemont `A` shares and South African Depository Receipts will trade ex-dividend from Monday 10 September 2012. The dividend on the Compagnie Financiere Richemont `A` shares will be paid on Thursday 13 September 2012. The dividend in respect of the `A` shares is payable in Swiss francs. The dividend in respect of Richemont South African Depository Receipts will be payable on Friday 21 September 2012. The South African Depository Receipt dividend is payable in rand to residents of the South African Common Monetary Area (`CMA`) but may, dependent upon residence status, be payable in Swiss francs to non-CMA residents. Further details regarding the dividend payable to South African Depository Receipt holders will be made in a separate announcement on SENS, the Johannesburg stock exchange news service, on 16 May 2012. Review of Operations 1. Sales by region Constant Actual in Euro millions 31 March 2012 31 March 2011 exchange exchange rates* rates Europe 3 097 2 588 + 20 % + 20 % Asia-Pacific 3 684 2 569 + 46 % + 43 % Americas 1 253 998 + 30 % + 26 % Japan 833 737 + 9 % + 13 % 8 867 6 892 + 30 % + 29 % *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 2011. Europe Solid double-digit organic growth was registered across the region. Sales in the region were boosted by the growing number of travellers from other parts of the world and Net-a-Porter`s performance. The Middle East and Africa, which accounted for 16 % of sales in the region, reported strong double-digit growth. Asia-Pacific Now representing 42% of Group sales, the Asia-Pacific region reported another year of sustained broad-based growth, particularly in Hong Kong and mainland China. The Group`s selective expansion of its retail network in recent years contributed to the strong year-on-year growth. Americas The Americas region reported robust double-digit growth reflecting the growing demand for jewellery and watches as well as Net-a-Porter`s performance. Japan Sales in Japan grew, notwithstanding the continuing challenges the country faces following the dramatic events of March 2011. 2. Sales by distribution channel Constant Actual in Euro millions 31 March 2012 31 March 2011 exchange exchange rates* rates
Retail 4 656 3 469 + 36 % + 34 % Wholesale 4 211 3 423 + 24 % + 23 % 8 867 6 892 + 30 % + 29 % *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 2011. Retail Retail sales comprise sales made through the Group`s directly operated boutiques and Net-a-Porter. Together, retail sales accounted for 53 % of Group sales during the year compared with 50 % in the prior year. The growing proportion of retail sales reflects the above-average performance in most directly operated boutiques, the impact of new boutiques and Net-a-Porter. Boutique openings during the year were primarily in high-growth markets, such as mainland China. The worldwide network of directly operated boutiques amounted to 948 at the end of March compared to 876 one year earlier. Wholesale The Group`s wholesale business, including sales to franchise partners, reported strong growth above last year`s level. This growth reflected the performance of our trade partners following the optimisation of the Maisons` respective partner networks. The Maisons carried out planned reductions in the number of points of sale in Western Europe and North America. 3. Sales and operating results by segment Jewellery Maisons in Euro millions 31 March 2012 31 March 2011 Change Sales 4 590 3 479 + 32 % Operating results 1 510 1 062 + 42 % Operating margin 32.9 % 30.5 % + 240 bps The Jewellery Maisons` sales grew by 32 %. Both Cartier and Van Cleef and Arpels performed exceptionally well. Both Maisons reported high growth across products and channels. Demand for High Jewellery pieces was solid and more accessible jewellery ranges enjoyed very strong demand. Cartier`s watch collections, including premium and technical pieces, were equally successful. The significant increase in sales and continuing cost discipline generated an operating margin of 33 %. Specialist Watchmakers in Euro millions 31 March 2012 31 March 2011 Change Sales 2 323 1 774 + 31 % Operating results 539 379 + 42 % Operating margin 23.2 % 21.4 % + 180 bps The Specialist Watchmakers` sales increased by 31 %. All Maisons improved their performance. Last year`s sales and results were negatively impacted by the reorganisation of Baume & Mercier. Overcoming higher input costs and the strength of the Swiss franc, the operating margin increased to 23 %, reflecting the solid demand for premium watches and strong pricing power. Montblanc Maison in Euro millions 31 March 2012 31 March 2011 Change Sales 723 672 + 8 % Operating result 119 109 + 9 % Operating margin 16.4 % 16.2 % + 20 bps Driven by demand for watches and accessories, Montblanc`s sales increased by 8 %. The Maison maintained an operating margin of 16 %. Other businesses in Euro millions 31 March 2012 31 March 2011 Change Sales 1 231 967 + 27 % Operating results (35) (34) - 3 % Operating margin (2.8) % (3.5) % + 70 bps The `Other` segment includes the Group`s Fashion and Accessories businesses, Net- a-Porter and the Group`s watch component manufacturing activities. Richemont`s Fashion & Accessories Maisons reported sales growth of 18 % and generated improved profits of Euro 50 million (2011: profits of Euro 29 million). The performance of Alfred Dunhill and Chloe were particularly noteworthy. Sales at Net-a-Porter continued to rise above the Group`s average rate, including the first full year of Mr Porter. The amortisation of intangibles and the costs associated with the continued expansion of Net-a-Porter`s platforms contributed to its overall increase in losses. On a cash basis, Net-a-Porter generated positive results. The Group`s watch component manufacturing activities incurred losses, which were broadly in line with the comparative year. Corporate costs in Euro millions 31 March 2012 31 March 2011 Change Corporate costs (93) (161) - 42 % Central support services (170) (159) + 7 % Other operating 77 (2) n/a 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, largely due to the negative impact of a stronger Swiss franc. Other operating income/(expense) included gains of Euro 108 million (2011: gains of Euro 13 million) relating to the Group`s exchange rate hedging programme, which are reported within gross profit. *** The Group`s consolidated statements of comprehensive income, of cash flows and of financial position are presented in Appendix 1. Richemont`s audited consolidated financial statements for the year may be found on the Group`s website at http://www.richemont.com/investor-relations/reports.html Richard Lepeu, Deputy Chief Executive Officer Gary Saage, Chief Financial Officer Presentation The results will be presented via a live internet webcast on 16 May 2012, starting at 09:00 (CET). The direct link, including the presentation slides, will be available from 07:30 (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 Annual Report The Richemont Annual Report and Accounts 2012 will be published on or around 21 June 2012 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/about-richemont/contact.html Compagnie Financiere Richemont SA Registered office: 50 chemin de la Chenaie CP30, 1293 Bellevue Geneva Switzerland Tel: +41 22 721 3500 Fax: +41 22 721 3550 Internet: www.richemont.com Media contact Alan Grieve Director of Corporate Affairs Tel: +41 22 721 3507 E-mail: pressoffice@cfrinfo.net Investor contact Sophie Cagnard Head of Investor Relations Tel +33 1 58 18 25 97 E-mail: investor.relations@cfrinfo.net Statutory Information Primary listing SIX Swiss Exchange (Reuters "CFR.VX" / Bloomberg "CFR:VX" / ISIN CH0045039655). The Swiss `Valorennummer` is 4503965. Richemont `A` bearer shares are included in the Swiss Market Index (`SMI`) of leading stocks. Secondary listing Johannesburg stock exchange operated by JSE Limited (Reuters "CFRJ.J" / Bloomberg "CFR:SJ" / ISIN CH0045159024). South African depository receipts in respect of Richemont `A` shares. The closing price of the Richemont `A` share on 31 March 2012 was CHF 56.60 and the market capitalisation of the Group`s `A` shares on that date was CHF 29 545 million. Over the preceding year, the highest closing price of the `A` share was CHF 59.55 (14 March) and the lowest closing price of the `A` share was CHF 38.51 (10 August). Copyright Richemont 2012 Appendix 1 Consolidated statement of comprehensive income 2012 2011 Euro m Euro m Sales 8 867 6 892 Cost of sales (3 216) (2 498) Gross profit 5 651 4 394 Selling and distribution expenses (1 962) (1 654) Communication expenses ( 859) ( 699) Administrative expenses ( 747) ( 656) Other operating (expense) / income ( 43) ( 30) Operating profit 2 040 1 355 Finance costs ( 314) ( 292) Finance income 79 111 Share of post-tax results of associated ( 1) 101 undertakings Profit before taxation 1 804 1 275 Taxation ( 264) ( 196) Profit for the year 1 540 1 079 Other comprehensive income: Currency translation adjustments - movement in the year 520 459 - reclassification to profit or loss 1 11 Cash flow hedges - net gains 25 81 - reclassification to profit or loss ( 108) ( 13) Tax on cash flow hedges 14 ( 11) Other comprehensive income, net of tax 452 527 Total comprehensive income 1 992 1 606 Profit attributable to: Owners of the parent company 1 544 1 090 Non-controlling interest ( 4) ( 11) 1 540 1 079 Total comprehensive income attributable to: Owners of the parent company 1 995 1 616 Non-controlling interest ( 3) ( 10) 1 992 1 606 Earnings per share attributable to owners of the parent company during the year (expressed in Euro per share) Basic 2.816 1.977 Diluted 2.756 1.925 Consolidated statement of cash flows 2012 2011 Euro m Euro m Operating profit 2 040 1 355 Depreciation and impairment of property, plant and 249 213 equipment Amortisation and impairment of other intangible 85 78 assets Loss on disposal of property, plant and equipment 4 5 Loss on disposal of intangible assets 2 1 Increase in provisions 67 92 Decrease in retirement benefit obligations ( 5) ( 2) Non-cash items ( 83) 18 Increase in inventories ( 684) ( 350) (Increase)/decrease in trade receivables ( 72) 83 Increase in other receivables and prepayments ( 65) ( 67) Increase in current liabilities 251 267 Increase in long-term liabilities - 3 Cash flow from operations 1 789 1 696 Interest received 30 17 Interest paid ( 23) ( 22) Other investment income 3 4 Taxation paid ( 317) ( 202) Net cash generated from operating activities 1 482 1 493
