Annual Review 2012 - Luxottica

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150 | ANNUAL REPORT 2012 NON-CURRENT LIABILITIES 21. LONG-TERM DEBT Long-term debt was Euro 2,362 million and Euro 2,743 million as of December 31, 2012 and 2011. The roll-forward of long-term debt as of December 31, 2012 and 2011 is as follows: (thousands of Euro) Luxottica Group S.p.A. credit agreement with various financial institutions Senior unsecured guaranteed notes Credit agreement with various financial institutions Credit agreement with various financial institutions for Oakley acquisition Other loans with banks and other third parties, interest at various rates, payable in installments through 2014 Total Balance as of January 1, 2012 487,363 1,226,245 225,955 772,743 30,571 2,742,876 Proceeds from new and existing loans 500,000 - - 33,133 533,133 Repayments (120,000) - (181,149) (607,247) (38,159) (946,555) Loans assumed in business combinations - - - - 30,466 30,466 Amortization of fees and interests 380 9,104 484 16 (4,312) 5,672 Foreign translation difference - (12,124) 374 9,411 (1,075) (3,415) Balance as of December 31, 2012 367,743 1,723,225 45,664 174,922 50,624 2,362,178 (thousands of Euro) Luxottica Group S.p.A. credit agreement with various financial institutions Senior unsecured guaranteed notes Credit agreement with various financial institutions Credit agreement with various financial institutions for Oakley acquisition Other loans with banks and other third parties, interest at various rates, payable in installments through 2014 Total Balance as of January 1, 2011 545,552 943,112 242,236 897,484 4,252 2,632,636 Proceeds from new and existing loans - 251,445 - - 23,131 274,576 Repayments (60,000) - (22,881) (143,683) (3,882) (230,447) Loans assumed in business combinations - - - - 5,146 5,146 Amortization of fees and interests 1,811 1,317 387 459 - 3,975 Foreign translation difference - 30,371 6,213 18,483 1,923 56,989 Balance as of December 31, 2011 487,363 1,226,245 225,955 772,743 30,571 2,742,878 The Group uses debt financing to raise financial resources for long-term business operations and to finance acquisitions. During 2004 the Group financed the Cole National Corporation acquisition and in 2007 the Oakley acquisition through debt financing. The Group continues to seek debt refinancing at favorable market rates and actively monitors the debt capital markets in order to take appropriate action to issue debt, when appropriate. Our debt agreements contain certain covenants, including covenants that limit our ability to incur additional indebtedness (for more details see note 3(f) - Default risk: negative pledges and financial covenants). As of December 31, 2012 we were in compliance with these financial covenants.
Consolidated financial statements - NOTES | 151 > The table below summarizes the main terms of the Group’s long-term debt. Type (thousands of Euro) Series Issuer/Borrower Issue date CCY Amount Multicurrency Euro/USD Revolving Credit Facility Tranche C Luxottica Group S.p.A./ Luxottica US Holdings Outstanding amount at the reporting date Coupon/ Pricing 03.06.2004 Euro 725,000,000 - Euribor + 0.20%/0.40% Oakley Term Loan 2007 Tranche E Luxottica Group S.p.A. 14.11.2007 USD 500,000,000 - Libor + 0.20%/0.40% USD Term loan 2004 Tranche B Luxottica US Holdings 03.06.2004 USD 325,000,000 60,411,904 Libor + 0.20%/0.40% Revolving Credit Facility Intesa 250 Luxottica Group S.p.A. 29.05.2008 Euro 250,000,000 70,000,000 Euribor + 0.40%/0.60% Interest rate as of December 31, 2012 Maturity - 17.04.2012 - 15.10.2012 0.410% 03.03.2013 0.589% 29.05.2013 Private Placement A Luxottica US Holdings 01.07.2008 USD 20,000,000 20,000,000 5.960% 5.960% 01.07.2013 Oakley Term Loan 2007 Tranche D Luxottica US Holdings 14.11.2007 USD 1,000,000,000 230,919,721 Libor + 0.20%/0.40% Term Luxottica Group S.p.A. 11.11.2009 Euro 300,000,000 300,000,000 Euribor + 1.00%/2.75% 0.457% 12.10.2013 1.110% 30.11.2014 Private Placement B Luxottica US Holdings 01.07.2008 USD 127,000,000 127,000,000 6.420% 6.420% 01.07.2015 Bond (Listed on Luxembourg Stock Exchange/no covenants) Luxottica Group S.p.A. 10.11.2010 Euro 500,000,000 500,000,000 4.000% 4.000% 10.11.2015 Private Placement D Luxottica US Holdings 29.01.2010 USD 50,000,000 50,000,000 5.190% 5.190% 29.01.2017 Revolving Credit Facility 2012 Luxottica Group S.p.A. 17.04.2012 Euro 500,000,000 - Euribor + 1.30%/2.25% - 10.04.2017 Private Placement G Luxottica Group S.p.A. 30.09.2010 Euro 50,000,000 50,000,000 3.750% 3.750% 15.09.2017 Private Placement C Luxottica US Holdings 01.07.2008 USD 128,000,000 128,000,000 6.770% 6.770% 01.07.2018 Private Placement F Luxottica US Holdings 29.01.2010 USD 75,000,000 75,000,000 5.390% 5.390% 29.01.2019 Bond (Listed on Luxembourg Stock Exchange/no covenants) Luxottica Group S.p.A. 19.03.2012 Euro 500,000,000 500,000,000 3.625% 3.625% 19.03.2019 Private Placement E Luxottica US Holdings 29.01.2010 USD 50,000,000 50,000,000 5.750% 5.750% 29.01.2020 Private Placement H Luxottica Group S.p.A. 30.09.2010 Euro 50,000,000 50,000,000 4.250% 4.250% 15.09.2020 Private Placement I Luxottica US Holdings 15.12.2011 USD 350,000,000 350,000,000 4.350% 4.350% 15.12.2021 The floating rate measures under “Coupon/Pricing” are based on the corresponding Euribor (Libor for USD) plus a margin in the range, indicated in the table, based on the “Net Debt/EBITDA” ratio, as defined in the applicable debt agreement. The USD Term Loan 2004 - Tranche B, Oakley Term Loan 2007 Tranche D and Tranche E and Revolving Credit Facility Intesa 250 were hedged by interest rate swap agreements with various banks. The Tranche B swaps expired on March 10, 2012 and the Tranche D and E swaps expired on October 12, 2012. As of December 31, 2012 there are still eight interest rate swap transactions with an aggregate initial notional amount of Euro 250 million with various banks “Intesa Swaps”. The “Intesa Swaps” will decrease in notional amount on a quarterly basis, following the amortization schedule of the underlying facility. The Intesa Swaps will expire on May 29, 2013. The “Intesa Swaps” were entered as a cash flow hedge on the Intesa Sanpaolo S.p.A.
