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Updated
Thursday June 09, 2011
Essilor of America Launches MyOnlineOptical.com
Posted by
The Eyeglasses Guy on March 26, 2010 ·
Following a Successful Beta Test, Essilor to
Provide E-Commerce Solution for All ECPs
 DALLAS
– (March 26, 2010) – Essilor of America, Inc., the nation’s
leading manufacturer of optical lenses, today announces the
launch of its MyOnlineOptical.com e-commerce solution
for independent eyecare professionals (ECPs). Following a
successful Beta test with a limited number of ECPs, in
partnership with
FramesDirect.com, Essilor has expanded the availability of
the offering which enables ECPs to provide optical products
online to their current and future patients.
In order to secure the technology and deploy this
industry-leading solution to all ECPs, Essilor has acquired a
majority stake in FramesDirect.com.
“E-commerce is rapidly emerging in our industry as more
consumers enjoy the convenience of online purchasing,” said John
Carrier, president, Essilor of America. “However, a solution
including the ECP did not exist and our research indicated that
most ECPs felt ill-equipped to compete. As long time industry
partners, Essilor felt responsible to provide our customers with
a solution to meet this challenge.”
“Eyeglass e-commerce is undeniably becoming a reality in
today’s ophthalmic industry worldwide,” said Randolph E. Brooks,
O.D., American Optometric Association (AOA) president. “We’ve
received positive feedback from the Beta test and believe that
MyOnlineOptical.com will provide optometrists with an
opportunity to compete with online entities by offering
additional visual correction solutions, and therefore increase
patient retention and promote healthy practice growth.”
Essilor’s MyOnlineOptical.com allows ECPs to add a
turnkey e-commerce engine that extends their reach beyond office
walls and office hours to 24/7 accessibility. ECPs maintain
complete control, determining the product pricing and selection,
and preserving the look and feel of their practice Web sites.
ECPs can provide patients with up to 100,000 eyeglass options,
and keep them from walking out the door to a competitive
offering. The MyOnlineOptical.com solution will allow
ECPs to offer patients a secure, convenient and robust online
purchasing tool for eyewear, while saving on staff time and
inventory.
“MyOnlineOptical.com has given me a valuable tool to
compete in the online global marketplace,” said Kim Castleberry,
OD. “My patients like the selection and convenience of
purchasing products online and my practice bottom line is
enhanced. Moreover, it has not increased my overhead. I’m not
sure what the future holds for online optical sales, but I do
know I have a tool to compete, thanks to Essilor.”
For more information, go to
www.MyOnlineOptical.com. Any comments or questions about
this Internet initiative should be addressed to MyOnlineOptical@essilorusa.com.
Essilor - 2009 Financial Results
Posted on: Thu, 04 Mar 2010 02:15:00 EST
C HARENTON-LE-PONT,
France, March 4, 2010
/PRNewswire via COMTEX/ --
At its meeting yesterday, the
Board of Directors of Essilor
approved the
financial
statements
for
the year ended December 31,
2009. The financial statements
have been audited and the
auditors are in the process of
issuing an unqualified opinion.
EUR millions 2009 2008 % Change
Revenue 3,268 3,074.4 + 6.3%
Contribution from operations(1) 594.4 551.2 + 7.9%
As a % of revenue 18.2% 17.9% -
Profit attributable to equity holders 394.0 382.4 + 3.1%
Restated earnings per share(2) (EUR) 2.03 1.85 + 10.0%
Reported earnings per share(EUR) 1.91 1.85 +3.2%
Free cash flow
(3)
390 313 + 24.6% (1) Operating
profit before compensation costs
of share-based payments,
restructuring costs, other
income and expense, and goodwill
impairment. (2) Restated for the
EUR26.1 million provision in
2009 in respect of various risks
and tax litigations (3) Net cash
from operating activities less
purchases of property, plant and
equipment and intangible assets,
according to the IFRS
consolidated cash flow
statement.
In a recessionary economy, 2009
saw an unprecedented slowdown in
the ophthalmic optical market.
In this context, Essilor was
able to demonstrate the solidity
of its growth model and
continued to progress in the
market by leveraging its
innovative products and
efficient distribution networks
and by stepping up its
acquisition strategy.
The year's highlights included:
- Successful new products, including the new Crizal(R) anti-reflective
lens, Xperio(TM) polarizing lens, personalized lenses incorporating
eyecode(TM) technology and the Mr Blue(R) edger.
- Faster deployment in the mid-range, thanks to a dedicated local
offering.
- Entry of 27 new companies into the Company in all regions.
- Pursuit of productivity gains and operational efficiency.
Dividend
Based on its confidence in
the Company's outlook, the Board
of Directors will recommend that
shareholders
at the Annual Meeting on May 11,
2010 approve the payment of a
2009 dividend of EUR0.70 per
share, representing a 6.1%
increase over the 2008
dividend.
The payout ratio increased to
37%. The dividend will be
payable as from May 28, 2010.
Outlook
In 2010, the
economic
environment
is expected to be more
favourable than in 2009, with a
progressive recovery in global
activity. The ophthalmic optical
market enjoys positive trends,
linked to the ageing of the
population, the potential of
high value-added products and
the rise of a middle-class in
emerging countries. Backed by
the robustness of its business
model, demonstrated in 2009,
Essilor will step up its
strategy of market share gains.
2010 will therefore be a major
year for new product launches,
geographic expansion and the
acceleration of bolt-on
acquisitions. Essilor expects a
gradual improvement in its
revenue and will continue to
pursue operational efficiency
gains.
Analyst Meeting
A meeting with financial
analysts will be held today,
March 4, at 10:30 a.m. CET. It
will be webcast live in French
at http://hosting.3sens.com/Essilor/20100304-47FAFD92/fr/
and in English at
http://hosting.3sens.com/Essilor/20100304-47FAFD92/en/.
Forthcoming investor events
First-quarter 2010 report:
April 23, 2010
Annual Shareholders' Meeting:
May 11, 2010
The world leader in
ophthalmic optical products,
Essilor International
researches, develops,
manufactures and markets around
the world a wide range of lenses
to correct myopia, hyperopia,
presbyopia and astigmatism. Its
flagship brands are Varilux(R),
Crizal(R), Essilor(R),
Definity(R) and Xperio(TM).
Based in France, the company
reported consolidated revenue of
EUR3.2 billion in 2009, with
34,700 employees and operations
in 100 countries.
For more information, please
visit http://www.essilor.com.
The Essilor share trades on
the NYSE Euronext Paris market
and is included in the CAC 40
index. Codes and symbols: ISIN:
FR FR0000121667; Reuters:
ESSI.PA; Bloomberg: EI:FP.
REVENUE UP 5% AT CONSTANT EXCHANGE RATES
Revenue 2009 2008 % Change % Change
EUR millions (reported) (like-for-like)
Europe 1,331.7 1,356.3 - 1.8% - 2.7%
North America 1,354.0 1,253.0 + 8.1% - 0.4%
Asia-Pacific 344.7 301.8 + 14.2% + 12.3%
Latin America 134.0 127.2 + 5.3% + 7.0%
Laboratory 103.6 36.1 + 186.9% - 7.0%
equipment
Total 3,268.0 3,074.4 6.3% 0.1%
Consolidated revenue rose 6.3% to EUR3,268 million in 2009.
- On a like-for-like basis, revenue grew by 0.1%, reflecting stable
Lens revenue and a 2.3% increase in Instrument revenue.
- Consolidation of companies acquired in 2008 and 2009 accounted for 4.9%
of reported growth, of which 2.3% from Satisloh.
- The 1.3% positive currency effect was mainly due to the rise in the
dollar and, to a lesser extent, the yen against the euro, which
offset the negative impact on revenue of the weaker British pound,
Brazilian real and Canadian dollar.
Geographically, unit sales edged
back slightly in mature
countries but rose sharply in
emerging markets:
- Revenue in Europe declined by 2.7% in a challenging environment.
During the year, Essilor stepped up deployment of its multi-network
strategy, which allows it to capture the strong demand for
entry-level products while continuing to pursue its innovation
strategy. Operations in France, Germany and Italy, as well as the
Instruments Division, held up particularly well, with operations
in Russia and Finland reporting the strongest performances.
- Revenue was virtually unchanged in North America (down 0.4%). In
the United States, firm sales to eyecare professionals and independent
laboratories offset difficulties encountered with certain optical
chains. Revenue in Canada was hurt by a fall-off in unit sales.
- In Asia, where revenue rose 12.3% overall during the year, performance
was satisfactory in every country except Japan. Growth was
led in India, China and South Korea by sales of specialty lenses and
other new products, and lifted in Australia by strong demand for the
Varilux and Crizal lines. Revenue also saw sustained growth in South
Africa.
- After enjoying very strong growth in 2008, revenue in Latin America
rose a solid 7% in 2009 despite the economic slowdown. The sharp
increase in anti-reflective lens sales in Brazil and especially Mexico
helped to improve the product mix.
- Lastly, in a particularly challenging year for the capital equipment
industry, Satisloh held the decline in sales to around 7%, thereby
enabling the company to increase its market share. Surfacing machine
sales remained strong during the year.
Fourth quarter: continued recovery in growth
Revenue Q4 2009 Q4 2008 % Change % Change
EUR millions (reported) (like-for-like)
Europe 342.3 338.9 + 1.0% - 0.7%
North America 302.4 319.3 - 5.3% + 1.1%
Asia-Pacific 85.0 75.7 + 12.3% + 11.2%
Latin America 38.1 28.7 + 33.0% + 15.1%
Laboratory 31.6 34.0 - 7.1% - 7.1%
equipment
Total 799.4 796.6 +0.4% + 1.5%
Consolidated revenue for the
fourth quarter alone stood at
EUR799.4 million, up 0.4%
year-on-year as reported and
1.5% like-for-like. With
Satisloh now contributing to
organic growth, the contribution
from acquisitions declined to
2.3% for the period. Lastly, for
the first time in 2009, the
currency effect turned negative
(at 3.4%), primarily due to the
appreciation of the euro against
the US dollar.
Business conditions improved in every operating region during the quarter:
- Business stabilized in Europe.
- Demand turned up noticeably in North America and significantly in
Latin America.
- Growth remained strong in Asia.
- The Laboratory Equipment business recovered.
Six new
prescription laboratories were
acquired in Europe, the United
States, India and South Africa,
along with a distributor in
Brazil, for total additional
full-year revenue of EUR23
million.
CONTRIBUTION MARGIN AT 18.2%
EUR millions 2009 2008
Gross margin 1,832.6 1,749.3
As a % of revenue 56.1 56.9
Operating expenses 1,238.2 1,198.2
Contribution from operations(1) 594.4 551.2
As a % of revenue 18.2 17.9
(1) Operating profit before compensation costs of share-based
payments, restructuring costs, other income and expense, and
goodwill impairment.
The
contribution from operations
increased 7.9% to EUR594.4
million in 2009, while the
contribution margin improved by
0.3 points to 18.2%, despite the
dilutive impact of consolidating
Satisloh. The growth may be
analyzed as follows:
- Gross margin declined by 0.8 points to 56.1% of revenue, due to the
dilutive impact from Satisloh and other acquisitions. Excluding the
impact of these acquisitions, gross margin was unchanged for the year.
