Milano, 15 febbraio 2005 - Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), leader
mondiale nel settore degli occhiali, ha annunciato che il Consiglio di Amministrazione ha
approvato in data odierna i risultati consolidati del quarto trimestre e dell’anno 2004 secondo
i principi contabili U.S. GAAP.

Principali dati consolidati

Esercizio 2004

• Fatturato: €3.223,9 milioni (+14,1%, +21,6% a parità di cambi¹)
• fatturato retail: €2.315,8 milioni (+15,7%); vendite a parità di negozi, cambi e perimetro
  di consolidamento: +4,2%
• fatturato wholesale: €1.094,3 milioni (+10,0%)
• Utile operativo: €492,8 milioni (+14,1%); margine operativo: 15,3%
• utile operativo retail: €310,3 milioni (+15,0%); margine operativo retail: 13,4%
• utile operativo wholesale: €233,1 milioni (+22,0%); margine operativo wholesale: 21,3%
• Utile netto: €286,9 milioni (+7,3%); margine netto: 8,9%
• Utile per azione o ADS: €0,64 (US$0,80)

Quarto trimestre del 2004

• Fatturato: €941,7 milioni (+31,0%, +41,7% a parità di cambi¹)
• fatturato retail: €730,1 milioni (+37,3%); fatturato retail a parità di negozi, cambi e
  perimetro di consolidamento: +4,1%
• fatturato wholesale: €258,2 milioni (+16,7%)
• Utile operativo: €104,5 milioni (+5,5%); margine operativo: 11,1%
• utile operativo retail: €74,4 milioni (+25,0%); margine operativo retail: 10,2%
• utile operativo wholesale: €45,4 milioni (+20,6%), margine operativo wholesale: 17,6%
• Utile netto: €59,8 milioni (+0,2%); margine netto: 6,3%
• Utile per azione o ADS: €0,13 (US$0,17)

Andrea Guerra, Amministratore Delegato di Luxottica Group, ha commentato: “Il 2004 è
stato un anno particolarmente positivo per il Gruppo sia nel retail che nel wholesale. La
performance delle nostre catene retail LensCrafters, Sunglass Hut e OPSM Group,
soprattutto in termini di redditività, è stata superiore a quella del mercato. Allo stesso modo
la divisione wholesale ha continuato a rafforzare la propria posizione competitiva nei
principali mercati mondiali, confermando la forza di un portafoglio che include marchi molto
prestigiosi sia in licenza che propri, tra i quali il principale marchio di occhiali da sole e vista
nel mondo, Ray-Ban. Nel trimestre il fatturato della divisione wholesale a clienti terzi è
aumentato del 13,2%, in miglioramento rispetto ai nove mesi.”

“Nel quarto trimestre il management della nostra divisione retail in Nord America si è
focalizzato sull’integrazione di Cole National, il cui successo è strategico per il Gruppo. Ad
oggi, tutto procede come da aspettative senza imprevisti.”
La significativa generazione di cassa è stata ancora una volta uno dei punti di forza dei
risultati di Luxottica Group. Infatti l’indebitamento netto del Gruppo al 31.12.2004 era pari a
€1.711,3 milioni, evidenziando un incremento di € 240,9 milioni rispetto a €1.470,4 milioni al
31.12.2003, nonostante un investimento complessivo per l’acquisizione di Cole National pari
a circa €600 milioni e il pagamento di €95,5 milioni in dividendi.

Il tax rate del 2004 è stato pari al 35,4%, rispetto al 30,1% del 2003.

Previsioni per l’esercizio 2005

Luxottica Group, ipotizzando un cambio Euro/Dollaro pari a 1,30 e un tax rate tra il 37% e il
40%, prevede di realizzare per l’esercizio 2005 i seguenti risultati consolidati:
• Un fatturato tra i €4.000 milioni e i €4.150 milioni
• Un utile per azione tra €0,68 e €0,70 (tra US$0,88 e US$0,91)
• Debito netto/EBITDA: da 2,0x a 2,2x¹

Descrizione di Luxottica Group S.p.A.

