2010 Results. Paris - March 2, 2011
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1 2010 Results Paris - March 2, 2011
2 > Highlights of 2010 > Financial results > Strategy and outlook 2010 Results 2
3 2010: A Year of Acceleration Highlights of 2010 Revenue of 3,892m, up 19.1% Operating profit up 18.9% to 705m, 18.1% margin Free cash flow of 480m, up 23% 2010 Results 3
4 Growth Strategy Pursued Highlights of 2010 Product strategy Mid-range segment Geographic expansion Bolt-on acquisitions Strategic acquisitions 240 new products New local brands and multi-networks China, Latin America, India 155m in 2010 vs 117m in 2009 FGXI and Signet Armorlite 2010 Results 4
5 Core Business Enjoys Strong Economics Highlights of 2010 Positive contribution from trading-up No margin dilution despite greater mid-range focus, thanks to different cost structure Higher volumes drive production gains Efficiency of our export labs strategy 2010 Results 5
6 A Year of Acceleration and Reinforcement Highlights of 2010 Strong optical market fundamentals Reinforced market positions to fuel long-term profitable growth Strengthened organization and teams Financial resources to seize all profitable opportunities 2010 Results 6
7 > Highlights of 2010 > Financial results > Strategy and outlook 2010 Results 7
8 Fastest Growth in 15 years: 13.4% at Constant Exchange Rates Financial Results In millions % +1.6% +5.7% +3.0% +3.1% +6.1% 3,892 3, % at constant exchange rates +19.1% 2009 Organic growth Bolt-on acquisitions FGXI Signet Armorlite Currency effect Results 8
9 Gradual Improvement in Organic Growth Continued in the Fourth Quarter Financial Results In % Q Q Q Q Q Q Q Q Q Q Q Q Organic Growth Bolt-on Acquisitions 2010 Results 9
10 Bolt-on Acquisitions: 27 Transactions, Contributing 155m in Full-Year Revenue Financial Results Canada 2 United States 9 Europe 2 Africa Middle East 2 Asia 6 Latin America 4 Oceania 1 Equipment Results 10
11 North America: Up 3.5% Financial Results In m 39% +11.1% +3.5% +3.5% Good second half in the United States Varilux, Crizal and Xperio Growth in progressive lenses Independent ECP made strong gains Canada: still fragile Signet Armorlite being integrated 1,253 1,354 1, Reported revenue in m Growth excluding currency effect and strategic acquisitions 2010 Results 11
12 Europe: Up 2.3% Financial Results 36% In m +4.8% -0.5% +2.3% Solid performance in France Italy, Spain and Ireland still weakened by a tough economy Upturn in Poland and very strong growth in Russia 4 th quarter impacted by unfavorable weather conditions and slower growth in instrument sales Large accounts and mid-range 1,356 1,332 1, Reported revenue in m Growth excluding currency effect and strategic acquisitions 2010 Results 12
13 Latin America: Up 22.6% Financial Results 5% In m +22.6% Strong demand throughout the year Crizal / Varilux / Transitions Growth in the mid-range Deployment of the vertical integration strategy New partnerships in Brazil Anti-reflective coating centers Signet/Kodak in Colombia +17.6% +8.3% Reported revenue in m Growth excluding currency effect and strategic acquisitions 2010 Results 13
14 Asia-Oceania/Middle East-Africa: Up 15.1% Financial Results 12% In m +15.1% +11.8% +12.8% Improvement in the developed markets in the 2nd half (up 8.2% over the full year) Very sustained demand in the fast growing countries Reported revenue in m Growth excluding currency effect and strategic acquisitions 2010 Results 14
15 Constant currency Revenue Up 22% in Fast Growing Markets Financial Results 12% Russia +29.3% China +28.6% Africa Middle East +24.6% India +23.7% ASEAN +24.2% Latin America +22.6% *Fast growing markets include China, India, ASEAN, HK, Taiwan, Africa, the Middle East, Russia and Latin America, ILT & OSA 2010 Results 15
