By Regulatory News:
Essilor (Paris:EI), the world leader in ophthalmic optics, today announced estimated consolidated revenue of ?5,065.2 million for the year ended December 31, 2013, representing a 1.5% increase on the previous year.
Estimated 2013 revenue up 5.4% excluding the currency effect
In ? millions | 2013 | 2012(a) |
% Change |
% Change |
Change in the |
Currency | ||||||
| Lenses and Optical Instruments | 4,505.4 | 4,445.2 | +1.4% | +1.8% | +3.5% | -3.9% | ||||||
| North America | 1,770.4 | 1,775.4 | -0.3% | +0.5% | +2.8% | -3.6% | ||||||
| Europe | 1,572.1 | 1,570.2 | +0.1% | +0.5% | +0.5% | -0.9% | ||||||
| Asia/Pacific/Middle East/ Africa | 812.1 | 777.6 | +4.4% | +4.2% | +8.2% | -8.0% | ||||||
| Latin America | 350.8 | 322.0 | +8.9% | +9.7% | +10.7% | -11.5% | ||||||
| Equipment | 204.9 | 199.2 | +2.9% | +7.3% | -1.5% | -2.9% | ||||||
| Readers | 354.9 | 344.4 | +3.0% | +2.7% | +3.7% | -3.4% | ||||||
| TOTAL | 5,065.2 | 4,988.8 | +1.5% | +2.1% | +3.3% | -3.9% |
(a) In 2012, Nikon-Essilor's revenue in North America (?39.5 million) and Europe (?11.5 million) was recognized in the Asia/Pacific/Middle East/Africa region.
Growth in 2013 revenue reflects:
- A 2.1% like-for-like increase in revenue over the year, reflecting an improvement in sales from the first half (up 1.2%) to the second (up 3.0%).
- A 3.3% impact from changes in scope of consolidation, attesting to the growing contribution of Essilor's acquisitions strategy from quarter to quarter.
- A 3.9% negative currency effect attributable to the rise in the euro against most of the Company's billing currencies.
In 2013, Essilor's strong drive to innovate led to several major product roll-outs, including the Varilux® S series progressive lens, the Crizal® UV antireflective lens and, at the end of the year, Crizal® Prevencia TM, the first lens that filters harmful blue light. The popularity of these products with eyecare professionals, combined with the Company's assertive acquisitions strategy, enabled Essilor to strengthen its global positions during the year.
Nevertheless, the Company's organic growth was held back by fierce competition and by a slowdown in the eyecare market in certain regions reflecting a challenging economic environment.
Estimated fourth-quarter 2013 revenue up 7.3% excluding the currency effect
Estimated fourth-quarter 2013 revenue totaled ?1,252.2 million. The 1.8% increase corresponded to 3.0% organic growth and the 4.3% impact of changes in scope of consolidation, less a 5.5% negative currency effect.
In ? millions | Q4 2013 | Q4 2012(a) |
% Change |
% Change |
Change in the |
Currency | ||||||
| Lenses and Optical Instruments | 1,094.6 | 1,090.9 | +0.3% | +2.0% | +3.9% | -5.6% | ||||||
| North America | 416.1 | 419.9 | -0.9% | +0.9% | +3.7% | -5.5% | ||||||
| Europe | 393.7 | 392.9 | +0.2% | -0.4% | +1.7% | -1.1% | ||||||
| Asia/Pacific/Middle East/ Africa | 196.6 | 197.0 | -0.2% | +6.3% | +5.0% | -11.5% | ||||||
| Latin America | 88.2 | 81.1 | +8.7% | +9.4% | +12.6% | -13.3% | ||||||
| Equipment | 60.3 | 55.6 | +8.4% | +15.2% | -2.7% | -4.1% | ||||||
| Readers | 97.3 | 83.2 | +17.0% | +6.9% | +15.3% | -5.2% | ||||||
| TOTAL | 1,252.2 | 1,229.7 | +1.8 % | +3.0% | +4.3% | -5.5 % |
(a) In the fourth quarter of 2012, Nikon-Essilor's revenue in North America (?9.8 million) and Europe (?2.8 million) was recognized in the Asia/Pacific/Middle East/Africa region.
In the fourth quarter of 2013, the Readers and Equipment Divisions performed well and North American operations enjoyed a recovery. However, sales were adversely affected by an unfavorable basis of comparison in the United States, the loss of a major contract in Europe and a difficult economic and regulatory environment in France. Essilor's overall performance was also impacted by delays in completing several acquisitions.
For the full year, contribution from operations1 is expected to be slightly higher than in 2012, demonstrating once again the strength of the Company's growth model.
The final revenue figure and the consolidated financial statements will be released on February 27, 2014.
1 Operating profit before compensation costs for share-based payment plans, restructuring costs, other income and expense, and goodwill impairment.
About Essilor
The world's leading ophthalmic optics company, Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. Its corporate mission is to enable everyone around the world to access lenses that meet his or her unique vision requirements. To support this mission, the Company allocates more than ?150 million to research and innovation every year, in a commitment to continuously bring new, more effective products to market. Essilor's flagship brands are Varilux®, Crizal®, Definity®, Xperio®, OptifogTM and Foster Grant®. It also develops and markets equipment, instruments and services for eyecare professionals.
Essilor reported consolidated revenue of approximately ?5 billion in 2012 and employs around 50,700 people. It operates in some 100 countries with 22 plants, more than 400 prescription laboratories and edging facilities, as well as several research and development centers around the world.
For more information, please visit www.essilor.com.
The Essilor share trades on the NYSE Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg: EI:FP.
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