Home / Knowledge / News / Fashion / Luxury goods group Richemont to adopt IFR standards

Luxury goods group Richemont to adopt IFR standards

Oct '05
Leading luxury goods group Richemont will adopt International Financial Reporting Standards (IFRS) for financial report.

In accordance with the listing requirements of the Swiss Stock Exchange (SWX), Richemont take up International Financial Reporting Standards (IFRS) in place of generally accepted accounting principles in Switzerland (Swiss GAAP) for the preparation of its consolidated financial statements for the year ending 31 March 2006.

These financial statements will include restated comparatives for the year ended 31 March 2005. This announcement describes the effects of the transition to IFRS on the year ended 31 March 2005.

The main changes to the Group's reported results arising from the transition relate to:

• The reversal of goodwill amortisation in respect of its investment in British American Tobacco plc (BAT) and the recognition of BAT's IFRS adjustments;

• A charge in respect of the Group's employee unit option plan;

• A net charge in respect of foreign exchange movements, due to a change in the classification of intercompany financing.

The following summarises the impact of the transition to IFRS on the Group's previously reported Swiss GAAP financial statements. Further details are provided on pages 3 to 9 and in the Appendix to this press release, which includes a reconciliation of Swiss GAAP adjusted results to IFRS as adjusted.

Sales are marginally reduced due to the reclassification of certain selling costs and royalty income. Operating profit is increased by € 56 million to € 561 million, primarily due to a reclassification of the gain on disposal of 0.6 per cent of the Group's effective interest in BAT (€ 76 million), offset by a charge for employee unit options (€ 31 million).

Must ReadView All

Pic: Shutterstock

Textiles | On 15th Feb 2020

Morocco to revise FTA with Turkey

Turkey has agreed to review its free trade agreement with Morocco,...

Pic: Shutterstock

Textiles | On 15th Feb 2020

German, Italian investors interested in investing in Pak

German and Italian investors and manufacturers have evinced keen...

Pic: Nike

Apparel/Garments | On 15th Feb 2020

Nike employs distributors in Brazil, Argentina, Chile

Nike has entered into strategic distributor deals for its Nike Brand...

Interviews View All

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Joachim Maier,

Joachim Maier

Switzerland-based Uster Technologies AG is the leading high technology...

Cem Erdogrul,

Cem Erdogrul

Turkey-based Temsan Air Engineering is one of the leading manufacturers of ...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Dave Rousse, INDA

Dave Rousse

INDA, a global association of the nonwoven fabrics industry, has been...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search