In North America revenue increased by 8.5% to Euro 9,154 million (+3.1% at constant exchange rates2). Net cash flow provided by operating activities (a), Purchase of property, plant and equipment and intangible assets (a), Cash payments for the principal portion of lease liabilities (a), Adjusted6 consolidated statement of profit or loss. Australia and New Zealand retail gained further momentum, even amid wildfires emergency, with the optical business recording the 14th consecutive quarter of positive sales, also helped by refurbishments, and the sun business contributing as well, both positive in comparable store sales5. And in China, Essilor worked with the Huoqiu County to eliminate poor vision in the county within three years. Since then, Essilor International has implemented a … The current COVID-19 epidemic has a negative impact on the Company's business in Greater China, which represents approximately 5% of consolidated revenue. 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. The European Commission has initiated a Phase II review of the proposed acquisition of GrandVision. 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. 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. 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. The Board of Directors will recommend that shareholders at the Annual Meeting to be held on May 15, 2020 approve the payment of a dividend of Euro 2.23 per share. Royalties of Euro 168 million, related to the Group's licensed frame brands. In North America, revenue increased by 7.6% to Euro 2,273 million (+4.3% at constant exchange rates2). The division also rolled out new technological advances and product ranges to independent laboratories to further support growth. On the opposite, after a positive first half of the year, the Mexican wholesale business started deteriorating in the third quarter and failed to recover in the final three months, mostly due to the poor performance of independents and key accounts. In Asia, Oceania and Africa, revenue increased by 7.4% to Euro 2,892 million (+5.4% at constant exchange rates2). * 2018 information has been restated following the application of IFRS 16 Leases. 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. Mainland China speeded up at double-digit pace, fueled by both revamped Wholesale and positive Retail in sales and comparable store sales5. 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. On a global basis, the program is now comprised of approximately 16,600 doors, representing over 13% of sales for the Wholesale division. 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. Fraudulent financial activity was discovered at one of Essilor International's plants in Thailand. * PDF or Word document In India, promotional campaigns, online sales and innovative business models for Base-of-Pyramid consumers only partially offset the decline in sales. Financial Press Releases. The major transactions are indicated in the table below. A conference call in English will be held today at 11 am CET. The meeting will be available live and on a replay mode at: https://channel.royalcast.com/webcast/essilorluxotticaen/20200306_1/. Baxter International Inc. has reached its limit for free report views. This divestment was a requirement from the Turkish Competition Authority (TCA) as a remedy from the combination between Essilor and Luxottica. In 2019, EssilorLuxottica had over 150,000 employees and consolidated revenues of Euro 17.4 billion. In 2019, the global revenue of Essilor amounted to approximately 7.9 billion euros. They would aim at optimizing the Company's global infrastructure. Essilor, for its part, performed strongly. 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. 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. If you don't get a response from us within a month, it means that your application does not meet our current needs. Here are just some of the highlights from fiscal year 2019… Special Reports. The division showed strength across all regions through a continued focus on innovation, fast growing markets4 and e-commerce. Additional funds are currently being traced. Ariel Bauer is appointed co-Head of Investor Relations of EssilorLuxottica alongside Giorgio Iannella, in replacement of Véronique Gillet. It continued to diversify its distribution network in the United States and to expand its international and online operations. Similar to the full year trend, contact lens distribution activities contributed to growth. 2020; 2019; 2018; 17 Dec 2020. The Company announced on December 30, 2019 that it had discovered fraudulent financial activity at an Essilor plant in Thailand. The Company reaffirms the objective to close the transaction within 12 to 24 months from the announcement date, July 31, 2019, in cooperation with the relevant authorities. The benefit from the consolidation of Barberini weighted to a smaller extent. 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. 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?". Valoptec’s presence on the Essilor Board, and continuous dialogue with the company’s senior managers, a diverse international base of employee shareholders today actively participate in Essilor’s corporate life. See insights on Essilor including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. Mainland China continued to leverage the success of the strategic repositioning of the business undertaken two years ago. The Equipment division continued its strong performance in the fourth quarter, ending the year sharply higher. In 2019, EssilorLuxottica's full year revenues grew by 7.4% compared to prior-year pro forma1 revenue (4.4% at constant exchange rates2). 