LensCrafters 2012 Annual Report Download - page 137

| 51 >MANAGEMENT REPORT - APPENDIX
NON-IFRS MEASURE: NET DEBT AND NET DEBT/EBITDA
(millions of Euro) December 31, 2012 December. 31, 2011
Long-term debt (+) 2,052.1 2,244.6
Current portion of long-term debt (+) 310.1 498.3
Bank overdrafts (+) 90.3 193.8
Cash (-) (790.1) (905.1)
Net debt (=) 1,662.4 2,031.6
EBITDA 1,340.3 1,131.0
Net debt/EBITDA 1.2x 1.8x
Net debt @ avg. exchange rates (1) 1,679.0 1,944.4
Net debt @ avg. exchange rates (1)/EBITDA 1.3x 1.7x
(1) Net debt gures are calculated using the average exchange rates used to calculate the EBITDA gures.
NON-IFRS MEASURE: NET DEBT AND NET DEBT/ADJUSTED EBITDA
(millions of Euro) December 31, 2012 (2) December 31, 011 (3)
Long-term debt (+) 2,052.1 2,244.6
Current portion of long-term debt (+) 310.1 498.3
Bank overdrafts (+) 90.3 193.8
Cash (-) (790.1) (905.1)
Net debt (=) 1,662.4 2,031.6
LTM Adjusted EBITDA 1,362.0 1,135.9
Net debt/LTM Adjusted EBITDA 1.2x 1.8x
Net debt @ avg. exchange rates (1) 1,679.0 1,944.4
Net debt @ avg. exchange rates (1)/LTM EBITDA 1.2x 1.7x
(1) Net debt gures are calculated using the average exchange rates used to calculate the EBITDA gures.
(2) The adjusted gures exclude the following measures:
(a) non-recurring OPSM reorganization costs with approximately Euro 21.7 million impact on operating income and an approximately
Euro15.2 milion adjustment on net income; and
(b) a non-recurring accrual for tax audit relating to Luxottica S.r.l. (scal Year 2007) of approximately Euro10 million.
(3) The adjusted gures exclude the following measures:
(a) an extraordinary gain of approximately Euro19 million related to the acquisition, in 2009, of a 40 percent stake in Multiopticas Internacio-
nal;
(b) non-recurring costs related to Luxottica’s 50th anniversary celebrations of approximately Euro12 million, including the adjustment relating
to the grant of treasury shares to Group employees;
(c) non-recurring restructuring and start-up costs in the Retail Division of approximately Euro11.2 million; and
(d) non-recurring OPSM reorganization costs for approximately Euro9.6 million.
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 include,
FORWARD-LOOKING
INFORMATION