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Essilor - First-Half 2008 Revenue
Date:7/16/2008

anges in the scope of consolidation, 2.9% came from acquisitions made in 2007, led by OOGP, KBco and ILT. Consolidation of companies acquired since the beginning of 2008 (except Satisloh) added 1.3 point of external growth.

As in the first quarter, the currency effect, which totalled a negative 6.6% over the half, was primarily due to the fall in the US dollar against the euro (down 13.7% over the period) and to a lesser extent to the decline in the British pound (down 13.4% against the euro). The 3.2% slide in the Canadian dollar and the sharp 18.7% drop in the Korean won, both against the euro, also weighed on reported revenue for the half.

Revenue by region

In Europe, growth was dampened both by an unfavorable comparison with first-half 2007, when revenue rose 8.4% on the launch of Varilux Physio(R) and Anateo(R), and by the generally weaker economy. A strong performance in Germany and the Netherlands contrasted with slower growth in the United Kingdom, Spain and Italy, while positions were maintained in France.

In the United States, the slowdown at certain optical chains was offset by robust growth at independent eyecare professionals, among whom the Company continued to widen its market share. This enabled Essilor of America to report 7.4% like-for-like growth for the half. Business was also satisfactory in Canada.

Performance varied by country in the Asia-Pacific region, with growth remaining very strong in the ASEAN countries, India and South Korea, but slowing in China in the second quarter. After a particularly difficult beginning of the year, business in Australia and New Zealand is starting to recover, especially in the independent eyecare professionals segment. In Japan, Essilor is continuing to gain market share from the competition in a flat market.

All of the country organizations in Latin America reported excellent results for the period, despite the very high prior-year comparatives. Operations in Argentina
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SOURCE Essilor
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