essilorluxottica annual report 2018

Synergies and integration The Company has started to drive integration and deliver revenue and cost synergies. Swedish. Additional funds are currently being traced. 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. All these measures are aimed at reducing the overall financial impact for the Company, from the Euro 185 million currently recorded in its accounts. Annual reports and publications. 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. Business improved across all regions, proof that the strategic initiatives and growth projects are paying off. Reports. The Registration Document includes: a) The Annual Financial Report, with: The parent company financial statements. The Lenses & Optical Instruments division was a major contributor to the regional performance. 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. 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. 2018 ANNUAL REPORT I have the privilege of being the CEO of Johnson & Johnson during a remarkable time in history. 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. Income taxes are adjusted for an amount of Euro (74) million corresponding to the tax effect of the above-mentioned adjustments for Euro (27) million and to a non-recurring tax income of Euro (47) million. Seine Aktien werden an der Pariser Börse als Teil des CAC40 gehandelt. In March 2018, the European Commission unconditionally approved the merger of Essilor and Luxottica. These achievements reflect the vibrant culture of entrepreneurship within Essilor and the creativity of its employees, whose interests are fully aligned with those of shareholders thanks to employee share ownership at every level of the company. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. 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) > Download the pdf version of the news release > Download the 2018 Interim Financial Report in pdf version Charenton-le-Pont, France (July 26, 2018 – 6:30 am) – The Essilor International (Compagnie Générale d’Optique) 2018 Interim Financial Report is being published today. “In its first full year, EssilorLuxottica delivered a solid performance. Legal action: Criminal charges have been filed against the perpetrators and beneficiaries of the fraud in jurisdictions, and all legal options for holding the relevant third parties liable are considered to allow the Company to obtain damages commensurate with the injury suffered. Annual Report 2018 The Orico Group consists of Orient Corporation (Orico or the Company), 15 consolidated subsidiaries and four associates accounted for by the equity method. statements 2018 is our primary report to shareholders. 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. Research and development costs of Euro 291 million, as the Group continues to invest the same portion of its revenue behind innovation. This translated into strong revenue, free cash flow and net profit growth, in line with guidance. 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. The crisis of Sears had a significant impact on the overall performance of the Retail business leading to the decision to exit the banner by the end January 2020. Get Access Now. In India, more than 143,000 people were screened to put the Doddaballapura region on track to be the first in the country to also eliminate poor vision by 2021. Quarterly Earnings. (c) Net Debt is presented in the Note 22 - Financial debt, including lease liabilities to the consolidated financial statements; its components are also reported in the paragraph Consolidated statement of financial position, Net Debt and cash flow. EssilorLuxottica’s revenue amounted to Euro 17,390 million and increased by 4.4% at constant exchange rates2 in 2019, in the upper half of the Group’s 3.5% to 5% outlook. In addition, structural decisions were made during the year to create a strong foundation for further integration and accelerate synergy delivery in 2020 and 2021, in line with the plan. The board of directors granted executive powers to Francesco Milleri, as chief executive, and Paul du Saillant, as deputy chief executive of EssilorLuxottica until the appointment of the new board by the 2021 annual meeting of shareholders. In 2018, sales from Luxottica's e-commerce platforms, representing approximately 5% of total sales, were up 14% at constant exchange rates3. 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. 2018 Annual Report and Form 10K. This included the development of Essilor lenses, including the most innovative and technologically advanced categories, within the Company’s own retail networks as well as key initiatives in R&D, procurement, prescription laboratories and insourcing. Since then, Essilor International has implemented a wide range of corrective measures under the supervision of the EssilorLuxottica Board of Directors. 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. 2019 was positive for Luxottica in the region as a whole, with growing sales at constant exchange rates2 in both Wholesale and Retail divisions. 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. 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. In particular, management adjusted the following measures: Gross profit, Operating expenses, Operating profit, Profit before taxes and Net profit. See definition provided in Note 2.4 to the consolidated financial statements in the Essilor 2017 Registration Document. The adjusted6 Cost of net debt declined to Euro 115 million in 2019 from Euro 149 million due to a decrease in the Company’s financing cost and despite an exceptional cash disbursement to complete EssilorLuxottica’s Mandatory Tender Offer for Luxottica shares. 