LUXOTTICA GROUP SPA 
By MILAN, April 16 /PRNewswire-FirstCall/ -- Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX) announced today that starting with the first quarter of fiscal year 2010 and for all future reporting periods it will report its financial results in accordance with the International Accounting and Reporting Standards ("IAS/IFRS") in all financial communications including reports to the Securities and Exchange Commission of the United States ("SEC"). Up to and including the 2009 fiscal year, Luxottica had been reporting its financial results under Generally Accepted Accounting Principles of the United States ("U.S. GAAP"), which it used since its initial listing on the New York Stock Exchange.
The requirements of IAS/IFRS and U.S. GAAP have converged in recent years, which has facilitated Luxottica's transition to a single set of accounting standards for all of its external reporting. In addition, since 2007, the SEC has allowed foreign issuers to file their financial statements prepared in accordance with IFRS without requiring any reconciliation to U.S. GAAP.
Since 2005, the Group has also been preparing consolidated financial statements in Italy in accordance with IAS/IFRS as required by Italian laws, and has provided the financial community with a reconciliation of its U.S. GAAP and IAS/IFRS results on a quarterly basis.
Based on our recent results, the principal differences between U.S. GAAP and IFRS as they relate to Luxottica are immaterial from a financial perspective and include:
-- Share-based payment (IFRS 2 vs ASC 718) and related tax effects (IAS 12
vs ASC 740):
-- The method for the recognition of share-based payments charges upon
a change in the vesting period (service period in which the
employees provide their services in exchange for share-based
payments), which is prospective under U.S. GAAP and retrospective
under IAS/IFRS.
-- The method to calculate the tax effects associated with stock option
expensing: under U.S. GAAP, the tax effect is calculated based on
the fair value of the options as of the grant date and under
IAS/IFRS, the calculation is based on the intrinsic value of the
stock options (difference between exercise price and share price as
of the balance sheet date).
-- Inventories (IAS 2 vs ASC 330): certain types of costs can be
capitalized under IAS/IFRS but not under U.S. GAAP.
-- Business combinations (IFRS 3 vs ASC 805): differences in 2009 (year in
which the Group utilized the old IFRS 3 version) included:
-- certain ancillary acquisition costs which could be capitalized under
old IFRS 3, applied to the Group until December 31, 2009, but not
under ASC 805. With the revised IFRS 3, which took effect on January
1, 2010, the capitalization of such costs is no longer permitted;
-- the recognition of business combinations in which non-controlling
shareholders are granted a put option to sell their interest to the
Group. Under IAS/IFRS, companies acquired and accounted for under
this formula are fully consolidated without a separate line item for
non-controlling interests. Under U.S. GAAP, such subsidiaries are
consolidated in proportion to the Group's ownership, with a separate
line item indicating the equity and profit pertaining to
non-controlling interests.
-- Employee Benefits (IAS 19 vs ASC 715): Under U.S. GAAP, the time horizon
to calculate expected returns on plan assets may be based on the fair
value of the assets over a period as long as 5 years. Under IAS/IFRS,
this calculation is performed on the fair value of the assets as of the
balance sheet date.
-- Long-Term debt (IAS 39 vs ASC 310): U.S. GAAP permits the capitalization
of borrowing costs and their amortization over the life of the loan.
Under IAS/IFRS, such costs are recognized on the basis of their
amortized costs, calculated on the basis of the effective interest rate.
The financial statements for the quarter ended March 31, 2010, which will be reviewed and approved by the Board of Directors on April 29, 2010, will be reported in accordance with IAS/IFRS. For a comparison with the results published in 2009 (in accordance to U.S. GAAP), the financial statements of the Group, which were already published in 2009 on a quarterly basis, and its divisions are shown below as prepared in accordance with IAS/IFRS. Such figures will be used as a comparative base for the 2010 financial statements. In 2010 the company will not report an IAS/IFRS to U.S. GAAP reconciliation
About Luxottica Group S.p.A.
