Annual Review 2012 - Luxottica

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ANNUAL REPORT 2012
1. OPERATING
PERFORMANCE FOR
THE THREE MONTHS
AND THE YEAR
ENDED DECEMBER
31, 2012
During the course of the fourth quarter of 2012, the Group’s growth trend continued. In a
more challenging macroeconomic environment, the Group achieved positive results in all
the geographic areas in which it operates.
Net sales for the quarter were Euro 1,632.3 million, and increased by 8.2 percent (+5.1
percent at constant exchange rates (1) ), from Euro 1,509.0 million in the same period of 2011.
During the year ended December 31, 2012, net sales grew by 13.9 percent (+7.5 percent
constant exchange rates) to Euro 7,086.1 million from Euro 6,222.5 million during the same
period in 2011.
Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in the fourth
quarter of 2012 rose by 16.0 percent over the same period in 2011, increasing from
Euro 222.8 million in 2011 to Euro 258.4 million in the same period of 2012.
Additionally, adjusted EBITDA (2) in 2012 was Euro 1,362.0 million up from Euro 1,135.9
million in the same period of 2011.
Operating income for the fourth quarter of 2012 increased by 27.8 percent to Euro 164.0
million from Euro 128.4 million during the same period of the previous year. The Group’s
operating margin also grew from 8.5 percent in the fourth quarter of 2011 to 10.0 percent
in the current quarter. Adjusted operating margin (3) also rose from 9.2 percent in fourth
quarter of 2011 to 10.0 percent in the current quarter.
During 2012 operating income increased by 21.7 percent to Euro 982.0 million from Euro
807.1 million in the same period of 2011.
During 2012, adjusted operating income (3) increased by 22.3 percent to Euro 1,003.8
million as compared to Euro 820.9 million in the same period of 2011. The Group’s
adjusted operating margin (4) rose from 13.2 percent during the twelve months of 2011 to
14.2 percent in the same period of 2012.
In the fourth quarter of 2012, net income attributable to Luxottica Stockholders increased
by 19.2 percent to Euro 76.8 million as compared to Euro 64.4 million in the same period
of 2011. Net income attributable to Luxottica Stockholders for the full year 2012 increased
by 19.8 percent to Euro 541.7 as compared to Euro 452.3 million in same period of 2011. In
2012, earnings per share (“EPS”) was Euro 1.17 and EPS expressed in USD was 1.50 (at an
average exchange rate of Euro/USD of 1.2848).
In 2012, adjusted net income attributable to Luxottica Stockholders (5) increased by 24.4
percent to Euro 566.9 million as compared to Euro 455.6 million in the same period of
(1) We calculate constant exchange rates by applying to the current period the average exchange rates between the Euro and the relevant
currencies of the various markets in which we operated during the year ended December 31, 2011. Please refer to Attachment 1 for further
details on exchange rates.
(2) For a further discussion of EBITDA and adjusted EBITDA, see page 43 - “Non-IFRS Measures”.
(3) For a further discussion of adjusted operating income, see page 43 - “Non-IFRS Measures”.
(4) For a further discussion of adjusted operating margin, see page 43 - “Non-IFRS Measures”.
(5) For a further discussion of adjusted net income attributable to Luxottica Stockholders, see page 43 - “Non-IFRS Measures”.