Compagnie Financiere Richemont : Corporate Document

Five-year record

	2018	2019	2020	2021	2022
Summary income statement	re-presented*
€m	€m	€m	€m	€m
Sales	11 013	13 989	14 238	13 144	19 181
Cost of sales	(3 829)	(5 344)	(5 627)	(5 283)	(7 154)
Gross profit	7 184	8 645	8 611	7 861	12 027
Net operating expenses	(5 340)	(6 702)	(7 093)	(6 383)	(8 637)
Operating profit	1 844	1 943	1 518	1 478	3 390
Net finance (costs)/income	(150)	(183)	(337)	25	(844)
Share of post-tax results of equity-accounted investments	(41)	1 408	17	12	31
Profit before taxation	1 653	3 168	1 198	1 515	2 577
Taxation	(432)	(381)	(267)	(226)	(498)
Profit for the year	1 221	2 787	931	1 289	2 079
Gross profit margin	65.2%	61.8%	60.5%	59.8%	62.7%
Operating profit margin	16.7%	13.9%	10.7%	11.2%	17.7%
Sales by business area
Jewellery Maisons	6 452	7 083	7 217	7 459	11 083
Specialist Watchmakers	2 714	2 980	2 859	2 247	3 435
Online Distributors	-	2 105	2 427	2 197	2 788
Other	1 847	1 881	1 788	1 345	2 056
Eliminations	-	(60)	(53)	(104)	(181)
	11 013	13 989	14 238	13 144	19 181
Sales by geographic region
Asia Pacific	4 352	5 243	4 992	5 937	7 820
Europe	3 019	4 118	4 298	2 955	4 469
Americas	1 806	2 551	2 806	2 388	4 268
Japan	980	1 148	1 212	940	1 205
Middle East and Africa	856	929	930	924	1 419
	11 013	13 989	14 238	13 144	19 181
Sales by distribution channel
Retail	6 758	7 320	7 338	7 248	11 057
Wholesale and royalty income	4 099	4 407	4 254	3 102	4 539
Online retail	156	2 262	2 646	2 794	3 585
	11 013	13 989	14 238	13 144	19 181
Sales by product line
Jewellery	4 537	5 061	5 205	5 553	8 338
Watches	4 368	4 930	4 816	4 085	6 061
Leather goods	780	1 402	1 415	1 129	1 562
Writing instruments	394	414	383	308	417
Clothing and other	934	2 182	2 419	2 069	2 803
	11 013	13 989	14 238	13 144	19 181

* 2018 was re-presented to include royalty income received within total sales.

156 Richemont Annual Report and Accounts 2022

Five-year record

	2018	2019	2020	2021	2022
Operating results		re-presented*		re-presented**
€m	€m	€m	€m	€m
Jewellery Maisons	1 926	2 229	2 077	2 309	3 799
Specialist Watchmakers	262	381	304	132	593
Online Distributors	-	(99)	(241)	(223)	(210)
Other	(65)	(95)	(141)	(214)	(47)
Operating contribution	2 123	2 416	1 999	2 004	4 135
Elimination of internal transactions	-	2	(2)	(6)	(6)
Impact of valuation adjustments on acquisition	-	(173)	(196)	(197)	(173)
Unallocated corporate costs	(279)	(302)	(283)	(323)	(566)
Operating profit	1 844	1 943	1 518	1 478	3 390
Free cash flow	2018	2019	2020	2021	2022
Operating profit	1 844	1 943	1 518	1 478	3 390
Depreciation, amortisation and other non-cash items	645	918	1 606	1 554	1 703
Lease-related payments	-	-	(660)	(626)	(696)
Changes in working capital	234	(530)	(327)	529	81
Other operating activities	7	1	18	(30)	(38)
Taxation paid	(346)	(306)	(373)	(248)	(434)
Net acquisition of non-current assets	(1 294)	(880)	(758)	(867)	(999)
Free cash flow	1 090	1 146	1 024	1 790	3 007
Net cash	2018	2019	2020	2021	2022
Cash at bank and on hand	8 401	5 060	4 462	7 877	9 877
Investments in externally managed and money market funds	5 057	4 528	4 362	5 550	6 632
Borrowings	(4 292)	(4 347)	(3 952)	(5 937)	(5 949)
Bank overdrafts	(3 897)	(2 713)	(2 477)	(4 097)	(5 309)
	5 269	2 528	2 395	3 393	5 251
Per share information (IFRS)	2018	2019	2020	2021	2022
Diluted earnings per share	€ 2.158	€ 4.927	€ 1.646	€ 2.296	€ 3.611
Headline earnings per share	€ 2.373	€ 2.600	€ 1.742	€ 2.328	€ 3.762
	2018	2019	2020	2021	2022
Ordinary dividend per share	CHF 1.90	CHF 2.00	CHF 1.00	CHF 2.00	CHF 2.25
Special dividend per share	-	-	-	-	CHF 1.00
Closing market price:
Highest price	CHF 92.25	CHF 99.02	CHF 87.12	CHF 92.58	CHF 144.75
Lowest price	CHF 77.50	CHF 60.92	CHF 49.40	CHF 49.96	CHF 92.10
Exchange rates	2018	2019	2020	2021	2022
Average rates
€ : CHF	1.1354	1.1463	1.0962	1.0759	1.0675
€ : CNY	7.7446	7.7654	7.7379	7.8987	7.4599
€ : JPY	129.66	128.34	120.81	123.68	130.50
€ : US$	1.1705	1.1578	1.1112	1.1667	1.1624
Average number of employees	2018	2019	2020	2021	2022
Switzerland	8 214	8 434	7 867	7 882	7 974
Rest of the world	20 526	27 206	26 861	26 878	27 879
	28 740	35 640	34 728	34 760	35 853

