Quarterly Earnings. Rayban maker EssilorLuxottica said on Thursday it has rejigged an executive power sharing arrangement put in place when the company was created by a merger in 2018, promoting two internal managers to the top executive roles. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. Adjusted6 consolidated statement of profit or loss. Bolon website. The order book ended the year slightly up. Laurent Vacherot, President and Chief Operating Officer Wholesale sales, including sales in Europe, returned to growth in the third quarter and accelerated to +3.4% at constant exchange rates3 (+2% at current exchange rates) in the last three months of the year, confirming the value of the initiatives undertaken. Free cash flow8 was Euro 923 million and, net of exchange rate headwinds, would have been around Euro 1.1 billion3, while net debt decreased by 42%, driving further improvement of the group's net debt/adjusted EBITDA2 ratio to 0.2x. *** Including Share of profit of associates. For further details on Luxottica's strategic initiatives and disclosure of its standalone FY2018 results as well as fourth quarter sales, please refer to the appendix. The Lenses & Optical Instruments division was a major contributor to the regional performance. トヨタ企業サイト「Annual Report」をご紹介します。トヨタは企業価値を持続的に高め、ステークホルダーの皆様とともに、安定的・継続的に発展していきたいと考えています。 Similar to the full year trend, contact lens distribution activities contributed to growth.Sunglasses & Readers performance in the United States was driven primarily by FGX during the fourth quarter.Trends in the Equipment division moderated after a particularly strong third quarter and an elevated prior year comparison base. Over the course of 2019, Essilor worked toward this goal through partnerships to eliminate poor vision in many regions. assist investors in their assessment of the Group’s operating performance and its ability to refinance its debt as it matures and incur additional indebtedness to invest in new business opportunities; assist investors in their assessment of the Group’s cost of debt; ensure that these measures are fully understood in light of how the Group evaluates its operating results and leverage; properly define the metrics used and confirm their calculation; and. In 2017, net profit results benefited from non-recurring income related to Luxottica's Italian Patent Box agreement covering 2015 and 2016 and from the impact of US tax reform. The Lenses & Optical Instruments division grew by 5.5% at constant exchange rates2 in 2019, for total sales of Euro 6,791 million. 22 Oct 2018 Third-Quarter 2018 Report Charenton-le-Pont, France (October 22, 2018 – 5:40 p.m.) – EssilorLuxottica (Euronext Paris: EL), Essilor International (Compagnie Générale d’Optique) (“Essilor”) new corporate name since October 1, 2018, is reporting here the third-quarter revenue generated by Essilor. The Board of Directors has also approved the Restated Unaudited Pro Forma1 Consolidated Financial Information for the year ended December 31, 2018, which has been prepared for illustrative purposes only. Lenses & Optical Instruments grew by 5.2% at constant exchange rates, Sunglasses & Readers grew by 10.1% at constant exchange rates, Wholesale rose by 2.4% at constant exchange rates, Retail continued on its solid path, up 4.6% at constant exchange rates. The final appointment is expected to be made by the end of 2020. Our legacy will continue to grow in this way for years to come. Adjusted6 Gross profit in 2019 ended at Euro 10,887 million, representing 62.6% of revenue versus 63.0% in 2018. Wholesale growth was basically driven by Mainland China, where the business restarted on much cleaner basis. The brand notably solidified its leadership in fishing stores, selling to fishing enthusiasts and those living near beaches, lakes and rivers. Annual Report 2019 https://annualreport.grandvision.com Download here 31 July 2019 Half Year 2019 Financial Report n.a. The abovementioned political unrests in Chile and Ecuador affected the sales performance of GMO in the last quarter of the year, negative in sales and comparable store sales5. GrandVisionThe European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. Swedish. Since then, Essilor International has implemented a wide range of corrective measures under the supervision of the EssilorLuxottica Board of Directors (see page 28 for more details). The Company also implemented a range of structural decisions in order to start the integration process and the delivery of the expected synergies presented at its Capital Markets Day. Sales in Europe were also supported by the growth around double-digit of the Retail division, on the back of effective in-store execution empowering positive results in all countries. PDF; Form 10K (HTML) Vitamin Shoppe does not currently have any hardcopy reports on AnnualReports.com. Adjusted6 net profit attributable to owners