Cash flows from investing activities Proceeds from disposal of subsidiary undertakings - ( 3) and other businesses, net of cash disposed Acquisition of subsidiary undertakings and other businesses, net of cash acquired ( 3) ( 246) Acquisition of associated undertakings ( 1) - Acquisition of property, plant and equipment ( 421) ( 285) Proceeds from disposal of property, plant and 23 3 equipment Acquisition of intangible assets ( 61) ( 41) Proceeds from disposal of intangible assets 1 - Acquisition of investment property ( 53) - Investment in money market and government bond ( 694) (2 284) funds Proceeds from disposal of money market and 448 1 489 government bond funds Acquisition of other non-current assets ( 42) ( 22) Proceeds from disposal of other non-current assets 24 32 Net cash used in investing activities ( 779) (1 357) Cash flows from financing activities Proceeds from borrowings 26 81 Repayment of borrowings ( 172) ( 270) Dividends paid ( 204) ( 141) Payment for treasury shares ( 268) ( 112) Proceeds from sale of treasury shares 89 28 Capital element of finance lease payments ( 1) ( 2) Net cash used in financing activities ( 530) ( 416) Net change in cash and cash equivalents 173 ( 280) Cash and cash equivalents at beginning of year 657 940 Exchange gains/(losses) on cash and cash 42 ( 3) equivalents Cash and cash equivalents at end of year 872 657 Consolidated statement of financial position 2012 2011 Assets Euro m Euro m Non-current assets Property, plant and equipment 1 529 1 267 Goodwill 479 441 Other intangible assets 316 314 Investment property 64 - Investments in associated undertakings 10 7 Deferred income tax assets 443 349 Financial assets held at fair value through profit or 69 70 loss Other non-current assets 248 211 3 158 2 659 Current assets Inventories 3 666 2 789 Trade and other receivables 750 597 Derivative financial instruments 27 148 Prepayments 116 119 Financial assets held at fair value through profit or 2 400 2 154 loss Cash at bank and on hand 1 636 1 227 8 595 7 034 Total assets 11 753 9 693 Equity and liabilities Equity attributable to owners of the parent company Share capital 334 334 Treasury shares ( 515) ( 325) Hedge and share option reserves 255 305 Cumulative translation adjustment reserve 1 412 892 Retained earnings 7 123 5 774 8 609 6 980 Non-controlling interest 9 12 Total equity 8 618 6 992
Liabilities Non-current liabilities Borrowings 22 120 Deferred income tax liabilities 24 35 Retirement benefit obligations 33 38 Provisions 158 137 Other long-term financial liabilities 176 158 413 488
Current liabilities Trade and other payables 948 825 Current income tax liabilities 299 260 Borrowings 4 1 Derivative financial instruments 124 36 Provisions 163 126 Accruals and deferred income 358 294 Short-term loans 62 101 Bank overdrafts 764 570 2 722 2 213 Total liabilities 3 135 2 701 Total equity and liabilities 11 753 9 693 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 year ended 31 March 2012 was 10.242; this compares with a rate of 9.4858 during the prior year. in ZAR millions 31 March 31 March 2012 2011
Sales 90 816 65 376 + 39 % Operating profit 20 894 12 853 + 63 %
Profit from continuing operations 15 773 10 235 + 54 % Loss from discontinued operations n/a - - Profit for the year 15 773 10 235 + 54 % Profit attributable to: Owners of the parent company 15 814 10 340 Non-controlling interest (41) (105) 15 773 10 235
Earnings per depository receipt - diluted ZAR 2.8227 ZAR 1.8260 + 55 % basis
Headline earnings per depository receipt - ZAR ZAR 1.6790 + 69 % diluted basis 2.8391 Headline earnings per depository receipt exclude the impact of losses amounting to ZAR 92 million (Euro 9 million). In the comparative year, headline earnings per depository receipt excluded the impact of net gains amounting to ZAR 835 million (Euro 88 million). Further details of these losses and gains, which conform to the JSE listing requirements, are presented in note 30 of the audited consolidated financial statements. Subject to approval by the shareholders at the annual general meeting, which is scheduled to take place on 5 September 2012, the dividend will be paid to Richemont Depository Receipt holders on 21 September 2012. The rand dividend amount per Depository Receipt will be calculated by reference to the Swiss franc/rand exchange rate prevailing on 31 August 2012, the currency conversion date. Richemont Securities SA Depository Receipts are issued subject to the terms of the Deposit Agreement entered into on 18 December 1992, most recently amended on 16 December 2010. 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 SA or Computershare Investor Services (Proprietary) Limited. Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Compagnie Financiere Richemont SA 50, Chemin de la Chenaie CH-1293 Bellevue - Geneva Switzerland Telephone +41 (0)22 721 3500 Telefax +41 (0)22 721 3550 www.richemont.com 16 May 2012 Date: 16/05/2012 07:31:09 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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