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The following table provides a reconciliation of those non-GAAP measures to the most directly comparable IFRS financial measures. In India, promotional campaigns, online sales and innovative business models for Base-of-Pyramid consumers only partially offset the decline in sales. The company has been plagued by a power struggle since French lens-maker Essilor International Inc. agreed to combine with Italian counterpart Luxottica Group SpA in 2017. The Company has started to drive integration and deliver revenue and cost synergies. In Italy, Salmoiraghi & Viganò, the leading multi-brand retailer in the country, consolidated further its position, growing nicely in both comparable sales5 and total revenues, also thanks to a successful store renovation plan that will be carried forward in 2020 as well. With respect to products, performance was driven by digitalization, new generation surfacing machines and coating machines. Canada and sales of Transitions to other lens casters were headwinds while contact lens distribution activities added to growth. 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. The Group posted an adjusted6 Operating profit of Euro 2,812 million, representing 16.2% of sales, in line compared to 2018. Following an exceptional performance through the first nine months of the year, the Equipment division slowed down during the fourth quarter. Furthermore, EssilorLuxottica shareholders rejected two additional resolutions, which had been added on the agenda of the Annual General Meeting following requests from some of the Company’s shareholders received on April 18, 2019. Good performances from progressive and photochromic lenses have accelerated gains in South Korea quarter after quarter, and kept momentum strong in Southeast Asia. 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. The company continued to develop its STARS program, thanks to top key accounts, and related turnover experiencing a further acceleration, up by more than 50% compared to the fourth quarter of last year. 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. Ariel Bauer is appointed co-Head of Investor Relations of EssilorLuxottica alongside Giorgio Iannella, in replacement of Véronique Gillet. On December 5, 2019, EssilorLuxottica announced the closing of the disposal of its 100% stake in Merve Optik in Turkey. Financial schedules and Non-GAAP reconciliations by quarter. 2019 was positive for Luxottica in the region as a whole, with growing sales at constant exchange rates2 in both Wholesale and Retail divisions. Events & News. The ranking was recognition of the company's commitment to bring good vision to everyone everywhere and eliminate poor vision around the world as part of its mission to "see more, be more and live life to its fullest". The comparability in 2019 consolidated financial statements is still affected by the EL Combination which occurred on October 1, 2018. The business contributed to group profitability, which enabled continued R&D investment to support innovation in production methods and lab efficiency across the global ophthalmic lens industry. • Until May 31, 2019 (5 months): €1,150,000 • As from June 1, 2019 (7 months): €1,000,000 following the delegation of authority announced at the 2019 Annual General Meeting (2) At the Board of Directors’ Meeting of March 5, 2020, Leonardo Del Vecchio declared his intention to waive his variable component for 2019 in In this document, management presented certain performance indicators that are not envisioned by the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and endorsed by the European Union. The 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. Operating in a fiercely competitive environment, the Lenses & Optical Instruments division demonstrated resilience in France, the largest market in the region, and in all Eastern European countries, particularly Poland and Russia. share these measures with all investors at the same time. Ex-date: May 21, 2019. Since this transaction has been considered a reverse acquisition according to the requirements of IFRS 3 Business Combinations, the consolidated financial statements reflect the following structure: EssilorLuxottica consolidated statement of profit or loss: reconciliation with adjusted6 figures. Such adjusted measures are reconciled to their most comparable pro forma1 measures in the Restated Unaudited Pro Forma Consolidated Financial Information for the year ended December 31, 2018, and to the most comparable reported measures in the consolidated statement of profit or loss for the year ended December 31, 2019. Mainland China speeded up at double-digit pace, fueled by both revamped Wholesale and positive Retail in sales and comparable store sales5. 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. assist investors in their assessment of the Group's operating performance and its ability to refinance its debt as it matures and incur additional indebtedness to invest in new business opportunities; assist investors in their assessment of the Group's cost of debt; ensure that these measures are fully understood in light of how the Group evaluates its operating results and leverage; properly define the metrics used and confirm their calculation; and. Among major countries, Italy, Germany, Turkey and Eastern Europe outperformed other markets. * 2018 information has been restated following the application of IFRS 16 Leases. A world first, the latter radically changes the eye exam process and customer experience, allowing measurement up to 0.01 diopter versus 0.25 diopter with other machines on the market. 