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. 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. Strong revenue growth at constant exchange rates, On a geographical basis at constant exchange rates, Key investment fueled new product launches (notably Transitions. The direct e-commerce business had another exceptional quarter growing at 27% at constant exchange rates2 and all major websites contributed to the success. A conference call in English will be held today at 11 am CET. 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; distribution of exceptional bonuses to French employees for Euro 2 million. 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-partye-commerce. In Europe revenue increased by 5.7% to Euro 971 million (+4.9% at constant exchange rates2). The Equipment division posted solid growth as market conditions in fast growing markets remained favorable. Capital expenditures amounted to Euro 903 million, representing 5.2% of Group's revenue. And in China, Essilor worked with the Huoqiu County to eliminate poor vision in the county within three years. Change in Net Debt (excluding lease liabilities), Acquisition and other investments, net of. The overall increase in Cash and cash equivalents and Other current assets are mainly linked to the proceeds from the issuance of the 5 billion bonds occurred in November 2019 (as described in paragraph 1.2.2). 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. In addition to revolutionizing optometry, the Vision-R™ 800 paves the way for ophthalmic lenses with much greater accuracy. Charenton-le-Pont, France (July 31, 2019 –7:00am)- The Board of Directors of EssilorLuxottica met on July 30, 2019 to approve the condensed consolidated interim financial statements for the six months ended June 30, 2019. Adjusted6 net profit attributable to owners of the parent: +9.2% at current exchange rates and, Consolidated statement of financial position, Net Debt and cash flow, Condensed consolidated statement of financial position. The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. EssilorLuxottica can rely on a worldwide network of plants and laboratories, which allow flexibility and continuity. Furthermore, e-commerce sales were once again buoyant for the division, with revenue ending the period up by more than 20% on a like-for-like3 basis. EssilorLuxottica consolidated statement of profit or loss. #01 Connected life: take care of your eyes! 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. The Retail business had a strong year with Target Optical and EyeMed leading the way at double-digit sales growth. Recently formed partnerships contributed to growth at constant exchange rates2, particularly in Mexico where sales expanded at a double-digit rate during the fourth quarter. Adjusted6 net profit attributable to the owners of the parent of Euro 1,938 million represents an increase of 9.2%1 compared to the prior year (4.8%1 at constant exchange rates2). 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. Mainland China speeded up at double-digit pace, fueled by both revamped Wholesale and positive Retail in sales and comparable store sales5. On a consolidated financial basis, Europe and Asia contributed to growth while North America and Latin America were headwinds. share these measures with all investors at the same time. The Equipment division had a strong finish to the year in the fourth quarter, following an exceptional third quarter performance. Trends in the Equipment division moderated after a particularly strong third quarter and an elevated prior year comparison base. 2019/05/27 Time period. 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. Financial Press Releases. This also includes, to a lesser extent, price supplements on acquisitions completed prior to 2019. 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. Hong Kong retail remained negative, for the fourth consecutive year. The benefit from the consolidation of Barberini weighted to a smaller extent. The Company announced on December 30, 2019 that it had discovered fraudulent financial activity at an Essilor plant in Thailand. The following table provides a reconciliation of those non-GAAP measures to the most directly comparable IFRS financial measures. These efforts earned EssilorLuxottica the 17 th spot in Fortune Magazine's annual Change the World list in 2019. This section contains financial documents of Luxottica Group published until that date. Distributed by Public, unedited and unaltered, on 06 March 2020 08:47:04 UTC, Revenue growth at constant exchange rates, Dividend recommendation: Euro 2.23 per share, scrip dividend proposed, - The Board of Directors of EssilorLuxottica met on March 5, 2020 to approve the consolidated financial statements for the year ended December 31, 2019. 2019 Annual Report and Form 10K. 2020: ESSILOR’S TOP 12 HIGHLIGHTS. Outlook for 2019 The Sun & Readers division contributed modestly to regional growth. 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. Adjusted6 Operating expenses: +6.4% at current exchange rates and +3.5% at constant exchange rates2. Changes in working capital requirement amounted to Euro 52 million against Operating cash-flow. 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. 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. Sunglasses & Readers performance in the United States was driven primarily by FGX during the fourth quarter. David Wielemans is appointed co-CFO of EssilorLuxottica alongside Stefano Grassi, in replacement of Hilary Halper. EssilorLuxottica confirms that the search for a new CEO is ongoing. The final appointment is expected to be made by the end of 2020. 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. Essilor, for its part, performed strongly. 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. Including synergies and at constant exchange rates2, it is projecting the following: In addition, due to the COVID-19 outbreak, the Company's current expectation is for revenue growth to be below the annual trend in the first half of the year, followed by a recovery in the second half. Enter this section to read more and get in touch with the Financial Communication and Investor relations team. The Statutory Auditors have performed a … In Europe Sunglass Hut and Salmoiraghi & Viganò kept nicely growing, like both optical and sun business did in Australia and sun in Brazil. 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 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. As presented in the consolidated statement of cash flows. 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"). EssilorLuxottica completed 29 transactions in 2019, representing full-year revenue of close to Euro 218 million. 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. Events & News. 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 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. 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, 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. And in China, Essilor worked with the Huoqiu County to eliminate poor vision in the county within three years. Lenses & Optical Instruments - Latin America. 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. 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. 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. "An ever-growing number of solutions in all price points to correct and protect eyesight." 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. 