Luxottica reported strong growth in net sales for the fourth quarter and full year 2010. Net sales for the fourth quarter increased 16.4% to €1.3 billion, and full year 2010 net sales reached a record €5.8 billion, up 13.8% over 2009. The company expects full year 2010 net income to exceed €400 million, an increase of approximately 35% over 2009. Both the Wholesale and Retail Divisions contributed to revenue growth, with particularly strong performances in North America and emerging markets.
During the third quarter of 2010, Luxottica Group continued its strong growth with net sales approaching €1.5 billion, an increase of 19.7% from the previous year. Net income exceeded €100 million, rising 34.5% compared to the prior year. Both the Wholesale and Retail Divisions contributed to these positive results through growth in key markets and strong performances of brands such as Ray-Ban, Oakley, LensCrafters, and Sunglass Hut.
In the first half of 2016, OneSight helped over 86,000 people in 9 countries through charitable programs and sustainable initiatives. Notable accomplishments include piloting a mobile vision care program in the US, signing an agreement to expand permanent vision centers across Rwanda to serve its entire population of 12 million people by 2018, and partnering with an Indian organization to open vision centers serving over 1.4 million people. OneSight also provided continuing education for eye care workers in Rwanda led by Luxottica volunteers.
Luxottica Group reported a 0.6% increase in net sales for the first quarter of 2016 compared to the prior year period. Net sales grew 1.8% excluding currency effects. Growth was driven by strong performance in North America and Europe, while Asia-Pacific sales declined. The company expects momentum to improve in the second quarter and reaffirmed its full-year 2016 outlook despite a more uncertain global economic environment.
Luxottica Group reported a 1.2% increase in net sales for the third quarter of 2016 compared to the same period in 2015. Wholesale sales declined 3.2% due to enforcement of MAP policies in North America and changes in China, while retail sales grew 3.8% driven by strong performance at Sunglass Hut. The company confirmed its full year 2016 outlook despite some short-term headwinds and expects growth to accelerate beginning in 2017 as initiatives take effect.
1) CIR reported consolidated net income of €33.8 million in FY2016, compared to €42 million in FY2015 which included non-recurring items. The industrial businesses (Espresso, Sogefi, KOS) contributed €25.1 million in net income.
2) Espresso saw a decline in press circulation revenues but stable advertising revenues. It reported a positive net result and stable EBITDA margin through cost reductions.
3) CIR signed an agreement to merge Espresso with ITEDI, creating the largest publishing group in Italy and one of the main in Europe, subject to regulatory approval. CIR will hold a 43.4% stake in the combined group
This document summarizes Canon's annual report for fiscal year 2010. Some key points:
- Net sales increased 15.5% to ¥3,706.9 billion and operating profit jumped 78.6% to ¥387.6 billion.
- The Office Business Unit saw a 20.8% increase in sales and a 27.9% increase in operating profit. The Consumer Business Unit had a 6.9% sales increase and 29.7% profit increase.
- Canon aims to achieve over ¥5 trillion in net sales by 2015, the final year of its new five-year growth plan called "Phase IV" of the Excellent Global Corporation Plan.
Luxottica reported a 5.2% increase in net sales for the first quarter of 2017 compared to the same period last year. Sales growth was driven by strong performance in Europe, Latin America, and Ray-Ban brands. Wholesale sales increased 2.5% while retail sales increased 7.1%. The company expects continued sales momentum and confirms its full year 2017 outlook.
During the third quarter of 2010, Luxottica Group continued its strong growth with net sales approaching €1.5 billion, an increase of 19.7% from the previous year. Net income exceeded €100 million, rising 34.5% compared to the prior year. Both the Wholesale and Retail Divisions contributed to these positive results through growth in key markets and strong performances of brands such as Ray-Ban, Oakley, LensCrafters, and Sunglass Hut.
In the first half of 2016, OneSight helped over 86,000 people in 9 countries through charitable programs and sustainable initiatives. Notable accomplishments include piloting a mobile vision care program in the US, signing an agreement to expand permanent vision centers across Rwanda to serve its entire population of 12 million people by 2018, and partnering with an Indian organization to open vision centers serving over 1.4 million people. OneSight also provided continuing education for eye care workers in Rwanda led by Luxottica volunteers.
Luxottica Group reported a 0.6% increase in net sales for the first quarter of 2016 compared to the prior year period. Net sales grew 1.8% excluding currency effects. Growth was driven by strong performance in North America and Europe, while Asia-Pacific sales declined. The company expects momentum to improve in the second quarter and reaffirmed its full-year 2016 outlook despite a more uncertain global economic environment.
Luxottica Group reported a 1.2% increase in net sales for the third quarter of 2016 compared to the same period in 2015. Wholesale sales declined 3.2% due to enforcement of MAP policies in North America and changes in China, while retail sales grew 3.8% driven by strong performance at Sunglass Hut. The company confirmed its full year 2016 outlook despite some short-term headwinds and expects growth to accelerate beginning in 2017 as initiatives take effect.
1) CIR reported consolidated net income of €33.8 million in FY2016, compared to €42 million in FY2015 which included non-recurring items. The industrial businesses (Espresso, Sogefi, KOS) contributed €25.1 million in net income.
2) Espresso saw a decline in press circulation revenues but stable advertising revenues. It reported a positive net result and stable EBITDA margin through cost reductions.
3) CIR signed an agreement to merge Espresso with ITEDI, creating the largest publishing group in Italy and one of the main in Europe, subject to regulatory approval. CIR will hold a 43.4% stake in the combined group
This document summarizes Canon's annual report for fiscal year 2010. Some key points:
- Net sales increased 15.5% to ¥3,706.9 billion and operating profit jumped 78.6% to ¥387.6 billion.
- The Office Business Unit saw a 20.8% increase in sales and a 27.9% increase in operating profit. The Consumer Business Unit had a 6.9% sales increase and 29.7% profit increase.
- Canon aims to achieve over ¥5 trillion in net sales by 2015, the final year of its new five-year growth plan called "Phase IV" of the Excellent Global Corporation Plan.
Luxottica reported a 5.2% increase in net sales for the first quarter of 2017 compared to the same period last year. Sales growth was driven by strong performance in Europe, Latin America, and Ray-Ban brands. Wholesale sales increased 2.5% while retail sales increased 7.1%. The company expects continued sales momentum and confirms its full year 2017 outlook.
Luxottica reported strong financial results for the third quarter of 2015. Group sales increased 15.4% to €2.2 billion, led by growth in North America, Europe, and Latin America. Operating income rose 18.6% and margin increased 50 basis points to 16%. The company generated a record €396 million in free cash flow. Luxottica reiterated full-year guidance for mid-to-high single digit sales growth and faster earnings growth than sales.
Luxottica Analyst & Investor presentation Fy 2015Luxottica Group
Luxottica reported strong financial results in 2015 and has outlined an optimistic outlook for 2016-2018. Key points include:
- Sales grew 17% in 2015 to over €9 billion, with operating margin up 70 basis points to 16%.
- The company expects mid-to-high single digit sales growth through 2018, with operating income growth outpacing sales growth and net debt to EBITDA of 0.5-0.4x.
- Luxottica will continue investing heavily, including accelerating capital expenditures, 500+ new store openings annually, and doubling digital transformation investments.