- Operating expenses as a percentage of revenue declined by 1.1 point,
to 37.9%, thanks to i) tight control over selling and distribution
costs (EUR706.6 million) and major reductions in overheads while
maintaining a strong research and development commitment (funded at
EUR151.2 million before deduction of a EUR10.4 million research tax
credit) and ii) the positive impact of acquisitions whose operating
expense/revenue ratio is lower than the Company average.
RESTATED EPS UP 10%
Profit attributable to equity holders of the parent up 3.1%
Profit
attributable to equity holders
rose by 3.1% to end the year at
EUR394 million, it represented
12.1% of revenue, close to the
level of 2008. It may be
analyzed as follows:
- Other income and expenses from operations amounted to a net expense of
EUR39.2 million, comprising EUR21.9 million in compensation costs of
share-based payments and EUR17.3 million in restructuring costs,
charges to provisions for contingencies, claims and litigation, and
other expenses.
- Operating profit increased 7.9% to EUR555.2 million for the year.
- Finance costs and other financial income and expenses represented a
net expense of EUR11.2 million compared with EUR2.5 million in 2008,
reflecting the increase in net finance costs due to the higher average
net debt for the year and, to a lesser extent, a decline in creditor
interest income.
- Share of profits of associates remained unchanged at EUR26 million, as
higher earnings at Transitions (49%-owned) offset a decline at Sperian
Protection (15%-owned).
Income tax
amounted to EUR168.2 million,
including a EUR26.1 million
provision in respect of the
various tax controls and
litigations underway for the
Company. Excluding this
non-recurring item, the
effective tax rate was 26.1%.
The improvement was primarily
led by a decline in the tax rate
in Brazil and the faster
earnings growth in regions with
more favorable tax regimes.
Earnings per share rose 3.2%
to EUR1.9. Restated earnings per
share rose by 10 % to EUR2.03.
FREE CASH FLOW UP 25%
Essilor's business model
continued to demonstrate its
ability to generate strong cash
flow in 2009. Operating cash
flow amounted to EUR515 million,
providing ample funds to finance
the company's growth, by
covering:
- The EUR71 million rise in working capital requirement due to an
increase in trade receivables.
- EUR125 million in gross capital expenditure, representing 3.8% of
revenue.
This left
free cash flow[1] up 24.6% to
EUR390 million.
This good cash flow
performance also enabled Essilor
to continue deploying its
acquisitions and partnership
strategy around the world
(EUR161 million invested, net of
acquired cash); pursue its share
buyback programs (EUR76.1
million) and increase the
dividend (EUR136 million).
Change in net debt
EUR millions
Operating cash flow (before 586 Purchases of property, 125
WCR) plant and equipment
Conversions of OCEANE 153 Change in WCR 71
convertible bonds and other
Issue of share capital 37 Dividends 139
Other 2 Financial investments 161
net of the proceeds
from disposals
Share buybacks 76
Decrease in debt 206
A STRONG BALANCE SHEET
Net cash position
The growth
in earnings and cash flow helped
to further strengthen an already
very solid balance sheet. At
December 31, 2009, the Company
had net cash of EUR92.8 million,
equivalent to 3.4% of
consolidated equity.
Goodwill
Goodwill increased by EUR102
million in 2009, to stand at
EUR1,060 million at year-end, or
25% of total assets.
Inventories
Inventories amounted to
EUR486 million at December 31,
2009, an increase of EUR10
million or 1% like-for-like.
In all, the balance sheet
structure was strengthened, with
an equity to assets ratio of
65.2%.
ACQUISITIONS IN 2009
Essilor actively pursued its
acquisitions strategy in 2009,
purchasing interests in 27
companies during the year,
mainly prescription lens
laboratories or distributors.
The strategy was deployed in
every region, with 13
acquisitions in North America,
five in Europe, six in
Asia-Pacific, one in the Middle
East, one in South Africa and
one in Brazil.
SUBSEQUENT EVENTS
Since the beginning of 2010,
Essilor has continued to expand
in the global marketplace with
new partnerships. In China, a
majority interest was acquired
in Danyang ILT, an ophthalmic
lens manufacturer, while a
prescription lens laboratory was
purchased in Abu Dhabi. In
Australia, Essilor acquired a
70% interest in Eyebiz Pty
Limited, Luxottica's
Sydney-based optical lens
finishing laboratory that
supplies Luxottica's retail
optical outlets in Australia and
New Zealand.
In December 2009, Essilor
agreed to acquire FXG
International, the leading
designer and marketer of
non-prescription eyewear in the
United States, with revenue of
$259 million in 2009. The
transaction, which is subject to
regulatory approvals and the
affirmative vote of a majority
of FGX's shareholders, is
expected to close in March. It
will enable Essilor to enter a
new growth market.
---------------------------------
[1] Net cash from operating activities less purchases of property,
plant and equipment and intangible assets, according to the IFRS
consolidated cash flow statement.
------------------------------
CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2009
CONSOLIDATED INCOME STATEMENT
EUR thousands, except per share data 2009 2008
Revenue 3,267,978 3,074,419
Cost of sales (1,435,333) (1,325,106)
GROSS MARGIN 1,832,645 1,749,313
Research and development costs (151,221) (144,518)
Selling and distribution costs (706,619) (672,268)
Other operating expenses (380,367) (381,368)
CONTRIBUTION FROM OPERATIONS 594,438 551,159
Restructuring costs, net (11,383) (3,736)
Impairment losses 0 0
Compensation costs on share-based payments (21,865) (24,906)
Other income from operations, net 2,456 1,926
Other expenses from operations, net (7,128) (9,284)
Gains and losses on asset disposals, net (1,303) (629)
OPERATING PROFIT 555,215 514,530
Finance costs (31,498) (28,181)
Income from cash and cash equivalents 18,739 29,042
Other financial income, net 41,551 43,349
Other financial expenses, net (39,946) (46,716)
Share of profit of associates 25,974 26,053
PROFIT BEFORE TAX 570,035 538,077
Income tax expense (168,169) (149,266)
NET PROFIT 401,866 388,811
Attributable to equity holders of Essilor 394,036 382,356
International
Attributable to minority interests 7,830 6,455
Basic earnings per common share (EUR) 1.91 1.85
Weighted average number of common shares
(thousands) 206,691 206,875
Diluted earnings per common share (EUR) 1.89 1.81
Diluted weighted average number of common
shares (thousands) 210,557 213,615
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009
ASSETS
EUR thousands December 31, December 31,
2009 2008
Goodwill 1,059,941 957,605
Other intangible assets 221,688 205,249
Property, plant and equipment 803,022 811,484
INTANGIBLE ASSETS AND PROPERTY, PLANT AND 2,084,651 1,974,338
EQUIPMENT, NET
Investments in associates 180,034 164,690
Other long-term financial investments 73,920 44,214
Deferred tax assets 57,229 51,955
Non-current receivables 10,570 8,093
Other non-current assets 854 693
OTHER NON-CURRENT ASSETS, NET 322,607 269,645
TOTAL NON-CURRENT ASSETS, NET 2,407,258 2,243,983
Inventories 485,606 475,299
Prepayments to suppliers 12,373 9,521
Current trade receivables 746,266 684,797
Current income tax assets 17,039 5,859
Other receivables 18,434 37,294
Derivative financial instruments 40,485 50,996
Prepaid expenses 20,765 21,242
Marketable securities 33,965 32,538
Cash and cash equivalents 385,548 505,571
CURRENT ASSETS, NET 1,760,481 1,823,117
TOTAL ASSETS 4,167,739 4,067,100
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009
EQUITY AND LIABILITIES
EUR thousands December 31, December 31,
2009 2008
Share capital 38,792 37,984
Additional paid-in capital 415,321 311,765
Retained earnings 2,107,571 1,829,870
Treasury stock (174,580) (153,407)
Convertible bond (OCEANE) call option 6,854 22,206
Revalution and others reserves (21,653) (9,109)
Translation reserve (50,194) (70,235)
Net profit attributable to equity
holders of Essilor International 394,036 382,356
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF ESSILOR INTERNATIONAL 2,716,147 2,351,430
Minority interests 21,786 14,544
TOTAL EQUITY 2,737,933 2,365,974
Provisions for pensions and other
post-employment obligations 131,316 132,401
Long-term borrowings 282,222 437,617
Deferred tax liabilities 24,678 22,406
Long-term payables 2,393 2,359
NON-CURRENT LIABILITIES 440,609 594,783
Provisions 68,887 36,720
Short-term borrowings 82,929 212,835
Customer prepayments 2,866 8,611
Short-term payables 624,184 631,945
Current income tax liability 46,507 35,626
Other liabilities 144,289 143,159
Derivative financial instruments 10,897 28,480
Deferred income 8,638 8,967
CURRENT LIABILITIES 989,197 1,106,343
TOTAL EQUITY AND LIABILITES 4,167,739 4,067,100
CONSOLIDATED CASH FLOW STATEMENT
EUR thousands 2009 2008
NET PROFIT 401,866 388,811
Share of profits of associates, net of dividends
received 19,504 20,637
Depreciation, amortization and other non-cash items 143,400 148,886
Profit before non-cash items and share of profits
of associates, net of dividends received 564,770 558,334
Provision charges (reversals) 19,724 9,810
(Gains) and losses on asset disposals, net 1,303 629
Cash flow after income tax expense and finance
costs, net 585,797 568,773
Finance costs, net 13,027 (692)
Income tax expense (current and deferred taxes) 168,169 149,266
Cash flow before income tax expense and finance 766,993 717,347
costs, net
Income taxes paid (172,226) (144,650)
Interest (paid) and received, net (8,773) 8,607
Change in working capital (70,656) (84,503)
NET CASH FROM OPERATING ACTIVITIES 515,338 496,801
Intangibles assets and purchases of property,
plant and equipment (125,275) (184,298)
Acquisitions of subsidiaries, net of the cash
acquired (128,634) (452,879)
Purchases of available-for-sale financial assets (24,263) (4,673)
Purchases of other long-term financial investments (8,071) (11,978)
Proceeds from the sale of subsidiaries, net of
cash sold 0 0
Proceeds from the sale of other non-current assets 8,889 3,799
NET CASH USED IN INVESTING ACTIVITIES (277,354) (650,029)
Proceeds from issue of share capital 37,085 31,385
(Purchases) and sales of treasury stock, net (76,096) (112,613)
Dividends paid to:
- Equity holders of Essilor International (136,189) (128,393)
- Minority shareholders of subsidiaries (2,922) (188)
Repayments of borrowings other than finance lease
liabilities (185,931) 177,782
Purchases of marketable securities (1,427) (1,359)
Repayments of finance lease liabilities (2,521) (2,644)
Other movements (536) 473
NET CASH USED IN FINANCING ACTIVITES (368,537) (35,557)
NET(DECREASE)-INCREASE IN CASH AND CASH
EQUIVALENTS (130,553) (188,785)
Cash and cash equivalents at January 1 486,765 677,164
Effect of changes in exchange rates 7,690 (1,614)
CASH AND CASH EQUIVALENTS AT DECEMBER 31 363,902 486,765
Cash and cash equivalents 385,548 505,571
Short-term bank loans and overdrafts (21,646) (18,806)
Investor Relations and Financial Communications
Veronique Gillet - Sebastien Leroy
Phone: +33(0)1-49-77-42-16
http://www.essilor.com
SOURCE
Essilor
For full
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February 7, 2010
S mart Money
Dow Jones Newswire
Luxottica and Essilor In JV For Australia, New Zealand
Markets
MILAN -(Dow Jones)- Italian eyewear maker Luxottica SpA
(LIX.MI) and lens maker Essilor International (ESLOY) said Monday
they have signed a joint venture for the Australian and
New Zealand markets.
