Nel 2004 il fatturato di Luxottica Group cresce del 14,1%

15 Feb 2005 - 12:30

Milano, 15 febbraio 2005 - Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), leader mondiale nel settore degli occhiali, ha annunciato che il Consiglio di Amministrazione ha approvato in data odierna i risultati consolidati del quarto trimestre e dell’anno 2004 secondo i principi contabili U.S. GAAP.

Principali dati consolidati

Esercizio 2004

  • Fatturato: €3.223,9 milioni (+14,1%, +21,6% a parità di cambi1)
  • fatturato retail: €2.315,8 milioni (+15,7%); vendite a parità di negozi, cambi e perimetro di consolidamento: +4,2%
  • fatturato wholesale: €1.094,3 milioni (+10,0%)
  • Utile operativo: €492,8 milioni (+14,1%); margine operativo: 15,3%
  • utile operativo retail: €310,3 milioni (+15,0%); margine operativo retail: 13,4%
  • utile operativo wholesale: €233,1 milioni (+22,0%); margine operativo wholesale: 21,3%
  • Utile netto: €286,9 milioni (+7,3%); margine netto: 8,9%
  • Utile per azione o ADS: €0,64 (US$0,80)

Quarto trimestre del 2004

  • Fatturato: €941,7 milioni (+31,0%, +41,7% a parità di cambi1)
  • fatturato retail: €730,1 milioni (+37,3%); fatturato retail a parità di negozi, cambi e perimetro di consolidamento: +4,1%
  • fatturato wholesale: €258,2 milioni (+16,7%)
  • Utile operativo: €104,5 milioni (+5,5%); margine operativo: 11,1%
  • utile operativo retail: €74,4 milioni (+25,0%); margine operativo retail: 10,2%
  • utile operativo wholesale: €45,4 milioni (+20,6%), margine operativo wholesale: 17,6%
  • Utile netto: €59,8 milioni (+0,2%); margine netto: 6,3%
  • Utile per azione o ADS: €0,13 (US$0,17)

Andrea Guerra, Amministratore Delegato di Luxottica Group, ha commentato: “Il 2004 è stato un anno particolarmente positivo per il Gruppo sia nel retail che nel wholesale. La performance delle nostre catene retail LensCrafters, Sunglass Hut e OPSM Group, soprattutto in termini di redditività, è stata superiore a quella del mercato. Allo stesso modo la divisione wholesale ha continuato a rafforzare la propria posizione competitiva nei principali mercati mondiali, confermando la forza di un portafoglio che include marchi molto prestigiosi sia in licenza che propri, tra i quali il principale marchio di occhiali da sole e vista nel mondo, Ray-Ban. Nel trimestre il fatturato della divisione wholesale a clienti terzi è aumentato del 13,2%, in miglioramento rispetto ai nove mesi.”

“Nel quarto trimestre il management della nostra divisione retail in Nord America si è focalizzato sull’integrazione di Cole National, il cui successo è strategico per il Gruppo. Ad oggi, tutto procede come da aspettative senza imprevisti.” La significativa generazione di cassa è stata ancora una volta uno dei punti di forza dei risultati di Luxottica Group. Infatti l’indebitamento netto del Gruppo al 31.12.2004 era pari a €1.711,3 milioni, evidenziando un incremento di € 240,9 milioni rispetto a €1.470,4 milioni al 31.12.2003, nonostante un investimento complessivo per l’acquisizione di Cole National pari a circa €600 milioni e il pagamento di €95,5 milioni in dividendi.

Il tax rate del 2004 è stato pari al 35,4%, rispetto al 30,1% del 2003.

Previsioni per l’esercizio 2005

Luxottica Group, ipotizzando un cambio Euro/Dollaro pari a 1,30 e un tax rate tra il 37% e il 40%, prevede di realizzare per l’esercizio 2005 i seguenti risultati consolidati: • Un fatturato tra i €4.000 milioni e i €4.150 milioni • Un utile per azione tra €0,68 e €0,70 (tra US$0,88 e US$0,91) • Debito netto/EBITDA: da 2,0x a 2,2x1

Descrizione di Luxottica Group S.p.A.

