Richemont net sales up 12% to €4827mn

24 May '07

3 min read

Richemont, the Swiss luxury goods group, announces its audited results for the year ended 31 March 2007.

Financial highlights:
• Sales increased by 12 per cent to € 4 827 million.
• Operating profit from the luxury goods businesses increased by 24 per cent to € 916 million. Excluding non-recurring items, operating profit increased by 26 per cent to € 900 million.
• Net profit, including the Group's share of the results of British American Tobacco, increased by 21 per cent to € 1 329 million. Excluding the impact of non-recurring items in both years, net profit attributable to unitholders increased by 21 per cent to € 1 350 million.
• Cash generated by the Group's luxury goods operations was € 970 million.
• The overall dividend for the year, at € 1.25 per unit, represents an increase of 14 per cent.

Sales:
The 12 per cent sales increase represented a continuation of the trend established in recent years, with good growth at most Maisons.

Operating profit:
The increase in sales generated a 24 per cent increase in operating profit to € 916 million. The operating margin for the year was 19 per cent, two percentage points higher than the comparative year.

British American Tobacco (BAT):
The Group's share of the results of BAT increased 11 per cent to € 539 million. The Group's effective interest in BAT at 31 March 2007 was 19 per cent. Cash dividends received from BAT during the year amounted to € 280 million.

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