Under the terms of the agreement, the joint venture will
manage Eyebiz Pty Ltd., Luxottica's Syndney-based optical lens finishing
laboratory, which as a result of this alliance will be
majority-controlled by Essilor.
The partners provided no financial details about the tie-up.
Essilor accélère son déploiement international
avec 10 nouveaux partenariats
Charenton-le-Pont (22 janvier 2010 - 06h30) –
Essilor International a conclu depuis octobre 2009 dix
acquisitions ou partenariats dans l’ensemble des cinq
grandes régions où il opère. Ces sociétés réalisent
un chiffre d’affaires annuel cumulé d’environ 35
millions d’euros.
Deux opérations
en Europe pour renforcer notre stratégie multi-réseaux
En France, Novisia, filiale d’Essilor et distributeur
exclusif des verres Nikon en Europe continentale, a
pris une participation majoritaire dans
Mont-Royal, un distributeur avec
laboratoire de prescription situé
à Goeztenbruck en Lorraine, réalisant un chiffre
d’affaires d’environ 10 millions d’euros. Tout en
renforçant sa présence sur le marché, Mont-Royal servira
de base à Novisia pour accélérer son
développement en France.
Au Royaume-Uni, le groupe a acquis 95 % du capital de
Horizon, un laboratoire situé
dans le
Bedfordshire (Nord de Londres) réalisant 3,4 millions
d’euros de chiffre d’affaires.
Trois opérations
en Amérique du Nord pour compléter la couverture géographique de notre
réseau de laboratoires de prescription
Aux Etats-Unis, Essilor a renforcé ses parts de marché
en prenant des participations majoritaires dans
trois laboratoires de prescription. Il s’agit d’ Ultimate
Optical, un laboratoire de prescription situé en
Floride réalisant 6,3 millions de dollars de chiffre
d’affaires, d’ Optical Dimensions
(Michigan, 3,7
millions) et de
Truckee Meadows Optical (Nevada, 3 millions).
Une troisième
opération en Amérique latine
Après ses prises de participations dans les laboratoires
de prescription Unilab et Technopark, le groupe
a acquis 51 % de
GBO, un important distributeur de verres finis et semi-finis situé à
São Paulo et
réalisant un chiffre d’affaires d’environ 3 millions
d’euros en 2009.
2 / 2
Deux opérations
en Chine et en Inde pour renforcer notre présence sur les marchés
domestiques
Essilor élargit sa couverture du marché chinois avec
l’acquisition de Danyang ILT
Optics Co. Ltd, un
fabricant de verres ophtalmiques réalisant près de 7
millions d’euros de chiffre d’affaires sur le marché
domestique et à l’export.
En Inde, Essilor a pris le contrôle de
Lens and Spects (CA : 0,45 millions
d’euros), qui regroupe un
distributeur et deux laboratoires de prescription
opérant dans quatre villes de l’Ouest du pays.
Deux opérations
au Moyen-Orient et en Afrique pour dynamiser notre implantation dans les
nouvelles régions
Après sa prise de participation dans Amico à Dubaï,
Essilor poursuit son déploiement au Moyen-Orient.
Essilor Amico Middle East FZCo a pris la majorité du
capital de Ghanada Optical Co. LLC
(CA : 1,7
million d’euros), un laboratoire de prescription situé à
Abu Dhabi et desservant les Emirats Arabes Unis
et les pays du Golfe.
Enfin, le groupe a renforcé sa présence en Afrique du
Sud, avec l’acquisition de Vision
Optics (CA : 0,7
million d’euros), un laboratoire de prescription basé à
Durban.
------------------------
Essilor International est le numéro un mondial de
l’optique ophtalmique et propose, sous les marques
phares Varilux Ò,
CrizalÒ,
EssilorÒ,
DefinityÒ
et Xperio™ une large gamme de
verres pour corriger la
myopie, l’hypermétropie, l’astigmatisme et la presbytie.
Essilor est présent sur les cinq continents au
travers d’un large réseau de sites de production de
masse, de laboratoires de prescription (finition des
verres) et de centres de distribution.
L’action Essilor est cotée sur le marché Euronext à
Paris et fait partie de l’indice CAC 40.
Codes : ISIN : FR0000121667 ; Reuters : ESSI.PA ;
Bloomberg : EI:FP.
------------------------
Relations Investisseurs et Communication Financière
Véronique Gillet – Sébastien Leroy
Tél. : 01 49 77 42 16
www.essilor.com
October 16, 2009
as per EyesWays
New and Vision Monday
Wash.Lab Files Antitrust
Complaint Against VSP, Essilor
NEW YORK—A
recently announced plan by managed vision care giant VSP to reduce the
number of labs in its nationwide contract lab
network has
prompted the owner of an independent wholesale optical laboratory in the
state of Washington to file a formal complaint
with state
insurance and law enforcement officials and the Federal Trade Commission
(FTC). The complaint, the first of its type to
surface, cites
“insurance code and potential antitrust violations.” It claims VSP’s
actions put the lab “at risk of being forced out of
business.”
Letter to WA Governor with all details and fact sheets.
Re: Insurance Code and Potential Antitrust Violations in the Eye
Care Industry
N ews
Release
2009 Combined Ordinary and
Extraordinary Annual Meeting
(Charenton-le-Pont, France – May 15, 2009 – 6:00 p.m.)
– The Combined Ordinary and Extraordinary Annual Meeting of Essilor
Shareholders was held today at Palais Brogniart in Paris under the
chairmanship of Xavier Fontanet, Chairman of the Board of Directors of
Essilor International.
Shareholders approved all of the resolutions presented at
the meeting, including:
- The payment of a dividend of €0.66 per share, an increase of 6.4%
over 2007.
- The appointment of three new directors:
o Benoît Bazin, 40, President,
Building Distribution Sector, Saint-Gobain.
o Antoine Bernard de Saint-Affrique,
44, Executive Vice-President, Central & Eastern Europe, Unilever.
o Bernard Hours, 53, Co-Chief
Operating Officer, Danone.
- The re-appointment of Olivier Pécoux as a director.
The resolutions were adopted by a large majority.
-----------------------
Next financial announcement:
July 17, 2009: First-half revenue announced
-----------------------
Essilor International is the world leader in ophthalmic
optical products, offering a wide range of lenses under the flagship
Varilux ®,
Crizal®,
Essilor®
and Definity®
brands to correct myopia,
hyperopia, presbyopia and astigmatism. Essilor operates worldwide through
15 production sites, 293 lens finishing laboratories and local
distribution networks.
The Essilor share trades on the Euronext Paris market and
is included in the CAC 40 index.
Codes and symbols: Codes and symbols: (ISIN: FR
0000121667; Reuters: ESSI.PA; Bloomberg: EI: FP).
------------------------
Investor Relations and Financial Communications
Véronique Gillet – Sébastien Leroy
Phone: +33 (0)1 49 77 42 16
www.essilor.com
Essilor Agrees to
Acquire Signet Armorlite
CHARENTON-LE-PONT, France,
January 15 /PRNewswire-FirstCall/
-- Essilor International announced today that its US subsidiary,
EOA Holding Co. Inc., has signed a share purchase agreement whereby it
has offered to acquire the entire capital of Signet Armorlite, a
manufacturer of ophthalmic lenses. The agreement is subject to certain
standard conditions precedent, including approval by competition
authorities in Signet Armorlite's main host countries. The acquisition
is expected to be completed in the first half of the year.
Headquartered in California in the United States, it has revenues of
over $130 million, approximately 900 employees, one manufacturing plant
in Mexico, four prescription laboratories in the United States and
Europe, and three distribution centers in Canada, Portugal and the
Netherlands.
Signet Armorlite specializes in entry-level and mid-range products for
independent eyecare professionals and integrated retailers. It also
manufactures lenses under the Kodak brand, for which it is the exclusive
licensed manufacturer and distributor. Led by its current management
team, Signet Armorlite will continue to produce, market and distribute
ophthalmic lenses under the Kodak brand.
Essilor International is the world leader in ophthalmic optical
products, offering a wide range of lenses under the flagship Varilux(r),
Crizal(r), Essilor(r) and Definity(r) brands to correct myopia,
hyperopia, presbyopia and astigmatism. Essilor operates worldwide
through 15 production sites, 270 lens finishing laboratories and local
distribution networks.
The Essilor share trades on the Euronext Paris market and is included in
the CAC 40 index. (ISIN: FR 0000121667; Reuters: ESSI.PA; Bloomberg:
EI:FP).
Investor Relations and Financial Communications Veronique Gillet -
Sebastien Leroy
Phone: +33(0)1-49-77-42-16
http://www.essilor.com
SOURCE Essilor
Essilor Finalizes Satisloh Acquisition
Charenton-le-Pont (October 13,
2008 – 8:30 a.m.)
– Following fulfillment of all the conditions precedent, Essilor has
now completed the acquisition* of all outstanding shares of Satisloh
Holding AG, the world leader in prescription optical equipment.
Satisloh designs and markets antireflective coating units and
surfacing machines, as well as consumables, for prescription
laboratories. It reported €161 million in revenue in 2007 and
employs more than 400 people around the world.
(*) On June 16, Essilor announced
that it had agreed to acquire Satisloh from Swiss company Schweiter
Technologies.
---------------------
Essilor International is the world
leader in ophthalmic optical products, offering a wide range of
lenses under the flagship Varilux®,
Crizal®,
Essilor®
and Definity®
brands to correct myopia,
hyperopia, presbyopia and astigmatism. Essilor operates worldwide
through 15 production sites, 270 lens finishing laboratories and
local distribution networks.
The Essilor share trades on the Euronext Paris market and is
included in the CAC 40 index.
(ISIN: FR 0000121667; Reuters: ESSI.PA; Bloomberg: EF FP).
------------------------
Investor Relations
and Financial Communications
Véronique Gillet – Sébastien Leroy
Phone:
+33 (0)1 49 77 42 16
ESSILOR
INTERNATIONAL : Agrees to Acquire Satisloh
(16/06/08 07:51 CET)
NEWS RELEASE
Essilor Agrees to Acquire Satisloh
The World Leader in Optical Manufacturing Solutions
Charenton-le-Pont (June 16, 2008 - 7:30 A.M.) - Essilor and the Swiss
company Schweiter Technologies AG announced today that they have
signed a share purchase agreement whereby Essilor will offer to
acquire the shares of Schweiter subsidiary Satisloh Holding AG. The
agreement is subject to certain conditions precedent, including
approval by competition authorities in Satisloh's main host countries.
The acquisition could be completed in the second half of the year.
