CHARENTON-LE-PONT, France, July 12 /PRNewswire-FirstCall/ --
- Up 12% at Constant Exchange Rates
Essilor, the world leader in ophthalmic optics, today announced its consolidated revenue for the six months ended June 30, 2007.
(in EUR millions) 1st half 1st half Reported Like-for-like 2007 2006 change change(1) Consolidated revenue 1,475.6 1,362.4 8.3% 8.4%
(1) Based on a comparable scope of consolidation and at constant exchange rates.
Following a solid 8.1% like-for-like increase in the first three months of the year, revenue rose by a very strong 8.7% like-for-like in the second quarter, resulting in an overall gain of 8.4% for the half. Note that the year-earlier basis of comparison was high, reflecting the 8.7% gain in first-half 2006.
The first six months of 2007 saw an increase in unit sales, especially in medium and high-index, progressive and photochromic lenses. Essilor also benefited from the rollout of new products, in particular the progressive lens marketed under the Anateo(TM) brand (for BBGR in Europe) and the Accolade(TM) brand (for optical chains and cooperatives in the rest of the world), the anti-reflective, antistatic Crizal(R) Alize(R) lens and the Varilux Physio(R) progressive lens launched in early 2006.
Changes in the scope of consolidation, which mainly concerned the initial acquisitions made in 2007, boosted revenue by 3.6% in the first half. These acquisitions, which included Novacel in Europe, OOGP in the United States and ILT in Singapore, will add EUR118 million to revenue at a total cost of EUR101 million. Changes in the scope of consolidation also reflected acquisitions made in 2006.
Although the currency effect remained unfavorable, it decreased in the second quarter to a negative 2.4%, resulting in a negative 3.7% for the half. The trend was mainly due to the appreciation of the euro against most other currencies.
Revenue by region (in EUR millions) 1st half 2007 1st half 2006 Reported Like-for-like change change(1) Europe 675.2 606.4 11.3% 8.4% North America 622.0 596.0 4.4% 7.1% Asia-Pacific 128.4 116.8 10.0% 12.2% Latin America 50.0 43.2 15.8% 16.6%
(1) Based on a comparable scope of consolidation and at constant exchange rates.
- After enjoying like-for-like revenue growth of 8.6% in Europe in the first quarter, Essilor increased its market share, with 8.2% organic growth in the second quarter.
- The North American market remained very strong. Revenue gained 7.5% like-for-like in the second quarter, with sustained growth in Canada and in the prescription laboratory business in the United States.
- Second-quarter sales were also very robust in Latin America (up 26.2% like-for-like) and Asia-Pacific (up 11.5%). Brazil, China, India, Japan and Australia/New Zealand all reported significant gains.
Acquisitions
Essilor Canada, an Essilor subsidiary, recently acquired a majority stake in Optique Cristal Inc., a Quebec-based prescription laboratory with revenue of approximately CAD 2 million.
A conference call will be held today at 10:00 a.m., Paris time. The number to dial is: +44 (0)207 750 9923 The conference will be available for later listening at: http://hosting.3sens.com/Essilor/20070712-3B4BA5FF/en/ Next financial announcement First-half earnings will be released on August 30, 2007.
Essilor International is the world leader in ophthalmic optical products, offering a wide range of lenses under the flagship Varilux(R), Crizal(R), Airwear(R) and Essilor(R) brands to correct myopia, hyperopia, presbyopia and astigmatism. Essilor operates worldwide through 15 production sites, 244 lens finishing laboratories and local distribution networks. The Essilor share trades on the Euronext Paris market and is included in the CAC 40 index. Codes and symbols: ISIN: FR 0000121667; Reuters: ESSI.PA; Bloomberg: EF.FP.
Investor Relations and Financial Communications Veronique Gillet Phone: +33-(0)-1-49-77-42-16 www.essilor.com
Essilor
CONTACT: Investor Relations and Financial Communications: VeroniqueGillet, Phone: +33-(0)-1-49-77-42-16