16 Equipment*: Up 38% Financial Results 4% In m +38% -7% Business has returned to prerecession levels Fast growth in sales of digital surfacing equipment Partnership with DAC Vision * External sales by Satisloh, Delamare and Dac Vision Reported revenue in m Growth excluding currency effect and strategic acquisitions 2010 Results 16
17 Readers focus: Revenue Up 6.9% in Dollars over the Full Year Financial Results 5% In $m % Solid 6.9% growth in revenue Successful new products Of which $247m ( 187m) in Essilor revenue International expansion Results 17
18 Net Profit up 18.2% Financial Results In millions 2009* 2010 % change Revenue 3,268 3, % Contribution from operations** % % of revenue 18.1% 18.1% Operating profit % Profit attributable to equity holders % % of revenue 11.9% 11.9% Earnings per share (in ) % * Adjusted for acquisition-related costs on non-closed transactions at December 31, 2009, which reduced net profit by 3.3m ** Operating profit before compensation costs of share-based payments, restructuring costs, other income and expense and goodwill impairment Results 18
19 Exceptional Items within Operating Profit Financial Results In millions % change Contribution from operations % Restructuring/reorganization (11.4) (37.9) BKA provision (3.9) (41.5) Sperian disposal Strategic acquisition costs (3.5) (6.5) Other income/(expense), net (24.1) (27.5) Operating profit % 2010 Results 19
20 Improved Contribution from Core Business Financial Results % of revenue 18.1% Operating leverage on 2009 business base Bolt-on acquisitions % % 2009 Adjusted for IFRS 3R 2010 Before bolt-on and strategic acquisitions 2010 reported 2010 Results 20
21 Positive Impact from Strategic Acquisitions Financial Results In millions Dec. 2009* Dec excl. strategic acquisitions Strategic acquisitions Dec Revenue 3,268 3, *** 3,892 Contribution from operations** % of revenue 18.1% 18.1% 18.1% Operating profit Profit attributable to equity shareholders % of revenue 11.9% 12.1% 11.9% Earnings per share (in ) * Adjusted for acquisition-related costs on non-closed transactions at December 31, 2009, which reduced net profit by 3.3m ** Operating profit before compensation costs of share-based payments, restructuring costs, other income and expense and goodwill impairment. *** Including inter-company revenue 2010 Results 21
22 Highlights of 2010 Financial Results Positive contribution from FGXI and Signet Tangible improvement in Core Business performance Strong contribution from associates Laboratory capacity adjusted in the US and Europe Launch of two Innovation and Technology Center projects in Dallas (US) and Créteil (France) 2010 Results 22
23 Optimized Capex and Increased Global Production Capacity Financial Results 9% 8% % 6% 7.2% 7.1% 7.7% 183 5% 4% 5.9% % 2% 1% 3.5% 3.2% 0% Capital expenditure net of disposals in millions and in % of revenue 2010 Results 23
24 Free Cash Flow Up 23% Financial Results WCR Capex Operating cash flow 1000 (excl. WCR) Dividends Capital increase 600 Other** Sperian disposal Net financial investments* Reported 200 change in net debt Share buybacks * Including 107m in acquired debt ** Including the change in the cross-currency swap 2010 Results 24
25 Robust Balance Sheet to Finance Growth Financial Results In millions 2,735 3,044 1,676 1,892 2,168 2, x EBITDA * 2010 Net debt Equity * Adjusted for acquisition-related costs in accordance with IFRS 3R 2010 Results 25
26 Reduction in Shares Outstanding over the Year Financial Results In millions of shares Shares outstanding at year-end New shares issued 2.5 To members of the PEE corporate savings plan 0.5 On exercise of stock options 2.0 Existing shares delivered 3.0 On vesting of performance shares and exercise of stock options 1.1 On conversion of OCEANE bonds 1.9 Share buybacks -7.6 Shares outstanding at year-end Results 26
