LensCrafters 2010 Annual Report Download - page 43

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|41 >
MANAGEMENT
REPORT
RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 – IN ACCORDANCE WITH
IAS/IFRS
Years ended December 31,
(thousands of Euro) 2010 % of net sales 2009 % of net sales
Net sales 5,798,035 100.0% 5,094,318 100.0%
Cost of sales 1,990,205 34.3% 1,762,591 34.6%
Gross profit 3,807,831 65.7% 3,331,727 65.4%
Selling 1,896,521 32.7% 1,691,801 33.2%
Royalties 99,606 1.7% 100,623 2.0%
Advertising 371,852 6.4% 311,938 6.1%
General and administrative 727,693 12.6% 656,280 12.9%
Total operating expenses 3,095,672 53.4% 2,760,642 54.2%
Income from operations 712,159 12.3% 571,085 11.2%
Other income/(expense)
Interest income 8,494 0.1% 6,887 0.1%
Interest expense (106,987) (1.8%) (109,132) (2.1%)
Other – net (8,130) (0.1%) (4,056) (0.1%)
Income before provision for income taxes 605,535 10.4% 464,784 9.1%
Provision for income taxes (218,219) (3.8%) (159,888) (3.1%)
Net income from continuing operations 387,315 6.7% 304,896 6.0%
Discontinued operations 19,944 0.3% – –
Net income 407,258 7.0% 304,896 6.0%
Attributable to:
– Luxottica Group stockholders 402,187 6.9% 299,122 5.9%
– non–controlling interests 5,072 0.1% 5,774 0.1%
NET INCOME 407,258 7.0% 304,896 6.0%
ADJUSTED MEASURES (10)
(thousands of Euro) 2010 % of net sales 2009 % of net sales % change
Adjusted income from operations 732,590 12.6% 571,085 11.2% 28.3%
Adjusted EBITDA 1,034,220 17.8% 856,530 16.8% 20.7%
Adjusted net income attributable to
Luxottica Group Stockholders 402,675 6.9% 299,122 5.9% 34.6%
(10) Adjusted measures are not in accordance with IAS/IFRS. For a further discussion of adjusted measures, see page 64 and subs. – “Non–IAS/IFRS Measures”.