of the parent: +9.2% at current exchange rates and 4.8% at constant exchange rates2. So far, the virus has also slightly impacted the Company’s revenue performance in other regions. Revenue for the year totaled Euro 17,390 million, an increase of 7.4% in current exchange rates and 4.4% in constant exchange rates2 when compared to 2018. EssilorLuxottica General Meeting to be reconvened (June 29, 2018) Proposed combination between Essilor and Luxottica receives clearance from US Federal Trade Commission without conditions (March 1st, 2018) Seine Aktien werden an der Pariser Börse als Teil des CAC40 gehandelt. Fourth-quarter 2019 revenue by operating segment. Mandatory exchange offer for Luxottica sharesOn October 11, 2018, EssilorLuxottica launched a mandatory exchange offer pursuant to the Italian law, for all remaining outstanding Luxottica shares. Revenue in Japan got a lift from value-added lenses and a series of commercial successes with optical chains.The Sunglasses & Readers division also saw double-digit revenue growth in the region with excellent results at Xiamen Yarui Optical (BolonTM and MolsionTM) in optical frames and robust online sales. UN Environment released its 2018 Annual Report, highlighting the organization’s work on issues from fighting pollution of the air and sea to helping nations meet their goals of reducing greenhouse gas emissions. The proprietary e-commerce platforms delivered exceptional growth, with a further acceleration in the fourth quarter. boloneyewear.com. For the second consecutive year, net margin was over the 10% threshold in 2018. Equity increased mainly for the result of the year (Euro 1,670 million including other comprehensive income items), the share capital increases related to the sell-out and squeeze-out procedures on Luxottica shares, as described in paragraph 1.2.2 – Significant Events (Euro 1,019 million) and the share-based payments accounted for in 2019 (Euro 154 million), while decreased by Euro 959 million following dividend distribution. ESSILORLUXOTTICA X This website or third-party tools used by the site itself use the cookies necessary for operation and useful for the objectives illustrated in the cookie policy, including the possibility of sending you advertisements according to your interests. As a result of the acquisition of Luxottica shares tendered in the offer, on December 5, 2018, EssilorLuxottica reached a stake of more than 90% but less than 95% of Luxottica's share capital. Non-recurring Selling expenses for Euro 30 million mainly associated with the closing of the US retail chain Sears Optical, announced by the Group in December 2019. In Nepal, the company signed a letter of intent to provide access to eye care to the 350,000 residents of the Bhaktapur district. the elimination of a non-recurring net gain for Euro 46 million mainly related to the profit recorded from the sale of the Group’s 25% ownership in a US based entity and the sale of another investment. All Reports and Proxies. 2018 Δ 2019/2018 CAGR; Total Revenue : Cost of Sales : Gross Profit : Operating Income : Net Income ... EssilorLuxottica SA Annual Report. It was boosted by efficiency gains, by a favorable trend in the product mix, particularly thanks to solid growth in sales of Transitions®, Varilux®, Crizal® and Eyezen(TM) lenses, and by new products, including the launch of the Crizal® Sapphire 360°(TM) antireflective lens and the completion of the Varilux® X Series(TM) progressive lens rollout.Adjusted² contribution from operations6, the company's previous key performance indicator of profitability, reached 18.1% of revenue even as investments in new and buoyant segments were stepped up.On a pro forma1 basis, the adjusted2 operating profit reached 16.5% of revenue.The effective tax rate on an adjusted basis2 decreased by 90 basis points, to 21.6%, thanks to the elimination of the tax on dividends and to a favorable geographic mix.Adjusted2 net profit came to Euro 923 million compared with Euro 942 million in 2017. In addition, strong market demand for readers and sunglasses allowed FGX International to make up in the second half for the impact of a demanding comparison basis in the first six months. Financials and annual report of EssilorLuxottica SA. The company continued to develop its STARS program, thanks to top key accounts, and related turnover experiencing a further acceleration, up by more than 50% compared to the fourth quarter of last year. In North America revenue increased by 8.5% to Euro 9,154 million (+3.1% at constant exchange rates2). Major strides were also made in digital marketing with consumers in Mexico and Colombia now able to access the Spanish-language edition of the eye care information website “AllAboutVision.com”.The Sun & Readers division contributed modestly to regional growth.The Equipment division was a slight headwind to regional growth on a consolidated