FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
JANUARY 30, 2003
COMMISSION FILE NO. 1 - 10421
LUXOTTICA GROUP S.P.A.
VIA CANTU 2, MILAN 20123 ITALY
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): |_|
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): |_|
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-______
[LOGO]
SET FORTH BELOW IS THE TEXT OF A PRESS RELEASE ISSUED ON JANUARY 30, 2003.
LUXOTTICA GROUP NET INCOME UP YOY BY 22.3 PERCENT FOR 4Q02
GROUP HIGHLIGHTS FOR FISCAL YEAR 2002:
- NET SALES UP BY 2.2 PERCENT TO EUR 3,132.2 (US$2,959.9 MILLION)
- OPERATING INCOME UP BY 18.1 PERCENT TO EUR 601.5 MILLION
- EARNINGS PER ADS TO EUR 0.82 (US$0.78)
MILAN, ITALY, JANUARY 30, 2003 - LUXOTTICA GROUP S.P.A. (NYSE: LUX; MTA: LUX),
worldwide leader in the eyewear sector, today announced record results for the
three- and twelve-month period ended December 31, 2002(1).
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CONSOLIDATED RESULTS
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FOURTH QUARTER
o Consolidated net sales for the quarter declined year-over-year by 7.7
percent to EUR 668.6 million. Assuming constant exchange rates,
consolidated net sales for the quarter would have risen year-over-year
by 2.1 percent.
o Consolidated operating income for the quarter rose year-over-year by
10.9 percent to EUR 114.4 million. Consequently, consolidated operating
margin for the quarter improved year-over-year to 17.1 percent.
o Consolidated net income for the quarter rose year-over-year by 22.3
percent to EUR 74.4 million. Consequently, consolidated net margin for
the quarter improved year-over-year to 11.1 percent, from 8.4 percent.
o Earnings per American Depositary Share (ADS) (one ADS represents one
ordinary share) for the quarter were up year-over-year by 21.7 percent
to EUR 0.16. In U.S. dollars, earnings per ADS (EPADS) for the quarter
were US$0.16, reflecting a year-over-year increase of 35.6 percent.
FISCAL YEAR 2002
o Consolidated net sales for the year rose year-over-year by 2.2 percent
to EUR 3,132.2 million. Assuming constant exchange rates, consolidated
net sales for fiscal year 2002 would have risen year-over-year by 7.5
percent.
o For the year, the Group sold in excess of 33 million frames,
representing a 4.5 percent year-over-year improvement from fiscal year
2001.
o Consolidated operating income for the year rose by 18.1 percent to EUR
601.5 million. Consolidated operating margin for the year improved to
19.2 percent, from 16.6 percent for fiscal year 2001.
o Consolidated net income for fiscal year 2002 rose by 17.6 percent to
EUR 372.1 million. Consequently, consolidated net margin for the year
improved to 11.9 percent, from 10.3 percent for fiscal year 2001.
o EPS for the fiscal year 2002 rose year-over-year by 17.1 percent to EUR
0.82. In U.S. dollars, EPADS for the same period rose year-over-year by
23.5 percent to US$0.78.
o Consolidated net outstanding debt on December 31, 2002, improved over
the twelve-month period by EUR 215.6 million to EUR 1,254.3 million,
from consolidated net outstanding debt of EUR 1,469.9 million on
December 31, 2001. Consolidated net outstanding debt on September 30,
2002, was EUR 1,292.8 million.
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BREAKDOWN OF MANUFACTURING/ WHOLESALE AND RETAIL RESULTS
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o MANUFACTURING/WHOLESALE DIVISION
The Group's manufacturing/wholesale sales for fiscal year 2002 declined
year-over-year by 1.6 percent to EUR 1,128.7 million. Assuming constant exchange
rates, manufacturing/wholesale sales for the fiscal year 2002 would have risen
year-over-year by 2.2 percent.
Manufacturing/wholesale operating income for fiscal year 2002 was flat
year-over-year at EUR 287.6 million. This was mostly due to the negative effect
on the Group's results of the strengthening of the Euro against other
currencies.
Leonardo Del Vecchio, Chairman of Luxottica Group, commented on the results of
the manufacturing/wholesale division: "The performance of the division was
indeed positive. In fact, in line with the trend of the first nine months of the
year, sales to third parties for the fourth quarter rose year-over-year by 8.6
percent, and by 6.7 percent for the full year, both assuming constant exchange
rates."