Il Gruppo Luxottica è leader mondiale nella progettazione, produzione, commercializzazione
e distribuzione di montature per occhiali di elevata qualità nei segmenti medio e alto. Nel
2004 il fatturato e l’utile netto del Gruppo sono stati pari rispettivamente a €3.223,9 milioni
ed €286,9 milioni. Ulteriori informazioni sul Gruppo sono disponibili sul sito web
www.luxottica.com.

Safe Harbour Statement

Talune dichiarazioni contenute in questo comunicato stampa potrebbero costituire previsioni
("forward looking statements") così come definite dal Private Securities Litigation Reform Act
del 1995. Tali dichiarazioni sono soggette a rischi e incertezze e altri eventi che potrebbero
portare i risultati effettivi a differire, anche in modo sostanziale, dalle relative previsioni. Tra i
rischi e le incertezze rientrano, a titolo meramente esemplificativo, fluttuazioni valutarie,
fattori economici ed eventi metereologici che possono influenzare gli acquisti dei
consumatori, la capacità di Luxottica Group di lanciare con successo nuovi prodotti, di
integrare i business recentemente acquisiti e di implementare iniziative volte a stimolare il
fatturato e a ridurre i costi, la disponibilità di strumenti correttivi alternativi agli occhiali, il
rischio che l’integrazione di Cole National Corporation, inclusa l’unificazione del business
managed vision care di Luxottica Group con quello di Cole National Corporation, non proceda
secondo i piani, che le sinergie attese da tale acquisizione non vengano realizzate e altri
fattori politici, economici e tecnologici, e gli altri fattori di rischio ed incertezza menzionati
nella documentazione societaria depositata presso la Securities and Exchange Commission.
Tali previsioni, aspettative e/o opinioni sono formulate alla data odierna e Luxottica Group
non assume alcun obbligo o responsabilità circa l'aggiornamento delle stesse.

Contatti

Luxottica Group S.p.A., Ufficio Investor & Media Relations

Tel. (02) 8633 4665 - Fax (02) 8699 6550
Email: Investorrelations@luxottica.com

Luca Biondolillo, Head of Communications
Email: Lucabiondolillo@luxottica.com

Alessandra Senici, Manager, Investor Relations
Email: Alessandrasenici@luxottica.com

_________________________
¹ Dato non calcolato sulla base dei principi contabili U.S. GAAP. Si rimanda alle tabelle sottostanti per
la riconciliazione di tali dati e i risultati predisposti secondo gli U.S. GAAP.

 

LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE THREE-MONTH PERIODS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

KEY FIGURES IN THOUSANDS OF EURO ⁽⁴⁾

	2004	2003	% Change
NET SALES	941,651	718,682	31.0%
NET INCOME	59,756	59,613	0.2%
EARNINGS PER SHARE (ADS) (2)	0.13	0.13
FULLY DILUTED EARNINGS PER SHARE (ADS) (3)	0.13	0.13

 

KEY FIGURES IN THOUSANDS OF U.S. DOLLARS ^{(1) (4)}

	2004	2003	% Change
NET SALES	1,221,133	853,938	43.0%
NET INCOME	77,491	70,832	9.4%
EARNINGS PER SHARE (ADS) (2)	0.17	0.16
FULLY DILUTED EARNINGS PER SHARE (ADS) (3)	0.17	0.16

_________________________
Notes : (2004) (2003)
⁽¹⁾ Average exchange rate (in U.S. Dollars per Euro) (1.2968) (1.1882)
⁽²⁾ Weighted average number of outstanding shares (448,611,400) (447,989,477)
⁽³⁾ Fully diluted average number of shares (451,054,240) (450,098,499)
⁽⁴⁾ Except earnings per share (ADS), which are expressed in Euro and U.S. Dollars, respectively

 

LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

KEY FIGURES IN THOUSANDS OF EURO ⁽⁴⁾

	2004	2003	% Change
NET SALES	3,223,896	2,824,636	14.1%
NET INCOME	286,874	267,343	7.3%
EARNINGS PER SHARE (ADS) (2)	0.64	0.60
FULLY DILUTED EARNINGS PER SHARE (ADS) (3)	0.64	0.59

 