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. For the second consecutive year, net margin was over the 10% threshold in 2018. Adjusted6 consolidated statement of profit or loss. The lens strategy in the United States, led by key brands and innovation, partnerships with Independent Eyecare Professionals (ECP) and key accounts, continued to deliver results. The report quantifies the scale of uncorrected poor vision in the world and recommends a cumulative investment of $14 billion over the next 30 years to eliminate it.In 2019, Essilor worked toward this goal through partnerships to eliminate poor vision in many regions. As a result, EssilorLuxottica initiated a sell-out procedure for the remaining outstanding Luxottica shares. Adjusted6 Cost of net debt, Other financial income / (expenses) and Share of profits of associates. LensCrafters closed the year on a positive note benefitting from an expanding store remodeling program and a favorable price-mix boosted by a higher penetration of value-added lenses. Charenton-Le-Pont, France (April 10, 2019 – 8:00 am CEST) – The 2018 EssilorLuxottica Registration Document was filed in French version with the Autorité des Marchés Financiers (AMF) on April 9, 2019 under the number D.19-0297. The Sunglasses & Readers division performed well in 2019, with revenue rising 12.5% to Euro 885 million (+8.9% at constant exchange rates2). So far, the virus has also slightly impacted the Company’s revenue performance in other regions. 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 Thanks to this strategy, sales growth accelerated with each quarter in 2018. 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. 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. The Retail business had a strong year with Target Optical and EyeMed leading the way at double-digit sales growth. 2016 ANNUAL REPORT. Luxottica continued to grow in Latin America last year, expanding sales at constant exchange rates2 in both Wholesale and Retail divisions. 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. The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. The final appointment is expected to be made by the end of 2020. Ray-Ban mono-brand store roll-out made further progress last year in the region, focused on Mainland China which reached 141 locations at the end of December, out of a total 171 in the whole Asia-Pacific area. 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. The Wholesale division closed the year with revenue up by 3.7% to Euro 3,260 million, or +1.8% at constant exchange rates2, the strongest pace since 2015 thus proving the effectiveness of the set of strategic initiatives undertaken. Luxottica’s turnover in Europe kept expanding in the last quarter of the year. 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. Laurent Vacherot, President and Chief Operating Officer Luxottica continued its expansion of direct distribution with the opening of new wholesale subsidiaries in the Middle East in 2018 and in Taiwan in early 2019. Shipping Information. History. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. Annual Shareholders Meeting: May 15, 2020; Non-recurring Cost of sales for Euro 8 million mainly associated with restructuring and reorganization expenses incurred with respect to projects aimed at the optimization of the central warehouses of the Group and the costs of Luxottica’s restricted shares plan (LTI) for employees working for operations activities. © 2021 GlobeNewswire, Inc. All Rights Reserved. Other financial expenses amounted to Euro 24 million and Share of profits of associates showed a loss of Euro 2 million. The key market of Brazil kept the positive momentum it showed throughout the entire year, made of high-single digit growth in Wholesale, boosted by STARS and Óticas Carol (reaching 1,335 franchise locations), as well as double-digit growth in Retail, primarily sustained by SGH. 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. Webcasts; Archive. © 2021 GlobeNewswire, Inc. All Rights Reserved. We come to the integration process in the best possible way, bringing with us the most beloved brands, excellent operations capabilities and a digitized business inside and out. 2018 pro forma1 adjusted2 operating and net income. * 2018 information has been restated following the application of IFRS 16 Leases. On December 5, 2019, EssilorLuxottica announced the closing of the disposal of its 100% stake in Merve Optik in Turkey. ... EssilorLuxottica SA Annual Report. Swedish. Along with growing and improving our profits, we set a new standard for the way technology can elevate an entire organization, from online sales growth to our deep connections with consumers across every channel. 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. They would aim at optimizing the Company’s global infrastructure. As a result, EssilorLuxottica's performance in the future may differ materially from that presented in the unaudited pro forma consolidated financial information.2 Adjusted measures: Adjusted from the expenses related to the EssilorLuxottica Combination 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. Revenue synergies are expected in the Euro 200-300 million range, as a result of the capability of EssilorLuxottica to develop innovative and high-quality products optimizing the interaction between frames and lenses, serve the industry better through a broader distribution and a more efficient logistics platform. 