"This result, achieved in increasingly competitive markets, allowed us to
further expand our market share worldwide, particularly in Europe, where growth
for the year was in excess of 10 percent."
o RETAIL DIVISION
Group's retail results for the fourth quarter included results for both
LensCrafters and Sunglass Hut International, as they are run as a single
division of the Group. Results of the Sunglass Hut International operations were
consolidated into the Group's results as of March 31, 2001.
Retail sales for the fourth quarter were nearly flat year-over-year at US$464.1
million. Same stores sales for the quarter declined year-over-year by 1.5
percent.
For the year, retail sales rose year-over-year by 8.1 percent to US$2,039.6,
while same store sales for the same period declined year-over-year by 0.6
percent.
Retail operating income for fiscal year rose by 5.5 percent to US$301.9 million,
from US$286.1 million for fiscal year 2001. Consequently, retail operating
margin for fiscal year was 14.8 percent.
Mr. Del Vecchio continued: "On the retail front, sales for the fourth quarter
were below our expectations. Results were negatively affected by the continued
decline in traffic in malls experienced throughout 2002, as well as
disappointing Christmas season sales, which were below the level of the previous
year."
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STATEMENT FROM THE CHAIRMAN
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Mr. Del Vecchio concluded: "The year 2002 was particularly difficult for the
global economy, as it continued to suffer from the impact of the terrorist
attacks of the previous year, extreme volatility in the financial markets, a
weak dollar, and fear of war in Iraq. This resulted in a slowdown in consumption
and, consequently, in the growth rate of sales of our Group. Within this
environment we were still able to improve profitability, thanks to management's
continued focus on cost control."
"Although there are signs of slight improvement in the U.S., unfortunately it is
impossible to predict the timing of economic recovery because of the many
uncertainties in connection with the difficult international situation."
"In North America, we are currently in the process of consolidating logistics of
our retail operations at our Atlanta distribution center, which was formerly
used only for Sunglass Hut International. This will result in the closing of the
LensCrafters distribution center in Cincinnati. Additionally, in 2003 we will
continue to expand our distribution network, also through acquisitions, as this
is a strategy that has allowed us to increasingly strengthen our leadership
position."
"As a result of the current uncertain economic scenario and weakness in the U.S.
dollar, 2003 will be a year of transition for us, during which we expect to
focus on pursuing interesting acquisition opportunities mainly in retail.
Consequently, we expect to return to growth in sales and earnings in 2004."
"We confirm our previously announced expectations to post earnings per share
(EPS) for fiscal year 2003 of Euro 0.77, or EPADS of US$0.77, assuming parity in
the Euro/U.S. Dollars exchange rate. If the exchange rate should go to EUR 1.00
= US$1.10, EPADS would be US$0.76, or EUR 0.69."
ABOUT LUXOTTICA GROUP S.P.A.
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Luxottica Group is the world leader in the design, manufacture, marketing and
distribution of prescription frames and sunglasses in mid- and premium-priced
categories. The Group's products, which are designed and manufactured in six
facilities in Italy and one in the People's Republic of China, include over
2,250 styles in a wide array of colors and sizes and are sold through 21
wholly-owned subsidiaries in the United States, Canada, Italy, France, Spain,
Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland, Mexico,
Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan, Hong Kong and
Australia; two 75%-owned subsidiaries in Israel and Poland; a 70%-owned
subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey
and Singapore, one 49%-owned subsidiary in the Arab Emirates and one 44%-owned
subsidiary in India. In March 2001, Luxottica Group acquired Sunglass Hut
International, a leading sunglass retailer with approximately 1,900 stores
worldwide. This followed the acquisitions of Bausch & Lomb sunglass business,
which includes the prestigious Ray-Ban(R), Revo(R), ArnetteTM and Killer Loop(R)
brands, in June 1999, and LensCrafters, the largest optical retail chain in
North America, in May 1995. For fiscal 2002, Group net sales improved
year-over-year by 2.2 percent to EUR 3,132.2 million and net income by 17.6
percent to EUR 372.1 million. Additional information on the company is available
on the web at WWW.LUXOTTICA.COM.