KEY FIGURES IN THOUSANDS OF U.S. DOLLARS ^{(1) (4)}

	2004	2003	% Change
NET SALES	4,008,915	3,193,816	25.5%
NET INCOME	356,728	302,285	18.0%
EARNINGS PER SHARE (ADS) (2)	0.80	0.67
FULLY DILUTED EARNINGS PER SHARE (ADS) (3)	0.79	0.67

_________________________
Notes : (2004) (2003)
⁽¹⁾ Average exchange rate (in U.S. Dollars per Euro) (1.2435) (1.1307)
⁽²⁾ Weighted average number of outstanding shares (448,275,028) (448,664,413)
⁽³⁾ Fully diluted average number of shares (450,360,942) (450,202,173)
⁽⁴⁾ Except earnings per share (ADS), which are expressed in Euro and U.S. Dollars, respectively

 

LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE THREE-MONTH PERIODS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

In thousands of Euro (1)	4Q04	% of sales	4Q03	% of sales	% Change
NET SALES	941,651	100.0%	718,682	100.0%	31.0%
COST OF SALES	(315,738)		(225,483)
GROSS PROFIT	625,913	66.5%	493,199	68.6%	26.9%
OPERATING EXPENSES:
SELLING EXPENSES	(351,131)		(271,928)
ROYALTIES	(13,275)		(9,104)
ADVERTISING EXPENSES	(50,720)		(41,691)
GENERAL AND ADMINISTRATIVE EXPENSES	(93,106)		(61,286)
TRADEMARK AMORTIZATION	(13,155)		(10,077)
TOTAL	(521,387)		(394,085)
OPERATING INCOME	104,526	11.1%	99,114	13.8%	5.5%
OTHER INCOME (EXPENSE):
INTEREST EXPENSES	(18,657)		(12,059)
INTEREST INCOME	2,102		2,122
OTHER - NET	11,415		(1,959)
OTHER INCOME (EXPENSES) NET	(5,140)		(11,895)
INCOME BEFORE PROVISION FOR  INCOME TAXES	99,386	10.6%	87,219	12.1%	13.9%
PROVISION FOR INCOME TAXES	(37,632)		(26,490)
INCOME BEFORE MINORITY INTEREST IN  INCOME OF CONSOLIDATED SUBSIDIARIES	61,754		60,729
MINORITY INTEREST IN INCOME  OF CONSOLIDATED SUBSIDIARIES	(1,998)		(1,117)
NET INCOME	59,756	6.3%	59,613	8.3%	0.2%
EARNINGS PER SHARE (ADS) (1)	0.13		0.13
FULLY DILUTED EARNINGS PER SHARE (ADS) (1)	0.13		0.13
WEIGHTED AVERAGE NUMBER OF  OUTSTANDING SHARES	448,611,400		447,989,477
FULLY DILUTED AVERAGE NUMBER OF SHARES	451,054,240		450,098,499

_________________________
 Notes :
⁽¹⁾ Except earnings per share (ADS), which are expressed in Euro

 

LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE YEARS ENDED
DECEMBER 31, 2004 AND DECEMBER 31, 2003

 

In thousands of Euro (1)	2004	% of sales	2003	% of sales	% Change
NET SALES	3,223,896	100.0%	2,824,636	100.0%	14.1%
COST OF SALES	(1,010,793)		(878,340)
GROSS PROFIT	2,213,103	68.6%	1,946,296	68.9%	13.7%
OPERATING EXPENSES:
SELLING EXPENSES	(1,125,942)		(1,008,687)
ROYALTIES	(51,002)		(41,537)
ADVERTISING EXPENSES	(198,102)		(183,252)
GENERAL AND ADMINISTRATIVE EXPENSES	(300,095)		(243,717)
TRADEMARK AMORTIZATION	(45,148)		(37,316)
TOTAL	(1,720,289)		(1,514,509)
OPERATING INCOME	492,814	15.3%	431,787	15.3%	14.1%
OTHER INCOME (EXPENSE):
INTEREST EXPENSES	(56,115)		(47,117)
INTEREST INCOME	6,662		5,922
OTHER - NET	13,792		(799)
OTHER INCOME (EXPENSES) NET	(35,661)		(41,994)
INCOME BEFORE PROVISION FOR  INCOME TAXES	457,153	14.2%	389,793	13.8%	17.3%
PROVISION FOR INCOME TAXES	(161,665)		(117,328)
INCOME BEFORE MINORITY INTEREST IN  INCOME OF CONSOLIDATED SUBSIDIARIES	295,488		272,465
MINORITY INTEREST IN INCOME  OF CONSOLIDATED SUBSIDIARIES	(8,614)		(5,122)
NET INCOME	286,874	8.9%	267,343	9.5%	7.3%
EARNINGS PER SHARE (ADS) (1)	0.64		0.60
FULLY DILUTED EARNINGS PER SHARE (ADS) (1)	0.64		0.59
WEIGHTED AVERAGE NUMBER OF  OUTSTANDING SHARES	448,275,028		448,664,413
FULLY DILUTED AVERAGE NUMBER OF SHARES	450,360,942		450,202,173