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. At Kering we think that to Craft Tomorrow’s Luxury, we need to go beyond our limits by supporting our Houses and engaging with the entire industry and our stakeholders. In Asia, Oceania and Africa, revenue increased by 7.4% to Euro 2,892 million (+5.4% at constant exchange rates2). 2017/18 English. 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. All Reports and Proxies. EssilorLuxottica reported adjusted6 tax expense of Euro 618 million, reflecting an adjusted6 tax rate of 23.1% for 2019 compared to an adjusted6 tax rate of 24.1% in the prior year resulting from a more favorable geographical mix of earnings and from a positive closing of certain tax audits. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Today, Luxottica is well organized and energized for its future as part of EssilorLuxottica. In North America all the networks contributed to the division growth, in particular the Optical Retail Business led the growth with LensCrafters posting the strongest quarter of the year (thanks to a healthy insurance week and a strong price-mix), a solid contribution from the insurance business unit Eye Med as well as Target Optical and Pearle Vision. 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. Sunglass Hut's strong offering worldwide drove global sales up by 5.7% at constant exchange rates3 with a positive contribution from all geographies. Essilor-Logo vor der Fusion mit Luxottica 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. The Sunglasses & Readers division contributed modestly to regional growth during the quarter. Activation of synergies in line with Company’s expectations, with structural decisions creating a strong foundation for an increase in synergy delivery in 2020 and 2021; Continued strong momentum in external growth with the proposed acquisition of GrandVision and several bolt-on transactions such as Barberini in Italy and Brille24 in Germany. 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. 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 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. 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. "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. Financials and annual report of EssilorLuxottica SA. Both Luxottica divisions posted the best quarter of the year. 2014 Annual Report. 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. "We are proud to present strong Luxottica and Essilor combined results. Shareholders will be offered the option of receiving their dividend in cash or in newly issued shares. Essilor has created more than 15,000 inclusive businesses worldwide since 2013, which have the potential to give more than 300 million people access to vision health. Executive Offices. Operating cash-flow before changes in working capital amounted to Euro 3,351 in 2019.Changes in working capital requirement amounted to Euro 52 million against Operating cash-flow.Capital expenditures amounted to Euro 903 million, representing 5.2% of Group’s revenue.The Free Cash Flow7 normalized for IFRS 16 impacts amounted to Euro 1,825 million. Adjusted6 Gross profit in 2019 ended at Euro 10,887 million, representing 62.6% of revenue versus 63.0% in 2018. GrandVisionThe European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. Other non-GAAP measures such as EBITDA, Free Cash Flows, Net Debt and the ratio Net Debt to EBITDA are also included in this document in order to: Those other non-GAAP measures are not meant to be considered in isolation or as a substitute for items appearing in EssilorLuxottica’s consolidated financial statements prepared in accordance with IFRS. Official Websites. With respect to products, performance was driven by digitalization, new generation surfacing machines and coating machines. 2017 Annual Report 982 KB. to Essilor), which is expected to occur within the coming weeks. It continued to diversify its distribution network in the United States and to expand its international and online operations.The Equipment division posted a modest decline for the year, owing mainly to softer fourth quarter dynamics, as key customers work to absorb capacity from recent investment programs. * 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. The performance of the Lenses & Optical Instruments in the quarter was driven by robust gains in Russia, Turkey, Instruments and online sales of contact lens through VisionDirect.The Equipment division continued its strong performance in the fourth quarter, ending the year sharply higher. GMO closed the year positive in sales and comparable store sales5, absorbing the negative impact of the protests in Chile and Ecuador in the last quarter. E-commerce activity in Brazil supported regional growth. Based on this assumption, and excluding any contribution from GrandVision, EssilorLuxottica expects to grow in sales and profits. Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP. 2017 Annual Report. The Wholesale division saw robust trends in particular in Spain, Portugal, Greece, UK, Turkey and Eastern Europe. The scope of this report covers the Group’s main business and operations, and provides an overview of the performance of the Group for the year ended 31 December 2018. FraudOn December 30, 2019, EssilorLuxottica announced that its subsidiary Essilor International discovered fraudulent financial activities in one of its plants in Thailand. 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. In 2019, EssilorLuxottica’s full year revenues grew by 7.4% compared to prior-year pro forma1 revenue (4.4% at constant exchange rates2). Target Optical and EyeMed confirmed their sound growth path, while Sears continued to be a heavy drag. The EssilorLuxottica share trades on … Performance was stronger in the second half owing to the launch of Transitions® Signature® GEN 8™. 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 a slightly reduced capacity which is quickly normalizing, while the plants in Italy and all other locations are currently running at full capacity. The growth in Wholesale was reinforced by the solid performance in the independent, department store and the third-party e-commerce channels. The issuance of the Euro 5 billion bond in November did not have a material impact in 2019. 4 Like-for-like growth: Growth at constant scope and exchange rates. 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。 Such measures are not defined terms under IFRS and their definitions should be carefully reviewed and understood by investors. Bolon ecommerce. After submitting your request, you will … Click the button below to request a report when hardcopies become available. Non-recurring General and administrative expenses for Euro 199 million associated with the following impacts: non-recurring costs related to restructuring and reorganization projects aiming at increasing the Group’s operational and organizational efficiency for Euro 71 million; the non-recurring costs mainly refer to severance, accelerated depreciation and write-off; non-recurring expenses related to M&A projects for Euro 21 million mainly linked to the transactions costs incurred in connection with GrandVision N. V. proposed acquisition announced on July 31, 2019, and to the acquisition of Barberini completed in August 2019; one-off costs incurred by the Group for Euro 36 million, including transaction costs linked to the finalization of the MTO and delisting of Luxottica shares and other one-off integration costs; expenses related to share-based payments for about Euro 65 million linked to the removal of the performance conditions from the 2015 and 2016 Essilor’s share-based plans, the international employee shareholding plan extended to Luxottica employees in late 2019 and to Luxottica’s restricted shares plan (LTI); non-recurring expenses for Euro 6 million incurred in connection with the settlement of a commercial litigation. The 2018 IFRS consolidated financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. Annual Financial Reports The Annual This report and the financial statements contained herein are provided for the general ... WCM Focused International Growth Fund SCHEDULE OF INVESTMENTS As of October 31, 2018 (Unaudited) Number of Shares Value COMMON STOCKS — 94.3% AUSTRALIA — 4.5% 2,086,484 CSL Ltd. $ 278,545,688 ... 1,093,752 EssilorLuxottica S.A. 149,380,458 2013 Annual Report. EssilorLuxottica has 150,616 employees across 2 locations and €10.80 B in annual revenue in FY 2018. The division showed strength across all regions through a continued focus on innovation, fast growing markets4 and e-commerce. 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 additional growth allowed the company to continue to invest for the future, for instance in very promising projects in the areas of myopia and digitalization, and to bolster initiatives relating to Essilor's mission and its "2.5 New Vision Generation(TM)" activities. The Equipment division grew by 2% at constant exchange rates2 with a mix of solid market trends in Europe, Latin America and Asia offset by a slowdown in the capital investment cycle in other developed markets, partly due to industry consolidation. Uplift in Sales and Net Profit growth Strong foundation to accelerate synergy delivery. The second half of the year showed an acceleration in sales growth compared to the first six months of the year, helped by a progressive improvement in wholesale's performance in Europe. EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Dividend recommendation The Board of Directors will recommend that shareholders at the Annual Meeting to be held on May 16, 2019 approve the payment of a dividend of Euro 2.04 per share. The Lenses & Optical Instruments division generated significantly improved growth at constant exchange rates2 for the full year 2019 when compared to 2018 consisting of balanced growth in Brazil and Spanish speaking markets through most of the year. Du Saillant became chairman and … solid growth, sound profitability and cash flowA robust for. And resonating well with its customers & Viganò in Italy, mainland China speeded up at double-digit growth... Quarter of 2019, Optical House generated around Euro 65 million of.! And marketing costs of Euro 2 million the Appendix 2019, EssilorLuxottica that! %, as the Group ’ s revenue increased by 5.7 % to Euro million! These financial statements flowA robust foundation for EssilorLuxottica at an Essilor plant in.! 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