SAFE HARBOR STATEMENT
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CERTAIN STATEMENTS IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD LOOKING
STATEMENTS WHICH ARE BASED ON MANAGEMENT'S CURRENT EXPECTATIONS AND BELIEFS AND
ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY, INCLUDING RISKS THAT MAY NOT BE SUBJECT TO THE
COMPANY'S CONTROL. THESE RISKS INCLUDE, BUT ARE NOT LIMITED TO, FLUCTUATIONS IN
EXCHANGE RATES, ECONOMIC AND WEATHER FACTORS AFFECTING CONSUMER SPENDING, THE
COMPANY'S ABILITY TO SUCCESSFULLY INTRODUCE NEW PRODUCTS, THE COMPANY'S ABILITY
TO EFFECTIVELY INTEGRATE RECENTLY ACQUIRED BUSINESSES, THE AVAILABILITY OF
CORRECTION ALTERNATIVES TO PRESCRIPTION EYEGLASSES, AS WELL AS OTHER POLITICAL,
ECONOMIC AND TECHNOLOGICAL FACTORS AND OTHER RISKS REFERRED TO IN THE COMPANY'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. THESE FORWARD-LOOKING
STATEMENTS ARE MADE AS OF THE DATE HEREOF, AND THE COMPANY DOES NOT ASSUME ANY
OBLIGATION TO UPDATE THEM.
COMPANY AND U.S. AGENCY CONTACTS
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Sabina Grossi, Director, Investor Relations Luca Biondolillo
Alessandra Senici, Investor Relations BREAKSTONE & RUTH - NEW YORK
SILVIA CESTELLI GUIDI, INVESTOR RELATIONS TEL.: +1 (646) 536-7012
Luxottica Group E-MAIL: LBIONDOLILLO@BREAKSTONERUTH.COM
Tel.: +39-02-8633-4665
E-mail: SABINAGROSSI@LUXOTTICA.COM
ALESSANDRASENICI@LUXOTTICA.COM
SILVIACESTELLI@LUXOTTICA.COM
FINANCIAL TABLES TO FOLLOW
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(1) UNLESS OTHERWISE NOTED, ALL COMPARISONS MADE IN THIS ANNOUNCEMENT ARE
BETWEEN THE THREE- AND TWELVE-MONTH PERIODS ENDED DECEMBER 31, 2002, AND THE
EQUIVALENT THREE- AND TWELVE-MONTH PERIODS ENDED DECEMBER 31, 2001. THE
COMPANY'S RESULTS ARE DISCUSSED IN THIS ANNOUNCEMENT IN ACCORDANCE WITH U.S.
GAAP AND ARE BROKEN OUT FOR ADDITIONAL PERSPECTIVE INTO CONSOLIDATED,
MANUFACTURING/WHOLESALE, INCLUDING RAY-BAN AND RETAIL COMPONENTS, WHICH INCLUDE
SUNGLASS HUT INTERNATIONAL AND LENSCRAFTERS. AS THERE ARE INTERCOMPANY ITEMS, IT
IS IMPORTANT TO NOTE THE FULL RECONCILIATION DETAILED IN THE SEGMENTAL
INFORMATION TABLE PROVIDED WITH THIS ANNOUNCEMENT. ADDITIONALLY, LUXOTTICA GROUP
CONSIDERS THE FINANCIAL RESULTS DENOMINATED IN EURO (EUR), THE GROUP'S REPORTING
CURRENCY, TO BE A MORE ACCURATE GAUGE OF ITS OPERATING PERFORMANCE. THE RESULTS
DENOMINATED IN U.S. DOLLARS WERE CONVERTED AT THE AVERAGE EXCHANGE RATE FOR THE
THREE-MONTH PERIOD ENDED DECEMBER 31, 2002, OF EUR 1.00 = US$0.9982, COMPARED
WITH EUR 1.00 = US$0.8959 FOR THE FOURTH QUARTER OF 2001. FOR FISCAL YEAR 2002,
THE RESULTS DENOMINATED IN U.S. DOLLARS WERE CONVERTED AT THE AVERAGE EXCHANGE
RATE OF EUR 1.00 = US$0.9450, COMPARED WITH EUR 1.00 = US$0.8957 FOR FISCAL YEAR
2001. RESULTS OF THE SUNGLASS HUT INTERNATIONAL OPERATIONS WERE CONSOLIDATED
INTO THE GROUP'S RESULTS AS OF MARCH 31, 2001.
LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE THREE-MONTH PERIOD ENDED
DECEMBER 31, 2002 AND DECEMBER 31, 2001
KEY FIGURES IN THOUSAND OF EURO(4)
2002(5) 2001 % Change
NET SALES 668,585 724,161 -7.7%
NET INCOME 74,353 60,803 22.3%
EARNINGS PER SHARE (ADS)(2) 0.16 0.13
FULLY DILUTED EARNINGS PER SHARE
(ADS)(3) 0.16 0.13
KEY FIGURES IN THOUSAND OF
U.S. DOLLARS(1)(4)
2002(5) 2001 % Change
NET SALES 667,377 648,761 2.9%
NET INCOME 74,218 54,473 36.2%
EARNINGS PER SHARE (ADS)(2) 0.16 0.12
FULLY DILUTED EARNINGS PER SHARE
(ADS)(3) 0.16 0.12
Notes: 2002 2001
(1) Average exchange rate
(in U.S. Dollars per Euro) 0.9982 0.8959
(2) Weighted average number of
outstanding shares 453,815,915 451,526,976
(3) Fully diluted average number
of shares 455,369,195 454,219,919
(4) Except earnings per share (ADS), which are expressed in Euro and
U.S. Dollars, respectively
(5) Results for the three-month period ended December 31, 2002 include
the effect of adoption of Statement of Financial Accounting Standards
No 142
LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED
DECEMBER 31, 2002 AND DECEMBER 31, 2001
KEY FIGURES IN THOUSAND OF EURO(4)
2002(5) 2001(5) % Change
NET SALES 3,132,201 3,064,907 2.2%
NET INCOME 372,077 316,373 17.6%
EARNINGS PER SHARE (ADS)(2) 0.82 0.70
FULLY DILUTED EARNINGS PER SHARE
(ADS) (3) 0.82 0.70
KEY FIGURES IN THOUSAND OF U.S. DOLLARS (1)(4)
2002(5) 2001(5) % Change
NET SALES 2,959,930 2,745,237 7.8%
NET INCOME 351,613 283,375 24.1%
EARNINGS PER SHARE (ADS)(2) 0.78 0.63
FULLY DILUTED EARNINGS PER SHARE
(ADS)(3) 0.77 0.62
Notes: 2002 2001
(1) Average exchange rate
(in U.S. Dollars per Euro) 0.9450 0.8957
(2) Weighted average number of
outstanding shares 453,174,041 451,036,978
(3) Fully diluted average
number of shares 455,353,479 453,965,481
(4) Except earnings per share (ADS), which are expressed in Euro and
U.S. Dollars, respectively
(5) Results for the year ended December 31, 2002 include the effect of
adoption of Statement of Financial Accounting Standards No 142 and
the operation of Sunglass Hut International. Results for the year
ended December 31, 2001 include the operation of Sunglass Hut
International since the date of acquisition (March 31, 2001). For a
comparison between the two periods on a consolidated adjusted
basis, see table 6.
LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE THREE-MONTH PERIOD ENDED
DECEMBER 31, 2002 AND DECEMBER 31, 2001
In thousand of Euro(1) 2002(2) 2001(3) % Change
NET SALES 668,585 724,161 -7.7%
COST OF SALES (189,955) (207,178)
GROSS PROFIT 478,631 516,983 -7.4%
OPERATING EXPENSES:
SELLING EXPENSES (248,112) (272,666)
ROYALTIES (12,746) (11,491)
ADVERTISING EXPENSES (36,010) (44,339)
GENERAL AND ADMINISTRATIVE EXPENSES (58,690) (59,862)
TRADEMARK AMORTIZATION (8,707) (25,467)
TOTAL (364,265) (413,825)
OPERATING INCOME 114,366 103,158 10.9%
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (12,260) (22,979)
INTEREST INCOME 1,390 3,694
OTHER - NET 6,045 (2,795)
OTHER INCOME (EXPENSES) NET (4,824) (22,081)
INCOME BEFORE PROVISION FOR
INCOME TAXES 109,541 81,076 35.1%
PROVISION FOR INCOME TAXES (33,726) (22,585)
INCOME BEFORE MINORITY INTEREST IN
INCOME OF CONSOLIDATED SUBSIDIARIES 75,816 58,491
MINORITY INTEREST IN INCOME OF
CONSOLIDATED SUBSIDIARIES (1,463) 2,313
NET INCOME 74,353 60,803 22.3%
EARNINGS PER SHARE (ADS)(1) 0.16 0.13
FULLY DILUTED EARNINGS PER SHARE
(ADS)(1) 0.16 0.13
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 453,815,915 451,526,976
FULLY DILUTED AVERAGE NUMBER OF
SHARES 455,369,195 454,219,919
