Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
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20 |<br />
ANNUAL REPORT <strong>2012</strong><br />
General and administrative expenses, including intangible asset amortization increased by<br />
Euro 24.4 million, or 12.3 percent, to Euro 221.6 million in the three-month period ended<br />
December 31, <strong>2012</strong> as compared to Euro 197.3 million in the same period of 2011. As a<br />
percentage of net sales, general and administrative expenses were 13.6 percent in the<br />
three-month period ended December 31, <strong>2012</strong> as compared to 13.1 percent in the same<br />
period of 2011.<br />
Adjusted general and administrative expenses (23) increased by Euro 39.3 million, or 21.6<br />
percent, to Euro 221.6 million in the three-month period ended December 31, <strong>2012</strong> as<br />
compared to Euro 182.3 million in the same period of 2011. As a percentage of net sales,<br />
adjusted general and administrative expenses (23) were 13.6 percent in the three-month<br />
period ended December 31, <strong>2012</strong> as compared to 12.1 percent in the same period of 2011.<br />
Please find the reconciliation between adjusted general and administrative expenses (23)<br />
and general and administrative expenses in the following table:<br />
(millions of Euro) 4Q <strong>2012</strong> 4Q 2011<br />
General and administrative expenses 221.6 197.3<br />
Adjustment for OPSM reorganization - (9.6)<br />
Adjustment for Multiopticas Internacional extraordinary gain - (1.9)<br />
Adjustment for restructuring costs in the Retail Division - (3.5)<br />
Adjusted general and administrative expenses 221.6 182.3<br />
Income from Operations. For the reasons described above, income from operations<br />
increased by Euro 35.7 million, or 27.8 percent, to Euro 164.0 million in the three-month<br />
period ended December 31, <strong>2012</strong> from Euro 128.4 million in the same period of 2011. As<br />
a percentage of net sales, income from operations increased to 10.0 percent in the threemonth<br />
period ended December 31, <strong>2012</strong> from 8.5 percent in the same period of 2011.<br />
Adjusted income from operations (24) increased by Euro 24.8 million, or 17.8 percent, to<br />
Euro 164.0 million in the three-month period ended December 31, <strong>2012</strong> from Euro 139.3<br />
million in the same period of 2011. As a percentage of net sales, adjusted income from<br />
operations (24) increased to 10.0 percent in the three-month period ended December 31,<br />
<strong>2012</strong> from 9.2 percent in the same period of 2011.<br />
Please find the reconciliation between adjusted income from operations (24) and income<br />
from operations in the following table:<br />
(millions of Euro) 4Q <strong>2012</strong> 4Q 2011<br />
Income from operations 164.0 128.4<br />
Adjustment for OPSM reorganization - 9.6<br />
Adjustment for Multiopticas Internacional extraordinary gain - 1.9<br />
Adjustment for restructuring costs in the Retail Division - (0.6)<br />
Adjusted income from operations 164.0 139.3<br />
(23) For a further discussion of adjusted general and administrative expenses, see page 43 - “Non-IFRS Measures”.<br />
(24) For a further discussion of adjusted income for operations, see page 43 - “Non-IFRS Measures”.