Net Income Up 17.5%
Dividend Up 23.7%
CHARENTON-LE-PONT, France, March 9 /PRNewswire-FirstCall/ -- The Board of
Directors of Essilor International (OTC: ESLOY) , the world leader in
ophthalmic optical products, today announced its audited financial results
for the year ended December 31, 2005.
EUR millions 2005 2004 % change
IFRS IFRS
Sales 2,424.3 2,202.5 10.1 %
Contribution from operations (1) 420.4 356.5 17.9 %
As a % of sales 17.3% 16.2% ---
Income from operations 393.6 338.9 16.1 %
Net income after minority 287.1 244.4 17.5 %
interests
11.8% 11.1% ---
As a % of sales
Earnings per share (in EUR) 2.82 2.41 17.0 %
Recommended dividend 0.94 0.76 23.7 %
(1) Income from operations before share-based payments, restructuring
costs and other non-recurring items, and goodwill impairment.
Essilor turned in an excellent sales and earnings performance in 2005,
successfully leveraging a favorable environment for the global ophthalmic
optical industry.
The year's highlights included:
- Strong growth across the globe, with the exception of a more mixed
situation in Europe.
- The popularity of new products launched in 2004 and 2005, chief among
them the new generation of Transitions(R) photochromic lenses made of 1.67
high index and polycarbonate materials, Crizal(R) Alize(R) antireflective
lenses, Varilux(R) Ellipse(TM) small-frame progressive lenses, Varilux(R)
Ipseo(R) personalized progressive lenses, 1.74 ultra high-index lenses and
Essilor(R) Anti-Fatigue(TM) lenses.
- A further improvement in the product mix, which every year confirms the
Company's strategic focus on innovative products. Volume sales and revenues
generated by high value-added products rose again in 2005.
- A new increase in contribution from operations as a percentage of
sales, which reached a historic high of 17.3% under IFRS.
- An ongoing external growth program, with 18 companies acquired during
the year. These included The Spectacle Lens Group, the ophthalmic lens
business of Johnson & Johnson Vision Care Inc.
The Board of Directors will ask shareholders to approve a dividend of
EUR0.94 per share of common stock, an increase of 23.7% over 2005. This
represents a total payout of EUR95.7 million, or 33.3% of net income after
minority interests. The dividend will be paid from May 16, 2006.
The Ordinary Shareholders' Meetings will be held on second call on
Friday, May 12, 2006 at 10:30 a.m. at Palais de la Bourse, Place de la
Bourse, 75002 Paris.
As part of its external growth strategy, in early 2006 Essilor made five
new acquisitions in Canada, the United States, India and Romania.
--------------------
A meeting with financial analysts will be held today, March 9, at 10:30
a.m. and webcast live at the following address:
http://hosting.3sens.com/Essilor/20060309-27E4186C/en
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Next financial announcement
First-quarter 2006 sales: April 20, 2006
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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 16 production sites, 215 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).
ANALYSIS OF THE YEAR'S RESULTS
The financial statements for the years ending December 31, 2004 and
December 31, 2005 have been prepared according to IFRS. The consolidated
statement of income, statement of cash flows and balance sheet are presented
in the appendix.
SALES
Consolidated sales totaled EUR2,424.3 million, a 10.1% rise. Excluding
the currency effect, the increase was 8.6%, in line with the target announced
at the beginning of the year.
Sales growth in 2005 Reported Like-for-like Scope of Currency
consolidation effect
in millions of euros 221.8 115.0 73.8 33.0
in % 10.1% 5.2% 3.4% 1.5%
- On a like-for-like basis, sales rose 5.2%, with growth accelerating
between the first half (4.7%) and the second (5.7%). This reflects an
increase of around 3% in volume sales of lenses and an improvement in the
product mix.
- Companies acquired in 2004 and 2005 contributed 3.4% of growth.
- The currency effect (1.5%), which was negative early in the year,
became favorable thanks to the rise of the US and Canadian dollars against
the euro and the very good resilience of the Brazilian real.
