Previous Business developments by Johann Rupert, Chairman

During the year, a number of business acquisitions were completed, amounting to € 474 million in total. Richemont acquired Varin-Etampage & Varinor (‘VV SA’), a Swiss manufacturer of precious metal products for the watch and jewellery industry, and Antica Ditta Marchisio SpA, an Italian company specialising in the production of hand-crafted jewellery.

The Group also acquired Peter Millar LLC, a US-based international apparel business and a retail investment property in New York: that property is independent from Richemont’s property fund. These acquisitions complement the Group’s long-term investment plans.

The year under review saw capital investment of € 612 million, primarily in manufacturing facilities and boutiques.

Based upon the good resultsforthe year,the Board has proposed a dividend of CHF 1.00 pershare. Next