“We have broken a new record in terms of cash generation, which has allowed us to further reduce debt and strengthen our capital base”. Word of Andrea Guerra, the general who leads the magnificent and progressive fortunes of Luxottica firmly in the hands of the emperor Leonardo Del Vecchio. This morning Piazza Affari celebrates the new records of the only Italian company that is a world leader in the sector: +1,86% at the end of the morning.
In fact, in the third quarter, net profit rose (more than analysts' expectations) by 30,6% to 138,6 million euros. Not only. In the first nine months, the company led by Andrea Guerra recorded a net profit adjusted for extraordinary items of 480,2 million (+25,4%) against a turnover up by 8,2% at constant exchange rates and equal to 5,45 billion. Between January and September, however, operating profit increased by 20,5 to 818 million, but the most significant record is that of cash flow generation, which rose to 270 million in the July-September period.
In short, the dialectic between Guerra and Del Vecchio works. On the eve of the board meeting, Del Vecchio himself had denied the news that Luxottica was interested in the Salmoiraghi and Viganò chain (which belongs to the Tabacchi family, formerly Safilo) as "absolutely false". “I learned about it from the newspapers,” thundered the combative ex martinitt. It is a pity that Guerra himself confirmed yesterday that he was interested in the dossier presented by an investment bank. The gossip even specifies that during the week the representatives of the Tabacchi family would have finalized a contract in stages, which envisages that in the first instance Luxottica will take over 40% of the group, and then in subsequent stages it will be able to control another 40% and finally the last 20 in the hands of the Venetian family. “It is not the first time that Guerra and Del Vecchio have thought differently about what to do – notes Sara Bennewitz of Repubblica, a historical memoir of the events of the Agordo-based maison – it had already happened when Luxottica had approached Safilo (where Del Vecchio was pro and Guerra against) and on the Marcolin operation, brought to examination by a Luxottica board of directors after Diego Della Valle had proposed it to Guerra, and immediately foundered due to Del Vecchio's denials”.
Also this time, therefore, the different opinions will not lead to complications of any kind. For at least two reasons: the team that wins doesn't change. And Luxottica is undoubtedly a winning team. Second, the governance of the eyewear empire works: there is discussion, (perhaps) arguing but in the end the decisions are shared. In this regard, it is enough to recall the words of Del Vecchio himself: ”Our Andrea Guerra has made Luxottica grow through acquisitions all over the world and enjoys the full trust of everyone, inside and outside the company. Yet even for expenses of a few million he informs the board, he demands that they discuss it on several occasions and that they are convinced of every decision ”.
