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COMPAGNIE FINANCIERE RICHEMONT SA - Richemont announces interim results ending 30 September 2019

Release Date: 08/11/2019 08:00
Code(s): CFR     PDF:  
 
Wrap Text
Richemont announces interim results ending 30 September 2019

Compagnie Financière Richemont SA 
Depository Receipts issued by Richemont Securities SA 
("Richemont Securities" or "Richemont" or « the Company » or « the Group ») 
(Incorporated in Switzerland) 
Share code: CFR 
ISIN: CH0045159024 
Depository Receipt Code: CFR


COMPANY ANNOUNCEMENT

8 NOVEMBER 2019

RICHEMONT ANNOUNCES ITS UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2019


Financial highlights

• Sales increased by 9% at actual exchange rates to EUR 7 397 million and by 6% at constant exchange rates
  o Growth in all regions, distribution channels and business areas at actual exchange rates, led by the Jewellery Maisons and Online Distributors
  o Double digit sales progression at actual exchange rates in China, Korea, Japan, the US and the United Kingdom, outperforming other locations; a difficult environment in Hong Kong SAR, China
  o At actual exchange rates, high-single digit growth in the Group's directly operated boutiques, led by the Jewellery Maisons, and double digit growth in online sales across all Maisons and businesses
• Operating profit up EUR 35 million to EUR 1 165 million led to a 15.7% operating margin 
• Profit for the period of EUR 869 million, broadly stable when excluding the prior year period's post-tax non-cash gain of EUR 1 378 million on the revaluation of the YOOX NET-A-PORTER GROUP shares held prior to buy-out 
• Net cash position of EUR 1 770 million following the acquisition of Buccellati 


Key financial data (unaudited)

+--------------------------------------------------+------------------+------------------+-----------+
|                                                  |Six months ended  |Six months ended  |           |
|                                                  |30 September 2019 |30 September 2018*|     Change|
+--------------------------------------------------+------------------+------------------+-----------+
|Sales                                             |       EUR 7 397 m|       EUR 6 808 m|        +9%|
+--------------------------------------------------+------------------+------------------+-----------+
|Gross profit                                      |       EUR 4 610 m|       EUR 4 256 m|        +8%|
+--------------------------------------------------+------------------+------------------+-----------+
|Gross margin                                      |             62.3%|             62.5%|    -20 bps|
+--------------------------------------------------+------------------+------------------+-----------+
|Operating profit                                  |       EUR 1 165 m|       EUR 1 130 m|        +3%|
+--------------------------------------------------+------------------+------------------+-----------+
|Operating margin                                  |             15.7%|             16.6%|    -90 bps|
+--------------------------------------------------+------------------+------------------+-----------+
|Profit for the period                             |         EUR 869 m|       EUR 2 253 m|       -61%|
+--------------------------------------------------+------------------+------------------+-----------+
|Earnings per A share/10 B shares, diluted basis   |         EUR 1.533|         EUR 3.987|       -62%|
+--------------------------------------------------+------------------+------------------+-----------+
|Headline earnings per A share/10 B shares, basic  |         EUR 1.540|         EUR 1.653|        -7%|
+--------------------------------------------------+------------------+------------------+-----------+
|Cash flow generated from operations               |       EUR 1 188 m|         EUR 733 m|       +62%|
+--------------------------------------------------+------------------+------------------+-----------+
|Net cash position                                 |       EUR 1 770 m|       EUR 1 584 m| +EUR 186 m|
+--------------------------------------------------+------------------+------------------+-----------+

* Online Distributors' results for the prior year period included five months of results for YOOX NET-A-PORTER GROUP and four months of results for Watchfinder & Co. 


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/2019/JSE/ISSE/CFR/H1FY20.pdf; and on the Group's website: 
www.richemont.com/media-cfr/company-announcements.html 

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.


COMPAGNIE FINANCIERE RICHEMONT SA
50, CHEMIN DE LA CHENAIE | CASE POSTALE 30 | 1293 BELLEVUE | GENEVA | SWITZERLAND
TELEPHONE +41 (0)22 721 3500 
WWW.RICHEMONT.COM

Sponsor:
Rand Merchant Bank (A division of First Rand Bank Limited)
1 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Telephone: (011) 282 8231
Date: 08/11/2019 08:00:00
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