Il Gruppo Luxottica è leader mondiale nella progettazione, produzione, commercializzazione e distribuzione di montature per occhiali di elevata qualità nei segmenti medio e alto. Nel 2004 il fatturato e l’utile netto del Gruppo sono stati pari rispettivamente a €3.223,9 milioni ed €286,9 milioni. Ulteriori informazioni sul Gruppo sono disponibili sul sito web www.luxottica.com.

Safe Harbour Statement

Talune dichiarazioni contenute in questo comunicato stampa potrebbero costituire previsioni ("forward looking statements") così come definite dal Private Securities Litigation Reform Act del 1995. Tali dichiarazioni sono soggette a rischi e incertezze e altri eventi che potrebbero portare i risultati effettivi a differire, anche in modo sostanziale, dalle relative previsioni. Tra i rischi e le incertezze rientrano, a titolo meramente esemplificativo, fluttuazioni valutarie, fattori economici ed eventi metereologici che possono influenzare gli acquisti dei consumatori, la capacità di Luxottica Group di lanciare con successo nuovi prodotti, di integrare i business recentemente acquisiti e di implementare iniziative volte a stimolare il fatturato e a ridurre i costi, la disponibilità di strumenti correttivi alternativi agli occhiali, il rischio che l’integrazione di Cole National Corporation, inclusa l’unificazione del business managed vision care di Luxottica Group con quello di Cole National Corporation, non proceda secondo i piani, che le sinergie attese da tale acquisizione non vengano realizzate e altri fattori politici, economici e tecnologici, e gli altri fattori di rischio ed incertezza menzionati nella documentazione societaria depositata presso la Securities and Exchange Commission. Tali previsioni, aspettative e/o opinioni sono formulate alla data odierna e Luxottica Group non assume alcun obbligo o responsabilità circa l'aggiornamento delle stesse.

Contatti

Luxottica Group S.p.A., Ufficio Investor & Media Relations

Tel. (02) 8633 4665 - Fax (02) 8699 6550 Email: Investorrelations@luxottica.com

_________________________
1 Dato non calcolato sulla base dei principi contabili U.S. GAAP. Si rimanda alle tabelle sottostanti per
la riconciliazione di tali dati e i risultati predisposti secondo gli U.S. GAAP.

 

LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE THREE-MONTH PERIODS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

KEY FIGURES IN THOUSANDS OF EURO (4)

 20042003% Change
NET SALES 941,651 718,682 31.0%
NET INCOME 59,756 59,613 0.2%
EARNINGS PER SHARE (ADS) (2) 0.13 0.13  
FULLY DILUTED EARNINGS PER SHARE (ADS) (3) 0.13 0.13  

 

KEY FIGURES IN THOUSANDS OF U.S. DOLLARS (1) (4)

 20042003% Change
NET SALES 1,221,133 853,938 43.0%
NET INCOME 77,491 70,832 9.4%
EARNINGS PER SHARE (ADS) (2) 0.17 0.16  
FULLY DILUTED EARNINGS PER SHARE (ADS) (3) 0.17 0.16  

_________________________
Notes : (2004) (2003)
(1) Average exchange rate (in U.S. Dollars per Euro) (1.2968) (1.1882)
(2) Weighted average number of outstanding shares (448,611,400) (447,989,477)
(3) Fully diluted average number of shares (451,054,240) (450,098,499)
(4) Except earnings per share (ADS), which are expressed in Euro and U.S. Dollars, respectively

 

LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

KEY FIGURES IN THOUSANDS OF EURO (4)

 20042003% Change
NET SALES 3,223,896 2,824,636 14.1%
NET INCOME 286,874 267,343 7.3%
EARNINGS PER SHARE (ADS) (2) 0.64 0.60  
FULLY DILUTED EARNINGS PER SHARE (ADS) (3) 0.64 0.59  

 

KEY FIGURES IN THOUSANDS OF U.S. DOLLARS (1) (4)

 20042003% Change
NET SALES 4,008,915 3,193,816 25.5%
NET INCOME 356,728 302,285 18.0%
EARNINGS PER SHARE (ADS) (2) 0.80 0.67  
FULLY DILUTED EARNINGS PER SHARE (ADS) (3) 0.79 0.67  

