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Significant movement in operating profit and profit for the period for the six months ended 30 September 2017
Compagnie Financière Richemont SA
Depositary Receipts issued by Richemont Securities SA
("Richemont Securities" or "Richemont")
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0045159024
Depositary Receipt Code: CFR
COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
17 OCTOBER 2017
Significant movement in operating profit and profit for the period
for the six months ended 30 September 2017
SIX Swiss Exchange requires that issuers make an announcement without delay where the foreseeable profit or loss for a given period is expected to deviate significantly from the profit or loss achieved in the prior year period. Both significant increases and decreases in the anticipated, unaudited profit or loss require the publication of an ad hoc notice to the market. In accordance with these requirements, Richemont makes the following announcement:
Trading for the six months ended 30 September 2017 showed sales rising 10% on a reported basis and 12% on a constant currency basis compared to the prior year period. On this basis, Richemont's operating profit for the six months ended 30 September 2017 is likely to show an increase of approximately 45% against the comparative period. The corresponding profit for the period is expected to increase by approximately 80%. These increases predominantly reflect the non-recurrence of the exceptional inventory buy-backs in the prior year period, improved trading performance and the positive net impact of movements in period-end exchange rates.
Disclaimer
The foregoing financial information is unaudited.
Corporate calendar
The Group's results for the six months to 30 September 2017 will be announced on 10 November 2017.
Investor and media contacts
Sophie Cagnard
Group Corporate Communications Director
James Fraser
IR Executive
Investor relations Tel: +41 (0) 22 721 30 03 E-mail: investor.relations@cfrinfo.net
Press enquiries Tel: +41 (0) 22 721 35 07 E-mail: pressoffice@cfrinfo.net;
richemont@teneobluerubicon.com
About Richemont
Richemont owns a portfolio of leading international 'Maisons' which are recognised for their distinctive heritage, craftsmanship and creativity. The Group operates in three segments: Jewellery Maisons, being Cartier, Van Cleef and Arpels and Giampiero Bodino; Specialist Watchmakers, being A. Lange and Söhne, Baume and Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin as well as the Ralph Lauren Watch and Jewellery joint venture; and Other, including Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing activities.
In addition, Richemont holds a 49% equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company.
For the financial year ended 31 March 2017, Richemont reported sales of EUR 10 647 million, operating profit of EUR 1 764 million and profit for the year of EUR 1 210 million.
Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI') of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.
Cautionary statement regarding forward-looking statements
This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Words such as 'may', 'should', 'estimate', 'project', 'plan', 'believe', 'expect', 'anticipate', 'intend', 'potential', 'goal', 'strategy', 'target', 'will', 'seek' and similar expressions may identify forward-looking statements. 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.
COMPAGNIE FINANCIÈRE RICHEMONT SA
50, CHEMIN DE LA CHENAIE CP30 1293 BELLEVUE - GENEVA SWITZERLAND
TELEPHONE +41 (0)22 721 3500 TELEFAX +41 (0)22 721 3550 WWW.RICHEMONT.COM
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17/10/2017 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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