LensCrafters 2014 Annual Report Download - page 57

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1 All comparisons, including percentage changes, are between the
12-month periods ended December 31, 2013 and December 31, 2014.
The fiscal year 2014 for the Retail Division included 53 weeks, compared
to 52 weeks in fiscal 2013.
2 EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin,
adjusted net sales, adjusted operating income/profit, adjusted operating
margin, free cash flow, net debt, net debt/adjusted EBITDA ratio,
adjusted net income and adjusted EPS are not measures in accordance
with IAS/IFRS. For further information on non-IAS/IFRS measures, please
refer to the section “Non-IFRS measures”, from page 28 of the Annual
Report 2014 attached hereto as 1.1 Appendix.
3 The adjusted data for the 12-month periods ended December 31, 2014: (i)
does not take into account a change in the presentation of a component
of EyeMed net sales that was previously included on a gross basis and
is currently included on a net basis due to a change in the terms of an
insurance underwriting agreement, resulting in a Euro 46.6 million
reduction to net sales; (ii) excludes non-recurring expenses relating to
redundancy incentive payments of Euro 20 million (Euro 14.5 million
impact on Group net income); and (iii) excludes the Euro 30.3 million
impact on net income relating to tax audits of the 2008, 2009, 2010 and
2011 tax years. The adjusted data for 2013 excludes the following items: (i)
non-recurring costs relating to reorganization of Alain Mikli International
acquired in January 2013 amounting to an approximately Euro 9 million
adjustment to Group operating income (approximately Euro 6 million net
of tax effect); (ii) Euro 26.7 impact on net income relating to a tax audit
for the 2007 tax year; and (iii) an accrual relating to open tax audits for tax
years after 2007 in the amount of Euro 40 million.
4 Figures at constant exchange rates have been calculated using the
average exchange rates in effect for the corresponding period in the
previous year. For further information, please refer to the exchange rates
table on page 144 of the Annual Report 2014 attached hereto as Annex 1.
5 At current exchange rates (i) net sales in Europe grew by 4.5% in 2014;
(ii) net sales in emerging markets grew by 11.8% in 2014; (iii) net sales
in China and Brazil grew by 19% and 10.2%, respectively, in 2014; (iv)
wholesale sales in Brazil grew by 7.4% in 2014.
6 Comparable store sales reflect the change in sales from one period to
another that, for comparison purposes, includes in the calculation only
stores open in the more recent period that also were open during the
comparable prior period, and applies to both periods the average
exchange rate for the prior period and the same geographic area.
2013
1,013
1,461
2014
Net debt 2
(millions of Euro)
2013
2014
1.0x 0.6x
Net debt/adjusted
EBITDA2,3
3. 
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