This excerpt taken from the LUX 6-K filed Oct 29, 2008.
Luxottica Groups net sales in third quarter 2008 were up 12.8% at constant exchange rates (5.3% at current rates), at 1,212 million (compared to 1,151 million in the same period of the previous year). Pro forma(5) net sales, on the other hand, were down 2.7% at constant exchange rates.
On the operating front, EBITDA(3) rose 3.1% from 250.9 million in third quarter 2007 to 258.6 million for the same period in 2008. On a pro forma basis(5), the EBITDA margin(3) decreased to 21.3% in third quarter 2008 from 21.7% in third quarter 2007 (down 40bps).
At the Group level, operating income for third quarter 2008 amounted to 195.1 million, in line with the figure for the same period of the previous year. On a pro forma basis(5), the Groups operating margin decreased to 16.1% in third quarter 2008 as compared to 16.4% in third quarter 2007 (down 30bps).
Earnings per share (EPS) for the quarter reached $0.34 (up from the same period the previous year), or 0.23 (against 0.25 in third quarter 2007). EPS before trademark amortization(3) was $0.37 (up from the $0.36 posted in third quarter 2007), or 0.25 (compared to 0.26 in third quarter 2007).
Net income for third quarter 2008 amounted to 104.6 million (112.4 million in the same period the previous year, down 7%). The reduction in net income was almost entirely due to higher financial charges following the Oakley merger and to exchange rates.
The Groups free cash flow(3) in the quarter (over 180 million) provides further evidence of the effectiveness of Luxotticas business model. Strong cash flows enabled the Group to reduce its net indebtedness for Euro-denominated and US Dollar-denominated facilities by approximately 140 million and $20 million, respectively. Due to exchange rates, however, the Groups net debt(3) as of September 30, 2008 was 2,911 million (2,840 million at June 30, 2008), with a net debt/EBITDA pro forma ratio(3) of 2.8 (2.6 net of exchange rate effects). Notably, none of the Groups credit facilities require refinancing in the coming months, and maturities until 2011 may largely be covered by the Groups cash generation.
This excerpt taken from the LUX 20-F filed Jun 28, 2006.
U.S. Group Company means any member of the Group incorporated in any State of the United States of America.