Wrap Text
Richemont posts robust performance
for the year ended 31 March 2025
Compagnie Financière Richemont SA
("Richemont" or "the Company" or "the Group")
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0210483332
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
16 MAY 2025
RICHEMONT POSTS ROBUST PERFORMANCE
FOR THE YEAR ENDED 31 MARCH 2025
Group highlights
* Group sales at EUR 21.4 billion; Q4 sales up 8% (+7% constant) with Jewellery
Maisons up at double digits
* Operating profit at EUR 4.5 billion including EUR 72 million of non-recurring
costs
* Sustained focus on nurturing Maisons' growth, investing in distribution,
manufacturing assets and craftsmanship
* Renewed executive leadership, with appointment of Group CEO and expansion of
Senior Executive Committee expertise to include Van Cleef & Arpels and Cartier
CEOs, as well as dedicated Group Chief People Officer
* Completion of key strategic steps, with the addition of Italian jewellery
Maison Vhernier and the finalisation of the sale of YNAP to Mytheresa in April
2025; Richemont now holds a 33% stake in newly created LuxExperience
Financial highlights
* Full year sales up 4% at actual and constant exchange rates, led by high
single-digit increase at Jewellery Maisons
* Double-digit growth across all regions, except for Asia Pacific, further
rebalancing the Group's regional mix
* Operating profit down by 7%, or by 4% at constant exchange rates, resulting in
a 20.9% operating margin
* Strong performance at Jewellery Maisons, with sales up 8% at actual and
constant exchange rates; operating margin at 31.9%
* Sales at Specialist Watchmakers lower by 13% at actual and constant exchange
rates, leading to a 5.3% operating margin
* 'Other' business area's sales up 7% at actual and constant exchange rates,
operating margin at -3.7%; Fashion & Accessories Maisons margin impacted by
inventory provisioning
* EUR 3.8 billion profit for the year from continuing operations;
EUR 1.0 billion loss from discontinued operations mainly due to the non-cash
write-down of YNAP (improved against EUR 1.3 billion communicated in H1)
* Robust net cash position of EUR 8.3 billion, supported by EUR 4.4 billion cash
flow generated from operating activities
* Proposed increase in dividend to CHF 3.00 per 1 'A' share / 10 'B' shares
Key financial data (audited)
+--------------------------------------------+-------------+-----------+
| | 2025| 2024| change|
+----------------------------------------------------------------------+
|Sales | EUR 21 399m| EUR 20 616m| +4%|
+------------------------------+-------------+-------------+-----------+
|Gross profit | EUR 14 319m| EUR 14 036m| +2%|
+------------------------------+-------------+-------------+-----------+
|Gross margin | 66.9%| 68.1%| -120 bps|
+------------------------------+-------------+-------------+-----------+
|Operating profit | EUR 4 467m| EUR 4 794m| -7%|
+------------------------------+-------------+-------------+-----------+
|Operating margin | 20.9%| 23.3%| -240 bps|
+------------------------------+-------------+-------------+-----------+
|Profit for the year from | | | |
|continuing operations | EUR 3 762m| EUR 3 818m| -1%|
+------------------------------+-------------+-------------+-----------+
|Loss for the year from | | | |
|discontinued operations | EUR (1 012)m| EUR (1 463)m| |
+------------------------------+-------------+-------------+-----------+
|Profit for the year | EUR 2 750m| EUR 2 355m| |
+------------------------------+-------------+-------------+-----------+
|Dividend per 'A' share/ | | | |
|10 'B' shares | CHF 3.00| CHF 2.75| +9%|
+------------------------------+-------------+-------------+-----------+
|Earnings per 'A' share/ | | | |
|10 'B' shares, diluted basis | EUR 4.671| EUR 4.077| |
+------------------------------+-------------+-------------+-----------+
|Earnings per 'A' share/ | | | |
|10 'B' shares, basic | EUR 4.689| EUR 4.098| |
+------------------------------+-------------+-------------+-----------+
|Headline earnings per 'A' | | | |
|share/|10 'B' shares, basic | EUR 6.351| EUR 6.398| -1%|
+------------------------------+-------------+-------------+-----------+
|Cash flow generated from | | | |
|operating activities | EUR 4 443m| EUR 4 696m| -EUR 253m|
+------------------------------+-------------+-------------+-----------+
|Net cash position | EUR 8 257m| EUR 7 450m| |
+------------------------------+-------------+-------------+-----------+
Please contact Computershare at Web.Queries@Computershare.co.za if you wish to
receive any documents electronically for Richemont.
This results announcement is the responsibility of the directors of Compagnie
Financière Richemont SA and is a summary of the information in the audited
consolidated annual financial statements for the year ended 31 March 2025,
alongside the Annual Report, available through the JSE's cloudlink as follows:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/CFR/FY25.pdf and on the
Group's website:
https://www.richemont.com/investors/results-reports-presentations/
This results announcement does not contain full financial details and any
investment decision should be based on the audited consolidated annual
financial statements for the year ended 31 March 2025, alongside the Annual
Report, which are available through the links above. The reconciliation of
the headline earnings, as required in terms of the JSE Listing Requirements,
is set out in the notes to the financial statements. PricewaterhouseCoopers
SA, the Company's statutory auditor, has audited the consolidated annual
financial statements for the year ended 31 March 2025 from which this results
announcement has been derived and has expressed an unmodified audit opinion
on the consolidated annual financial statements for the year ended 31 March
2025.
