Richemont Group 2011-12 financial year

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Richemont Group 2011-12 financial year

Post by Ocean » Tue May 29, 2012 4:30 am

This is from the Swiss Fed

The 2011-2012 financial year of the Swiss luxury group Richemont ending on 31 March exceeded all expectations. Sales which reached 8.87 billion Euros were 29% higher at real exchange rates (30% at constant rates). The operating result for its part advanced 51% to 2.04 billion while the net profit was 43% higher at 1.54 billion.

Johann Rupert, Group Executive Chairman and CEO comments: «The results which we are announcing show that Richemont has been able to achieve strong sales growth across all business activities and geographical zones in a volatile and contrasting economic environment. Our jewellery and watchmaking houses have achieved record sales and profits despite the appreciation of the Swiss franc, rising precious metal prices and production costs».

At geographical level, Asia-Pacific posted the biggest rise with 3.6 billion euros (+43% at real exchange rates); it was followed by Europe with 3.1 billion (+20%), the Americas 1.2 billion (+26%) and Japan 833 million (+13%). Sales of the jewellery houses belonging to the group (Cartier and Van Cleef & Arpels) saw their value rise by 32% to 4.6 billion. The watch brands (Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai, A Lange & Söhne, Roger Dubuis and Ralph Lauren) reported a 31% increase to 2.3 billion, Montblanc was 8% higher at 723 million while the other activities (Net-a-Porter, Alfred Dunhill, Chloé, Lancel, Shanghai Tang, Purdey and Azzedine Alaia) reached 1.2 billion (+27%).

In view of these excellent results, the Board of Directors has proposed the payment of a dividend of 0.55 franc per share, 22% higher than last year.

In the prevailing climate of economic uncertainty, especially in the Eurozone, Richemont indicates its intention to remain vigilant even if sales for the month of April were 29% up on same month in 2011. The timeless attraction of each of the houses and their potential for further development lead the group to privilege internal growth. Investments are primarily dedicated to the increase and integration of the production capacities of the manufactures and also to the group’s own retail outlets. Last May the group announced the creation of the Genevan luxury watchmaking campus which will shortly be set up in Meyrin. Some 100 million francs will be invested in order to perpetuate the watchmaking trades and strengthen research and development.
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