_________________________
Notes :
⁽¹⁾ Except earnings per share (ADS), which are expressed in Euro

 

LUXOTTICA GROUP
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2004, AND DECEMBER 31, 2003

 

In thousands of Euro	December 31, 2004	December 31, 2003
CURRENT ASSETS:
CASH	257,349	299,937
ACCOUNTS RECEIVABLE	406,437	353,516
SALES AND INCOME TAXES RECEIVABLE	33,120	34,259
INVENTORIES	433,158	404,216
PREPAID EXPENSES AND OTHER	69,149	50,714
DEFERRED TAX ASSETS - CURRENT	104,508	124,451
TOTAL CURRENT ASSETS	1,303,723	1,267,093
PROPERTY, PLANT AND EQUIPMENT - NET	599,245	497,435
OTHER ASSETS
INTANGIBLE ASSETS - NET	2,473,053	2,093,612
INVESTMENTS	156,988	13,055
OTHER ASSETS	23,040	41,476
SALES AND INCOME TAXES RECEIVABLES	9	5
TOTAL OTHER ASSETS	2,653,089	2,148,148
TOTAL	4,556,057	3,912,676
CURRENT LIABILITIES:
BANK OVERDRAFTS	289,459	516,905
CURRENT PORTION OF LONG-TERM DEBT	404,317	390,935
ACCOUNTS PAYABLE	222,550	178,616
ACCRUED EXPENSES AND OTHER	378,902	218,388
ACCRUAL FOR CUSTOMERS' RIGHT OF RETURN	8,802	7,423
INCOME TAXES PAYABLE	12,721	11,011
TOTAL CURRENT LIABILITIES	1,316,753	1,323,278
LONG TERM LIABILITIES:
LONG TERM DEBT	1,274,905	862,492
LIABILITY FOR TERMINATION INDEMNITIES	52,656	47,241
DEFERRED TAX LIABILITIES - NON CURRENT	215,891	161,102
OTHER	176,486	124,157
TOTAL LONG TERM LIABILITIES	1,719,938	1,194,992
COMMITMENTS AND CONTINGENCY:
MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES	23,760	19,872
SHAREHOLDERS' EQUITY:
455,205,473 ORDINARY SHARES AUTHORIZED AND ISSUED - 448,770,687 SHARES OUTSTANDING	27,312	27,269
NET INCOME	286,874	267,343
RETAINED EARNINGS	1,181,421	1,079,922
TOTAL SHAREHOLDERS' EQUITY	1,495,607	1,374,534
TOTAL	4,556,057	3,912,676

 

LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED
DECEMBER 31, 2004, AND DECEMBER 31, 2003
- SEGMENTAL INFORMATION -

 

