LensCrafters 2011 Annual Report Download - page 83

| 7 >MANAGEMENT REPORT
December 31, 2011 decreased further, falling to Euro 2,032 million (Euro 2,111 million at the
end of 2010), and the ratio of net debt to adjusted EBITDA (9) was 1.7x, as compared with
the 2.0x at the end of 2010. For 2012, a further decrease in financial leverage is expected.
January
On January 20, 2011, the Group terminated the revolving credit line with Banca Nazionale
del Lavoro totaling Euro 150 million. The original maturity date of the credit line was July
13, 2011.
February
On February 17, 2011, the Group announced that it had entered into agreements pursuant
to which the Group subsequently acquired two sunglass specialty retail chains totaling
more than 70 stores in Mexico for a total amount of Euro 19.5 million. This transaction
marked the Company’s entry into the sun retail business in Mexico where the Group already
had a solid presence through its Wholesale division. The acquisition was completed in the
second quarter of 2011. All the acquired stores were rebranded to under the Sunglass Hut
brand during 2011.
March
During the first three-months of 2011, we purchased on the Mercato Telematico Azionario
(“MTA”) 466,204 of our ordinary shares at an average price of Euro 22.45 per share, for a
total amount of Euro 10.5 million, pursuant to the stock purchase program approved at
the Stockholders’ Meeting on October 29, 2009 and launched on November 16, 2009. This
stock purchase program expired on April 28, 2011.
April
At the Stockholders’ Meeting on April 28, 2011, the stockholders approved the Statutory
Financial Statements as of December 31, 2010, as proposed by the Board of Directors and
the distribution of a cash dividend of Euro 0.44 per ordinary share, reflecting a 26 percent
year-over-year increase. The aggregate dividend amount of Euro 202.5 million was fully
paid in May 2011.
May
On May 23, 2011, the Group announced that it had entered into an agreement to accelerate
the purchases, in 2011, of 60 percent of Multiopticas Internacional S.L. (Multiopticas
Internacional”) share capital. The Group already owned a 40 percent stake in Multiopticas
Internacional, which itself owned over 470 eyewear stores operating under the Opticas
GMO, Econopticas and Sun Planet retail brands in Chile, Peru, Ecuador and Colombia.
Following the exercise of the call option (which was worth approximately Euro 95 million),
the Group’s ownership increased to 100 percent of Multiopticas Internacional’s share
capital.
(9) For a further discussion of net debt and the ratio of net debt to adjusted EBITDA, see page 43 – “Non-IAS/IFRS Measures.
2. SIGNIFICANT
EVENTS DURING
2011