Essilux, profit at 2.8 billion and dividend up by 29%. CEO Milleri: record year – Corriere.it

Record accounts for Essilux, the reality founded by Leonardo Del Vecchio and led by the president and CEO Francesco Milleri. Despite the economic context, the group sees all indicators on the rise in 2022: turnover, operating profit and net result. Then, the proposed dividend is 3.23 euros per share, a number that translates into an increase of 29% and can be paid in the form of shares. On the occasion of the annual meeting to be held on May 17, 2023, shareholders will in fact be offered, for the third year, the possibility of receiving the dividend in cash or in newly issued shares (scrip dividend). The ex-dividend date will be 22 May 2023 and the dividend will be paid – or the shares issued – starting from 13 June 2023.

The numbers on the rise

Notably, revenues came to $24.5 billion, up 13.9% on a comparable basis, and Group Adjusted Net Income came to $2.8 billion for the full year, up 15.4% year on year. constant exchange rates compared to the pro forma 2021, representing 11.7% of turnover in 2022. Last year the lenses and frames giant formed from the merger of Leonardo Del Vecchio-founded Luxottica and France’s Essilor, reported an adjusted operating margin of 16.8% in 2022, up 70 basis points on pro forma of 2021. `Adjusted results are those adjusted for expenses or revenues relating to the combination of Essilor and Luxottica, the acquisition of GrandVision, strategic and material acquisitions and other transactions.
With a record turnover of 24.5 billion and significant product innovations, in 2022 we demonstrated what goals a solid and integrated company like EssilorLuxottica can achieve, underlined Milleri, supported by the deputy managing director Paul du Saillant.

The tribute to Del Vecchio

The CEO and president then recalled the founder who passed away in June last year: our late president, Leonardo Del Vecchio, would have been proud of the results achieved in all geographical areas and of the ever deeper bond with our people and optical customers . Adjusted gross profit reached 63.7% of revenues, 30 basis points higher than in pro forma 2021 (or 40 basis points higher at constant exchange rates), which represents a remarkable performance given the impact of the inflation on production costs, such as labour, energy, transport and raw materials, emphasizes Essilux.

Liquidity for 2 billion

In the detail of last year’s results approved by the Essilux Board of Directors, which appointed Jean-Luc Biamonti Lead Director, it emerges that the Group’s operating result and net profit directly deriving from the IFRS consolidated financial statements amount to 3,157 million and 2,152 million respectively . The company closed the year with €1.96 billion in cash and cash equivalents and net financial debt of €10.25 billion (including lease liabilities of €3.18 billion) compared to €9.7 billion at the end of December 2021 .

Investments

The emphasis on the group’s commitments, despite the significant increase in labor costs, due to the inflationary pressure on wages globally. We continued to invest in some important strategic levers: the vertical integration of the business along the entire supply chain and of big data in corporate decisions, the strengthening of the widespread presence throughout the world and the development of our Eyes on the Planet sustainability platform, added Milleri who underlined: in the last year we have further strengthened our open and networked business model, finalizing important acquisitions such as Walman in North America and Shamir in Israel and continuing to invest in quality eyecare and eyewear products for the benefit of whole sector. At the same time, we have demonstrated our ability to innovate by developing new sustainable collections, lens generations and product categories.

On the stock exchange in Paris

In the fourth quarter of last year, turnover increased by 3.9% at constant exchange rates, with a still sustained pace, albeit slower than in the other quarters of the year, mainly due to the difficult basis of comparison with what had been the best quarter 2021, when comparable revenues had increased by 11.0% compared to the fourth quarter 2019 at constant exchange rates. In light of the difficult macroeconomic scenario of the period, such a solid performance demonstrates once again that a global presence, the open model and the progressive integration of the group are paying off, says the company. The title down 3% on the Paris Stock Exchange.