In 2008 the Group further strengthened its equity structure and
optimized costs to best position itself to take advantage of future
opportunities MILAN, March 12 /PRNewswire-FirstCall/ -- The Board
of Directors of Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a
global leader in the design, manufacturing and distribution of
fashion, luxury and sports eyewear, approved today its consolidated
financial results for the year ended December 31, 2008 in
accordance with U.S. generally accepted accounting principles (U.S.
GAAP) and with International Financial Reporting Standards (IFRS),
certain figures of which were already announced through a broadly
disseminated press release issued on February 5, 2009. Fiscal Year
2008(1), according to U.S. GAAP (In millions of euros) FY08 FY07 %
Change Net sales 5,201.6 4,966.1 +4.7% (up 10.7% at constant
exchange rates) EBITDA(2) 1,014.7 1,046.1(3) -3.0%(3) Operating
income 749.8 813.3(3) -7.8%(3) Net income 395.0(4) 479.2(3)
-17.6%(3,4) Earnings per share 0.87(4) 1.05(3) -17.8%(3,4) (Euro) -
Before trademark amortization(2) 0.96(4) 1.14(3) -15.4%(3,4)
Earnings per share 1.27(4) 1.44(3) -11.8%(3,4) (Dollars) - Before
trademark 1.42(4) 1.56(3) -9.2%(3,4) amortization(2) Fourth quarter
of 2008(1), according to U.S. GAAP (In millions of euros) 4Q08 4Q07
% Change Net sales 1,236.5 1,188.5 +4.0% (same at constant exchange
rates) EBITDA(2) 186.1 215.7 -13.7% Operating income 117.4 151.7
-22.6% Net income 54.1(4) 96.9 -44.2%(4) Earnings per share (Euro)
0.12(4) 0.21 -44.3%(4) - Before trademark amortization(2) 0.14(4)
0.24 -39.7%(4) Earnings per share (Dollars) 0.16(4) 0.31 -49.3%(4)
- Before trademark amortization(2) 0.19(4) 0.35 -45.1%(4) "We
closed 2008, a particularly challenging year, with all-time high
consolidated sales of over Euro 5 billion, net income of nearly
Euro 400 million and free cash flow of Euro 300 million," said
Andrea Guerra, CEO of Luxottica Group. "We successfully completed
the first full year of working with Oakley and laid the foundation
for Luxottica's long-term growth, even through a period as
difficult as the one we are now facing." For Luxottica, 2008 was
characterized by three factors: the first year of integration with
Oakley, the depreciation of the U.S. Dollar and other currencies
used by the Group against the Euro, the drastic contraction first
of the U.S. market and then of the European market. Luxottica has
reacted to this situation with all the flexibility and efficacy of
its integrated business model, which enabled it to continue to
generate significant free cash flow(2) generation (Euro 302 million
for fiscal 2008). In particular, Luxottica benefited from the
merger with Oakley, from ongoing investments (around Euro 300
million over the course of the year) and measures to boost sales
and improve efficiency from which the Group expects to reap
significant advantages in the coming quarters. Such measures will
also allow Luxottica to further strengthen its equity structure and
optimize costs to be in a position to take advantage of new
opportunities. "We have already implemented a series of measures
that will enable us to rapidly and flexibly adapt to the new
environment and that will both contribute to boosting sales and
streamline our cost structure across all divisions and geographic
regions," continued Mr. Guerra. "We are working hard to optimize
our working capital and balance sheet to maintain our ability to
generate excellent cash flow levels, even in the present situation,
enabling us to take advantage of opportunities that may arise. We
are also rapidly adapting our manufacturing, distribution and sales
capacity to the new needs of the market." Actions for 2009 The year
2009 promises to be a demanding one, especially in the first and
second quarters. The comparison with 2008 will be challenging
because of the structural adjustments that the market is
undergoing. The first half of the year will see the completion of
most of the measures that are enabling the Group to more
effectively adapt to a changing market and to be best positioned
for the future. SALES -- After posting its sixth consecutive year
of double-digit growth, in 2009 Ray-Ban will continue to be the
world's leading eyewear brand thanks to, among other things, the
success of its many iconic models, an improvement in the sales mix,
acceleration in the prescription segment and the launch of
collections that are particularly innovative in both design and
materials (for example, Ray-Ban Tech). -- In 2009, Luxottica
benefits from the second full year of the integration with Oakley,
further synergies between the two structures and the
yet-to-be-fully-recognized potential of Oakley in Europe and
emerging markets. The brand is expected to continue to grow
significantly also in 2009, thanks to the launch of new models in
the sports and high-performance segments, further development of
optical and women's collections and an exclusive sun lens
technology, one of the best available in the market today, that has
the potential to generate strong synergies at Group level. The
innovative Jawbone model, to be launched in the next few weeks, is
expected to contribute significantly to the brand's continuing
success. -- Regarding other projects, 2009 is an important year for
REVO. This brand's manufacturing and distribution in the sports
channel are now managed by Oakley. -- On the premium and luxury
front, the Group is rolling out numerous projects, collections and
special editions to attract customers less inclined to make
purchases at this time. -- Increased priority is being given to the
more resilient prescription business, where Luxottica is looking to
grow in terms of market penetration, client service and breadth of
offering. Here the launch of the Prada Linea Rossa Vista collection
will be an important contributor. -- Particular care is going into
the selection of the product offerings by geographic region and
type of customer, so that commercial strategies are even more
aligned with local needs. The approach to key clients will be made
more effective to capitalize on the entire brand portfolio, with
activities planned over increasingly longer periods and with
investments in the potential of individual clients. -- Building on
the past three years of success, the STARS program will be
continued. Its goal is to reach over 1,000 clients and to establish
even stronger relationships of trust with an important category of
clients. -- In the retail division, after the entry into Thailand
and India, the Group will consider new opportunities in emerging
markets as well as premium locations that might become available
even in the mature markets. In North America, the Group will
continue to pursue a strategy of segmentation and differentiation
in the approach to consumers by retail brand, to optimize the
potential of each brand and attract new consumers. Particularly
relevant in this context will be LensCrafters, which is working to
further strengthen its status of America's leading optical brand by
leveraging its values of excellence in service and breadth of
offering. MEASURES TO BOOST EFFICIENCY AND OPTIMIZE EQUITY
STRUCTURE -- After having rapidly completed the complex process of
adjusting manufacturing capacity, in 2009 the Group will continue
to drive the optimization of its working capital and balance sheet.