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 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. 2020; 2019; 2018; 17 Dec 2020. Click the button below to request a report when hardcopies become available. In e-commerce, online sales in Brazil continue to develop rapidly. Strong revenue growth at constant exchange rates, On a geographical basis at constant exchange rates, Key investment fueled new product launches (notably Transitions. Since then, Essilor International has implemented a … The Equipment division continued its strong performance in the fourth quarter, ending the year sharply higher. Fourth-quarter 2019 revenue by geographical area. fourth quarter. 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. 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. As presented in the consolidated statement of cash flows. Performance of the sun category stood out in the fourth quarter. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. 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. It can be downloaded from the Company’s website, www.essilor.com, in the “Investors / Publications and Downloads” section, or by clicking on: https://www.essilor.com/en/investors/publications-and-downloads/, Investor Relations and Financial Communications The Board of Directors has also approved the Restated Unaudited. The meeting will be available live and on a replay mode at: https://channel.royalcast.com/webcast/essilorluxotticaen/20200306_1/. Please attach your CV and letter of motivation which we will review carefully. 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. David Wielemans is appointed co-CFO of EssilorLuxottica alongside Stefano Grassi, in replacement of Hilary Halper. Group Net Debt (excluding lease liabilities) amounted to Euro 1,898 million at the end of December 2019, an increase of Euro 11 million compared to the restated Net Debt position at the end of December 2018. This translated into strong revenue, free cash flow and net profit growth, in line with guidance. 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. The division strengthened its positions in the Chinese sunwear market, its main market in the region. The division showed strength across all regions through a continued focus on innovation, fast growing markets4 and e-commerce. Moreover, investors should be aware that the Group's method of calculating those non-GAAP measures may differ from that used by other companies. The proprietary e-commerce platforms delivered exceptional growth, with a further acceleration in the. 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. In Latin America, revenue increased by 0.9% to Euro 304 million (+3.8% at constant exchange rates2). 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. through traditional distribution channels. > Download the pdf version of the news release, > Download the 2018 Interim Financial Report in pdf version. In Bhutan, 30,000 pairs of glasses have been delivered to date to make this country the first in the world to eliminate poor 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. This section contains financial documents of Luxottica Group published until that date. General and administrative costs totaled Euro 1,777 million reflecting EssilorLuxottica's strong cost control measures, particularly effective during the second half of the year. The brand notably solidified its leadership in fishing stores, selling to fishing enthusiasts and those living near beaches, lakes and rivers. And in February, Essilor pledged to donate 1 million eyeglasses and sunglasses to the United Nations Road Safety Fund (UNSRF). 2019 was marked by several key initiatives including marketing programs such as "Varilux® em Dobro" in Brazil, "Cambia tu cara" in Colombia, and enhanced client marketing at Grupo Vision in Costa Rica. In 2018 and 2019, adjusted measures exclude: (i) the incremental impacts of the purchase price allocations related to the EL Combination; and (ii) other adjustments related to transactions that are unusual, infrequent or unrelated to normal operations, as the impact of these events might affect the understanding of the Group's performance. Annual Reports & Proxy. 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. It confirms that the net impact of those synergies on adjusted6 operating profit is expected to be in the range of: In 2019, the first synergies generated as part of this plan were in line with internal expectations. Financial Schedules. On the opposite, Hong Kong did not improve. EssilorLuxottica Corporate Communications, (Charenton-le-Pont) Tel: + 33 1 49 77 42 16, (Charenton-le-Pont) Tel: + 33 1 49 77 45 02, Excerpts from the full year 2019 management report, Full year 2019 revenue by operating segment. Sunglass Hut posted positive performance building on a winning omnichannel proposition, further articulated and resonating well with its customers. Strong foundation to accelerate synergy delivery. 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. The Board of Directors of Essilor met on July 25, 2018 to approve the financial statements for the six months ended June 30, 2018. These adjustments are described below. Phone: +33 (0)1 49 77 42 16, 147 rue de Paris, 94220 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". 