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Annual Report and Accounts 2015 Richemont Is One of the World’S Leading Luxury Goods Groups

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Annual Report and Accounts 2015 Richemont Is One of the World’S Leading Luxury Goods Groups Annual Report and Accounts 2015 Richemont is one of the world’s leading luxury goods groups. The Group’s luxury goods interests encompass some of the most prestigious names in the industry, including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-A-Porter. Each of Our Maisons™ represents a proud tradition of style, quality and craftsmanship which Richemont is committed to preserving. 1 Financial and operating highlights 29 Regional & Central Support 31 Financial review 37 Corporate social responsibility 2 Chairman’s review 39 Peace Parks Foundation 4 Business review 4 Jewellery Maisons 40 Laureus 5 Cartier 7 Van Cleef & Arpels 8 Giampiero Bodino 41 Board of Directors 9 Specialist Watchmakers 10 A. Lange & Söhne 46 Corporate governance 11 Baume & Mercier 12 IWC Schaffhausen 54 Compensation report 13 Jaeger-LeCoultre 14 Officine Panerai 15 Piaget 65 Consolidated financial statements 16 Ralph Lauren Watch & Jewelry 17 Roger Dubuis 125 Company financial statements 18 Vacheron Constantin 19 Other Businesses 130 Five year record 20 Alaïa 21 Alfred Dunhill 22 Chloé 132 Statutory information 23 Lancel 24 Montblanc 133 Notice of meeting 25 The NET-A-PORTER GROUP 26 Peter Millar 27 Purdey 28 Shanghai Tang 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. 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) Sales by business area (% of Group) 2015 2015 10 410 Specialist Other Jewellery Maisons 54% Watchmakers Businesses * 2014 10 023 30% 16% Operating profit (€ m) Jewellery Maisons (€ m) 2015 2 670 2015 5 657 2014* 2 427 2014 5 438 Earnings per share, diluted basis (€) Specialist Watchmakers (€ m) 2015 2.356 2015 3 123 2014 3.676 2014 2 986 Dividend per share Other Businesses (€ m) 2015 CHF 1.60 2015 1 630 2014 CHF 1.40 2014* 1 599 *Re-presented x Sales grew by 4 % to € 10 410 million or by 1 % at constant exchange rates x Solid growth in Europe, the Middle East and the Americas offset by weaker trading in the Asia-Pacific region x Operating profit growth of 10 % including an investment property disposal gain x Profit for the year down by 35 % to € 1 334 million, primarily due to mark-to-market losses on cash x Solid cash flow from operations of € 2 387 million x Net cash position of € 5 419 million not impacted by mark-to-market losses x Proposed dividend of CHF 1.60 per share, an increase of 14 % Richemont Annual Report and Accounts 2015 1 Chairman’s review Johann Rupert, Chairman Overview of results Those companies recorded losses in Swiss franc terms Richemont’s results for the year were resilient, despite a when the euro assets held on their books were marked difficult situation in Hong Kong and Macau, a demanding down to market at the 31 March exchange rates. Those basis for comparison in Japan, and the generally volatile losses automatically flow through to the consolidated economic environment experienced by our customers and profit and loss for the Group as a whole. However, these retail distribution partners. exchange losses in the profit and loss account are compensated by gains recorded in equity in the In such an environment, Richemont’s Maisons responded consolidated balance sheet when those same Swiss franc well. Excluding the gain realised on the sale of an companies are translated back into euros at the year-end investment property, operating profit was stable. The rate. Accounting rules do not allow the exchange losses Jewellery Maisons and Specialist Watchmakers delivered and the translation gains to be directly offset. sales growth and broadly maintained their operating margins through successful product launches and, in I can reassure shareholders that the Group’s overall certain markets, price increases. Lower precious metal financial position and its cash reserves have not been prices and cost containment measures helped mitigate the negatively affected by the impact of the devaluation of the single-digit sales growth and the impact of foreign euro against the Swiss franc during the year. exchange rate movements. Montblanc and the Group’s In the longer term, we face the question of whether the other businesses, including the fashion Maisons, reported euro will settle at the current level against the Swiss franc, 2 % sales growth. recover somewhat or potentially weaken further. Given A key external event during the year was the decision the extent of the Group’s activities here in Switzerland, made by the Swiss National Bank in January 2015 to end with more than 8 700 