2019
Universal
Registration
Document
Contents
1 Presentation of EssilorLuxottica | 5 | |
1.1 EssilorLuxottica, a global leader in the
eyecare and eyewear industry | 7 | |
1.2 | Company history | 12 |
1.3 | The eyecare and eyewear industry | 16 |
1.4 | Mission and strategy | 18 |
1.5 | EssilorLuxottica activities | 19 |
1.6 | Simplified organizational chart | 39 |
1.7 | EssilorLuxottica in 2019 | 40 |
1.8 | Risk factors AFR | 49 |
1.9 Main characteristics of the risk management and internal control systems implemented by the Company for the preparation and processing of accounting and financial
information AFR | 67 | |
2 Report on Corporate Governance | 71 | |
2.1 | Information on Corporate Governance AFR | 73 |
2.2 Special procedures for shareholder
participation in Shareholders' Meetings AFR | 98 | |
2.3 | Compensation of corporate officers* | 103 |
2.4 Appendix: Summary table
of recommendations of the AFEP-MEDEF
Code that have not been applied | 138 | |
2.5 | Appendix: List of offices and responsibilities | 141 |
2.6 Statutory Auditors' report on related-party
agreements | 158 | |
3 Financial statements | 163 | |
3.1 Comments on the Group's earnings
and financial position AFR | 165 | |
3.2 | Trend information AFR | 173 |
3.3 | Consolidated Group Financial Statements | 176 |
AFR |
3.4 Notes to the Consolidated Group
Financial Statements AFR | 183 |
3.5 Statutory Auditors' report on the
consolidated financial statements AFR | 251 |
3.6 Restated Unaudited Pro Forma Consolidated
Financial Information | 256 |
3.7 Statutory Auditors' report on the Pro Forma Financial Information for the year ended
December 31, 2018 | 264 |
3.8 Fees paid to the Auditors and the members
of their network AFR | 265 | |
3.9 | Financial statements of EssilorLuxottica AFR | 266 |
3.10 Notes to the 2019 financial statements
of EssilorLuxottica AFR | 269 |
3.11 Other information related to the financial
statement of EssilorLuxottica | 286 |
3.12 Statutory Auditors' report on the financial
statements | AFR | 288 | |
Social, environmental and societal | |||
4 information | AFR | 293 | |
4.1 EssilorLuxottica's approach
to Sustainable Development | 296 | |
4.2 | Management of Sustainable Development | 301 |
4.3 Fundamental sustainability pillars to support
EssilorLuxottica Mission | 304 |
4.4 Next steps of EssilorLuxottica sustainability
program | 321 |
4.5 Methodology note and correspondence
table | 322 |
4.6 Report by one of the Statutory Auditors, appointed as an independent third-party, on the non-financial statement included
in the management report | 326 |
Information about the Company, its | |||
5 share capital and stock ownership | 331 | ||
5.1 | The Company | 333 | |
5.2 | Share capital | AFR | 336 |
5.3 | Shareholding | AFR | 341 |
5.4 | Employee shareholding AFR | 343 | |
5.5 | Dividend distribution policy | 348 | |
5.6 | Key stock market data | 349 | |
5.7 | Historical data | 351 | |
Additional information on the Universal | |||
6 Registration Document | 363 | ||
6.1 | Persons responsible AFR | 365 | |
6.2 | Statutory Auditors | 366 | |
6.3 | Publicly available documents | 366 | |
6.4 | Cross-reference tables | 367 |
- Includes the report on the compensation policy of Executive Corporate Officers subject to the approval of shareholders on June 25, 2020.
The information from the Annual Financial Report is clearly identified in the
table of contents by the AFR symbol.
The Registration Documents and releases cited as well as this Universal Registration Document are available at: @ Investors / Publications www.essilorluxottica.com.
2019
Universal Registration
Document
Including the Annual Financial Report
This document is a non-certified translation into English of the Universal Registration Document issued in French and filed on April 21, 2020 with the Autorité des Marchés Financiers (AMF), as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to article 9 of said Regulation.
The Universal Registration Document may be used for the purposes of an offer to the public of securities or the admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.