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. Fourth-quarter 2019 revenue by operating segment. They would aim at optimizing the Company's global infrastructure. This has been defined as a priority and will be monitored as such. The European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. For better navigation,we recommend viewing the sitein portrait mode, VISUAL HEALTH, A MAJOR PUBLIC HEALTH CONCERN, Addressing the global need and reaching the 2.7 billion underserved, VISUAL HEALTH, A MAJOR PUBLIC HEALTH CONCERN, #02 Presbyopia: Improving vision for today’s consumers & lifestyles. The full integration of Costa into the brand portfolio of Luxottica; A common employee shareholding plan, which was extended to Luxottica employees in Italy in 2019 with a subscription rate of over 67%. The comparative period has been restated in accordance with the transitional requirements of the initial application of IFRS 16 -, The comparative period has been restated in accordance with the transitional requirements of the initial application of IFRS, Italy's Del Vecchio leads UniCredit investor opposition to MPS deal -sources, https://channel.royalcast.com/webcast/essilorluxotticaen/20200306_1/, Consumer Cos Fall As Stimulus Negotiations Drag On -- Consumer Roundup, Chief Executive Officer & Non-Independent Director. E-commerce activity in Brazil supported regional growth. 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. Date of payment: May 23, 2019. The Sunglasses & Readers division contributed modestly to regional growth during the quarter. Since then, Essilor International has implemented a wide range of corrective measures under the supervision of the EssilorLuxottica Board of Directors. * 2018 information has been restated following the application of IFRS 16 Leases. Such measures are not meant to be considered in isolation or as a substitute for items appearing in EssilorLuxottica consolidated financial statements prepared in accordance with IFRS. EssilorLuxottica is a global leader with an ambition to grow the industry. The steady growth posted by Europe was driven by volumes and benefited from the relentless evolution of STARS. Consolidated Financial Information for the year ended December 31, 2018, which has been prepared for illustrative purposes only. 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. 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. Adjusted6 Gross profit in 2019 ended at Euro 10,887 million, representing 62.6% of revenue versus 63.0% in 2018. 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. These decisions include: 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. The major transactions are indicated in the table below. 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. Adjusted6 Cost of net debt, Other financial income / (expenses) and Share of profits of associates. In addition, strong market demand for readers and sunglasses allowed FGX International to make up in the second half for the impact of a demanding comparison basis in the first six months. 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 … Moreover, investors should be aware that the Group's method of calculating those non-GAAP measures may differ from that used by other companies. Equity increased mainly for the result of the year (Euro 1,670 million including other comprehensive income items), the share capital increases related to the sell-out and squeeze-out procedures on Luxottica shares, as described in paragraph 1.2.2 - Significant Events (Euro 1,019 million) and the share-based payments accounted for in 2019 (Euro 154 million), while decreased by Euro 959 million following dividend distribution. Similar to the full year trend, contact lens distribution activities contributed to growth. Charenton-le-Pont, France (October 30, 2019 – 7:00am) – EssilorLuxottica today announced that consolidated revenue for the first nine months of 2019 … SEC Filings. In 2019, Optical House generated around Euro 65 million of revenue. This translated into strong revenue, free cash flow and net profit growth, in line with guidance. Fiscal 2019 Results Versus 2018 Consolidated sales of $2,921.6 million were up 3.1% Brand Portfolio sales of $1,406.5 million, up 7.1%, driven by the companys 2018 acquisitions 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. Strong foundation to accelerate synergy delivery. Essilor Experts™ are independent eyecare professionals who are specially trained to explain the many benefits of lenses from Essilor. Interest Rate Swap measured at fair value, Lease liabilities (current and non-current). Annual Reports and Publications On March 5, 2019, Luxottica became 100% wholly-owned by EssilorLuxottica and its ordinary shares were delisted from the Milan Stock Exchange (Mercato Telematico Azionario - MTA), organized and managed by Borsa Italiana. 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. Financial schedules and Non-GAAP reconciliations by quarter. This strong dynamic continued in the first few months of 2020. 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. through traditional distribution channels. 2010; ... International offering Memorandum. 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 … The Equipment division continued its strong performance in the fourth quarter, ending the year sharply higher. Financial investments net of cash acquired amounted to Euro 370 million in 2019, compared to Euro 289 million in 2018. In 2020, the Group will continue investing in production, development of the retail network, integration activities, M&A and partnerships projects. 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. The Sunglasses & Readers division performed well in 2019, with revenue rising 12.5% to Euro 885 million (+8.9% at constant exchange rates2). 2020; 2019; 2018; 17 Dec 2020. It continued to diversify its distribution network in the United States and to expand its international and online operations. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. 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 dividend will be paid - or the shares issued - as from June 15, 2020. 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 Fourth-quarter 2019 revenue by geographical area. Ex-date: May 21, 2019. 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. • 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 PDF; Form 10K (HTML) Baxter International Inc. does not currently have any hardcopy reports on AnnualReports.com. The division showed strength across all regions through a continued focus on innovation, fast growing markets4 and e-commerce. 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 Nepal, the company signed a letter of intent to provide access to eye care to the 350,000 residents of the Bhaktapur district. 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. Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP. Essilor International; Published. 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. Essilor International S.A. is a French-based international ophthalmic optics company that designs, manufactures and markets lenses to correct or protect eyesight. In North America revenue increased by 8.5% to Euro 9,154 million (+3.1% at constant exchange rates2). Click the button below to request a report when hardcopies become available. The European Commission has initiated a Phase II review of the proposed acquisition of GrandVision. Financial investments net of cash acquired, plus debt of. It is now also considering internal candidates. Please attach your CV and letter of motivation which we will review carefully. On December 30, 2019, EssilorLuxottica announced that its subsidiary Essilor International discovered fraudulent financial activities in one of its plants in Thailand. So far, the virus has also slightly impacted the Company's revenue performance in other regions. All Forms filed with the U.S. Securities and Exchange Commission sorted by year. 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. 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. 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. > 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 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. Progressive and photochromic lenses have accelerated gains in South Korea quarter after quarter, driven mainland! 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