tax rate compared with a 32.0% rate for first-half 2007. The
improvement was driven by a lower average tax rate in Europe and
business growth in Asia, where the rate is below the Company average.
- The share of profit from associates-VisionWeb, Sperian
Protection and Transitions-which amounted to EUR14.7 million, versus
EUR15.3 million in first-half 2007. Earnings from Transitions declined
slightly to EUR9.6 million, from EUR10.1 million for the prior-year
period, because of a strongly negative currency effect and the
concentration of marketing costs in the first half related to the
launch of the sixth generation of variable-tint lenses in North
Profit attributable to equity holders of the parent was 9.0% higher, at EUR198.3 million. Earnings per share rose by 8.1% to EUR0.96.
Inventories and work in progress
Inventories amounted to EUR400 million at June 30, 2008, compared with 394 million at December 31, 2007, a 1.5% increase. The like-for-like increase was 4.3%, below the rate of revenue growth.
Capital expenditure net of divestments totaled EUR95 million or 6.2% of
consolidated revenue. Financial investments net of disposals amounted to
EUR140.2 million. Of this amount, acquisitions accounted for EUR75.7
million, while buybacks of Essilor shares accounted for EUR64.5 million.
Cash Flow Statement
Net cash from operations 275 Capital expenditure 95
net of the proceeds
from asset sales
Proceeds from employee share 22 Change in WCR and 92
Net decrease in cash and 150 Dividends 129
Effect of changes in 9 Financial investments 140
exchange rates and i
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