Created by the merger of Satis and Loh in 2004, Satisloh has a global
distribution network and is the world's leading supplier of
prescription laboratory equipment. It manufactures and markets
antireflective coating units and surfacing machines, as well as
consumables. The company reported revenues of E161 million in 2007 and
has more than 400 employees. Led by the same management team and based
in its current locations, Satisloh will continue to develop innovative
solutions for all its customers.
In the future, the combination of Essilor and Satisloh's research
capabilities and expertise will make it possible to offer all industry
participants a broader, more competitive range of products and
services, while shortening time to market cycles for new production
processes. For Essilor, the acquisition not only opens up a new area
of business, it also offers a strong fit with the Company's strategy
of innovation and the development of services for prescription
laboratories, optical chains and eye care professionals around the
world.
-------------------- - A conference call in English will be held
today, at 10:00 am CEST.
The number to dial is: +33 (0)1 70 99 42 79.
The number to dial for replay from June 16th to June 18th will be +33
(0)1 71 23 02 48 - Access code: 6662941#.
The conference will also be available at
www.essilor.com/Satisloh-Acquisition from June 17th.
----------------------- - Essilor International is the world leader in
ophthalmic optical products, offering a wide range of lenses under the
flagship Varilux®, Crizal®, Essilor® and Definity® brands to correct
myopia, hyperopia, presbyopia and astigmatism. Essilor operates
worldwide through 15 production sites, 270 lens finishing laboratories
and local distribution networks. The Essilor share trades on the
Euronext Paris market and is included in the CAC 40 index. (ISIN: FR
0000121667; Reuters: ESSI.PA; Bloomberg: EF FP).
----------------------- - Investor Relations and Financial
Communications
Véronique Gillet - Sébastien Leroy
Phone: +33 (0)1 49 77 42 16
www.essilor.com
Copyright Hugin
[CN#138851] Bron : ESSILOR INTL. Provider : Hugin
Schweiter Technologies To Sell
Satisloh To Essilor Group
Schweiter Technologies (SCWTF.PK) Corporate news announcement processed
and transmitted by Hugin ASA. The issuer is solely responsible for the
content of this announcement.
----------------------------------------------------------------------
--------------
Horgen, June 16, 2008 - Schweiter Technologies has reached an agreement
with the French Group Essilor International for the sale of all the
shares in Satisloh Holding AG. The sale price for the debt-free company
is EUR 340 million (approx. CHF 550 million) in cash. The sale is
subject to the approval of the relevant competition authorities. The
transaction is expected to be completed in the second half of 2008.
Satisloh is the world's leading full-range supplier of machines for the
production of spectacle lenses as well as lenses for the optics
industry. Satisloh, a division of Schweiter Technologies, reported
revenues of CHF 270 million in 2007 and an operating profit of CHF 42
million. Satisloh's headcount is 410 employees.
Essilor International is the global market leader in optical products
for ophthalmic applications. Headquartered near to Paris, the company
operates 15 production sites and 270 lens finishing laboratories
worldwide. In 2007, the company reported revenues of EUR 2,908 million
and a net profit of EUR 367 million with over 30,000 employees
worldwide. Essilor has a market capitalization of around EUR 8.5
billion. The acquisition of Satisloh by Essilor means that the research
& development capacities and know-how of the two companies can be used
even more effectively, resulting in particular in shorter innovation
cycles. This will benefit the entire optics industry, from laboratories
and chain stores to individual opticians.
Essilor will continue to operate Satisloh in its present form, in
particular as a Swiss company with its headquarters, marketing and
finance units in Baar, production sites in Italy and Germany, and global
sales operations. Satisloh CEO Beat Siegrist will retain this office and
also be appointed to the Essilor Executive Committee.
Upon completion of the transaction, Schweiter Technologies will hold
substantial liquid assets (net liquidity as at end 2007: CHF 120
million). These are to be invested in operating activities, i.e. the
strategic expansion of existing business lines as well as new areas of
activity.
Changes to the management of Schweiter Technologies Following the sale
of Satisloh, Beat Siegrist, presently CEO of both Satisloh and Schweiter
Technologies, will step down from the latter office after 12 highly
successful years. Beat Siegrist's election to the Board of Directors of
Schweiter Technologies at the last General Meeting means that he will
continue to provide the company with his support, above all with regard
to strategic direction.
In addition to his current function, Heinz Baumgartner, CFO of Schweiter
Technologies since 1996, will preside over the Group Management, whose
members also number the CEO of SSM Textile Machinery and Ismeca
Semiconductor as well as the Chief Purchasing Officer.
In light of recent events, a media and analyst conference is to be held
on Monday, June 16, 2008 at 1:00 p.m. at the Marriott Hotel,
Neumühlequai 42, 8001 Zurich
Schweiter Technologies www.schweiter.com Schweiter Technologies, a Swiss
company with a strong tradition, focuses activities on high-quality
machine construction. The Group currently comprises the divisions SSM
Textile Machinery, Ismeca Semiconductor and Satisloh. Shares of
Schweiter Technologies are listed in the main segment of the SWX Swiss
Exchange. ISIN: CH0010754924 / Reuters: SWTZ / Bloomberg: SWTQ SW
Essilor www.essilor.com Essilor International is the global market
leader in the production of ophthalmic products. Under the brand names
Varilux®, Crizal®, Essilor® and Definity® the company offers a range of
products to correct myopia (near-sightedness), hyperopia
(far-sightedness), presbyopia (disorder of the eye caused by ageing) and
astigmatism (irregular curvature of the cornea). Worldwide, Essilor has
15 production sites, 270 lens finishing laboratories and local
distribution channels. In the 2007 financial year, the company achieved
revenues of EUR 2,908 million with a headcount of 31,500 employees. The
shares of Essilor are listed on the Euronext Paris Market and included
in the CAC 40 Index. ISIN: FR0000121667 / Reuters: ESSI.PA / Bloomberg:
EF FP
Schweiter Technologies AG, Neugasse 10, CH - 8812 Horgen, Switzerland
Tel. +41 44 718 33 11 Fax +41 44 718 34 51 info@schweiter.com
www.schweiter.com
PR
Newswire (press release) - New York,NY,USA
Investor Relations and
Financial Communications Veronique Gillet - Sebastien Leroy Phone:
+33-(0)1-49-77-42-16
http://www.essilor.com.
Essilor : 2007 Results
CHARENTON-LE-PONT, France, March 6 /PRNewswire-FirstCall/ -- - Another
Year of Solid Performance The Board of Directors of Essilor
International, the world leader inophthalmic optical products, today
announced its audited financial resultsfor the year ended December 31,
2007.
EUR millions 2007 2006(2) Change Revenue 2,908.1 2,690.0 + 8.1%
Contribution from operations(1) 527.4 482.6 + 9.3% As a % of revenue
18.1% 17.9% --- Operating profit 504.6 460.5 + 9.6% Profit
attributable to equity 366.7 328.7 + 11.6% holders 12.6% 12.2% --- As
a % of revenue Earnings per share (in EUR) 1.78 1.61(3)+ 10.8% (1)
Operating profit before share-based payments, restructuring costsand
other non-recurring items, and goodwill impairment.
Recent Acquisitions
In January 2008, the Company completed the acquisition of Interstate
Optical Co., one of the five largest independent prescription
laboratories
in the United States. Interstate's two laboratories in Mansfield, Ohio
and
Indianapolis, Indiana serve eye care professionals in 32 states. It
has $26
million in full-year sales.
In February 2008, Essilor announced that it was acquiring Rainbow
Optical Labs Inc., a Porto Rican prescription laboratory with $3
million in
annual revenue. Separately, Essilor Canada acquired a majority stake
in
Westlab Optical Inc., a Montreal-based prescription laboratory with
C$4
million in annual revenue.
Lastly, the Company is expanding more quickly in Eastern Europe by
setting up operations in Bulgaria. Its new subsidiary Essilor Bulgaria
Eood
has acquired the business assets of Optymal Ood, which currently
distributes Essilor lenses and instruments in Bulgaria and has nearly
EUR1
million in revenue. The acquisition will enable the Company to
actively
participate in the fast growing corrective lens market, especially the
progressive lens segment.
In early March, Essilor announced two new acquisitions:
- In the Netherlands, with O'Max, a distributor of optometry and lens
edging instruments with EUR3.2 million in revenue.
- In India, with 20/20 Rx Lens, a Hyderabad-based prescription
laboratory and long-time Essilor partner.
OUTLOOK FOR 2008
Despite a relatively uncertain economic environment, Essilor is
confident in its ability to drive further growth in 2008, as it
continues
to implement its strategy based on innovation and global expansion. In
particular, the Company is launching a new Transitions(R)
variable-tint
lens and will continue to make targeted acquisitions, particularly of
prescription laboratories.
NEW LUXOTTICA GROUP: SALES EXPECTED TO
TOP € 6 BILLION IN 2009
Luxottica CEO: “The merger with Oakley
opens countless opportunities”
Business plan presented today in California
Foothill Ranch, California, February 7, 2008 - Luxottica
Group S.p.A. (NYSE: LUX; MTA: LUX),
a world leader in the design, production and distribution
of premium and luxury eyewear, will present later today at
Oakley’s headquarters in California its business plan,
which is based on new business prospects generated by
Luxottica’s acquisition of Oakley for US$2.1 billion on
November 14, 2007. The merger of the two companies has
formed the new Luxottica Group.
The long-term business plan presented today has a clear
final objective: to create an innovative business model
with countless advantages for consumers, employees and
shareholders of Luxottica Group. The plan is based on the
combination of Luxottica’s vertical model, its
well-balanced brand portfolio and its capacity to reach
across the globe with Oakley’s technological capability
and undisputed strength in the sports segment.
Key figures: Luxottica Group expects to exceed €6.1
billion in consolidated sales for fiscal year 2009,
assuming an average exchange rate of €1 = US$1.45,
reflecting an increase of 27% at constant exchange rates
from fiscal year 2007. Consolidated sales for fiscal year
2008 are expected to be between €5.6 billion and €5.75
billion. EPS in excess of €1.31 are expected for 2009 (up
by 35% from 2007, excluding the impact of exchange rates
and trademark amortization). EPS for 2008 are expected to
be between €1.11 and €1.14. The Group now expects that it
will report fiscal year 2007 EPS of €1.08, reflecting an
increase of 24% from fiscal year 2006 at constant exchange
rates.
The Group estimates that operating synergies between the
two companies will deliver yearly benefits worth €100
million by 2010, broken down as follows: €20 million in
2008, €60 million in 2009 and €100 million in 2010.
“The combination of Luxottica and Oakley changes the
future of our industry,” said Andrea Guerra, Luxottica
Group CEO, on presenting the plan. “Today is the start of
a new Luxottica Group, of three to five years of
development, new projects and the exploration of new
segments. Two complementary models, two histories that are
unique but with much in common: Oakley’s extraordinary sun
lens technology and its supremacy in sport together with
our scale, links with the luxury and fashion worlds as
well as design and manufacturing excellence. The
combination of these strengths will enable us to create a
competitive edge on a global scale, at all levels of the
organization and with unlimited growth potential.
