• Annual Report 2005
• Financial Highlights
• Letter to Unitholders
• Brand Review
• Corporate Social Responsability
• Corporate Governance Report
• Financial Review
• Analysis of Sales and Profitability by Business Area
• Sales by Region
• Sales by Distribution Channel
• Income Statement on an Adjusted Basis
• Associated Company - British American Tabacco
• Cash Flow Statement
• Summarised Balance Sheet
• Consolidated Income Statement - on a Reported Basis
• Proposed Dividend
• Consolidated Financial Statements
• Company Financial Statements
• Five Year Record
• Statutory Information
• Notice of meeting

Sales by Distribution Channel

Retail sales increased by 8 per cent, with double-digit growth in Europe and the Asia-Pacific region partly offset by lower rates in Japan and the Americas. As a proportion of total sales, retail sales were in line with the previous year at 41 per cent.

With strong demand for watch products, wholesale sales increased in all regions and by 11 per cent overall.

The Group's network of owned stores grew by 25 during the year to 577 outlets. Whereas Cartier's investments were primarily in the refurbishment of existing stores, other Maisons expanded their retail networks, with most of the overall increase relating to Montblanc and Alfred Dunhill. Montblanc developments included the opening of three new stores in China and the integration of eight former franchises in Mexico. Alfred Dunhill's network increased by eight boutiques, mainly due to the takeover of franchises in Korea. Lancel's network decreased during the year, reflecting its withdrawal from own-store retail activities in Japan.

Retail network (number of points of sale)