_________________________
Notes : (2004) (2003)
(1) Average exchange rate (in U.S. Dollars per Euro) (1.2435) (1.1307)
(2) Weighted average number of outstanding shares (448,275,028) (448,664,413)
(3) Fully diluted average number of shares (450,360,942) (450,202,173)
(4) Except earnings per share (ADS), which are expressed in Euro and U.S. Dollars, respectively

 

LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE THREE-MONTH PERIODS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

In thousands of Euro (1)4Q04% of sales4Q03% of sales% Change
NET SALES 941,651 100.0% 718,682 100.0% 31.0%
COST OF SALES (315,738)   (225,483)    
GROSS PROFIT 625,913 66.5% 493,199 68.6% 26.9%
OPERATING EXPENSES:          
SELLING EXPENSES (351,131)   (271,928)    
ROYALTIES (13,275)   (9,104)    
ADVERTISING EXPENSES (50,720)   (41,691)    
GENERAL AND ADMINISTRATIVE EXPENSES (93,106)   (61,286)    
TRADEMARK AMORTIZATION (13,155)   (10,077)    
TOTAL (521,387)   (394,085)    
OPERATING INCOME 104,526 11.1% 99,114 13.8% 5.5%
OTHER INCOME (EXPENSE):          
INTEREST EXPENSES (18,657)   (12,059)    
INTEREST INCOME 2,102   2,122    
OTHER - NET 11,415   (1,959)    
OTHER INCOME (EXPENSES) NET (5,140)   (11,895)    
INCOME BEFORE PROVISION FOR
INCOME TAXES
99,386 10.6% 87,219 12.1% 13.9%
PROVISION FOR INCOME TAXES (37,632)   (26,490)    
INCOME BEFORE MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES 61,754   60,729    
MINORITY INTEREST IN INCOME
OF CONSOLIDATED SUBSIDIARIES
(1,998)   (1,117)    
NET INCOME 59,756 6.3% 59,613 8.3% 0.2%
EARNINGS PER SHARE (ADS) (1) 0.13   0.13    
FULLY DILUTED EARNINGS PER SHARE (ADS) (1) 0.13   0.13    
WEIGHTED AVERAGE NUMBER OF
OUTSTANDING SHARES
448,611,400   447,989,477    
FULLY DILUTED AVERAGE NUMBER OF SHARES 451,054,240   450,098,499    

_________________________
Notes :
(1) Except earnings per share (ADS), which are expressed in Euro

 

LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE YEARS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

In thousands of Euro (1)2004% of sales2003% of sales% Change
NET SALES 3,223,896 100.0% 2,824,636 100.0% 14.1%
COST OF SALES (1,010,793)   (878,340)    
GROSS PROFIT 2,213,103 68.6% 1,946,296 68.9% 13.7%
OPERATING EXPENSES:          
SELLING EXPENSES (1,125,942)   (1,008,687)    
ROYALTIES (51,002)   (41,537)    
ADVERTISING EXPENSES (198,102)   (183,252)    
GENERAL AND ADMINISTRATIVE EXPENSES (300,095)   (243,717)    
TRADEMARK AMORTIZATION (45,148)   (37,316)    
TOTAL (1,720,289)   (1,514,509)    
OPERATING INCOME 492,814 15.3% 431,787 15.3% 14.1%
OTHER INCOME (EXPENSE):          
INTEREST EXPENSES (56,115)   (47,117)    
INTEREST INCOME 6,662   5,922    
OTHER - NET 13,792   (799)    
OTHER INCOME (EXPENSES) NET (35,661)   (41,994)    
INCOME BEFORE PROVISION FOR
INCOME TAXES
457,153 14.2% 389,793 13.8% 17.3%
PROVISION FOR INCOME TAXES (161,665)   (117,328)    
INCOME BEFORE MINORITY INTEREST IN
INCOME OF CONSOLIDATED SUBSIDIARIES
295,488   272,465    
MINORITY INTEREST IN INCOME
OF CONSOLIDATED SUBSIDIARIES
(8,614)   (5,122)    
NET INCOME 286,874 8.9% 267,343 9.5% 7.3%
EARNINGS PER SHARE (ADS) (1) 0.64   0.60    
FULLY DILUTED EARNINGS PER SHARE (ADS) (1) 0.64   0.59    
WEIGHTED AVERAGE NUMBER OF
OUTSTANDING SHARES
448,275,028   448,664,413    
FULLY DILUTED AVERAGE NUMBER OF SHARES 450,360,942   450,202,173    