employees in our manufacturing, the ‘peg’ of the Swiss franc to the euro. As a consequence, distribution and head office functions, the strengthening the Swiss franc dramatically appreciated from the pegged of the Swiss franc inevitably means that our costs, level of 1.20 to the euro to 1.04 at 31 March 2015. That measured in euros, will increase. In line with our has had a short-term impact on Richemont during the competitors in the Swiss luxury watchmaking industry, year under review and has the capacity to impact the removing these functions from Switzerland is not an Group on a longer-term basis, depending on how alternative open to Richemont. Therefore, we have exchange rates develop. already implemented certain efficiency measures across the Group and are evaluating other courses of action. In the short term, the revaluation of the franc against the Where appropriate, retail prices for our Swiss-made euro resulted in a loss of some € 686 million for the products have already been or will in due course be Group, recorded as part of net financial expense in the adjusted to reflect the new exchange rate environment. profit and loss account. This was principally attributable to losses on Richemont’s financial investments. In Business developments addition, foreign exchange forward contracts taken out in During the year, our Maisons continued to implement line with the established hedging policy of the Group also their differentiated strategies and planned investment lost value as a result of the euro’s devaluation. Overall, programmes. Those investments, in the Maisons’ exchange losses resulted in the 35 % drop in reported net respective manufacturing facilities and distribution profit for the year. networks, are complemented by Richemont’s shared service platforms in Switzerland and around the world. Richemont reports in euros and holds the bulk of its cash The manufacturing investment programmes of our in euros and euro-denominated short-term money-market Maisons are now nearing conclusion. These provide the funds, which are managed centrally precisely to avoid any Maisons with state-of-the-art manufacturing facilities, exposure to overall exchange losses. However, these which will lead to enhanced internal production capacity assets are held in Swiss franc-denominated companies. and greater production flexibility. 2 Richemont Annual Report and Accounts 2015 Chairman’s review On 31 March 2015, Richemont announced the planned the 2014 AGM after many years of service as directors. merger of the NET-A-PORTER GROUP with the YOOX They will continue to support the Group and we thank GROUP, which is expected to be completed in September them both for their respective contributions to this year. Thereafter, Richemont will own 50 % of the Richemont’s growth. Richemont’s other directors all enlarged YOOX NET-A-PORTER GROUP with voting stand for re-election. The wealth of their combined rights limited to 25 %. Based on information available at business experience continues to make a significant the end of March 2015, this transaction will generate a contribution to the Group’s prosperity. significant one-off, non-cash pre- and post-tax accounting Your Board thanks the members of the senior gain of some € 300 million. The actual gain will be management, who continued to implement our strategic subject to market-related factors prevailing when the objectives in the field of luxury goods. We also sincerely merger is completed. The merger of the two businesses thank the 30 000 employees of the Group and its Maisons will create a stronger and more diversified independent for the talents and skills that they bring to Richemont as platform for a sophisticated clientele seeking luxury well as their commitment and hard work. fashion online. Moreover, as established business models are disrupted by the technological giants, we believe that Outlook it is important to increase scale to protect the uniqueness Compared to the same month last year, sales in April of the luxury industry. increased by 9 % at actual exchange rates; at constant exchange rates, sales decreased by 8 %. At actual rates, Dividend all regions reported sales growth except for Asia-Pacific, Based upon the results for the year and in keeping with its which continues to be affected by a difficult trading stated objective to grow dividends steadily over the long environment in Hong Kong and Macau. The retail term, the Board has proposed a dividend of CHF 1.60 per channel grew and significantly outperformed wholesale, share; up from CHF 1.40 per share last year. where anticipation of worldwide pricing adjustments in Annual General Meeting May slowed purchases by our wholesale partners.
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