Sales 2005 2004 % change % change
EUR millions (reported) (like-for-like)
Europe 1,120.4 1,077.9 3.9% 2.4%
North America 1,025.1 897.2 14.3% 6.5%
Asia-Pacific 202.1 173.3 16.6% 12.2%
Latin America 76.7 54.1 41.7% 18.1%
Total 2,424.3 2,202.5 10.1% 5.2%
STATEMENT OF INCOME
Cost of sales - other operating expenses
An enhanced product mix and productivity gains lifted gross margin (sales
less cost of sales) by 0.9 point to 57.3% from 56.4% in 2004.
Other operating expenses
Other operating expenses totaled EUR969.4 million in 2005 versus EUR885.6
million in 2004. Research and Development and engineering costs represented
EUR113.5 million (including a EUR1.7 million tax credit), selling and
distribution costs EUR538.7 million, and other operating costs EUR317.2
million.
Contribution from operations (1) in euros and as a percentage of sales
Growth in Reported Like-for-like Scope of Currency
contribution from consolidation effect
operations (1) in
2005
in millions of euros 63.9 55.0 3.1 5.8
in % 17.9% 15.4% 0.9% 1.6%
(1) Income from operations before share-based payments, restructuring
costs and other non-recurring items, and goodwill impairment.
Contribution from operations increased 17.9% to EUR420.4 million from
EUR356.5 million in 2004.
Contribution from operations as a percentage of sales gained 1.1 points,
reaching 17.3%. The increase reflected:
- A strong gross margin supported by productivity gains and an improved
product mix.
- Good control over operating expense, which declined 0.2 point as a
percentage of sales.
- Wider margins in all host regions, including Europe.
Other revenues and expenses from operations, net
This item showed net expense of EUR24.9 million versus EUR15.4 million
the year before. The increase stems from higher costs related to stock option
plans, which totaled EUR8.1 million for four plans in 2005 compared with
EUR4.6 million for three plans in 2004, and from a significant increase in
goodwill impairment, which rose to EUR10.9 million from EUR2.5 million the
year before. The impairment charge reflects difficulties encountered by a
Mexican subsidiary and by BNL, which operates in the highly competitive
non-corrective sunglass lens market.
Income from operations
This new item represents contribution from operations less other
income/expense and proceeds from asset disposals. Income from operations
totaled EUR393.6 million, or 16.2% of sales, compared with EUR338.9 million,
or 15.4% of sales in 2004, an increase of 16.1%.
Growth in income from Reported Like-for-like Scope of Currency
operations in 2005 consolidation effect
in millions of euros 54.7 46.0 3.2 5.6
in % 16.1% 13.6% 0.9% 1.6%
Financial income and expense
Net financial expense totaled EUR18.7 million versus EUR13.6 million in
2004. Net interest expense declined during the year; however first-time
application of IAS 32 and IAS 39 led to a EUR4.1 million charge related to
the treatment of the convertible bond issue premium under IFRS and
recognition of a EUR5.5 million loss arising from remeasurement of financial
instruments at fair value.
Income tax
The effective tax rate stood at 28.9% compared with 27.7% in 2004. The
increase in largely due to a rise in non-deductible expenses related to
consolidation under IFRS.
Companies accounted for by the equity method
This item includes the Group's share of profit contributed by VisionWeb
(44.03% interest), Bacou-Dalloz (15.11% interest), and, since the application
of IFRS, Transitions (49% interest). Share of profit of companies accounted
for by the equity method rose sharply, to EUR22.5 million from EUR9.8 million
in 2004, thanks to an improved performance from VisionWeb and especially
Bacou-Dalloz, which swung from a loss of EUR1.6 million in 2004 to a profit
of EUR6.9 million in 2005.
Net income after minority interests and earnings per share
Net income rose 17.9% to EUR289 million. Net income after minority
interests increased 17.5% to EUR287.1 million and the net margin widened to
11.8% from 11.1% the year before. Earnings per share grew 17% to EUR2.82.
BALANCE SHEET
Inventories and working capital requirement
Inventories totaled EUR364.6 million, up 19% from EUR306.4 million in
2004. At constant scope of consolidation and exchange rates, the increase
amounted to 6.4%. Substantial inventory was built up at the end of the year,
notably in Europe, to prepare the launch of several new products, including
Varilux Physio(R) and Transitions(R) Gen V 1.5 index lenses.
