Essilor 1Q Revenue +24% EUR1.27 Billion Boosted By Acquisitions, Forex
24 Aprile 2012 - 7:52AM
Dow Jones News
French lenses maker Essilor International SA (EI.FR) Tuesday
said sales in the first quarter rose 24% to EUR1.27 billion boosted
by the effects of recent acquisitions and a weaker euro against the
U.S. dollar, the Australian dollar and the yuan.
MAIN FACTS:
- Excluding the effects of currency fluctuations and income from
recent acquisitions, the company's sales in the first quarter rose
8.5%.
- Changes in the scope of consolidation increased revenue by
12.5%, with bolt-on acquisitions1 accounting for 3.3% of the
increase and the 2011 strategic acquisitions of Shamir Optical and
Stylemark representing 6.7%. The remaining 2.4% improvement was
attributable to the Nikon-Essilor and Essilor Korea joint ventures,
which are now fully consolidated after being consolidated on a 50%
basis before.
- The 2.6% positive currency effect was mainly due to the rise
in the US dollar and - to a lesser extent - the Chinese yuan and
the Australian dollar against the euro.
- Essilor's 8.5% like-for-like growth rate reflects strong
momentum in all of its host regions and divisions, particularly in
the U.S., and the successful launches of new products such as
Optifog and Crizal UV lenses.
- During the first quarter, Essilor purchased 1.78 million of
its own shares on the market, for a total of nearly EUR102 million.
The purpose was to offset the dilution resulting from the issuance
of shares under performance share and stock option plans reserved
for employees and senior executives. These share buybacks, combined
with normal seasonal fluctuations in the business, led to a
moderate increase in net debt, which stood at EUR541.5 million at
March 31, 2012.
- Essilor confirms its full-year objectives of revenue growth of
12% to 15%, excluding the currency effect, and sustained high
profitability excluding strategic acquisitions.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
inti.landauro@dowjones.com
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