- The strategy involves further developing the vertically integrated model, innovation, optimizing brand portfolio and distribution channels, and digital transformation.
Luxottica provides a financial update and outlook for 2017. In 2016, net sales grew 0.8% to over €9 billion despite currency headwinds. Adjusted net income increased 3.3% to €882 million. For 2017, Luxottica expects low to mid-single digit sales growth and adjusted net income growth of around 1%. The company will focus on sales quality, network optimization, and digital initiatives to drive further growth.
- Luxottica reported solid sales growth in 3Q 2013, with wholesale sales up 13% at constant exchange rates and retail sales up 4.2% at constant exchange rates.
- The company saw strong performance in Europe, with sales up 19% in continental Europe and 13% in the Mediterranean region, both at constant exchange rates. Emerging markets also grew by 20% at constant exchange rates.
- Despite currency headwinds, Luxottica reaffirmed its full-year guidance, expecting high single-digit sales growth at constant exchange rates along with a doubling of operating income growth compared to sales growth.
Luxottica reported a 0.8% increase in net sales at constant exchange rates for 3Q 2017 compared to 3Q 2016. Sales were impacted by store closures in September due to hurricanes and other natural disasters. While July and August saw improving sales, LensCrafters performance was hurt by its store transformation project and bad weather negatively impacting foot traffic. The company confirmed its full year 2017 outlook.
Luxottica Group reported strong financial results for the first quarter of 2015, with adjusted group sales growth of 22.2% reaching over €2.2 billion, up 7.2% at constant exchange rates. Retail sales grew over 20% driven by positive comparable store sales at Sunglass Hut and LensCrafters. Operating income increased 32.6% and net income grew 33.7%, reflecting margin expansion in both wholesale and retail. Management provided guidance for mid to high single-digit adjusted sales growth for full year 2015 and reaffirmed a "rule of thumb" target of 2x sales growth for operating income and net income.
Luxottica FY14 Analyst & Investor presentationLuxottica Group
Luxottica reported record sales and profits in 2014. Sales increased 4.6% reported and 5.3% adjusted to over €7.6 billion, driven by strong growth in North America, Europe, and emerging markets. Adjusted operating income rose 14% and adjusted net income increased 15%, with free cash flow exceeding €800 million. Looking ahead, Luxottica expects another year of mid to high single-digit sales growth in 2015 at constant currencies.
Merck announced strong financial results for full-year and fourth-quarter 2005. Full-year earnings per share were $2.53 including a $295 million reserve for VIOXX legal defense costs, while reported EPS were $2.10. Fourth-quarter EPS were $0.64 including the VIOXX reserve. Merck reaffirmed its 2006 EPS guidance range despite eliminating 1,100 positions through a global restructuring involving site closures. Key products like Singulair and the cholesterol franchise performed well.
Suominen Corporation’s Financial Statement’s Release for 1 Jan–31 Dec 2016: Net sales and operating profit declined, cash flow from operations grew from the comparison period
Luxottica, A long way to growth - Investors & Analysts presentation Luxottica Group
Luxottica reported record results in fiscal year 2012, with all-time high sales of €7 billion, up 14% year-over-year. Operating income increased 22.3% to over €1 billion. Free cash flow generation exceeded €700 million. Demographic and economic trends in emerging markets and developed countries are fueling long-term expansion in the eyewear industry.
CIR Group reported consolidated net income of €37.4 million for the first nine months of 2016, a slight decrease from €39.6 million in the same period of 2015. Revenues increased to €1.946.7 million. The main subsidiaries Espresso Group, Sogefi, and KOS contributed positively to results. Sogefi achieved revenue growth of 4.9% due to higher volumes globally except in Latin America. Espresso Group revenues declined due to lower circulation and advertising revenues, though cost controls helped maintain profitability. CIR maintains a strong financial position with net liquid assets of €338.8 million.
The document provides financial results for CIR Group for the first quarter of 2017. Consolidated net income was €14.1 million, contributed primarily by industrial businesses Espresso, Sogefi, and KOS. Espresso revenues declined slightly due to lower press circulation but advertising revenues increased. Sogefi saw strong revenue growth across regions. KOS continued expanding revenues and improving margins. The CIR holding company had a net financial surplus of €331.6 million at quarter-end.
Banco Santander profit of eur 8.181 billion 2010BANCO SANTANDER
Banco Santander reported attributable net profits of EUR 8.181 billion for 2010, down 8.5% from 2009. The results were affected by an extraordinary EUR 472 million provision in Q3 related to new Bank of Spain requirements. Excluding this, profits would have declined 3%. Net interest income grew 11% and net operating income rose 4% to EUR 23,853 million, despite loans growing 6% and deposits 22%. Emerging markets such as Latin America contributed 43% of profits, with Brazil registering a 31% profit increase. Santander maintained its strong capital ratios and liquidity position.
This document is the second quarter and year-to-date results report from The Coca-Cola Company. Some key points:
- Unit case volume grew 4% in the quarter and 3% year-to-date, driving global gains in volume and value share.
- Operating income was down 9% for the quarter and 6% year-to-date, but comparable currency neutral operating income grew 4% and 9% respectively.
- EPS grew 44% for the quarter to $0.88, but comparable EPS fell 9% to $0.92 due to currency impacts. Productivity initiatives remain on track to achieve $500M in annual savings by 2011.
1. Milan, July 23, 2018 - Luxottica reported a 0.3% increase in net sales at constant exchange rates for the first half of 2018, with sales accelerating to a 1.4% increase in the second quarter.
2. The company achieved record adjusted net income margins of 12% for the first half, driven by improved retail margins of 15.1% as strategic initiatives gained traction, despite wholesale margin dilution.
3. Management confirmed full-year 2018 guidance of 2-4% sales growth at constant exchange rates and adjusted net income growth of 1-2 times sales growth, positioning themselves for the low end of the sales range.
- Sales revenue in Q1 2011 was slightly above the previous year at €26.7 million. EBIT improved to -€1.9 million from -€2.3 million in Q1 2010. EBT improved significantly to €4.7 million due to positive financial results.
- The MobileCom segment sales were €13.2 million but did not meet expectations. The company is looking for a strategic partner for its two plants in Beijing.
- Electronic Products and Medical segments achieved goals. Overall business development was heterogeneous across the four segments.
The document discusses the North American market for Luxottica. It notes that North America represents a structurally growing market, with opportunities remaining for increasing eyewear adoption. Luxottica's brands are well positioned across various price points and distribution channels to capitalize on this growth. The company is also focusing on innovations like digital lenses and omni-channel experiences to further drive the industry forward.
Luxottica reported record results for 2017, with over €1 billion in net income and free cash flow. Group sales grew 2.2% at constant exchange rates, driven by Europe and Latin America. Adjusted operating income reached €1,442 million with an adjusted operating margin of 15.8%. The company exceeded €1 billion in free cash flow and proposed a 10% increase in ordinary dividend per share. Looking ahead, Luxottica expects continued sales growth and improving profitability and return on invested capital.
1) CIR Group reported consolidated net income of €27.1M in 1H 2017, up from €25.9M in 1H 2016. The industrial businesses (Espresso, Sogefi, KOS) contributed €21.4M to net income in 1H 2017, up from €17.7M in 1H 2016.
