Debt Financing

Data are as at December 31, 2020

The group diversifies its financings across:

• instruments: bond, private placement, term loan, commercial paper, leasing;
• geographies: Europe, US, Asia, local markets;
• tenors: short-term, long-term;
• currencies;
• interest rates: floating, fixed, capped; and
• drawn/undrawn instruments.

Gross debt structure

Long term funding

Providing long-term funding helps securing the group’s ability to carry-out its strategy on a long-term horizon irrespective of potential market disruptions.

Short term funding

EssilorLuxottica entertains US commercial paper (USCP) and Negotiable EUropean commercial paper (NEU CP) programmes. They are a flexible and cost-effective tool to raise monies with very short notice, which is well-suited to working capital funding needs.

Net debt (currencies)

after FX swaps, in millions of €

Net debt (interest rates)

after IR swaps, in millions of €

Data are as at December 31, 2020

While the group mainly finances itself through financial markets, it also secures its permanent access to liquidity through long-term committed credit facilities (syndicated, bilateral lines and bridge facilities) concluded with a pool of close banks. Such credit facilities are a funding buffer and a back-up for the group’s short-term commercial paper programs.

As of December 31, 2020,

• all bank committed credit facilities were undrawn. Their aggregate amount significantly exceeded the upcoming debt maturities due in 2021/2022;
• available cash was €8,883 (€m), including €200 (€m) cash deposits with a maturity of less than 12 months.

As of December 31, 2020 the average maturity of the gross debt was 5 years.

Debt Maturity Profile

In millions of €

1. Long term financing

EMTN: European Medium Term Notes

Issuer	Information
EssilorLuxottica	Amount:€12bn Date of renewal: May 12, 2021 Maturity: Yearly renewal   Base Prospectus dated May 12, 2021 (PDF)   Archives: Base Prospectus dated May 26, 2020 (PDF) Second prospectus Supplement dated November 13, 2019 (PDF) Prospectus Supplement dated November 6, 2019 (PDF) Base Prospectus dated May 23, 2019 (PDF) Base Prospectus dated December 13, 2018 (PDF) Base Prospectus dated April 20, 2018 (PDF) Prospectus Supplement dated June 16, 2017 (PDF) Base Prospectus dated May 9, 2017 (PDF) Base Prospectus dated March 24, 2016 (PDF) Prospectus Supplement dated July 30, 2015 (PDF) Base Prospectus dated December 23, 2014 (PDF) Prospectus Supplement dated April 1, 2014 (PDF) Prospectus Supplement dated March 26, 2014 (PDF) Base Prospectus dated December 12, 2013 (PDF)
Luxottica Group S.p.A.	Amount: €2bn Date of last renewal: May 9, 2014   Base prospectus dated May 9, 2014 (PDF)   Archives: Prospectus Supplement dated January 28, 2014 (PDF) Prospectus Supplement dated August 5, 2013 (PDF) Base Prospectus dated May 10, 2013 (PDF)

Outstanding bonds

*For further information, please visit www.luxottica.com

US Private Placements

Bank credit facilities

As of December 31, 2020 EssilorLuxottica’s committed bank credit facilities amount to €5.1 billion equivalent, including

(i) a €900 million euros five-year syndicated credit facility entered into in 2015, encompassing two one-year extension options, reaching maturity in December 2022 after such options are exercised; and

(ii) several bilateral credit facilities;

(iii) a €3,000 million euros bridge facility, dedicated to the GrandVision financing which may, under certain conditions and at the Company option, be extended until July 2022

All are undrawn.

 

2. Short term financing