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. As for Asia, Oceania and Africa and Latin America, both the regions experienced a deceleration in the second half of 2019, mainly attributable to poor trends in Hong Kong and travel retail and a weakening performance in Mexico respectively. 2015 ANNUAL REPORT. The final appointment is expected to be made by the end of 2020. In North America, revenue increased by 7.6% to Euro 2,273 million (+4.3% at constant exchange rates2). Main future investments In 2020, the Group will continue investing in production, development of the retail network, integration activities, M&A and partnerships projects. Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP. Luxottica: 2018 results and highlights2018 was another year of growth for Luxottica with consolidated sales over Euro 8,929 million, up 1.5% at constant exchange rates3 (-2.8% at current exchange rates, due to currency headwinds driven by the devaluation of the US and Australian dollars and the Brazilian Real). First-Half 2018 Report First-Half 2018 Condensed Consolidated Financial Statements Statement by the Person Responsible for the 2018 Interim Financial Report Statutory Auditor’s Review Report on the First-Half 2018 Financial Statements This is a free translation into English of the 2018 Interim Financial Report issued in French. Company overview; Financial Highlights. 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. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux® and Transitions®, and world-class retail brands including Sunglass Hut and LensCrafters are part of the EssilorLuxottica family. 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. 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?”. EssilorLuxottica has 150,616 employees across 2 locations and €10.80 B in annual revenue in FY 2018. "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. Brand doesn't have an official ecommerce. 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 Strategic and business integration matters, along with governance topics, are being considered and worked upon by the management teams of Essilor International and Luxottica, in order to ensure a seamless execution of the synergy plan and the growth strategy of EssilorLuxottica. They would aim at optimizing the Company’s global infrastructure. 2018 Δ 2019/2018 CAGR; Total Revenue : Cost of Sales : Gross Profit : Operating Income : Net Income ... EssilorLuxottica SA Annual Report. CHARENTON-LE-PONT, France—EssilorLuxottica (Reuters: ESLX.PA) reported consolidated revenue of €13,086 million for the nine months ending Sept. 30, 2019, a year-on-year increase of 7.7 percent compared to the 2018 first nine months pro forma revenue, an increase of 4.3 percent at constant exchange rates. Essilor and Luxottica both contributed to the positive performance. This reflected robust results in China, especially for Xiamen Yarui Optical (Bolon™) and strong market demand for readers and sunglasses at Costa and FGX International in the United States. Moreover, investors should be aware that the Group's method of calculating those non-GAAP measures may differ from that used by other companies. Since then, Essilor International has implemented a wide range of corrective measures under the supervision of the EssilorLuxottica Board of Directors. Excerpts from the full year 2019 management report, Full year 2019 revenue by operating segment. In Asia, Oceania and Africa, revenue increased by 7.4% to Euro 2,892 million (+5.4% at constant exchange rates2). E-commerce activity in Brazil supported regional growth. Partnerships were also launched with governmental ministries in France, Kenya and India to promote eye exams and raise awareness about the importance of visual health in schools or among underprivileged children (see page 15 for more details). 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. Retail sales increased soundly in the quarter in high-single digit area, posting its 24th consecutive quarter of turnover expansion. 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. Such measures are not defined terms under IFRS and their definitions should be carefully reviewed and understood by investors. The pro forma1 operating profit on an adjusted2 basis reached Euro 2,572 million in 2018, an increase of 1.2% at constant exchange rates3. Annual Report 2019: https://annualreport.grandvision.com ... Download here : 6 August 2018: Half Year 2018 Financial Report: n.a. The consolidated financial statements. 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. 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. 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. Based on this assumption, and excluding any contribution from GrandVision, EssilorLuxottica expects to grow in sales and profits. This partnership promotes global action on good vision for road users while contributing to the United Nations’ Sustainable Development Goals. Both Luxottica divisions posted the best quarter of the year. 