2) GEDI's revenues decreased 1.9% in 1H 2017 due to lower press circulation revenues, but advertising revenues increased 8.2%. EBITDA was stable despite adverse market trends. Sogefi reported revenue growth of 8.4% and an increase in EBITDA and net income due to growth and improved margins.
The document provides a financial report for Santander Bank for the first quarter of 2017. Some key highlights include:
- Attributable profit increased 14% year-over-year to €1,867 million, driven by growth in gross income, lower operating expenses, and reduced loan-loss provisions.
- Loyal and digital customers increased, reflecting the bank's commercial transformation and multi-channel strategy.
- Credit quality ratios improved, with non-performing loans falling 4% in the quarter and 11% year-over-year.
- Capital ratios remained solid, with a CET1 ratio of 10.66%, up from the prior quarter and year, demonstrating ongoing capital generation.
Essilor International reported a 17.6% increase in nine-month revenue compared to the prior year. Revenue growth was driven by strong sales in emerging markets and a recovery in the Equipment division. Third quarter revenue rose 21.4% year-over-year led by continued growth in emerging markets and acquisitions. The company confirmed its full-year revenue growth target of 5-7% excluding currency effects and strategic acquisitions.
The document summarizes the results of a survey of optical professionals regarding regional trends in the optical market from 2009 to 2010. Some key findings include:
- Plastic frames saw the most growth from 2009-2010. New eyewear selection increased in every region except the South.
- Polarized lenses realized the most growth nationally as an add-on sale. Photochromic sales decreased in the Midwest.
- Computer lenses are the fastest growing specialty category across all regions.
- The move to sell products online is slow, with the exception of contact lenses, and respondents in the South and Midwest were most likely to start selling products online in the next two years.
Luxottica reported strong financial results for the third quarter of 2015. Group sales increased 15.4% to €2.2 billion, led by growth in North America, Europe, and Latin America. Operating income rose 18.6% and margin increased 50 basis points to 16%. The company generated a record €396 million in free cash flow. Luxottica reiterated full-year guidance for mid-to-high single digit sales growth and faster earnings growth than sales.
Luxottica Analyst & Investor presentation Fy 2015Luxottica Group
Luxottica reported strong financial results in 2015 and has outlined an optimistic outlook for 2016-2018. Key points include:
- Sales grew 17% in 2015 to over €9 billion, with operating margin up 70 basis points to 16%.
- The company expects mid-to-high single digit sales growth through 2018, with operating income growth outpacing sales growth and net debt to EBITDA of 0.5-0.4x.
- Luxottica will continue investing heavily, including accelerating capital expenditures, 500+ new store openings annually, and doubling digital transformation investments.
- The strategy involves further developing the vertically integrated model, innovation, optimizing brand portfolio and distribution channels, and digital transformation.
Luxottica provides a financial update and outlook for 2017. In 2016, net sales grew 0.8% to over €9 billion despite currency headwinds. Adjusted net income increased 3.3% to €882 million. For 2017, Luxottica expects low to mid-single digit sales growth and adjusted net income growth of around 1%. The company will focus on sales quality, network optimization, and digital initiatives to drive further growth.
- Luxottica reported solid sales growth in 3Q 2013, with wholesale sales up 13% at constant exchange rates and retail sales up 4.2% at constant exchange rates.
- The company saw strong performance in Europe, with sales up 19% in continental Europe and 13% in the Mediterranean region, both at constant exchange rates. Emerging markets also grew by 20% at constant exchange rates.
- Despite currency headwinds, Luxottica reaffirmed its full-year guidance, expecting high single-digit sales growth at constant exchange rates along with a doubling of operating income growth compared to sales growth.
Luxottica reported a 0.8% increase in net sales at constant exchange rates for 3Q 2017 compared to 3Q 2016. Sales were impacted by store closures in September due to hurricanes and other natural disasters. While July and August saw improving sales, LensCrafters performance was hurt by its store transformation project and bad weather negatively impacting foot traffic. The company confirmed its full year 2017 outlook.
Luxottica Group reported strong financial results for the first quarter of 2015, with adjusted group sales growth of 22.2% reaching over €2.2 billion, up 7.2% at constant exchange rates. Retail sales grew over 20% driven by positive comparable store sales at Sunglass Hut and LensCrafters. Operating income increased 32.6% and net income grew 33.7%, reflecting margin expansion in both wholesale and retail. Management provided guidance for mid to high single-digit adjusted sales growth for full year 2015 and reaffirmed a "rule of thumb" target of 2x sales growth for operating income and net income.
Luxottica FY14 Analyst & Investor presentationLuxottica Group
Luxottica reported record sales and profits in 2014. Sales increased 4.6% reported and 5.3% adjusted to over €7.6 billion, driven by strong growth in North America, Europe, and emerging markets. Adjusted operating income rose 14% and adjusted net income increased 15%, with free cash flow exceeding €800 million. Looking ahead, Luxottica expects another year of mid to high single-digit sales growth in 2015 at constant currencies.
Merck announced strong financial results for full-year and fourth-quarter 2005. Full-year earnings per share were $2.53 including a $295 million reserve for VIOXX legal defense costs, while reported EPS were $2.10. Fourth-quarter EPS were $0.64 including the VIOXX reserve. Merck reaffirmed its 2006 EPS guidance range despite eliminating 1,100 positions through a global restructuring involving site closures. Key products like Singulair and the cholesterol franchise performed well.
Suominen Corporation’s Financial Statement’s Release for 1 Jan–31 Dec 2016: Net sales and operating profit declined, cash flow from operations grew from the comparison period
Luxottica, A long way to growth - Investors & Analysts presentation Luxottica Group
Luxottica reported record results in fiscal year 2012, with all-time high sales of €7 billion, up 14% year-over-year. Operating income increased 22.3% to over €1 billion. Free cash flow generation exceeded €700 million. Demographic and economic trends in emerging markets and developed countries are fueling long-term expansion in the eyewear industry.
CIR Group reported consolidated net income of €37.4 million for the first nine months of 2016, a slight decrease from €39.6 million in the same period of 2015. Revenues increased to €1.946.7 million. The main subsidiaries Espresso Group, Sogefi, and KOS contributed positively to results. Sogefi achieved revenue growth of 4.9% due to higher volumes globally except in Latin America. Espresso Group revenues declined due to lower circulation and advertising revenues, though cost controls helped maintain profitability. CIR maintains a strong financial position with net liquid assets of €338.8 million.
The document provides financial results for CIR Group for the first quarter of 2017. Consolidated net income was €14.1 million, contributed primarily by industrial businesses Espresso, Sogefi, and KOS. Espresso revenues declined slightly due to lower press circulation but advertising revenues increased. Sogefi saw strong revenue growth across regions. KOS continued expanding revenues and improving margins. The CIR holding company had a net financial surplus of €331.6 million at quarter-end.
Banco Santander profit of eur 8.181 billion 2010BANCO SANTANDER
Banco Santander reported attributable net profits of EUR 8.181 billion for 2010, down 8.5% from 2009. The results were affected by an extraordinary EUR 472 million provision in Q3 related to new Bank of Spain requirements. Excluding this, profits would have declined 3%. Net interest income grew 11% and net operating income rose 4% to EUR 23,853 million, despite loans growing 6% and deposits 22%. Emerging markets such as Latin America contributed 43% of profits, with Brazil registering a 31% profit increase. Santander maintained its strong capital ratios and liquidity position.
