Key Figures

The 2010/11 consolidated financial statements of the Group have been re-presented to reflect the revised accounting treatment of land leases. There was no impact on the sales or profit for that year. No other re-statements have been reported by the Group.

The economic impact of the Group’s activities is wide and varied. The revenues and profits we earn from the production and sale of our luxury products benefit a range of stakeholders. These are delivered through the salaries we pay our employees, payments to our suppliers and business partners, dividends to shareholders and the taxes and community contributions we pay from the profits we earn.

We are a significant employer, directly employing and developing the skills of thousands of employees globally and helping to support more jobs and activity through our supply chain.

Local procurement - Local hiring

Richemont’s employees in South Africa represent less than 1 % of the Group’s total. Accordingly, the Group neither compiles data on nor reports on ‘Black Economic Empowerment’ matters. The Group’s operations in that country comply with all local regulatory requirements.

Defined benefit plan obligations

The Group’s defined benefit plan obligations primarily arise in Switzerland, the UK and Germany. To meet those obligations, assets amounting to € 947 million at 31 March 2011 are held in equities, bonds, property and other assets. Further details are disclosed in note 21 of the consolidated financial statements.

Government assistance

The Group does not disclose the financial assistance received from governments in the form of grants for employee development or building construction as the amount in 2010/11 was immaterial. During the last three years, certain Group manufacturing facilities introduced short-time working practices. In Switzerland, the compensation paid by the government to the Group in respect of employees working short-time is recognised as a reduction of employee costs. The amount is not separately disclosed in the Group’s consolidated financial statements.

More information on sales by region and business area is available in the Richemont Annual Report 2011 on pages 31 to 33.