- 2019 Universal Registration Document • EssilorLuxottica
Dear Shareholders,
We deliver this report with great pride and appreciation for what EssilorLuxottica achieved in 2019. Since the founding of our new Company eighteen months ago, we have worked together to outline a strategic vision for the business that will meet the needs of an industry with incredible market potential while delivering on our ambition to eliminate poor vision. Our pioneering products - advanced lenses and iconic branded eyewear - make us who we are. At the same time, the true potential of EssilorLuxottica lies in what we can do. Through an open business model, we have the ability to connect the industry's global network of players, including 400,000 opticians, optometrists, labs and wholesale customers, as well as ophthalmologists. We defined this open model around six pillars: a global footprint across 150 different countries; world-famous brands that consumers love and trust; a powerful go-to-market strategy comprised of wholesale, retail and e-commerce; superior innovation and digital capabilities; a powerful, vertically integrated supply chain, and the best talent in the industry. This unique model will allow us to deliver eyewear and eyecare in unimaginable ways for the benefit of all our stakeholders.
Among our first milestones as EssilorLuxottica, we made an investment in our people, expanding the international Employee Share Ownership Plan to reward more of our hard-working employees with an opportunity to have a much- deserved equity in EssilorLuxottica. Thanks to the last plan, a total of 56,000 current employees today own EssilorLuxottica shares, in addition to the more than 10,000 former and retired employees who continue to put their trust in us and have maintained a financial stake in the Company. The global footprint of this shareholding reflects the Group's desire to align the interests of employees with those of the Company over the long-term. We also made significant investments in new technologies, operational excellence and our expanded portfolio of brands. We continued our digital transformation, which could be felt from the factory floor to our digital showrooms to our retail stores and in our own offices. From automation in our plants and breakthrough lens manufacturing processes to digital screens and advanced retail experiences, our Company strengthened its reputation as an optical and retail innovator.
In 2019, we announced plans to acquire GrandVision, a global leader in optical retail with more than 7,000 stores across 40 different countries and we expect to close in the coming months. This will help us grow our retail footprint in key areas, particularly Europe, and help us set a new global standard for the optical retail experience. At the same time, EssilorLuxottica continued to make good progress on the integration front, taking the first steps toward an integrated lab network, transitioning Costa into the Luxottica portfolio and optimizing real estate, procurement and other functional areas. Every day, our teams are working tirelessly together on meaningful initiatives that will not only generate growth opportunities for the Company, but also create value and benefit our customers, consumers and the overall industry. As a result, we reached a combined Euro 17.4 billion in annual revenues last year.
Most notably, in 2019, we continued to develop sustainable access to vision care through our inclusive business and philanthropic programs. These efforts now serve over 300 million people who would not have otherwise had access to the care they need. To give vision a greater voice, we worked with the highest levels of government, multilateral agencies and partners inside and outside the sector to put vision on the global agenda. All this and more has contributed to our Mission to help people see more, be more and live life to its fullest. These activities earned EssilorLuxottica a spot on Fortune's "Change the World" list, giving more visibility to our commitment to bring good vision to all.
Essilor and Luxottica each enjoy a history of social responsibility and sustainability and together we built a framework that will bring this topic to the forefront. Over the past year, we continued to make Sustainable Development an integral pillar of the Company's growth and innovation strategy. Key examples include tangible progress made in water reduction and energy consumption practices, increased momentum in our Climate Change Program and initiatives that enhance the wellbeing of our employees.
At the start of 2020, we are balancing the complex needs of our business with the global health challenge of COVID-19. Despite the tough environment, we are navigating it as we always do - by keeping our commitment to our customers and ensuring the health and wellbeing of our employees. Our strong global footprint gives us the flexibility we need to keep the business running without getting distracted or sacrificing what matters. Our teams are staying the course, continuing to imagine, build and grow the vision care Company of the future. We will be a Company that our people, partners, investors and customers are proud to work with, a Company that leads with your best interests in mind, and a Company that continues to share the value we create in the industry. We look forward to sharing more with you as the year goes on.
Leonardo Del Vecchio | Hubert Sagnières |
2019 Universal Registration Document • EssilorLuxottica | 3 |
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EssilorLuxottica SA published this content on 20 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2023 16:52:09 UTC.