This document is the second quarter and year-to-date results report from The Coca-Cola Company. Some key points:
- Unit case volume grew 4% in the quarter and 3% year-to-date, driving global gains in volume and value share.
- Operating income was down 9% for the quarter and 6% year-to-date, but comparable currency neutral operating income grew 4% and 9% respectively.
- EPS grew 44% for the quarter to $0.88, but comparable EPS fell 9% to $0.92 due to currency impacts. Productivity initiatives remain on track to achieve $500M in annual savings by 2011.
1. Milan, July 23, 2018 - Luxottica reported a 0.3% increase in net sales at constant exchange rates for the first half of 2018, with sales accelerating to a 1.4% increase in the second quarter.
2. The company achieved record adjusted net income margins of 12% for the first half, driven by improved retail margins of 15.1% as strategic initiatives gained traction, despite wholesale margin dilution.
3. Management confirmed full-year 2018 guidance of 2-4% sales growth at constant exchange rates and adjusted net income growth of 1-2 times sales growth, positioning themselves for the low end of the sales range.
- Sales revenue in Q1 2011 was slightly above the previous year at €26.7 million. EBIT improved to -€1.9 million from -€2.3 million in Q1 2010. EBT improved significantly to €4.7 million due to positive financial results.
- The MobileCom segment sales were €13.2 million but did not meet expectations. The company is looking for a strategic partner for its two plants in Beijing.
- Electronic Products and Medical segments achieved goals. Overall business development was heterogeneous across the four segments.
The document discusses the North American market for Luxottica. It notes that North America represents a structurally growing market, with opportunities remaining for increasing eyewear adoption. Luxottica's brands are well positioned across various price points and distribution channels to capitalize on this growth. The company is also focusing on innovations like digital lenses and omni-channel experiences to further drive the industry forward.
Luxottica reported record results for 2017, with over €1 billion in net income and free cash flow. Group sales grew 2.2% at constant exchange rates, driven by Europe and Latin America. Adjusted operating income reached €1,442 million with an adjusted operating margin of 15.8%. The company exceeded €1 billion in free cash flow and proposed a 10% increase in ordinary dividend per share. Looking ahead, Luxottica expects continued sales growth and improving profitability and return on invested capital.
1) CIR Group reported consolidated net income of €27.1M in 1H 2017, up from €25.9M in 1H 2016. The industrial businesses (Espresso, Sogefi, KOS) contributed €21.4M to net income in 1H 2017, up from €17.7M in 1H 2016.
2) GEDI's revenues decreased 1.9% in 1H 2017 due to lower press circulation revenues, but advertising revenues increased 8.2%. EBITDA was stable despite adverse market trends. Sogefi reported revenue growth of 8.4% and an increase in EBITDA and net income due to growth and improved margins.
The document provides a financial report for Santander Bank for the first quarter of 2017. Some key highlights include:
- Attributable profit increased 14% year-over-year to €1,867 million, driven by growth in gross income, lower operating expenses, and reduced loan-loss provisions.
- Loyal and digital customers increased, reflecting the bank's commercial transformation and multi-channel strategy.
- Credit quality ratios improved, with non-performing loans falling 4% in the quarter and 11% year-over-year.
- Capital ratios remained solid, with a CET1 ratio of 10.66%, up from the prior quarter and year, demonstrating ongoing capital generation.
Essilor International reported a 17.6% increase in nine-month revenue compared to the prior year. Revenue growth was driven by strong sales in emerging markets and a recovery in the Equipment division. Third quarter revenue rose 21.4% year-over-year led by continued growth in emerging markets and acquisitions. The company confirmed its full-year revenue growth target of 5-7% excluding currency effects and strategic acquisitions.
The document summarizes the results of a survey of optical professionals regarding regional trends in the optical market from 2009 to 2010. Some key findings include:
- Plastic frames saw the most growth from 2009-2010. New eyewear selection increased in every region except the South.
- Polarized lenses realized the most growth nationally as an add-on sale. Photochromic sales decreased in the Midwest.
- Computer lenses are the fastest growing specialty category across all regions.
- The move to sell products online is slow, with the exception of contact lenses, and respondents in the South and Midwest were most likely to start selling products online in the next two years.
The document discusses the Yosemite Slough Restoration Project in San Francisco, California. It details the project's design and construction phases, with the goal of restoring the slough. Key dates mentioned are 1850, 2010, and the current construction phase. The project aims to revitalize the slough through environmental restoration work.
This quarterly report summarizes HOYA Corporation's financial performance for the third quarter of fiscal year 2010 (October 1 - December 31, 2010). Key points include:
1) Net sales increased 1.5% year-over-year to 108,449 million yen, while operating income rose 4.7% and net income grew 12.0%.
2) In the Information Technology segment, sales of electronics products were flat due to lower prices and a stronger yen despite higher volumes. Imaging product sales increased on strong demand for lenses.
3) In the Life Care segment, eyeglass lens shipments grew globally but sales increased slightly due to yen appreciation. Contact lens sales rose on new
Mortgage Force provides whole of market mortgage and protection advice through award-winning advisors located throughout the UK. They offer exclusive access to mortgages and have financial backing from one of the top UK building societies. In addition to mortgages, Mortgage Force advisors can recommend services for commercial finance, conveyancing, equity release, savings, and other financial areas. They have won national awards every year since starting and aim to regularly update introducers on their offerings.
The document outlines the history and evolution of wetland restoration from a focus on tidal marshes using dredged materials to a more sophisticated understanding of hydrology, soils, and plants that allows for the successful restoration of diverse wetland types. It discusses lessons learned around factors like placement of dredged materials, the importance of tidal channels and vegetation establishment, and the need for clear goals, innovative methods, and acceptance of natural change for restoration projects to succeed. The notes reflect on the increasing complexity of wetland restoration as knowledge improves to meet growing demands on wetland performance and functions.
California regulates stormwater through permits that establish requirements for construction sites. The state regulates stormwater as a pollutant and point source, requiring permits under the Clean Water Act. Regulations establish risk levels for construction sites based on sediment risk and receiving water risk. High risk sites have more stringent controls. Permits set numeric limits for turbidity and pH and require Storm Water Pollution Prevention Plans. The state also regulates wetland and stream fill through policies of no net habitat loss, requiring replacement of impacted areas.
- SKF's sales increased 10.9% in Q2 2010 driven by strong automotive sales and improved industrial sales. Higher production and cost reductions led to record operating profit and margin.
- In Q3 2010, SKF expects continued sales growth significantly higher than the previous year for all regions and divisions. Production will remain at Q2 2010 levels, higher than the previous year.
- Key financial figures for Q2 2010 show increases in net sales, operating profit, profit before taxes, and net profit compared to Q2 2009.
- Recordati reported a 6.4% increase in first quarter revenue to €197.8 million. Operating income grew 2.9% to €44.3 million. Net income increased 4.8% to €31.4 million.
- The company acquired rights to Procto-Glyvenol® from Novartis for several European countries.
- For 2011, Recordati expects €750 million in revenue, €160 million in operating income, and €110 million in net income. It projects continued revenue and profit growth through 2013.
