Essilorluxottica Sa · EURONEXT:EL
Essilorluxottica Sa — H1 2022 Earnings Presentation
28 slides from Essilorluxottica Sa's earnings presentation, Jul 29, 2022
Slide 1: EssilorLuxottica H1 Results 2022
EssilorLuxottica H1 Results 2022 July 29, 2022
Slide 2: Business performance
Business performance • Group’s revenue up 36% in Q2 and 37% in H1 vs 2021. • Comparable revenue up 7.0% in Q2 and 9.1% in H1 at const. exchange rates. • EMEA continuing to grow double digits, NA decelerating but still positive. • GrandVision at Group’s pace, with comparable-store sales at +7% in Q2.
Slide 3: Growth pillars
Growth pillars • Creation of an integrated, efficient and focused organization across levels and geographies. • Innovation at work: healthy growth of Ray-Ban and Oakley. On lens side, Varilux and Crizal best performers. • Stellest rolled out in 16 countries across Asia-Pacific (adding India), EMEA,
Slide 4: H1 2022 Results
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Slide 5: Revenue Growth
Revenue Growth Constant currency Current currency Q2 2022 vs 2021 Group Revenue +27.5% +35.7% Comparable Revenue +7.0% +13.9% H1 2022 vs 2021 Group Revenue +30.1% +36.8% Comparable Revenue +9.1% +14.7% H1 2022 Results 5
Slide 6: H1 2022 Results
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Slide 7: Q2 comparable revenue by segment 2022 vs 2021
Q2 comparable revenue by segment 2022 vs 2021 Change at constant Change at current € million Q2 2022 Q2 2021 exchange rates exchange rates Professional Solutions 3,057 2,705 +5.5% +13.0% Direct To Consumer 3,330 2,903 +8.5% +14.7% EssilorLuxottica 6,387 5,607 +7.0% +13.9% H1 2022 Results 7
Slide 8: Q2 comparable revenue by region 2022 vs 2021
Q2 comparable revenue by region 2022 vs 2021 Change at constant Change at current € million Q2 2022 Q2 2021 exchange rates exchange rates North America 3,026 2,627 +2.4% +15.2% EMEA 2,347 2,110 +12.4% +11.2% Asia-Pacific 666 620 +1.7% +7.5% Latin America 348 251 +23.9% +38.8% EssilorLuxottica 6,387
Slide 9: H1 2022 Results
MORE COLOR MORE LIFE WITH CHROMANCE LENSES
Slide 10: H1 comparable revenue by segment 2022 vs 2021
H1 comparable revenue by segment 2022 vs 2021 Change at constant Change at current € million H1 2022 H1 2021 exchange rates exchange rates Professional Solutions 5,837 5,144 +7.4% +13.5% Direct To Consumer 6,157 5,310 +10.8% +16.0% EssilorLuxottica 11,994 10,453 +9.1% +14.7% H1 2022 Results 10
Slide 11: H1 comparable revenue by region 2022 vs 2021
H1 comparable revenue by region 2022 vs 2021 Change at constant Change at current € million H1 2022 H1 2021 exchange rates exchange rates North America 5,591 4,843 +4.9% +15.4% EMEA 4,401 3,864 +14.9% +13.9% Asia-Pacific 1,351 1,258 +2.4% +7.4% Latin America 650 487 +22.6% +33.4% EssilorLuxottica 11
Slide 12: H1 2022 Results
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Slide 13: Storecount on June 30, 2022
Storecount on June 30, 2022 North Asia- Latin Corporate Franchising Total EMEA America Pacific America Stores & Other Storecount Sunglass Hut 1,681 624 298 415 3,018 186 3,204 LensCrafters 1,011 80 1,091 5 1,096 Apollo Optik 675 675 218 893 Vision Express 654 654 167 821 Target Optical 550 550 550 M
Slide 14: Ray-Ban Stories
RAY-BAN STORIES
Slide 15: North America +2.4% in comparable revenue in Q2
North America +2.4% in comparable revenue in Q2 • Decelerating due to tough comparison base and deteriorating macro. • PS up low-single digit, driven by key accounts and department stores. • Unbranded lenses under pressure, frames up thanks to favorable price-mix. • Solid performance of EssilorLuxot
