ANNUAL REPORT 2004 - Luxottica Group

In accordance with U.S.GAAP
(1) 2001-2004 figures include
results of Sunglass Hut
operations from the acquisition
date (March 31, 2001).
(2) Results for the year ended
December 31, 2002, include the
effect of adoption of Statement
of Financial Accounting
Standard No. 142.
(3) 2003-2004 figures include
results of OPSM Group
operations from the acquisition
date (August 1, 2003).
(4) Figures include results of
Cole National operations from
fourth quarter 2004.
(5) Figures adjusted to allow a
comparison with results for
2003.
STATEMENTS OF CONSOLIDATED INCOME
(for years ended December 31)
Net sales
Cost of sales
Purchases and
inventory variance
Manufacturing cost
Manufacturing
depreciation
Manufacturing
personnel cost
Gross profit
Operating expenses
Selling expenses
Royalties
Advertising expenses
General and
administrative
expenses
Goodwill and
trademark
amortization
Operating income
Other income/
(expenses)
Financial income
Financial charges
Other income and
charges
Income before taxes
Provision for income
taxes
Minority interests
Net income
ANNUAL REPORT 2004
MANAGEMENT’S DISCUSSION
AND ANALYSIS
In thousands of Euro 2001
(1) (5)
3,105,498
(923,537)
(527,346)
(115,928)
(26,227)
(254,036)
2,181,960
(1,672,468)
(1,037,113)
(54,556)
(211,728)
(274,873)
(94,198)
509,492
(68,181)
15,060
(91,978)
8,737
441,311
(123,450)
(1,488)
316,373
100.0%
29.7%
17.0%
3.7%
0.8%
8.2%
70.3%
53.9%
33.4%
1.8%
6.8%
8.9%
3.0%
16.4%
2.2%
0.5%
3.0%
0.3%
14.2%
4.0%
0.0%
10.2%
3,201,788
(946,134)
(509,725)
(147,977)
(27,224)
(261,208)
2,255,654
(1,654,146)
(1,087,321)
(62,274)
(210,744)
(257,742)
(36,065)
601,508
(62,066)
5,036
(65,935)
(1,167)
539,442
(162,696)
(4,669)
372,077
2002
(1) (2) (5)
100.0%
29.6%
15.9%
4.6%
0.9%
8.2%
70.4%
51.7%
34.0%
1.9%
6.6%
8.0%
1.1%
18.8%
1.9%
0.2%
2.1%
0.0%
16.8%
5.1%
0.1%
11.6%
2,852,194
(903,617)
(506,335)
(134,037)
(22,320)
(240,925)
1,948,577
(1,516,790)
(1,015,918)
(41,537)
(178,303)
(243,717)
(37,316)
431,787
(41,994)
5,922
(47,117)
(799)
389,793
(117,328)
(5,122)
267,343
2003
(1) (3)
100.0%
31.7%
17.8%
4.7%
0.8%
8.4%
68.3%
53.2%
35.6%
1.5%
6.3%
8.5%
1.3%
15.1%
1.5%
0.2%
1.7%
0.0%
13.7%
4.1%
0.2%
9.4%
3,255,300
(1,040,697)
(571,038)
(190,041)
(22,742)
(256,876)
2,214,603
(1,721,789)
(1,133,114)
(51,002)
(192,430)
(300,095)
(45,148)
492,814
(35,661)
6,662
(56,115)
13,792
457,153
(161,665)
(8,614)
286,874
2004
(1) (3) (4)
100.0%
32.0%
17.5%
5.8%
0.7%
7.9%
68.0%
52.9%
34.8%
1.6%
5.9%
9.2%
1.4%
15.1%
1.1%
0.2%
1.7%
0.4%
14.0%
5.0%
0.3%
8.8%
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