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essilorluxottica annual report 2019

essilorluxottica annual report 2019

All these measures are aimed at reducing the overall financial impact for the Company, from the Euro 185 million currently recorded in its accounts. The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. Adjusted6 Gross profit: +6.6% at current exchange rates and 3.5% at constant exchange rates2. Among major countries, Italy, Germany, Turkey and Eastern Europe outperformed other markets. 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. EssilorLuxottica consolidated statement of profit or loss. The benefit from the consolidation of Barberini weighted to a smaller extent. 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. Luxottica’s regional sales accelerated in the fourth versus the third quarter, driven by Australia, Mainland China and South East Asia. SEC Filings & 20 F; Results and presentations. 2014 Annual Report. The Group also launched new campaigns and partnerships for its top brands in frames and retail banners (Sunglass Hut returning to television after three years, Oakley becoming an official sponsor to the NFL and Ray-Ban launching a successful Sun Campaign). GrandVisionThe European Commission has initiated a Phase II review of the proposed acquisition of GrandVision. Late in 2019, Costa started being integrated into the Luxottica portfolio, which should help this young brand expand its global footprint more quickly and benefit from significant synergies, given Luxottica’s expertise in sunwear. The division also rolled out new technological advances and product ranges to independent laboratories to further support growth. During the fourth quarter the sales drop was amplified at Sears Optical. Marcolin - 2018 Annual Report. Costa made further inroads with Eyecare professionals as well as in sporting goods stores and online channels, while increasing its presence in the United States. In January, Essilor’s flagship inclusive business program Eye MitraTM – the world’s largest rural optical network – was featured at the World Economic Forum in Davos in a newly launched report called “Business as Unusual”. For Luxottica, in the fourth quarter the still sound performance of Brazil was counterbalanced by weakening result of Mexico, all in all ending up in flattish sales at constant exchange rates2 in the region. So far, the virus has also slightly impacted the Company’s revenue performance in other regions. 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. 2018 was characterized by one-off investments for the new Logistics plant in Italy, the remaining portion of recurring investment is growing to support the group’s growth in the areas of IT and the development of the retail network. "When we look at Luxottica’s performance over the past year, there is so much to be proud of, both in terms of our solid results and many notable achievements - our continued digital transformation in particular proved that the work we’ve done over the past five years is paying off. The division strengthened its positions in the Chinese sunwear market, its main market in the region.The Equipment division posted solid growth as market conditions in fast growing markets remained favorable. Full year 2019 growth was further boosted by robust engagement with Luxottica both for select key accounts and sales of value added lenses though the Group’s retail channels. Publication of the 2019 Interim Financial Report Charenton-le-Pont, France (July 31, 2019) - The Board of Directors of EssilorLuxottica met yesterday to approve the condensed. Ariel Bauer is appointed co-Head of Investor Relations of EssilorLuxottica alongside Giorgio Iannella, in replacement of Véronique Gillet. 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. The Wholesale division saw robust trends in particular in Spain, Portugal, Greece, UK, Turkey and Eastern Europe. EXCERPTS FROM THE RESTATED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION, EXCERPTS FROM THE CONSOLIDATED GROUP FINANCIAL STATEMENTS. Net cash flow provided by operating activities, Purchase of property, plant and equipment and intangible assets, Cash payments for the principal portion of lease liabilities, Non-current borrowings and lease liabilities, Short-term borrowings and lease liabilities, Interest Rate Swap measured at fair value, Lease liabilities (current and non-current), Change in Net Debt (excluding lease liabilities), Acquisition and other investments, net of disposals, Property, plant and equipment and intangible assets (gross of disposals), Financial investments net of cash acquired, Integrated prescription laboratory operating optical stores, Online retail platform for optical products. 2016 ANNUAL REPORT. Access financial releases and publications of Essilor International (Compagnie Générale d’Optique) (renamed EssilorLuxottica on October 1st, 2018) prior to the combination and financial releases and publications of Luxottica (a 62% subsidiary of EssilorLuxottica, publicly listed on … And in February, Essilor pledged to donate 1 million eyeglasses and sunglasses to the United Nations Road Safety Fund (UNSRF). This EssilorLuxottica business report presents the course of business throughout the respective business year 2019. Charenton-le-Pont, France (March 6, 2020 – 7:00am) - The Board of Directors of EssilorLuxottica met on March 5, 2020 to approve the consolidated financial statements for the year ended December 31, 2019. Accordingly, in order to provide additional comparative information on the results for the period under review compared to previous periods, to reflect the EssilorLuxottica actual economic performance and enable it to be monitored and benchmarked against competitors, some measures have been adjusted (“adjusted measures”). In Europe Sunglass Hut and Salmoiraghi & Viganò kept nicely growing, like both optical and sun business did in Australia and sun in Brazil. In Retail, Australia and New Zealand kept on a nice growing trajectory in both optical at OPSM, posting the 14th consecutive quarter of positive comps5/sales, and sun business at SGH, consistently in terms of sales and comparable store sales5 growth, reaping the fruits of the store refurbishment program carried out last year. The Retail business had a strong year with Target Optical and EyeMed leading the way at double-digit sales growth. Adjusted6 Gross profit in 2019 ended at Euro 10,887 million, representing 62.6% of revenue versus 63.0% in 2018. The order book ended the year slightly up. Gains were driven by value-added lenses, especially progressive lenses. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. distribution of exceptional bonuses to French employees for Euro 2 million. It is now also considering internal candidates. Until 2019, the brand was under the Luxottica Group. On the Essilor side, the positive effect from the Transitions Generation 8 launch was more than offset by portfolio mix effects stemming from faster growth in online contact lens sales and Sunglasses & Readers as well as a negative impact from the obsolescence of the Transitions Generation 7 product. During the first months of 2019, as a result of the finalization of the sell-out and squeeze-out procedures, the Group incurred a total cash-out of Euro 641 million towards those Luxottica shareholders that tendered their shares against cash and consequently reversed the put liability accounted for as of December 31, 2018. The growth in Wholesale was reinforced by the solid performance in the independent, department store and the third-party e-commerce channels. 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. Conversely, Brazil was among the top performers and recorded a sustained growth, at high single digit pace during the twelve months, boosted by STARS and Óticas Carol (both meaningfully increasing the number of doors). These adjustments are described below. 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 Lenses & Optical instruments division posted another strong full year through a continued focus on its go to market strategy in the core United States lens business along with strong e-commerce growth. In 2018, EssilorLuxottica had nearly 150,000 employees and pro forma consolidated revenues of approximately Euro 16.2 billion. Good performances from progressive and photochromic lenses have accelerated gains in South Korea quarter after quarter, and kept momentum strong in Southeast Asia. Elsewhere in the region growth was supported by continued market development and improved product mix, which more than offset economic headwinds in select markets, notably Chile and Colombia. COVID-19The current COVID-19 epidemic has a negative impact on the Company’s business in Greater China, which represents approximately 5% of consolidated revenue. 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 Company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. 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. The Interim Financial Report can be downloaded from the Company's website, https://www.essilorluxottica.com/, in the "Investors / Publications and Downloads" section, or by clicking on: https://www.essilorluxottica.com/publications-and-downloads. Revenue was positive throughout the entire year, with comparable store sales5 slightly above the parity in the twelve months. The Lenses & Optical Instruments division grew by 5.5% at constant exchange rates2 in 2019, for total sales of Euro 6,791 million. FraudOn December 30, 2019, EssilorLuxottica announced that its subsidiary Essilor International discovered fraudulent financial activities in one of its plants in Thailand. (a) The comparative period has been restated in accordance with the transitional requirements of the initial application of IFRS 16 – Leases, as well as to reflect the finalization of the purchase price allocation (“PPA”) related to the EL Combination. These access points delivered vision solutions to 10.7 million new eyeglass wearers in 2019 alone, bringing the total for the past seven years to 33.5 million.These efforts earned EssilorLuxottica the 17th spot in Fortune Magazine’s annual Change the World list in 2019. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Hong Kong retail remained negative, for the fourth consecutive year. Contingency plans can be activated in case of a protracted pandemic. Financial data; Multi-year overview; Debt & Dividend Profile. EssilorLuxottica: Publication of the 2019 Interim Financial Report Publication of the 2019 Interim Financial Report. 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. On a consolidated financial basis, Europe and Asia contributed to growth while North America and Latin America were headwinds. Rather, these other non-GAAP measures should be used as a supplement to IFRS results to assist the reader in better understanding the operating performance of the Group. These investments include mainly the effects of the business combinations completed in 2019, which include mainly Barberini S.p.A., the world's leading optical glass sun lens manufacturer, as well as the acquisitions of Brille 24 in the online business, Devlyn in Mexico, Future in Sweden, and Optimed in the instruments division. Moreover, investors should be aware that the Group's method of calculating those non-GAAP measures may differ from that used by other companies. On 31 July, 2019 GrandVision N.V. announced that EssilorLuxottica S.A. and HAL Optical Investments B.V. have reached an agreement for the sale of HAL’s 76.72% ownership interest in GrandVision (the 'Block Trade Agreement'). 2014 Annual Report 1.1 MB. 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 particular, the expenses adjusted in 2018 consist of write-off of the equipment and stock affected by those restructuring and reorganization projects, as well as the related logistic costs incurred. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux® and Transitions®, and world-class retail brands including Sunglass Hut and LensCrafters are part of the EssilorLuxottica family. Full year 2019 results Uplift in Sales and Net Profit growth Strong foundation to accelerate synergy delivery ... | November 29, 2020 2013 Annual Report. In addition to the press release announcing the H1 results, the report comprises the condensed consolidated interim financial statements, the management report, the unaudited pro forma condensed consolidated interim financial information, the statement by the person responsible for the interim financial report and the auditors' review report. 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. Both Luxottica divisions posted the best quarter of the year. In this same spirit of raising awareness on good vision, Essilor made presentations in different parts of the world to leverage the report it published on the sidelines of the last United Nations General Assembly session, entitled “Eliminating Poor Vision in a Generation: What will it take to eliminate uncorrected refractive errors by 2050?”. Luxottica’s turnover in Europe kept expanding in the last quarter of the year. The combination of Essilor and Luxottica (the “EL Combination”), as well as events that are unusual, infrequent or unrelated to normal operations, have a significant impact on the consolidated results. In 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 Borsa Italiana. 2018 Annual Report 5.9 MB. Enter this section to read more and get in touch with the Financial Communication and Investor relations team. And in China, Essilor worked with the Huoqiu County to eliminate poor vision in the county within three years. The second half of the year slightly slowed down compared to the first, mostly due to a weakening performance in the fourth quarter in Mexico. EssilorLuxottica confirms that the search for a new CEO is ongoing. Contingency plans can be activated in case of a protracted pandemic. Growth in E-commerce sales was satisfactory, especially for contact lenses distributed through the VisionDirect website. 1 Pro forma: the Restated Unaudited Pro Forma Consolidated Financial Information has been produced for illustrative purposes only, with the aim of providing comparative information for the year ended December 31, 2018 as if the combination between Essilor and Luxottica had occurred on January 1, 2018. The final appointment is expected to be made by the end of 2020. ** Reconciliation from Reported to Pro forma1 2018 statement of profit or loss is available in the Appendix. Uplift in Sales and Net Profit growth Strong foundation to accelerate synergy delivery. 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). However, since the 2018 information presented in the statement of profit or loss is affected by the accounting of the combination between Essilor and Luxottica, the financial information deemed relevant to compare 2019 performance is based on the restated pro forma1 information for the year ended December 31, 2018. Consolidated statement of financial position, Net Debt and cash flow, Condensed consolidated statement of financial position. Non-recurring expenses for Euro 36 million accounted for in Other income / (expenses) including: loss on assets disposal for Euro 5 million following the request from the Turkish Antitrust authorities to divest Merve as a condition precedent to approve the combination of Essilor and Luxottica; net loss impact of the change in consolidation scope of one entity for Euro 24 million; net negative impact of Euro 5 million related to other non-recurring transactions mainly linked to significant claims and litigations; and. On the Retail side, sales were up mid-single digit, led by LensCrafters delivering strong results especially during the ramp up towards the end of the insurance year. Publication of the 2019 Interim Financial Report Charenton-le-Pont, France (July 31, 2019) - The Board of Directors of EssilorLuxottica met yesterday to approve the condensed. These access points delivered vision solutions to 10.7 million new eyeglass wearers in 2019 alone, bringing the total for the past seven years to 33.5 million.These efforts earned EssilorLuxottica the 17th spot in Fortune Magazine’s annual Change the World list in 2019. 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. Annual reports and publications. The company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. centralization of the Group warehouses removing stock in store; closing down some local warehouses) as well as those related to a change in the Group business model (e.g. Royalties of Euro 168 million, related to the Group’s licensed frame brands. removal of lenses laboratories from the stores). 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. 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. Adjusted6 net profit attributable to owners of the parent: +9.2% at current exchange rates and 4.8% at constant exchange rates2. OutlookThe Company’s financial objectives for 2020 assume that the COVID-19 outbreak will subside in the next few months. Essilor, for its part, performed strongly. David Wielemans is appointed co-CFO of EssilorLuxottica alongside Stefano Grassi, in replacement of Hilary Halper. * 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. 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. EssilorLuxottica published an Annual Report for 2018 in April 2019. Optical House operates through a network of around 190 stores under the Luxoptica brand and is the country’s leading wholesale platform for lenses, frames and contact lenses. With respect to products, performance was driven by digitalization, new generation surfacing machines and coating machines. 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