basis despite solid underlying activity as market conditions in fast growing markets remained favorable. At the current level, inventory is sufficient to meet several weeks of demand.In terms of production, EssilorLuxottica plants in China are currently operating at slightly reduced capacity, which is quickly normalizing, while the plants in Italy and all other locations are currently running at full capacity. In this document, management presented certain performance indicators that are not envisioned by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and endorsed by the European Union. The Board of Directors has also approved the unaudited pro forma1 consolidated financial information, which has been prepared for illustrative purposes only. This reflected robust results in China, especially for Xiamen Yarui Optical (Bolon™) and strong market demand for readers and sunglasses at Costa and FGX International in the United States. Europe reported sales down by 0.8% at constant exchange rates3 due to a tough comparison with 2017 where sales were up 13.4% at constant exchange rates3, and with the cumulative growth of the last three years which was 27% at constant exchange rates3.Once again, Ray-Ban led the performance in every segment and region thanks to a strong global communication strategy and integrated omnichannel brand management. * 2018 information has been restated following the application of IFRS 16 Leases, as well as to reflect the finalization of the purchase price allocation (“PPA”) related to the EL Combination. For further details, please refer to the table in the Appendix.2 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year.3 Like-for-like: growth at constant scope and exchange rates.4 Fast-growing countries or markets: include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia, Eastern Europe and Latin America.5 Comparable store sales or comps: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. In Asia, Oceania and Africa, revenue increased by 7.4% to Euro 2,892 million (+5.4% at constant exchange rates2). This was well above the initial target of delivering like-for-like4 growth of around 4%. © 2021 GlobeNewswire, Inc. All Rights Reserved. All regions were on the rise, with a remarkable acceleration experienced by North America over the second part of the year supported by positive trends at independents, department stores and third-party e-commerce. 1 Barberini S.p.A. annual consolidated revenue on a stand-alone basis, as disclosed at the time of the announcement of the acquisition (on June 22, 2019), which does not represent the net contribution to the EssilorLuxottica Group’s turnover. In Europe revenue increased by 5.7% to Euro 971 million (+4.9% at constant exchange rates2). It will likely take several months to effectively recover them. 2018 Annual Report and Form 10K. On March 5, 2019, Luxottica became 100% wholly-owned by EssilorLuxottica and its ordinary shares were delisted from the Milan Stock Exchange (Mercato Telematico Azionario - MTA), organized and managed by … Fourth-quarter 2019 revenue by geographical area. Cost synergies are expected to come in the range of Euro 220-300 million from the combined supply chain optimization, G&A rationalization and sourcing savings. Having crossed the 95% threshold in the share capital of Luxottica at the settlement of the "sell-out" procedure on January 18, 2019, EssilorLuxottica then initiated a "squeeze-out" procedure that was completed on March 5, 2019. Based on this assumption, and excluding any contribution from GrandVision, EssilorLuxottica expects to grow in sales and profits. Leonardo Del … 2019 is the first year in which EssilorLuxottica’s consolidated statement of profit or loss shows the full year performance of both Essilor’s and Luxottica’s businesses. The Lenses & Optical Instruments Division benefitted from the continued momentum from the Transitions® Signature® GEN 8™ launch, both with Independent Eyecare Professionals and through the Company’s retail channels. Capital expenditure In the industrial sector, cash out related to capital expenditures amounted to Euro 903 million in 2019, 5.2% of net sales, compared to Euro 927 million in the previous year. The dividend will be paid – or the shares issued – as from June 15, 2020. Once we are fully integrated with Essilor and our synergies have taken effect, together we will redefine a revolutionary service model for the benefit of wholesale partners and consumers everywhere," commented Leonardo Del Vecchio, Executive Chairman of EssilorLuxottica. EssilorLuxottica consolidated statement of profit or loss. The Registration Document includes: a) The Annual Financial Report, with: The parent company financial statements. On the opposite, Hong Kong did not improve, deteriorating further in Retail sales and comparable store sales5. Intangible, Tangible and Right-of-use are