In particular, the goal is to reduce inventories by approximately
10% to 15%, to see a significant improvement in the entire supply
chain and to revise commercial terms with around 80% of suppliers.
-- New investments, which in 2009 will be just under Euro 200
million, will be carefully selected and focus on high value-added
IT and supply chain projects. -- There will be a strong focus on
containing all expenses, at both the operating level and in the
commercial areas. The brand portfolio and the international sales
structure will be further optimized. Additionally. advertising
spending will be cut in order to strengthen product promotion in
the field. -- The Group plans to optimize its global retail
network, resulting in a 2% to 3% reduction in store numbers
worldwide. Luxottica expects to benefit from changing euro/dollar
exchange rates in 2009 but is also looking intently at other
currencies which have different impacts on sales performance and
profitability. The performance of the Group in 2008 In 2008,
consolidated net sales rose at sustained rates, increasing by 10.7%
at constant exchange rates (by 4.7% at current exchange rates),
thus passing the Euro 5 billion mark for the first time in the
history of the Group (Euro 5,201.6 million, compared with Euro
4,966.1 million for fiscal year 2007). This was mainly due to the
contribution made by Oakley sales. Pro forma consolidated net
sales(5) at constant exchange rates, on the other hand, were
substantially unchanged (down 0.8%). In the fourth quarter of 2008,
overall demand contracted significantly, resulting in a reduction
in margins for both the retail and wholesale divisions: sharp and
sudden declines in sales have an immediate impact on operating
margins, especially for the Retail division. At the same time,
during the fourth quarter the Group took a number of significant
steps within its manufacturing and logistics operations, which are
contributing to returning the Group's balance sheet to its optimal
status. The Group's net sales for the fourth quarter were Euro
1,236.5 million, compared with Euro 1,188.5 million for the fourth
quarter of 2007 (unchanged at constant exchange rates, up by 4% at
current exchange rates), while pro forma net sales(5) were down by
5.5% at constant exchange rates. Regarding operating performance,
EBITDA(2) for the year decreased slightly (by 3%(3) to Euro 1,014.7
million for 2008, from Euro 1,046.1(3) million for the previous
year). On a pro forma basis(5), EBITDA margin(2) declined by 120
bps(3) to 19.5%, from 20.7%(3) for fiscal 2007. In the fourth
quarter, EBITDA(2) declined by 13.7% to Euro 186.1 million, from
Euro 215.7 million for the same period the previous year. Operating
income for the year was Euro 749.8 million, compared with Euro
813.3(3) million for the previous year (reflecting a decline by
7.8%(3)). On a pro forma basis(5), the Group's operating margin for
the full year was 14.4%, compared with 15.5%(3) for 2007 (down by
110 bps(3)). For the fourth quarter, operating income was Euro
117.4 million, reflecting a 22.6% decline from Euro 151.7 million
for the same period the previous year. Net income for fiscal year
2008 was Euro 395.0(4) million (Euro 479.2(3) million in 2007,
reflecting a 17.6%(3,4) decline from the previous year), with
earnings per share (EPS) of Euro 0.87(4) (at an average Euro/U.S.
Dollar exchange rate of 1.47). On a comparable basis, i.e.
considering EPS in U.S. Dollars before trademark amortization(2),
the decrease would have been limited to 9.2%(3,4). The change was
almost entirely due to greater financial charges than in the
previous year in connection with the Oakley transaction and to
exchange rate fluctuations. The EPS figure does not include an
extraordinary capital loss of Euro 15 million net of taxes
(equivalent to approximately Euro 0.03 per share) due to the
write-off of debt related to the sale of the Things Remembered
retail chain in September 2006. Strong cash flow generation enabled
the Group to reduce its net debt(2). Due to the impact of exchange
rate fluctuations, however, the Group's net debt(2) at December 31,
2008 stood at Euro 2,949.5 million (compared with Euro 2,871.8
million at December 31, 2007). Thanks to tight controls on working
capital, the net debt/EBITDA ratio(2) was 2.9 (2.8 net of the
effect of exchange rate fluctuations, in line with the previous
year's level). Luxottica Group's Board of Directors today voted to
call the Ordinary Meeting of Shareholders for April 29, 2009 (on
first call) and April 30, 2009 (on second call) to approve the
Group's financial statements for fiscal year 2008. To further
strengthen the Group's equity structure and have sufficient
resources to be able to capitalize on new opportunities that may
arise, the Board deemed it not appropriate to propose to
shareholders for the time being the payment of a dividend for
fiscal year 2008, while deciding to defer the matter to a possible
shareholders' meeting to be called in the second half of 2009.
Results for fiscal year 2008 will be discussed tomorrow, Friday,
March 13, during the course of a presentation to the financial
community starting at 9:30 AM GMT in London. The presentation will
be available to all via live webcast at http://www.luxottica.com/.
