• Annual Report 2005
• Financial Highlights
• Letter to Unitholders
• Brand Review
• Corporate Social Responsability
• Corporate Governance Report
• Financial Review
• Consolidated Financial Statements
• Company Financial Statements
• Balance Sheet I
• Notes to the Financial Statements I
• Board of Directors 1
• Report of the Statutory Auditors 1
• Introduction 2
• Income statement 2
• Balance Sheet 2
• Notes to the Financial Statements 2
• Board of Directors 2
• Report of the Statutory Auditors 2
• Five Year Record
• Statutory Information
• Notice of meeting

Introduction 2

Directors' report

The Board of Directors of Richemont SA ('the Company') is pleased to submit its report on the activities of the Company for the year ended 31 March 2005. The following financial statements set out the financial position of the Company and the results of its operations for the year then ended.

Statement of accounting policies

(A) Accounting Convention

The financial statements are prepared under the historical cost convention, are in accordance with Luxembourg legal and regulatory requirements and are presented in euros.

(B) Foreign currency translation

Transactions in foreign currencies during the year are recorded at exchange rates ruling at the time the transactions take place. Monetary assets and liabilities, expressed in currencies other than the euro, are translated at exchange rates ruling at the year end. The resulting exchange gains or losses are credited or charged to the income statement for the year.

(C) Investments in subsidiary undertakings

Investments in subsidiary undertakings are stated at cost less amounts written off for diminutions in value which are considered to be of a permanent nature. Dividend income is recognised upon declaration by the subsidiary undertaking concerned.