Piaggio Group reported first quarter 2012 financial results. While net sales were down slightly due to declines in commercial vehicles in India, earnings improved due to efficiency gains. EBIT grew 7.3% due to higher gross margins and lower operating expenses. Net income increased 7.9% versus Q1 2011. Net debt increased mainly due to seasonal working capital needs and higher capital expenditures to support growth in emerging markets. Piaggio expects actions taken in the second half of 2012 to support sales growth and further profitability improvements.
This document is the speech for the 12th Annual General Meeting of Balda AG given by Rainer Mohr, the sole member of the Board of Directors. In his speech, Mohr provides an overview of the key topics he will cover, including Balda's key figures, important events of 2010, macroeconomic conditions, earnings, assets, financial position, and outlook. He then summarizes Balda's performance in 2010, noting increased sales but negative earnings before exceptionals. He discusses the impact of revaluing shares in TPK and ends by covering Balda's balance sheet, equity, debt, and cash flow.
Sopra Steria: First-half 2016 in line with 2017 objectivesSopra Steria India
- Sopra Steria's revenue for the first half of 2016 increased 6.3% to €1.878 billion, with organic growth of 5.4%. Operating margin on business activity improved to 7.1% from 6.1% in the prior year.
- Net profit attributable to the Group doubled to €54 million compared to €26.9 million in the first half of 2015.
- The company confirmed its targets for 2016 of organic revenue growth between 3-5% and operating margin on business activity over 7.5%, and targets for 2017 of revenue between €3.8-4 billion and operating margin on business activity between 8-9%.
- Metso's orders and sales increased in the second quarter and first half of 2019 compared to the same periods in 2018. Orders grew 2% in Q2 and 10% in H1, while sales increased 16% in Q2 and 17% in H1.
- Profitability improved in both periods due to higher volumes and improved operational efficiency. EBITA grew 31% in Q2 and 27% in H1.
- Two acquisitions were completed - a mining services business in Chile and an agreement was signed to acquire McCloskey International, a mobile crushing and screening equipment manufacturer.
- A combination agreement was announced between Metso Minerals and Outotec to create a mining technology leader
SKF reported strong financial results for the first quarter of 2010, with operating margin of 11.8% compared to 5.2% in the first quarter of 2009. Demand increased across most regions and industries, particularly in Asia and for the automotive business. For the second quarter, SKF expects demand to be significantly higher than the previous year and slightly higher than the first quarter. SKF will maintain higher manufacturing levels to meet demand.
Sonae Sierra Brasil announces its financial results for the fourth quarter and full year of 2010. Key highlights include:
- Net revenue increased 7.7% in Q4 2010 and 20% for the full year.
- Adjusted EBITDA increased 19.4% in Q4 2010 and 42.1% for the full year.
- Occupancy rates reached 98% in 2010 compared to 97.2% in 2009.
The company remains optimistic about its performance in 2011 despite a more modest outlook for the Brazilian economy. New developments and expansions are expected to contribute to continued growth.
SKF reported record operating profit and operating margin in 2010. It opened three new factories and acquired Lincoln Industrial to strengthen its lubrication systems business. In Q4 2010, all regions and divisions showed strong growth. However, higher raw material costs and currency headwinds will pose challenges in 2011. SKF will increase investments to support long-term profit and growth targets of 15% operating margin, 8% sales growth, and 27% return on capital employed.
The document provides an overview of Luxottica Group's Q3 and 9M 2010 results. Key highlights include:
- Top line growth of 11.9% in Q3 and 5.6% in 9M, driven by prescription frames, sunglasses, and Asian markets.
- Improved profitability with EBITDA margin increasing to 7.5% in Q3 from 1.6% last year, due to gross margin expansion and operating leverage gains.
- Strong free cash flow generation and reduction in net financial position to €262.7 million from €586.3 million at the end of 2009.
- Renewal of key brand partnerships including Dior extended through 2017.
- Revenue increased 11.2% to €222.1 million due to additional capacities in Chongqing and strong demand for IC substrates.
- EBITDA rose 75.4% to €52 million thanks to higher earnings from Chongqing and positive valuation effects. The EBITDA margin increased to 23.4%.
- Profit for the period improved to €13.5 million compared to a loss of €11.2 million in the prior year, as investments in recent years increased productivity.
The financial report summarizes Santander Group's performance in the first quarter of 2014. Key highlights include a 22.9% increase in attributable profit compared to the previous quarter, driven by growth across all major income statement lines. The common equity tier 1 ratio was 10.6% and loan volumes increased in emerging markets by around 10% year-over-year. Business segments in Latin America, the UK, and Continental Europe reported higher profits compared to the previous quarter. Santander continued initiatives to transform retail banking and launched new programs to support SMEs across its markets.
Half year financial report at June 30 2019Gruppo TIM
- TIM's H1 2019 results were in line with its 3-year plan objectives, with operating free cash flow of €1.5 billion, up €604 million YoY. Net financial debt fell €539 million to €24.7 billion.
- Key agreements were signed with Vodafone to share 5G networks and infrastructure, expected to generate over €800 million in synergies each, and with Sky to distribute sports content.
- Group revenues were €9 billion, down 3.4% YoY due to lower international voice traffic. Reported EBITDA rose 8.9% to €4.1 billion from cost savings and tax benefits in Brazil. Reported EBITDA -
Luxottica reported solid results for the first quarter of 2013. Sales grew 5.6% at constant exchange rates, with wholesale sales increasing 9.3% and comparable retail sales up 3.7%. Operating income rose 8% and net income increased 9.5% compared to the prior year. Momentum continued across geographies, with particularly strong growth in emerging markets. The company expects full-year results to be in line with targets.
SKF had a strong first quarter with record sales, operating profit, and operating margin. Sales increased significantly across all regions and divisions due to higher demand. The steps taken to reduce costs and offset higher material costs improved the operating result. SKF expects slightly higher demand overall in the second quarter but possibly lower sales to the automotive industry due to impacts from the Japan crisis.
- Gafisa reported financial results for the second quarter of 2010, with launches growing 61% year-over-year to R$1.0 billion and revenues increasing 31% to R$927 million.
- Adjusted EBITDA grew 66% to R$184 million compared to the second quarter of 2009, with the margin improving from 15.8% to 19.8%, reflecting efficiency gains.
- Net income before non-recurring items increased 41% to R$114 million, with the backlog of revenues rising 9% to R$3.2 billion and the margin on the backlog improving.
Presentazione risultati primo semestre 2017Italiaonline
IL CDA APPROVA I RISULTATI DEL PRIMO SEMESTRE 2017:
PROSEGUE LA CRESCITA DELLA REDDITIVITA’ OPERATIVA E RALLENTA LA FLESSIONE DEI RICAVI GRAZIE AI PRIMI EFFETTI POSITIVI DERIVANTI DAL RINNOVAMENTO DEL PORTAFOGLIO PRODOTTI DIGITAL
UTILE NETTO + 65% SU BASE ANNUA A €6,3 MILIONI (€3,8 MILIONI NEL PRIMO SEMESTRE 2016)
POSIZIONE FINANZIARIA NETTA POSITIVA PARI A € 69 MILIONI, DOPO IL DIVIDENDO STRAORDINARIO DI € 80 MILIONI, UNLEVERED FCF A €37 MILIONI
Ubisoft reported financial results for the first half of fiscal year 2011-2012. While sales were down 4.6% from the previous year, gross profit margins increased. The company reduced its operating loss compared to the previous year. For the full fiscal year, Ubisoft expects to meet its targets based on its strong lineup of new games and growth in online, casual, and back catalog sales.