Investment
EUR millions 2005 2004
Capital expenditure net of divestments 174.7 154.9
Depreciation and amortization 120.8 111.7
Gross financial investment 175.8 115.4
Cash flow (1) 388.9 394.5
(1) Cash provided by operations less change in working capital
requirement and provisions.
Capital expenditure net of divestments totaled EUR174.7 million or 7.2%
of consolidated sales.
Of this, Europe accounted for EUR79 million, North America EUR59 million,
and the rest of the world EUR37 million. Spending broke down as follows:
- Around 30% was devoted to series production to increase plant capacity,
notably in Mexico and Thailand for medium and high index lenses.
- Around 60% was used to equip prescription laboratories, most of this
for digitally controlled anti-reflection machines needed to deploy the
digital surfacing technology used in the production of the new Varilux
Physio(R) progressive lens.
- Around 10% went to various uses in Research and Development and
Instruments, as well as to the acquisition of software licenses for
operational and analytical IT systems.
In the past few years, the percentage of capital expenditure devoted to
prescription has risen gradually, in line with the increase in our value
added and especially growth in Crizal(R) and Crizal(R) Alize(R)
antireflective lenses.
Financial investments amounted to EUR175.8 million in 2005. Acquisitions
accounted for EUR115.7 million, while buybacks of shares to be cancelled net
of the proceeds from the exercise of stock options accounted for EUR58.4
million.
Debt
EUR millions
Net cash provided by operations 417 Capital expenditure 175
net of divestments
Employee share issue 32 Change in WCR and 28
provisions
Decrease in net cash and cash 20 Dividends 77
equivalents
Financial investments 174
net of divestments
(1)
Currency translation 16
and changes in the
scope of
consolidation
(1) Divestments of property, plant and equipment and financial assets
totaled EUR1.8 million in 2005.
Despite the year's good performance and increase in margins, the cash
surplus edged back slightly in 2005 for three reasons:
- An increase in dividend payments.
- Significant capital expenditure and financial investment.
- The fact that Transitions (and its cash and cash equivalents) were no
longer fully consolidated in 2005.
Essilor ended the year with a net cash surplus of EUR54 million.
Key ratios
- Return on equity (ROE)
Return on equity stood at 17.1% in 2005 versus 17.6% under IFRS in 2004.
Based on 2004 exchange rates, ROE came to 17.8%, reflecting Essilor's
improved margins and efforts to limit growth in the number of shares
outstanding.
- Return on assets (ROA)
Return on assets amounted to 24.8% compared with 25.7% in 2004 under
IFRS. At constant exchange rates, ROA increased by 0.3 point.
ACQUISITIONS
Essilor pursued its external growth in 2005, enhancing its positions in
prescription laboratories and finished-lens distribution. In all, 18
companies were acquired in 2005 for a total EUR115.7 million. The full-year
sales of these acquisitions represented around EUR92 million.
Three transactions were completed in Europe during the year:
- The acquisition of ATR Mec Optical, the Italian distributor of Essilor
subsidiary BBGR. ATR Mec owns two prescription laboratories.
- The acquisition of OMI, Essilor's exclusive lens distributor in
Martinique, Guadeloupe and French Guiana. OMI has a prescription laboratory
in Guadeloupe.
- The acquisition of a 25% stake in Ayudas para la Vision Subnormal
(AVS), a company based in Madrid, Spain that manages a visual rehabilitation
center for people suffering from visual deficiency. This transaction will
enable Essilor and AVS to develop services for the visually impaired.
Essilor made nine acquisitions in the United States:
- The Spectacle Lens Group, the ophthalmic lens business of Johnson &
Johnson Vision Care Inc., a subsidiary of US-based Johnson & Johnson. The
transaction was approved by US antitrust authorities and completed in the
third quarter of 2005. Created in 1999, The Spectacle Lens Group has
developed the Definity(TM) brand of progressive lenses, featuring unique Dual
Add(TM) technology that divides progressive add power between the front and
back surfaces. Definity(TM) was introduced in select US test markets in late
2002 and is well respected among local eye care professionals and consumers.
The acquisition is fully in line with Essilor's strategy of offering
innovative, high value-added products. The Dual Add(TM) and related
technologies will enhance the Company's research programs to improve and
personalize its offering of progressive lenses.