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. In 2019, Optical House generated around Euro 65 million of revenue. Hong Kong retail remained negative, for the fourth consecutive year. Essilor-Logo vor der Fusion mit Luxottica These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. In 2018, sales from Luxottica's e-commerce platforms, representing approximately 5% of total sales, were up 14% at constant exchange rates3. 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. Annual Report 2019. These adjustments are described below. Synergies and integration The Company has started to drive integration and deliver revenue and cost synergies. So far, the virus has also slightly impacted the Company’s revenue performance in other regions. Full Year 2019 revenue by geographical area. Adjusted6 Gross profit in 2019 ended at Euro 10,887 million, representing 62.6% of revenue versus 63.0% in 2018. On the opposite, Hong Kong did not improve, deteriorating further in Retail sales and comparable store sales5. Swedish. 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. 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. 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. Thanks to this strategy, sales growth accelerated with each quarter in 2018. Robust growth continued with Alliance members and Essilor Experts while key accounts expanded at a modest pace. June 15, 2018 At its meeting of June 7, 2018, the Board of Directors of Essilor decided to convene the first Shareholders’ Meeting of EssilorLuxottica on July 25, 2018, in anticipation of the completion of the combination with Luxottica (i.e the date when all Luxottica S.p.A shares are contributed by Delfin S.à r.l. 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. 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. During the fourth quarter the sales drop was amplified at Sears Optical. 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. 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. The division showed strength across all regions through a continued focus on innovation, fast growing markets4 and e-commerce. Adjusted2 net margin held at 11.6%.Net debt as of December 31, 2018 was Euro 1.9 billion, a testament to the Group's ability to generate significant cash flow. Today, Luxottica is well organized and energized for its future as part of EssilorLuxottica. The 2018 IFRS consolidated financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. 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. 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. The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. 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 Management report on the interim financial results as of June 30, 2018 Page 2 of 23 EBITDA2 decreased by 11.5% to Euro 1,013.9 million, down from Euro 1,145.6 million in the first six months of 2017. Performance of the sun category stood out in the fourth quarter. 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. 2018 ANNUAL REPORT I have the privilege of being the CEO of Johnson & Johnson during a remarkable time in history. Elsewhere in Europe, revenue was either flat or slightly lower. "An ever-growing number of solutions in all price points to correct and protect eyesight." In Asia, Oceania and Africa revenue increased by 6.8% to Euro 756 million (+5.0% at constant exchange rates2). 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. Annual reports and publications. Lastly, Essilor put its culture of innovation to work for Base of Pyramid consumers in 2019: it developed new refraction technologies to make eye screening available to all, and launched the new “Ready2Clip Generation II” prescription glasses that can be dispensed on the spot.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. Good performances from progressive and photochromic lenses have accelerated gains in South Korea quarter after quarter, and kept momentum strong in Southeast Asia. Bolon ecommerce. Optical HouseOn January 3, 2020, EssilorLuxottica completed the purchase of a 51% stake in Optical House, the leader in the optical market in Ukraine. Business improved across all regions, proof that the strategic initiatives and growth projects are paying off. Solid growth, sound profitability and cash flowA robust foundation for 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. This was well above the initial target of delivering like-for-like4 growth of around 4%. 2018 ANNUAL REPORT 5 As for our smartphone business, in the fourth quarter of 2018, we successfully developed our multi-brand strategy and proactively adjusted our product portfolio and launch schedules. 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. EssilorLuxottica entstand im Oktober 2018 aus der Fusion der Essilor International S.A. mit der Luxottica S.p.A. Es ist ein weltweit operierendes augenoptisches Unternehmen mit Hauptsitz in Charenton-le-Pont am Südrand von Paris. 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. The EssilorLuxottica share trades on … 2017 Annual Report 982 KB. 1 Oct 2018. (a) As presented in the consolidated statement of cash flows. The Lenses & Optical Instruments division delivered strong in the region, with business up sharply in China, South Korea, Southeast Asia and Japan. * 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. Trends were strong in Sunglasses & Readers. 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