Continental's share price rose in early 2010 due to strong investor interest in a capital increase. However, concerns over government debt in southern European countries caused the share price to fall. The company's preliminary 2009 results and an EU rescue package boosted the share price recovery. By mid-2010, Continental's share price had risen 17% year-to-date, outperforming industry indexes. Continental also successfully issued a €750 million eurobond, using proceeds to repay debt and receiving a credit rating upgrade.
El Consejo de Administración de Indo Internacional, S.A. aprobó planes de viabilidad para Indo Internacional y sus subsidiarias que incluyen un nuevo enfoque comercial centrado en productos rentables de alto valor añadido, la optimización de costes salariales a través de ajustes de personal, y desinversiones y cierres de filiales no estratégicas para lograr la continuidad de la compañía.
Comercialización de lentes de contacto por internetLongitud de Onda
Este documento presenta un asunto jurídico sobre la comercialización de lentes de contacto por Internet según la legislación húngara. El Abogado General del Tribunal de Justicia de la Unión Europea analiza si la prohibición húngara de vender lentes de contacto en línea infringe las normas de la UE sobre libre circulación de mercancías y servicios. El Abogado General debe determinar si la venta en línea de lentes de contacto constituye un servicio de la sociedad de la información y si la prohibición húngara constituye una medida de efect
Ronor International is recalling children's eyeglass case model E5027-RPU due to lead content exceeding regulatory limits. Lead is toxic if ingested by young children and can cause health issues. Owners should immediately remove the recalled cases from children and return them to their local Costco for a free replacement to address this important safety issue.
Este documento es el diario oficial del XXVIII Salón Internacional de Óptica y Optometría. Resume los eventos principales del salón, incluyendo una entrevista con la directora María José Sánchez sobre las novedades de esta edición, como un espacio dedicado a la contactología y la coincidencia con el Congreso Internacional de Óptica y Optometría. También describe brevemente la tercera edición de la Jornada de Aula Empresarial y la exhibición en el stand de Indo de un coche de F1 de McLaren.
This eye care practice promotes sports eye injury prevention. Over 600,000 eye injuries related to sports occur each year in the US, with basketball being the leading cause. More than 90% of eye injuries can be prevented through the proper use of protective eyewear certified for each sport. This document provides recommendations for the appropriate eyewear for many high-risk sports to minimize eye injury risks.
1. Press Release
Luxottica: net sales for the fourth quarter of 2010 reflect strong growth
(+16.4%)
Net sales for the year reached Euro 5.8 billion (+13.8%), the highest ever achieved in the
history of the Group
Company confirms forecast for 2010 net income in excess of Euro 400 million
Milan, Italy, January 24, 2011 – The Board of Directors of Luxottica Group S.p.A. (MTA: LUX;
NYSE: LUX), a global leader in the design, manufacturing, distribution and sale of fashion,
luxury and sports eyewear, met today and reviewed the consolidated net sales and preliminary
results for the fourth quarter of 2010 and the full fiscal year.
Fourth quarter 20101
(In millions of Euro) Q410 Q409 Change
Net sales 1,346.5 1,157.1 +16.4% (+6.5% at constant
exchange rates2)
Wholesale Division 513.5 448.9 +14.4% (+7.4% at constant
exchange rates2)
Retail Division3 833.0 708.2 +17.6% (+5.9% at constant
exchange rates2)
Fiscal year 20101
(In millions of Euro) FY10 FY09 Change
Net sales 5,798.0 5,094.3 +13.8% (+7.1% at constant
exchange rates2)
Wholesale Division 2,236.4 1,955.3 +14.4% (+9.0% at constant
exchange rates2)
Retail Division3 3,561.6 3,139.0 +13.5% (+5.9% at constant
exchange rates2)
Net sales performance for the fourth quarter of 2010 and the full year
1
2. Luxottica’s results for the fourth quarter of 2010 confirmed the growth trend seen throughout
the first nine months of the year, with both Divisions able to make the best use of opportunities
that arose. The strength of the Group's brand portfolio remained solid and particularly positive
performances were seen in certain geographic areas such as the United States and Asia.
More specifically, the intense work carried out by Luxottica in the United States, a key market
for the Group, together with the improving confidence of consumers in that market, allowed
Luxottica to record excellent results, posting a 9.0% growth for the quarter in U.S. dollars as
compared to the same period in 2009.
The Retail Division contributed greatly to this result, benefitting from the initiatives taken in
previous quarters and, with a renewed focus on the consumer, recording its best performance
over the last four fiscal years. Comparable store sales4 for the fourth quarter were up by 8% as
compared to the same period in 2009, thanks to LensCrafters (+5.6%) and especially to the
excellent performance of Sunglass Hut (+18.0%), which enjoys a worldwide leadership position
as the global sun specialty chain.
The performance of the Wholesale Division was particularly positive in all countries in which the
Group operates, with excellent results in North America (+19.7%) and solid growth in emerging
markets (+17.5%), thus confirming the success of the Group’s investments and commercial
policies. It also continued to perform well in more mature markets, such as Europe (+5.4%),
especially in the so-called New Europe.
Overall, the Group’s net sales for the fourth quarter were Euro 1,346.5 million, up 16.4% over
the same period of the previous year (+6.5% at constant exchange rates2).
Thanks to the strong growth enjoyed throughout all quarters of the year, consolidated net sales
for fiscal year 2010 reached the unprecedented figure of almost Euro 5.8 billion –– never before
seen in the history of Luxottica: Euro 5,798.0 million (+13.8% at current exchange rates, and
7.1% at constant exchange rates2), compared with Euro 5,094.3 million posted for fiscal year
2009.
“2010 was a year of discontinuities,” Andrea Guerra, Chief Executive Officer of Luxottica,
declared. “The new world in which we find ourselves operating has shown us that success is
possible through innovation, investment, determination, simplicity and speed.
“Throughout the year, Luxottica posted increasingly improving results, both in terms of net
sales and profitability. The cornerstones of our business model once again proved to be
particularly solid and both Divisions have thus successfully achieved excellent results.
“Worthy of mention are: the performances of two extraordinary brands –- Ray-Ban and Oakley;
the continuing recovery of the premium and luxury brands in our portfolio, which include
prestigious brands such as Chanel, Prada, Dolce & Gabbana, Tiffany and Burberry; and the
exceptional results achieved by Sunglass Hut, the result of hard work and commitment by the
new organization, along with the strong performance of LensCrafters, now firmly re-
established as a point of reference for the North American optical retail sector after posting
for 2010 its highest growth in comparable store sales4 since 2006.
“I firmly believe that if we keep up this good work, 2011 will prove to be the natural evolution
of the year that has just drawn to a close, and Luxottica will thus continue to post solid, stable
growth and increased profitability. The start of the new year already looks encouraging."
