Luxury goods maker Richemont May sales increase 17%
12 Jun '06
4 min read
British American Tobacco ('BAT')
Excluding the impact of non-recurring items from both periods, the Group's equity accounted share of the posttax profit of BAT increased by 10 percent to € 544 million. Including such non-recurring items reported by BAT in both periods - in particular the very significant gain made on the restructuring of its operations in the United States in the prior year - the Group's share of BAT's earnings fell by 39 percent to € 486 million.
Net profit attributable to unitholders
Attributable net profit, including the results of Richemont's luxury goods business and the Group's hare of the results of BAT, declined by 10 percent to € 1 094 million. The positive underlying trend in both the luxury business and BAT's results was offset by the non-recurrence of the significant gains reflected in the prior year, largely linked to the interest in BAT. On an underlying basis, excluding the impact of non-recurring items from both periods, attributable profit increased by 36 percent to € 1 130 million.
Cash position
Cash generated from the Group's luxury goods operations was € 774 million for the year, compared to € 481 million in 2005. Net cash at 31 March 2006, after payment of the ordinary and special dividends of €.553 million in September 2005, increased to € 884 million.
Dividend
The proposed dividend for the year amounts to € 0.60 per unit, an increase of 20 percent compared to last year. In addition, the Board has also proposed a further special dividend amounting to € 0.50 per unit. The dividend for the year will therefore amount to € 1.10 per unit in total.
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