Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica Annual Review 2012 - Luxottica
12 | ANNUAL REPORT 2012 approximately 263,300 in the same period of 2011, which was attributable to increased production in all manufacturing facilities in response to an overall increase in demand. Gross Profit. Gross profit increased by Euro 652.6 million, or 16.1 percent, to Euro 4,707.0 million in 2012 from Euro 4,054.4 million for 2011. As a percentage of net sales, gross profit increased to 66.4 percent in the twelve months of 2012 as compared to 65.2 percent for the same period of 2011, due to the factors noted above. Operating Expenses. Operating expenses increased by Euro 477.7 million, or 14.7 percent, to Euro 3,725.0 million during 2012 from Euro 3,247.3 million in 2011. As a percentage of net sales, operating expenses slightly increased to 52.6 percent in 2012, as compared to 52.2 percent in 2011. Adjusted operating expenses (11) , increased during 2012 by Euro 471.1million, or 14.6 percent, to Euro 3,704.7 million from Euro 3,233.6 million in 2011. As a percentage of net sales, adjusted operating expenses (11) are in line with last year at 52.3 percent in 2012 and 52.0 percent in 2011. Please find the reconciliation between adjusted operating expenses (11) and operating expenses in the following table: (millions of Euro) 2012 2011 Operating expenses 3,725.0 3,247.3 Adjustment for OPSM reorganization (20.3) (9.6) Adjustment for Multiopticas Internacional extraordinary gain - 19.0 Adjustment for 50 th anniversary celebrations - (12.0) Adjustment for restructuring costs in Retail Division - (11.2) Adjusted operating expenses 3,704.7 3,233.6 Selling and advertising expenses (including royalty expenses) increased by Euro 332.2 million, or 13.2 percent, to Euro 2,842.0 million in 2012 from Euro 2,509.8 million in 2011. Selling expenses increased by Euro 276.4 million, or 13.9 percent. Advertising expenses increased by Euro 37.7 million, or 9.2 percent. Royalties increased by Euro 18.1 million, or 17.0 percent. As a percentage of net sales, selling and advertising expenses were 40.1 percent in 2012 and 40.3 percent in 2011. Adjusted selling expenses (12) in 2012 increased by Euro 262.0 million, or 13.1 percent to Euro 2,254.1 million from Euro 1,992.1million in the same period of 2011. As a percentage of net sales, adjusted selling expenses (12) were 31.8 percent in 2012 as compared to the 32.0 percent in 2011. Adjusted advertising expenses (13) increased by Euro 43.4 million to Euro 446.2 million in 2012, from Euro 402.8 million in 2011. As a percentage of net sales, adjusted advertising expenses (13) were 6.3 percent and 6.5 percent in 2012 and 2011, respectively. (11) For a further discussion of adjusted operating expenses, see page 43 - “Non-IFRS Measures”. (12) For a further discussion of adjusted selling expenses, see page 43 - “Non-IFRS Measures”. (13) For a further discussion of adjusted advertising expenses, see page 43 - “Non-IFRS Measures.
MANAGEMENT REPORT | 13 > Please find the reconciliation between adjusted selling and advertising expenses (12)/(13) and selling and advertising expenses in the following table: (millions of Euro) 2012 2011 Selling and advertising expenses 2,842.0 2,509.8 Adjustment for OPSM reorganization (17.3) - Adjustment for 50 th anniversary celebrations - (5.7) Adjustment for restructuring costs in Retail Division - (2.9) Adjusted selling and advertising expenses 2,824.6 2,501.2 General and administrative expenses, including intangible asset amortization increased by Euro 145,5 million, or 19.7 percent, to Euro 883.0 million in 2012 from Euro 737.5 million in the same period of 2011. As a percentage of net sales, general and administrative expenses were 12.5 percent in 2012 as compared to 11.9 percent in the same period of 2011. Adjusted general and administrative expenses (14) increased by Euro 147.7 million, or 20.2 percent, to Euro 880.0 million in 2012 as compared to Euro 732.3 million in the same period of 2011. As a percentage of net sales, adjusted general and administrative expenses were 12.4 percent in 2012 as compared to 11.8 percent in the same period of 2011. Please find the reconciliation between adjusted general and administrative expenses (14) and general and administrative expenses in the following table: (millions of Euro) 2012 2011 General and administrative expenses 883.0 737.5 Adjustment for OPSM reorganization (3.0) (9.6) Adjustment for Multiopticas Internacional extraordinary gain - 19.0 Adjustment for 50 th anniversary celebrations - (6.3) Adjustment for restructuring costs in Retail Division - (8.3) Adjusted general and administrative expenses 880.0 732.3 Income from Operations. For the reasons described above, income from operations increased by Euro 174.9 million, or 21.7 percent, to Euro 982.0 million in 2012 from Euro 807.1 million in the same period of 2011. As a percentage of net sales, income from operations increased to 13.9 percent in 2012 from 13.0 percent in the same period of 2011. Adjusted income from operations (15) , excluding, in 2012 and 2011, the above mentioned non-recurring income and expenses, increased by Euro 182.9 million, or 22.3 percent, to Euro 1,003.8 million in 2012 as compared to Euro 820.9 million in the same period of 2011. As a percentage of net sales, adjusted income from operations (15) increased to 14.2 percent in 2012 from 13.2 percent in the same period of 2011. (14) For a further discussion of adjusted general and administrative expenses, see page 43 - “Non-IFRS Measures”. (15) For a further discussion of adjusted income from operations, see page 43 - “Non-IFRS Measures”.
