Full year 2020 results
Resilience, digitalization and synergies lead to strong recovery and solid foundations for the future
- Swift reaction to COVID-19 pandemic in favor of employees, customers and society at large
- Solid sequential revenue recovery between first and second half of the year
- Lenses & Optical Instruments, Retail and e-commerce drive momentum
- Rich innovation pipeline and brand investments position Company optimally for the future
- Strong rebound in reported3 as well as adjusted2 operating margin in the second half
- Free cash flow4 exceeds prior year, synergies and integration on track
Resilience, digitalization and synergies lead to strong recovery and solid foundations for the future
- Swift reaction to COVID-19 pandemic in favor of employees, customers and society at large
- Solid sequential revenue recovery between first and second half of the year
- Lenses & Optical Instruments, Retail and e-commerce drive momentum
- Rich innovation pipeline and brand investments position Company optimally for the future
- Strong rebound in reported3 as well as adjusted2 operating margin in the second half
- Free cash flow4 exceeds prior year, synergies and integration on track
Charenton-le-Pont, France (March 12, 2021 – 7:00am) - The Board of Directors of EssilorLuxottica met on March 11, 2021 to approve the consolidated financial statements for the year ended December 31, 2020. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued.
“To really understand what EssilorLuxottica is made of, just look at how we fought through the past year, the way we flipped adversity on its head and turned it into fuel for 2021. Our Company and our people showed new levels of adaptability and customer loyalty in the first half of the year. In the second half, we shifted into a new gear – recovery and reinvestment mode – while continuing to give our teams, our partners and customers the resources and support they needed to make a comeback. This is the hallmark of a leader using its best characteristics to raise the bar for all its stakeholders: an inspiring mission, high employee shareholding, close customer relationships, digital acceleration, supply chain flexibility, and brand and product innovation.
Our solid results demonstrate the strength of our business model and the benefits of our integration. The structural needs for good vision and recognized brands combined with innovation, vertical integration and tight cost control lead to solid profitability.
EssilorLuxottica is now in a unique position to lead the eyecare and eyewear industry into its next chapter, using our unparalleled assets and new categories like myopia management and complete pairs to capture long-term potential” said Francesco Milleri and Paul du Saillant, respectively CEO and Deputy CEO of EssilorLuxottica.
"I would like to thank the current management for the important results it has achieved in a very difficult year. In the light of these results, I intend to propose to the new Board to confirm Francesco Milleri as CEO and Paul du Saillant as Deputy CEO", added Leonardo Del Vecchio, Chairman of EssilorLuxottica.
Notes
1 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year.
2 Adjusted measures or figures: adjusted from the expenses or income related to the combination between Essilor and Luxottica and other transactions that are unusual, infrequent or unrelated to the normal course of business as the impact of these events might affect the understanding of the Group’s performance.
3 Reported measures or figures: measures or figures directly stemming from the IFRS consolidated financial statements.
4 Free Cash Flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and equipment and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow.
5 Net debt: sum of Current and Non-current borrowings, Current and Non-current lease liabilities, minus Short-term investments, Cash and cash equivalents and the Interest Rate Swap measured at fair value as disclosed in the IFRS consolidated financial statements.
