Vacheron & Constantin SA

Vacheron & Constantin SA

Quai de l'Ile 7


    • Rechtsform:

    • Aktiengesellschaft
    • Status:

    • aktiv

    • Kapitalisierung:

    • CHF 100'000
    • Gründungsjahr:

    • 1755

    • Bisnode ID:

    • 703204

    • D-U-N-S® Nr.:

    • 48-058-6189

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    • Handelsregistereintrag:

    • 01.01.1883

    • Rechtlicher Sitz:

    • 1200 Genève

    • HR-Nummer:

    • CH-660.0.002.887-4

    • UID:

    • CHE-105.976.676

    • HR-Amt:

    • Kanton Genf

    • Revisionsstelle:

    • PricewaterhouseCoopers AG

    • Handelsregisterauszug:

    • Sehen Sie sich hier den original Internet-Auszug zur Vacheron & Constantin SA aus dem zuständigen Handelsregister (HR) an.

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Management & Mitarbeiter


    • Bonitätsauskunft:

    • Informieren Sie sich hier über die Kreditwürdigkeit, Bonität und Zahlungsfähigkeit der Firma Vacheron & Constantin SA.

      Zur Vacheron & Constantin SA konnten wir das Zahlungsverhalten zu insgesamt 63 Rechnungen auswerten.

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Firmennamen & Kontakt


    • Firmenzweck:

    • Fabrication et vente d'horlogerie, joaillerie et bijouterie.

    • Branche(n):

    • Detailhandel mit Uhren und Schmuck

      Herstellung und Zusammensetzung von Uhren

      Herstellung von Schmuck, Gold- und Silberschmiedwaren a. n. g. (ohne Fantasieschmuck)

    • NOGA 2008:

    • 477700, 265201, 321202


    • Tochtergesellschaften:

    • Im Ausland

    • Niederlassungen:


Richemont, the Swiss luxury goods group, announces its audited consolidated results for the year ended 31 March 2016 and proposed cash dividend


Financial highlights
• Sales grew by 6% to € 11 076 million; at constant exchange rates, sales decreased by 1%
• Growth in Europe, the Middle East, Americas and Japan was offset by weaker trading in the Asia Pacific region
• Operating profit decreased by 23% due to a non-recurring property disposal gain of € 234 million in the prior year and current year restructuring and write-down charges of € 97 million
• Net profit for the year increased by 67% to € 2 227 million, primarily due to a non-cash post-tax gain of € 639 million relating to the merger of the NET-A-PORTER and YOOX Groups, and the non-recurrence of losses largely due to the revaluation of the Swiss franc in the prior year of € 686 million
• Cash flow from operations of € 2 419 million and the net cash position of € 5 339 million were broadly in line with the prior year
• Proposed dividend of CHF 1.70 per share, an increase of 6%

Chairman’s commentary

Overview of results
In the first six months of the year under review, Richemont reported double-digit growth, followed by a decline in the second half. Our concerns over geopolitical risks and the impact on the behaviour of our clients proved justified. Europe turned negative in mid-year and trading conditions in Hong Kong and Macau remained difficult. Only mainland China showed good growth. Overall, full year Group sales rose by 6%, helped by favourable exchange rate effects.
Against this background of difficult trading conditions and events, the Maisons have worked to respond to changing market demands. The Jewellery Maisons delivered sales growth and profit resilience through successful jewellery lines and favourable currencies. For the Specialist Watchmakers and Cartier watches, the impact of the stronger Swiss franc on watch manufacturing costs, together with lower capacity utilisation, combined to depress gross margins. Montblanc, Chloé and Peter Millar reported good sales growth. Other fashion Maisons faced difficult trading conditions throughout the year.
In this environment our Maisons adjusted their fixed cost bases. Accordingly, related restructuring and one-time charges of € 97 million were recorded against operating profit during the year under review. Excluding these charges and the gain realised on the sale of a real estate property in the comparative year, operating profit decreased by 11%.
On 5 October 2015, Richemont announced the completion of the merger of the NET-A-PORTER GROUP with the YOOX GROUP which generated a one-off, non-cash pre- and post-tax accounting gain of € 639 million in the current year. At that point, Richemont owned 50% of the enlarged group but chose to limit its voting rights to 25%. Following the completion of a € 100 million rights issue entirely subscribed by the Emaar Properties Group, owner of the Dubai Mall, Richemont’s equity interest is now 49%.
In the comparative year, Richemont reported a gain on the sale of a real estate property, but also incurred significant non-cash losses stemming from the revaluation of the Swiss franc. Including the impact of the significant one-off items in both years, Richemont’s net profit increased by 67% over the prior year’s level.
Important to the Board and shareholders are the Group’s operating and free cash flows. Both remain solid and stable over the two-year period. At the end of March 2016, the Group’s balance sheet was exceptionally strong, with net cash amounting to € 5 339 million and shareholders’ equity representing 75% of total equity and liabilities.

