Annual Review 2012 - Luxottica

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ANNUAL REPORT 2012
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2012
AND 2011 - In accordance with IFRS
Three months ended December 31,
(thousands of Euro) 2012 % of net sales 2011 % of net sales
Net sales 1,632,298 100.0% 1,509,030 100.0%
Cost of sales 553,896 33.9% 546,281 36.2%
Gross profit 1,078,401 66.1% 962,748 63.8%
Selling 565,057 34.6% 509,191 33.7%
Royalties 26,949 1.7% 26,200 1.7%
Advertising 100,745 6.2% 101,712 6.7%
General and administrative 221,630 13.6% 197,276 13.1%
Total operating expenses 914,381 56.0% 834,379 55.3%
Income from operations 164,020 10.0% 128,370 8.5%
Other income/(expense)
Interest income 4,115 0.3% 2,079 0.1%
Interest expense (31,975) (2.0%) (31,258) (2.1%)
Other - net (2,811) (0.2%) 2,674 0.2%
Income before provision
for income taxes 133,349 8.2% 101,864 6.8%
Provision for income taxes (56,038) (3.4%) (36,762) (2.4%)
Net income 77,311 4.7% 65,102 4.3%
Attributable to:
- Luxottica Group stockholders 76,762 4.7% 64,380 4.3%
- non-controlling interests 549 0.0% 722 0.0%
Net income 77,311 4.7% 65,102 4.3%
In the three-month period ended December 31, 2012, the Group recognized a
non-recurring accrual for the tax audit related to Luxottica S.r.l. for fiscal year 2007of
approximately Euro10.0 million.
In the three-month period ended December 31, 2011 the Group recognized the following
non-recurring items characterized as extraordinary or non-recurring in its financial results:
(i) reduction in restructuring and start-up costs within the North American retail division
of approximately Euro 0.9 million, (ii) reduction in the non-recurring gain related to the
acquisition of the initial 40 percent in the share capital of Multiopticas Internacionales S.A.
(MOI) of approximately Euro 1.9 million, and (iii) non-recurring impairment loss related
to the reorganization of the Australian business of approximately Euro 9.6 million. The
above non-recurring items, with the exception of the impairment loss related to the
reorganization of the Australian business, were in part already recognized in September
based on the best information then available.