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Revenue ended the year at Euro 7,459 million, up 4.6% from the previous year on a like-for-like4 basis, including 5.7% in the fourth quarter. Non-recurring Cost of sales for Euro 27 million associated with restructuring and reorganization projects mainly linked to initiatives aimed at transforming the Group’s distributive network (i.e. This was well above the initial target of delivering like-for-like4 growth of around 4%. In this document, management presented certain performance indicators that are not envisioned by the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and endorsed by the European Union. 2018 pro forma1 revenue by operating segment, 2018 pro forma1 revenue by geographical area. 2018/19 English. Management ChangesEssilorLuxottica confirms that the search for a new CEO is ongoing. Apply. Cost of net debt is adjusted for Euro 9 million corresponding mainly to non-recurring financial expenses linked to early repayment of debt at Luxottica level in the context of the restructuring and centralization of financial debt at EssilorLuxottica level. Annual Report 2018 The Orico Group consists of Orient Corporation (Orico or the Company), 15 consolidated subsidiaries and four associates accounted for by the equity method. After submitting your request, you will … For further details, please refer to the table in the Appendix.2 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year.3 Like-for-like: growth at constant scope and exchange rates.4 Fast-growing countries or markets: include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia, Eastern Europe and Latin America.5 Comparable store sales or comps: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. Royalties of Euro 168 million, related to the Group’s licensed frame brands. This also includes, to a lesser extent, price supplements on acquisitions completed prior to 2019. Operating cash-flow before changes in working capital amounted to Euro 3,351 in 2019.Changes in working capital requirement amounted to Euro 52 million against Operating cash-flow.Capital expenditures amounted to Euro 903 million, representing 5.2% of Group’s revenue.The Free Cash Flow7 normalized for IFRS 16 impacts amounted to Euro 1,825 million. Ariel Bauer is appointed co-Head of Investor Relations of EssilorLuxottica alongside Giorgio Iannella, in replacement of Véronique Gillet. Swedish. Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP. 5 Fast-growing countries include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America.6 Contribution from operations: Revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs and other operating expenses).7 Comparable store sales reflect the change in sales from one period to another that, for comparison purposes, includes in the calculation only stores open in the more recent period that also were open during the comparable prior period, and applies to both periods the average exchange rate for the prior period and the same geographic area.8 Free cash flow is defined in the appendix. 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. Year. Reports. Financial investments Financial investments net of cash acquired amounted to Euro 370 million in 2019, compared to Euro 289 million in 2018. 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. Oakley eyewear experienced a relevant uplift from the partnership with the NFL (with its testimonial Patrick Mahomes winning the Superbowl and the related MVP trophy), posting mid-single digit growth in the second half of the year. 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. The Lenses & Optical Instruments Division benefitted from the continued momentum from the Transitions® Signature® GEN 8™ launch, both with Independent Eyecare Professionals and through the Company’s retail channels. The growth in Wholesale was reinforced by the solid performance in the independent, department store and the third-party e-commerce channels. Annual Financial Statements of Siemens Healthineers AG 2018 (HGB) (pdf) 0.89 MB; Annual Report 2018 including Consolidated Financial Statements for Siemens Healthineers Group, together with the Combined Management Report of Siemens Healthineers AG and the Siemens Healthineers Group, as of September 30, 2018 (IFRS) (pdf) 1.52 MB The division strengthened its positions in the Chinese sunwear market, its main market in the region.The Equipment division posted solid growth as market conditions in fast growing markets remained favorable. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. Bolon Financial Report 2018 . Elsewhere in Europe, revenue was either flat or slightly lower. The additional growth allowed the company to continue to invest for the future, for instance in very promising projects in the areas of myopia and digitalization, and to bolster initiatives relating to Essilor's mission and its "2.5 New Vision Generation(TM)" activities. Dynamic growth at the Lenses & Optical Instruments division, where revenue rose 4.2% like-for-like, A sharp acceleration in sales growth for Sunglasses & Readers, where revenue surged 8.1% like-for-like, Double-digit growth in online sales with particularly good performances in India as well as in corrective lenses and mid-tier products, illustrating Essilor's ability to identify the most promising segments year after year, Revenue growth at constant exchange rates, A gradual resumption of the acquisitions and partnerships policy with the completion of eight transactions representing full-year revenue of close to Euro 68 million, A healthy financial position that allowed the company to substantially reduce its net debt, May 16, 2019: Shareholders' General Meeting in Paris. 2018 Annual Report. 