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
(2) Results for the three-month period ended December 31, 2002 include
the effect of adoption of Statement of Financial Accounting
Standard No 142
(3) Starting January 1, 2002, certain costs and expenses of Luxottica
Retail included in the statement of consolidated income have been
reclassified. Therefore, certain items for the three-month period
ended December 31, 2001 have been reclassified to conform to the new
presentation
LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED
DECEMBER 31, 2002 AND DECEMBER 31, 2001
In thousand of Euro(1) 2002(2) 2001(2)(3) % Change
NET SALES 3,132,201 3,064,907 2.2%
COST OF SALES (878,003) (883,961)
GROSS PROFIT 2,254,198 2,180,946 3.4%
OPERATING EXPENSES:
SELLING EXPENSES (1,078,964) (1,034,218)
ROYALTIES (62,274) (54,556)
ADVERTISING EXPENSES (213,910) (213,610)
GENERAL AND ADMINISTRATIVE EXPENSES (261,477) (274,873)
TRADEMARK AMORTIZATION (36,065) (94,198)
TOTAL (1,652,690) (1,671,454)
OPERATING INCOME 601,508 509,492 18.1%
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (65,935) (91,978)
INTEREST INCOME 5,036 15,060
OTHER - NET (1,168) 8,737
OTHER INCOME (EXPENSES) NET (62,066) (68,181)
INCOME BEFORE PROVISION FOR
INCOME TAXES 539,442 441,311 22.2%
PROVISION FOR INCOME TAXES (162,695) (123,450)
INCOME BEFORE MINORITY INTEREST IN
INCOME OF CONSOLIDATED
SUBSIDIARIES 376,746 317,861
MINORITY INTEREST IN INCOME
OF CONSOLIDATED SUBSIDIARIES (4,669) (1,488)
NET INCOME 372,077 316,373 17.6%
EARNINGS PER SHARE (ADS)(1) 0.82 0.70
FULLY DILUTED EARNINGS PER SHARE
(ADS)(1) 0.82 0.70
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 453,174,041 451,036,978
FULLY DILUTED AVERAGE NUMBER OF
SHARES 455,353,479 453,965,481
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
(2) Results for the year ended December 31, 2002 include the effect of
adoption of Statement of Financial Accounting Standards No 142 and
the operation of Sunglass Hut International. Results for the year
ended December 31, 2001 include the operation of Sunglass Hut
International since the date of acquisition (March 31, 2001). For a
comparison between the two periods on a consolidated adjusted basis,
see table 6
(3) Starting January 1, 2002, certain costs and expenses of Luxottica
Retail included in the statement of consolidated income have been
reclassified. Therefore, certain items for the year ended December
31, 2001 have been reclassified to conform to the new presentation
LUXOTTICA GROUP
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2002 AND DECEMBER 31, 2001
In thousand of Euro December 31, December 31,
2002 2001
CURRENT ASSETS:
CASH 151,418 199,202
RESTRICTED CASH - 213,507
ACCOUNT RECEIVABLE 370,234 381,281
SALES AND INCOME TAXES
RECEIVABLES 10,956 23,327
INVENTORIES 406,032 371,406
PREPAID EXPENSES AND OTHER 53,385 75,468
DEFERRED TAX ASSETS - CURRENT 148,088 163,201
TOTAL CURRENT ASSETS 1,140,113 1,427,392
PROPERTY, PLANT AND EQUIPMENT - NET 506,545 501,346
OTHER ASSETS
INTANGIBLE ASSETS - NET 1,916,526 2,009,740
INVESTMENTS 12,837 5,798
OTHER ASSETS 10,305 4,080
SALES AND INCOME TAXES RECEIVABLES 5 5
TOTAL OTHER ASSETS 1,939,674 2,019,623
TOTAL 3,586,332 3,948,362
CURRENT LIABILITIES:
BANK OVERDRAFTS 371,729 411,193
CURRENT PORTION OF LONG-TERM DEBT 178,335 1,339,131
ACCOUNTS PAYABLE 202,897 183,431
ACCRUED EXPENSES AND OTHER 217,883 345,863
ACCRUAL FOR CUSTOMERS' RIGHT OF RETURN 9,130 14,087
INCOME TAXES PAYABLE 18,748 5,793
TOTAL CURRENT LIABILITIES 998,722 2,299,498
LONG TERM LIABILITIES:
LONG TERM DEBT 855,654 132,247
LIABILITY FOR TERMINATION INDEMNITIES 48,945 35,029
