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Our economic impact

Key Figures

	Financial Year to March 2010	Financial Year to March 2009 (re-presented)	Percentage difference
Sales (€ millions)	5 176	5 418	-4%
Operating profit (€ millions)	830	968	-14%
Profit from continuing operations (€ millions)	603	737	-18%
Net profit attributable to unit holders (€ millions)	599	1 075	-44%
Number of employees	20 000	19 600	+2%

The 2008/09 consolidated financial statements of the Group have been re-presented to reflect the accounting treatment of a discontinued activity. The impact on profit (no impact on sales) is disclosed in the Financial Review on page 27 of the 2010 Annual Report. The factors used to calculate CO₂ emissions were revised during the year under review and the prior year’s emissions have been re-calculated accordingly; further disclosures are given in this CSR report. 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.


Defined benefit plan obligations

The Group’s defined benefit plan obligations primarily arise in Switzerland, the UK and Germany. To meet those obligations, plan assets amounting to € 807 million at 31 March 2010 are held in equities, bonds, property and other assets, including insurance policies. 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 2009/10 was immaterial. During the last two years under review, 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 business area and sales by region is available in the Richemont Annual Report 2010 on pages 31 to 33 (Financial Review).