equity holders of Essilor
% of revenue 13.0% 12.3%
Basic earnings per share 0.96 0.88(2) +8.1%
(1) Operating profit before share-based payments, restructuring costs and other non-recurring items, and goodwill impairment.
(2) Adjusted for the two-for-one stock split on July 16, 2007.
Revenue up 2.9% to EUR1,520.2 million
Essilor's consolidated revenue for the six months ended June 30, 2008
rose by 5.4% like-for-like and 9.6% excluding the currency effect. Changes
in the scope of consolidation boosted revenue by 4.2%, reflecting the
contributions of the businesses acquired in 2007 and in the first half of
2008. The currency effect was a negative 6.6%, which reduced reported
growth to 2.9%.
Organic growth in revenue was led by:
- Very strong demand in North America, South America and most
countries in Asia.
- The successful launch of the sixth-generation of
Transitions(R) variable-tint lenses as well as the Crizal Avance(TM)
anti-reflective lenses with Scotchgard(TM) Protector.
- A sharp increase in sales of medium and high-index lenses,
especially in 1.6 high-index material.
Revenue by region
EUR millions First-half First-half % change % change
2008 2007 (reported) (like-for-like)
Europe 697.1 675.7 +3.2% +2.7%
North America 625.4 622.4 +0.5% +7.0%
Asia-Pacific 137.1 128.7 +6.5% +6.9%
Latin America 60.6 50.1 +21.0% +17.6%
Thirteen acquisitions in the first half
Essilor acquired 13 companies or their assets during the first half.
Together, they represent additional full-year revenue of EUR70 million
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