“Our common work already began last summer. Since then,
the top 80 Oakley and Luxottica managers have been working
together on plans for the future and we are now in the
execution phase. This process has been based from the
outset on a real integration of people and cultures of our
two companies before that of the businesses. This is the
only way we can fully realize the extraordinary
opportunity we have in front of us to change the
development of our industry.
“Today we are witnessing the creation of new market
segments and lifestyles as barriers between technology,
luxury and sport come down. There are now three businesses
that we have in-house and with which we can consider and
guide change while maintaining firm leadership in each
segment.
“Our growth forecasts reflect the potential of the new
Luxottica Group, for the entire period of the plan.”
Europe and emerging markets are the first priorities of
our plan. Throughout the integration, the entire Luxottica
sales and operating infrastructure is at the disposal of
Oakley, one of the most desired brands in those countries,
to more than double Oakley’s sales over the next three
years. The retail market, in addition to clear operating
synergies coming from the combination of the Luxottica and
Oakley store base, will give us the opportunity to tell
the story of the Oakley brand in many more new stores,
with a particular emphasis on the optical segment.
Among priorities, the plan includes important changes in
the industrial and operating space, to immediately
leverage all possible operational efficiencies coming from
each other’s strengths. The Research & Development area in
sun lenses will be an area of important focus, merging
Oakley’s skills with Luxottica’s long tradition. Finally,
the Group’s new optimal logistics structure will be
identified soon.
Thinking about this operation as a business development
and not as a simple integration, the plan also includes
other projects which further widen the Group’s potential.
These projects are: to strengthen retail coverage of the
luxury segment in North America; to appropriately position
brands such as REVO and Arnette; to encourage the
development of our traditional sports brands and
strengthening global operating infrastructure for Oliver
Peoples, a luxury Californian brand desired globally.
“We have merged the strengths of two winning companies,”
concluded Mr. Guerra. “Business planning has concluded and
has already entered its execution phase. Now, with our
characteristics of speed, entrepreneurship, simplicity and
passion, we have to continue striving to meet current and
future needs of our customers from a global perspective.”
|
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ESSILOR
Another Year of Strong Growth:
2007 Revenue Up 8.1% As Reported
Up 12% Excluding the Currency Effect
Charenton-le-Pont, France (January 24, 2008, 6:30 a.m.) –
Essilor International, the world leader in
ophthalmic optics, today announced consolidated revenue of
€2,908.2 million for the year ended
December 31, 2007, representing a reported 8.1% increase on the
previous year. Excluding the
currency effect, growth for the year was a high 12%.
In an expanding market, Essilor continued to gain share in
corrective lenses in 2007, thanks to its
operating efficiency and its strategy of innovation and
international expansion.
In all, the Company has confirmed that 2007 will see further
growth in both earnings and margins.
A satisfactory fourth quarter
Consolidated revenue amounted to €708 million in the fourth
quarter, a 6.4% like-for-like increase over
fourth-quarter 2006, when revenue rose by a particularly strong
8.9%. Business remained very robust in
the United States during the quarter. Growth was slower in
Europe, but the prior-year comparative was
high, at 8%. Asia and Latin America continued to enjoy fast growth.
See whole story:
http://www.essilor.com/IMG/pdf/CA_2007_A.pdf
Essilor: New Acquisitions
in the United States and Brazil
CHARENTON-LE-PONT, France, January 10 PRNewswire-FirstCall —
Essilor of America, Essilor International's US subsidiary, has
strengthened its prescription laboratory network in the United States
with the acquisition of Interstate Optical Co., one of the
country's five
largest independent laboratories.
Interstate's two laboratories in Mansfield, Ohio and Indianapolis,
Indiana serve eye care professionals in 32 states. The company has
full-year sales of
US$26 million and 210 employees.
Present for more than 20 years in Brazil through a distribution
subsidiary, one plant and five lens treatment centers, Essilor has
made its first local acquisition in line with its downstream
integration policy
with an equity investment in Unilab, a
prescription laboratory in northeastern Brazil. Essilor will gradually
increase its share in Unilab to 51% by early 2011. Unilab generates
full-year sales of approximately
US$5 million and distributes Essilor products,
including the Varilux(R) range.
Both Interstate and Unilab will continue to be headed by their current
management teams.
Essilor Acquires Prescription Laboratories in the United Kingdom and the
United States
Charenton-le-Pont,
France (December 6, 2007 – 6:30 am) – Essilor has strengthened its
prescription laboratory network in Europe with the acquisition of majority
stakes in Sinclair Optical Services
and
United Optical, two independent laboratories in the United
Kingdom. The Company has also acquired Premier Optics,
Inc., Gold Optical Enterprises, Inc.
and GK Optical in the United States.
Based in Gloucester, England,
Sinclair Optical serves the entire English
market with a broad array of products that includes stock lenses,
prescription lenses and surface treatments. Its full-year sales
amount to €8 million.
United
Optical is located in Belfast, North Ireland. It also operates a
subsidiary in Athlone, Ireland that specializes in the edging and mounting
of prescription safety lenses. United Optical generates full-
year revenue of around €5.8
million.
In the United States, Essilor of
America has acquired the assets of Premier Optics,
Inc. and Gold Optical Enterprises, Inc.,
two prescription laboratories located, respectively, in Belmont and
Fayetteville, North
Carolina. Essilor has also acquired GK Optical,
a group of two prescription laboratories in Greenwood and Fort Wayne,
Indiana. The three companies’ combined full-year revenue
totals $8.5 million.
|
LUXOTTICA GROUP
AND OAKLEY
COMPLETE
MERGER,
BEGINNING A
JOURNEY THAT
WILL
MAKE
THE BUSINESS
SIGNIFICANTLY
STRONGER
GOING
FORWARD
|
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Milan, Italy and
Foothill Ranch, California, November 14,
2007
- Luxottica
Group S.p.A.
(NYSE: LUX; MTA: LUX), a
global
leader in eyewear,
and Oakley, Inc.
(NYSE: OO),
a worldwide
specialist in sport performance optics,
announced today the completion of the merger
between the two companies for a total
purchase price of approximately US$2.1
billion. Oakley will now be a wholly-owned
subsidiary of Luxottica Group and, as a
result of the completion of the merger,
Oakley’s shares will cease to trade on the
New York Stock Exchange at the close of the
market today.
Today marks the launch of
a new Group with extraordinary potential,
including expected consolidated pro forma
net revenues for fiscal year 2007 of €5.7
billion and consolidated pro forma EBITDA
for the same period of approximately €1.2
billion. Luxottica Group expects that the
transaction will result in approximately
€100 million per year in operating synergies
within three years, driven by revenue growth
and efficiencies.
Commenting on the merger,
Andrea Guerra, CEO of Luxottica Group S.p.A.,
said, “We are
extremely pleased with the closing of the
merger with Oakley, with whom we have been
partners for a long time. We have long
admired the Oakley brand, products, and
corporate culture. Joint teams from the two
companies have been focusing for months on
the tremendous business opportunities we
have ahead, which will become operating
plans by year-end. Today represents the
beginning of a new phase for all of us, a
journey which will make our Group much
stronger going forward.”
Scott Olivet, CEO of
Oakley, Inc., commented,
“The fact that Luxottica and
Oakley had similar beginnings, share the
same values around the importance of brand
and product, and have individuals around the
world who have worked closely for years,
gives us a very strong foundation for
success. While we have tremendous work in
front of us, our early integration planning
efforts give us confidence that the value of
this combination can, in fact, be realized.
We are excited to begin the next chapter in
our history.”
In accordance with the
terms of the June 2007 merger agreement,
Oakley’s outstanding shares of common stock
have been converted into the right to
receive US$ 29.30 per share, in cash.
Citibank has been appointed as the paying
agent for Luxottica Group.
Luxottica Group and Oakley
will hold a brief joint conference call to
discuss the completion of the merger with
the investment community on Thursday,
November 15, 2007, at 7:00 AM PT (10 AM ET,
3 PM GMT and 4 PM CET). The audio webcast
will be also available at Luxottica Group’s
corporate website at
www.luxottica.com/english/investor_relations/webcast.html and
on Oakley’s investor website at
investor.oakley.com. A replay of the
conference call will be available starting
on November 16 at 9:00 AM PT (12:00 AM ET,
5:00 PM GMT and 6 PM CET), calling from USA:
+1 (866) 583 1039, UK: +44 (208) 196 1998
passcode 699162#. Members of the media may
participate in the call in a “listen-only”
mode. Please note that a slide presentation
will be available for download from
Luxottica Group’s investor relations
corporate website at
www.luxottica.com/english/investor_relations/presentation.html and
on Oakley’s investor website at
investor.oakley.com shortly before the start
of the audio Web cast.
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Report from India Posted October 21, 2007
Essilor Price List For Crizal AR coatings
presently used in India
Titus ,Crizal , Crizal
Alize Rx Lens Price list in USD. (Per pair )
|
|
Brand |
Lens Details |
Titus |
Crizal |
Crizal Alize |
|
1 |
SEIKO |
Single Vision 1.56AS
1.60 AS
Wing Progressive 1.6 |
18.75
33.00
66.75 |
25.75
40.00
81.75 |
32.00
46.25
88.00 |
|
2 |
TRANSITIONS |
Genesis Progressive NG Grey
Piccolo Progressive NG Grey
|
95.00
95.00 |
110.00
110.00 |
116.25
116.25 |
|
3 |
RODENSTOCK |
Life2 Progressive
Life XS Progressive
SI Progressive
SI Progressive Colormatic |
58.50
58.50
31.00
46.00 |
73.50
73.50
43.50
61.00 |
79.75
79.75
49.75
67.25 |
|
4 |
SHAMIR |
Panorama Progressive
Genesis Progressive
|
24.75
41.00 |
37.25
53.50 |
43.50
59.75 |
|
5 |
SELECT
NON
BRANDED
|
View
Progressive |
22.25 |
34.75 |
41.00 |
|
6 |
KODAK
|
Concise Progressive |
54.75 |
79.75 |
86.25 |
|
7 |
NON
BRANDED |
Vector Progressive
Vector Mini Progressive |
19.75
22.25 |
32.25
34.75 |
38.50
41.00 |
|
8 |
Sunsensors
|
Ecole Budget Progressive Sunsensors grey
& brown |
57.25 |
72.25 |
77.25 |
|
9 |
NIKON |
Classic Progressive
Online Progressive |
45.50
33.75 |
59.50
41.25 |
65.75
47.50 |
|
|
|
|
|
|
|
Approximately one year back
Essilor coated Titus , Crizal & Crizal Alize only on their own lenses,
now they have started to coat
Titus,
Crizal & Crizal Alize on some other
branded and some non branded lenses. That’s why a large number of
Indian opticians are
confused
between Crizal coated lenses
and original Essilor Crizal coated lens.
For the last 12 month, the Crizal coating, peel
off problem has drastically increased.
That is why the Zeiss ,and Hoya market share is
increasing day by day in India .
S.v Rx , Curve top ,Flat top D-bifocal are also
available in Crizal Coat on Some branded & nonbranded lenses
at Same price so its is very difficult to say which
is the original Essilor Crizal coating .