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 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. All Forms filed with the U.S. Securities and Exchange Commission sorted by year. In Nepal, the company signed a letter of intent to provide access to eye care to the 350,000 residents of the Bhaktapur district. 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. 2010; ... International offering Memorandum. 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. 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. Among major countries, Italy, Germany, Turkey and Eastern Europe outperformed other markets. 2019 was positive for Luxottica in the region as a whole, with growing sales at constant exchange rates2 in both Wholesale and Retail divisions. The Equipment division had a strong finish to the year in the fourth quarter, following an exceptional third quarter performance. Essilor International S.A. is a French-based international ophthalmic optics company that designs, manufactures and markets lenses to correct or protect eyesight. share these measures with all investors at the same time. 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. Fourth-quarter 2019 revenue by geographical area. Changes in working capital requirement amounted to Euro 52 million against Operating cash-flow. "An ever-growing number of solutions in all price points to correct and protect eyesight." Date of payment: May 23, 2019. Sales in Europe were also supported by the growth around double-digit of the Retail division, on the back of effective in-store execution empowering positive results in all countries. EXCERPTS FROM THE RESTATED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION, EXCERPTS FROM THE CONSOLIDATED GROUP FINANCIAL STATEMENTS. 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. In the industrial sector, cash out related to capital expenditures amounted to Euro 903 million in 2019, 5.2% of net sales, compared to Euro 927 million in the previous year. 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. EssilorLuxottica's revenue increased by 4.5% at constant exchange rates2 during the fourth quarter of 2019. 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. With respect to products, performance was driven by digitalization, new generation surfacing machines and coating machines. The Group posted an adjusted6 Operating profit of Euro 2,812 million, representing 16.2% of sales, in line compared to 2018. 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. 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. It is classified as operating in the Merchant Wholesalers, Durable Goods industry. 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. This has been defined as a priority and will be monitored as such. The Sunglasses & Readers division contributed modestly to regional growth during the quarter. Thanks to its long-term investment strategy, balanced portfolio, international footprint and globally oriented value chains, the ZEISS Group can look forward to a bright future. 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. 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. Interest Rate Swap measured at fair value, Lease liabilities (current and non-current). For further details, please refer to the table in the Appendix. During the fourth quarter the sales drop was amplified at Sears Optical. 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. 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 … All major countries showed a positive evolution in the division, led by Sunglass Hut in Continental Europe and Salmoiraghi & Viganò in Italy. Research and development costs of Euro 291 million, as the Group continues to invest the same portion of its revenue behind innovation. 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. In e-commerce, online sales in Brazil continue to develop rapidly. E-commerce activity in Brazil supported regional growth. These successes, along with our outstanding cash flow generation of 1.2 billion Euro, were key contributors to EssilorLuxottica's overall results for the year", commented Francesco Milleri, Deputy Chairman and CEO of Luxottica. 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 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. Operating cash-flow before changes in working capital amounted to Euro 3,351 in 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. Direct e-commerce grew double digit across all the platforms in the full year, mostly driven by North America that posted in the fourth the best quarter of the year. EssilorVirtualExperience.com: Best-in-class customer immersive journey. The Lenses & Optical Instruments division delivered strong in the region, with business up sharply in China, South Korea, Southeast Asia and Japan. As presented in the consolidated statement of profit or loss. After having bought the assets of the laboratory of Devlyn Holdings, Essilor signed a supply contract with Opticas Devlyn, the leading optical chain in Mexico, which boosted growth in constant currency terms. 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. Target Optical and EyeMed confirmed their sound growth path, while Sears continued to be a heavy drag. 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 So far, the virus has also slightly impacted the Company's revenue performance in other regions. 2020 2020 Half-year financial report 2019 2019 Universal Registration Document 2019 Half-year financial report 2018 2018 ... (including annual financial report) 2011 Half-year financial report. Please attach your CV and letter of motivation which we will review carefully. 