I 2021 accounts of EssilorLuxottica have exceeded pre-pandemic levels: overcoming the barrier of 20 billion in revenues and almost 3,5 billion in operating profit. The manufacturer of ophthalmic lenses and equipment ended the year with €3,3 billion in cash and net financial debt of €9,7 billion (including lease liabilities) compared to net debt of €3 billion at the end of 2020. The dividend – which will be proposed at the shareholders' meeting on 25 May – is 2,51 euros per share in cash or shares. In the period 2022-2026, the Italian-French giant indicates a growth in annual turnover of around 5% and an adjusted operating profit of 19-20% of turnover in 2026. After accounts and guidance, the company's stock is rising by 2,81 % to 152,04 euros.
EssilorLuxottica accounts 2021: record revenues and sales
Last year, the company born from the merger of Leonardo Del Vecchio's Italian Luxottica with the French Essilor, recorded a turnover of 21,4 billion, an increase of 20% compared to pre-pandemic 2019 and 40% compared to the 2020. Results driven byacquisition of GrandVision during the year, while excluding this contribution, revenues amounted to 17,8 billion.
Operating profit was 3 billion euros (+16,9% at constant exchange rates and +7,6% at current exchange rates) without GrandVision and almost 3,5 with it. Net profit excluding the Dutch group is 2,060 billion, compared to 1,938 in 2019 with an increase of 16% at current exchange rates and 6,3% at constant exchange rates; considering GrandVision rises to 2,319 billion. L'E-commerce it exceeded 1,5 billion, + 62% compared to 2019. The company also points out that in the full year it recorded a "solid" cash generation of 2,8 billion.
Despite the Ukraine crisis has also affected the Italian-French company - which has temporarily halted its activities in Russia with the exception of essential medical ones - presents its best results ever. So much so that Francesco Milleri, the managing director, and Paul du Saillant, deputy managing director, have defined 2021 "an extraordinary year for EssilorLuxottica", specifying that "sales and profits have exceeded pre-pandemic levels, respecting the outlook on sales and surpassing that on operating margins”.
E for 2022? The same line is expected for the two managers: "In 2022 we will continue to move forward at full speed". Growth of around 2022% and an adjusted operating profit of 2026-5% of turnover in 19 have been confirmed in the period 20-2026. And they add that “sustainability remains at the heart of our strategies: we have achieved carbon nutrality in our countries of origin , Italy and France”.
Fourth quarter 2021 at the top for EssiLux
The fourth quarter for Essilux was the best of the year, underlines the eyewear lenses and frames giant, with all geographies exceeding pre-Covid revenue levels, especially in North America and Latin america backed by the sun products category.
In the fourth quarter, the group's total comparable revenue was in fact equal to 5.579 million, up by 11% compared to the fourth quarter of 2019 at constant exchange rates, with all geographical areas exceeding pre-pandemic levels. North America and Latin America led the performance with growth of 13,9% and 25,1% respectively.
In Europe, the United Kingdom and Italy are the "main engines", while in France there was a slight decline in the second half of the year, with traffic still below pre-pandemic levels. The Asia-Pacific area entered positive territory with sales up by 1,4%, thanks to the recovery of Australia, where the restrictions relating to Covid-19 have been lifted, and the "solid performance" of China.