- The industrial and marketing assets of National Optronics, based in
Charlottesville, Virginia. Founded in 1979, National Optronics designs and
manufactures precision edging systems, primarily for prescription
laboratories, based on its specific technology. National Optronics has
consolidated Essilor's position as the worldwide leader in edging systems,
while adding a complementary technology to the Company's portfolio.
Also in the United States, Essilor acquired majority (generally 80%) or
controlling (100%) interests in seven prescription laboratories to enhance
service to opticians:
- Vision-Craft Inc. in Detroit, Michigan.
- Midland Optical in Saint Louis, Missouri.
- Jorgenson Optical Supply Company, near Seattle, Washington.
- Optical One, in Youngstown, Ohio.
- MGM in Porto Rico.
- ACO Lab Inc. in Commerce, California.
- Focus Optical Labs Inc. in Chicago, Illinois.
In Canada, Essilor acquired Groupe Vision Optique (GVO), which owns
prescription laboratories in several large cities in the Province of Quebec
(Trois-Rivieres, Quebec, Rimouski, Beloeil and downtown Montreal).
Separately, Essilor signed a contract with Hakim Optical, Ontario's
leading optical chain, to acquire its Coating Lab Enterprises business, which
comprises three anti-reflective treatment centers in London and Toronto,
Ontario and in Halifax, Nova Scotia. The contract also calls for Essilor to
supply the majority of the anti-reflective treatments sold in Hakim Optical's
stores, as well as a major proportion of their lenses. Lastly, Essilor
acquired the assets of Canada's Optical Software Inc., which makes
prescription laboratory management software.
In India, Essilor extended its prescription laboratory network by
acquiring a majority stake in Delta Lens Private Limited, a prescription
laboratory based in Mumbai (formerly Bombay).
In Indonesia, the Company created a prescription laboratory in
partnership with one of the country's leading retail chains.
Lastly, in Taiwan, Essilor signed an agreement with Polylite, the second
largest company in the local corrective lens market. Under the agreement,
Essilor acquired a 12.1% stake in Polylite's manufacturing division and the
partners set up a joint venture called Polylite Asia Pacific Pte Ltd, owned
51% by Essilor and 49% by Polylite. The new company combines all of
Polylite's prescription laboratories and lens distribution operations in
Taiwan, Hong Kong and China. The alliance has enabled Essilor to enter
Taiwan, a country with significant potential for progressive lenses where the
Company did not yet have any local operations. With this transaction, Essilor
also strengthened its positions in the prescription laboratory segment in
Hong Kong and China.
SUBSEQUENT EVENTS
New acquisitions
In early 2006, Essilor acquired several companies.
In India, Essilor India, a subsidiary of Essilor International, and
India's GKB Rx Lens Private Ltd entered into a joint-venture agreement
through which Essilor India acquired a 50% interest in GKB's prescription
laboratory and lens wholesaling business. The agreement includes an option to
increase Essilor's stake in the future. A pioneer in the Indian ophthalmic
lens industry, GKB Rx Lens Private Ltd is has developed a network of eight
prescription laboratories, with $10 million in annual revenues.
The agreement will enable Essilor to enhance its presence in India and
leverage its multi-channel strategy in the prescription segment through a
second network that will operate alongside the seven proprietary Essilor
laboratories and the other Essilor partnerships.
With solid positions in all of the country's leading cities, Essilor is
today number one in India's fast growing plastic and progressive lens market.
In the United States, Essilor acquired:
- Eye Care Express Lab Inc. of Houston, Texas, with revenues of $3.9
million.
- Accu Rx of Johnston, Rhode Island, with revenues of $5.8 million.
In Canada, Essilor acquired a majority interest in SDL, an independent
laboratory in Quebec with sales of $2.8 million. This acquisition will allow
Essilor Canada to broaden its service strategy.
In Romania, Essilor acquired Varirom, its local distributor (sales of
EUR2.3 million).
Oceane bond buy back
On February 28, 2006, Essilor bought back 780,000 Oceane bonds due 2010,
representing 13% of the initial issue, for EUR57.5 million. There are now
5,259,749 Oceanes outstanding. Oceane bonds are convertible into or
exchangeable for new or existing Essilor shares and the transaction is part
of the strategy deployed since 2003 to reduce dilution from equity
instruments in the balance sheet. Until now, this active management strategy
involved buying back shares to offset dilution from stock option plans.