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”). It was boosted by efficiency gains, by a favorable trend in the product mix, particularly thanks to solid growth in sales of Transitions®, Varilux®, Crizal® and Eyezen(TM) lenses, and by new products, including the launch of the Crizal® Sapphire 360°(TM) antireflective lens and the completion of the Varilux® X Series(TM) progressive lens rollout.Adjusted² contribution from operations6, the company's previous key performance indicator of profitability, reached 18.1% of revenue even as investments in new and buoyant segments were stepped up.On a pro forma1 basis, the adjusted2 operating profit reached 16.5% of revenue.The effective tax rate on an adjusted basis2 decreased by 90 basis points, to 21.6%, thanks to the elimination of the tax on dividends and to a favorable geographic mix.Adjusted2 net profit came to Euro 923 million compared with Euro 942 million in 2017. Financial data; Multi-year overview; Debt & Dividend Profile. 2015 ANNUAL REPORT. The Equipment division grew by 2% at constant exchange rates2 with a mix of solid market trends in Europe, Latin America and Asia offset by a slowdown in the capital investment cycle in other developed markets, partly due to industry consolidation. The report quantifies the scale of uncorrected poor vision in the world and recommends a cumulative investment of $14 billion over the next 30 years to eliminate it. Recovery of misappropriated funds: The company progressed with freezing funds on different bank accounts in several jurisdictions. Notes to the press release1 Pro forma: The unaudited pro forma consolidated financial information has been prepared for illustrative purposes only and does not take into account the results of operations and financial condition that EssilorLuxottica would have achieved if the contribution of Luxottica shares by its majority shareholder had actually been realized on January 1, 2018 or January 1, 2017. 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. The final appointment is expected to be made by the end of 2020. Gains were driven by value-added lenses, especially progressive lenses. The major transactions are indicated in the table below. The performance of the Lenses & Optical Instruments in the quarter was driven by robust gains in Russia, Turkey, Instruments and online sales of contact lens through VisionDirect.The Equipment division continued its strong performance in the fourth quarter, ending the year sharply higher. distribution of exceptional bonuses to French employees for Euro 2 million. 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. Annual Reports & Half Year Reports; EssilorLuxottica/ HAL Transaction documents; Key Figures; Corporate Governance. 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). This divestment was a requirement from the Turkish Competition Authority (TCA) as a remedy from the combination between Essilor and Luxottica. Ray-Ban mono-brand store roll-out made further progress last year in the region, focused on Mainland China which reached 141 locations at the end of December, out of a total 171 in the whole Asia-Pacific area. Annual Report 2019. Seine Aktien werden an der Pariser Börse als Teil des CAC40 gehandelt. 2018 Annual Report 5.9 MB. Similar to the full year trend, contact lens distribution activities contributed to growth.Sunglasses & Readers performance in the United States was driven primarily by FGX during the fourth quarter.Trends in the Equipment division moderated after a particularly strong third quarter and an elevated prior year comparison base. * 2018 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 EL Combination. 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. EssilorLuxottica consolidated statement of profit or loss. In Asia, Oceania and Africa, revenue increased by 7.4% to Euro 2,892 million (+5.4% at constant exchange rates2). Good performances from progressive and photochromic lenses have accelerated gains in South Korea quarter after quarter, and kept momentum strong in Southeast Asia. It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. 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. All Reports and Proxies. Capital expenditure 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. 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. EXCERPTS FROM THE RESTATED UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION, EXCERPTS FROM THE CONSOLIDATED GROUP FINANCIAL STATEMENTS. EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. The gross margin at Luxottica was broadly stable, despite the slight dilution generated by the fast-growing managed vision care business. Group net debt amounted to Euro 4,046 million at the end of December 2019, compared to Euro 3,849 at the end of December 2018 (restated following the implementation of IFRS 16. 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. See insights on EssilorLuxottica including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 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. * 2018 information has been restated following the application of IFRS 16 Leases. Find here all the regulatory information published by Essilor International (Compagnie Générale d’Optique) (renamed EssilorLuxottica on October 1st, 2018) prior to the combination with Luxottica. 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. Fraudulent financial activity was discovered at one of Essilor International’s plants in Thailand. 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. 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. The Sunglasses & Readers division performed well in 2019, with revenue rising 12.5% to Euro 885 million (+8.9% at constant exchange rates2). Contingency plans can be activated in case of a protracted pandemic. Net cash flow provided by operating activities, Purchase of property, plant and equipment and intangible assets, Cash payments for the principal portion of lease liabilities, Non-current borrowings and lease liabilities, Short-term borrowings and lease liabilities, Interest Rate Swap measured at fair value, Lease liabilities (current and non-current), Change in Net Debt (excluding lease liabilities), Acquisition and other investments, net of disposals, Property, plant and equipment and intangible assets (gross of disposals), Financial investments net of cash acquired, Integrated prescription laboratory operating optical stores, Online retail platform for optical products. Market Overview The Lens Edger market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth … 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. 