27 Dividend Per Share Up 18.6% Financial Results 0.83* Total payout ( m) Dividend per share ( ) * Submitted to shareholder approval at the May 5, 2011 Annual Meeting 2010 Results 27
28 > Highlights of 2010 > Financial results > Strategy and outlook 2010 Results 28
29 The Optical Market in 2011 Strategy and Outlook A still significantly under-penetrated market A high ramp-up potential A growing, profitable mid-range segment A highly fragmented industry 2010 Results 29
30 2010 Results 30
31 The Optical Market in 2011 Strategy and Outlook A still significantly under-penetrated market A high ramp-up potential A growing, profitable mid-range segment A highly fragmented industry Acceleration driven by fast growing markets 2010 Results 31
32 Acceleration Driven by Fast Growing Markets Strategy and Outlook Expected GDP Growth (in volume, constant price in %, IMF) China 8 India 6 4 Indonesia Brazil Mexico GDP growth = 5% 2 France UK USA 0 Spain Germany 0 10,000 20,000 30,000 40,000 50,000 60,000 Source: Essilor, Estin & Co. GDP per Capita (in USD) 2010 Results 32
33 With the Fastest Volume Growth Strategy and Outlook Volume growth Lenses per capita 0,7 UK USA 0,6 0,5 France Hong-Kong Canada Singapore Singapore Ireland Source: Essilor, Estin & Co. 0,4 0,3 0,2 0,1 0,0 Germany Finland Austria Australia Netherlands Sweden Belgium Spain Switzerland Argentina Italy Slovenia Malaysia Taiwan Brazil Slovakia Portugal Japan Hungary Croatia Czech Rep Turkey Poland Mexico South Africa Russia China Thailand Indonesia India Indonesia Egypt India Philippines 0 10,000 20,000 30,000 40,000 50,000 GDP per capita (in USD) Number of lenses sold linked to GDP per capita 2010 Results 33
34 And the Greatest Potential for Average Prices to Increase Strategy and Outlook Average price to end consumer per spectacle lens 200 (logarithmic scale, in ) Value growth Brazil Spain France UK Germany USA Hong-Kong 20 Mexico 10 5 Indonesia China Source: Essilor, Estin & Co. 2 India 2,000 5,000 10,000 20,000 50,000 GDP per capita (logarithmic scale, in USD) Average selling price also linked to GDP per capita 2010 Results 34
35 Our Priorities for 2011 Strategy and Outlook Significantly increase exposure to fast growing markets Capture full growth potential of developed markets Continue to strengthen worldwide positions in the midrange market Leverage Equipment and Instruments division Accelerate worldwide development of FGXI 2010 Results 35
36 Significantly Increase Exposure to Fast Growing Markets Strategy and Outlook 20 Expected market growth in value (CAGR , in %) 15 9 MPc Size proportional to market volume 2010 India Indonesia Russia China Leverage all Essilor s know-how Ghana Kenya Kazakhstan Implement through a dedicated organization Serbia Costa Rica Slovenia Malaysia Chile Thailand Saudi Arabia Mexico South Africa Singapore Canada Portugal Netherlands Japan Brazil France USA Accelerate acquisitions Adapt business model to each country 0,2 0, Market volume in 2010 (millions of lenses) 200 Source: Essilor, Estin & Co Results 36
37 2010 Results 37
38 2010 Results 38
39 2010 Results 39
40 Our Priorities for 2011 Strategy and Outlook Significantly increase exposure to fast growing markets Capture full growth potential of developed markets Continue to strengthen worldwide positions in the midrange market Leverage Equipment and Instruments division Accelerate worldwide development of FGXI 2010 Results 40
41 Capture Full Growth Potential of Developed Markets Strategy and Outlook Japan Italy 11% Canada Spain USA France 34% 29% 25% 26% Progressive lenses Growth potential 98% Germany 78% Canada France 55% USA 35% 41% Anti-reflective lenses Growth potential Innovation at the heart of our strategy Stimulate demand for premium products France Germany 11% Japan 1% 7% USA Australia 18% 20% Growth potential Spain France 0,5% 1% Italy 2% Canada 3% USA 7% Growth potential Develop customer solutions & services Photochromic lenses Polarized lenses Essilor s growth potential is as strong in developed countries as in fast growing countries 2010 Results 41