2
3. At the operating level, the Group’s performance for the year once again confirmed the success
of Luxottica’s strategy to increase profitability. More specifically, consolidated EBITDA5 for
fiscal year 2010 is expected to grow significantly (approximately +20%, compared with 2009),
thereby exceeding Euro one billion.
The Company also expects consolidated net income for the year to be in line with the Group's
forecasts, at more than Euro 400 million, up by approximately 35% from Euro 299.1 million for
last year.
By carefully controlling working capital, the Group generated strong free cash flow for the year,
which remained at excellent levels. Consequently, consolidated net debt5 as of December 31,
2010 is expected to decline further, to approximately Euro 2,140 million (compared with Euro
2,337 million as of December 31, 2009), with a consolidated net debt to EBITDA5 ratio of
approximately 2.1X, compared with 2.7X as of the end of the previous year.
Overview of performance at the Wholesale Division
During the fourth quarter of 2010, the Wholesale Division confirmed its continued improvement
of results, thanks to strong performance in emerging markets, the success of the commercial
initiatives implemented, particularly in the optical business, and the confirmed growth trends of
the premium and luxury brands, with an increasing number of consumers worldwide once again
showing interest in these product brands.
Net sales for the fourth quarter were Euro 513.5 million (+14.4% at current exchange rates, and
+7.4% at constant exchange rates2). For the full year, net sales were Euro 2,236.4 million
(+14.4% at current exchange rates, and +9.0% at constant exchange rates2).
In terms of sales trends in the main geographic areas, Luxottica recorded excellent
performances in all geographic areas in which it operates, with peaks in North America, Brazil,
Mexico, India, South Korea, Japan and the countries of the so-called New Europe.
The beginning of 2011 looks to be particularly promising thanks to a well-filled order portfolio
that has enjoyed double-digit percentage growth over the same period of 2010. The growth
trend of the entire premium and luxury brand portfolio also shows significant further
improvement.
Overview of performance at the Retail Division
In the fourth quarter of 2010, the Division continued to record good results. A renewed
attention to the customer, special initiatives and targeted promotions helped all retail brands in
North America to record growth in comparable store sales: comparable store sales4 over the
same quarter of 2009 at LensCrafters were up by 5.6%, at Pearle Vision by 3.4% and at Sears
and Target by 7.0%.
Sunglass Hut, the Group’s sun specialty chain that operates in a number of geographic areas,
posted particularly significant results, recording total comparable store sales4 for the fourth
quarter showing very strong growth (+12.9%), with an extremely positive trend in the United
States (+18.0%).
On the contrary, comparable store sales4 in the Asia-Pacific region, where the outlook of the
retail sector in that market continues to be particularly demanding, were negative, albeit with a
continued, marked improvement over previous quarters thanks to the Group’s initiatives (-7.6%
for the fourth quarter, from -13.4% for the third quarter of 2010). However, the trend seen
3
4. within the quarter was, in turn, positive: in December comparable store sales performance was
only slightly negative.
Positive trends have also been recorded in all the markets with the highest growth rates where
the Retail Division operates, such as China, India, South Africa and the Middle East.
Net sales for the Retail Division were Euro 833.0 million (+17.6% at current exchange rates, and
+5.9% at constant exchange rates2). For the year, net sales were up by 13.5% at current
exchange rates to Euro 3,561.6 million (+5.9% at constant exchange rates2).
For 2011, forecasts are positive for the Retail Division. In the United States, Luxottica expects
to benefit on the one hand from the significant work implemented in-house, and on the other
from the improving confidence seen by consumers in that market: January results are
encouraging.
In Australia, a region in which the Group has placed very high expectations, the Company
expects that the various initiatives launched in that market will generate further significant
improvements in 2011: the trend is already improving and results are expected to soon go back
to being positive.
For 2011, the Company also expects an acceleration in emerging markets, and in China in
particular.
§
The 2010 results will be reviewed by the Board of Directors on February 28, 2011 and disclosed
at 9:30 AM GMT the following day during a presentation to the financial community to be held in
London. The presentation will be available via live webcast at www.luxottica.com.
Contacts
Ivan Dompé Alessandra Senici
Group Corporate Communications Director Group Investor Relations Director
Tel.: +39 (02) 8633 4726 Tel.: +39 (02) 8633 4038
E-mail: ivan.dompe@luxottica.com E-mail: InvestorRelations@Luxottica.com
Luca Biondolillo
Group Director of International Corporate
Communications
Tel.: +39 (02) 8633 4668
E-mail: LucaBiondolillo@luxottica.com
www.luxottica.com
Notes on the press release
1 All comparisons, including percentage changes, refer to the three and twelve months ended as of December 31, 2010 and December
31, 2009, respectively.
2 Figures given at constant exchange rates have been calculated using the average exchange rate of the respective comparative period
in the previous year. For further information, please refer to the attached tables.
3 In 2009, the financial year for the Retail Division in Asia-Pacific, China and South Africa included 53 weeks.
4 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.
5 EBITDA, net debt and the ratio of net debt to EBITDA are not measures in accordance with IAS/IFRS. For further information on such
non-IAS/IFRS measures, please see the attached tables.
4
5. Luxottica Group S.p.A.
Luxottica Group is a global leader in premium, luxury and sports eyewear with more than 6,350
optical and sun retail stores in North America, Asia-Pacific, China, South Africa and Europe, and
a strong, well-balanced brand portfolio. House brands include Ray-Ban, the world’s most
famous sun eyewear brand, Oakley, Vogue, Persol, Oliver Peoples, Arnette and REVO, while
licensed brands include Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Polo Ralph
Lauren, Prada, Salvatore Ferragamo, Tiffany and Versace. In addition to a global wholesale
network involving 130 different countries, the Group manages leading retail chains in major
markets, including LensCrafters, Pearle Vision and ILORI in North America, OPSM and Laubman &
Pank in Asia-Pacific, LensCrafters in China and Sunglass Hut worldwide. The Group's products
are designed and manufactured at its six manufacturing plants in Italy, two wholly-owned plants
in the People’s Republic of China and one plant in the United States devoted to the production
of sports eyewear. In 2010, Luxottica Group posted net sales of almost €5.8 billion. Additional
information on the Group is available at www.luxottica.com.
Safe Harbor Statement
Certain statements in this press release may constitute “forward looking statements” as defined
in the Private Securities Litigation Reform Act of 1995. Such statements involve risks,
uncertainties and other factors that could cause actual results to differ materially from those
which are anticipated. Such risks and uncertainties include, but are not limited to, the ability to
manage the effects of the current uncertain international economic outlook, the ability to
successfully acquire and integrate new businesses, the ability to predict future economic
conditions and changes to consumer preferences, the ability to successfully introduce and
market new products, the ability to maintain an efficient distribution system, the ability to
achieve and manage growth, the ability to negotiate and maintain favourable license
agreements, the availability of correction alternatives to prescription eyeglasses, fluctuations in
exchange rates, changes in local conditions, the ability to protect intellectual property, the
ability to maintain relations with those hosting our stores, computer system problems,
inventory-related risks, credit and insurance risks, changes to tax regimes as well as other
political, economic and technological factors and other risks and uncertainties referred to in
Luxottica Group’s filings with the U.S. Securities and Exchange Commission. These forward
looking statements are made as of the date hereof and Luxottica Group does not assume any
obligation to update them.