Luxottica Group is a leader in premium fashion, luxury and sports eyewear, with over 6,200 optical and sun retail stores in North America, Asia-Pacific, China, South Africa and Europe and a strong and well-balanced brand portfolio. Luxottica's key house brands include Ray-Ban, the best known sun eyewear brand in the world, Oakley, Vogue, Persol, Oliver Peoples, Arnette and REVO, while license brands include Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tiffany and Versace. In addition to a global wholesale network covering 130 countries, the Group manages leading retail brands such as LensCrafters and Pearle Vision in North America, OPSM and Laubman & Pank in Australasia, LensCrafters in Greater China and Sunglass Hut globally. The Group's products are designed and manufactured in six Italy-based manufacturing plants, two wholly-owned plants in China and a sports sunglass production facility in the U.S. In 2009, Luxottica Group posted consolidated net sales of Euro 5.1 billion. Additional information about the Group is available at www.luxottica.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, our ability to manage the effect of the uncertain current global economic conditions on our business, our ability to successfully acquire new businesses and integrate their operations, our ability to predict future economic conditions and changes in consumer preferences, our ability to successfully introduce and market new products, our ability to maintain an efficient distribution network, our ability to achieve and manage growth, our ability to negotiate and maintain favorable license arrangements, the availability of correction alternatives to prescription eyeglasses, fluctuations in exchange rates, changes in local conditions, our ability to protect our proprietary rights, our ability to maintain our relationships with host stores, any failure of our information technology, inventory and other asset risk, credit risk on our accounts, insurance risks, changes in tax laws, as well as other political, economic and technological factors and other risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and we do not assume any obligation to update them.
LUXOTTICA GROUP
- SEGMENTAL INFORMATION -
FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 501,569 810,765 1,312,334
Operating
Income 105,280 83,581 (32,194) 156,667
% of sales 21.0% 10.3% 11.9%
Net Income 80,394
% of sales 6.1%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 501,569 810,765 1,312,334
Operating
Income 105,023 82,386 (33,236) 154,173
% of sales 20.9% 10.2% 11.7%
Net Income 78,750
% of sales 6.0%
---------- ---
LUXOTTICA GROUP
- SEGMENTAL INFORMATION -
FOR THE SIX-MONTH PERIOD ENDED
JUNE 30, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 1,076,977 1,636,984 2,713,960
Operating
Income 235,090 199,509 (71,946) 362,652
% of sales 21.8% 12.2% 13.4%
Net Income 196,077
% of sales 7.2%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 1,076,977 1,636,984 2,713,960
Operating
Income 234,367 196,802 (73,682) 357,487
% of sales 21.8% 12.0% 13.2%
Net Income 194,085
% of sales 7.2%
---------- ---
- SEGMENTAL INFORMATION -
FOR THE THREE-MONTH PERIOD ENDED
JUNE 30, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 575,408 826,219 1,401,626
Operating
Income 129,809 115,928 (39,752) 205,986
% of sales 22.6% 14.0% 14.7%
Net Income 115,683
% of sales 8.3%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 575,408 826,219 1,401,626
Operating
Income 129,344 114,416 (40,446) 203,314
% of sales 22.5% 13.8% 14.5%
Net Income 115,336
% of sales 8.2%
---------- ---
LUXOTTICA GROUP
- SEGMENTAL INFORMATION -
FOR THE NINE-MONTH PERIOD ENDED
SEPTEMBER 30, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 1,506,468 2,430,764 3,937,233
Operating
Income 297,127 313,460 (104,270) 506,317
% of sales 19.7% 12.9% 12.9%
Net Income 279,180
% of sales 7.1%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 1,506,468 2,430,764 3,937,233
Operating
Income 296,069 310,707 (109,726) 497,050
% of sales 19.7% 12.8% 12.6%
Net Income 269,869
% of sales 6.9%
---------- ---
- SEGMENTAL INFORMATION -
FOR THE THREE-MONTH PERIOD ENDED
SEPTEMBER 30, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 429,492 793,780 1,223,272
Operating
Income 62,038 113,951 (32,324) 143,664
% of sales 14.4% 14.4% 11.7%
Net Income 83,103
% of sales 6.8%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 429,492 793,780 1,223,272
Operating
Income 61,702 113,905 (36,044) 139,563
% of sales 14.4% 14.3% 11.4%
Net Income 75,784
% of sales 6.2%
---------- ---
LUXOTTICA GROUP
- SEGMENTAL INFORMATION -
FOR THE TWELVE-MONTH PERIOD ENDED
DECEMBER 31, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 1,955,340 3,138,978 5,094,318
Operating
Income 355,507 367,457 (139,763) 583,202
% of sales 18.2% 11.7% 11.4%
Net Income 314,762
% of sales 6.2%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 1,955,340 3,138,978 5,094,318
Operating
Income 356,032 360,769 (145,717) 571,085
% of sales 18.2% 11.5% 11.2%
Net Income 299,122
% of sales 5.9%
---------- ---
- SEGMENTAL INFORMATION -
FOR THE THREE-MONTH PERIOD ENDED
DECEMBER 31, 2009
In accordance with US - GAAP
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 448,871 708,214 1,157,085
Operating
Income 58,380 53,998 (35,492) 76,885
% of sales 13.0% 7.6% 6.6%
Net Income 35,581
% of sales 3.1%
---------- ---
In accordance with IAS / IFRS
In thousands of Inter-
Euro Manufacturing Retail Segment Consolidated
Transactions
and and
Corporate
Wholesale Adj.