Based upon the results for the year and in keeping with its stated objective to grow dividends steadily over the long term, the Board has proposed a dividend of CHF 1.70 per share; up from CHF 1.60 per share last year.

April sales declined by 18% and 15% on a reported and constant rates basis. All regions reported a decline in sales. At constant exchange rates, only the Middle East & Africa posted growth. This performance was largely anticipated. Asia Pacific remained weak due to no recovery in Hong Kong and Macau, only partially offset by continued improvement in mainland China, which was up 26% on a constant rate basis. Retail sales continued to outperform the wholesale channel. The challenging comparatives will persist through September.
In the near term, we are doubtful that any meaningful improvement in the trading environment is to be expected. We are notably addressing the challenges faced by the watch industry. Cash flow generation is a key priority. We are tightly monitoring costs, working capital requirements and allocating resources in a highly selective manner. Nevertheless this will be accompanied by continued investments in our Maisons to ensure long-term value creation. The Group will look to consolidate its global retail presence, particularly in mainland China, and will invest further in jewellery.
We are confident in the long term demand for high quality products. The Group remains committed to supporting its Maisons to conceive, develop, manufacture and market products of beauty, individuality and the highest quality. These values are enduring and will see Richemont well positioned to benefit from an improved market in the years to come.

Financial review

The 6% increase in sales at actual exchange rates, or 1% decrease at constant exchange rates, reflected growth in jewellery, leather goods and clothing. Regionally, demand grew in Europe, the Middle East, Americas and Japan.
The retail channel performed better than the wholesale channel, although sales through both channels remained volatile. The volatility was highlighted by the contrasted first and second half of the year under review for all regions and channels.
Further details of sales by region, distribution channel and business area are given in the Review of Operations.

Gross profit
Gross profit increased by 4%. The gross margin percentage was 180 basis points lower at 64.3% of sales. The significant increase in the value of the Swiss franc versus other currencies, which followed the Swiss National Bank’s decision in January 2015 to remove the euro / Swiss franc ‘peg’, had a negative impact on the cost of sales throughout the year under review. The gross margin was also negatively impacted by lower capacity utilisation and one-time charges of € 67 million related to various Maisons and manufacturing facilities in Switzerland.

Operating profit
Operating expenses increased by 14% during the year amid adverse exchange rate effects. Compared to the 13% increase in sales through the Maisons’ own boutique networks, selling and distribution expenses were 16% higher, including depreciation charges linked to the opening of new boutiques in the prior year as well as higher fixed rental costs. Communication expenses rose by 8% and continued to represent between 9% and 10% of sales. Administration and other expenses grew by 16%, largely driven by the stronger Swiss franc. Included within operating expenses are further one-time charges of € 30 million, primarily relating to asset impairment and restructuring charges.
Operating profit was 23% below the prior year at € 2 061 million. Excluding the restructuring and one-time charges in the current year and the gain realised on the sale of a real estate property in the comparative year, operating profit decreased by 11%.

