LensCrafters 2012 Annual Report Download - page 106

ANNUAL REPORT 2012> 20 |
General and administrative expenses, including intangible asset amortization increased by
Euro24.4 million, or 12.3 percent, to Euro221.6 million in the three-month period ended
December 31, 2012 as compared to Euro197.3 million in the same period of 2011. As a
percentage of net sales, general and administrative expenses were 13.6 percent in the
three-month period ended December 31, 2012 as compared to 13.1 percent in the same
period of 2011.
Adjusted general and administrative expenses (23) increased by Euro39.3 million, or 21.6
percent, to Euro221.6 million in the three-month period ended December 31, 2012 as
compared to Euro182.3 million in the same period of 2011. As a percentage of net sales,
adjusted general and administrative expenses (23) were 13.6 percent in the three-month
period ended December 31, 2012 as compared to 12.1 percent in the same period of 2011.
Please find the reconciliation between adjusted general and administrative expenses(23)
and general and administrative expenses in the following table:
(millions of Euro) 4Q 2012 4Q 2011
General and administrative expenses 221.6 197.3
Adjustment for OPSM reorganization - (9.6)
Adjustment for Multiopticas Internacional extraordinary gain - (1.9)
Adjustment for restructuring costs in the Retail Division - (3.5)
Adjusted general and administrative expenses 221.6 182.3
Income from Operations. For the reasons described above, income from operations
increased by Euro35.7 million, or 27.8 percent, to Euro164.0 million in the three-month
period ended December 31, 2012 from Euro128.4 million in the same period of 2011. As
a percentage of net sales, income from operations increased to 10.0 percent in the three-
month period ended December 31, 2012 from 8.5 percent in the same period of 2011.
Adjusted income from operations (24) increased by Euro24.8 million, or 17.8 percent, to
Euro164.0 million in the three-month period ended December 31, 2012 from Euro139.3
million in the same period of 2011. As a percentage of net sales, adjusted income from
operations (24) increased to 10.0 percent in the three-month period ended December 31,
2012 from 9.2 percent in the same period of 2011.
Please find the reconciliation between adjusted income from operations (24) and income
from operations in the following table:
(millions of Euro) 4Q 2012 4Q 2011
Income from operations 164.0 128.4
Adjustment for OPSM reorganization - 9.6
Adjustment for Multiopticas Internacional extraordinary gain - 1.9
Adjustment for restructuring costs in the Retail Division - (0.6)
Adjusted income from operations 164.0 139.3
(23) For a further discussion of adjusted general and administrative expenses, see page 43 - “Non-IFRS Measures”.
(24) For a further discussion of adjusted income for operations, see page 43 - “Non-IFRS Measures”.