The officer responsible for preparing the company's financial
reports, Enrico Cavatorta, declares, pursuant to paragraph 2 of
Article 154-bis of the Consolidated Law on Finance, that the
accounting information contained in this press release corresponds
to the document results, books and accounting records. Notes to the
press release 1. All comparisons, including percentage changes, are
between the three-month and twelve-month periods ended December 31,
2008 and 2007, in accordance with U.S. GAAP. 2. EBITDA, pro forma
EBITDA, EBITDA margin, free cash flow, net debt, the ratio of net
debt to pro forma EBITDA and EPS before trademark amortization are
all non-U.S. GAAP measures. For additional disclosure regarding
such measures, please refer to the tables attached. 3. This
excludes an extraordinary item arising from the transfer of real
estate in 2Q07 (approximately Euro 20 million pre-tax and Euro 13
million after tax). 4. This excludes an extraordinary capital loss
of Euro 15 million net of tax (approximately Euro 0.03 per share)
due to the write-off of a credit related to the sale of the Things
Remembered retail chain in September 2006. 5. Pro forma data
reflects the inclusion of results by Oakley, Inc., a subsidiary
that was acquired in November 2007, as if it had been acquired on
January 1, 2007. 6. Comparable store sales reflect the change in
sales from one period to another that, for comparison purposes,
includes in the calculation only stores open in the more recent
period that also were open during the comparable period in the same
geographic area, and applies to both periods the average exchange
rate for the prior period. About Luxottica Group S.p.A. Luxottica
Group is a global leader in premium fashion, luxury and sports
eyewear, with over 6,250 optical and sun retail stores in North
America, Asia-Pacific, China, South Africa and Europe and a strong
and well balanced brand portfolio. Luxottica's key house brands
include Ray-Ban, the best known sun eyewear brand in the world,
Oakley, Vogue, Persol, Oliver Peoples, Arnette and REVO, while
license brands include Bvlgari, Burberry, Chanel, Dolce &
Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Salvatore
Ferragamo, Tiffany and Versace. In addition to a global wholesale
network covering 130 countries, the Group manages leading retail
brands such as LensCrafters and Pearle Vision in North America,
OPSM and Laubman & Pank in Australasia, LensCrafters in Greater
China and Sunglass Hut globally. The Group's products are designed
and manufactured in six Italy-based manufacturing plants and in two
wholly-owned plants in China. In 2008, Luxottica Group posted
consolidated net sales of Euro 5.2 billion. Additional information
on the Group is available at http://www.luxottica.com/. Safe Harbor
Statement Certain statements in this press release may constitute
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Such statements involve risks,
uncertainties and other factors that could cause actual results to
differ materially from those which are anticipated. Such risks and
uncertainties include, but are not limited to, the ability to
successfully integrate Oakley's operations, the ability to realize
expected synergies from the merger with Oakley, the ability to
successfully introduce and market new products, the ability to
maintain an efficient distribution network, the ability to manage
the effect of the poor current global economic conditions on our
business and predict future economic conditions and changes in
consumer preferences, the ability to achieve and manage growth, the
ability to negotiate and maintain favorable license arrangements,
the availability of correction alternatives to prescription
eyeglasses, fluctuations in exchange rates, the ability to
effectively integrate other recently acquired businesses, as well
as other political, economic and technological factors and other
risks and uncertainties described in our filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements are made as of the date hereof, and we do not assume any
obligation to update them. - TABLES AND APPENDIX TO FOLLOW -
Non-U.S. GAAP Measure: EBITDA and EBITDA margin EBITDA represents
operating income before depreciation and amortization. EBITDA
margin means EBITDA divided by net sales. The Company believes that
EBITDA is useful to both management and investors in evaluating the
Company's operating performance compared with that of other
companies in its industry. Our calculation of EBITDA allows us to
compare our operating results with those of other companies without
giving effect to financing, income taxes and the accounting effects
of capital spending, which items may vary for different companies
for reasons unrelated to the overall operating performance of a
company's business. EBITDA and EBITDA margin are not measures of
performance under accounting principles generally accepted in the
United States (U.S. GAAP). We include them in this presentation in
order to: -- improve transparency for investors; -- assist
investors in their assessment of the Company's operating
performance and its ability to refinance its debt as it matures and
incur additional indebtedness to invest in new business
opportunities; -- assist investors in their assessment of the
Company's cost of debt; -- ensure that these measures are fully
understood in light of how the Company evaluates its operating
results and leverage; -- properly define the metrics used and
confirm their calculation; and -- share these measures with all
investors at the same time. EBITDA and EBITDA margin are not meant
to be considered in isolation or as a substitute for items
appearing on our financial statements prepared in accordance with
U.S. GAAP. Rather, these non-GAAP measures should be used as a
supplement to U.S. GAAP results to assist the reader in better
understanding the operational performance of the Company. The
Company cautions that these measures are not defined terms under
U.S. GAAP and their definitions should be carefully reviewed and
understood by investors. Investors should be aware that Luxottica
Group's method of calculating EBITDA may differ from methods used
by other companies. The Company recognizes that the usefulness of
EBITDA has certain limitations, including: -- EBITDA does not
include interest expense. Because we have borrowed money in order
to finance our operations, interest expense is a necessary element
of our costs and ability to generate profits and cash flows.
Therefore, any measure that excludes interest expense may have
material limitations; -- EBITDA does not include depreciation and
amortization expense. Because we use capital assets, depreciation
and amortization expense is a necessary element of our costs and
ability to generate profits. Therefore, any measure that excludes
depreciation and expense may have material limitations; -- EBITDA
does not include provision for income taxes. Because the payment of
income taxes is a necessary element of our costs, any measure that
excludes tax expense may have material limitations; -- EBITDA does
not reflect cash expenditures or future requirements for capital
expenditures or contractual commitments; -- EBITDA does not reflect
changes in, or cash requirements for, working capital needs; --
EBITDA does not allow us to analyze the effect of certain recurring
and non-recurring items that materially affect our net income or
loss. We compensate for the foregoing limitations by using EBITDA
as a comparative tool, together with U.S. GAAP measurements, to
assist in the evaluation of our operating performance and leverage.
See the tables on the following pages for a reconciliation of
EBITDA to operating income, which is the most directly comparable
U.S. GAAP financial measure, as well as the calculation of EBITDA
margin on net sales. Non-U.S. GAAP Measure: EBITDA and EBITDA
margin Millions of Euro 4Q08 4Q07 4Q07 pro forma(1) ---- ----
---------------- Operating income (+) 117.4 151.7 150.6
---------------- ----- ----- ----- Depreciation & amortization
(+)(+) 68.6 64.0 73.2 =========================== EBITDA (=) 186.1
215.7 223.8 ------ Net sales (/) 1,236.5 1,188.5 1,257.9 ---------
EBITDA margin (=) 15.0% 18.1% 17.8% 1. These pro forma figures
reflect the inclusion of the consolidated results of Oakley, Inc.,
a subsidiary that was acquired in November 2007, as if it was
acquired on January 1, 2007. Non-U.S. GAAP Measure: EBITDA and
EBITDA margin Millions of Euro FY08 FY07(2) FY07 pro forma(1)(2)
---- ------ ------------------- Operating income (+) 749.8 813.3
858.1 -------------------- ----- ----- ----- Depreciation &
amortization (+)(+) 264.9 232.8 288.2 ============== EBITDA (=)
1,014.7 1,046.1 1,146.3 ------ Net sales (/) 5,201.6 4,966.1
5,539.0 --------- EBITDA margin (=) 19.5% 21.1% 20.7% 1. These pro
forma figures reflect the inclusion of the consolidated results of
Oakley, Inc., a subsidiary that was acquired in November 2007, as
if it was acquired on January 1, 2007. 2. Excluding non-recurring
gain related to the sale of a real estate property in 2Q 2007. The
impact of the sale was a gain of approximately euro 20 million
before taxes and approximately euro 13 million after taxes.