1 Barberini S.p.A. annual consolidated revenue on a stand-alone basis, as disclosed at the time of the announcement of the acquisition (on June 22, 2019), which does not represent the net contribution to the EssilorLuxottica Group's turnover. 2018 information has been restated following the application of IFRS 16, net negative impact of Euro 5 million related to other, Cost of net debt is adjusted for Euro 9 million corresponding mainly to, Income taxes are adjusted for an amount of Euro (126) million corresponding to the tax effects of the. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. In particular, management adjusted the following measures: Gross profit, Operating expenses, Operating profit, Profit before taxes and Net profit. The brick and mortar stores were impacted by an unfavorable timeframe of the holiday season and lower traffic in the touristic locations, but the shortfall was made up online. The Wholesale channel showed steadily growth over the year, supported by volumes expansion. The gross margin at Luxottica was broadly stable, despite the slight dilution generated by the fast- growing managed vision care business. Luxottica's regional sales accelerated in the fourth versus the third quarter, driven by Australia, Mainland China and South East Asia. Adjusted6 Gross profit: +6.6% at current exchange rates and 3.5% at constant exchange rates2. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Essilor International … In Europe, revenue increased by 4.9% to Euro 4,236 million (+5.1% at constant exchange rates2). Essilor Experts™ are independent eyecare professionals who are specially trained to explain the many benefits of lenses from Essilor. It delivered double-digit growth in China, thanks to branded lenses (notably EyezenTM, Crizal® and Varilux®), instruments, myopia control solutions and innovation in the midrange. It continued to leverage its unique innovation capabilities in vision care and eyewear, its digital platforms and the flexibility provided by its global network of interconnected plants and prescription laboratories", said Laurent Vacherot, CEO of Essilor. In 2020, the Group will continue investing in production, development of the retail network, integration activities, M&A and partnerships projects. Similar to the full year trend, contact lens distribution activities contributed to growth. In Nepal, the company signed a letter of intent to provide access to eye care to the 350,000 residents of the Bhaktapur district. On a global basis, the program is now comprised of approximately 16,600 doors, representing over 13% of sales for the Wholesale division. The Company's adjusted6 gross profit as a percent of sales came in at 62.6% while adjusted6 operating profit was stable at 16.2% of sales. News / 2020.12.17. Capital expenditures amounted to Euro 903 million, representing 5.2% of Group's revenue. "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. In the prior fiscal year, targeted investments helped ZEISS shape the future. Trends in the Equipment division moderated after a particularly strong third quarter and an elevated prior year comparison base. 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. Sunglass Hut confirmed its healthy growth trajectory, growing at mid-single digit in comparable sales5 in Continental Europe and with 21 successful new openings during the year. Trends were strong in Sunglasses & Readers. 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. Essilor International S.A. is a French-based international ophthalmic optics company that designs, manufactures and markets lenses to correct or protect eyesight. These efforts earned EssilorLuxottica the 17 th spot in Fortune Magazine's annual Change the World list in 2019. Key milestones in 2019 included the launch of Transitions® Signature® GEN 8TM in the US market, the success of the Vision-R™ 800 phoropter in Europe, double-digit growth both in China, thanks to branded lenses (notably EyezenTM, Crizal® and Varilux®), and Latin America owing to market expansion activities and a new partnership with a key player in the region. Baxter's Annual Chairman Letter, Proxy Statement and Form 10-K filings sorted by year. Mainland China continued to leverage the success of the strategic repositioning of the business undertaken two years ago. The transaction has been unconditionally cleared so far in the United States, Russia and Colombia, and it is currently under review also in Brazil, Chile, Mexico and Turkey (see page 28 for more details). Revenue was positive throughout the entire year, with comparable store sales5 slightly above the parity in the twelve months. deteriorating further in Retail sales and comparable store sales5. However, please continue to check our website as we regularly publish new job offers. Fourth-quarter 2019 revenue by operating segment. Adjusted6 Gross profit in 2019 ended at Euro 10,887 million, representing 62.6% of revenue versus 63.0% in 2018. Operating cash-flow before changes in working capital amounted to Euro 3,351 in 2019. 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. The benefit from the consolidation of Barberini weighted to a smaller extent. Other financial expenses amounted to Euro 24 million and Share of profits of associates showed a loss of Euro 2 million. 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. The Equipment division had a strong finish to the year in the fourth quarter, following an exceptional third quarter performance. Delfin S.