Slide 16: EMEA +12.4% in comparable revenue in Q2
EMEA +12.4% in comparable revenue in Q2 • Business continuing strong growth pace in both divisions. • PS up mid-single digit, almost all countries growing. • Lenses supported by Transitions and Eyezen. • Myopia management solutions gaining traction. • Sunglasses bouncing back, thanks to luxury brand
Slide 17: Asia-Pacific +1.7% in comparable revenue in Q2
Asia-Pacific +1.7% in comparable revenue in Q2 • Growth in other countries offsetting Mainland China, negative with lockdowns. • PS slightly up, with strongly negative Mainland China until May. • Mainland China turning positive from June, led by Stellest. • Japan and India driven by optical, Souther
Slide 18: Latin America +23.9% in comparable revenue in Q2
Latin America +23.9% in comparable revenue in Q2 • Best performing region. • PS and DTC progressing at equal pace. • Brazil PS up in the high teens, strong in both lenses and frames. • Solid performance in Mexico, strong Argentina and Colombia. • Brick-and-mortar revenue further accelerating from fi
Slide 19: H1 2022 Results
H1 2022 Results
Slide 20: Adjusted statement of profit or loss
Adjusted statement of profit or loss Change at Change at € million H1 2022 H1 2021* constant ER current ER Revenue 11,994 10,453 +9.1% +14.7% Cost of sales (4,265) (3,752) +7.9% +13.7% Gross profit 7,729 6,701 +9.8% +15.3% Margin % 64.4% 64.1% Total operating expenses (5,528) (4,887) +8.1% +13.1% OP
Slide 21: Free cash flow & Net debt
Free cash flow & Net debt • FCF at Euro 906 million in the first half of the year. • Capex (cash-out) at Euro 768 million in the six months, at 6% of revenue. • Cash and cash equivalents at Euro 3.7 billion on June 30. • Net debt at Euro 10.4 billion, including Euro 3.2 billion lease liabilities. H1
Slide 22: H1 2022 Results
H1 2022 Results
Slide 23: OneSight EssilorLuxottica Foundation
OneSight EssilorLuxottica Foundation • The Group’s advocacy and philanthropic actions united in the largest foundation worldwide driving inclusive vision care access, created in We believe good vision is a basic May 2022. human right. We are working towards a brighter future where everyone in the wo
Slide 24: One year of Eyes on the Planet
One year of Eyes on the Planet • Completion of the Group’s first global carbon footprint assessment. • Clear understanding of the Company’s impacts at each stage of the value chain. • Progress towards the 2025 carbon neutrality target for direct operations. • Definition of long-term climate roadmap
Slide 25: Appendix
APPENDIX H1 2022 Results 25
Slide 26: Comparable revenue, 2021 vs 2019 by operating segment
Comparable revenue, 2021 vs 2019 By operating segment Professional Change Change Direct to Change Change Change Change € million at constant FX at current FX at constant FX at current FX 2021 at constant FX at current FX Solutions Consumer Comparable revenue 1Q 2,439 0.3% (5.2)% 2,407 1.3% (3.0)% 4,
Slide 27: Comparable revenue, 2021 vs 2019 by geographical area
Comparable revenue, 2021 vs 2019 By geographical area North Change Change Change Change Change Change Latin Change Change € million at constant at current EMEA at constant at current Asia-Pacific at constant at current at constant at current 2021 America FX FX FX FX FX FX America FX FX Comparable re
Slide 28: Leonardo Del Vecchio 1935-2022
Leonardo Del Vecchio 1935-2022