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Annual Review 2012
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All pictures in this Annual Review
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7 Letter to shareholders Dear Share
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9 1 Financial highlights 2008 2009
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13 2.1 Profile Luxottica is a marke
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17 2.2 Mission and strategy VERTICA
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2.2 MISSION AND STRATEGY 19 develop
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2.2 MISSION AND STRATEGY 21 Luxotti
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A first-class brand portfolio ACQUI
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27 2.4 From design to logistics Des
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30 ANNUAL REview 2012 its manufactu
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32 ANNUAL REview 2012 introduces ne
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35 2.5 Brand portfolio Proprietary
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2.5 BRAND PORTFOLIO 37 Vogue eyewea
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2.5 BRAND PORTFOLIO 39 under licens
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2.5 BRAND PORTFOLIO 41 Prada Group
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44 ANNUAL REview 2012 Luxottica a w
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46 ANNUAL REview 2012 Customers of
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50 ANNUAL REview 2012 Retail licens
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52 ANNUAL REview 2012 SUN AND LUXUR
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55 2.7 Giving back through OneSight
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58 ANNUAL REview 2012 Canada 7,342
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61 3 A long way to grow In 2013 Lux
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3 A long way to grow 63 The concent
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66 ANNUAL REview 2012 Net sales in
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69 5 Human resources Group headcoun
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5 HUMAN RESOURCES 71 For the retail
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75 Other information 2000-2012 EVOL
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Other information 77 share Capital
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Other information 79 1990 1991 1992
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www.luxottica.com
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ANNUAL REPORT 2012 Fiscal year ende
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MANAGEMENT REPORT | 5 > Management
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MANAGEMENT REPORT | 7 > 2011. In 20
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MANAGEMENT REPORT | 9 > As a result
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MANAGEMENT REPORT | 11 > of Coach,
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MANAGEMENT REPORT | 13 > Please fin
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MANAGEMENT REPORT | 15 > Adjusted n
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MANAGEMENT REPORT | 17 > The income
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MANAGEMENT REPORT | 19 > Operating
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MANAGEMENT REPORT | 21 > Other Inco
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MANAGEMENT REPORT | 23 > Cash used
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MANAGEMENT REPORT | 25 > As of Dece
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MANAGEMENT REPORT | 27 > Capital ex
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MANAGEMENT REPORT | 29 > Implementa
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MANAGEMENT REPORT | 31 > consequent
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MANAGEMENT REPORT | 33 > Risks Rela
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MANAGEMENT REPORT | 35 > 31, 2012 a
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MANAGEMENT REPORT | 37 > n) If we w
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MANAGEMENT REPORT | 39 > of the U.S
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MANAGEMENT REPORT | 41 > growing at
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MANAGEMENT REPORT - APPENDIX | 43 >
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REPORT ON CORPORATE GOVERNANCE AND
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CONSOLIDATED FINANCIAL STATEMENTS |
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Consolidated financial statements -
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