Non-U.S. GAAP Measure: Net Debt to EBITDA ratio Net debt to EBITDA
ratio: Net debt means the sum of bank overdrafts, current portion
of long-term debt and long-term debt, less cash. EBITDA represents
operating income before depreciation and amortization. The Company
believes that EBITDA is useful to both management and investors in
evaluating the Company's operating performance compared with that
of other companies in its industry. Our calculation of EBITDA
allows us to compare our operating results with those of other
companies without giving effect to financing, income taxes and the
accounting effects of capital spending, which items may vary for
different companies for reasons unrelated to the overall operating
performance of a company's business. The ratio of net debt to
EBITDA is a measure used by management to assess the Company's
level of leverage, which affects our ability to refinance our debt
as it matures and incur additional indebtedness to invest in new
business opportunities. The ratio also allows management to assess
the cost of existing debt since it affects the interest rates
charged by the Company's lenders. The ratio also allows management
to assess the cost of existing debt since it affects the interest
rates charged by the Company's lenders. EBITDA and ratio of net
debt to EBITDA are not measures of performance under accounting
principles generally accepted in the United States (U.S. GAAP). We
include them in this presentation in order to: -- improve
transparency for investors; -- assist investors in their assessment
of the Company's operating performance and its ability to refinance
its debt as it matures and incur additional indebtedness to invest
in new business opportunities; -- assist investors in their
assessment of the Company's cost of debt; -- ensure that these
measures are fully understood in light of how the Company evaluates
its operating results and leverage; -- properly define the metrics
used and confirm their calculation; and -- share these measures
with all investors at the same time. EBITDA and ratio of net debt
to EBITDA are not meant to be considered in isolation or as a
substitute for items appearing on our financial statements prepared
in accordance with U.S. GAAP. Rather, these non-GAAP measures
should be used as a supplement to U.S. GAAP results to assist the
reader in better understanding the operational performance of the
Company. The Company cautions that these measures are not defined
terms under U.S. GAAP and their definitions should be carefully
reviewed and understood by investors. Investors should be aware
that Luxottica Group's method of calculating EBITDA and the ratio
of net debt to EBITDA may differ from methods used by other
companies. The Company recognizes that the usefulness of EBITDA and
the ratio of net debt to EBITDA as evaluative tools may have
certain limitations, including: -- EBITDA does not include interest
expense. Because we have borrowed money in order to finance our
operations, interest expense is a necessary element of our costs
and ability to generate profits and cash flows. Therefore, any
measure that excludes interest expense may have material
limitations; -- EBITDA does not include depreciation and
amortization expense. Because we use capital assets, depreciation
and amortization expense is a necessary element of our costs and
ability to generate profits. Therefore, any measure that excludes
depreciation and expense may have material limitations; -- EBITDA
does not include provision for income taxes. Because the payment of
income taxes is a necessary element of our costs, any measure that
excludes tax expense may have material limitations; -- EBITDA does
not reflect cash expenditures or future requirements for capital
expenditures or contractual commitments; -- EBITDA does not reflect
changes in, or cash requirements for, working capital needs; --
EBITDA does not allow us to analyze the effect of certain recurring
and non-recurring items that materially affect our net income or
loss; and -- The ratio of net debt to EBITDA is net of cash and
cash equivalents, restricted cash and short-term investments,
thereby reducing our debt position. Because we may not be able to
use our cash to reduce our debt on a dollar-for-dollar basis, this
measure may have material limitations. We compensate for the
foregoing limitations by using EBITDA and the ratio of net debt to
EBITDA as two of several comparative tools, together with U.S. GAAP
measurements, to assist in the evaluation of our operating
performance and leverage. See the tables on the following pages for
a reconciliation of net debt to long-term debt, which is the most
directly comparable U.S. GAAP financial measure, as well as the
calculation of the ratio of net debt to EBITDA. For a
reconciliation of EBITDA to operating income, which is the most
directly comparable U.S. GAAP financial measure, see the tables on
the preceding pages. Non-U.S. GAAP Measure: Net debt and Net debt /
EBITDA Millions of Euro Dec 31, 2007 Dec 31, 2008 ------------
------------ Long-term debt (+) 1,926.5 2,519.3 --------------
Current portion of long-term debt (+)(+) 792.6 286.2
------------------ Bank overdrafts (+) 455.6 432.5 ---------------
Cash (-) -302.9 -288.5 Net debt (=) 2,871.8 2,949.5 EBITDA 1,066.1
1,014.7 Net debt/EBITDA 2.7x 2.9x =============== ==== ==== Net
debt @ avg exchange rate (1) for the period 3,010.3 2,821.2 Net
debt / EBITDA @ avg Exchange Rate (1) 2.8x 2.8x 1. Calculated using
the 12-month average exchange rate as of December 31, 2007 and
December 31, 2008, respectively Non-U.S. GAAP Measures: EPS before
Trademark Amortization Earnings per share before trademark
amortization: Earnings per share (EPS) before trademark
amortization means earnings per share before trademark and other
similar intangible asset amortization expense, net of taxes, per
share. The Company believes that EPS before trademark amortization
is useful to both management and investors in evaluating the
Company's operating performance and prospects compared with that of
other companies in its industry. Our calculation of EPS before
trademark amortization allows us to compare our earnings per share
with those of other companies without giving effect to the
accounting effects of the amortization of the Company's trademarks
and other similar intangible assets, which may vary for different
companies for reasons unrelated to the overall operating
performance of a company's business. EPS before trademark
amortization is not a measure of performance under accounting
principles generally accepted in the United States (U.S. GAAP). We
include it in this presentation in order to: -- improve
transparency for investors; -- assist investors in their assessment
of the Company's operating performance; -- ensure that this measure
is fully understood in light of how the Company evaluates its
operating results; -- properly define the metrics used and confirm
their calculation; and -- share this measure with all investors at
the same time. EPS before trademark amortization is not meant to be
considered in isolation or as a substitute for items appearing on
our financial statements prepared in accordance with U.S. GAAP.
