FY 2022 Results
Year of records in sales, operating and net profit
All regions and segments contributing
Progressing on all social and sustainability initiatives
- Group’s sales at Euro 24.5 billion in FY 2022, up 13.9% vs 2021 in comparable3 terms
- Adjusted2 operating margin at 16.8% in FY 2022, up 70bps vs pro forma4 FY 2021
- Group’s comparable-store sales5 up 7.7% in FY 2022, ex-GrandVision outperformed at +9.3%
- Investment in capex and M&A to strengthen the business model
- Free cash flow6 at Euro 2.26 billion in FY 2022
- Dividend proposed at Euro 3.23 per share, up 29% vs FY 2021
- Comparable revenue3 up 9.4% in Q4 2022, +3.9% at constant exchange rates1
- Appointment of Jean-Luc Biamonti as lead director
Charenton-le-Pont, France (February 23, 2023 - 7:00 am) – The Board of Directors of EssilorLuxottica met on February 22, 2023 to approve the consolidated financial statements for the year ended December 31, 2022. These financial statements were audited by the Statutory Auditors whose audit report is in the process of being issued.
Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica commented:
“From record sales of 24.5 billion to groundbreaking product innovations, EssilorLuxottica delivered on the promise of a strong, unified company in 2022. Our late Chairman, Leonardo Del Vecchio, would have been proud to see the new heights we reached in every geography and the growing bonds between our people and customers. It is with these deep connections in mind that our thoughts today go to our employees and partners in Turkey, and all those impacted by the devastating earthquakes in Turkey and Syria.
In 2022, we strengthened our open, collaborative business model, while completing important acquisitions such as Walman in North America and Shamir in Israel, and continuing to invest in quality eyecare and eyewear for the benefit of the entire market. At the same time, we continued to showcase our unique innovation capability, through new sustainable collections and the ongoing deployment of new lens products and categories.
In the face of ongoing macroeconomic uncertainties, we remained focused on our strategic levers: the vertical integration of our business, the embedding of big data in any corporate decision, our global footprint, and the deployment of our sustainability program Eyes on the Planet. In 2022, we also confirmed our long-term commitment to our mission by launching the largest vision care foundation in the world. All these key factors, combined with our nearly 200,000 talented employees, will enable us to achieve continued growth in the years ahead.”
1 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.
2 Adjusted measures or figures: adjusted from the expenses or income related the combination of Essilor and Luxottica (the “EL Combination”), the acquisition of GrandVision (the “GV Acquisition”), other strategic and material acquisitions, and other transactions that are unusual, infrequent or unrelated to the normal course of business as the impact of these events might affect the understanding of the Group’s performance. A description of those other transactions that are unusual, infrequent or unrelated to the normal course of business is provided in the half-year and year-end disclosure (see dedicated paragraph Adjusted measures).
3 Comparable (revenue): comparable revenue includes, for 2021, the contribution of GrandVision’s revenue to EssilorLuxottica as if the combination between EssilorLuxottica and GrandVision (the “GV Acquisition”), as well as the disposals of businesses required by antitrust authorities in the context of the GV Acquisition, had occurred on January 1, 2021. Comparable revenue has been prepared for illustrative purpose only with the aim to provide meaningful comparable information. No adjustments are made to 2022 revenue.
4 Pro forma: pro forma information as presented in the Restated Unaudited Pro Forma Consolidated Financial Information. The Restated Unaudited Pro Forma Consolidated Financial Information has been prepared for illustrative purpose only as if the acquisition of GrandVision had occurred on January 1, 2021. That information does not take into account the results of operations and financial condition that EssilorLuxottica would have achieved if the acquisition of GrandVision had actually been realized on January 1, 2021; there can be no assurance that the assumptions used to prepare the Restated Unaudited Pro Forma Consolidated Financial Information are accurate in all respects or that the result disclosed in the Restated Unaudited Pro Forma Consolidated Financial Information are indicative of the future performance of EssilorLuxottica. As a result, EssilorLuxottica's performance in the future may differ materially from that presented in the Restated Unaudited Pro Forma Consolidated Financial Information. For a reconciliation between adjusted pro forma measures and their most comparable measures reported in the IFRS consolidated financial statements, please refer to the reconciliation table provided in Appendix 3 of the attached Excerpt from 2022 Management Report.
5 Comparable-store sales: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. For each geographic area, the calculation applies the average exchange rate of the prior period to both periods.
6 Free Cash Flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and equipment and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow.
7 Net debt: sum of Current and Non-current borrowings, Current and Non-current lease liabilities, minus Short-term investments, Cash and cash equivalents, the Interest Rate Swap measured at fair value and Foreign exchange derivatives at fair value as disclosed in the IFRS consolidated financial statements.