à.r.l, the majority shareholder of Luxottica Group S.p.A. and Essilor International (Compagnie Générale d’Optique), today announced the successful completion of the combination of Essilor … All Forms filed with the U.S. Securities and Exchange Commission sorted by year. filter by year. EssilorLuxottica completed 29 transactions in 2019, representing full-year revenue of close to Euro 218 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. 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. Adjusted6 Cost of net debt, Other financial income / (expenses) and Share of profits of associates. The Company's financial objectives for 2020 assume that the COVID-19 outbreak will subside in the next few months. These reports include company annual reports (10K, 10Q), news updates (8K), investor presentations (found in 8Ks), insider trades (form 4), ownership reports (13D, and 13G), and reports related to the specific securities sold, such as registration statements and prospectus. This included a renewed effort in marketing campaigns on lens brands. EssilorLuxottica can rely on a worldwide network of plants and laboratories, which allow flexibility and continuity. In 2019, EssilorLuxottica had over 150,000 employees and consolidated revenues of Euro 17.4 billion. Over the course of 2019, Essilor worked toward this goal through partnerships to eliminate poor vision in many regions. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. This page shows recent SEC filings related to Essilor International SA A dedicated team was set up, reporting to the CEO of Essilor International, to take action in three key areas: Additional measures have been initiated and are in the process of being implemented to enhance the Group's control environment. Special Reports. It will likely take several months to effectively recover them. 2019/05/27 Time period. 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). Here are just some of the highlights from fiscal year 2019… Wholesale grew high-single digit thanks to the sound execution across all channels. 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. Date of payment: May 23, 2019. 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. #01 Connected life: take care of your eyes! Change in Net Debt (excluding lease liabilities), Acquisition and other investments, net of. In Nepal, the company signed a letter of intent to provide access to eye care to the 350,000 residents of the Bhaktapur district. The 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 report comprises the interim consolidated financial statements, the interim management report, the statement by the person responsible for the interim financial report and the auditors’ review report on the interim consolidated financial statements. Hong Kong retail remained negative, for the fourth consecutive year. 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. The Sunglasses & Readers division continued to benefit from its expansion in optical frames and online sales, primarily in China. Additional funds are currently being traced. 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. EXCERPTS FROM THE RESTATED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION, EXCERPTS FROM THE CONSOLIDATED GROUP FINANCIAL STATEMENTS. Weighted average number of shares outstanding: Earnings per share (EPS) for net profit attributable to owners of the parent: Consolidated statement of financial position, Net profit attributable to owners of the parent, EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT, Equity attributable to non-controlling interests, Expense arising from share-based payments, NET CASH FLOWS PROVIDED BY / (USED IN) OPERATING ACTIVITIES, Purchase of property, plant and equipment and intangible assets, Disposal of property, plant and equipment and intangible assets, Acquisitions of businesses, net of cash acquired, NET CASH FLOWS PROVIDED BY / (USED IN) INVESTING ACTIVITIES, Transactions with non-controlling interests, Cash payments for principal portion of lease liabilities, Issuance of bonds, private placements and other long-term debts, Repayment of bonds, private placements and other long-term debts, Changes in other current and non-current borrowings, NET CASH FLOWS PROVIDED BY / (USED IN) FINANCING ACTIVITIES, NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS, Cash and cash equivalents at the beginning of the financial year, Effects of exchange rate changes on cash and cash equivalents, CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL, EssilorLuxottica SA published this content on 06 March 2020 and is solely responsible for the information contained therein. PDF; Form 10K (HTML) Baxter International Inc. does not currently have any hardcopy reports on AnnualReports.com. 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. See insights on Essilor including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. It advanced on its Mission and delivered innovative products at every price point to customers and consumers worldwide while generating profitable growth. The Lenses & Optical Instruments division was a major contributor to the regional performance. During the fourth quarter the sales drop was amplified at Sears Optical. Is still affected by the end of 2020 2020 assume that the search a... Based in Charenton-le-Pont ( near Paris ), acquisition and other investments, net cash... 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