3Q07: ANOTHER QUARTER OF
GROWTH CONFIRMS
FORECAST FOR 2007
Oakley transaction
expected to close in mid-November
Milan, Italy -
October 30, 2007
– The Board of Directors of
Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX)
a global leader in the design, manufacturing
and distribution of premium fashion and
luxury eyewear, convened today in Milan by
chairman Leonardo Del Vecchio, approved
results for the three- and nine-month
periods ended September 30, 2007(1).
Financial highlights for
the periods in accordance with U.S. GAAP
were as follows:
Third quarter of 2007
• Consolidated
sales: €1,151 million (+2.7%; +8.1%
excluding the effect of exchange rates)
- Retail sales: €838 million (+0.0%; +6.4%
excluding the effect of exchange rates);
Retail comparable store sales : +2.9%
- Wholesale sales: €395 million (+9.8%;
+12.8% excluding the effect of exchange
rates)
• Consolidated operating income:
€195 million (+4.6%); Operating
margin: 16.9%
- Retail operating income: €98 million
(-13.1%); Retail operating margin: 11.7%
- Wholesale operating income: €102 million
(+16.2%); Wholesale operating margin: 25.9%
• Consolidated net income from
continuing operations: €112 million (+5.0%);
Net margin: 9.8%
• Earnings per
share: €0.25 (US$0.34 per ADS)
First nine months of
2007(1)
• Consolidated
sales: €3,778 million (+5.9%; +11.4%
excluding the effect of exchange rates)
- Retail sales: €2,520 million (-0.2%; +6.5%
excluding the effect of exchange rates);
Retail comparable store sales(2): +2.0%
- Wholesale sales: €1,514 million (+16.4%;
+19.7% excluding the effect of exchange
rates)
• Consolidated operating income:
€682 million (+15.3%); Operating
margin: 18.0%
- Retail operating income: €303 million
(-12.3%); Retail operating margin: 12.0%
- Wholesale operating income: €418 million
(+22.4%); Wholesale operating margin: 27.6%
• Consolidated net income from
continuing operations: €395 million
(+19.8%)(3); Net margin: 10.5%
• Earnings per
share3: €0.87 (US$1.17 per ADS)
Andrea Guerra, chief
executive officer of Luxottica Group,
commented: “Results for the first nine
months of the year reflected steady growth,
thus further confirming our forecast for the
full year, which we raised in July.
“For the nine-month period
we enjoyed double-digit growth in
consolidated revenues at constant exchange
rates, a 18 percent operating margin and a
rise in consolidated earnings per American
Depositary Receipts (EPADS) of 29 percent.
This occurred despite a 7.5 percent
weakening of the U.S. Dollar against the
Euro during the period and a slow-down in
the U.S. economy.
“During this quarter we
again focused both on the future and on the
execution of our current plans. Over the
past twelve months, between acquisitions,
new openings, rebrandings and an overall
rationalization of the store base, we
touched approximately one fourth of our
nearly 6000 stores worldwide. We also
launched ILORI, our new luxury sun retail
brand in North America, which is already
being referred to as the destination store
for luxury in sun eyewear.
“Our premium North
American brands in the retail business
confirmed a trend of growth in sales and
profitability. Our sun business in that
market performed particularly well, with
comparable store sales for the past three
years rising by 44 percent. We expect that
2008 will be the year that we reap the
fruits of the significant efforts and
investments made during this past year in
our retail business.
“At the same time, our
wholesale business posted another quarter of
growth - the tenth quarter in a row – with a
double-digit increase in revenues and a rise
in profitability to 26 percent, attributable
to a strengthened brand portfolio and the
ongoing strengthening of our sales and
distribution structures.
“These results,” concluded
Mr. Guerra, “allow us to confirm our
forecast for another positive year of growth
for our Group.”
Consolidated sales for the
quarter rose by 8.1 percent at constant
exchange rates. Year-to-date, the Retail
Division added 221 more stores.
Wholesale sales to third
parties for the quarter rose year-over-year
by 10.9 percent (13.1% at constant exchange
rates). The recently launched 2008
collections enjoyed an excellent reception,
and Ray-Ban experienced another record
quarter across all regions. In December, the
first Tiffany eyewear collection will be
launched. Total wholesale sales in emerging
markets for the quarter rose nicely
year-over-year and now represent 14 percent
of wholesale sales to third parties. It
should be noted that the Wholesale Division
posted a very positive quarter despite the
fact that sales in many European countries
were affected by poor weather conditions
during the summer season.
Luxottica Group’s
consolidated net outstanding debt on
September 30, 2007 was €1,320.2 million. On
the same date, the Group’s net debt to
EBITDA ratio moved to 1.22x, from 1.41x on
September 30, 2006. Additionally, the Group
generated €149 million in free cash flow for
the quarter before dividends, acquisitions
and the impact of exchange rates, reflecting
the strength of its business model and
ability to generate strong cash flow levels.
Other
developments: Oakley acquisition
Oakley has announced that
it will hold a special meeting of its
shareholders on November 7, 2007 to vote on
the proposal to approve the merger with
Luxottica Group. Other than customary
closing conditions, the approval of the
shareholders of Oakley and anti-trust
clearance from the South African regulatory
authority are the last remaining key
conditions to closing the transaction. The
Group currently expects to complete the
merger in mid-November.
Click here for tables
Notes:
[1]
All comparisons, including percentage
changes, are between the three- and
nine-month periods ended September 30,
2007 and 2006.
[1]
Comparable store sales
reflects 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 prior period, and
applies to both periods the average exchange
rate for the prior period and the same
geographic area.
[1]
Includes a non-recurring gain
related to the sale of a real estate
property in
Milan, Italy in May
2007. The impact of the sale was a gain of
approx. €20 million before taxes or approx.
€13 million after taxes (equivalent to EPS
of €0.03
|
|
|
Essilor Financial Report November 2007
Luxottica Group Announces Early Termination Of U.S.
Antitrust Waiting Period For
Oakley Acquisition
MILAN, Italy and FOOTHILL RANCH, Calif., Aug. 24, 2007: Luxottica Group
S.p.A. (NYSE: LUX; MTA: LUX), global leader in eyewear
, and Oakley, Inc. (NYSE: OO), worldwide specialist in
sport performance optics, announced today that the
United States Federal
Trade Commission granted early
termination on August 24, 2007 of the waiting period under the Hart-Scott-Rodino
Antitrust
Improvements Act (HSR) in
connection with Luxottica Group's proposed acquisition of Oakley, Inc.,
without a second request for
additional information.
Termination of the HSR waiting period satisfies one of the conditions to the
closing of the transaction as specified in
the Merger Agreement dated June 20, 2007 among
Luxottica Group, its merger subsidiary and Oakley.
Luxottica Group and Oakley noted that other conditions to the closing
specified in the Merger Agreement still remain outstanding, including
obtaining certain antitrust and competition law
clearances outside of the United States as well as the required approval of
the transaction by
Oakley's shareholders at a special meeting to be called
and held for such purpose.
Luxottica Group and Oakley stated that they expect the transaction to close
in the fourth quarter of 2007.
Luxottica Mandates Group of Banks to Finance Proposed
Acquisition
Milan, Italy, 3 August, 2007 - Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX)
today announced that it has mandated a group of banks to
arrange, underwrite and provide credit facilities for
an aggregate of US$2.0 billion.
The facilities will consist of:
- An Amortizing Term Loan of US$1.5 billion, with a five-year term,
with options to extend the maturity on two occasions for one year each
time. Consistent with the Group’s main existing
facilities, the term loan will have a spread of between 20 and 40 basis
points over LIBOR,
depending on the Group’s ratio of debt to EBITDA. The
Mandated Lead Arrangers and Bookrunners for the term loan are Citigroup
(acting
also as Documentation Agent), Intesa San Paolo, The
Royal Bank of Scotland and UniCredit Markets and Investment Banking (acting
also
as Facility Agent).
- A Short-Term Bridge Loan of US$500 million. The
facility may be partially refinanced with a U.S. private placement assuming
favorable
market conditions. This facility will be underwritten
by Bank of America and UniCredit Market and Investment Banking.
Funding under these facilities will be subject to the closing of Luxottica
Group’s proposed acquisition of Oakley, Inc.
Enrico Cavatorta, chief financial officer of Luxottica Group, commented:
“The facilities are designed to provide financing for the closing of our
previously announced proposed acquisition of Oakley. We
are pleased to see such a strong show of confidence in our Group from this
group of leading international banks. The terms of
these facilities reflect the ability of our Group to secure favorable
conditions for our
financing
Essilor
Strengthens Its Polarized Lens Distribution Network with the Acquisition of
Essilor
Strengthens Its Polarized Lens
Distribution Network with the Acquisition of LBco
|
Investor Relations and
Financial Communications
Véronique Gillet
Phone: +33 (0)1 49 77 42 16 |
| |
|
|
Manuf. Lens Surface Treatments
OptiBoard Gold Supporter
Occupation: Other Optical Manufacturer or Vendor
|
|
Join Date: Aug 2002
Location: Pointe Claire, QC
Posts: 7,694
|
|
How will you professionally react during a
recession...............
Are independent
Optometrist's and Opticians prepared for a coming recession
?
1) How will you handle your store, or your
employer handle business during a coming recession
2) Are you preparing to handle optical sales to people that
lost their jobs, their houses their cars and more.
3) Are you going to continue selling and pushing the most
expensive options, or are you preparing a formula to serve
the unlucky ones ?
4) Have you prepared lower pricing options to still make a
decent profit even by selling at lower markups to by
recession affected customers and patients ?
4a) What are they ?
5) Have you purchased a lower frame selection for the times
of scarce money ?
6) Are you prepared to do as many
high profit lens treatments yourself in house, as scratch
resistant treatment, UV, tinting ect. ?
7) Have you advised fellow employees to look into lower
priced but good lens options to bring the cost to the
consumer down. By just eliminating AR coatings you are a big
step ahead.
All above points might become very important factors in the
very near future and help to gain and keep hundred and
thousands of people needing glasses during hard times.
Never forget that the big chain
operations have the personnel and foresight to prepare ahead
for such situation...................so dont get caught with
you pants down.
|
Thu Aug 23, 2007 2:45pm ET
Essilor:
Two-for-One Stock Split on July 16,
2007
|
CHARENTON-LE-PONT, France, July 12 /PRNewswire-FirstCall/ -- At their
Annual Meeting on May 11, 2007, Essilor shareholders approved an increase
in the par value of existing Essilor shares from EUR0.35 to EUR0.36 and a
subsequent two-for-one stock split.
On July 16, for every EUR0.36 par value share held on that date,
shareholders will receive two new shares with a par value of EUR0.18 and
carrying the same dividend rights. The result of the split will be to
double the total number of shares outstanding and to halve the share price.
Over the past five years, Essilor's share price has appreciated by more
than 120%. The two-for-one split will make the share more affordable to new
investors, particularly individuals. The split is also in line with
Essilor's strategy of increasing daily trading volume to widen the share's
market.
The transaction will be carried out by Euroclear France at no cost or
formalities for Essilor shareholders and without any impact on their tax
situation or voting rights.
On the other hand, the split will change the exchange ratio of bonds
convertible into or exchangeable for new or existing shares (OCEANEs).
Beginning on July 16, outstanding OCEANEs will be converted or exchanged on
the basis of one bond for two new shares with a par value of EUR0.18.
