Richemont well to face the challenges of the global
economy. The Group has no net debt and a strong balance
sheet and we have invested our surplus funds prudently.
remain financially strong after any possible restructuring.
The Company will possess adequate resources to finance
organic growth or, should appropriate opportunities
present themselves, expansion through acquisitions.
the Maisons drawing on the intellectual property inherent
in their history, the creative talent within them and the
skill and craftsmanship of their employees. The Maisons
aspire to produce intrinsically desirable products, which
respect and interpret their traditional values, and offer
these through a global distribution and after-sales service
network designed to meet our partners' and customers'
expectations.
2008 showed growth of 11 per cent at actual exchange
rates and that pattern has been repeated in the month of
April, with sales growth of 16 per cent at actual exchange
rates and 24 per cent in local currency terms.
forward to the next 20 years with a well-founded degree
of confidence and optimism.
EXECUTIVE CHAIRMAN
COMPAGNIE FINANCIÈRE RICHEMONT SA
GENEVA, 22 MAY 2008
a commitment, if so requested, to apply for a secondary
listing of its shares on the Johannesburg stock exchange.
This would enable South African residents who currently
hold Richemont DRs to hold BAT shares directly.
and refining the proposals. However, restructuring the
Group is complex, involving the co-operation of Remgro
and BAT, as well as the co-ordination of a large number
of legal, fiscal and regulatory requirements and approvals
in various jurisdictions. To date, not all of the necessary
approvals have been obtained and a number of specific
conditions must be fulfilled before the proposed
restructuring can be implemented.
the necessary conditions and approvals, which will include
approval by the Board of Compagnie Financière Richemont
SA as well as approval by unitholders in their capacity as
shareholders of Compagnie Financière Richemont SA and
participation certificate holders of Richemont SA. There
can be no certainty that the proposed restructuring as
outlined above or any modified proposals will be put
forward for approval by unitholders or that such a
restructuring would actually take place.
hopes it will improve, and the realist plans and acts
according to circumstances."
for concern. We are carefully monitoring the performance
of our businesses in all markets to establish whether
consumer purchasing trends are changing.
respect the traditional values
of Richemont's Maisons