The consolidated annual financial statements for the year ended 31 March 2025
have been prepared in accordance with International Financial Reporting
Standards and IFRS Interpretations Committee interpretations (together 'IFRS').
The detailed ad-hoc results announcement for the year ended 31 March 2025 is
available on the Group's website:
https://www.richemont.com/investors/results-reports-presentations/
Richemont 'A' shares issued by Compagnie Financière Richemont SA are listed and
traded on the SIX Swiss Exchange, Richemont's primary listing (Reuters 'CFR.S' /
Bloomberg 'CFR:SW' / ISIN CH0210483332). They are included in the Swiss Market
Index ('SMI') of leading stocks and the MSCI Switzerland IMI ESG Leaders Index.
The 'A' shares are also traded on the Johannesburg Stock Exchange, Richemont's
secondary listing ('CFRJ.J' / Bloomberg 'CFR:SJ' / ISIN CH0210483332).
Notes for South African editors
Acknowledging the interest in Richemont's results on the part of South African
investors, set out below are key figures from the results expressed in rand.
The average euro/rand exchange rate prevailing during the year ended 31 March
2025 was 19.571; this compares with a rate of 20.311 during the comparative
year.
+-----------------------------------+------------+------------+-----------+
|Financial year ended 31 March | 2025| 2024| change|
+-----------------------------------+------------+------------+-----------+
|in ZAR millions | | | |
+-----------------------------------+------------+------------+-----------+
|Revenue | 418 800| 418 732| 0%|
+-----------------------------------+------------+------------+-----------+
|Operating profit | 87 424| 97 371| -10%|
+-----------------------------------+------------+------------+-----------+
|Profit for the period | 53 820| 47 832| +13%|
+-----------------------------------+------------+------------+-----------+
|Profit attributable to: | | | |
+-----------------------------------+------------+------------+-----------+
|Owners of the parent company | 53 840| 47 974| +12%|
+-----------------------------------+------------+------------+-----------+
|Non-controlling interests | (20)| (142)| +86%|
+-----------------------------------+------------+------------+-----------+
| | 53 820| 47 832| +13%|
+-----------------------------------+------------+------------+-----------+
|Earnings per Richemont 'A' | | | |
|share - diluted basis in ZAR | 91.4161| 82.8079| +10%|
+-----------------------------------+------------+------------+-----------+
|Headline earnings per Richemont | | | |
|'A' share - diluted basis in ZAR | 123.8257| 129.2795| -4%|
+-----------------------------------+------------+------------+-----------+
Headline earnings per Richemont 'A' share exclude the impact of losses amounting
to ZAR 19 082 million (EUR 975 million). In the comparative period, headline
earnings per Richemont 'A' share excluded the impact of losses amounting to
ZAR 26 932 million (EUR 1 326 million). Further details of these losses, which
conform to the JSE listing requirements, are presented in note 29.3 of the
audited annual consolidated financial statements.
Headline earnings per 'A' share/10 'B' shares
The presentation of headline earnings per 'A' share/10 'B' shares as an
alternative measure to earnings per share is required under the JSE listing
requirements.
+-----------------------------------------+--------------+--------------+
| | 2025| 2024|
+-----------------------------------------+--------------+- -----------+
|Profit attributable to owners of the | | |
|parent company | EUR 2 751m| EUR 2 362m|
+-----------------------------------------+--------------+--------------+
|Loss on disposal of non-current assets | EUR 16m| EUR 6m|
+-----------------------------------------+--------------+--------------+
|Compensation from third parties for | | |
|non-current assets | EUR (6)m| – |
+-----------------------------------------+--------------+--------------+
|Impairment of non-current assets | EUR 23m| EUR 66m|
+-----------------------------------------+--------------+--------------+
|Write-down of assets held for sale | EUR 954m| EUR 1 263m|
+-----------------------------------------+--------------+--------------+
|Gain on disposal of equity-accounted | | |
|investments | EUR (9)m| – |
+-----------------------------------------+--------------+--------------+
|Total tax effect of adjustments | EUR (3)m| EUR (9)m|
+-----------------------------------------+--------------+--------------+
|Headline earnings | EUR 3 726m| EUR 3 688m|
+-----------------------------------------+--------------+--------------+
|Weighted average number of shares: | | |
+-----------------------------------------+--------------+--------------+
|Basic | 586.7m| 576.4m|
+-----------------------------------------+--------------+--------------+
|Diluted | 588.9m| 579.4m|
+-----------------------------------------+--------------+--------------+
|Headline earnings per 'A' share/ | | |
|10 'B'shares: | | |
+-----------------------------------------+--------------+--------------+
|Basic | EUR 6.351| EUR 6.398|
+-----------------------------------------+--------------+--------------+
|Diluted | EUR 6.327| EUR 6.365|
+-----------------------------------------+--------------+--------------+
Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Email: sponsorteam@rmb.co.za
Date: 16-05-2025 07:30:00
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