Annual Review 2012 - Luxottica

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174 | ANNUAL REPORT 2012 In total, the Board of Directors approved the following stock option plans: Plan Granted Exercised 1998 Ordinary Plan 3,380,400 2,716,600 1999 Ordinary Plan 3,679,200 3,036,800 2000 Ordinary Plan 2,142,200 1,852,533 2001 Ordinary Plan 2,079,300 1,849,000 2002 Ordinary Plan 2,348,400 2,059,000 2003 Ordinary Plan 2,397,300 2,199,300 2004 Ordinary Plan 2,035,500 1,967,000 2005 Ordinary Plan 1,512,000 1,107,000 2006 Ordinary Plan (*) 1,725,000 70,000 2007 Ordinary Plan (*) 1,745,000 5,000 2008 Ordinary Plan 2,020,500 1,060,530 2009 Ordinary Plan 1,050,000 417,500 2009 Ordinary Plan: reassignment of options granted under the 2006 and 2007 ordinary plans to non-US beneficiaries 2,060,000 1,047,434 2009 Ordinary Plan: reassignment of options granted under the 2006 and 2007 ordinary plans to US beneficiaries 825,000 428,000 2001 Performance Plan 1,170,000 - 2004 Performance Plan 1,000,000 1,000,000 2006 Performance Plan - US beneficiaries (*) 3,500,000 - 2006 Performance Plan - non-US beneficiaries (*) 9,500,000 - 2009 Performance Plan: reassignment of options granted under the 2006 performance plans to non-US domiciled beneficiaries 4,250,000 750,000 2009 Performance Plan: reassignment of options granted under the 2006 performance plans to US domiciled beneficiaries 1,450,000 1,162,500 2010 Ordinary Plan 1,924,500 5,000 2011 Ordinary Plan 2,039,000 5,000 2012 Ordinary Plan 2,076,500 - Total 55,909,800 22,738,197 (*) The plan was reassigned in 2009. On May 13, 2008, a Performance Shares Plan for senior managers within the Company as identified by the Board of Directors of the Company (the “Board”) (the “2008 PSP”) was adopted. The beneficiaries of the 2008 PSP are granted the right to receive ordinary shares, without consideration, if certain financial targets set by the Board of Directors are achieved over a specified three-year period. The 2008 PSP has a term of five years, during which time the Board may resolve to issue different grants to the 2008 PSP’s beneficiaries. The 2008 PSP covers a maximum of 6,500,000 ordinary shares. Each annual grant will not exceed 2,000,000 ordinary shares.
Consolidated financial statements - NOTES | 175 > On May 13, 2008, the Board granted 1,003,000 rights to receive ordinary shares, which could be increased by 20 percent up to a maximum of 1,203,600 units, if certain consolidated cumulative earnings per share targets are achieved over the three-year period from 2008 through 2010. As of December 31, 2010, the consolidated cumulative earnings per share targets were not achieved and therefore the plan did not vest. Pursuant to the PSP plan adopted in 2008, on May 7, 2009, the Board of Directors granted certain of our key employees 1,435,000 rights to receive ordinary shares (“PSP 2009”), which can be increased by 25 percent up to a maximum of 1,793,750 units, if certain consolidated cumulative earnings per share targets are achieved over the three-year period from 2009 through 2011. As of December 31, 2011, the consolidated cumulative earnings per share targets were achieved and therefore the rights under the plan vested. Pursuant to the PSP plan adopted in 2008, on April 29, 2010, the Board of Directors granted certain of our key employees 692,000 rights to receive ordinary shares (“PSP 2010”), which can be increased by 25 percent up to a maximum of 865,000 units, if certain consolidated cumulative earnings per share targets are achieved over the three-year period from 2010 through 2012. Management expects that the targets will be met. As of December 31, 2012, 62,500 of the 865,000 units granted had been forfeited. Pursuant to the PSP plan adopted in 2008, on April 28, 2011, the Board of Directors granted certain of our key employees 665,000 rights to receive ordinary shares (“PSP 2011”), which can be increased by 15 percent up to a maximum of 764,750 units, if certain consolidated cumulative earnings per share targets are achieved over the three-year period from 2011 through 2013. Management expects that the targets will be met. As of December 31, 2011, 11,500 of the 764,750 units granted had been forfeited. Pursuant to the PSP plan adopted in 2008, on May 7, 2012, the Board of Directors granted certain of our key employees 601,000 rights to receive ordinary shares (“PSP 2012”), which may be increased by 20 percent up to a maximum of 721,200 units, if certain consolidated cumulative earnings per share targets are achieved over the three-year period from 2012 through 2014. Management expects that the target will be met. As of December 31, 2012, there were forfeitures of the 721,200 granted. The information requested by IFRS 2 on stock option plans is reported below.
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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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