Upon completion of the stock split, the Company's capital stock will be
comprised of 208,391,936 shares with a total value of EUR37,510,548.48.
Essilor International is the world leader in ophthalmic optical
products, offering a wide range of lenses under the flagship Varilux(R),
Crizal(R), Airwear(R) and Essilor(R) brands to correct myopia, hyperopia,
presbyopia and astigmatism. Essilor operates worldwide through 15
production sites, 244 lens finishing laboratories and local distribution
networks.
The Essilor share trades on the Euronext Paris market and is included
in the CAC 40 index.
Codes and symbols: ISIN: FR 0000121667; Reuters: ESSI.PA; Bloomberg:
EF.FP.
Contacts:
Investor Relations and Financial Communications
Veronique Gillet
Phone: +33-(0)1-49-77-42-16
http://www.essilor.com
Essilor: First-Half 2007
Revenue
|
CHARENTON-LE-PONT, France, July 12 /PRNewswire-FirstCall/ --
- Up 12% at Constant Exchange Rates
Essilor, the world leader in ophthalmic optics, today announced its
consolidated revenue for the six months ended June 30, 2007.
(in EUR millions) 1st half 1st half Reported Like-for-like
2007 2006 change change(1)
Consolidated revenue 1,475.6 1,362.4 8.3% 8.4%
(1) Based on a comparable scope of consolidation and at constant
exchange rates.
Following a solid 8.1% like-for-like increase in the first three months
of the year, revenue rose by a very strong 8.7% like-for-like in the second
quarter, resulting in an overall gain of 8.4% for the half. Note that the
year-earlier basis of comparison was high, reflecting the 8.7% gain in
first-half 2006.
The first six months of 2007 saw an increase in unit sales, especially
in medium and high-index, progressive and photochromic lenses. Essilor also
benefited from the rollout of new products, in particular the progressive
lens marketed under the Anateo(TM) brand (for BBGR in Europe) and the
Accolade(TM) brand (for optical chains and cooperatives in the rest of the
world), the anti-reflective, antistatic Crizal(R) Alize(R) lens and the
Varilux Physio(R) progressive lens launched in early 2006.
Changes in the scope of consolidation, which mainly concerned the
initial acquisitions made in 2007, boosted revenue by 3.6% in the first
half. These acquisitions, which included Novacel in Europe, OOGP in the
United States and ILT in Singapore, will add EUR118 million to revenue at a
total cost of EUR101 million. Changes in the scope of consolidation also
reflected acquisitions made in 2006.
Although the currency effect remained unfavorable, it decreased in the
second quarter to a negative 2.4%, resulting in a negative 3.7% for the
half. The trend was mainly due to the appreciation of the euro against most
other currencies.
Revenue by region
(in EUR millions) 1st half 2007 1st half 2006 Reported Like-for-like
change change(1)
Europe 675.2 606.4 11.3% 8.4%
North America 622.0 596.0 4.4% 7.1%
Asia-Pacific 128.4 116.8 10.0% 12.2%
Latin America 50.0 43.2 15.8% 16.6%
(1) Based on a comparable scope of consolidation and at constant
exchange rates.
- After enjoying like-for-like revenue growth of 8.6% in Europe in the
first quarter, Essilor increased its market share, with 8.2% organic growth
in the second quarter.
- The North American market remained very strong. Revenue gained 7.5%
like-for-like in the second quarter, with sustained growth in Canada and in
the prescription laboratory business in the United States.
- Second-quarter sales were also very robust in Latin America (up 26.2%
like-for-like) and Asia-Pacific (up 11.5%). Brazil, China, India, Japan and
Australia/New Zealand all reported significant gains.
Acquisitions
Essilor Canada, an Essilor subsidiary, recently acquired a majority
stake in Optique Cristal Inc., a Quebec-based prescription laboratory with
revenue of approximately CAD 2 million.
A conference call will be held today at 10:00 a.m., Paris time.
The number to dial is: +44 (0)207 750 9923
The conference will be available for later listening at:
http://hosting.3sens.com/Essilor/20070712-3B4BA5FF/en/
Next financial announcement
First-half earnings will be released on August 30, 2007.
Essilor International is the world leader in ophthalmic optical
products, offering a wide range of lenses under the flagship Varilux(R),
Crizal(R), Airwear(R) and Essilor(R) brands to correct myopia, hyperopia,
presbyopia and astigmatism. Essilor operates worldwide through 15
production sites, 244 lens finishing laboratories and local distribution
networks. The Essilor share trades on the Euronext Paris market and is
included in the CAC 40 index. Codes and symbols: ISIN: FR 0000121667;
Reuters: ESSI.PA; Bloomberg: EF.FP.
Investor Relations and Financial Communications
Veronique Gillet
Phone: +33-(0)-1-49-77-42-16
http://www.essilor.com
ESSILOR Press Release
ESSILOR 2006 Revenue Up 11%
|
Record Organic Growth
of 8.1%
New Acquisitions in
France and the United States. |
| |
Charenton-le-Pont, France (January 25, 2007) -
Essilor, the world leader in ophthalmic optics, has announced
consolidated revenue of €2,690 million for 2006, an 11% increase over
the previous year.
In a favorable environment for
ophthalmic lenses, Essilor benefited considerably from worldwide
demand for Varilux Physio®, its mass-market
progressive lens launched at the beginning of the year, and increased
its market share in every region.
As a result, the Company has confirmed
that 2006 will see further growth in both earnings and margins.
Consolidated revenue
|
€ millions |
2006 |
2005 |
Reported change |
% change like-for-like |
Contribution from acquisitions |
Currency effect |
|
Consolidated revenue at December 31 |
2,690.0 |
2,424.3 |
11.0% |
8.1% |
3.2% |
-
0.3% |
|
Consolidated fourth quarter revenue |
667.3 |
621.2 |
7.4% |
8.8% |
3.1% |
-
4.5% |
Growth was driven by:
• An 8.1% like-for-like increase that
was well balanced between the first half (8.7%) and the second
(7.5%). It reflected:
- Around a 7% increase in unit sales.
- An improvement in the product mix, resulting from the success of
Varilux Physio® and solid growth in sales of
progressive lenses, plastic lenses made of very high index and
polycarbonate materials, and high-value added anti-reflective and
photochromic lenses.
• A slightly negative 0.3% currency
effect due to a decline in the yen, the US dollar and the Australian
dollar against the euro.
• A 3.2% contribution from companies
acquired in 2005 and 2006 —mainly in the United States, India and
Taiwan —which added an aggregate €77.6 million to consolidated
revenue. During the year, Essilor made 22 acquisitions, of which 14 in
the United States.
Consolidated revenue
by region
|
€
millions |
Dec. 31, 2006 |
Dec. 31, 2005 |
Reported change |
% change
like-for-like |
|
Europe
|
1,207.9 |
1,120.4 |
7.8% |
6.6% |
|
North America |
1,156.7 |
1,025.1 |
12.8% |
9.4% |
|
Asia-Pacific |
233.0 |
202.1 |
15.3% |
8.7% |
|
Latin America |
92.4 |
76.7 |
20.4% |
10.4% |
|
Total |
2,690.0 |
2,424.3 |
11.0% |
8,1% |
• A return to sustained growth in Europe
2006 was a good year in Europe, led by
the launch of Varilux Physio® across the
Essilor network. France, Germany, Spain, Italy and the Eastern
European countries turned in the best results for the year.
• Strong momentum in North America
In the United States, growth was strong
throughout the year, especially in networks that sell to opticians and
independent laboratories. Canada also had a very good year.
• Increased demand in the rest of the
world
In Asia, growth was led by a strong
performance in China and India and a solid recovery in Australia. In
Japan, where the market was stable, Nikon-Essilor increased its market
share despite only modest sales growth. In Latin America, sales in
Argentina rose sharply.
Three Acquisitions
Essilor extends its international network of wholesale distributors
with an equity investment in Novacel
Following the acquisition of Nassau in
the United States and LTL in Italy, Essilor has further extended its
international network of wholesale distributors by acquiring an equity
stake in France’s
Novacel.
The partnership, which is totally
independent of the existing Essilor and BBGR networks, will enable
Essilor to market alternative product and service offerings, while
ensuring the long-term viability of Novacel, a recognized market
player.
Founded in 1994, Novacel distributes a
full range of lenses under its own brands in France and other European
markets and operates a prescription laboratory. The company, which has
280 employees, reported 2006 consolidated revenue of approximately €39
million. The current Novacel management team will remain in place and
continue to operate the company independently.
Two
prescription lens laboratories in the United States
In the United States, subsidiary Essilor
of America has acquired two new prescription laboratories that
distribute Varilux® products.
- Late 2006:
Peninsula Optical Lab Inc.
in Seattle, Washington, with $5.5 million in revenue and 40 employees.
- Early 2007:
Beitler McKee Optical Company
in Pittsburgh, Pennsylvania, with $13 million in revenue and 78
employees.
A conference call will be
held today at 10:00 a.m. CET.
The number to dial is: +44 (0)161 601
8920.
Replay by telephone:
The replay number is: +44 (0)207 075 3214 and the pin code is 191358#.
This replay will be available until January 29, 2007.
Replay by audiocast
on the Internet:
The conference will be available for later listening at
http://hosting.3sens.com/Essilor/20070125-A60279DB/en, from
January 25, 2007, 02:00 p.m. CET.
Next financial announcement:
Results for
2006 will be released on March 8, 2007.
Investor Relations and Financial Communications
Véronique Gillet
Phone: +33 (0)1 49 77 42 16
www.essilor.com |
| |
|
January 21, 2007
Revenge of the greedy
opthalmologist...................A true story that happened this week
Place:
One of the fancy ophthalmic clinics in North Naples Florida, no names
mentioned.
Patient:
Chris Ryser, Canadian citizen belonging to Canadian medicare system, getting
paid medical services at home. Snowbird spending winter in Naples.
Reason for visit:
Advisory by State of Florida that Florida drivers license will expire at end
of January. Canadian Snowbirds have always been granted the right to have a
Florida drivers license without having to give up their Canadian one.
As patient.........myself............... has a not fully developed cataract
in my left amblyopic eye that originated by an arthritic inflammation some
20 years ago, will not pass visual test at drivers license bureau, a medical
attest is required. This procedure has been done several times over the last
15 years.
Actual Story, (and I have been a guy that has been around this profession
all my life)
After checking in, filling the papers with all the medical information why
your body starts falling apart, I got called up by a nice girl in the
clinics uniform who gave me her first name.
We went into the first examination room with the autorefractor and the "puff
puff eye pressure gage" that had a hard time finding my eyeballs
automatically and was restarted about 5 times.
Then on to one of the 40 exmination rooms equipped with a phoroptor and a
slit lamp. The phoroptor changed lenses 3 times for each eye. Took about 60
seconds total.............no reading test was performed. A 30 second look
through the slit lamp at each eye and we were finished, (about 7 minutes
total examination time) and I got guided into the Ophthalmologists
examination room.
Doctor checks record and snaps at me that he had told me 2 years ago to have
the cataract removed. He does not know that we have a backlog of 7800
catarct cases waiting in Montreal and doctors taking every 3rd month off
because of salary caps by the Quebec government.