Because the Oceanes are convertible at a price of EUR53.55, the 26.80% rise
in Essilor's share price in 2005 made conversion increasingly probable. The
Company therefore decided to buy back Oceanes to offset dilution. Compared to
share buybacks, this has the added advantage of reducing interest expense and
improving the balance sheet structure.
OUTLOOK FOR 2006
In 2006, Essilor will pursue its strategy of bringing innovative products
to the market, such as Varilux Physio(R) launched in early January, and
making targeted acquisitions in ophthalmic lenses.
CONSOLIDATED BALANCE SHEET
ASSETS
2005 IFRS January 1, 2004 IFRS
2005 after (a)
IAS32 and 39
EUR thousands
Goodwill 451.037 357.806 350.357
Other intangible assets 124.195 86.774 88.155
Property, plant and equipment 637.342 520.256 520.256
FIXED ASSETS, NET 1,212,574 964.836 958.768
Investments in associates 133.313 101.065 101.090
Other long term investments 41.408 43.408 42.830
Deferred tax assets 36.612 24.437 40.099
Long-term trade receivables 9.189 4.087 4.087
OTHER NON-CURRENT ASSETS 224.537 172.997 188.106
TOTAL NON-CURRENT ASSETS 1,437,111 1,137,833 1,146,874
Inventories and work in progress 364.559 306.440 306.44
Prepayments to suppliers 9.614 7.634 7.634
Trade receivables 515.460 443.601 447.42
Tax assets 16.054 4.015 4.015
Other receivables 7.851 5.872 5.872
Derivative financial instruments 2.650 37.228 0
Prepaid expenses 14.139 14.218 14.218
Essilor shares held for
share-based payment plans 0 449
Cash equivalents 548.424 572.769 572.515
Cash 110.289 97.824 97.824
CURRENT ASSETS 1,589,039 1,489,601 1,456,387
Available-for-sale
financial assets 4.015
TOTAL ASSETS 3,026,150 2,627,434 2,603,261
(a) Excluding IAS32 and IAS39, applied as of January 1, 2005
CONSOLIDATED BALANCE SHEET
LIABILITIES
CONSOLIDATED BALANCE SHEET
ASSETS
2005 IFRS January 1, 2004 IFRS
2005 after (a)
IAS32 and 39
EUR thousands
Share capital 36.122 36.159 36.159
Share premium account 203.771 212.449 212.449
Retained earnings 1,133,089 955.610 949.031
Treasury stock (81,979) (64,144) (63,695)
OCEANE call option 40.752 40.752
Revaluation reserves (1,289) 445
Translation reserve 63.266 (37,451) (37,451)
Net profit attributable to
equity holders of
Essilor International 287.134 244.427 244.427
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF ESSILOR INT. 1,680,866 1.388247 1,340,920
Minority interests 7.000 3.573 4.515
TOTAL EQUITY 1,687,866 1,391,820 1,345,435
Provisions for pensions and
other post-retirement benefits 90.848 81.430 81.430
Long-term borrowings 448.848 571.013 607.383
Deferred tax liabilities 2.163 1.878 1.878
Other non-current liabilities 631 551 551
NON-CURRENT LIABILITIES 542.490 654.872 691.242
Short-term provisions 26.321 32.010 32.010
Short term borrowings 156.222 25.613 25.613
Customer prepayments 6.943 7.257 7.257
Trade payables 522.505 436.792 439.114
Current income tax liability 26.665 30.883 30.883
Other liabilities 38.897 31.831 23.551
Derivative financial instruments 9.267 8.200
Deferred income 8.974 8.156 8.156
CURRENT LIABILITIES 795.794 580.742 566.584
TOTAL EQUITY AND LIABILITIES 3,026,150 2,627,434 2,603,261
(a) Excluding IAS32 and IAS39, applied as of January 1, 2005.