2009
Net Sales 448,871 708,214 1,157,085
Operating
Income 59,963 50,062 (35,991) 74,035
% of sales 13.3% 7.1% 6.4%
Net Income 29,253
% of sales 2.5%
---------- ---
LUXOTTICA GROUP
RECONCILIATION OF THE CONSOLIDATED INCOME STATEMENT
PREPARED IN ACCORDANCE WITH US GAAP AND IAS /IFRS FOR THE THREE-MONTH
PERIOD ENDED MARCH 31, 2009
Released last May 7, 2009
CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTH-PERIOD ENDED MARCH 31, 2009
In thousands
of Euro US GAAP
2009 IFRS 2 IAS 2 IFRS 3 IAS 19
Stock Business Employee
option Inventories combination benefit
NET SALES 1,312,334
COST OF SALES (452,049) 1,061
GROSS PROFIT 860,285 1,061
OPERATING EXPENSES:
SELLING EXPENSES (448,692) (1,432)
ROYALTIES (25,812)
ADVERTISING
EXPENSES (79,049)
GENERAL AND
ADMINISTRATIVE
EXPENSES (129,049) (1,558) (768) 405
TRADEMARK
AMORTIZATION (21,017)
TOTAL (703,618) (1,558) (1,432) (768) 405
OPERATING
INCOME 156,667 (1,558) (371) (768) 405
OTHER INCOME
(EXPENSE):
INTEREST
EXPENSES (28,672) (715)
INTEREST INCOME 2,004
OTHER - NET (1,759)
OTHER INCOME
(EXPENSES)-NET (28,427) (715)
INCOME BEFORE
PROVISION FOR
INCOME TAXES 128,239 (1,558) (371) (1,483) 405
PROVISION
FOR INCOME
TAXES (43,536) 144 261 (173)
INCOME BEFORE
MINORITY INTEREST
IN INCOME OF
CONSOLIDATED
SUBSIDIARIES 84,703 (1,558) (227) (1,222) 232
MINORITY
INTEREST
IN INCOME
OF CONSOLIDATED
SUBSIDIARIES (4,309) 1,722
NET INCOME 80,394 (1,558) (227) 500 232
BASIC EARNINGS
PER SHARE
(ADS) (1) 0.18
FULLY DILUTED
EARNINGS
PER SHARE
(ADS) (1) 0.18
WEIGHTED
AVERAGE
NUMBER OF
OUTSTANDING
SHARES 457,031,838
FULLY DILUTED
AVERAGE
NUMBER OF
SHARES 457,079,017
In thousands of Euro IAS /IFRS
IAS 39 Total 2009
Derivatives
/Amortized adj. IAS-
cost Other IFRS
NET SALES 1,312,334
COST OF SALES 1,061 (450,988)
GROSS PROFIT 1,061 861,346
OPERATING EXPENSES:
SELLING EXPENSES 26 (1,407) (450,098)
ROYALTIES (25,812)
ADVERTISING EXPENSES (228) (228) (79,277)
GENERAL AND ADMINISTRATIVE
EXPENSES (1,920) (130,969)
TRADEMARK AMORTIZATION (21,017)
TOTAL (203) (3,555) (707,174)
OPERATING INCOME (203) (2,494) 154,173
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (30) (403) (1,148) (29,820)
INTEREST INCOME 2,004
OTHER - NET 154 154 (1,605)
OTHER INCOME (EXPENSES)-NET 124 (403) (994) (29,421)
INCOME BEFORE PROVISION FOR
INCOME TAXES 124 (606) (3,488) 124,751
PROVISION FOR INCOME TAXES 176 (288) 121 (43,415)
INCOME BEFORE MINORITY
INTEREST IN INCOME OF
CONSOLIDATED SUBSIDIARIES 301 (893) (3,367) 81,336
MINORITY INTEREST IN INCOME OF
CONSOLIDATED SUBSIDIARIES 1,722 (2,587)
NET INCOME 301 (893) (1,645) 78,750
BASIC EARNINGS
PER SHARE (ADS) (1) 0.17
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.17
WEIGHTED AVERAGE NUMBER OF
OUTSTANDING SHARES 457,031,838
FULLY DILUTED AVERAGE NUMBER
