LensCrafters 2012 Annual Report Download - page 100
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ANNUAL REPORT 2012> 14 |
Please find the reconciliation between adjusted income from operations(15) and income
from operations in the following table:
(millions of Euro) 2012 2011
Income from operations 982.0 807.1
Adjustment for OPSM reorganization 21.7 9.6
Adjustment for Multiopticas Internacional extraordinary gain - (19.0)
Adjustment for 50th anniversary celebrations - 12.0
Adjustment for restructuring costs in the Retail Division - 11.2
Adjusted income from operations 1,003.8 820.9
Other Income (Expense) - Net. Other income (expense) - net was Euro(125.7) million in
2012 as compared to Euro(111.9) million in the same period of 2011. Net interest expense
was Euro119.2 million in 2012 as compared to Euro108.6 million in the same period of
2011. The increase was mainly due to the acquisition of Tecnol and to the issuing of a new
long-term loan during 2012.
Net Income. Income before taxes increased by Euro 161.1 million, or 23.2 percent,
to Euro856.4 million in 2012 from Euro 695.3 million in the same period of 2011. As a
percentage of net sales, income before taxes increased to 12.1 percent in 2012 from
11.2 percent in the same period of 2011. Adjusted income before taxes (16) increased by
Euro169.1 million, or 23.8 percent, to Euro878.1 million in 2012 from Euro709.0 million in
the same period of 2011. As a percentage of net sales, adjusted income before taxes (16)
was 12.4 percent in 2012 as compared to 11.4 percent in 2011.
Please find the reconciliation between adjusted income before taxes (16) and income before
taxes in the following table:
(millions of Euro) 2012 2011
Net income before taxes 856.4 807.1
Adjustment for OPSM reorganization 21.7 9.6
Adjustment for Multiopticas Internacional extraordinary gain - (19.0)
Adjustment for 50th anniversary celebrations - 12.0
Adjustment for restructuring costs in the Retail Division - 11.2
Adjusted net income before taxes 878.1 820.9
Net income attributable to non-controlling interests decreased to Euro4.2 million in the
twelve months of 2012 as compared to Euro6.0 million in previous year. Our effective tax
rate was 36.3 percent in 2012 as compared to 34.1 percent for the same period of 2011.
Net income attributable to Luxottica Group stockholders increased by Euro89.4 million, or
19.8 percent, to Euro541.7 million for 2012 year-end from Euro452.3 million in the same
period of 2011. Net income attributable to Luxottica Group stockholders as a percentage
of net sales increased to 7.6 percent in 2012 from 7.3 percent in the same period of 2011.
(16) For a further discussion of adjusted income before taxes, see page 43 - “Non-IFRS Measures”.