Rather, this non-GAAP measure should be used as a supplement to
U.S. GAAP results to assist the reader in better understanding the
operational performance of the Company. The Company cautions that
this measure is not a defined term under U.S. GAAP and its
definition should be carefully reviewed and understood by
investors. Investors should be aware that Luxottica Group's method
of calculating EPS before trademark amortization may differ from
methods used by other companies. The Company recognizes that the
usefulness of EPS before trademark amortization as an evaluative
tool may have certain limitations, including: -- EPS before
trademark amortization does not include the effects of amortization
of the Company's trademarks and other intangible assets. Because
trademarks and other intangible assets are important to our
business and to our ability to generate sales, we consider
trademark amortization expense as a necessary element of our costs.
Therefore, any measure that excludes trademark amortization expense
may have material limitations. We compensate for these limitations
by using EPS before trademark amortization as one of several
comparative tools, together with U.S. GAAP measurements, to assist
in the evaluation of our operating performance. See the table on
the following pages for a reconciliation of EPS before trademark
amortization to EPS, which is the most directly comparable U.S.
GAAP financial measure. Non-U.S. GAAP Measure: EPS before Trademark
Amortization Millions of Euro, unless otherwise noted FY08 (2) FY07
(1) Change ------- ------- - Trademark amortization and other
similar intangible assets (+) 72 64
---------------------------------------- Taxes on trademark
amortization and other similar intangible assets (-) (26) (24)
----------------------------------------- Trademark amortization
and other similar intangible assets, net of taxes (=) 45 40
---------------------------------------- Average number of shares
outstanding as of FY December 31 (in thousands) (/) 456,564 455,185
========================================== ======= =======
Trademark amortization and other similar intangible assets, net of
taxes,per share (=) 0.10 0.09 EPS (+) 0.87 1.05 -17.8%
========================================== EPS before trademark
amortization and other similar intangible assets, net of taxes (=)
0.96 1.14 -15.4% ------ ------ US$ / euro average exchange rate
1.4707 1.3705 EPS before trademark amortization and other similar
intangible assets, net of taxes in US$ 1.42 1.56 -9.2% 1. Excluding
non-recurring gain related to the sale of a real estate property in
2Q 2007. The impact of the sale was a gain of approximately euro 20
million before taxes and approximately euro 13 million after taxes,
equivalent to euro 0.03 at EPS level. 2. Excluding the write-off of
debt related to the sale of the Things Remembered business. The
impact of such write-off is a loss of approximately euro 15 million
after tax or euro 0.03 per share. Non-U.S. GAAP Measure: EPS before
Trademark Amortization Millions of Euro, unless otherwise noted
4Q08 (1) 4Q07 Change ------- ---- - Trademark amortization and
other similar intangible assets (+) 19 20
-------------------------------- Taxes on trademark amortization
and other similar intangible assets (-) (7) (8)
------------------------------- Trademark amortization and other
similar intangible assets, net of taxes (=) 12 13
---------------------------------- Average number of shares
outstanding as of December 31 (in thousands) (/) 456,816 456,048
===================================== ======= ======= Trademark
amortization and other similar intangible assets, net of taxes, per
share (=) 0.03 0.03 EPS (+) 0.12 0.21 -44.3% EPS before trademark
amortization and other similar intangible assets, net of taxes (=)
0.14 0.24 -39.7% ------ ------ US$ / euro average exchange rate
1.3180 1.4486 EPS before trademark amortization and other similar
intangible assets, net of taxes in US$ 0.19 0.35 -45.1% 1.
Excluding the write-off of debt related to the sale of the Things
Remembered business. The impact of such write-off is a loss of
approximately euro 15 million after tax or euro 0.03 per share.
Non-US GAAP Measures: Free Cash Flow Free cash flow represents
income from operations before depreciation and amortization (i.e.
EBITDA - see table on page 14) plus or minus the
decrease/(increase) in working capital over the prior period, less
capital expenditures, plus or minus interest income/(expense) and
extraordinary items, minus taxes paid. The Company believes that
free cash flow is useful to both management and investors in
evaluating the Company's operating performance compared with other
companies in its industry. In particular, our calculation of free
cash flow provides a clearer picture of the Company's ability to
generate net cash from operations, which may be used, among other
things, to fund discretionary investments, pay dividends or pursue
other strategic opportunities. Free cash flow is not a measure of
performance under accounting principles generally accepted in the
United States (U.S. GAAP). We include it in this presentation in
order to: -- Improve transparency for investors; -- Assist
investors in their assessment of the Company's operating
performance and its ability to generate cash from operations in
excess of its cash expenses; -- Ensure that this measure is fully
understood in light of how the Company evaluates its operating
results; -- Properly define the metrics used and confirm their
calculation; and -- Share this measure with all investors at the
same time. Free cash flow is not meant to be considered in
