LensCrafters 2011 Annual Report Download - page 128

ANNUAL REPORT 2011> 52 |
NON-IAS/IFRS MEASURE: NET DEBT AND NET DEBT/ADJUSTED EBITDA
(millions of Euro) December 31, 2011 December 31, 2010
Long–term debt (+) 2,244.6 2,435.1
Current portion of long–term debt (+) 498.3 197.6
Bank overdrafts (+) 193.8 158.6
Cash (–) (905.1) (679.9)
Net debt (=) 2,031.6 2,111.4
LTM EBITDA adjusted 1,135.9 1,034.2
Net debt/LTM EBITDA 1.8x 2.0x
Net debt at average exchange rates (1) 1,944.4 2,116.2
Net debt at average exchange rates (1)/LTM EBITDA 1.7x 2.0x
(1) Net debt  gures are calculated using the average exchange rates used to calculate the EBITDA  gures.
Throughout this report, management has made certain “forward-looking statements”
as defined in the Private Securities Litigation Reform Act of 1995 which are considered
prospective. These statements are made based on management’s current expectations
and beliefs and are identified by the use of forward-looking words and phrases such as
“plans,” “estimates,” “believes” or “belief,” “expects” or other similar words or phrases.
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
are grouped in categories relating to our industry and general economic conditions, our
business and operations and financial risks and 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,
legal and technological factors and other risks and uncertainties described in our filings
with the SEC. These forward-looking statements are made as of the date hereof, and we
do not assume any obligation to update them.
* * *
Milan, February 28, 2012
On behalf of the Board of Directors
Andrea Guerra
Chief Executive Officer
FORWARD-LOOKING
INFORMATION