DEFERRED TAX LIABILITIES - NON CURRENT 121,805 10,282
OTHER 133,605 122,989
TOTAL LONG TERM LIABILITIES 1,160,010 300,547
COMMITMENTS AND CONTINGENCY:
MINORITY INTERESTS IN
CONSOLIDATED SUBSIDIARIES 9,705 5,473
SHAREHOLDERS' EQUITY:
454,263,600 ORDINARY SHARES AUTHORIZED
AND ISSUED - 452,351,900 SHARES
OUTSTANDING 27,256 27,172
NET INCOME 372,077 316,373
RETAINED EARNINGS 1,018,562 999,299
TOTAL SHAREHOLDERS' EQUITY 1,417,895 1,342,843
TOTAL 3,586,332 3,948,362
LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED
DECEMBER 31, 2002 AND DECEMBER 31, 2001
- SEGMENTAL INFORMATION -
Manufacturing Retail Retail Inter- Consolidated
and (in thousand Segments
Wholesale of Transaction
U.S. Dollars) and
In thousand Corporate Adj.
of Euro
2002(1)
Net Sales 1,128,670 2,158,346 2,039,637 (154,815) 3,132,201
EBITDA 333,926 396,642 374,827 16,920 747,488
Operating
income 287,627 319,425 301,857 (5,545) 601,508
Capital
Expenditure 81,651 91,679 86,637 - 173,330
Depreciation &
Amortization 46,298 77,217 72,970 22,465 145,980
Assets 1,431,317 882,113 924,895 1,272,902 3,586,332
2001 reported(1)(2)
Net Sales 1,146,595 2,112,574 1,886,710 (194,264) 3,064,907
EBITDA 350,732 404,437 361,386 (33,770) 721,399
Operating
income 287,570 320,149 286,103 (98,228) 509,492
Capital
Expenditure 45,801 77,674 69,452 - 123,475
Depreciation &
Amortization 63,162 84,288 75,283 64,457 211,907
Assets 1,327,993 954,653 849,737 1,665,716 3,948,362
2001 as adjusted(2)(3)
Net Sales 1,146,595 2,259,289 2,023,646 (200,988) 3,204,896
EBITDA 350,732 400,441 358,652 (33,769) 717,405
Operating
income 307,984 314,673 281,853 (55,800) 566,858
Depreciation &
Amortization 42,748 85,768 76,799 22,031 150,547
Notes:
(1) Results for the year ended December 31, 2002 include the effect of
adoption of Statement of Financial Accounting Standards No 142 and the
operation of Sunglass Hut International. Results for the year ended
December 31, 2001 include the operation of Sunglass Hut International
since the date of acquisition (March 31, 2001)
(2) Starting January 1, 2002, certain costs and expenses of Luxottica Retail
included in the statement of consolidated income have been
reclassifield. Therefore, certain items for the year ended December 31,
2001 have been reclassified to conform to the new presentation
(3) These consolidated adjusted amounts reflect the following adjustments:
i) the consolidation of Sunglass Hut International results for the
three-month period ended March 31, 2001, prior to the the acquisition,
which are included in the adjusted amounts, were reclassified for the
elimination of a one time restructuring charge recorded in the period of
approximately U.S. Dollars 30 milion and the elimination of goodwill
amortization as contempled by the adoption of SFAS No 142
ii) the elimination of wholesale sales to Sunglass Hut International
from Luxottica Group entities for the three-month period ended March
31, 2001
iii) the elimination of goodwill amortisation for the year ended
December 31, 2001 of all the Company's entities, as contemplated
by the adoption of SFAS No 142
This information is being provided for comparison purposes only
and does not purport to be indicative of the actual result that
would have been achieved had the Sunglass Hut International
acquisition been completed and SFAS No 142 been effective as of
January 1, 2001
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LUXOTTICA GROUP S.p.A.
By: /s/ Roberto Chemello
----------------------------------
DATE: FEBRUARY 3, 2003 ROBERTO CHEMELLO, CHIEF EXECUTIVE
OFFICER