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MANAGEMENT REPORT<br />
| 13 ><br />
Please find the reconciliation between adjusted selling and advertising expenses (12)/(13) and<br />
selling and advertising expenses in the following table:<br />
(millions of Euro) <strong>2012</strong> 2011<br />
Selling and advertising expenses 2,842.0 2,509.8<br />
Adjustment for OPSM reorganization (17.3) -<br />
Adjustment for 50 th anniversary celebrations - (5.7)<br />
Adjustment for restructuring costs in Retail Division - (2.9)<br />
Adjusted selling and advertising expenses 2,824.6 2,501.2<br />
General and administrative expenses, including intangible asset amortization increased by<br />
Euro 145,5 million, or 19.7 percent, to Euro 883.0 million in <strong>2012</strong> from Euro 737.5 million in<br />
the same period of 2011. As a percentage of net sales, general and administrative expenses<br />
were 12.5 percent in <strong>2012</strong> as compared to 11.9 percent in the same period of 2011.<br />
Adjusted general and administrative expenses (14) increased by Euro 147.7 million, or 20.2<br />
percent, to Euro 880.0 million in <strong>2012</strong> as compared to Euro 732.3 million in the same period<br />
of 2011. As a percentage of net sales, adjusted general and administrative expenses were<br />
12.4 percent in <strong>2012</strong> as compared to 11.8 percent in the same period of 2011.<br />
Please find the reconciliation between adjusted general and administrative expenses (14)<br />
and general and administrative expenses in the following table:<br />
(millions of Euro) <strong>2012</strong> 2011<br />
General and administrative expenses 883.0 737.5<br />
Adjustment for OPSM reorganization (3.0) (9.6)<br />
Adjustment for Multiopticas Internacional extraordinary gain - 19.0<br />
Adjustment for 50 th anniversary celebrations - (6.3)<br />
Adjustment for restructuring costs in Retail Division - (8.3)<br />
Adjusted general and administrative expenses 880.0 732.3<br />
Income from Operations. For the reasons described above, income from operations<br />
increased by Euro 174.9 million, or 21.7 percent, to Euro 982.0 million in <strong>2012</strong> from<br />
Euro 807.1 million in the same period of 2011. As a percentage of net sales, income from<br />
operations increased to 13.9 percent in <strong>2012</strong> from 13.0 percent in the same period of 2011.<br />
Adjusted income from operations (15) , excluding, in <strong>2012</strong> and 2011, the above mentioned<br />
non-recurring income and expenses, increased by Euro 182.9 million, or 22.3 percent,<br />
to Euro 1,003.8 million in <strong>2012</strong> as compared to Euro 820.9 million in the same period of<br />
2011. As a percentage of net sales, adjusted income from operations (15) increased to 14.2<br />
percent in <strong>2012</strong> from 13.2 percent in the same period of 2011.<br />
(14) For a further discussion of adjusted general and administrative expenses, see page 43 - “Non-IFRS Measures”.<br />
(15) For a further discussion of adjusted income from operations, see page 43 - “Non-IFRS Measures”.
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