ANNUAL REPORT 2004 - Luxottica Group

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LUXOTTICA GROUP S.P.A. We have audited the accompanying consolidated balance sheets of Luxottica Group S.p.A. (an Italian corporation) and Subsidiaries (collectively, “the Company”) as of December 31, 2003 and 2004 and the related statements of consolidated income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2004. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States of America). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Luxottica Group S.p.A. and Subsidiaries as of December 31, 2003 and 2004 and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America. Our audits also comprehended the translation of Euro amounts into U.S. Dollar amounts and, in our opinion, such translation has been made in conformity with the basis stated in Note 1. Such U.S. Dollar amounts are presented solely for the convenience of readers in the United States of America. Treviso, Italy April 29, 2005 Member of Deloitte Touche Tohmatsu ANNUAL REPORT 2004 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 93
INDEPENDENT AUDITORS’ REPORT CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2003 AND 2004 ASSETS Current assets Cash and cash equivalents Accounts receivable (Less allowance for doubtful accounts, Euro 21.5 million in 2003, and Euro 23.4 million in 2004; US$ 31.7 million) Sales and income taxes receivable Inventories Prepaid expenses and other Asset held for sale - Pearle Europe Deferred tax assets Total current assets Property, plant and equipment - net Other assets Goodwill Intangible assets - net Investments Other assets Total other assets TOTAL 94 2003 (Euro thousands) 299,937 353,516 34,259 404,216 50,714 - 124,451 1,267,093 497,435 1,328,914 764,698 13,055 41,481 2,148,148 3,912,676 2004 (Euro thousands) 257,349 406,437 33,120 433,158 69,151 143,617 104,508 1,447,340 599,245 1,500,962 972,091 13,371 23,049 2,509,473 4,556,058 2004 (US$ thousands) (1) 348,399 550,234 44,838 586,409 93,617 194,429 141,483 1,959,409 811,258 2,032,002 1,316,017 18,102 31,204 3,397,325 6,167,992 In accordance with U.S. GAAP (1) Translated for convenience at the New York City Noon Buying Rate as determined in Note 1.
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ANNUAL REPORT 2004 PROFILE OF LUXOT
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PROFILE OF LUXOTTICA GROUP QUARTERL
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ANNUAL REPORT 2004
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ANNUAL REPORT 2004
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LUXOTTICA GROUP IN 2004 to have dir
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LUXOTTICA GROUP IN 2004 Luxottica G
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ANNUAL REPORT 2004
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DISTRIBUTION As for the performance
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DISTRIBUTION focused on the relatio
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DISTRIBUTION capacity, a direct pre
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ANNUAL REPORT 2004
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CHANGE YOUR VIEW
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www.vogue-eyewear.com
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Making its debut in 1926, Persol wa
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Launched in California in 1992, Arn
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The Sferoflex brand was acquired by
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DISTRIBUTION LICENSE BRANDS 39
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The Byblos brand has been licensed
Page 44 and 45: The Miu Miu brand was created in 19
Page 46 and 47: Sergio Tacchini, ever synonymous wi
Page 48 and 49: ANNUAL REPORT 2004
Page 50 and 51: DISTRIBUTION Today, Luxottica Group
Page 52 and 53: VERTICAL INTEGRATION Over the decad
Page 54 and 55: Over the years, Luxottica Group has
Page 56 and 57: WHOLESALE BRAND PORTFOLIO Luxottica
Page 58 and 59: Give the Gift of Sight is a Luxotti
Page 62 and 63: In accordance with U.S.GAAP (1) 200
Page 64 and 65: MANAGEMENT’S DISCUSSION AND ANALY
Page 66 and 67: expenses, thanks to economies of sc
Page 68 and 69: This information is being provided
Page 70 and 71: The swap will expire on June 17, 20
Page 74 and 75: (1) Except for earnings per share (
Page 76 and 77: (1) 1 ADS = 1 ordinary share. (2) C
Page 78 and 79: with the procedure set forth by it,
Page 80 and 81: CORPORATE GOVERNANCE Set out below
Page 82 and 83: - Sergio Erede - Sabina Grossi: Mem
Page 84 and 85: INTERNAL AUDIT COMMITTEE The commit
Page 86 and 87: 3. the Chief Financial Officer, the
Page 88 and 89: STOCK OPTIONS PLANS At the Extraord
Page 90 and 91: ANNUAL REPORT 2004 LUXOTTICA GROUP
Page 92 and 93: (1) Through 1998 the Euro/U.S. Doll
Page 96 and 97: In accordance with U.S. GAAP (1) Tr
Page 98 and 99: In accordance with U.S. GAAP In tho
Page 100 and 101: In accordance with U.S. GAAP (1) Tr
Page 102 and 103: NOTES TO CONSOLIDATED FINANCIAL STA
Page 104 and 105: Maintenance and repair expenses are
Page 106 and 107: customers take receipt of products
Page 108 and 109: In thousands Weighted average share
Page 110 and 111: The Company recognizes forfeitures
Page 112 and 113: 2. RELATED PARTY TRANSACTIONS FIXED
Page 114 and 115: In thousands of Euro Assets purchas
Page 116 and 117: This pro forma financial informatio
Page 118 and 119: The Company believes that the preli
Page 120 and 121: (1) Goodwill acquired in 2003 and 2
Page 122 and 123: Estimated annual amortization expen
Page 124 and 125: Since fiscal year 2004, for income
Page 126 and 127: 8. LONG-TERM DEBT Long-term debt co
Page 128 and 129: Excluding current maturities, long-
Page 130 and 131: OBLIGATIONS AND FUNDED STATUS In th
Page 132 and 133: The accumulated benefit obligations
Page 134 and 135: CONTRIBUTIONS U.S. Holdings expects
Page 136 and 137: The following table sets forth the
Page 138 and 139: STOCK INCENTIVE PLANS Luxottica Gro
Page 140 and 141: Years ended December 31 (1) Inter-s
Page 142 and 143: In thousands of Euro Years ending D
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such higher consideration to all te
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eviewed at the end of January 2004,
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ANNUAL REPORT 2004 KEY CONTACTS AND
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EUROPE LUXOTTICA S.r.l. KILLERLOOP
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MIDDLE EAST AND FAR EAST LUXOTTICA
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ANNUAL REPORT 2004 - Luxottica Group

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