Richemont report

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Annual Report and Accounts 2010

Richemont is one of the world’s leading luxury goods groups.
The Group’s luxury goods interests encompass several of the most prestigious names in the industry, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill and Montblanc. Each of the Group’s Maisons® represents a proud tradition of style, quality andcraftsmanship which Richemont is committed to preserving.

2 Executive Chairman and Chief Executive Officer’s review
Johann Rupert’s review of the year

4 Business review
4 5 7 8 9 10 11 12 13 14 15 16 17 Jewellery Maisons Cartier Van Cleef & Arpels Specialist Watchmakers IWC Jaeger-LeCoultre Piaget Vacheron Constantin Officine Panerai Baume & Mercier A. Lange & Söhne Roger Dubuis RalphLauren Watches

20 21 22 23 24 25 26 27

Other Businesses Alfred Dunhill Chloé Lancel Shanghai Tang Azzedine Alaïa Purdey Financial review A detailed commentary on the Group’s financial performance Corporate responsibility

35

36 Peace Parks Foundation 38 Corporate governance
42 46 Board of directors Group Management Committee

18 Writing Instrument Maison 19 Montblanc

53 Consolidatedfinancial statements 108 Company financial statements 113 Five year record 115 Statutory information 116 Notice of meeting

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’scontrol. Richemont does not undertake to update, nor does it have any obligation to provide updates or to revise, any forward-looking statements.

Financial and operating highlights
Group sales (€ m)
2010 2009 2008 5 176 5 418 5 290

Sales by business area (% of Group)
2010 52% Jewellery Maisons 26% Specialist Watchmakers 11% Writing Instrument Maison 11% Other Businesses

Operating profit (€m)
2010 2009 2008 830 968 1 118

Jewellery Maisons (€ m)
2010 2009 2008 2 688 2 762 2 657

Earnings per share from continuing operations (€)
2010 2009 2008 1.076 1.312 1.710

Specialist Watchmakers (€ m)
2010 2009 2008 1 353 1 437 1 378

Dividend per share
2010 2009 CHF 0.35 CHF 0.30

Writing Instrument Maison (€ m)
2010 2009 2008 551 587 625

Other Businesses (€ m)
2010 20092008 584 632 630

• Sales at € 5 176 million reflected a decline of 4 per cent. • Operating margin was 16 per cent of sales. • Cash flow from operations was € 1 464 million compared to € 819 million in 2009. • Net cash position improved by € 1 074 million to € 1 896 million. • Proposed dividend: CHF 0.35 per share, representing an increase of 17 per cent.

Richemont Annual Report and Accounts2010

1

Executive Chairman and Chief Executive Officer’s review
JOHANN RUPERT, EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER

OVERVIEW

BUSINESS DEVELOPMENTS

The last 18 months or so has been a challenging period in Richemont’s history. The global economic crisis, which stemmed from the over-expansion of credit, saw consumer confidence in most markets collapse in late 2008 after aboom period up to September of that year. The first six months of the year under review were measured against the strong comparatives of the first half of 2008/09. The Group’s retail sales were lower and the wholesale business in the Americas and Europe contracted substantially as our partners in the watch retail sector de-stocked. We have seen a recovery in demand in the second half of the year,...
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