isolation or as a substitute for items appearing on our financial
statements prepared in accordance with U.S. GAAP. Rather, this
non-GAAP measure should be used as a supplement to U.S. GAAP
results to assist the reader in better understanding the
operational performance of the Company. The Company cautions that
this measure is not a defined term under U.S. GAAP and its
definition should be carefully reviewed and understood by
investors. Investors should be aware that Luxottica Group's method
of calculation of free cash flow may differ from methods used by
other companies. The Company recognizes that the usefulness of free
cash flow as an evaluative tool may have certain limitations,
including: -- The manner in which the Company calculates free cash
flow may differ from that of other companies, which limits its
usefulness as a comparative measure; -- Free cash flow does not
represent the total increase or decrease in the net debt balance
for the period since it excludes, among other things, cash used for
funding discretionary investments and to pursue strategic
opportunities during the period and any impact of the exchange rate
changes; and -- Free cash flow can be subject to adjustment at the
Company's discretion if the Company takes steps or adopts policies
that increase or diminish its current liabilities and/or changes to
working capital. We compensate for the foregoing limitations by
using free cash flow as one of several comparative tools, together
with U.S. GAAP measurements, to assist in the evaluation of our
operating performance. See the table on the following page for a
reconciliation of free cash flow to EBITDA and the table in page 14
for a reconciliation of EBITDA to operating income, which is the
most directly comparable U.S. GAAP financial measure. Non-U.S. GAAP
Measure: Free cash flow Millions of Euro Dec 31, 2008 ------------
EBITDA (1) 1,014.7 Change working capital (77.0) Capex (296.4)
======== ===== Operating cash flow 641.3 Financial charges (2)
(122.0) Taxes (202.2) Extraordinary charges (3) (15.1)
===================== ===== Free cash flow 302.0 1. EBITDA is not a
U.S. GAAP measure; please see table for a reconciliation from
operating income 2. Equal interest income minus interest expenses
3. Equal extraordinary income minus extraordinary expenses
LUXOTTICA GROUP CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE
THREE-MONTH PERIODS ENDED DECEMBER 31, 2008 AND DECEMBER 31, 2007
KEY FIGURES IN THOUSANDS OF EURO (3)
-------------------------------------- ---- ---- -------- 2008 2007
% Change NET SALES 1,236,476 1,188,500 4.0% NET INCOME 38,825
96,926 -59.9% NET INCOME w/o extr. Loss 54,106 96,926 -44.2% BASIC
EARNINGS PER SHARE (ADS) w/o extr. loss (2) (4): 0.12 0.21 -44.3%
EPS PRE-TRADEMARK AMORTIZATION w/o extr. Loss (2) (4) (5): 0.14
0.24 -39.7% KEY FIGURES IN THOUSANDS OF U.S. DOLLARS (1) (3)
-------------------------------- 2008 2007 % Change NET SALES
1,629,675 1,721,662 -5.3% NET INCOME 51,171 140,407 -63.6% NET
INCOME w/o extr. Loss 71,312 140,407 -49.2% BASIC EARNINGS PER
SHARE (ADS) w/o extr. loss (2) (4): 0.16 0.31 -49.3% EPS
PRE-TRADEMARK AMORTIZATION w/o extr. Loss (2) (4) (5): 0.19 0.35
-45.1% Notes : 2008 2007 (1) Average exchange rate (in U.S. Dollars
per Euro) 1.3180 1.4486 (2) Weighted average number of outstanding
shares 456,816,446 456,047,831 (3) Except earnings per share (ADS),
which are expressed in Euro and U.S. Dollars, respectively (4)
Excluding the non-recurring loss on the write-off of credit related
to the sale of Things Remembered. The impact of such write-off is a
loss of approximately euro 15 million after tax or euro 0.03 per
share. (5) EPS before trademark amortization is not a US-GAAP
measure. For additional disclosure regarding non-US GAAP measures
and a reconciliation to US GAAP measures, see the tables attached.
LUXOTTICA GROUP CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE YEAR
ENDED DECEMBER 31, 2008 AND DECEMBER 31, 2007 KEY FIGURES IN
THOUSANDS OF EURO (3) ------------------------------------- ----
---- -------- 2008 2007 % Change NET SALES 5,201,611 4,966,054 4.7%
NET INCOME 379,722 492,204 -22.9% NET INCOME w/o extr. gain/loss
(4) (5) 395,003 479,191 -17.6% BASIC EARNINGS PER SHARE (ADS) w/o
extr. loss (2) (4) (5): 0.87 1.05 -17.8% EPS PRE-TRADEMARK
AMORTIZATION w/o extr. Loss (2) (4) (5) (6): 0.96 1.14 -15.4% KEY
FIGURES IN THOUSANDS OF U.S. DOLLARS (1) (3)
-------------------------------- 2008 2007 % Change NET SALES
7,650,009 6,805,977 12.4% NET INCOME 558,457 674,566 -17.2% NET
INCOME w/o extr. gain/loss (4) (5) 580,931 656,732 -11.5% BASIC
EARNINGS PER SHARE (ADS) w/o extr. loss (2) (4) (5): 1.27 1.44
-11.8% EPS PRE-TRADEMARK AMORTIZATION w/o extr. Loss (2) (4) (5)
(6): 1.42 1.56 -9.2% Notes : 2008 2007 (1) Average exchange rate
(in U.S. Dollars per Euro) 1.4707 1.3705 (2) Weighted average
number of outstanding shares 456,563,502 455,184,797 (3) Except
earnings per share (ADS), which are expressed in Euro and U.S.
Dollars, respectively (4) Excluding non-recurring gain related to
the sale of a real estate property in 2Q 2007. The impact of the
sale was a gain of approximately euro 20 million before taxes and
approximately euro 13 million after taxes (5) Excluding the
non-recurring loss on the write-off of debt related to the sale of
Things Remembered. The impact of such write-off is a loss of
approximately euro 15 million after tax or euro 0.03 per share. (6)
EPS before trademark amortization is not a US-GAAP measure. For
additional disclosure regarding non-US GAAP measures and a
reconciliation to US GAAP measures, see the tables attached.