OF SHARES 457,079,017
Notes :
(1) Except earnings per share (ADS), which are expressed in Euro
LUXOTTICA GROUP
RECONCILIATION OF THE CONSOLIDATED INCOME STATEMENT
PREPARED IN ACCORDANCE WITH US GAAP AND IAS /IFRS FOR THE SIX-MONTH
PERIOD ENDED JUNE 30, 2009
Released last July 28, 2009
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTH-PERIOD ENDED JUNE 30, 2009
In thousands
of Euro US GAAP
2009 IFRS 2 IAS 2 IFRS 3 IAS 19
Stock Business Employee
option Inventories combination benefit
NET SALES 2,713,960
COST OF SALES (933,628) 2,057
GROSS PROFIT 1,780,332 2,057
OPERATING EXPENSES:
SELLING EXPENSES (869,516) (2,526)
ROYALTIES (54,166)
ADVERTISING
EXPENSES (171,969)
GENERAL AND
ADMINISTRATIVE
EXPENSES (280,833) (4,130) (751) 713
TRADEMARK
AMORTIZATION (41,195)
TOTAL (1,417,680) (4,130) (2,526) (751) 713
OPERATING INCOME 362,652 (4,130) (470) (751) 713
OTHER INCOME
(EXPENSE):
INTEREST
EXPENSES (48,333) (1,438)
INTEREST INCOME 3,368
OTHER - NET (4,004)
OTHER INCOME
(EXPENSES)-NET (48,970) (1,438)
INCOME BEFORE
PROVISION FOR
INCOME TAXES 313,683 (4,130) (470) (2,189) 713
PROVISION FOR
INCOME TAXES (108,660) 64 195 255 (323)
NET INCOME 205,023 (4,066) (274) (1,934) 391
LESS: NET INCOME
ATTRIBUTABLE
TO
NONCONTROLLING
INTEREST (8,946) 4,978
NET INCOME
ATTRIBUTABLE
TO LUXOTTICA
GROUP
SHAREHOLDERS 196,077 (4,066) (274) 3,044 391
BASIC EARNINGS
PER SHARE
(ADS) (1) 0.43
FULLY DILUTED
EARNINGS
PER SHARE
(ADS) (1) 0.43
WEIGHTED AVERAGE
NUMBER OF
OUTSTANDING
SHARES 457,054,182
FULLY DILUTED
AVERAGE
NUMBER OF
SHARES 457,325,467
In thousands of Euro IAS /IFRS
IAS 39 Total 2009
Derivatives
/Amortized adj. IAS-
cost Other IFRS
NET SALES 2,713,960
COST OF SALES (124) 1,933 (931,696)
GROSS PROFIT (124) 1,933 1,782,264
OPERATING EXPENSES:
SELLING EXPENSES (209) (2,735) (872,252)
ROYALTIES (54,166)
ADVERTISING EXPENSES (195) (195) (172,164)
GENERAL AND
ADMINISTRATIVE
EXPENSES (4,168) (285,000)
TRADEMARK AMORTIZATION (41,195)
TOTAL (404) (7,098) (1,424,777)
OPERATING INCOME (528) (5,165) 357,487
OTHER INCOME (EXPENSE):
INTEREST EXPENSES 862 (736) (1,311) (49,644)
INTEREST INCOME 3,368
OTHER - NET 12 12 (3,992)
OTHER INCOME
(EXPENSES)-NET 875 (736) (1,299) (50,269)
INCOME BEFORE PROVISION
FOR INCOME TAXES 875 (1,264) (6,464) 307,218
PROVISION FOR INCOME
TAXES (955) 257 (506) (109,166)
NET INCOME (80) (1,007) (6,971) 198,052
LESS: NET INCOME
ATTRIBUTABLE TO
NONCONTROLLING
INTEREST 4,978 (3,967)
NET INCOME ATTRIBUTABLE
TO LUXOTTICA GROUP
SHAREHOLDERS (80) (1,007) (1,992) 194,085
BASIC EARNINGS PER
SHARE (ADS) (1) 0.42
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.42
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 457,054,182
FULLY DILUTED AVERAGE
NUMBER OF SHARES 457,283,843
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
