Luxury goods group Richemont to adopt IFR standards

14 Oct '05

3 min read

The net profit from the parent and its subsidiaries was reduced by € 80 million, primarily reflecting the charge for employee unit options and the impact of intercompany foreign exchange adjustments resulting in a net charge of € 40 million.

The Group's share of the results of BAT, an associated company, was increased by € 307 million to € 798 million. This increase relates primarily to the non-amortisation of goodwill (€ 222 million) and the recognition of the Group's share of BAT's IFRS remeasurements (€ 85 million).

Swiss luxury group Richemont encompasses several of the most prestigious names in the industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Dunhill and Montblanc. Each of the Group's brands represents a proud tradition of style, quality and craftsmanship which Richemont is committed to preserving. The individual heritage and identity of each maison is rigorously guarded, the Group's designers and craftsmen being constantly challenged to keep the heritage alive through a continuous process of reinvention and innovation.

Richemont

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