LUXOTTICA GROUP CONSOLIDATED INCOME STATEMENT FOR THE THREE-MONTH
PERIODS ENDED DECEMBER 31, 2008 AND DECEMBER 31, 2007 % of % of In
thousands of Euro (1) 4Q08(2) sales 4Q07 sales % Change NET SALES
1,236,476 100.0% 1,188,500 100.0% 4.0% COST OF SALES (436,458)
(423,605) GROSS PROFIT 800,018 64.7% 764,895 64.4% 4.6% OPERATING
EXPENSES: SELLING EXPENSES (448,566) (391,988) ROYALTIES (24,346)
(33,009) ADVERTISING EXPENSES (69,154) (81,600) GENERAL AND
ADMINISTRATIVE EXPENSES (121,470) (86,154) TRADEMARK AMORTIZATION
(19,034) (20,463) TOTAL (682,570) (613,214) OPERATING INCOME
117,448 9.5% 151,681 12.8% -22.6% OTHER INCOME (EXPENSE): INTEREST
EXPENSES (35,252) (30,313) INTEREST INCOME 3,384 6,019 OTHER - NET
(33,780) 16,109 OTHER INCOME (EXPENSES)-NET (65,648) (8,185) INCOME
BEFORE PROVISION FOR INCOME TAXES 51,800 4.2% 143,496 12.1% -63.9%
PROVISION FOR INCOME TAXES (10,368) (44,114) INCOME BEFORE MINORITY
INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES 41,432 99,382
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES (2,607)
(2,455) NET INCOME 38,825 3.1% 96,926 8.2% -59.9% BASIC EARNINGS
PER SHARE (ADS): 0.08 0.21 FULLY DILUTED EARNINGS PER SHARE (ADS):
0.08 0.21 WEIGHTED AVERAGE NUMBER OF OUTSTANDING SHARES 456,816,446
456,047,831 FULLY DILUTED AVERAGE NUMBER OF SHARES 457,405,862
458,478,516 Notes : (1) Except earnings per share (ADS), which are
expressed in Euro (2) Including the non-recurring loss on the
write-off of debt related to the sale of Things Remembered. The
impact of such write-off is a Loss of approximately euro 15 million
after tax or euro 0.03 per share. LUXOTTICA GROUP CONSOLIDATED
INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2008 AND DECEMBER
31, 2007 % of % of In thousands of Euro (1) 2008(3) sales 2007(2)
sales % Change NET SALES 5,201,611 100.0% 4,966,054 100.0% 4.7%
COST OF SALES (1,744,907) (1,575,618) GROSS PROFIT 3,456,705 66.5%
3,390,436 68.3% 2.0% OPERATING EXPENSES: SELLING EXPENSES
(1,706,474) (1,591,438) ROYALTIES (115,639) (129,644) ADVERTISING
EXPENSES (339,258) (348,198) GENERAL AND ADMINISTRATIVE EXPENSES
(473,829) (423,878) TRADEMARK AMORTIZATION (71,742) (63,965) TOTAL
(2,706,942) (2,557,123) OPERATING INCOME 749,763 14.4% 833,313
16.8% -10.0% OTHER INCOME (EXPENSE): INTEREST EXPENSES (135,267)
(89,498) INTEREST INCOME 13,265 17,087 OTHER - NET (37,890) 19,780
OTHER INCOME (EXPENSES)-NET (159,892) (52,631) INCOME BEFORE
PROVISION FOR INCOME TAXES 589,870 11.3% 780,681 15.7% -24.4%
PROVISION FOR INCOME TAXES (194,657) (273,501) INCOME BEFORE
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES 395,213
507,180 MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES
(15,492) (14,976) NET INCOME 379,722 7.3% 492,204 9.9% -22.9% BASIC
EARNINGS PER SHARE (ADS): 0.83 1.08 FULLY DILUTED EARNINGS PER
SHARE (ADS): 0.83 1.07 WEIGHTED AVERAGE NUMBER OF OUTSTANDING
SHARES 456,563,502 455,184,797 FULLY DILUTED AVERAGE NUMBER OF
SHARES 457,717,044 458,530,609 Notes : (1) Except earnings per
share (ADS), which are expressed in Euro (2) Including
non-recurring gain related to the sale of a real estate property in
2Q 2007. The impact of the sale was a gain of approximately euro 20
million before taxes and approximately euro 13 million after taxes
(3) Including the non-recurring loss on the write-off of debt
related to the sale of Things Remembered. The impact of such
write-off is a loss of approximately euro 15 million after tax or
euro 0.03 per share. LUXOTTICA GROUP CONSOLIDATED BALANCE SHEET AS
OF DECEMBER 31, 2008 AND DECEMBER 31, 2007 In thousands of Euro
December 31, 2008 December 31, 2007 CURRENT ASSETS: CASH 288,450
302,894 MARKETABLE SECURITIES 23,550 21,345 ACCOUNTS RECEIVABLE
630,018 665,184 SALES AND INCOME TAXES RECEIVABLE 151,609 89,000
INVENTORIES 570,987 575,016 PREPAID EXPENSES AND OTHER 144,054
139,305 DEFERRED TAX ASSETS - CURRENT 131,907 117,853 TOTAL CURRENT
ASSETS 1,940,575 1,910,597 PROPERTY, PLANT AND EQUIPMENT - NET
1,170,698 1,057,782 OTHER ASSETS INTANGIBLE ASSETS - NET 3,928,804
3,907,957 INVESTMENTS 5,503 17,668 OTHER ASSETS 175,234 194,329
SALES AND INCOME TAXES RECEIVABLE 965 1,042 DEFERRED TAX ASSETS -
NON-CURRENT 83,447 67,891 TOTAL OTHER ASSETS 4,193,952 4,188,887
TOTAL 7,305,225 7,157,266 CURRENT LIABILITIES: BANK OVERDRAFTS
432,465 455,588 CURRENT PORTION OF LONG-TERM DEBT 286,213 792,617
ACCOUNTS PAYABLE 398,080 423,432 ACCRUED EXPENSES AND OTHER 390,783
441,721 ACCRUAL FOR CUSTOMERS' RIGHT OF RETURN 31,363 26,557 INCOME
TAXES PAYABLE 18,353 19,314 TOTAL CURRENT LIABILITIES 1,557,255
2,159,229 LONG-TERM LIABILITIES: LONG-TERM DEBT 2,519,289 1,926,523
LIABILITY FOR TERMINATION INDEMNITIES 55,522 56,911 DEFERRED TAX
LIABILITIES - NON-CURRENT 233,551 248,377 OTHER 385,687 229,972
TOTAL LONG-TERM LIABILITIES 3,194,049 2,461,782 COMMITMENTS AND
CONTINGENCIES: MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES
47,328 41,097 SHAREHOLDERS' EQUITY: 463,368,233 ORDINARY SHARES
AUTHORIZED AND ISSUED - 456,933,447 SHARES OUTSTANDING 27,802
27,757 NET INCOME 379,722 492,204 RETAINED EARNINGS 2,099,068
1,975,196 TOTAL SHAREHOLDERS' EQUITY 2,506,592 2,495,158 TOTAL
7,305,225 7,157,266 LUXOTTICA GROUP CONSOLIDATED FINANCIAL
HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2008 AND DECEMBER 31,
2007 - SEGMENTAL INFORMATION -