He tells me to have it done here ..............and at my counter question
for how much, he says he does not know. I should ask the surgery coordinater
out front. Then he dilates the pupils does slit lamp test and some indirect
opthalmoscopy and we are done. I then get guided into the office of the
surgery coordinater, a nice older women.
She wants to book me for next Tuesday morning..................and I put a
stop to it by asking.........."what do you charge anyhow?"
She takes a clinics business card and marks on it $ 4950 and if you do both
(not need, other eye is fine} $ 9750.00. I said I have to think about and
will call you.
On the way out you have to pay, the bill was $
145.00 , but there was no RX and no letter for the reason of the visit,
stating my right eye was OK to drive.
After a lot of arguments the doctor, no more visible, produced the sealed
letter for the license office.
I left the clinic swearing never to return there and drove to the license
office where they opened the doctors letter. The employee behind the counter
took the letter and consulted another person in a back office. Then came
back and said that the opthalmologist had suggested that I should re-do the
drivers test and they had to follow the order.
Having been rated as a safe driver for all these years I felt insulted, but
did choose to take the test right then and there under threat of loosing the
Florida and Quebec license if I would not pass.
30 minutes later the Inspector taking me for the test said, "YOU PASSED",
plus, "you are a heck of a better driver than me."
Morale of this story:
Never say NO to an opthalmologist if he wants to
operate you for $ 5000, or better............... on both sides for
double.................or you might loose your drivers license and
privileges in the great State of Florida.
December 23, 2006
Hoya and Pentax Merge, 'Hoya Pentax HD' Focuses on Medical
Equipment Market
Dec 22, 2006 19:16
Tomohiro Ootsuki, Nikkei Electronics
Hoya Corp. and Pentax Corp. have held a press conference on their merger
agreement. The two companies will be merged with Hoya acquiring Pentax.
Hiroshi Suzuki, CEO of Hoya will become CEO of new "Hoya Pentax HD
Corp." after merger.
The merged company will focus its management resources on the medical
field including intraocular lenses, which Hoya has been involved with,
and endoscopes, which Pentax has been engaged with. The companies intend
to maintain the current organization and brand name of Pentax for the
camera business.
Nikkei Electronics introduces a digest of responses by the two
companies at the press conference below. Respondents were Hoya's CEO
Hiroshi Suzuki and Pentax's President Fumio Urano (see Note 1 and 2).
Purpose of Merger, Medical Equipment Business
-- What is the purpose of the merger?
Hoya: While having improved our financial state over the last
few years, it has been our belief that we still need to enhance our
business fields to secure future growth. To survive amid circumstances
where we in general are having a hard time to maintain a manufacturing
business, the medical field is essential by all means.
From this viewpoint, we found Pentax, who boasts superior
technologies related to medical equipment, very attractive. Current
combined sales from medical-related business at Hoya and Pentax are
roughly ¥40 billion to ¥50 billion per year. We aim to double the sales
as soon as possible.
Pentax: The medical field still has large areas to cultivate
both as a market and a technology. Pentax has so far expanded its
medical-related business in line with its medium-term management plans,
but there was a limit to what a company could do alone by itself. In
addition, it takes a long time before recovering investment in the
medical field in particular. We must be able to solve these problems by
adding Hoya's know-how in management and financial power.
-- There is an option to form a joint medical equipment company,
instead of merging the two companies.
Pentax: In fact, we discussed such a plan with Hoya about two
years ago. However, if we spin off the medical equipment business, which
is our key profit earner, Pentax will have to entirely depend on its
camera and optical component businesses. We turned down the offer,
judging it was difficult [to secure profit levels to meet our
shareholders' expectation].
-- For what kind of medical equipment do you plan to cultivate the
market at the new company?
Pentax: For example, equipment concerning low-invasive
treatment (a method that lowers surgery impact to the patient by using
endoscopes). The new company will compete with Olympus Corp. in this
field.
Hoya: Low-invasive treatment is just an example to start with.
We cannot mention right now, but Hoya and Pentax plan to pioneer new
areas base on our certain common concept.
Camera Business
-- Isn't Pentax camera business a negative factor to
large-profit-making Hoya?
Hoya: I think that is a question asking about the
inconsistency in our management policy of "a big fish (company) in a
small pond (market)," but my opinion is that it depends on how you
define the market. We have no intention to pursue a larger share in the
general digital camera market. To make the business precious despite its
small size, we consider firmly advancing integration and limitation of
the business. Hoya thinks Pentax camera business can be profitable
enough to generate satisfactory returns in comparison with capital
investment.
The new company will basically take over the current camera business
organization at Pentax. Hoya Pentax HD is not legally a holding company,
but it will be just like acquiring a camera business subsidiary. I think
Hoya will be able to do for the camera business no more than injecting
its knowledge for management.
Pentax: We currently handle both compact and SLR cameras, but
is considering focusing on SLR cameras if they increases share in the
overall digital camera market. During the time of silver salt cameras,
Pentax devoted itself in SLR cameras and built up a history of about 30
years in that field.
-- Pentax is in alliance with Samsung Techwin for the SLR camera
business, isn't it?
Pentax: We have not told Samsung Techwin about this merger
yet. However, since (there must be no negative impact on Samsung Techwin
and) the partnership is about to achieve a result, Pentax intends to
continue the partnership. Samsung Techwin developed 10% of our "K10D,"
which currently draws favorable sales performance in the market. We plan
to have Samsung Techwin make a 20% to 30% contribution to the ongoing
SLR camera development.
-- The new company will become a vertically integrated firm of
optical equipment. Will its interest conflict with that of current glass
material buyers and other clients?
Hoya: If the new company receives an order for a special glass
material from another camera manufacturer, we will strictly protect
commercial morals by, for example, keeping the information within the
office directly involved with. Hoya has never betrayed its clients'
trust on marketing photomasks for semiconductor manufacturing, HDD
substrates and other products.
Optical Component Business
-- What impact will the lens and other optical component business
receive from the merger?
Hoya: The optical component business will immediately gain
synergy from the merger. This field is currently exposed to the rapid
growth of Taiwanese and other East Asian manufacturers. We hope to
create added-value by marketing optical components in view of not only
simple materials and simple processing, but also end-product design and
other factors.
Pentax: We have developed optical components with Hoya before,
but there was a border between two different companies then. Advantage
born by eliminating this border will not be small. However, a ratio of
in-house procurement of glass materials will not reach 100% even after
the merger. It depends on the glass material which company we will
purchase from.
-- As for rapidly growing East Asian manufacturers, Asia Optical Co.,
Ltd. of Taiwan seems to mass-produce an optical camera stabilizer
system.
Pentax: Asia Optical's stabilizer system may infringe our
patents. We have already notified our protest.
Others
-- Will the merger impact Hoya's core businesses of photomasks for
semiconductor manufacturing and HDD substrates?
Hoya: No direct synergy is expected. However, the merger may
bring a benefit in terms of human resources. Due to its sustainable
two-digit percentage growth, Hoya is slightly in need of human
resources. As Pentax holds a lot of excellent engineers, we expect that
some of them might be assigned to us if circumstances permit.
Pentax: It is not that we have more human resources than
necessary, but there may be areas we can provide our help. For example,
there is a field, in which we have been engaged for long years yet had a
hard time to achieve good output. I believe Hoya's expertise may make a
contribution to such research and development areas.
-- Will Hoya continue M&A?
Hoya: Enhancement of business portfolio is an eternal issue.
We will consider if we receive a good offer. However, since our current
first priority is to become one company with Pentax, we are not likely
to offer M&A from ourselves for a while.
Note 1) The two companies will be merged through a share exchange by
allotting Hoya shares to each of Pentax shareholder. A premium (interest
that Pentax shareholders will receive) based on the exchange rate is
10.5% with closing prices on December 20, 2006. A three-month average
ratio is 27%.
Note 2) Based on the closing price on December 21, 2006, Hoya's total
market value of shares is ¥1,961.9 billion. Pentax's is ¥88.1 billion.
FY2005 sales reached ¥248.2 billion at Hoya and ¥108.3 billion at Pentax.
Operating income was ¥29.7 billion at Hoya and ¥2 billion at Pentax. As
of September 30, 2006, Hoya had 27,974 employees and Pentax had 5,651
employees.
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British company looks to the future in Europe |
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UK OPTICAL giant Specsavers Opticians is continuing its success abroad
with the announcement this week of the multi-million pound acquisition
of Danish optical retail chain Louis Nielsen.
Denmark is the third Scandinavian country into which Specsavers has
expanded in just over a year. In April last year, Specsavers acquired
the 34-store chain Blic in Sweden, followed three months later by the
19-strong chain Två Blå. The stores are now trading as Specsavers Blic
Optik and sales have doubled. And just last month, Specsavers
announced it would be opening 21 Specsavers Optikk stores in Norway
over the next three months.
Already the third largest and fastest growing optician in the
Netherlands, where they have been established for six years, this new
acquisition brings Specsavers presence in mainland Europe to 162 with
several hundred new stores planned in the next five years, creating
thousands of jobs.
Specsavers success in Europe is positive news at a time when most
British retailers are feeling the pinch in the UK due to a slow down
in consumer spending, rising costs and product deflation.
Independent retail analyst Robert Clark comments: 'UK retail sales
growth rates are falling back, like-for-like sales declining, and
competition increasing. This has forced otherwise ambitious UK
retailers to put international expansion plans on ice.
'From the mid-1990s many UK retail leaders started expanding
internationally, but the trend more recently has been one of
international retrenchment or, at best, cautious expansion by means of
franchising and concessions.
'Positive international expansion by acquisition - such as the
refreshing example set by Specsavers - has been very much the
exception rather than the rule for even the more dynamic UK retailers.
The UK needs more positive examples of international expansion if it
is not to continue to lose out in a fast globalising retail
environment.'
Specsavers International Marketing Manager Monty McMonagle comments:
'We have had a really positive reaction from local consumers in each
country we've opened and Brits abroad are genuinely pleased to see a
British retailer's name above the door and prefer to shop there.'
The 32-strong Louis Nielsen chain was named in a recent survey by
Gallup for Indeks Danmark as one of the ten brands with most potential
in Denmark. Specsavers intends to double the number of stores within
the next five years, creating in excess of 400 jobs.
Chairman of Specsavers Opticians Doug Perkins says: 'Denmark's 2.5
million glasses and contact lens wearers pay more than anyone else in
Europe. They urgently need what Specsavers and Louis Nielsen stand
for: fashionable, quality eyewear at low, transparent prices. Through
this acquisition we'll be able to make a significant cut in eyecare
costs for Danish consumers.'
Louis Nielsen, who, like Specsavers, has already established a strong
reputation as the champion of value for money eyecare, says: 'This is
very good news for the Danish specs wearer. It means that they can
obtain the glasses and contact lenses they need at reasonable prices.
On average, residents in Denmark buy new glasses every four years.
With Specsavers huge buying power our customers will have the choice
to buy more glasses, more often.
'Specsavers sells in one month the same number of glasses as the
entire Danish market sells in a year. This means that we will be able
to offer the Danish customer even better value for money and we will
be able to do so in many more locations across the country.'
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Chemical
Nano Technology 
