FINANCIAL
HIGHLIGHTS

RECORD 2017 WITH NET PROFITS AND FREE CASH FLOW OVER ONE BILLION EURO
READ THE PRESS RELEASE

Overview 

  • The performance in the past year is the result of the Group's profound transformation and strategic renewal: a more direct relationship with the consumer and an extensive digitization of the entire business were the main drivers of change. Among the most significant initiatives of 2017 were the launch of Ray-Ban ophthalmic lenses, price harmonization across sales channels, greater segmentation and attention to wholesale distribution and the continuous development of proprietary brands’ e-commerce platforms.
  • In 2017, Group revenues reached Euro 9,157 million, up 2.2% at constant exchange rates2 (+0.8% at current exchange rates) with accelerating net sales in the fourth quarter.
  • Operating income increased on an adjusted basis3,5 by 0.7% to Euro 1,442 million in 2017 (-3.3% to Euro 1,301 million on a reported basis), with an adjusted operating margin3,5 at 15.8%. Adjusted operating income3,5 excludes organizational simplification and restructuring costs for certain business areas as well as non-recurring costs for a total of approximately Euro 142 million.
  • Net income grew by 10% to Euro 970 million on an adjusted basis3,5 and by 22.4%6 to Euro 1,038 million on a reported basis, benefiting from the lower cost of debt and reflecting benefits from Luxottica’s Italian Patent Box agreement and from American tax reform.
  • Free cash flow3 generation reached the record level of Euro 1,028 million for the twelve-month period ended December 31, 2017. Net debt3 as of December 31, 2017 was Euro 740 million, down by 37.1% compared to the same period last year, with a net debt/adjusted3,5 EBITDA ratio of 0.4x.

Reported results for Full Year 20171

(Millions of Euro)FY 2016FY 2017Change at constant exchange rates2Change at current exchange rates
Group net sales 9,086 9,157 +2.2% +0.8%
Wholesale division 3,528 3,505 +0.3% -0.6%
Retail division 5,558 5,652 +3.4% +1.7%
Operating income 1,345 1,301 -1.3% -3.3%
Net income attributable to Luxottica Group stockholders6 848 1,038 +24.7% +22.4%
Earnings per share6 1.77 2.17   +22.7%
Earnings per share in US$6 1.96 2.45   +25.3%

 Adjusted3,5 results for Full Year 20171

(Millions of Euro)FY 2016FY 2017Change at constant exchange rates2Change at current exchange rates
Group adjusted net sales 9,086 9,157 +2.2% +0.8%
Wholesale division 3,528 3,505 +0.3% -0.6%
Retail division 5,558 5,652 +3.4% +1.7%
Adjusted operating income 1,432 1,442 +2.7% +0.7%
Adj. net income attributable to Luxottica Group stockholders 882 970 +12.2% +10.0%
Adj. earnings per share 1.84 2.03   +10.3%
Adj.  earnings per share in US$ 2.04 2.29   +12.6%

1,2,3,5,6: for more informations, read the press release

Last updated: Feb 26 2018