* 2019 is re-presented to show the impact of valuation adjustments on acquisition separately.

** 2021 is re-presented as costs previously included with Other have been reclassified to unallocated corporate costs.

Richemont Annual Report and Accounts 2022 157

Five-year record

Statutory information

Compagnie Financière Richemont SA

Registered office	Registrar	Auditor
50 chemin de la Chênaie	Computershare Schweiz AG	PricewaterhouseCoopers SA
CP 30, 1293 Bellevue	P.O. Box, 4601 Olten	50 avenue Giuseppe-Motta
Geneva	Switzerland	1202 Geneva
Switzerland	Tel: [phone]	Switzerland
Tel: [phone]	Email: [e-mail]
Internet: www.richemont.com

Secretariat contact	Investor and Media contacts
Swen H. Grundmann	Sophie Cagnard
Company Secretary	Group Corporate Communications and IR
Tel: [phone]	Director
Email: [e-mail]	James Fraser
	Investor Relations Executive
	Tel: [phone] (investor relations)
	Email: [e-mail]
	Tel: [phone] (press enquiries)
	Email: [e-mail]

'A' shares and 'A' warrants issued by Compagnie Financière Richemont SA are listed and traded on the SIX Swiss Exchange, the Company's primary listing. 'A' shares (Reuters 'CFR.VX'/Bloomberg 'CFR:VX'/ISIN CH0210483332) are included in the Swiss Market Index ('SMI') of leading stocks. The Swiss 'Valorennummer' is 21048333. Richemont's 'A' shares are registered. The share register is managed by Computershare Schweiz AG, the registrar. 'A' warrants (SIX 'CFRAO'/ISIN CH0559601544) were issued as part of a shareholder loyalty scheme and can be exercised upon maturity in 2023 (subject to terms and conditions).

South African Depository Receipts ('DRs') in respect of Richemont 'A' shares and 'A' warrants are traded on the Johannesburg Stock Exchange operated by JSE Limited, the Company's secondary listing (Reuters 'CFRJ.J'/Bloomberg 'CFR:SJ'/ISIN CH0045159024 and CFRO ISIN CH0562931086).

Personal data processing

Shareholders are informed that the Company, as data controller, processes the personal data of the shareholders and proxyholders (name, address, contact details, number of shares held, voting instructions) in accordance with applicable data protection laws. The Company processes such personal data for share administration purposes and to facilitate the running of any relevant meetings. You have the right to ask for access to any information that we hold about you and to correct any inaccuracies. For further details on how we process your information and for details of who you can contact for further information or to exercise your rights, please refer to the Privacy Policy found at https://www.richemont.com/

158 Richemont Annual Report and Accounts 2022

Statutory information