Profit for the year
Profit for the year increased by 67% to € 2 227 million. In value terms, the significant increase in net profit primarily reflects the non-recurrence of a non-cash financial charge related to the Swiss National Bank’s actions in January 2015; and a non-cash gain arising from the merger of The NET-A-PORTER GROUP with YOOX Group in October 2015.
In the prior year, net financial costs amounted to € 953 million. Of those net costs, a non-cash financial charge € 652 million stemmed from the appreciation of the Swiss franc relative to other currencies in January 2015. Since January 2015, the value of the Swiss franc has depreciated somewhat relative to the euro. Accordingly, the Group has recorded translation gains on certain cash and short-term money market investments during the year under review. The size of those gains is less than the losses in the prior year due to the relative movement in exchange rates and a greater diversification in the Group’s investments. Compared to January 2015, a larger proportion of the Group’s liquid assets are now held in instruments denominated in US dollar and the Swiss franc.
On 5 October 2015, the merger of The NET-A-PORTER GROUP with YOOX Group was completed. The all-share transaction generated a non-cash gain amounting to € 639 million. This gain was partly offset by the operating results of The NET-A-PORTER GROUP until the merger date. At 31 March 2016, Richemont held 50% of the publicly traded ordinary shares in YOOX NET-A-PORTER GROUP SpA, but capped its voting rights in those shares at 25%. Accordingly, Richemont equity-accounts its share of the results from that investment: the results for the year ended 31 March 2016 include a post-tax gain of € 3 million for the period from 5 October to 31 December 2015. Further details regarding the accounting treatment of the merger transaction and subsequent reporting may be found in notes 10 and 28 of the consolidated financial statements.

Earnings per share on a diluted basis, including discontinued operations, increased by 67% to € 3.935.

To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for headline earnings for the year ended 31 March 2016 would be € 1 626 million (2015: € 1 208 million). Basic HEPS for the year was € 2.882 (2015: € 2.143). Diluted HEPS for the year was € 2.873 (2015: € 2.133). Further details regarding earnings per share and HEPS, including an itemised reconciliation, may be found in note 29 of the Group’s consolidated financial statements.

Cash flow
Cash flow generated from operations was € 2 419 million, broadly in line with the prior year. This solid cash generation principally reflected a limited increase in working capital, broadly offsetting the decrease in operating profit. Inventories increased by € 139 million in the year under review compared with an increase of € 506 million in the comparative period.
The net acquisition of tangible fixed assets amounted to € 613 million, reflecting further investment in manufacturing facilities, largely in Switzerland, as well as selective investment in the Group’s worldwide network of boutiques, including refurbishments.
The 2015 dividend, at CHF 1.60 per share, was paid to ‘A’ shareholders in September 2015. The cash outflow in the year amounted to CHF 903 million or € 854 million (2014: € 650 million).
During the year, the Group acquired 1.8 million ‘A’ shares to hedge executive stock options. The cost of these purchases was partly offset by proceeds from the exercise of stock options by executives and other activities linked to the hedging programme, leading to a net cash outflow of € 94 million.

Financial structure and balance sheet
Inventories at the year-end amounted to € 5 345 million (2015: € 5 438 million) and the year-end inventory position represented 22 months of gross inventories. The inventory rotation rate remained stable, reflecting disciplined management by all Maisons.
At 31 March 2016, the Group’s net cash position amounted to € 5 339 million (2015: € 5 419 million). The net cash position includes highly liquid, highly rated Money Market Funds, short-term bank deposits and medium-duration bond funds, primarily denominated in Swiss francs, euros and US dollars. Bank loans to finance local operating entities are denominated in their local currency.
Richemont’s financial structure remains strong, with shareholders’ equity representing 75% of total equity and liabilities.

Proposed dividend
The Board has proposed a cash dividend of CHF 1.70 per share.

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