mainly related to intangible assets recognized as part of the purchase price allocation finalized on the EssilorLuxottica Combination for around Euro 11 billion and to the right-of-use assets recognized following the implementation of the new accounting standard IFRS 16 Leases. Such measures are not meant to be considered in isolation or as a substitute for items appearing in EssilorLuxottica consolidated financial statements prepared in accordance with IFRS. In North America, Luxottica posted its best year since 2015 in terms of sales growth with Wholesale and Retail both accelerating in the fourth quarter. This section is dedicated to Luxottica's investors. statements 2018 is our primary report to shareholders. Australia, Mainland China, South East Asia and Middle-East drove the group’s performance in the area, more than balancing the decline in Hong Kong and travel retail business, while Japan and Korea closed the year at around the par. Euro 300 to Euro 350 million in the period 2019-2021; Euro 420 to Euro 600 million by 2022-2023. The financial impact has been fully recorded in the 2019 consolidated statement of profit or loss for an amount of Euro 185 million after taking into account foreign exchanges impacts; The Company launched a bond issuance for a total amount of Euro 5 billion, notably to (re)finance a portion of the consideration to be paid in relation to the proposed acquisition of GrandVision, to (re)finance the existing debt of the Company and to fund general corporate purposes. And in China, Essilor worked with the Huoqiu County to eliminate poor vision in the county within three years. All these measures are aimed at reducing the overall financial impact for the Company, from the Euro 185 million currently recorded in its accounts. DividendThe Board of Directors will recommend that shareholders at the Annual Meeting to be held on May 15, 2020 approve the payment of a dividend of Euro 2.23 per share. Canada and sales of Transitions to other lens casters were headwinds while contact lens distribution activities added to growth. In 2019, Optical House generated around Euro 65 million of revenue. Such measures are not defined terms under IFRS and their definitions should be carefully reviewed and understood by investors. Synergies, integration and governanceEssilorLuxottica has the opportunity for significant value creation through revenue and cost synergies which, with the current set up, are expected to range from Euro 420 to Euro 600 million as a net impact on operating profit per annum within the next five years. Annual Report 2019 Available as: PDF Publication Date: 28 April 2020 ISBN: 978-955-575-396-8 Presentation (Video) Presentation (Slides) Annual Report 2018 Available as: PDF Publication Date: 25 April 2019 ISBN: 978-955-575 Revenue was positive throughout the entire year, with comparable store sales5 slightly above the parity in the twelve months. See insights on EssilorLuxottica including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Request Information. General and administrative costs totaled Euro 1,777 million reflecting EssilorLuxottica’s strong cost control measures, particularly effective during the second half of the year. Annual Report 2019: https://annualreport.grandvision.com ... Download here : 6 August 2018: Half Year 2018 Financial Report: n.a. 5 Fast-growing countries include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America.6 Contribution from operations: Revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs and other operating expenses).7 Comparable store sales reflect the change in sales from one period to another that, for comparison purposes, includes in the calculation only stores open in the more recent period that also were open during the comparable prior period, and applies to both periods the average exchange rate for the prior period and the same geographic area.8 Free cash flow is defined in the appendix. Luxottica continued to grow in Latin America last year, expanding sales at constant exchange rates2 in both Wholesale and Retail divisions. Hong Kong confirmed to be a drag, with no signs of improvement, while GMO was impacted by protests in Chile and Ecuador in the last quarter of the year. The solid sales performance confirmed the effectiveness of strategic initiatives aimed at improving the operating model and the ability of the group's retail brands to execute them, while offering an improved consumer experience. * The 2018 comparative information has been restated following the application of IFRS 16 Leases, as well as to reflect the finalization of the purchase price allocation (“PPA”) related to the EssilorLuxottica Combination. Mainland China continued to leverage the success of the strategic repositioning of the business undertaken two years ago. The second half of the year decelerated versus the first, particularly due to weaker