LensCrafters 2015 Annual Report Download - page 5
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Luxottica Group S.p.A.
Headquarter and registered office: Piazzale Luigi Cadorna, 3 – 20123 Milan, Italy
Capital Stock € 29.019.199,98
Authorized and issued
MANAGEMENT REPORT
AS OF DICEMBER 31, 2015
Management Report as of December 31, 2015 Page 1 of 35
1. OPERATING PERFORMANCE FOR THE YEAR ENDED DECEMBER 31, 2015
The Group’s growth continued throughout 2015. In a challenging economic environment net sales increased from Euro
7,652.3 million in 2014 to Euro 8,836.6 million in 2015 (+15.5 percent at current exchange rates and +4.3 percent at
constant exchange rates1).
Adjusted net sales2 increased from Euro 7,698.9 million in 2014 to Euro 9,010.8 million in 2015 (+17.0 percent at current
exchange rates and +5.5 percent at constant exchange rates2). Adjusted net sales were impacted by the modification of an
EyeMed reinsurance agreement with an existing underwriter whereby the Company assumes less reinsurance revenues and
less claims expense. The impact of the new contract for the twelve month period ended December 31, 2015 was Euro 174.3
million and Euro 46.6 million for the twelve month period ended December 31, 2014 (the “EyeMed Adjustment”).
Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)3 in 2015 rose by 20.2 percent to Euro 1,853.3
million from Euro 1,541.6 in 2014. Additionally, adjusted EBITDA3 increased by 22.9 percent to Euro 1,919.7 million from
Euro 1,561.6 million in 2014.
Operating income for 2015 increased by 18.9 percent to Euro 1,376.4 million from Euro 1,157.6 million during the same
period of the previous year. The Group’s operating margin continued to grow rising from 15.1 percent in 2014 to
1
We calculate constant exchange rates by applying to the current period the average exchange rates between the Euro and the relevant currencies of the
various markets in which we operated during the year ended December 31, 2015. Please refer to Attachment 1 for further details on exchange rates.
2
For a further discussion of adjusted net sales, see the “Non-IFRS Measures” section of this Report.
3
For a further discussion of EBITDA and adjusted EBITDA, see the “Non-IFRS Measures” section of this Report.