_________________________
Notes :
(1) Except earnings per share (ADS), which are expressed in Euro

 

LUXOTTICA GROUP
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2004, AND DECEMBER 31, 2003

 

In thousands of EuroDecember 31, 2004December 31, 2003
CURRENT ASSETS:    
CASH 257,349 299,937
ACCOUNTS RECEIVABLE 406,437 353,516
SALES AND INCOME TAXES RECEIVABLE 33,120 34,259
INVENTORIES 433,158 404,216
PREPAID EXPENSES AND OTHER 69,149 50,714
DEFERRED TAX ASSETS - CURRENT 104,508 124,451
TOTAL CURRENT ASSETS 1,303,723 1,267,093
PROPERTY, PLANT AND EQUIPMENT - NET 599,245 497,435
OTHER ASSETS    
INTANGIBLE ASSETS - NET 2,473,053 2,093,612
INVESTMENTS 156,988 13,055
OTHER ASSETS 23,040 41,476
SALES AND INCOME TAXES RECEIVABLES 9 5
TOTAL OTHER ASSETS 2,653,089 2,148,148
TOTAL 4,556,057 3,912,676
CURRENT LIABILITIES:    
BANK OVERDRAFTS 289,459 516,905
CURRENT PORTION OF LONG-TERM DEBT 404,317 390,935
ACCOUNTS PAYABLE 222,550 178,616
ACCRUED EXPENSES AND OTHER 378,902 218,388
ACCRUAL FOR CUSTOMERS' RIGHT OF RETURN 8,802 7,423
INCOME TAXES PAYABLE 12,721 11,011
TOTAL CURRENT LIABILITIES 1,316,753 1,323,278
LONG TERM LIABILITIES:    
LONG TERM DEBT 1,274,905 862,492
LIABILITY FOR TERMINATION INDEMNITIES 52,656 47,241
DEFERRED TAX LIABILITIES - NON CURRENT 215,891 161,102
OTHER 176,486 124,157
TOTAL LONG TERM LIABILITIES 1,719,938 1,194,992
COMMITMENTS AND CONTINGENCY:    
MINORITY INTERESTS IN
CONSOLIDATED SUBSIDIARIES
23,760 19,872
SHAREHOLDERS' EQUITY:    
455,205,473 ORDINARY SHARES AUTHORIZED AND
ISSUED - 448,770,687 SHARES OUTSTANDING
27,312 27,269
NET INCOME 286,874 267,343
RETAINED EARNINGS 1,181,421 1,079,922
TOTAL SHAREHOLDERS' EQUITY 1,495,607 1,374,534
TOTAL 4,556,057 3,912,676

 

LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED
DECEMBER 31, 2004, AND DECEMBER 31, 2003
- SEGMENTAL INFORMATION -

 

