703 KB - Luxottica
703 KB - Luxottica
703 KB - Luxottica
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Sensitivity analysis for 2009<br />
(€=US$ 1.30)<br />
Sales growth scenarios:<br />
Current<br />
exchange rate +6.5% +2.5%/flat -2%/-6%<br />
Constant<br />
exchange rate<br />
0% -4%/-6% -8%/-12%<br />
Operating margin<br />
impact vs. 2008<br />
120 bps<br />
dilution<br />
approx.<br />
320 bps<br />
dilution<br />
approx.<br />
500 bps<br />
dilution<br />
Net Income<br />
vs. 2008 unchanged -15%/-20% -30%/-40%<br />
In one-year time horizon, 50% of total costs remain fixed,<br />
thus leading to approx. 90 bps dilution in a “0% growth scenario”<br />
Winning through the cycle<br />
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