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Luxury goods maker Richemont posts 71% profit over last year

Sep '05
World's leading luxury goods group Richemont will hold a general meeting in Geneva, Switzerland, today.

At the meeting, shareholders are expected to approve the proposals of the Board of Directors for the approval of the financial statements and appropriation of retained earnings. An ordinary dividend of € 0.50 per Richemont unit has been proposed, an increase of 25 per cent compared to the prior year. In addition, a special dividend of € 0.50 per unit will be payable, bringing the total dividend for the year to € 1.00 per unit.

A further press release will be issued immediately after the meeting to confirm the decision.

At the meeting, Executive Chairman, Mr Johann Rupert, will make the following statement in respect of Richemont's current trading performance.

For its financial year ended 31 March 2005, Richemont reported an increase in sales of 10 per cent to € 3 717 million. Operating profit, on a Swiss GAAP basis, amounted to € 505 million, an increase of 71 per cent over the prior year.

Richemont's interim results for the six-month period to 30 September 2005 will be released on Thursday, 17 November 2005. These interim results will be presented for the first time in accordance with International Financial Reporting Standards ('IFRS') rather than Swiss GAAP.

As required under IFRS, Richemont's results for the prior year will be restated in full compliance with the international standards for comparative purposes. Restated, IFRS compatible figures for the financial year ended 31 March 2005 will be released in mid October.

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