Wholesale in the third quarter (mostly reflecting political turmoil in Hong Kong, dropping travel retail business and unfavorable weather conditions in Japan), but turning positive in the fourth quarter. Adjusted2 net margin held at 11.6%.Net debt as of December 31, 2018 was Euro 1.9 billion, a testament to the Group's ability to generate significant cash flow. Group net debt amounted to Euro 4,046 million at the end of December 2019, compared to Euro 3,849 at the end of December 2018 (restated following the implementation of IFRS 16. It continued to leverage its unique innovation capabilities in vision care and eyewear, its digital platforms and the flexibility provided by its global network of interconnected plants and prescription laboratories”, said Laurent Vacherot, CEO of Essilor. Growth in E-commerce sales was satisfactory, especially for contact lenses distributed through the VisionDirect website. Target Optical and EyeMed confirmed their sound growth path, while Sears continued to be a heavy drag. Pro forma1 adjusted2 operating margin ended the year at 15.9% almost flat at constant exchange rates3. Income Statement Trend. The Instruments business saw strong growth in 2019, fueled by the launch and marketing of two major new products during the year: Visioffice® X, a tool for personalizing lenses in optical stores, and the Vision-R™ 800 phoropter. Annual reports and publications. Solid growth, sound profitability and cash flowA robust foundation for EssilorLuxottica. In 2018, the Retail division grew by 3% at constant exchange rates3 (-1.4% at current exchange rates), primarily fueled by Sunglass Hut, the optical retail business in Australia, Target Optical and the e-commerce platforms. Sunglass Hut's strong offering worldwide drove global sales up by 5.7% at constant exchange rates3 with a positive contribution from all geographies. EssilorLuxottica Says Coronavirus Impact Is Limited Outside China The eyewear giant noted slight impact on revenue in other regions, and said inventory is enough for several weeks of demand. "Since EssilorLuxottica was formed on October 1, 2018, it has fully embraced its mission to help people see more, be more and live life to its fullest. 2016 ANNUAL REPORT. EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. E-commerce activity in Brazil supported regional growth. Swedish. In Asia, Oceania and Africa revenue increased by 6.8% to Euro 756 million (+5.0% at constant exchange rates2). The contribution of Luxottica is significant: net sales, profitability and free cash flow all show positive growth, excluding the exchange rate effect. Bolon Financial Report 2018 . With respect to products, performance was driven by digitalization, new generation surfacing machines and coating machines. The overall increase in Cash and cash equivalents and Other current assets are mainly linked to the proceeds from the issuance of the 5 billion bonds occurred in November 2019 (as described in paragraph 1.2.2). EXCERPTS FROM THE RESTATED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION, EXCERPTS FROM THE CONSOLIDATED GROUP FINANCIAL STATEMENTS. In 2019, EssilorLuxottica had over 150,000 employees and consolidated revenues of Euro 17.4 billion. Essilor and Delfin successfully complete the combination of Essilor and Luxottica by creating EssilorLuxottica, a global leader in the eyecare and eyewear industry. In Latin America, revenue increased by 0.9% to Euro 304 million (+3.8% at constant exchange rates2). Annual Report 2017 X This website or third-party tools used by the site itself use the cookies necessary for operation and useful for the objectives illustrated in the cookie policy, including the possibility of sending you advertisements according to your interests. The Wholesale division saw robust trends in particular in Spain, Portugal, Greece, UK, Turkey and Eastern Europe. It advanced on its Mission and delivered innovative products at every price point to customers and consumers worldwide while generating profitable growth. For each geographic area, the calculation applies the average exchange rate of the prior period to both periods.6 Adjusted measures or figures: adjusted from the expenses or income related to the combination between Essilor and Luxottica and other transactions that are unusual, infrequent or unrelated to the normal course of business as the impact of these events might affect the understanding of the Group’s performance.7 Free Cash Flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and equipment and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow. In Brazil, the solid dynamics through the first nine months eased as the focus shifted to the Transitions® Signature® GEN 8™ launch anticipated in the earlier part of 2020. And future Company plans gains in South Korea quarter after quarter, driven Australia! 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