42 2010 Results 42
43 2010 Results 43
44 2010 Results 44
45 2010 Results 45
46 Our Priorities for 2011 Strategy and Outlook Significantly increase exposure to fast growing markets Capture full growth potential of developed Markets Continue to strengthen worldwide positions in the midrange market Leverage Equipment and Instruments division Accelerate worldwide development of FGXI 2010 Results 46
47 Continue to Strengthen Worldwide Positions in the Mid-Range Market Strategy and Outlook Bolt-on acquisitions 150 / 200 Multi networks All geographies Capitalize on export labs and Asian acquisitions to grow profitably in the mid-range market 2010 Results 47
48 2010 Results 48
49 2010 Results 49
50 Our Priorities for 2011 Strategy and Outlook Significantly increase exposure to fast growing markets Capture full growth potential of developed Markets Continue to strengthen worldwide positions in the midrange market Leverage Equipment & Instruments division Accelerate worldwide development of FGXI 2010 Results 50
51 Leverage Equipment & Instruments Division Strategy and Outlook Surfacing Consumables Coating Edgers Continue to deploy worldwide distribution Facilitate the penetration of premium lenses Support growth of fast growing markets Strengthen Essilor s positions worldwide 2010 Results 51
52 Complete Solutions for Prescription Labs Strategy and Outlook Finishing AR Coating Cleaning Coated & Edged Lens Hard Coating Consumables & Tools for all Process Steps Cleaning Rx Calculation Software Job Management Deblocking All-Format Lab- Server Software Protecting Polishing Blocking All-Format Generating 2010 Results 52
53 Our Priorities for 2011 Strategy and Outlook Significantly increase exposure to fast growing markets Capture full growth potential of developed Markets Continue to strengthen worldwide positions in the midrange market Leverage Equipment & Instruments division Accelerate worldwide development of FGXI 2010 Results 53
54 Accelerate Worldwide Development of FGXI Strategy and Outlook Acquisitions Leverage Essilor s strengths Extend product lines Alt Channels Opticals Department Stores International $ Million Sales $277 Million Sales A growth driver for Essilor and the optical market 2010 Results 54
55 2010 Results 55
56 A Corporate Culture to Support our Growth Strategy Strategy and Outlook Trading-up through innovation Conquering the midrange segment Acquisitions Expanding the market Operational efficiency 2010 Results 56
57 Continue to Develop Export Prescription Labs Strategy and Outlook China India Thailand Mexico Strategy combining premium service and efficiency 2010 Results 57
58 2010 Results 58
59 A Corporate Culture to Support our Growth Strategy Strategy and Outlook Trading-up through innovation Conquering the midrange segment Acquisitions Expanding the market Operational efficiency Corporate and social responsibility 2010 Results 59
60 Strengthened Commitment to Corporate Responsibility Strategy and Outlook Our convictions: Strong management systems: Quality, Environment, Health & Safety A recognized commitment: Employee shareholding reinforces our culture Pledged to support UN Global Compact Essilor Vision Foundation Better Life through Better Sight Deployment of «Essilor Principles» to support sustainable growth 2010 Results 60
61 2010 Results 61
62 2010 Results 62
63 2010 Results 63
64 2011 Outlook Strategy and Outlook Revenue growth of 6% to 8% (including organic and bolt-on acquisitions) Maintain current high level of profitability (excluding strategic acquisitions) 2010 Results 64
65 2010 Results 65
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