LUXOTTICA GROUP
RECONCILIATION OF THE CONSOLIDATED INCOME STATEMENT
PREPARED IN ACCORDANCE WITH US GAAP AND IAS /IFRS FOR THE NINE-
MONTH PERIOD ENDED SEPTEMBER 30, 2009
Released last October 29, 2009
CONSOLIDATED INCOME STATEMENT
FOR THE NINE MONTH-PERIOD ENDED SEPTEMBER 30, 2009
In thousands
of Euro US GAAP
2009 IFRS 2 IAS 2 IFRS 3 IAS 19
Stock Business Employee
option Inventories combination benefit
NET SALES 3,937,233
COST OF SALES (1,355,551) 3,071
GROSS PROFIT 2,581,681 3,071
OPERATING
EXPENSES:
SELLING EXPENSES (1,280,655) (3,315)
ROYALTIES (74,509)
ADVERTISING
EXPENSES (245,802)
GENERAL AND
ADMINISTRATIVE
EXPENSES (413,133) (6,195) (732) (2,168)
TRADEMARK
AMORTIZATION (61,266)
TOTAL (2,075,365) (6,195) (3,315) (732) (2,168)
OPERATING
INCOME 506,317 (6,195) (244) (732) (2,168)
OTHER INCOME
(EXPENSE):
INTEREST EXPENSES (69,265) (2,163)
INTEREST INCOME 4,322
OTHER - NET (1,891) 133
OTHER INCOME
(EXPENSES)-NET (66,834) 133 (2,163)
INCOME BEFORE
PROVISION FOR
INCOME TAXES 439,482 (6,061) (244) (2,895) (2,168)
PROVISION FOR
INCOME TAXES (149,325) 1,653 96 249 810
NET INCOME 290,157 (4,408) (148) (2,646) (1,357)
LESS: NET
INCOME
ATTRIBUTABLE
TO
NONCONTROLLING
INTEREST (10,977) 5,994
NET INCOME
ATTRIBUTABLE
TO LUXOTTICA
GROUP
SHAREHOLDERS 279,180 (4,408) (148) 3,347 (1,357)
BASIC EARNINGS
PER SHARE
(ADS) (1) 0.61
FULLY DILUTED
EARNINGS
PER SHARE
(ADS) (1) 0.61
WEIGHTED AVERAGE
NUMBER OF
OUTSTANDING
SHARES 457,108,193
FULLY DILUTED
AVERAGE
NUMBER OF
SHARES 457,651,491
In thousands of Euro IAS /IFRS
IAS 39 Total 2009
Derivatives
/Amortized adj. IAS-
cost Other IFRS
NET SALES 3,937,233
COST OF SALES 3,071 (1,352,481)
GROSS PROFIT 3,071 2,584,752
OPERATING EXPENSES:
SELLING EXPENSES (320) (3,635) (1,284,290)
ROYALTIES (74,509)
ADVERTISING EXPENSES 392 392 (245,410)
GENERAL AND
ADMINISTRATIVE
EXPENSES (9,094) (422,227)
TRADEMARK AMORTIZATION (61,266)
TOTAL 72 (12,338) (2,087,702)
OPERATING INCOME 72 (9,267) 497,050
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (6,826) (1,052) (10,041) (79,307)
INTEREST INCOME 4,322
OTHER - NET (148) (14) (1,905)
OTHER INCOME
(EXPENSES)-NET (6,974) (1,052) (10,056) (76,890)
INCOME BEFORE PROVISION
FOR INCOME TAXES (6,974) (980) (19,322) 420,160
PROVISION FOR INCOME
TAXES 2,078 (869) 4,017 (145,308)
NET INCOME (4,896) (1,848) (15,305) 274,852
LESS: NET INCOME
ATTRIBUTABLE TO
NONCONTROLLING
INTEREST 5,994 (4,983)
NET INCOME ATTRIBUTABLE
TO LUXOTTICA
GROUP SHAREHOLDERS (4,896) (1,848) (9,311) 269,869
BASIC EARNINGS PER
SHARE (ADS) (1) 0.59
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.59
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 457,108,193
FULLY DILUTED AVERAGE
NUMBER OF SHARES 457,661,787
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