- APPENDIX FOLLOWS -
5
6. Non-IAS/IFRS Measure: EBITDA
EBITDA represents net income before non-controlling interest, taxes, other income/expense, depreciation and amortization.
The Company believes that EBITDA is useful to both management and investors in evaluating the Company’s operating performance compared with that of other companies in its industry.
Our calculation of EBITDA allows us to compare our operating results with those of other companies without giving effect to financing, income taxes
and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to the overall operating performance of a company’s business.
EBITDA is not a measure of performance under International Financial Reporting Standards as issued by the International Accounting Standards Board (IAS/IFRS).
We include this in this presentation in order to:
* improve transparency for investors;
* assist investors in their assessment of the Company’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 Company’s cost of debt;
* ensure that these measures are fully understood in light of how the Company evaluates its operating results and leverage;
* properly define the metrics used and confirm their calculation; and
* share these measures with all investors at the same time.
EBITDA
is not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared in accordance with IAS/IFRS.
Rather, this non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better understanding the operational performance of the Company.
The Company cautions that this measure is not defined term under IAS/IFRS and their definitions should be carefully reviewed and understood by investors.
Investors should be aware that Luxottica Group’s method of calculating EBITDA may differ from methods used by other companies. The Company recognizes that the usefulness of EBITDA has certain limitations, including:
* EBITDA does not include interest expense. Because we have borrowed money in order to finance our operations, interest expense is a necessary element of our costs and ability to generate profits and cash flows.
Therefore, any measure that excludes interest expense may have material limitations;
* EBITDA does not include depreciation and amortization expense. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and ability to generate profits.
Therefore, any measure that excludes depreciation and expense may have material limitations;
* EBITDA does not include provision for income taxes. Because the payment of income taxes is a necessary element of our costs, any measure that excludes tax expense may have material limitations;
* EBITDA does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments;
* EBITDA does not reflect changes in, or cash requirements for, working capital needs;
* EBITDA does not allow us to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss.
We compensate for the foregoing limitations by using EBITDA as a comparative tool, together with IAS/IFRS measurements, to assist in the evaluation of our operating performance and leverage.
See the table on the following page for a reconciliation of EBITDA to net income, which is the most directly comparable IAS/IFRS financial measure.
7. Non-IAS/IFRS Measure: EBITDA
Billions of Euro
FY10 (est.) (1) FY09
Net income/(loss) 0.4 0.3
(+)
Net income attributable to non-controlling interest 0.0 0.0
(+)
Provision for income taxes 0.2 0.2
(+)
Other (income)/expense 0.1 0.1
(+)
Depreciation & amortization 0.3 0.3
(+)
EBITDA 1.0 0.9
(=)
1. FY 2010 figures are estimates only. Actual figures may differ from these estimated amounts due to, among other things, adjustments that
may be required in connection with the finalization of our year-end accounts.
8. Non-IAS/IFRS Measure: Net Debt to EBITDA ratio
Net debt to EBITDA ratio: Net debt means the sum of bank overdrafts, current portion of long-term debt and long-term debt, less cash. EBITDA represents net income before non-controlling interest, taxes, other income/expense, depreciation and amortization.
The Company believes that EBITDA is useful to both management and investors in evaluating the Company’s operating performance compared with that of other companies in its industry.
Our calculation of EBITDA allows us to compare our operating results with those of other companies without giving effect to financing, income taxes and the accounting effects of capital spending,
which items may vary for different companies for reasons unrelated to the overall operating performance of a company’s business. The ratio of net debt to EBITDA is a measure used by management to assess
the Company’s level of leverage, which affects our ability to refinance our debt as it matures and incur additional indebtedness to invest in new business opportunities.
The ratio also allows management to assess the cost of existing debt since it affects the interest rates charged by the Company’s lenders.
EBITDA and ratio of net debt to EBITDA are not measures of performance under International Financial Reporting Standards as issued by the International Accounting Standards Board (IAS/IFRS).
We include them in this presentation in order to:
* improve transparency for investors;
* assist investors in their assessment of the Company’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 Company’s cost of debt;
* ensure that these measures are fully understood in light of how the Company evaluates its operating results and leverage;
* properly define the metrics used and confirm their calculation; and
* share these measures with all investors at the same time.
EBITDA and ratio of net debt to EBITDA are not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared in accordance with IAS/IFRS.
Rather, these non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better understanding the operational performance of the Company.
The Company cautions that these measures are not defined terms under IAS/IFRS and their definitions should be carefully reviewed and understood by investors.
Investors should be aware that Luxottica Group’s method of calculating EBITDA and the ratio of net debt to EBITDA may differ from methods used by other companies.
The Company recognizes that the usefulness of EBITDA and the ratio of net debt to EBITDA as evaluative tools may have certain limitations, including:
* EBITDA does not include interest expense. Because we have borrowed money in order to finance our operations, interest expense is a necessary element of our costs and ability to generate profits and cash flows.
Therefore, any measure that excludes interest expense may have material limitations;
* EBITDA does not include depreciation and amortization expense. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and ability to generate profits.
Therefore, any measure that excludes depreciation and expense may have material limitations;
* EBITDA does not include provision for income taxes. Because the payment of income taxes is a necessary element of our costs, any measure that excludes tax expense may have material limitations;
* EBITDA does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments;
* EBITDA does not reflect changes in, or cash requirements for, working capital needs;
* EBITDA does not allow us to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss; and
* The ratio of net debt to EBITDA is net of cash and cash equivalents, restricted cash and short-term investments, thereby reducing our debt position.
Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations.
We compensate for the foregoing limitations by using EBITDA and the ratio of net debt to EBITDA as two of several comparative tools, together with IAS/IFRS measurements, to assist in the evaluation of our operating performance and leverage.
See the table on the following page for a reconciliation of net debt to long-term debt, which is the most directly comparable IAS/IFRS financial measure, as well as the calculation of the ratio of net debt to EBITDA.
For a reconciliation of EBITDA to net income, which is the most directly comparable IAS/IFRS financial measure, see the table on the preceding page.
9. Non-IAS/IFRS Measure: Net debt and Net debt / EBITDA
Millions of Euro
Dec 31, 2010 (est.)(1) Dec 31, 2009
Long-term debt 2,500.0 2,401.8
(+)
Current portion of long-term debt (+) 135.0 166.3
(+)
Bank overdrafts (+) 155.0 149.0
Cash (-) (650.0) (380.1)
Net debt (=) 2,140.0 2,336.9
LTM EBITDA 1,000.0 856.5
Net debt/LTM EBITDA 2.1x 2.7x
1 December 31, 2010 figures are estimates only. Actual figures may differ from these estimated amounts due to, among other things, adjustments that
may be required in connection with the finalization of our year-end accounts.
10. Major currencies
Three months ended Twelve Months ended Three months ended Twelve months ended
December 31, 2009 December 31, 2009 December 31, 2010 December 31, 2010
Average exchange rates
per € 1
US$ 1.47794 1.39467 1.35827 1.32572
AUD 1.62499 1.77281 1.37471 1.44231
GBP 0.90482 0.89104 0.85944 0.85784
CNY 10.09048 9.52693 9.04049 8.97123
JPY 132.69246 130.31404 112.10182 116.23857