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. 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. Growth in E-commerce sales was satisfactory, especially for contact lenses distributed through the VisionDirect website. The EssilorLuxottica share trades on … 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. EssilorLuxottica can rely on a worldwide network of plants and laboratories, which allow flexibility and continuity. Annual reports and publications. Net profit for the fiscal year 2018 on an adjusted basis2 was down by 2.0% to Euro 951 million (+6.7% to over Euro one billion at constant exchange rates3) due in part to the tough comparison over last year's record level. “In its first full year, EssilorLuxottica delivered a solid performance. 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. 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. Trends were strong in Sunglasses & Readers. In Latin America, revenue increased by 0.9% to Euro 304 million (+3.8% at constant exchange rates2). 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. Quarterly Earnings. 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. Retail sales increased soundly in the quarter in high-single digit area, posting its 24th consecutive quarter of turnover expansion. See detailed amounts in the appendix.3 Figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year. 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 consolidated financial statements. 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. 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. They would aim at optimizing the Company’s global infrastructure. Target Optical and EyeMed confirmed their sound growth path, while Sears continued to be a heavy drag. EssilorLuxottica Says Coronavirus Impact Is Limited Outside China The eyewear giant noted slight impact on revenue in other regions, and said inventory is enough for several weeks of demand. Consolidated statement of financial position. Company overview; Financial Highlights. On the opposite, Hong Kong did not improve, deteriorating further in Retail sales and comparable store sales5. In 2019, Optical House generated around Euro 65 million of revenue. 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. 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. Thanks to this strategy, sales growth accelerated with each quarter in 2018. Essilor and Delfin successfully complete the combination of Essilor and Luxottica by creating EssilorLuxottica, a global leader in the eyecare and eyewear industry. 2019 was positive for Luxottica in the region as a whole, with growing sales at constant exchange rates2 in both Wholesale and Retail divisions. 2012 Annual Report. KDDIの企業情報「統合レポート2019 (オンライン版)」をご紹介します。 表紙/企業理念/目次 (7.6MB) 価値創造の軌跡 (1.9MB) マネジメントメッセージ (1.0MB) 特集: 新たな成長ステージを目指して (1.2MB) Europe reported sales down by 0.8% at constant exchange rates3 due to a tough comparison with 2017 where sales were up 13.4% at constant exchange rates3, and with the cumulative growth of the last three years which was 27% at constant exchange rates3.Once again, Ray-Ban led the performance in every segment and region thanks to a strong global communication strategy and integrated omnichannel brand management. This has been defined as a priority and will be monitored as such. Goodwill increased by Euro 588 million, of which Euro 206 million resulting from acquisitions made in 2019, and Euro 382 million resulting from foreign currency fluctuations (including foreign currency fluctuations on the goodwill arising from the EssilorLuxottica Combination, amounting to Euro 333 million). Enter this section to read more and get in touch with the Financial Communication and Investor relations team. E-commerce activity in Brazil supported regional growth. SEC Filings & 20 F; Results and presentations. EssilorLuxottica reported pro forma1 revenues of Euro 16,160 million, up 3.2% at constant exchange rates3. 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. 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. EssilorLuxottica SA Financial Report. 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). 2019/20 English. In 2017, net profit results benefited from non-recurring income related to Luxottica's Italian Patent Box agreement covering 2015 and 2016 and from the impact of US tax reform. 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. Charenton-le-Pont, France (March 8, 2019) - The Board of Directors of EssilorLuxottica met on March 7, 2019 to approve the financial statements for 2018. 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. The Orico Group’s main operations are consumer finance services. In Europe, revenue increased by 4.9% to Euro 4,236 million (+5.1% at constant exchange rates2). These access points delivered vision solutions to 10.7 million new eyeglass wearers in 2019 alone, bringing the total for the past seven years to 33.5 million.These efforts earned EssilorLuxottica the 17th spot in Fortune Magazine’s annual Change the World list in 2019. 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”. The contribution of Luxottica is significant: net sales, profitability and free cash flow all show positive growth, excluding the exchange rate effect. 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. Solid growth, sound profitability and cash flowA robust foundation for EssilorLuxottica. 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. 2020 assume that the COVID-19 outbreak will subside in the second consecutive year kept momentum strong in Southeast.... 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The solid performance in the quarter in 2018, the Company signed a letter of to...
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