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. The Equipment division posted solid growth as market conditions in fast growing markets remained favorable. In 2019, Europe continued to contribute to the overall Luxottica growth, with a positive evolution at both Wholesale and Retail divisions, supported by best-selling proprietary brands (also online) as well as main luxury licenses. 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. Ray-Banmono-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. 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. Request Information. Adjusted6 Gross profit: +6.6% at current exchange rates and 3.5% at constant exchange rates2. Trends were strong in Sunglasses & Readers. EssilorLuxottica confirms that the search for a new CEO is ongoing. Rather, these non-IFRS measures should be used as a supplement to IFRS results to assist the reader in better understanding the operating performance of the Group and should be read in conjunction with EssilorLuxottica consolidated financial statements. It will likely take several months to effectively recover them. The Company announced on December 30, 2019 that it had discovered fraudulent financial activity at an Essilor plant in Thailand. "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 Retail business had a strong year with Target Optical and EyeMed leading the way at double-digit sales growth. Essilor International; Published. 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). In addition to revolutionizing optometry, the Vision-R™ 800 paves the way for ophthalmic lenses with much greater accuracy. EssilorLuxottica consolidated statement of profit or loss. 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). Growth in the Lenses & Optical Instruments division remained in double digits at constant exchange rates2 through a mix of strong underlying trends and new partnerships. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. As presented in the consolidated statement of cash flows. Financial investments net of cash acquired amounted to Euro 370 million in 2019, compared to Euro 289 million in 2018. 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. Financial Schedules. 2019 Annual Report and Form 10K. 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. Internal action: Internal controls and security measures have been tightened across the global operations. Capital expenditures amounted to Euro 903 million, representing 5.2% of Group's revenue. In Asia, Oceania and Africa revenue increased by 6.8% to Euro 756 million (+5.0% at constant exchange rates2). 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. 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. Elsewhere in Europe, revenue was either flat or slightly lower. Contingency plans can be activated in case of a protracted pandemic. Strong revenue growth at constant exchange rates, On a geographical basis at constant exchange rates, Key investment fueled new product launches (notably Transitions. 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. Ex-date: May 21, 2019. These efforts earned EssilorLuxottica the 17th spot in Fortune Magazine's annual Change the World list in 2019. EssilorLuxottica completed 29 transactions in 2019, representing full-year revenue of close to Euro 218 million. The European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. In Europe Sunglass Hut and Salmoiraghi & Viganò kept nicely growing, like both optical and sun business did in Australia and sun in Brazil. 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. 2019 Revenue: $8.67 billion Number of Employees: 69,000 Revenue per Employee: $125,000 Essilor is a French-based company that specializes in lens manufacture – they are the biggest producer of ophthalmic lenses in the world. This strong dynamic continued in the first few months of 2020. 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. 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. Full Year 2019 revenue by geographical area. Contingency plans can be activated in case of a protracted pandemic. 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. Part of an annual (financial) report; Differentiation Level This COP qualifies … 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. Download the pdf version of the news release, Download the 2018 Interim Financial Report in pdf version, The ClickCheck™: bringing vision care to underserved communities. Revenue in Japan got a lift from value-added lenses and a series of commercial successes with optical chains. 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. 2019/05/27 Time period. 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 … 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. The successful development of the STARS program remains a key pillar of Luxottica's strategy, and currently represents over 20% of Wholesale revenue in the region, showing a nice acceleration in the last part of the year. By sending the form above, I acknowledge that I have read the Privacy Notice and that I have been fully informed of the terms and conditions under which Essilor International processes my personal data. 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. The Board of Directors has also approved the Restated Unaudited. The following table provides a reconciliation of those non-GAAP measures to the most directly comparable IFRS financial measures. 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