In thousands of EuroManufacturing
and
Wholesale
RetailRetail
(in thousand of
U.S. Dollars)
Inter-Segments
Transaction and
Corporate Adj.
Consolidated
2004          
Net Sales 1,094,298 2,315,783 2,892,712 ( 186,185) 3,223,896
EBITDA 280,785 389,903 486,263 ( 25,123) 645,564
% of sales 25.7% 16.8%     20.0%
Operating income 233,129 310,340 386,857 ( 50,655) 492,814
% of sales 21.3% 13.4%     15.3%
Capital Expenditure 31,367 86,053 107,181 - 117,420
Depreciation & Amortization 47,656 79,563 99,406 25,532 152,750
Assets 1,566,086 1,211,781 1,640,509 1,778,191 4,556,057
2003 As reported          
Net Sales 995,109 2,002,264 2,263,960 ( 172,737) 2,824,636
EBITDA 236,324 338,456 382,692 ( 8,154) 566,626
% of sales 23.7% 16.9%     20.1%
Operating income 191,116 269,851 305,120 ( 29,180) 431,787
% of sales 19.2% 13.5%     15.3%
Capital Expenditure 23,580 57,708 65,250 - 81,288
Depreciation & Amortization 45,208 68,606 77,573 21,026 134,840
Assets 1,528,074 876,661 1,104,329 1,507,941 3,912,676
2003 As adjusted (1)          
Net Sales 995,109 2,432,255 2,765,475 ( 174,080) 3,253,284
EBITDA 236,324 376,625 427,085 ( 8,155) 604,795
% of sales 23.7% 15.5%     18.6%
Operating income 191,116 291,418 330,113 ( 35,511) 447,023
% of sales 19.2% 12.0%     13.7%
Depreciation & Amortization 45,208 85,207 96,972 27,357 157,772

_________________________
Notes :
(1) These consolidated adjusted amounts are a non-GAAP measurement. The company has included this measurement to give comparative information for the two periods discussed, aligning the consolidation periods of OPSM Group and Cole National for both years 2003 and 2004. They reflect the consolidation of OPSM Group results for the entire year ended December 31, 2003 (as it is in 2004) and the consolidation of Cole National results for the last three months of 2003 (as it is in 2004). This information does not purport to be indicative of the actual result that would have been achieved had the OPSM Group acquisition been completed as of January 1, 2003, and the Cole National acquisition been completed as of October 4, 2003.

 

LUXOTTICA GROUP
NON-GAAP COMPARISON OF CONSOLIDATED NET SALES
FOR THE THREE-MONTH PERIODS AND THE YEARS ENDED DECEMBER 31, 2004,
AND DECEMBER 31, 2003, ASSUMING CONSTANT EXCHANGE RATES

 

In million of Euro4Q 2003
U.S. GAAP
results
4Q 2004
U.S. GAAP
results
Adjustment
for constant
exchange rates

4Q 2004
adjusted
results
Consolidated net sales 718.7 941.7 76.4 1,018.1
Manufacturing/wholesale net sales 221.2 258.2 7.8 266.0
Retail net sales 531.8 730.1 72.1 802.2

 

In million of Euro12M 2003
U.S. GAAP
results
12M 2004
U.S. GAAP
results
Adjustment
for constant
exchange rates
12M 2004
adjusted
results
Consolidated net sales 2,824.6 3,223.9 209.9 3,433.8
Manufacturing/wholesale net sales 995.1 1,094.3 33.0 1,127.3
Retail net sales 2,002.3 2,315.8 191.1 2,506.9

_________________________
Note:
Luxottica Group uses certain measures of financial performance that exclude the impact of fluctuations in currency exchange rates in the translation of operating results into Euro. The Company believes that these adjusted financial measures provide useful information to both management and investors by allowing a comparison of operating performance on a consistent basis. In addition, since the Luxottica Group has historically reported such adjusted financial measures to the investement community, the Company believes that their inclusion provides consistency in its financial reporting.
Further, these adjusted financial measures are one of the primary indicators management uses for planning and forecasting in future periods. Operating measures that assume constant exchange rates between the whole year 2004 and the whole year 2003 and the fourth quarter of 2004 and the fourth quarter of 2003 are calculated using for each currency the average exchange rate for the whole year and the three-month period ended December 31, 2003. Operating measures that exclude the impact of fluctuations in currency exchange rates are not measures of performance under accounting principles generally accepted in the United States (U.S. GAAP). These non-GAAP measures are not
meant to be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. In addition, Luxottica Group's method of calculating operating performance excluding the impact of changes in exchange rates may differ from methods used by other companies. See table above for a reconciliation of the operating measures excluding the impact of fluctuations in currency exchange rates to their most directly comparable U.S. GAAP financial measures. The adjusted financial measures should be used as a supplement to U.S. GAAP results to assist the reader in better understanding the operational performance of the Company. 

Ultima modifica: 08 Feb 2019