On January 3, 2020, EssilorLuxottica completed the purchase of a 51% stake in Optical House, the leader in the optical market in Ukraine. share these measures with all investors at the same time. The proprietary e-commerce platforms delivered exceptional growth, with a further acceleration in the. "In its first full year, EssilorLuxottica delivered a solid performance. 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. However, please continue to check our website as we regularly publish new job offers. 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. fourth quarter. Adjusted6 Operating expenses: +6.4% at current exchange rates and +3.5% at constant exchange rates2. It is now also considering internal candidates. The Wholesale division saw robust trends in particular in Spain, Portugal, Greece, UK, Turkey and Eastern Europe. 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). Baxter International Inc. has reached its limit for free report views. deteriorating further in Retail sales and comparable store sales5. EssilorLuxottica consolidated statement of profit or loss. As presented in the consolidated statement of cash flows. 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. 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. The direct e-commerce business had another exceptional quarter growing at 27% at constant exchange rates2 and all major websites contributed to the success. 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 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. In particular, management adjusted the following measures: Gross profit, Operating expenses, Operating profit, Profit before taxes and Net profit. The Company is confident that Phase II will be completed in a timely manner and will closely cooperate with the European Commission to fully demonstrate the rationale of the proposed acquisition and the benefits that it will bring to customers, consumers and all the eyewear industry players. 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. commented Francesco Milleri, Deputy Chairman and CEO of Luxottica. The Board of Directors of Essilor met on July 25, 2018 to approve the financial statements for the six months ended June 30, 2018. EssilorLuxottica completed 29 transactions in 2019, representing full-year revenue of close to Euro 218 million. 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. Following an exceptional performance through the first nine months of the year, the Equipment division slowed down during the fourth quarter. Operating expenses amounted to Euro 8,074 million in 2019, translating to 46.4% of sales compared to 46.9% in the prior year and reflecting: Adjusted6 Operating profit: +7.4% at current exchange rates and +3.3% at constant exchange rates2. 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. Fraudulent financial activity was discovered at one of Essilor International's plants in Thailand. 2010; ... International offering Memorandum. Royalties of Euro 168 million, related to the Group's licensed frame brands. 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). 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. The Company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. 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. 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. The Company's financial objectives for 2020 assume that the COVID-19 outbreak will subside in the next few months. It will likely take several months to effectively recover them. Lastly, in keeping with the commitments made to Turkish antitrust authorities at the time of the combination with Luxottica, Essilor divested its subsidiary Merve, which markets sunglasses to consumers in Turkey. Within the Sunglasses & Readers division, FGX International delivered robust sales, notably in the United Kingdom and Germany. Essilor International S.A. is a French-based international ophthalmic optics company that designs, manufactures and markets lenses to correct or protect eyesight. The benefit from the consolidation of Barberini weighted to a smaller extent. Revenue was positive throughout the entire year, with comparable store sales5 slightly above the parity in the twelve months. 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. Laurent Vacherot, President and Chief Operating Officer The division showed strength across all regions through a continued focus on innovation, fast growing markets4 and e-commerce. Change in Net Debt (excluding lease liabilities), Acquisition and other investments, net of. In 2019, the global revenue of Essilor amounted to approximately 7.9 billion euros. 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. January 2018 – December 2018 Files. 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. The second half of the year slightly slowed down compared to the first, mostly due to a weakening performance in the fourth quarter in Mexico. In India, promotional campaigns, online sales and innovative business models for Base-of-Pyramid consumers only partially offset the decline in sales. The Lenses & Optical Instruments division grew by 5.5% at constant exchange rates2 in 2019, for total sales of Euro 6,791 million. Moreover, investors should be aware that the Group's method of calculating those non-GAAP measures may differ from that used by other companies. 2019 is the first year in which EssilorLuxottica's consolidated statement of profit or loss shows the full year performance of both Essilor's and Luxottica's businesses. This also includes, to a lesser extent, price supplements on acquisitions completed prior to 2019. Adjusted6 Cost of net debt, Other financial income / (expenses) and Share of profits of associates. Among major countries, Italy, Germany, Turkey and Eastern Europe outperformed other markets. The Equipment division was a slight headwind to regional growth on a consolidated basis despite solid underlying activity as market conditions in fast growing markets remained favorable. News / 2020.12.17. The comparability in 2019 consolidated financial statements is still affected by the EL Combination which occurred on October 1, 2018. This divestment was a requirement from the Turkish Competition Authority (TCA) as a remedy from the combination between Essilor and Luxottica. In 2019, Essilor worked toward this goal through partnerships to eliminate poor vision in many regions. The Lenses & Optical Instruments division generated significantly improved growth at constant exchange rates2 for the full year 2019 when compared to 2018 consisting of balanced growth in Brazil and Spanish speaking markets through most of the year. The Board of Directors has also approved the Restated Unaudited. 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"). 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. 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. 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). 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. Elsewhere in Europe, revenue was either flat or slightly lower. The ranking was recognition of the company's commitment to bring good vision to everyone everywhere and eliminate poor vision around the world as part of its mission to "see more, be more and live life to its fullest". Founded in 1972, Essilor … On December 5, 2019, EssilorLuxottica announced the closing of the disposal of its 100% stake in Merve Optik in Turkey. Capital expenditures amounted to Euro 903 million, representing 5.2% of Group's revenue. It continued to diversify its distribution network in the United States and to expand its international and online operations. The steady growth posted by Europe was driven by volumes and benefited from the relentless evolution of STARS. 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. Elsewhere in the region growth was supported by continued market development and improved product mix, which more than offset economic headwinds in select markets, notably Chile and Colombia. 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. 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%. EssilorLuxottica can rely on a worldwide network of plants and laboratories, which allow flexibility and continuity. 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. Contingency plans can be activated in case of a protracted pandemic. Growth was fueled by value-added lenses in all countries. The European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. 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 A world first, the latter radically changes the eye exam process and customer experience, allowing measurement up to 0.01 diopter versus 0.25 diopter with other machines on the market. 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. 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. 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