In thousands of Euro	Manufacturing and Wholesale	Retail	Retail (in thousand of U.S. Dollars)	Inter-Segments Transaction and Corporate Adj.	Consolidated
2004
Net Sales	1,094,298	2,315,783	2,892,712	( 186,185)	3,223,896
EBITDA	280,785	389,903	486,263	( 25,123)	645,564
% of sales	25.7%	16.8%			20.0%
Operating income	233,129	310,340	386,857	( 50,655)	492,814
% of sales	21.3%	13.4%			15.3%
Capital Expenditure	31,367	86,053	107,181	-	117,420
Depreciation & Amortization	47,656	79,563	99,406	25,532	152,750
Assets	1,566,086	1,211,781	1,640,509	1,778,191	4,556,057
2003 As reported
Net Sales	995,109	2,002,264	2,263,960	( 172,737)	2,824,636
EBITDA	236,324	338,456	382,692	( 8,154)	566,626
% of sales	23.7%	16.9%			20.1%
Operating income	191,116	269,851	305,120	( 29,180)	431,787
% of sales	19.2%	13.5%			15.3%
Capital Expenditure	23,580	57,708	65,250	-	81,288
Depreciation & Amortization	45,208	68,606	77,573	21,026	134,840
Assets	1,528,074	876,661	1,104,329	1,507,941	3,912,676
2003 As adjusted (1)
Net Sales	995,109	2,432,255	2,765,475	( 174,080)	3,253,284
EBITDA	236,324	376,625	427,085	( 8,155)	604,795
% of sales	23.7%	15.5%			18.6%
Operating income	191,116	291,418	330,113	( 35,511)	447,023
% of sales	19.2%	12.0%			13.7%
Depreciation & Amortization	45,208	85,207	96,972	27,357	157,772

_________________________
Notes :
⁽¹⁾ These consolidated adjusted amounts are a non-GAAP measurement. The company has included this measurement to give comparative information for the two periods discussed, aligning the consolidation periods of OPSM Group and Cole National for both years 2003 and 2004. They reflect the consolidation of OPSM Group results for the entire year ended December 31, 2003 (as it is in 2004) and the consolidation of Cole National results for the last three months of 2003 (as it is in 2004). This information does not purport to be indicative of the actual result that would have been achieved had the OPSM Group acquisition been completed as of January 1, 2003, and the Cole National acquisition been completed as of October 4, 2003.

 

LUXOTTICA GROUP
NON-GAAP COMPARISON OF CONSOLIDATED NET SALES
FOR THE THREE-MONTH PERIODS AND THE YEARS ENDED DECEMBER 31, 2004,
AND DECEMBER 31, 2003, ASSUMING CONSTANT EXCHANGE RATES

 

In million of Euro	4Q 2003 U.S. GAAP results	4Q 2004 U.S. GAAP results	Adjustment for constant exchange rates	4Q 2004 adjusted results
Consolidated net sales	718.7	941.7	76.4	1,018.1
Manufacturing/wholesale net sales	221.2	258.2	7.8	266.0
Retail net sales	531.8	730.1	72.1	802.2

 

In million of Euro	12M 2003 U.S. GAAP results	12M 2004 U.S. GAAP results	Adjustment for constant exchange rates	12M 2004 adjusted results
Consolidated net sales	2,824.6	3,223.9	209.9	3,433.8
Manufacturing/wholesale net sales	995.1	1,094.3	33.0	1,127.3
Retail net sales	2,002.3	2,315.8	191.1	2,506.9

_________________________
Note:
Luxottica Group uses certain measures of financial performance that exclude the impact of
fluctuations in currency exchange rates in the translation of operating results into Euro. The Company
believes that these adjusted financial measures provide useful information to both management and
investors by allowing a comparison of operating performance on a consistent basis. In addition, since
the Luxottica Group has historically reported such adjusted financial measures to the investement
community, the Company believes that their inclusion provides consistency in its financial reporting.
Further, these adjusted financial measures are one of the primary indicators management uses for
planning and forecasting in future periods. Operating measures that assume constant exchange rates
between the whole year 2004 and the whole year 2003 and the fourth quarter of 2004 and the
fourth quarter of 2003 are calculated using for each currency the average exchange rate for the whole year
and the three-month period ended December 31, 2003. Operating measures that exclude the impact
of fluctuations in currency exchange rates are not measures of performance under accounting
principles generally accepted in the United States (U.S. GAAP). These non-GAAP measures are not
meant to be considered in isolation or as a substitute for results prepared in accordance with U.S.
GAAP. In addition, Luxottica Group's method of calculating operating performance excluding the
impact of changes in exchange rates may differ from methods used by other companies. See table
above for a reconciliation of the operating measures excluding the impact of fluctuations in currency
exchange rates to their most directly comparable U.S. GAAP financial measures. The adjusted
financial measures should be used as a supplement to U.S. GAAP results to assist the reader in better
understanding the operational performance of the Company