Compagnie Financière Tradition S.A. (0QL7) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

And welcome to Richemont 2023 for your results presentation. Thank you to those in person for coming to Geneva. Much appreciated. And also to those of you watching the webcast. I am Sophie Cagnard, and joining today from Richemont are Johan Ruppert, chairman, Jérôme Lambert, CEO, Burkhard Grun, CFO, Cyril Vigneron, Cartier CEO, and Nicolas Boss, Van Cleef & Arpels CEO. As usual, the company announcement and financial presentation can be downloaded from richmond.com, and the replay of this video webcast will be available on our website today from 3 p.m. Geneva time. Before we begin, may I draw your attention to the disclaimer on our presentation and company announcement regarding forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. So, first, Jérôme will take you through the year's highlights and sales, and then Burkhart will review our business areas, the group's financials, and key ESG initiatives. He will then hand back to Jérôme for the conclusion, which will be followed by a Q&A session. I will now hand over to Jérôme. Thank you, Sophie, and good morning. Ladies and gentlemen, thank you for joining us today. I'm pleased to report that notwithstanding the ongoing volatile and uncertain environment, our financial results reached several new heights this year. Sales for the year rose by 3.2 billion euros to close to 20 billion euros. having increased by 14% at constant exchange rate and 19% at actual exchange rates. Operating profits rose by €1.3 billion to €5 billion, partially benefiting from lower one-time items compared to the prior year. These strong results led to an operating margin of 25.2%, up 280 basic points year-on-year. Profit for the year from continuing operation increased by 60% to 3.9 billion euros. Cash ...