LUXOTTICA GROUP
RECONCILIATION OF THE CONSOLIDATED INCOME STATEMENT
PREPARED IN ACCORDANCE WITH US GAAP AND IAS /IFRS FOR THE YEAR ENDED
DECEMBER 31, 2009
Released last March 1, 2010
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2009
In thousands
of Euro US GAAP
2009 IFRS 2 IAS 2 IFRS 3 IAS 19
Stock Business Employee
option Inventories combination benefit
NET SALES 5,094,318
COST OF SALES (1,768,436) 5,846
GROSS PROFIT 3,325,882 5,846
OPERATING
EXPENSES:
SELLING
EXPENSES (1,693,593) (4,019)
ROYALTIES (100,623)
ADVERTISING
EXPENSES (312,144)
GENERAL AND
ADMINISTRATIVE
EXPENSES (555,664) (8,645) (77) (2,633)
TRADEMARK
AMORTIZATION (80,657)
TOTAL (2,742,680) (8,645) (4,019) (77) (2,633)
OPERATING
INCOME 583,202 (8,645) 1,827 (77) (2,633)
OTHER INCOME
(EXPENSE):
INTEREST
EXPENSES (91,571) (2,673)
INTEREST
INCOME 6,887
OTHER - NET (4,235)
OTHER INCOME
(EXPENSES)-NET (88,919) (2,673)
INCOME BEFORE
PROVISION
FOR INCOME
TAXES 494,283 (8,645) 1,827 (2,751) (2,633)
PROVISION
FOR INCOME
TAXES (167,417) 1,713 (696) 244 932
NET INCOME 326,866 (6,933) 1,131 (2,507) (1,701)
LESS: NET
INCOME
ATTRIBUTABLE
TO
NONCONTROLLING
INTEREST (12,105) 6,330
NET INCOME
ATTRIBUTABLE
TO
LUXOTTICA
GROUP
SHAREHOLDERS 314,762 (6,933) 1,131 3,824 (1,701)
BASIC EARNINGS
PER SHARE
(ADS) (1) 0.69
FULLY DILUTED
EARNINGS
PER SHARE
(ADS) (1) 0.69
WEIGHTED
AVERAGE
NUMBER OF
OUTSTANDING
SHARES 457,270,491
FULLY
DILUTED
AVERAGE
NUMBER OF
SHARES 457,942,618
In thousands of Euro IAS /IFRS
IAS 39 Total 2009
Derivatives
/
Amortized adj. IAS-
cost Other IFRS
NET SALES 5,094,318
COST OF SALES 5,846 (1,762,591)
GROSS PROFIT 5,846 3,331,727
OPERATING EXPENSES:
SELLING EXPENSES (2,793) (6,812) (1,700,405)
ROYALTIES (100,623)
ADVERTISING EXPENSES 206 206 (311,938)
GENERAL AND
ADMINISTRATIVE
EXPENSES (11,355) (567,019)
TRADEMARK AMORTIZATION (80,657)
TOTAL (2,587) (17,961) (2,760,642)
OPERATING INCOME (2,587) (12,115) 571,085
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (13,120) (1,768) (17,561) (109,132)
INTEREST INCOME 6,887
OTHER - NET 180 180 (4,056)
OTHER INCOME
(EXPENSES)-NET (12,940) (1,768) (17,382) (106,301)
INCOME BEFORE PROVISION
FOR INCOME TAXES (12,940) (4,355) (29,497) 464,784
PROVISION FOR INCOME
TAXES 4,672 664 7,528 (159,888)
NET INCOME (8,268) (3,691) (21,969) 304,896
LESS: NET INCOME
ATTRIBUTABLE TO
NONCONTROLLING
INTEREST 6,330 (5,774)
NET INCOME ATTRIBUTABLE
TO LUXOTTICA GROUP
SHAREHOLDERS (8,268) (3,691) (15,638) 299,122
BASIC EARNINGS PER
SHARE (ADS) (1) 0.65
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.65
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 457,270,491
FULLY DILUTED AVERAGE
NUMBER OF SHARES 457,937,802
Notes :
(1) Except earnings per share (ADS), which are expressed in Euro
SOURCE Luxottica Group S.p.A.