CONSOLIDATED INCOME STATEMENT
2005 2004
EUR thousands IFRS IFRS (a)
Revenue 2,424,323 2,202,528
Cost of sales (1,034,529) (960,457)
GROSS MARGIN 1,389,794 1,242,071
Research and development costs (113,490) (106,095)
Selling and distribution costs (538,711) (495,458)
Other operating expense (317,176) (283,977)
NET MARGIN 420.417 356.541
Net restructuring costs (3,353) (6,203)
Impairment losses (11,256) (2,539)
Compensation costs on share-based payments(12,269) (8,544)
Other operating income and expense, net 1.967 1.832
Gains and losses on disposals of
assets, net (1,871) (2,192)
OPERATING PROFIT 393.635 338.895
Finance costs (28,021) (26,288)
Income from cash and cash equivalents 18.993 18.095
Other financial income and expense, net (9,708) (5,402)
PROFIT BEFORE TAX 374.899 325.300
Income tax expense (108,292) (90,044)
NET PROFIT OF CONSOLIDATED COMPANIES 266.607 235.256
Share of profit of associates 22.457 9.837
NET PROFIT 289.064 245.093
Attributable to equity holders of
Essilor International 287.134 244.427
Attributable to minority interests 1.930 666
Basic earnings per common share (EUR) 2.82 2.41
Weighted average number of common
shares (thousands) 101.883 101.482
Diluted earnings per common share 2.72 2.32
Diluted weighted average number of
common shares (thousands) 108.455 107.854
(a) Excluding IAS32 and IAS39, applied as of January 1, 2005.
CONSOLIDATED STATEMENT OF CASH FLOWS
2005 IFRS 2004 IFRS (a)
EUR thousands
NET PROFIT 289.064 245.093
Share of profit from associates, net
of dividends received 4.567 37.368
Depreciation, amortization and provisions 124.656 109.693
Profit before depreciation, amortization,
provisions and share of profit of
associates 418.287 392.154
Change in provisions for contingencies
and charges (2,542) 6.256
Gains and losses on asset disposals 2.164 2.446
Investment grants written back to income
Cash flow after tax and finance
costs, net 417.909 400.856
Finance costs, net 9.028 8.193
Income tax expense (including
deferred taxes) 108.293 80.968
Cash flow before tax and
finance costs, net 535.230 490.017
Income tax paid (132,067) (82,976)
Interest received (paid) (1,272) (9,274)
Change in working capital (3,561) (5,437)
NET CASH GENERATED BY OPERATING
ACTIVITIES 398.330 392.330
Purchases of property, plant
and equipment (181,341) (149,861)
Acquisition of subsidiaries, net
of cash acquired (106,737) (54,916)
Acquisition on non-consolidated
investments (10,658) (7,978)
Acquisition of other financial assets (697) (2,328)
Proceeds from sale of subsidiaries,
net of cash sold 0 0
Proceeds from sale of other investments,
PPE and intangible assets 12.165 5.884
NET CASH USED BY INVESTING ACTIVITIES (287,268) (209,199)
Issuance of shares 31.883 47.982
Buyback and resale of treasury shares (60,158) (45,619)
Dividends paid to:
- Essilor shareholders (77,300) (61,841)
- Minority shareholders in subsidiaries (173) (129)
Repayment of borrowings, excluding
lease financing (19,019) (42,054)
Repayment of lease financing (8,067) (2,828)
Impact of changes in scope of consolidation
Other movements (1,713) 743
NET CASH USED BY FINANCING ACTIVITIES (134,547) (103,746)
CHANGE IN CASH AND CASH EQUIVALENTS (23,485) 79.385
Cash and cash equivalent at beginning
of year 651.573 575.441
IAS39 adjustment 253
Impact of exchange rate changes on cash
and cash equivalents 2.759 -3.253
CASH AND CASH EQUIVALENTS AT END OF YEAR 631.100 651.573
Marketable securities 548.424 572.515
Cash 110.289 97.825
Short-term bank loans and overdrafts (27,613) (18,767)
(a) Excluding IAS32 and IAS39, applied as of January 1, 2005.
Investor Relations and Financial Communication
Veronique Gillet
Phone: +33-1-49-77-42-16
SOURCE Essilor
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CONTACT:
Investor Relations and Financial
Communication: Veronique Gillet, Phone: +33-1-49-77-42-16
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