----------------------------------------------- Inter-Segment
Manufacturing Transactions and and Wholesale Retail Oakley
Corporate Adj. Consolidated In thousands of Euro 2008 Net Sales
2,472,330 3,109,146 (379,864) 5,201,611 Operating Income 545,507
291,469 (87,214) 749,763 % of sales 22.1% 9.4% 23.0% 14.4% Capital
Expenditures 125,489 170,946 296,436 Depreciation &
Amortization 85,987 123,129 55,821 264,937 Assets 2,750,630
1,509,658 3,044,937 7,305,225 2007 (2) Net Sales 1,992,740
3,233,802 86,964 (347,452) 4,966,054 Operating Income 527,991
361,809 3,717 (80,224) 813,293 % of sales 26.5% 11.2% 4.3% 23.1%
16.4% Capital Expenditures 112,973 213,293 8,503 334,769
Depreciation & Amortization 68,981 118,100 7,682 38,050 232,813
Assets 2,321,204 1,405,299 1,937,292 1,493,471 7,157,266 2007
Pro-forma (1) (2) Net Sales 2,577,786 3,407,907 (446,693) 5,539,000
Operating income 593,898 376,660 (112,453) 858,105 % of sales 23.0%
11.1% 25.2% 15.5% Depreciation & Amortization 97,012 126,473
64,681 288,166 Notes : (1) These consolidated adjusted amounts are
a non-GAAP measurement. The company has included this measurement
to give comparative information for the two periods discussed,
aligning the consolidation periods of Oakley for both years 2007
and 2008. They reflect the consolidation of Oakley results for the
twelve months of 2007 (as it is in 2008) and same trademark
amortization as in 2008. This information does not purport to be
indicative of the actual result that would have been achieved had
the Oakley acquisition been completed as of January 1, 2007. (2)
Excluding non-recurring gain related to the sale of a real estate
property in 2Q 2007. The impact of the sale was a gain of
approximately euro 20 million before taxes and approximately euro
13 million after taxes. LUXOTTICA GROUP RECONCILIATION OF THE
CONSOLIDATED INCOME STATEMENT PREPARED IN ACCORDANCE WITH US GAAP
AND IAS / IFRS FOR THE YEAR ENDED DECEMBER 31, 2008 CONSOLIDATED
INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2008 In thousands
of Euro (2) US GAAP 2008 IFRS 2 IAS 2 IFRS 3 IAS 12 IAS 19 Stock
Business Income Employee option Inventories combination Taxes
benefit NET SALES 5,201,611 COST OF SALES (1,744,907) 3,490 (868)
GROSS PROFIT 3,456,705 3,490 (868) OPERATING EXPENSES: SELLING
EXPENSES (1,706,474) (5,177) (16,776) ROYALTIES (115,639)
ADVERTISING EXPENSES (339,258) GENERAL AND ADMINISTRATIVE EXPENSES
(473,829) 31,885 (32,337) 265 TRADEMARK AMORTIZATION (71,742) TOTAL
(2,706,942) 31,885 (5,177) (49,113) 265 OPERATING INCOME 749,763
31,885 (1,687) (49,981) 265 OTHER INCOME (EXPENSE): INTEREST
EXPENSES (135,267) (3,223) (1,321) INTEREST INCOME 13,265 OTHER -
NET (37,890) 4,247 90 OTHER INCOME (EXPENSES)-NET (159,892) 4,247
(3,223) (1,231) INCOME BEFORE PROVISION FOR INCOME TAXES 589,870
36,132 (1,687) (53,204) (1,231) 265 PROVISION FOR INCOME TAXES
(194,657) (2,594) 665 18,388 (5,607) (339) INCOME BEFORE MINORITY
INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES 395,213 33,538
(1,022) (34,815) (6,838) (74) MINORITY INTEREST IN INCOME OF
CONSOLIDATED SUBSIDIARIES (15,492) 7,787 NET INCOME 379,722 33,538
(1,022) (27,029) (6,838) (74) BASIC EARNINGS PER SHARE (ADS)(1)
0.83 FULLY DILUTED EARNINGS PER SHARE (ADS) (1) 0.83 WEIGHTED
AVERAGE NUMBER OF OUTSTANDING SHARES 456,563,502 FULLY DILUTED
AVERAGE NUMBER OF SHARES 457,717,044 CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2008 In thousands of Euro (2)
IAS/IFRS IAS 36 IAS 38 IAS 39 Total 2008 Impairment Intangible
Derivatives/ adj. of Assets Depreciation Amortized cost IAS-IFRS
NET SALES 5,201,611 COST OF SALES 2,622 (1,742,284) GROSS PROFIT
2,622 3,459,327 OPERATING EXPENSES: SELLING EXPENSES (354) (22,307)
(1,728,780) ROYALTIES (115,639) ADVERTISING EXPENSES 1,747 1,747
(337,511) GENERAL AND ADMINISTRATIVE EXPENSES (187) (474,016)
TRADEMARK AMORTIZATION (71,742) TOTAL (354) 1,747 (20,746)
(2,727,688) OPERATING INCOME (354) 1,747 (18,124) 731,639 OTHER
INCOME (EXPENSE): INTEREST EXPENSES 16,808 12,264 (123,002)
INTEREST INCOME 13,265 OTHER - NET 23 4,360 (33,530) OTHER INCOME
(EXPENSES)-NET 16,831 16,625 (143,268) INCOME BEFORE PROVISION FOR
INCOME TAXES (354) 1,747 16,831 (1,499) 588,371 PROVISION FOR
INCOME TAXES 140 (670) (5,824) 4,158 (190,499) INCOME BEFORE
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES (214)
1,077 11,007 2,659 397,872 MINORITY INTEREST IN INCOME OF
CONSOLIDATED SUBSIDIARIES 7,787 (7,705) NET INCOME (214) 1,077
11,007 10,446 390,167 BASIC EARNINGS PER SHARE (ADS)(1) 0.85 FULLY
DILUTED EARNINGS PER SHARE (ADS) (1) 0.85 WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 456,563,502 FULLY DILUTED AVERAGE NUMBER OF
SHARES 457,844,280 Notes : (1) Except earnings per share (ADS),
which are expressed in Euro (2) Including the non-recurring loss on
the write-off of debt related to the sale of Things Remembered. The
impact of such write-off is a loss of approximately euro 15 million
after tax or euro 0.03 per share DATASOURCE: Luxottica Group S.p.A.
CONTACT: Ivan Dompe, Group Corporate Communications Director,
+39(02)-8633-4726, , Alessandra Senici, Group Investor Relations
Director, +39(02)-8633-4718, , or Luca Biondolillo, Group Director
of International Communications, +39(02)-8633-4668, Web Site:
http://www.luxottica.com/
Copyright
